TRANSCAT INC — Director's Dealing 2003

Jul 24, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TRANSCAT INC (TRNS)
CIK: 0000099302
Period of Report: 2003-07-22

Reporting Person: GARELICK E LEE (Director)

Footnotes

F1: Automatic grant pursuant to the Transcat, Inc. Directors' Stock Plan in a transaction exempt under Rule 16b-3.

F2: Mr. Garelick also directly owns the following non-transferable warrants (all of which were previously reported), exercisable in cumulative increments of 1,000 shares on various dates and under various circumstances: a warrant to purchase 4,000 shares at $3.0625 (to the extent the market price requirements are not met, the warrant becomes exercisable on 8/18/03 and expires on 8/17/04); a warrant to purchase 4,000 shares at $2.9062 (to the extent the market price requirements are not met, the warrant becomes exercisable on 8/16/04 and expires on 8/15/05); a warrant to purchase 4,000 shares at $2.00 (to the extent the market price requirements are not met, the warrant becomes exercisable on 8/22/05 and expires on 8/21/06); and a warrant to purchase 4,000 shares at $.97 (to the extent the market price requirements are not met, the warrant becomes exercisable on 8/20/06 and expires on 8/19/07).