TRANSCAT INC — Director's Dealing 2005

Nov 3, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TRANSCAT INC (TRNS)
CIK: 0000099302
Period of Report: 2005-11-02

Reporting Person: SASSANO CARL E (Director, Chairman, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-11-02	Common Stock, $.50 par value	S	7466	$4.45	Disposed	167407	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.50 par value	3000	Indirect
Common Stock, $.50 par value	3000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Warrant (Right to Buy)	$2.00	2006-08-21	Common Stock, $.50 par value (4000)	4000	Direct
Stock Option (Right to Buy)	$1.00	2007-04-29	Common Stock, $.50 par value (150000)	150000	Direct
Stock Option (Right to Buy)	$4.26	2015-08-15	Common Stock, $.50 par value (10895)	10895	Direct

Footnotes

F1: As previously reported, Mr. Sassano elected to defer receipt of 7,466 shares of his total reported direct holdings, all of which were credited to his participant stock account under the Directors' Stock Plan until the expiration of the deferral period. Upon the expiration of the deferral period, such shares were issued to Mr. Sassano pursuant to the terms of his prior election.

F2: These shares are owned by Mr. Sassano's daughter. Mr. Sassano disclaims beneficial ownership of these shares.

F3: These shares are owned by Mr. Sassano's wife as custodian for their minor son. Mr. Sassano disclaims beneficial ownership of these shares.

F4: This non-transferable warrant was previously reported by Mr. Sassano.

F5: This option was previously reported by Mr. Sassano. Mr. Sassano can exercise this option in cumulative increments of 50,000 shares after each of the following dates, providing the market price of the Company's Common Stock meets or exceeds, for 20 of 30 consecutive trading days, the following respective amounts: 4/30/02--$2.25; 1/1/03--$3.50; 1/1/04--$5.25; 1/1/05--$7.50; to the extent such market price requirements are not satisfied, the balance of the option becomes exercisable on 4/30/06.

F6: This option was previously reported by Mr. Sassano. Mr. Sassano can exercise this option as follows: 3,632 shares on 8/16/06, 3,632 shares on 8/16/07, and 3,631 shares on 8/16/08.