X0201 42003-08-19 0000099302 TRANSCAT INC TRNS 0001231778 SMITH JOHN T C/O TRANSCAT, INC. 35 VANTAGE POINT DRIVE ROCHESTER NY 14624 1000Common Stock, $.50 par value2003-08-194A030660A5466DWarrant (Right to Buy)2.312003-08-204A040000A2008-08-19Common Stock, par value $.50 per share40004000DAutomatic grant pursuant to the Transcat, Inc. Directors' Stock Plan in a transaction exempt under Rule 16b-3. This non-transferable warrant was granted under the Transcat, Inc. Amended and Restated Directors' Warrant Plan in a transaction exempt under Rule 16b-3. Mr. Smith can exercise this warrant in cumulative increments of 1,000 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: 8/20/03--$3.50; 1/1/04--$5.00; 1/1/05--$6.50; 1/1/06--$7.00; to the extent such market price requirements are not satisfied, the balance of the option becomes exercisable on 8/20/07.John T. Smith2003-08-21