|   | [X] | ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|-----|--------------------------------------------------------------------------------|

| FOR THE FISCAL YEAR ENDED:  MAY 31, 2009 | Commission File Number   001-12810 |
|----------------------------------------------------|---------------------------------------------------|

| Delaware                                                       | 22-2535743                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

| 24225 Garnier Street, Torrance, CA  90505-5355 | (310) 784-2100              |
|----------------------------------------------------------|-----------------------------|
| (Address of principal executive offices)                 | (Issuer's telephone number) |

| COMMON STOCK          | NYSE Amex                                   |
|-----------------------|---------------------------------------------|
| (Title of each class) | (Name of each exchange on which registered) |

| (Title of each class) | NONE |
|-----------------------|------|

| Large accelerated filer  [  ] | Accelerated filer  [  ] | Non-accelerated filer  [  ] | Smaller reporting company  [X] |
|---------------------------------------------------|---------------------------------------------|-------------------------------------------------|------------------------------------------|

----

----

9 

|                                                |   | Page  |
|-----------------------------------------------------|--------|------------|
| ITEM 15. Exhibits and Financial Statement Schedules |   | 1          |
| Signatures                                          |   | 2          |
| EX-3.1                                              |   |       |
| EX-4.1                                              |   |       |
| EX-10.1.1                                           |   |       |
| EX-10.6.4.2                                         |   |       |
| EX-23.1                                             |   |       |
| EX-31.1                                             |   |       |
| EX-31.2                                             |   |       |
| EX-32.1                                             |   |       |
| EX-32.2                                             |   |       |

----

| EXHIBIT INDEX  |
|----------------|
| EXHIBIT NUMBER | DESCRIPTIONS | SEQUENTIALLY NUMBERED |
| 3.1            | Certificate of Incorporation, as amended |
| 3.2            | Amended and Restated Bylaws(16) |
| 4.1            | Form of Common Stock |
| 10.1.1         | 1993 Stock Option Plan |
| 10.1.2         | 2006 Stock Award Plan(16) |
| 10.2.3         | Consulting Agreement with Thomas R. Mooney(14) |
| 10.3.3         | Employment Agreement with George W. Trahan(14) |
| 10.3.4         | Employment Agreement with George W. Trahan(16) |
| 10.4.1         | Torrance Property Lease(3) |
| 10.4.1.1       | Torrance Property Lease Amendment #1(9) |
| 10.4.1.2       | Torrance Property Lease Amendment #2(12) |
| 10.5.1         | Form of Buy/Sell Agreement(3) |
| 10.6           | Southern California Bank Credit Facility (now U.S. Bank)(1) |
| 10.6.1         | Promissory Note Relating to U.S. Bank Credit Facility(2) |
| 10.6.2         | Promissory Note Related to U.S. Bank Credit Facility(4) |
| 10.6.3         | Promissory Note and Amendment Relating to U.S. Bank Credit Facility(4) |
| 10.6.3.1       | Amendments to Promissory Notes Relating to U.S. Bank Credit Facility(5) |
| 10.6.3.2       | Amendments to Promissory Notes Relating to U.S. Bank Credit Facility(8) |
| 10.6.3.3       | Amendment to Promissory Note Relating to U.S. Bank Credit Facility(9) |
| 10.6.3.4       | Amendment to Promissory Note Relating to U.S. Bank Credit Facility(10) |
| 10.6.3.5       | Amendment to Promissory Note Relating to U.S. Bank Credit Facility(13) |
| 10.6.3.6       | Amendment to Promissory Note Relating to U.S. Bank Credit Facility(14) |
| 10.6.4         | Term Note Related to U.S. Bank Credit Facility(8) |
| 10.6.4.1       | Term Note Related to U.S. Bank Credit Facility(13) |
| 10.6.4.2       | Term Note Related to U.S. Bank Credit Facility |
| 10.7           | Revolving Credit Note(15) |
| 10.7.1         | Amendment to Revolving Credit Agreement and Loan Documents(15) |
| 16.2           | Letter on Change in Certifying Accountant(6) |
| 16.3           | Letter on Change in Certifying Accountant (7) |
| 20             | Form 8-K/A filed August 8, 2003(9) |
| 23.1           | Consent of Raimondo Pettit Group |
| 31.1           | Rule 13a-14(a) Certification of the Chief Executive Officer |
| 31.2           | Rule 13a-14(a) Certification of the Chief Financial Officer |
| 32.1           | Section 1350 Certification of the Chief Executive Officer |
| 32.2           | Section 1350 Certification of the Chief Financial Officer |

|  (1) | Previously filed and incorporated by reference to the Company's Form 10-KSB filed with the Securities and Exchange Commission on August 12, 1998. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Previously filed and incorporated by reference to the Company's Form 10-KSB filed with the Securities and Exchange Commission on August 17, 1999. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Previously filed and incorporated by reference to the Company's Form 10-KSB filed with the Securities and Exchange Commission on August 24, 2000. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Previously filed and incorporated by reference to the Company's Form 10-KSB filed with the Securities and Exchange Commission on October 10, 2002. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Previously filed and incorporated by reference to the Company's Form 10-KSB filed with the Securities and Exchange Commission on August 29, 2002. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (6) | Previously filed and incorporated by reference to Exhibit 16.2 to Form 8-K/A filed with the Securities and Exchange Commission on January 24, 2003. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Previously filed and incorporated by reference to Exhibit 16.3 to Form 8-K/A filed with the Securities and Exchange Commission on August 8, 2003. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Previously filed and incorporated by reference to the Company's Form 10-KSB filed with the Securities and Exchange Commission on September 19, 2003. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9) | Previously filed and incorporated by reference to the Company's Form 10-KSB filed with the Securities and Exchange Commission on August 30, 2004. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (10) | Previously filed and incorporated by reference to the Company's Form 10-KSB filed with the Securities and Exchange Commission on September 13, 2005. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11) | Previously filed and incorporated by reference to the Company's Form 10-KSB filed with the Securities and Exchange Commission on July 28, 2006. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (12) | Previously filed and incorporated by reference to the Company's Form 10-QSB filed with the Securities and Exchange Commission on January 16, 2007. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Previously filed and incorporated by reference to the Company's Form 10-QSB filed with the Securities and Exchange Commission on April 13, 2007. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (14) | Previously filed and incorporated by reference to the Company's Form 10-KSB filed with the Securities and Exchange Commission on August 10, 2007. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (15) | Previously filed and incorporated by reference to the Company's Form 10-KSB filed with the Securities and Exchange Commission on August 29, 2008. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| (16) | Previously filed and incorporated by reference to the Company's Form 10-K/A filed with the Securities and Exchange Commission on September 21, 2009. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                | HI-SHEAR TECHNOLOGY CORPORATION |
|-------------------------------------|---------------------------------|
|                                |                            |   |   |
| Date:  September 25, 2009 | By:                             | /s/ George W. Trahan |   |
|                                |                            | George W. Trahan |   |
|                                |                            | President, Chief Executive Officer and Chairman |   |

| Date:   September 25, 2009 | By:    | /s/ George W. Trahan                            |   |
|-------------------------------------------|--------|-------------------------------------------------|--------|
|                                      |   | George W. Trahan                                |   |
|                                      |   | President, Chief Executive Officer and Chairman |   |
|                                      |   |                                            |   |
|                                      | By:    | /s/ Jan L. Hauhe                                |   |
|                                      |   | Jan L. Hauhe                                    |   |
|                                      |   | Chief Financial Officer                         |   |
|                                      |   |                                            |   |
|                                      | By:    | /s/ Jack Bunis                                  |   |
|                                      |   | Jack Bunis                                      |   |
|                                      |   | Director                                        |   |
|                                      |   |                                            |   |
|                                      | By:    | /s/ Lawrence Moreau                             |   |
|                                      |   | Lawrence Moreau                                 |   |
|                                      |   | Director                                        |   |
|                                      |   |                                            |   |
|                                      | By:    | /s/ John Zaepfel                                |   |
|                                      |   | John Zaepfel                                    |   |
|                                      |   | Director                                        |   |