<SEC-DOCUMENT>0001206774-16-006472.txt : 20160721
<SEC-HEADER>0001206774-16-006472.hdr.sgml : 20160721
<ACCEPTANCE-DATETIME>20160721143003
ACCESSION NUMBER:		0001206774-16-006472
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20160907
FILED AS OF DATE:		20160721
DATE AS OF CHANGE:		20160721
EFFECTIVENESS DATE:		20160721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRANSCAT INC
		CENTRAL INDEX KEY:			0000099302
		STANDARD INDUSTRIAL CLASSIFICATION:	INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825]
		IRS NUMBER:				160874418
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03905
		FILM NUMBER:		161777251

	BUSINESS ADDRESS:	
		STREET 1:		35 VANTAGE POINT DRIVE
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14624
		BUSINESS PHONE:		5853527777

	MAIL ADDRESS:	
		STREET 1:		35 VANTAGE POINT DRIVE
		CITY:			ROCHESTER
		STATE:			NY
		ZIP:			14624

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRANSMATION INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>transcat3096011_7-def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=2><b>UNITED STATES </b></FONT><br><FONT style="FONT-FAMILY: Times New Roman" size=2><b>SECURITIES AND EXCHANGE COMMISSION<BR>

Washington, D.C. 20549</b></FONT></DIV>
<DIV>&nbsp;</DIV>


<DIV style="TEXT-ALIGN: center"><FONT style="FONT-FAMILY: Times New Roman" size=4><b>SCHEDULE 14A</b></FONT><BR>
<br><FONT style="FONT-FAMILY: Times New Roman" size=2>Proxy Statement Pursuant to Section 14(a) of the Securities <BR>Exchange
Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; )</FONT><FONT style="FONT-FAMILY: Times New Roman">
</FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=left>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Filed by the Registrant
      [X]</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Filed by a Party other than
      the Registrant [&nbsp;&nbsp; ]&nbsp; </FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>Check the appropriate
      box:</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="99%" colSpan=3>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT style="FONT-FAMILY: times new roman" size=2>Preliminary Proxy
      Statement</FONT></TD></TR>
  <TR style="LINE-HEIGHT: normal" vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT style="FONT-FAMILY: times new roman" size=2><B>Confidential, for Use of the
      Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[X]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Proxy
      Statement</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="97%"><FONT style="FONT-FAMILY: times new roman" size=2>Definitive Additional
      Materials</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" ><FONT size=2>[&nbsp;&nbsp; ]</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%" >&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="97%" ><FONT size=2>Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="94%"><FONT style="FONT-FAMILY: times new roman" size=4><STRONG>Transcat, Inc.</STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" width="3%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" width="94%"><FONT style="FONT-FAMILY: times new roman" size=2>(Name of Registrant as
      Specified in its Charter)</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="3%">&nbsp;</TD></TR>
  <TR>
    <TD width="3%"></TD>
    <TD width="94%">&nbsp; </TD>
    <TD width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="94%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="94%">
      <DIV align=center><FONT style="FONT-FAMILY: times new roman" size=2>(Name
      of Person(s) Filing Proxy Statement, if other than the
      Registrant)</FONT></DIV></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%">&nbsp;</TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="100%" colSpan=5><FONT style="FONT-FAMILY: times new roman" size=2>Payment of Filing Fee (Check
      the appropriate box):</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>[X]</FONT></TD>
    <TD vAlign=top noWrap align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="98%" colSpan=3><FONT style="FONT-FAMILY: times new roman" size=2>No fee required.</FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp;
      ]</FONT></FONT></DIV></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=3>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2>Fee computed on
      table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=left width="1%" ></TD>
    <TD vAlign=top align=left width="96%" >&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=right width="1%"><FONT size=2>1)</FONT></TD>
    <TD style="PADDING-BOTTOM: 1pt" vAlign=top align=left width="1%">&nbsp;<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD vAlign=top align=left width="96%"><FONT size=2>Title of each class of
      securities to which transaction applies:</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid; TEXT-ALIGN: left" vAlign=top width="96%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;
      </FONT></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2>2)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="96%"><FONT size=2>Aggregate number of securities to
      which transaction applies:</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2>3)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="96%" align=left><FONT size=2>Per unit price or other underlying
      value of transaction computed pursuant to Exchange Act Rule 0-11 (set
      forth the amount on which the filing fee is calculated and state how it
      was determined):</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2>4)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="96%"><FONT size=2>Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"></TD>
    <TD vAlign=top align=right width="1%"><FONT size=2>5)</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top width="96%"><FONT size=2>Total fee paid:</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top width="96%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp;
      ]</FONT></FONT></DIV></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=3>
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2>Fee paid previously
      with preliminary materials.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=right width="1%" ></TD>
    <TD vAlign=top align=left width="98%"  colSpan=3>&nbsp;</TD></TR>
  <TR style="LINE-HEIGHT: normal">
    <TD vAlign=top align=right width="1%">
      <DIV><FONT style="FONT-FAMILY: times new roman" size=2><FONT style="FONT-FAMILY: times new roman" size=2>[&nbsp;&nbsp;
      ]</FONT></FONT></DIV></TD>
    <TD vAlign=top align=right width="1%"><FONT style="FONT-FAMILY: times new roman" size=2>&nbsp;</FONT></TD>
    <TD style="TEXT-ALIGN: left" vAlign=top width="98%" colSpan=3>
      <DIV style="TEXT-ALIGN: left"><FONT style="FONT-FAMILY: times new roman" size=2>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for
which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or
Schedule and the date of its filing.</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD vAlign=top noWrap align=left width="1%" ></TD>
    <TD vAlign=top noWrap align=left width="96%" >&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>1)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: times new roman" size=2>Amount Previously
    Paid:</FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>2)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: times new roman" size=2>Form, Schedule or Registration
      Statement No.:</FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD style="PADDING-TOP: 4pt" vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>3)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: times new roman" size=2>Filing Party:</FONT></TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 1pt; BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR>
  <TR style="PADDING-TOP: 4pt" vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2>4)</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT style="FONT-FAMILY: times new roman" size=2>Date Filed:</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="96%">&nbsp;</TD></TR></TABLE></DIV><BR>

	<HR align=center width="100%" noshade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD COLSPAN="2" STYLE="text-align: center; width: 100%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A NAME="toc"></A>TABLE OF CONTENTS</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#notice">NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#proxy">PROXY STATEMENT</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p5">PROPOSAL ONE: ELECTION OF DIRECTORS</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p5">5</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p11">PROPOSAL TWO: TO APPROVE, ON AN ADVISORY BASIS, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p11">11</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p12">PROPOSAL THREE: RATIFICATION OF SELECTION OF OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p12">12</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p13">REPORT OF THE AUDIT COMMITTEE</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p13">13</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p14">CORPORATE GOVERNANCE</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p14">14</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p18">EXECUTIVE OFFICERS AND SENIOR MANAGEMENT</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p18">18</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p19">EXECUTIVE COMPENSATION</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p19">19</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p27">DIRECTOR COMPENSATION</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p27">27</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p29">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p29">29</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p30">SECURITY OWNERSHIP OF MANAGEMENT</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p30">30</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p31-1">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p31-1">31</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p31-2">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p31-2">31</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p32-1">SHAREHOLDER PROPOSALS FOR THE 2017 ANNUAL MEETING</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p32-1">32</A></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 97%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p32-2">OTHER MATTERS</A></FONT></TD>
    <TD STYLE="width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2><A HREF="#p32-2">32</A></FONT></TD></TR></TABLE><BR>

<HR align=center width="100%" noshade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=center><IMG src="trans3096011_5-def14ax1x1.jpg" border=0></P>
<P align=center><B><FONT face="Times New Roman" size=2>TRANSCAT,
INC.</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="notice"></A>NOTICE OF ANNUAL MEETING
OF SHAREHOLDERS<BR>SEPTEMBER 7, 2016</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The annual meeting of
shareholders of Transcat, Inc. will be held at our corporate headquarters,
located at 35 Vantage Point Drive, Rochester, New York 14624, on Wednesday,
September 7, 2016 at 12:00 pm Eastern Time for the following purposes, which are
more fully described in the accompanying proxy statement: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=2 face="Times New Roman">to elect three
      directors;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=2 face="Times New Roman">to approve, on an
      advisory basis, the compensation of our named executive
      officers;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=2 face="Times New Roman">to ratify the selection
      of Freed Maxick CPAs, P.C. as our independent registered public accounting
      firm for the fiscal year ending March 25, 2017; and<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT size=2 face="Times New Roman">to
      transact such other business as may properly come before the annual
      meeting or at any adjournment of the meeting.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our board of directors has
fixed the close of business on July 13, 2016 as the record date for determining
the shareholders entitled to notice of and to vote at the annual meeting and at
any adjournment of the annual meeting.</FONT></P>
<DIV align=left>
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR>
    <TD width="90%"></TD>
    <TD WIDTH="10%" STYLE="text-align: center"><FONT size=2 face="Times New Roman">By Order of the Board of
  Directors</FONT></TD></TR>
  <TR>
    <TD width="90%"></TD>
    <TD noWrap style="text-align: center" width="10%"><IMG src="trans3096011_5-def14ax1x2.jpg" border=0>
      <P align=center style = "margin-top: 0pt"><FONT face="Times New Roman" size=2>Lee D.
      Rudow<BR></FONT><I><FONT face="Times New Roman" size=2>President and Chief
      Executive Officer</FONT></I></P></TD></TR>
  <TR>
    <TD width="90%">
      <P><FONT size=2 face="Times New Roman">Rochester, New York<BR></FONT><FONT size=2 face="Times New Roman">July 21,
      2016</FONT></P></TD>
    <TD width="10%"></TD></TR></TABLE></DIV>
<P align=left><B><FONT face="Times New Roman" size=2>Your Vote is
Important.</FONT></B><FONT face="Times New Roman" size=2> If you own your shares
through a broker, we encourage you to follow the instructions provided by your
broker about how to vote. Unless you provide your broker with voting
instructions, your broker may not vote your shares on the proposal to elect the
three director nominees or on the advisory vote on executive
compensation.</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=center><IMG src="trans3096011_5-def14ax1x1.jpg" border=0></P>
<P align=center><B><FONT face="Times New Roman" size=2>TRANSCAT,
INC.</FONT></B></P>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="proxy"></A>PROXY
STATEMENT</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The board of directors of
Transcat, Inc., an Ohio corporation, is soliciting the enclosed proxy for use at
the annual meeting of shareholders to be held on Wednesday, September 7, 2016 at
12:00 pm</FONT><B><FONT face="Times New Roman" size=2> </FONT></B><FONT face="Times New Roman" size=2>Eastern Time, or at any adjournment of the
meeting, for the purposes set forth in this proxy statement and in the
accompanying notice of annual meeting of shareholders.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Location of Annual
Meeting</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The annual meeting will be
held at our corporate headquarters, located at 35 Vantage Point Drive,
Rochester, New York 14624. Our telephone number is (585) 352-7777.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Mail Date of Proxy
Materials</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We are first mailing these
proxy solicitation materials to shareholders on or about July 21,
2016.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Record Date and Shares
Outstanding</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each holder of shares of our
common stock at the close of business on July 13, 2016, the record date for the
annual meeting, is entitled to notice of and to vote at the annual meeting. We
have one class of shares outstanding, designated common stock, $0.50 par value
per share. As of the record date, there were 6,989,195 shares of our common
stock issued and outstanding.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Quorum</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A quorum is required for
shareholders to conduct business at the annual meeting. According to our code of
regulations, the holders of a majority of the issued and outstanding shares of
our common stock present in person or by proxy at the meeting will constitute a
quorum.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Vote
Required</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The table below shows the vote
required to approve each of the proposals described in this proxy statement,
assuming the presence of a quorum, in person or by proxy, at the annual
meeting.</FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="10%"><B><FONT face="Times New Roman" size=2>Proposal</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="44%"><B><FONT face="Times New Roman" size=2>Description</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="43%"><B><FONT face="Times New Roman" size=2>Vote
      Required</FONT></B></TD></TR>
  <TR vAlign=bottom style="padding-right: 4pt">
    <TD vAlign=top align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>One</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD vAlign=top align=left width="44%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Election of three directors<BR>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="43%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Plurality of the votes duly cast at the annual
      meeting</FONT></TD></TR>
  <TR vAlign=bottom style="padding-right: 4pt">
    <TD vAlign=top align=left width="10%"><FONT size=2 face="Times New Roman">Two</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="44%"><FONT size=2 face="Times New Roman">To
      approve, on an advisory basis, the compensation of our named executive
      officers<BR>&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="43%"><FONT size=2 face="Times New Roman">Majority of the votes duly cast at the annual meeting <FONT face="Times New Roman"><SUP>(1)</SUP></FONT><FONT face="Times New Roman"></FONT></FONT></TD></TR>
  <TR vAlign=bottom style="padding-right: 4pt">
    <TD vAlign=top align=left width="10%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">Three</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="44%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">To ratify the selection of Freed Maxick
      CPAs, P.C. as our independent registered public accounting firm for the
      fiscal year ending March 25, 2017</FONT></TD>
    <TD vAlign=top align=left width="1%" bgColor=#c0c0c0></TD>
    <TD vAlign=top align=left width="43%" bgColor=#c0c0c0>
      <P align=left><FONT face="Times New Roman" size=2>Majority of the votes
      duly cast at the annual meeting </FONT><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></P></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p><div>____________________</div><BR>

<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The result of the
      advisory vote to approve the compensation of our named executive officers
      is not binding on our board of directors or our compensation committee.
      However, our board and our compensation committee value the opinions
      expressed by our shareholders in their vote on this proposal and will
      consider the outcome of this vote when making future compensation
      decisions regarding our named executive officers.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>We are presenting the
      selection of Freed Maxick CPAs, P.C. as our independent registered public
      accounting firm to our shareholders for ratification. The audit committee
      will consider the outcome of this vote when selecting our independent
      registered public accounting firm for subsequent fiscal
  years.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Recommendations of our
Board of Directors</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our board of directors
recommends that shareholders vote their shares:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman"><STRONG>FOR</STRONG><FONT face="Times New Roman"> the three director nominees named in this proxy
      statement;<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman"><STRONG>FOR</STRONG><FONT face="Times New Roman"> the proposal to approve, on an advisory basis, the
      compensation of our named executive officers;
    and<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman"><STRONG>FOR</STRONG><FONT face="Times New Roman"> the ratification of the selection of Freed Maxick
      CPAs, P.C. as our independent registered public accounting firm for the
      fiscal year ending March 25, 2017.</FONT></FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Voting</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each shareholder is entitled
to one vote for each share of common stock held as of the record date. Most of
our shareholders hold their shares through a broker or other financial
institution rather than directly in their own name. If your shares are
registered in your name with our transfer agent, you are considered the
shareholder of record of these shares, and we are making these proxy materials
available directly to you. As a shareholder of record, you may vote your shares
either by signing, dating, and returning your proxy or by attending the annual
meeting and voting in person. If your shares are held through a broker or other
financial institution, you are considered the beneficial owner of shares held in
street name, and your broker or other financial institution is making these
proxy materials available to you together with a voting instruction form. As the
beneficial owner, you have the right to direct your broker on how to vote your
shares. You are also invited to attend the annual meeting and vote in person.
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If we receive a properly
executed and dated proxy in time to be voted at the annual meeting, the shares
represented by the proxy will be voted in accordance with the instructions given
in the proxy. A properly executed proxy without specific voting instructions
marked on it will be voted:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"><STRONG>FOR</STRONG><FONT face="Times New Roman"> the three director nominees named in this proxy
      statement;<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"><STRONG>FOR</STRONG><FONT face="Times New Roman"> the proposal to approve, on an advisory basis, the
      compensation of our named executive officers;
    and<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"><STRONG>FOR</STRONG><FONT face="Times New Roman"> the ratification of the selection of Freed Maxick
      CPAs, P.C. as our independent registered public accounting firm for the
      fiscal year ending March 25, 2017.</FONT></FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The named proxies may also
vote a properly executed proxy without voting instructions marked on it for such
other business as may properly come before the annual meeting or at any
adjournment or postponement of the meeting.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>2</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Beneficial owners will receive
voting instructions from their broker or other financial institution. Please
note, however, that if your shares are held by a broker or other financial
institution and you wish to vote in person at the annual meeting, you must bring
to the annual meeting a legal proxy from the broker or other financial
institution that gives you the right to vote your shares in person. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Effect of Not Casting Your
Vote and Broker Non-Votes</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If you hold your shares in
street name and you do not provide your broker with specific voting
instructions, or if you do not obtain a legal proxy that gives you the right to
vote the shares in person at the annual meeting, your broker is not permitted
to, and will not, vote your shares on your behalf, and your shares will not be
counted on the proposal to elect directors and the advisory vote on executive
compensation, both of which are non-routine proposals. Your broker has
discretionary authority to vote your uninstructed shares to ratify the selection
of our independent registered public accounting firm, which is a routine
proposal. Uninstructed shares with respect to which your broker does not have
discretionary authority are known as &#147;broker non-votes.&#148; </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We count shares subject to
broker non-votes for the purpose of determining the presence of a quorum but do
not count them for the purpose of the number of shares voting in the election of
directors or the advisory vote on executive compensation. Thus, broker non-votes
will have no effect on the outcome of these proposals. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If you are a shareholder of
record and you do not cast your vote, in person or by proxy, no votes will be
cast on your behalf on any of the items of business at the annual meeting.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Effect of
Abstentions</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>An abstention represents a
shareholder&#146;s affirmative choice to decline to vote on a proposal other than the
election of directors. Shares that abstain from voting on a proposal are counted
for the purpose of determining the presence of a quorum but are not considered
votes &#147;duly cast&#148; for a proposal. Thus, abstentions will have no effect on the
outcome of the vote on the proposals requiring the approval of a plurality or a
majority of votes cast, because abstentions are not counted as votes duly cast.
</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Revocability of
Proxies</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>You may change your vote by
revoking your proxy at any time before it is voted at the annual meeting in one
of three ways:</FONT></P>

<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">submit a signed proxy card with a
      later date;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">notify our corporate secretary in
      writing before the annual meeting that you are revoking your proxy;
      or<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%"><FONT size=2 face="Times New Roman">attend the annual meeting and vote
      in person.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Solicitation of
Proxies</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our board of directors is
soliciting proxies for use at the annual meeting, and we will bear the cost of
the proxy solicitation. In addition to solicitation by mail, our directors,
officers and employees may solicit proxies personally, by telephone or other
telecommunication. We will not compensate any of these persons for soliciting
proxies on our behalf. We will reimburse brokerage firms and other persons
representing beneficial owners of shares for their expenses in forwarding
solicitation material to such </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3</FONT></P>
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<P align=left><FONT face="Times New Roman" size=2>beneficial owners. In
addition, we have retained Regan &amp; Associates, Inc., a professional
solicitation firm, which will assist us in delivering these proxy materials and
soliciting proxies for a fee of approximately $7,000.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Annual Report to
Shareholders and Annual Report on Form 10-K</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have enclosed our 2016
annual report to shareholders with this proxy statement. Our annual report on
Form 10-K for the fiscal year ended March 26, 2016, as filed with the Securities
and Exchange Commission is included in the 2016 annual report. The 2016 annual
report includes our audited consolidated financial statements, along with other
information about us, which we encourage you to read.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>You can obtain, free of
charge, an additional copy of our Annual Report on Form 10-K by:</FONT></B></P>
<P align=left>
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  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%"><FONT size=2 face="Times New Roman">accessing our website,
      Transcat.com, and going to &#147;SEC Filings&#148; under &#147;Investor
      Relations&#148;;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%"><FONT size=2 face="Times New Roman">writing to us at: Transcat, Inc.,
      35 Vantage Point Drive, Rochester, New York 14624, Attention: Corporate
      Secretary; or<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%"><FONT size=2 face="Times New Roman">telephoning us at
      585-352-7777.</FONT></TD></TR></TABLE></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>You can also obtain a copy of
our annual report on Form 10-K and all other reports and information that we
file with, or furnish to, the Securities and Exchange Commission from the
Securities and Exchange Commission&#146;s EDGAR database at sec.gov</FONT><I><FONT face="Times New Roman" size=2>.</FONT></I></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The information contained on
our website is not a part of this proxy statement.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>Important Notice
Regarding the Availability of Proxy Materials for the Shareholder Meeting<BR>to
be held on September 7, 2016</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As required by rules adopted
by the Securities and Exchange Commission, we are making this proxy statement
and our 2016 annual report to shareholders available to you online
at:</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>www.edocumentview.com/TRNS</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For directions on how to
attend the annual meeting and vote in person, see the &#147;Voting&#148; and &#147;Revocability
of Proxies&#148; sections above.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>4</FONT></P>
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<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p5"></A>PROPOSAL ONE:<BR>ELECTION
OF DIRECTORS</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our code of regulations
currently provides for a classified board of directors consisting of three
classes of directors, each serving staggered three-year terms. As a result, only
a portion of our board of directors is elected each year.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The term of three of our
directors, Mr. Hadeed, Mr. Moore and Ms. Panzarella, will expire at this year&#146;s
annual meeting. Mr.&nbsp;Bradley retired from our board in September 2015.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Based on the recommendation of
the corporate governance and nominating committee, we have nominated Charles P.
Hadeed, Paul D. Moore and Angela J. Panzarella, each to serve for a three-year
term expiring in 2019.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>The board of directors
recommends that you vote FOR the election of each of Mr. Hadeed, Mr. Moore and
Ms. Panzarella.</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Unless authority to vote for
one of the nominees is specifically withheld according to the instructions on
your proxy card, proxies will be voted FOR the election of Mr. Hadeed, Mr. Moore
and Ms. Panzarella. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We do not contemplate that any
of the nominees will be unable to serve as a director, but if that contingency
should occur prior to the voting of the proxies, the persons named in the
enclosed proxy reserve the right to vote for such substitute nominee or nominees
as they, in their discretion, determine, provided that proxies cannot be voted
for a greater number of persons than the number of nominees named in this proxy
statement.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Securities and Exchange
Commission&#146;s rules require us to briefly discuss the particular experience,
qualifications, attributes or skills that led our board of directors to conclude
that each director or nominee for director should serve on our board of
directors. We have provided this discussion in a separate paragraph immediately
below the biographical information of each director. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>5</FONT></P>
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<P align=left><B><FONT face="Times New Roman" size=2>Nominees Proposed for
Election as Directors for a Term Expiring in 2019 </FONT></B></P>
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  <TR style="PADDING-LEFT: 4pt; padding-bottom: 2pt" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 100%; vertical-align: top; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Charles P.
      Hadeed</FONT></B></TD></TR>
  <TR style="PADDING-LEFT: 2pt; PADDING-top: 2pt;" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 100%; vertical-align: top; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Age: </FONT></B><FONT face="Times New Roman" size=2>66</FONT></TD></TR>
  <TR style="PADDING-LEFT: 4pt; padding-bottom: 2pt" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 100%; vertical-align: top; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Director since:
      </FONT></B><FONT face="Times New Roman" size=2>2007</FONT></TD></TR>
  <TR style="PADDING-right: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: normal; PADDING-TOP: 4pt" vAlign=bottom>
    <TD STYLE="text-align: left; width: 100%; padding-left: 4pt">
      <P align=left><FONT face="Times New Roman" size=2>Mr. Hadeed is our
      chairman of the board. He served as our executive chairman from July 2013
      until June 2014, as our chief executive officer from April 2007 to July
      2013, and as our president from May 2006 to September 2012. He also served
      as our chief operating officer from October 2004 to November 2011. Mr.
      Hadeed joined us in April 2002 as our vice president of finance and chief
      financial officer, a role he served in until May 2006. Prior to joining
      us, Mr. Hadeed most recently served as vice president-healthcare ventures
      group with Henry Schein Inc. Prior to that, he served as group vice
      president-operations at Del Laboratories Inc. and in various executive
      positions during his 20-year career at Bausch &amp; Lomb Incorporated. Mr.
      Hadeed currently serves on the board of directors of IEC Electronics Corp.
      (NYSE MKT: IEC). He also served on the board of directors of Rochester
      Rehabilitation Center, Inc., Rehabilitation Enterprises, Inc.,
      Rehabilitation Philanthropies, Inc., and Center Information Services, Inc.
      until March 2014. </FONT></P>
      <P align=left><B><FONT face="Times New Roman" size=2>Experience and
      Qualifications</FONT></B></P>
      <P align=left><FONT face="Times New Roman" size=2>As our former executive
      chairman, chief executive officer, president, chief operating officer, and
      vice president of finance and chief financial officer, Mr. Hadeed provides
      our board with invaluable institutional knowledge of the operations of our
      company, its markets and its customers. When Mr. Hadeed joined us in April
      2002, our company was facing a number of critical challenges. His
      financial and management skills contributed to the resolution of those
      challenges, as well as the financial turnaround and growth the company has
      experienced during his tenure with us. Mr. Hadeed continues to provide
      leadership for our sustained growth, profitability and financial
      stability.</FONT></P></TD></TR></TABLE><BR>
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  <TR style="PADDING-LEFT: 4pt" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 30%; padding-bottom: 2pt; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Paul D.
      Moore</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-bottom: 2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 69%; padding-bottom: 2pt"></TD></TR>
  <TR style="PADDING-LEFT: 4pt; PADDING-top: 4pt;" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-top: 2pt; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Age: </FONT></B><FONT face="Times New Roman" size=2>65</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-top: 2pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 69%; padding-top: 2pt"><B><FONT face="Times New Roman" size=2>Board Committee:</FONT></B></TD></TR>
  <TR style="PADDING-LEFT: 4pt; padding-bottom: 4pt" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 30%; padding-bottom: 2pt; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Director since:
      </FONT></B><FONT face="Times New Roman" size=2>2001</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-bottom: 2pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 69%; padding-bottom: 2pt"><I><FONT face="Times New Roman" size=2>Audit
      (Chairman)</FONT></I></TD></TR>
  <TR style="PADDING-right: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: normal; PADDING-TOP: 4pt" vAlign=bottom>
    <TD COLSPAN="3" STYLE="text-align: left; width: 100%; padding-left: 4pt">
      <P align=left><FONT face="Times New Roman" size=2>Mr. Moore retired as
      senior vice president of M&amp;T Bank Corporation in March 2014. Prior to
      his retirement, Mr. Moore last served as senior credit officer overseeing
      all corporate lending activity in the Rochester, Buffalo and Binghamton,
      New York markets. Additionally, Mr. Moore had credit responsibility for
      M&amp;T&#146;s automotive dealership customers throughout its Middle Atlantic
      markets. During his 35-year career at M&amp;T Bank, Mr. Moore served as
      the commercial banking manager for the Rochester, New York market and held
      various commercial loan positions in Buffalo, New York.</FONT></P>
      <P align=left><B><FONT face="Times New Roman" size=2>Experience and
      Qualifications</FONT></B></P>
      <P align=left><FONT face="Times New Roman" size=2>Mr. Moore&#146;s corporate
      banking career qualifies him to represent the interests of shareholders as
      a member of our board. Over the course of his career, he extended loans to
      thousands of companies and was required to assess the management,
      products, markets and financial performance of these businesses. This
      process has provided Mr. Moore with a broad perspective of what makes a
      business successful, an insight that is invaluable to our board,
      particularly as it relates to strategic planning and
  growth.</FONT></P></TD></TR></TABLE><BR>


<P align=center><FONT face="Times New Roman" size=2>6</FONT></P>

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  <TR style="PADDING-LEFT: 4pt" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 30%; padding-bottom: 2pt; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Angela J. Panzarella</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-bottom: 2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 69%; padding-bottom: 2pt"></TD></TR>
  <TR style="PADDING-LEFT: 4pt" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-top: 2pt; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Age: </FONT></B><FONT face="Times New Roman" size=2>58</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-top: 2pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 69%; padding-top: 2pt"><B><FONT face="Times New Roman" size=2>Board Committees:</FONT></B></TD></TR>
  <TR style="PADDING-LEFT: 4pt" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Director since: </FONT></B><FONT face="Times New Roman" size=2>January 2014</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><I><FONT face="Times New Roman" size=2>Compensation</FONT></I></TD></TR>
  <TR style="PADDING-LEFT: 4pt" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 30%; padding-bottom: 2pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-bottom: 2pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 69%; padding-bottom: 2pt"><I><FONT face="Times New Roman" size=2>Corporate Governance and
      Nominating</FONT></I></TD></TR>
  <TR style="PADDING-right: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: normal; PADDING-TOP: 4pt" vAlign=bottom>
    <TD COLSPAN="3" STYLE="text-align: left; width: 100%; padding-left: 4pt">
      <P align=left><FONT face="Times New Roman" size=2>Until January 1, 2016,
      Ms. Panzarella was the president of ACM Medical Laboratory, Inc., a
      subsidiary of Rochester Regional Health, and a leading clinical and
      pathology laboratory in the northeastern United States and an emerging
      leader in central laboratory services for clinical trials. Prior to
      joining ACM Medical Laboratory, Inc. in 2010, Ms. Panzarella held various
      legal and executive positions with Bausch &amp; Lomb Incorporated from
      1988 to 2008, where she most recently served as corporate vice
      president-global vision care. Since 2008, Ms. Panzarella has also served
      as a consultant and expert witness in litigation matters involving the
      contact lens industry. Prior to joining Bausch &amp; Lomb Incorporated,
      she was an associate at the law firm of Harris Beach &amp; Wilcox
      specializing in litigation.</FONT></P>
      <P align=left><B><FONT face="Times New Roman" size=2>Experience and
      Qualifications</FONT></B></P>
      <P align=left><FONT face="Times New Roman" size=2>Ms. Panzarella&#146;s
      experience as a chief executive officer in a regulated services industry,
      which is similar to the industries we serve, positions her to provide
      valuable insight to our board and management in implementing our
      calibration services growth strategy.</FONT></P></TD></TR></TABLE><BR>
<P align=left><FONT face="Times New Roman" size=2></FONT></P><B><FONT face="Times New Roman" size=2>Directors Whose Terms Do Not Expire at the 2016
Annual Meeting</FONT></B>
<P></P>
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  <TR style="PADDING-LEFT: 4pt" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 30%; padding-bottom: 2pt; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Richard J. Harrison</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-bottom: 2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 68%; padding-bottom: 2pt"></TD></TR>
  <TR style="PADDING-LEFT: 4pt" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-top: 2pt; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Age: </FONT></B><FONT face="Times New Roman" size=2>71</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-top: 2pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 68%; padding-top: 2pt"><B><FONT face="Times New Roman" size=2>Board Committee:</FONT></B></TD></TR>
  <TR style="PADDING-LEFT: 4pt" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Director since: </FONT></B><FONT face="Times New Roman" size=2>2004</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><I><FONT face="Times New Roman" size=2>Audit</FONT></I></TD></TR>
  <TR style="PADDING-LEFT: 4pt" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 30%; padding-bottom: 2pt; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Term expires: </FONT></B><FONT face="Times New Roman" size=2>2017</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-bottom: 2pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 68%; padding-bottom: 2pt"></TD></TR>
  <TR style="PADDING-right: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: normal; PADDING-TOP: 4pt" vAlign=bottom>
    <TD COLSPAN="3" STYLE="text-align: left; width: 99%; padding-left: 4pt">
      <P align=left><FONT face="Times New Roman" size=2>Mr. Harrison served as
      executive vice president and chief operating officer of Five Star Bank and
      its parent, Financial Institutions, Inc., from August 2012 until his
      retirement on March 31, 2016. Mr. Harrison previously served as executive
      vice president and senior retail lending administrator of Five Star Bank
      from 2009 until 2012. From 2003 until 2009, Mr. Harrison served as senior
      vice president of Five Star Bank and its predecessor, The National Bank of
      Geneva. He continues to provide consulting services for Five Star Bank.
      From January 2001 through January 2003, he served as executive vice
      president and chief credit officer of the Savings Bank of the Finger
      Lakes, as well as a director from 1997 through 2000. Prior to that, he
      held senior executive management positions with United Auto Finance, Inc.,
      American Credit Services, Inc. (a subsidiary of Rochester Community
      Savings Bank), and Security Trust Company/Security New York State
      Corporation (now Fleet/Bank of America). Mr. Harrison also serves and has
      served on the board of directors or as manager of several privately-held
      for profit and not-for-profit entities.</FONT></P>
      <P align=left><B><FONT face="Times New Roman" size=2>Experience and
      Qualifications</FONT></B></P>
      <P align=left><FONT face="Times New Roman" size=2>Mr. Harrison&#146;s
      experience in analyzing complex financial transactions, as well as his
      skills in credit, financial statement analysis and risk management,
      qualify him as our audit committee financial expert. Mr. Harrison&#146;s work
      with small to medium-size businesses throughout his career in banking and
      finance has provided him with an understanding of business-to-business
      marketing and provides our board with an understanding of the financial
      and business environment in which our company operates. His prior service
      on a publicly-traded company board also provides our board with valuable
      insight.</FONT></P></TD></TR></TABLE><BR>

<P align=center><FONT face="Times New Roman" size=2>7</FONT></P>

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    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 30%; padding-left: 4pt; padding-bottom: 2pt"><B><FONT face="Times New Roman" size=2>Gary J. Haseley</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-bottom: 2pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 69%; padding-bottom: 2pt"></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-left: 4pt; padding-top: 2pt"><B><FONT face="Times New Roman" size=2>Age: </FONT></B><FONT face="Times New Roman" size=2>54</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-top: 2pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 69%; padding-top: 2pt"><B><FONT face="Times New Roman" size=2>Board Committee:</FONT></B></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Director since: </FONT></B><FONT face="Times New Roman" size=2>January 2015</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="69%"><I><FONT face="Times New Roman" size=2>Compensation (Chairman)</FONT></I></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 30%; padding-left: 4pt; padding-bottom: 2pt"><B><FONT face="Times New Roman" size=2>Term expires: </FONT></B><FONT face="Times New Roman" size=2>2017</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-bottom: 2pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 69%; padding-bottom: 2pt"></TD></TR>
  <TR style="PADDING-right: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: normal; PADDING-TOP: 4pt" vAlign=bottom>
    <TD COLSPAN="3" STYLE="text-align: left; width: 100%; padding-left: 4pt">
      <P align=left><FONT face="Times New Roman" size=2>Mr. Haseley is the
      senior vice president and general manager of Kaman Automation, Control
      &amp; Energy, a division of Kaman Corporation, a manufacturer in the
      aerospace industry and the third largest distributor in the power
      transmission/motion control market. Prior to joining Kaman, from January
      2001 to August 2012, Mr. Haseley served as president and chief executive
      officer of Zeller Corporation, a distributor of electrical and automation
      components and solutions, which Kaman acquired in 2012. From 1995 until
      2001, Mr. Haseley served as Zeller&#146;s vice president of sales. Prior to
      joining Zeller, Mr. Haseley held various engineering and sales positions.
      </FONT></P>
      <P align=left><B><FONT face="Times New Roman" size=2>Experience and
      Qualifications </FONT></B></P>
      <P align=left><FONT face="Times New Roman" size=2>Mr. Haseley brings
      extensive knowledge in the distribution and services markets to our board.
      His role as chief executive officer of Zeller Corporation and subsequent
      operational and sales roles at Kaman provide the board with valuable
      insights into the leveraging of two market segments substantially similar
      in synergies to our industry segments. </FONT></P></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 30%; padding-left: 4pt; padding-bottom: 2pt"><B><FONT face="Times New Roman" size=2>John T. Smith</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-bottom: 2pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 68%; padding-bottom: 2pt"></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-left: 4pt; padding-top: 2pt"><B><FONT face="Times New Roman" size=2>Age: </FONT></B><FONT face="Times New Roman" size=2>69</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-top: 2pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 68%; padding-top: 2pt"><B><FONT face="Times New Roman" size=2>Board Committee:</FONT></B></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Director since: </FONT></B><FONT face="Times New Roman" size=2>2002</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><I><FONT face="Times New Roman" size=2>Corporate Governance and Nominating</FONT></I></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 30%; padding-left: 4pt; padding-bottom: 2pt"><B><FONT face="Times New Roman" size=2>Term expires: </FONT></B><FONT face="Times New Roman" size=2>2017</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-bottom: 2pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 68%; padding-bottom: 2pt"></TD></TR>
  <TR style="PADDING-right: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: normal; PADDING-TOP: 4pt" vAlign=bottom>
    <TD COLSPAN="3" STYLE="text-align: left; width: 99%; padding-left: 4pt">
      <P align=left><FONT face="Times New Roman" size=2>Mr. Smith is the
      chairman and chief executive officer of Sol&#252; Technology Partners, a
      technology staffing and services provider. From 1999 until August 2015, he
      was chairman and chief executive officer of Brite Computers, Inc., an
      information technology consulting firm. Prior to that, from 1997 to 1999,
      he was the president of JTS Chequeout Solutions, Inc. From 1980 to 1997,
      Mr.&nbsp;Smith was president of JTS Computer Services, Inc. Mr. Smith serves on
      the board of directors of the Monroe Community College
      Foundation.</FONT></P>
      <P align=left><B><FONT face="Times New Roman" size=2>Experience and
      Qualifications</FONT></B></P>
      <P align=left><FONT face="Times New Roman" size=2>Mr. Smith brings a
      unique entrepreneurial creativity to our board. He has founded and
      developed over ten information technology companies over the past 30 years
      that range from small, local service companies to national product and
      service companies to major accounts. In the process, Mr. Smith has gained
      extensive management, financial, banking, and technical expertise. Mr.
      Smith&#146;s provocative approach to management has aided the board as the
      company continues its acquisitive strategy and brings a different yet
      compelling smaller-business
perspective.</FONT></P></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>8</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; border-bottom: Black 1pt solid; padding-left: 4pt; padding-bottom: 2pt"><B><FONT face="Times New Roman" size=2>Alan H. Resnick</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 68%; border-bottom: Black 1pt solid; padding-bottom: 2pt"></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-left: 4pt; padding-top: 2pt"><B><FONT face="Times New Roman" size=2>Age: </FONT></B><FONT face="Times New Roman" size=2>72</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-top: 2pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 68%; padding-top: 2pt"><B><FONT face="Times New Roman" size=2>Board Committee:</FONT></B></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Director since: </FONT></B><FONT face="Times New Roman" size=2>2004</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="68%"><I><FONT face="Times New Roman" size=2>Audit</FONT></I></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 30%; border-bottom: Black 1pt solid; padding-left: 4pt; padding-bottom: 2pt"><B><FONT face="Times New Roman" size=2>Term expires: </FONT></B><FONT face="Times New Roman" size=2>2018</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-bottom: Black 1pt solid; padding-bottom: 2pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 68%; border-bottom: Black 1pt solid; padding-bottom: 2pt"></TD></TR>
  <TR style="PADDING-right: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: normal; PADDING-TOP: 4pt" vAlign=bottom>
    <TD COLSPAN="3" STYLE="text-align: left; width: 99%; padding-left: 4pt">
      <P align=left><FONT face="Times New Roman" size=2>Mr. Resnick has served
      as president of Janal Capital Management LLC, an investment advisory firm,
      since August 2004 after a&nbsp;31-year career at Bausch &amp; Lomb
      Incorporated. Mr. Resnick served as vice president and treasurer and a
      member of Bausch &amp; Lomb&#146;s corporate strategy board until his
      retirement in October 2004. He also served as a member of the advisory
      board of FM Global, a leading property insurance carrier, until his
      retirement. Mr. Resnick is a member of the board of directors of the
      Visiting Nurse Service of Rochester and Monroe County and serves or has
      served on the boards and committees of several other not-for-profit
      organizations in the greater Rochester, New York area. Mr. Resnick also
      serves as chairman of the board of ACM Medical Laboratory, a subsidiary of
      Rochester Regional Health, in Rochester, New York.</FONT></P>
      <P align=left><B><FONT face="Times New Roman" size=2>Experience and
      Qualifications</FONT></B></P>
      <P align=left><FONT face="Times New Roman" size=2>As the former treasurer
      of Bausch &amp; Lomb for more than 15 years and president of an investment
      advisory firm, Mr. Resnick brings invaluable knowledge of financial
      instruments and the financial markets to our board as we continue our
      effort to increase financial market awareness of our performance and
      improve our market capitalization. Mr. Resnick&#146;s professional experience
      as well as his past and present service on the finance and investment
      committees of a diverse number of boards uniquely positions him to serve
      on our audit committee.</FONT></P></TD></TR></TABLE><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 100%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Lee D. Rudow</FONT></B></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 100%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Age: </FONT></B><FONT face="Times New Roman" size=2>52</FONT></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 100%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Director since: </FONT></B><FONT face="Times New Roman" size=2>2015</FONT></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal" vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 100%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Term expires: </FONT></B><FONT face="Times New Roman" size=2>2018</FONT></TD></TR>
  <TR style="PADDING-right: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: normal; PADDING-TOP: 4pt" vAlign=bottom>
    <TD STYLE="text-align: left; width: 100%; padding-left: 4pt">
      <P align=left><FONT face="Times New Roman" size=2>Mr. Rudow joined us in
      November 2011 as our chief operating officer and was appointed president
      in September 2012. He was appointed chief executive officer, effective
      July 1, 2013. From 2008 until 2011, Mr. Rudow served as vice president in
      various capacities for SIMCO Electronics, Inc., an independent provider of
      global calibration, repair, and software solutions. Prior to that, from
      2006 to 2008, he was president and chief executive officer of Davis
      Calibration, Inc., served as president and chief executive officer of its
      related business and predecessor, Davis Inotek Corp. from 1996 to 2006,
      and served as president of Davis Instruments Corp. from 1986 to
      1996.</FONT></P>
      <P align=left><B><FONT face="Times New Roman" size=2>Experience and
      Qualifications</FONT></B></P>
      <P align=left><FONT face="Times New Roman" size=2>Mr. Rudow brings more
      than 25 years of experience in both of our industry segments. He has a
      strong understanding of the execution needed for our current business
      strategy and has served in sales, sales management, and operational
      positions at Transcat and our competitors. Mr. Rudow has worked at
      startups, private equity-funded and large industrial companies in our
      industry space. His skill set is uniquely suited for our organic and
      acquisitive strategic initiatives. Our customers, recently acquired
      companies, and our board recognize his experience as providing a broad set
      of skills in his roles as our chief executive officer and board member.
      </FONT></P></TD></TR></TABLE><BR>


<P align=center><FONT face="Times New Roman" size=2>9</FONT></P>

<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom style="padding-left: 4pt; line-height: normal; ">
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 30%; padding-left: 4pt; padding-bottom: 2pt"><B><FONT face="Times New Roman" size=2>Carl E.
      Sassano</FONT></B></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-bottom: 2pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 67%; padding-bottom: 2pt"></TD></TR>
  <TR vAlign=bottom style="padding-left: 4pt; line-height: normal; ">
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-left: 4pt; padding-top: 2pt"><B><FONT face="Times New Roman" size=2>Age: </FONT></B><FONT face="Times New Roman" size=2>66</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-top: 2pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 67%; padding-top: 2pt"><B><FONT face="Times New Roman" size=2>Board Committees:</FONT></B></TD></TR>
  <TR vAlign=bottom style="padding-left: 4pt; line-height: normal; ">
    <TD NOWRAP STYLE="text-align: left; width: 30%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Director since: </FONT></B><FONT face="Times New Roman" size=2>2000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="67%"><I><FONT face="Times New Roman" size=2>Compensation</FONT></I></TD></TR>
  <TR vAlign=bottom style="padding-left: 4pt; line-height: normal; ">
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 30%; padding-left: 4pt; padding-bottom: 2pt"><B><FONT face="Times New Roman" size=2>Term expires:
      </FONT></B><FONT face="Times New Roman" size=2>2018</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%; padding-bottom: 2pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 67%; padding-bottom: 2pt"><I><FONT face="Times New Roman" size=2>Corporate
      Governance and Nominating (Chairman)</FONT></I></TD></TR>
  <TR style="PADDING-LEFT: 4pt; LINE-HEIGHT: normal; PADDING-TOP: 4pt; padding-right: 4pt" vAlign=bottom>
    <TD COLSPAN="3" STYLE="text-align: left; width: 98%; padding-left: 4pt">
      <P align=left><FONT face="Times New Roman" size=2>Mr. Sassano served as
      our chairman of the board from October 2003 until April 2007 and from May
      2008 until July 2013. From April 2007 to May 2008, he served as our
      executive chairman of the board. Mr. Sassano became our president and
      chief executive officer in March 2002 and served in these roles until May
      2006 and April 2007, respectively. Prior to joining us, Mr. Sassano served
      as president and chief operating officer of Bausch &amp; Lomb Incorporated
      in 1999 and 2000. He also held positions in Bausch &amp; Lomb as
      president-global vision care (1996-1999), president-contact lens division
      (1994-1996), group president (1993-1994), and president-Polymer Technology
      (1983-1992), a subsidiary of Bausch &amp; Lomb. Mr. Sassano also serves as
      a director of Medifast, Inc. (NYSE: MED) and served as a member of the
      board of directors of IEC Electronics Corp. (NYSE MKT: IEC) from 2006
      through August 2012, and as a trustee of Rochester Institute of Technology
      from 1996 through June 2013.</FONT></P>
      <P align=left><B><FONT face="Times New Roman" size=2>Experience and
      Qualifications</FONT></B></P>
      <P align=left><FONT face="Times New Roman" size=2>Mr. Sassano&#146;s experience
      in small-to-medium size divisions within Bausch &amp; Lomb, as well as the
      processes associated with Bausch &amp; Lomb&#146;s overall corporate
      organization, provided Mr. Sassano with the necessary skill set to grow
      Transcat out of financial turmoil in 2002 and then position it on a path
      toward growth in the years that followed. Mr. Sassano&#146;s leadership skills
      and institutional knowledge of our company, coupled with his significant
      corporate experience, provides our board with a strong understanding of
      the issues we face in our growth
strategy.</FONT></P></TD></TR></TABLE><BR>

<P align=center><FONT face="Times New Roman" size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p11"></A>PROPOSAL
TWO:<BR></FONT></B><B><FONT face="Times New Roman" size=2>TO APPROVE, ON AN
ADVISORY BASIS, THE COMPENSATION OF<BR>OUR NAMED EXECUTIVE
OFFICERS</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 14A of the Securities
Exchange Act of 1934, as amended, requires us to provide our shareholders with
the opportunity to vote to approve, on an advisory basis, the compensation of
our named executive officers (referred to as a &#147;say-on-pay&#148; vote). We first
provided our shareholders with this opportunity at our 2013 annual meeting, at
which time our shareholders expressed a preference for this vote to occur on an
annual basis, as recommended by our board of directors. Our board of directors
subsequently adopted this preference, and we are providing our shareholders with
a say-on-pay vote this year.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The primary goal of our
compensation program is to align the interests of our named executive officers
with those of our shareholders to achieve long-term growth. As detailed in the
Compensation Overview section of this proxy statement, our objectives with
respect to executive compensation are to attract, motivate, and retain talented
executive officers, promote the achievement of key business objectives and drive
growth in corporate earnings by linking annual cash and long-term cash and
equity incentives to the achievement of measurable corporate and, in some cases,
individual performance goals, align the incentives of our executives with the
creation of value for our shareholders, foster teamwork, support our core
values, and contribute to our long-term success. To achieve these objectives,
our compensation committee, in conjunction with a third-party compensation
consultant, when appropriate, reviews and evaluates our executive compensation
program. In addition, our executive compensation program ties a substantial
portion of each executive&#146;s overall compensation to attainment of key business
and operational goals. The &#147;Executive Compensation&#148; section of this proxy
statement, including the &#147;Compensation Overview,&#148; describes in detail our
executive compensation program and the decisions made by our compensation
committee. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We are asking our shareholders
to indicate their support and approval for our named executive officer
compensation as described in the &#147;Executive Compensation&#148; section of this proxy
statement. We believe that our compensation program for our named executive
officers is designed to create value for our shareholders over the long term and
appropriately aligns pay with performance.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For the reasons summarized
above, and as discussed in more detail in the &#147;Executive Compensation&#148; section
of this proxy statement, our board of directors is asking our shareholders to
vote for the following advisory resolution:</FONT></P>
<P ALIGN="LEFT" STYLE="padding-left: 30pt; padding-right: 30pt; text-indent: 15pt"><B><FONT face="Times New Roman" size=2>RESOLVED, that the
compensation paid to the company&#146;s named executive officers, as disclosed
pursuant to Item 402 of Regulation S-K, including the Compensation Overview,
compensation tables, and related narrative discussion is hereby
approved.</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The say-on-pay vote is
advisory, and therefore it is not binding on our compensation committee or our
board of directors. Nevertheless, our board of directors and our compensation
committee value the opinions expressed by shareholders in their vote on this
proposal and will consider the outcome of the vote in deciding whether to take
any action as a result of the vote and when making future compensation decisions
for our named executive officers.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>The board of directors
recommends that you vote FOR the proposal to approve, on an advisory basis, the
compensation of our named executive officers.</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p12"></A>PROPOSAL
THREE:<BR>RATIFICATION OF SELECTION OF<BR></FONT></B><B><FONT face="Times New Roman" size=2>OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The audit committee has
selected Freed Maxick CPAs, P.C. as our independent registered public accounting
firm for the fiscal year ending March 25, 2017. This selection is being
presented to our shareholders for ratification at the annual meeting. The audit
committee will consider the outcome of this vote in its future discussions
regarding the selection of our independent registered public accounting
firm.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have been advised by Freed
Maxick CPAs, P.C. that a representative will be present at the annual meeting
and will be available to respond to appropriate questions. We intend to give
such representative an opportunity to make a statement if he or she should so
desire.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>The board of directors
recommends that you vote FOR the proposal to ratify the selection of Freed
Maxick CPAs, P.C. as our independent registered public accounting firm for the
fiscal year ending March 25, 2017.</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Fees for Professional
Services Provided by Freed Maxick CPAs, P.C. </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following table shows fees
for professional services provided by Freed Maxick CPAs, P.C. during the fiscal
year ended March&nbsp;26, 2016, which we refer to as fiscal year 2016 and the fiscal
year ended March 28, 2015, which we refer to as fiscal year 2015.</FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 100%; padding-left: 4pt"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=2><B><FONT face="Times New Roman" size=2>Fiscal Year
      2016</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: #000000 1pt solid; text-align: center; width: 6%; padding-right: 4pt"><B><FONT face="Times New Roman" size=2>Fiscal Year
      2015</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 100%; background-color: #c0c0c0; padding-left: 4pt"><FONT face="Times New Roman" size=2>Audit Fees</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>155,990</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: #c0c0c0; padding-right: 4pt"><FONT face="Times New Roman" size=2>144,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 100%; padding-left: 4pt"><FONT face="Times New Roman" size=2>Audit-Related Fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; padding-right: 4pt"><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 100%; background-color: #c0c0c0; padding-left: 4pt"><FONT face="Times New Roman" size=2>Tax
      Fees</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0"></TD>
    <TD NOWRAP STYLE="text-align: right; width: 1%; background-color: #c0c0c0; padding-right: 4pt"><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 100%; padding-left: 4pt"><FONT face="Times New Roman" size=2>All
      Other Fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 1%"><FONT face="Times New Roman" size=2>9,660</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 1%"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: right; width: 1%; padding-right: 4pt"><FONT face="Times New Roman" size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 100%; background-color: #c0c0c0; padding-left: 4pt"><FONT face="Times New Roman" size=2>Total</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>165,650</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>$</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 2pt double; text-align: right; width: 1%; background-color: #c0c0c0; padding-right: 4pt"><FONT face="Times New Roman" size=2>144,000</FONT></TD></TR></TABLE></DIV><BR>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Audit fees during fiscal year
2016 and fiscal year 2015 were for professional services rendered for the audit
of our annual consolidated financial statements and for the reviews of the
financial statements included in our Quarterly Reports on Form 10-Q. All other
fees during fiscal year 2016 were for cyber security evaluation
services.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Policy on Pre-Approval of
Retention of Independent Registered Public Accounting Firm </FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In accordance with applicable
laws, rules and regulations, the audit committee charter requires that the audit
committee have the sole authority to review in advance and pre-approve all audit
and non-audit fees and services provided to us by our independent registered
public accounting firm. Accordingly, all audit services for which Freed Maxick
CPAs, P.C. was engaged were pre-approved by the audit committee. The audit
committee may delegate to one or more designated members of the audit committee
the authority to grant required pre-approval of audit and permitted non-audit
services. The decision of any member to whom authority is delegated is required
to be presented to the full audit committee at its next scheduled
meeting.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Independence Analysis by
Audit Committee</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The audit committee considered
whether the provision of the services described above was compatible with
maintaining the independence of Freed Maxick CPAs, P.C. and determined that the
provision of these services was compatible with the firm&#146;s
independence.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p13"></A>REPORT OF THE AUDIT
COMMITTEE </FONT></B><B><FONT face="Times New Roman" size=2><SUP>(1)(2)(3)</SUP></FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The audit committee of the
board of directors is currently comprised of three members of the board of
directors, each of whom the board of directors has determined is independent
under the independence standards of The Nasdaq Stock Market and applicable
Securities and Exchange Commission rules. The audit committee assists the board
of directors in overseeing the company&#146;s accounting and financial reporting
processes, financial statement audits and internal controls. The specific duties
and responsibilities of the audit committee are set forth in the audit committee
charter, which is available on our website, Transcat.com, under the heading
&#147;Investor Relations&#148; and the subheading &#147;Corporate Governance.&#148;</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The audit committee
has:</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">reviewed and discussed the
      company&#146;s audited consolidated financial statements for fiscal year 2016
      with management and Freed Maxick CPAs, P.C.;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">discussed with Freed Maxick CPAs,
      P.C. the matters required to be discussed by Public Company Accounting
      Oversight Board Auditing Standard No. 16, Communications with Audit
      Committees;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">received and discussed the written
      disclosures and the letter from Freed Maxick CPAs, P.C. required by
      applicable requirements of the Public Accounting Oversight Board regarding
      the independent registered public accounting firm&#146;s communications with
      the audit committee concerning independence; and<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">discussed with Freed
      Maxick CPAs, P.C. its independence.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Based on these reviews and
discussions with management and Freed Maxick CPAs, P.C. and the report of Freed
Maxick CPAs, P.C., and subject to the limitations on the committee&#146;s role and
responsibilities contained in the audit committee charter, the audit committee
recommended to the board of directors, and the board of directors approved, that
the audited consolidated financial statements for fiscal year 2016 be included
in the company&#146;s annual report on Form 10-K for fiscal year 2016 for filing with
the Securities and Exchange Commission.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The audit committee selects
the company&#146;s independent registered public accounting firm annually and has
submitted such selection for fiscal year 2017 for ratification by shareholders
at the annual meeting.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Audit Committee:</FONT></TD></TR>
  <TR>
    <TD width="50%"></TD>
    <TD width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Richard J. Harrison, Chairman</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Paul
      D. Moore</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="50%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>John
      T. Smith</FONT></TD></TR></TABLE><div>____________________</div><BR>

<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The material in this
      report is not deemed to be &#147;soliciting material,&#148; or to be &#147;filed&#148; with
      the Securities and Exchange Commission and is not to be incorporated by
      reference in any of our filings under the Securities Act of 1933, as
      amended, or the Securities Exchange Act of 1934, as amended, whether made
      before or after the date hereof and irrespective of any general
      incorporation language in any such filings.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Mr. Resnick became a
      member of the audit committee effective July 1, 2016 replacing Mr.
      Smith.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Mr. Moore became the
      chairman of the audit committee effective July 1,
  2016.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>13</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p14"></A>CORPORATE
GOVERNANCE</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Board
Meetings</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The board of directors held
eight meetings during fiscal year 2016. Each director then in office attended at
least 75% of the total of board meetings and meetings of board committees on
which he or she served.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Director
Independence</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The board of directors has
determined that Mr. Harrison, Mr. Haseley, Mr. Moore, Ms. Panzarella, Mr.
Resnick, Mr. Sassano, and Mr. Smith are each independent under the independence
standards of The Nasdaq Stock Market.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Executive
Sessions</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During fiscal year 2016, our
independent directors met in regularly scheduled executive sessions, without
management present, as required by the listing standards of The Nasdaq Stock
Market. Mr. Sassano presided over the executive sessions of the independent
directors.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Board Leadership
Structure</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The board of directors
separates the roles of chief executive officer and chairman, based on the
board&#146;s belief that corporate governance of the company is most effective when
these positions are not held by the same person. The board recognizes the
differences between the two roles and believes that separating them allows each
person to focus on his individual responsibilities. Under this leadership
structure, our chief executive officer can focus his attention on day-to-day
company operations and performance, and can establish and implement long-term
strategic plans, while our chairman can focus his attention on board
responsibilities. Additionally, the board recognizes its obligations to confer
in executive session with its independent directors.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Presently, the board believes
it is appropriate to keep the roles of chief executive officer and chairman
separate. The board may, however, change the leadership structure if it believes
that a change would better serve the company and its shareholders.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Retirement Policy and
Mandatory Resignation</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The mandatory retirement age
for board members is age 75. However, the board of directors has reserved the
right to extend the mandatory retirement age if it will better serve the
interests of our shareholders and our company. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In May 2016, the corporate
governance and nominating committee adopted a mandatory resignation policy for
directors in the event civil or criminal charges are brought against the
director or if a director becomes infirmed.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=left><B><FONT face="Times New Roman" size=2>Board
Committees</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The board of directors has a
standing audit, compensation, and corporate governance and nominating committee.
The table below shows the number of meetings held during fiscal year 2016 and
the names of the directors currently serving on each committee.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 90%; padding-left: 4pt"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=2>Number of</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD NOWRAP STYLE="text-align: left; width: 3%; padding-right: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: center; width: 90%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Committee
      Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face="Times New Roman" size=2>Meetings
      Held</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD NOWRAP COLSPAN="3" STYLE="border-bottom: #000000 1pt solid; text-align: center; width: 7%; padding-right: 4pt"><B><FONT face="Times New Roman" size=2>Committee
      Members</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 90%; background-color: #c0c0c0; padding-left: 4pt"><FONT face="Times New Roman" size=2>Audit<SUP>(2)</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Mr.
      Harrison</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP STYLE="text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt"><FONT face="Times New Roman" size=2>Mr.
      Moore<SUP>(1)</SUP></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 90%; background-color: #c0c0c0; padding-left: 4pt"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Mr.
      Resnick</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP STYLE="text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 90%; padding-left: 4pt"><FONT face="Times New Roman" size=2>Compensation<SUP>(3)</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>4</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Mr.
      Haseley<SUP>(1)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 3%; padding-right: 4pt"><FONT face="Times New Roman" size=2>Ms.
      Panzarella</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 90%; padding-left: 4pt">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Mr.
      Sassano</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 3%; padding-right: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 90%; background-color: #c0c0c0; padding-left: 4pt"><FONT face="Times New Roman" size=2>Corporate Governance and Nominating<SUP>(4)</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Ms.
      Panzarella</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP STYLE="text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt"><FONT face="Times New Roman" size=2>Mr.
      Sassano<SUP>(1)</SUP></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 90%; background-color: #c0c0c0; padding-left: 4pt"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Mr.
      Smith</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP STYLE="text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Chairman<BR>
&nbsp;</FONT></TD></TR>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Prior to July 1,
      2016, the members of the audit committee were Mr. Harrison, Mr. Moore and
      Mr. Smith.<BR>
&nbsp;</FONT></TD></TR>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Prior to July 1,
      2016, the members of the compensation committee were Mr. Haseley, Ms.
      Panzarella, Mr. Resnick and Mr. Sassano.<BR>
&nbsp;</FONT></TD></TR>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Prior to July 1,
      2016, the members of the corporate governance and nominating committee
      were Mr. Harrison, Mr. Resnick and Mr. Sassano.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each committee acts pursuant
to a written charter adopted by our board of directors. The current charter for
each board committee is available on our website, Transcat.com, under the
heading &#147;Investor Relations&#148; and the subheading &#147;Corporate Governance.&#148; The
information contained on our website is not a part of this proxy
statement.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Audit
Committee</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The board of directors has
determined that each member of the audit committee has sufficient knowledge in
financial and auditing matters to serve on the committee and is independent
under applicable Securities and Exchange Commission rules. The board of
directors has designated Mr. Harrison as an &#147;audit committee financial expert&#148;
in accordance with applicable Securities and Exchange Commission rules and based
on his professional experience in banking and finance as described in his
biography under &#147;Proposal One: Election of Directors.&#148; The board of directors
has determined that Mr. Moore would also qualify as an &#147;audit committee
financial expert&#148; in accordance with applicable Securities and Exchange
Commission rules and based on his professional experience in banking and
corporate lending as described in his biography under &#147;Proposal One: Election of
Directors.&#148;</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The audit committee serves as
an independent and objective party to monitor our financial reporting process
and internal control system; retains, pre-approves audit and permitted non-audit
services to be performed by, and directly consults with, our independent
registered public accounting firm; reviews and appraises the services of our
independent registered public accounting firm; and provides an open avenue of
communication among our independent registered public accounting firm, financial
and senior management, and our board of directors. Our audit committee charter
more specifically sets forth the duties and responsibilities of the audit
committee. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>15</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The audit committee, which was
established in accordance with Section 3(a)(58)(A) of the Securities Exchange
Act of 1934, as amended, is also responsible for preparing the committee&#146;s
report that Securities and Exchange Commission rules require be included in our
annual proxy statement, and for performing such other tasks that are consistent
with its charter. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The audit committee&#146;s report
relating to fiscal year 2016 appears under the heading &#147;Report of the Audit
Committee.&#148;</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Compensation
Committee</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The compensation committee is
responsible for establishing and implementing compensation programs for our
executive officers and directors that further the intent and purpose of our
fundamental compensation philosophy and objectives and for performing such other
tasks that are consistent with its charter.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For more information on
executive compensation and director compensation and the role of the
compensation committee, see &#147;Compensation Overview&#148; under the headings
&#147;Executive Compensation&#148; and &#147;Director Compensation.&#148; </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Corporate Governance and
Nominating Committee</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The corporate governance and
nominating committee is charged with identifying candidates, consistent with
criteria approved by the committee, qualified to become directors and
recommending that the board of directors nominate such qualified candidates for
election as directors. The committee is also responsible for reviewing our code
of regulations, shaping corporate governance, overseeing the evaluation of the
board of directors, board committees, and management, and performing such tasks
that are consistent with the corporate governance and nominating committee
charter.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The process the corporate
governance and nominating committee follows to identify and evaluate candidates
includes requests to board members, the chief executive officer, and others for
recommendations, meetings from time to time to evaluate biographical information
and background material relating to potential candidates and their
qualifications, and interviews of selected candidates.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The corporate governance and
nominating committee also considers and establishes procedures for shareholder
recommendations of nominees to the board. Shareholder recommendations, together
with relevant biographical information, should be sent to the following address:
Transcat, Inc., 35 Vantage Point Drive, Rochester, New York 14624, Attention:
Corporate Secretary. The qualifications of recommended candidates will be
reviewed by the corporate governance and nominating committee.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In evaluating the suitability
of candidates (other than our executive officers) to serve on the board of
directors, including candidates recommended by shareholders, the corporate
governance and nominating committee seeks candidates who are independent under
the independence standards of The Nasdaq Stock Market and meet certain selection
criteria established by the corporate governance and nominating committee from
time to time. The corporate governance and nominating committee also considers
an individual&#146;s skills, character and professional ethics, judgment, leadership
experience, business experience and acumen, familiarity with relevant industry
issues, national and international experience, and other relevant criteria that
may contribute to our success. The corporate governance and nominating committee
evaluates candidates in light of their skill sets and other characteristics that
complement those of the current board, including the diversity, maturity,
skills, and experience of the board as a whole. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>16</FONT></P>
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<P ALIGN="LEFT" ><FONT face="Times New Roman" size=2>Although the corporate
governance and nominating committee does not have a specific written diversity
policy, the committee values and considers diversity when seeking and evaluating
candidates for the board. The committee believes that diversity is not limited
to gender and ethnicity, but also includes perspective gained from educational
and cultural backgrounds and life experiences.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Director Attendance at
Annual Meetings</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Company policy requires all
directors, absent special circumstances, to attend our annual shareholder
meetings. All of our directors attended the annual meeting of shareholders held
on September 9, 2015.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>The Board&#146;s Role in Risk
Oversight</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our board of directors is
responsible for overseeing risks that could affect our company. This oversight
is conducted primarily through the board&#146;s committees. The audit committee
focuses on financial risks, including those that could arise from our accounting
and financial reporting processes and financial statement audits. The
compensation committee focuses on the management of risks arising from our
compensation policies and programs. The corporate governance and nominating
committee focuses on the management of risks associated with board organization,
membership, and structure, as well as corporate governance.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>While our board committees are
focused on these specific areas of risk, the full board retains responsibility
for general risk oversight. Our board satisfies this responsibility by reviewing
periodic reports from each committee chairman regarding the risk considerations
within each committee&#146;s area of expertise, as well as periodic reports to our
board of directors or the appropriate committee from the members of our senior
management team who are responsible for risk management.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As part of its risk oversight
responsibilities, the board of directors and its committees review the processes
that senior management use to manage risk exposure. In doing so, the board and
its committees review our overall risk function and senior management&#146;s
establishment of appropriate systems and processes for managing areas of
material risk to our company, including, but not limited to, operational,
financial, legal, regulatory, strategic, and information technology
risks.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Code of
Ethics</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have a code of business
conduct and ethics that applies to all of our directors, officers and employees,
including our principal executive officer, principal financial officer and
principal accounting officer. You can find our code of business conduct and
ethics on our website, Transcat.com, under the heading &#147;Investor Relations&#148; and
the subheading &#147;Corporate Governance.&#148; We will provide a printed copy of our
code of business conduct and ethics, without charge, to any shareholder who
requests it by contacting our corporate secretary at 35 Vantage Point Drive,
Rochester, New York 14624.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We intend to post any
amendments to or waivers from our code of business conduct and ethics on our
website.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Shareholder
Communications</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Shareholders may send
correspondence by mail to the full board of directors or to individual
directors. Shareholders should address correspondence to the board of directors
or individual board members in care of: Transcat, Inc., 35 Vantage Point Drive,
Rochester, New York 14624, Attention: Corporate Secretary.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>17</FONT></P>
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<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All shareholder correspondence
will be compiled by our corporate secretary and forwarded as appropriate. In
general, correspondence relating to corporate governance issues, long-term
corporate strategy, or similar substantive matters will be forwarded to the
board of directors, the individual director, one of the aforementioned
committees of the board, or a committee member for review. Correspondence
relating to ordinary business affairs or those matters more appropriately
addressed by our officers or their designees will be forwarded to such persons
accordingly.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p18"></A>EXECUTIVE OFFICERS<BR>AND
SENIOR MANAGEMENT</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We are currently served by
three executive officers, Mr. Rudow, Mr. Tschiderer and Mr. Flack, together with
five additional members of the senior management team. During fiscal year 2016,
Mr. Zimmer served us as an executive officer.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Lee D.
Rudow</FONT></B><FONT face="Times New Roman" size=2>, age 52, is our president
and chief executive officer. Additional information about Mr. Rudow can be found
under &#147;Proposal One: Election of Directors.&#148;</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Michael J.
Tschiderer</FONT></B><FONT face="Times New Roman" size=2>, age 56, joined us in
December 2015 and is our vice president of finance, chief financial officer,
treasurer and corporate secretary. Prior to joining us, Mr. Tschiderer served as
global controller of Lanzatech, Inc., a start-up carbon-recycling company, which
he joined in September 2014. From February 2014 to September 2014, Mr.
Tschiderer was an independent consultant. From March 2011 to February 2014, he
served as vice president, global controller and treasurer of GXS Worldwide,
Inc., a global cloud integration and software company, where he led a team of
more than 125 employees in 15 countries. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>John J.
Zimmer</FONT></B><FONT face="Times New Roman" size=2>, age 58, is a certified
public accountant and was our chief financial officer, treasurer and corporate
secretary until March 27, 2016. He also served as our senior vice president of
finance until his retirement on July 1, 2016. Prior to June 1, 2011, Mr.&nbsp;Zimmer
was our vice president of finance and chief financial officer. Prior to joining
us in June 2006, Mr. Zimmer served as executive vice president and chief
financial officer of E-chx, Inc., a payroll outsourcing company. Prior to
joining E-chx, Inc. in October 2003, he was a principal with the public
accounting firm of DeJoy, Knauf &amp; Blood, LLP. Prior to that, Mr. Zimmer
served for four years as vice president-finance and treasurer of Choice One
Communications Inc. Prior to joining Choice One, Mr. Zimmer was employed for
seven years by ACC Corp., during which time he served as controller, then vice
president-finance and later vice president and treasurer. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Robert A.
Flack</FONT></B><FONT face="Times New Roman" size=2>, age 46, is our vice
president of operations, a position he has held since May 2015. Prior to joining
us in February 2014 as vice president of business development and from June
2013, Mr. Flack served as chief operating officer of ADG Creative, a strategic
communications firm. From June 2012 until June 2013, Mr. Flack owned and
operated Flack Consulting. From 2010 to 2012, he served as director of sales for
the Americas at Tektronix, Inc., a subsidiary of Danaher Corporation. From 1999
to 2010, he served in a variety of executive capacities at Davis Calibration,
Inc. including vice president of operations, vice president of business
development, and director of operations. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Scott D.
Deverell</FONT></B><FONT face="Times New Roman" size=2>, age 50, joined us in
February 2016 and is our corporate controller and principal accounting officer.
Prior to joining us, Mr. Deverell served as vice president of finance and
administration for Sydor Instruments, a comprehensive diagnostics solution
provider, which he joined in April 2015. From 2009 to 2014, Mr. Deverell served
as division president for Stewart Title Insurance Company, a title insurance
underwriter. From 2006 to 2008, Mr. Deverell served as chief financial officer
for Monroe Title Insurance Corporation, a subsidiary of Stewart Title.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>18</FONT></P>
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<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Jennifer J.
Nelson</FONT></B><FONT face="Times New Roman" size=2>, age 45, is our vice
president of human resources and has served us in this position since April
2015. Ms.&nbsp;Nelson joined us in July 2012 as a human resources manager. Prior to
joining us, Ms. Nelson served as a human resources representative at Jamestown
Container, a custom-designed packaging manufacturer, from April 2011 to July
2012, and as human resources manager for Mercury Print Productions, an offset
commercial printer, from April 2010 to April 2011.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Scott D.
Sutter</FONT></B><FONT face="Times New Roman" size=2>, age 45, is our vice
president of business development. Prior to joining us in February 2013 as our
vice president of strategic business development, from 1999 until 2013, Mr.
Sutter served in various positions with SIMCO Electronics, Inc., an independent
provider of global calibration, repair, and software solutions. Mr. Sutter&#146;s
recent positions with SIMCO Electronics, Inc. included vice president of eastern
region and vice president of business development. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2>Michael W.
West</FONT></B><FONT face="Times New Roman" size=2>, age 45, is our vice
president of marketing and inside sales having served us in this position since
November 2014. From 1995 to 2014, Mr. West was a principal owner of QuestCom
Inc., a marketing and advertising company, and served most recently as a
marketing consultant to various direct mail, web, and catalog clients. Mr. West
worked with our marketing team, as one of his clients, for 13 years.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p19"></A>EXECUTIVE
COMPENSATION</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As a smaller reporting company
under the Securities Exchange Act of 1934, as amended, we are providing the
following executive and director compensation information in accordance with the
scaled disclosure requirements of Regulation S-K.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Named Executive Officers
</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This proxy statement contains
information about the compensation paid to our named executive officers during
fiscal year 2016. For fiscal year 2016, in accordance with the executive
compensation disclosure rules and regulations of the Securities and Exchange
Commission for smaller reporting companies, we determined that the following
officers were our named executive officers:</FONT></P>
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    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"><STRONG>Lee D. Rudow</STRONG><FONT face="Times New Roman">, our president and chief executive
      officer;<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"><STRONG>John J.
      Zimmer</STRONG><FONT face="Times New Roman">, our senior vice president of
      finance and chief financial officer throughout fiscal year 2016;
      and<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"><STRONG>Robert A.
      Flack</STRONG><FONT face="Times New Roman">, our vice president of
      operations.</FONT></FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Compensation
Overview</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Overview of the
Compensation Committee</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The compensation committee of
our board of directors is responsible for establishing, implementing, and
monitoring adherence to our compensation philosophy and objectives. The
compensation committee&#146;s policy is to provide a competitive total compensation
package to our named executive officers. Generally, the types of compensation
and benefits provided to our named executive officers are similar to those
provided to our other executive officers.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>19</FONT></P>
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<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Compensation Philosophy
and Objectives</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our compensation program is
designed to attract, motivate and retain a highly qualified and effective senior
management team. We believe the most effective executive compensation program is
one that is designed to reward the achievement of specific annual, long-term,
and strategic company goals, which are intended to align the interests of each
of our named executive officers with those of our shareholders.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The objectives of the
compensation program for our executive officers, including our named executive
officers, are to ensure that such programs:</FONT></P>
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    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">attract, motivate, and retain our talented
      executive officers;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">promote the achievement of key business
      objectives and drive growth in corporate earnings by linking annual cash
      and long-term cash and equity incentives to the achievement of measurable
      corporate and, in some cases, individual, performance
      goals;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">align the incentives of our executives with
      the interests of our shareholders;<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">foster teamwork on the part of management;
      and <BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">support our core values and contribute to
      our long-term success.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For fiscal year 2016, as in
previous years, the key components of our compensation program for our named
executive officers were: (1) annual base salary; (2) annual performance-based
cash incentive compensation; and (3) long-term, performance-based cash and
equity incentive compensation (non-performance based restricted stock may be
used in unique circumstances). The annual performance-based cash incentive
compensation for our chief executive officer for fiscal year 2016 was based
solely on company performance. The annual performance-based cash incentive
compensation for our chief financial officer and vice president of operations
was based on company and individual performance.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The compensation committee&#146;s
intention is to provide a compensation program to our named executive officers
that remains competitive with the compensation paid to executives with similar
responsibilities in publicly traded companies of comparable size. The
compensation committee believes that our executive compensation program is
aligned with market best practices for companies of our size. Specifically, our
executive compensation program contains the following features:</FONT></P>
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    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"><STRONG>Focus on variable,
      performance-based compensation</STRONG><FONT face="Times New Roman">. We
      intend that total executive compensation corresponds to both corporate
      performance and the interest of our shareholders by placing our principal
      emphasis on variable, performance-based incentives through a combination
      of annual performance-based cash incentive compensation and long-term,
      performance-based cash and equity incentive compensation. A significant
      percentage of total compensation for our named executive officers is
      placed at-risk through annual and long-term performance-based incentive
      compensation.<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"><STRONG>Focus on long-term
      earnings growth</STRONG><FONT face="Times New Roman">. The amount earned
      under our long-term cash and equity compensation program is tied directly
      to our achieving specific cumulative fully diluted earnings per share
      objectives over a multi-year period.<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"><STRONG>Stock Ownership
      Objectives</STRONG><FONT face="Times New Roman">. All of our named
      executive officers are subject to significant stock ownership objectives
      based on a multiple of annual base
salary.</FONT></FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>20</FONT></P>
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    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"><STRONG>&#147;Double-Triggered&#148; Change
      in Control Severance Agreement</STRONG><FONT face="Times New Roman">. The
      payment of severance under the change in control agreement with our
      president and chief executive officer requires an involuntary termination
      without cause or a constructive termination within 24 months following a
      change in control.<BR>&nbsp;</FONT></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman"><STRONG>&#147;Clawback&#148; of Incentive
      Compensation</STRONG><FONT face="Times New Roman">. All of our named
      executive officers are subject to our recoupment policy (&#147;clawback&#148;) for
      long-term incentive compensation under the 2003 Incentive Plan, as Amended
      and Restated, which we refer to as the Incentive
  Plan.</FONT></FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Stock Ownership
Objectives </FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>To more closely align the
efforts of our executive officers with the interests of our shareholders, we set
a minimum stock ownership objective for our executive officers. This objective
requires all executive officers, including our named executive officers, to work
towards acquiring and maintaining specific levels of equity ownership interests
in our common stock. Under these objectives, our executive officers are directed
to be in compliance with their respective ownership objectives within five years
of becoming an executive officer. Executive officers who were elected prior to
the adoption of the objectives in May 2008 were required to be in compliance
with the objectives by the fifth anniversary of the adoption date. The
compensation committee and the chief executive officer monitor the progress
toward achievement of stock ownership objectives, and, if warranted, can make
reductions in long-term compensation awards as deemed appropriate.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Mr. Rudow&#146;s stock ownership
objective is 2.5 times his base salary; Mr. Zimmer&#146;s stock ownership objective
was 1.5 times his base salary, and Mr. Flack&#146;s stock ownership objective is 1.5
times his base salary. As of the end of fiscal year 2016, Mr. Zimmer had met his
ownership objective, Mr. Rudow had achieved 47% of his ownership objective and
Mr. Flack had achieved 11% of his ownership objective. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Retirement
Benefits</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We have established certain
retirement benefits for our employees, including our named executive officers,
which we and the compensation committee believe are consistent with our goals of
enhancing long-term performance by our employees. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><U>Long-Term Savings and
Deferred Profit Sharing Plan (our 401(k) Plan)</U>. The Long-Term Savings and
Deferred Profit Sharing Plan is a tax-qualified defined contribution plan
pursuant to which all U.S.-based employees, including our named executive
officers, are eligible to participate. All employees are able to contribute a
portion of their annual salary to the plan on a before-tax basis, subject to
limitations imposed by the Internal Revenue Service. We currently match 50% of
the first 6% of pay that employees contribute to the plan. All participant
contributions to the plan are immediately vested, and all company matching
contributions vest pro rata over a three-year period. The plan contains a
discretionary deferred profit sharing component, which, if made, has the same
three-year vesting schedule as is applicable to company matching contributions.
The amount of company matching contributions under this plan for our named
executive officers is included in the &#147;All Other Compensation&#148; column of the
2016 Summary Compensation Table.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><U>Non-Qualified Deferred
Compensation</U>. Our non-qualified deferred compensation plan allows our
executive officers, including our named executive officers, and directors to
elect to defer designated percentages or amounts of their compensation. The plan
also allows the company to make discretionary contributions to the account of a
plan participant, which are intended to provide the match that would have been
made under our 401(k) Plan but for the limitations imposed on our 401(k) Plan
under the </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>21</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=left><FONT face="Times New Roman" size=2>Internal Revenue Code. The
amount of company discretionary contributions under this plan for our named
executive officers is included in the &#147;All Other Compensation&#148; column of the
2016 Summary Compensation Table.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><U>Post-Retirement Plan</U>.
The post-retirement benefit plan for officers is a group health plan that
provides benefits to eligible retired officers and their spouses. The original
effective date of the plan was December 23, 2006. Three kinds of benefits are
provided under the plan: (1) long-term care insurance coverage; (2) medical and
dental insurance coverage; and (3) medical premium reimbursement benefits.
Officers who retire from active employment with us on or after December 23, 2006
at age 55 or older with five or more years of qualifying service and who do not
work in any full-time employment (30 hours or more per week) after retirement
are eligible to participate in the plan. Qualifying service is described as the
individual&#146;s most recent period of continuous, uninterrupted employment with the
company on or after the individual reaches age 50. Service with a business
acquired by the company is not counted as qualifying service. For purposes of
eligibility to participate in the plan, an individual is considered an officer
if the individual has the title of vice president or higher (excluding the title
of chief accounting officer).</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>2016 Summary Compensation
Table</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following table shows
certain information about the compensation of our named executive officers for
services rendered to us in all capacities during fiscal years 2016 and
2015.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>Non-Equity</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>Stock</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>Incentive Plan</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>All Other</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=2>Salary </FONT></B><B><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>Awards </FONT></B><B><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>Compensation</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>Compensation
      </FONT></B><B><FONT face="Times New Roman" size=2><SUP>(3)</SUP></FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=2>Total</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="73%"><B><FONT face="Times New Roman" size=2>Name and Principal
      Position</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>Year</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=3><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>$</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>&nbsp; Lee D. Rudow</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2016</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>373,750</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>390,495</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>72,407</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>58,994</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>895,646<STRONG>&nbsp; </STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>President and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>348,750</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>362,996</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>91,309</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>803,055<STRONG>&nbsp; </STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Chief Executive
      Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><B><FONT face="Times New Roman" size=2>&nbsp; John J. Zimmer</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>2016</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>251,962</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>73,491</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>57,621</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>383,074<STRONG>&nbsp; </STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Senior Vice President
      of Finance</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>244,624</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>124,738</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>369,362<STRONG>&nbsp; </STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%"><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>and Chief Financial
      Officer</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>&nbsp; Robert A.
    Flack</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2016</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>237,938</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>90,798</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>37,208</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8,122</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>374,066<STRONG>&nbsp; </STRONG></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="73%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Vice President of
      Operations</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>250,343</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>88,002</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>33,488</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>10,274</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>382,107<STRONG>&nbsp;
  </STRONG></FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amounts shown in
      this column include cash compensation earned and paid during fiscal years
      2016 and 2015.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>These amounts do not
      reflect the actual value realized by the recipient. The amounts shown in
      this column reflect the aggregate grant date fair value computed in
      accordance with FASB ASC Topic 718 for restricted stock unit awards
      granted during each fiscal year, except that no estimates for forfeitures
      have been included. A discussion of the assumptions used to calculate
      grant date fair value are set forth in Note 1 (General &#150; Stock- Based
      Compensation) and Note 6 (Stock-Based Compensation) to the Consolidated
      Financial Statements in our annual reports on Form 10-K for the fiscal
      years ended March 26, 2016 and March 28, 2015. For fiscal years 2016 and
      2015, the value of the performance-based restricted stock unit awards
      disclosed in this column is based on the probable outcome of the
      performance conditions as of the date of grant. If the highest level of
      performance is achieved, the value of Mr. Rudow&#146;s award is $585,743 in
      fiscal year 2016 and $544,494 in fiscal year 2015. If the highest level of
      performance is achieved, the value of Mr. Flack&#146;s award is $136,197 in
      fiscal year 2016 and $132,003 in fiscal year 2015. Mr.&nbsp;Zimmer&#146;s long-term
      performance-based incentive compensation awards were also
      performance-based; however, because Mr.&nbsp;Zimmer met his stock ownership
      objectives prior to the award date and elected to receive cash, each
      long-term performance-based incentive compensation award was granted in
      the form of a contractual right to receive cash upon attainment of the
      specific performance conditions.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>22</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amounts shown in
      this column reflect amounts paid by us to or on behalf of each named
      executive officer as company matching contributions under our 401(k) Plan
      and our nonqualified deferred compensation plan, executive life insurance
      premiums, excess long-term disability premiums, financial planning
      reimbursements, and a reimbursement for taxes associated with the vesting
      of performance-based restricted stock unit awards. The performance-based
      restricted stock unit awards that vested at the end of fiscal year 2015
      and were paid in May 2016 were the last awards that included a tax
      gross-up feature.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="2%"><B><FONT face="Times New Roman" size=2>401(k) and Deferred</FONT></B></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="2%"><B><FONT face="Times New Roman" size=2>Compensation Plan</FONT></B></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>Financial</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="6%" colSpan=3><B><FONT face="Times New Roman" size=2>Tax</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="68%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face="Times New Roman" size=2>Fiscal Year</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><B><FONT face="Times New Roman" size=2>Matches</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>Insurance</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>Planning</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="6%" colSpan=3><B><FONT face="Times New Roman" size=2>Reimbursement</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>&nbsp; Lee D. Rudow</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2016</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>8,031</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,603</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,750</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>46,610</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,907</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,553</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,100</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>78,749</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="68%"><B><FONT face="Times New Roman" size=2>&nbsp; John J. Zimmer</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>2016</FONT></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>6,975</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7,180</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>2,197</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>41,269</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="68%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>7,571</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>7,228</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>3,500</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>106,439</FONT></TD>
    <TD noWrap align=right width="2%"></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>&nbsp; Robert A.
    Flack</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2016</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>6,942</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>665</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>515</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="68%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7,510</FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>634</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2,130</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD></TR></TABLE><BR>
<P align=left><B><FONT face="Times New Roman" size=2>Discussion of 2016 Summary
Compensation Table</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Employment
Agreements</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During fiscal year 2016, we
were not a party to any employment agreement with our named executive
officers.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Performance Incentive
Plan</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We maintain a performance
incentive plan, which is an annual cash incentive program designed to compensate
key management members, including our named executive officers, based on their
contributions to the achievement of specific corporate fiscal year financial
objectives and the achievement of individual performance goals. The performance
incentive plan includes various incentive levels based on a participant&#146;s
position within the company, accountability, and impact on company operations.
Target award opportunities are established as a percentage of base salary. The
target award opportunity under the performance incentive plan for fiscal year
2016 as a percentage of base salary for each of our named executive officers was
65% for Mr. Rudow and 45% for both Mr. Zimmer and Mr. Flack.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Payment of performance-based
cash incentive awards under the performance incentive plan for our chief
executive officer is expressly linked to successful achievement of specific
pre-determined corporate goals, which our board of directors approves on an
annual basis. Payment of performance-based cash incentive awards for our chief
financial officer and vice president of operations is based on successful
achievement of specific pre-established corporate and individual performance
goals, which are determined by our chief executive officer. In addition to the
corporate and individual performance goals, the performance incentive plan also
provides guidelines for the calculation of annual incentive-based compensation,
subject to compensation committee oversight and modification.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For fiscal year 2016, Mr.
Rudow&#146;s performance-based cash incentive award was based solely on corporate
financial results, as measured against specific corporate financial objectives
which were pre-established and approved by our board of directors. For
performance incentive plan awards for fiscal year 2016, the following percentage
of Mr. Rudow&#146;s performance-based cash incentive award was based on our
achievement of the following objectives: free cash flow &#150; 15%; service gross
profit &#150; 25%; earnings per share &#150; 45%; and the board of director&#146;s assessment
of corporate performance &#150; 15%. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>23</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=left><FONT face="Times New Roman" size=2>Mr. Zimmer&#146;s and Mr. Flack&#146;s
performance-based cash incentive awards were each evaluated 50% on the
achievement of the same corporate financial objectives and 50% on individual
performance objectives, in each case, as measured against approved
objectives.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As described below, the
corporate financial objectives are separated into five performance levels.
Performance-based cash incentive awards can range from a minimum of 0% to a
maximum of 150% of the targeted award depending on the level of performance
achieved. An individual must achieve at least a specific minimum performance
level (a rating of 1 on a scale of 1 to 5) against individual performance
objectives to be eligible for any portion of the performance-based cash
incentive award.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Generally, the target level
for corporate financial results is set in alignment with our annual operating
plan. Payment of the awards under the performance incentive plan is based upon
the achievement of such objectives for the current fiscal year. With respect to
the corporate performance portion of the award, participants in the performance
incentive plan receive: </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">No payment for the corporate
      financial objective portion of the performance incentive plan award unless
      we achieve the minimum corporate performance level.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">A pro rata payment, less than 100%
      of the target award opportunity, for the corporate financial objective
      portion of the performance incentive plan award if we achieve or exceed
      the minimum corporate performance level but do not achieve the target
      corporate performance level.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left">
      <P><FONT size=2 face="Times New Roman">A payment of 100% of the target award opportunity for the
      corporate financial objective portion of the performance incentive plan
      award if we achieve the target corporate performance
      level.<BR>&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">A pro rata payment
      of at least 100% but less than 150% of the target award opportunity for
      the corporate financial objective portion of the performance incentive
      plan award if we exceed the target corporate performance level but do not
      achieve the maximum corporate performance level.<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">A payment of 150% of
      the target award opportunity for the corporate financial objective portion
      of the performance incentive plan award if we achieve or exceed the
      maximum corporate performance level.</FONT></TD></TR></TABLE>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Upon completion of the fiscal
year, our chief executive officer and our chief financial officer review our
performance against each pre-established corporate financial objective,
comparing the fiscal year results to the pre-determined minimum, target, and
maximum levels for each objective, and an overall percentage for the corporate
financial objectives is calculated. The results of our financial performance are
then provided to and reviewed by the compensation committee and the
board.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>With respect to the individual
performance portion of the award, our chief executive officer evaluates each
officer&#146;s accomplishments relative to their individual objectives, calculates a
performance rating and provides summaries of performance and the award amount to
the compensation committee based on the performance incentive plan previously
approved by the committee. Depending on the named executive officer&#146;s position,
individual performance goals for our named executive officers could include
product segment gross margin, calibration sales, calibration units per direct
labor hour, calibration quality measures, and operating cash flow, as well as
other objectives designed to improve our efficiency, profitability, quality,
customer service, or performance. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For fiscal year 2016, we
achieved the following levels of performance for each of the pre-determined,
board-approved corporate financial objectives: free cash flow &#150; 125.0%; service
gross profit &#150; 20.3% and the board of director&#146;s assessment of corporate
performance &#150; 75.0 %. We did not achieve the earnings </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>24</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=left><FONT face="Times New Roman" size=2>per share objective. Following
the compensation committee&#146;s review of the achievement of corporate financial
objectives and individual performance objectives for fiscal year 2016, the
compensation committee awarded the following amounts of performance-based cash
incentive compensation to each of our named executive officers: Mr. Rudow &#150;
$72,407, Mr. Zimmer &#150; $73,491 and Mr.&nbsp;Flack &#150; $37,208. These incentive awards
were earned based on performance during fiscal year 2016 and were paid on May
20, 2016. The amounts earned are reflected in the &#147;Non-Equity Incentive Plan
Compensation&#148; column of the 2016 Summary Compensation Table.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Long-Term Cash and
Equity Incentive Compensation</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On March 30, 2015, the
compensation committee approved long-term cash and equity incentive compensation
award opportunities to our named executive officers as follows: Mr. Rudow &#150;
40,719 shares, Mr. Zimmer &#150; $137,798 and Mr. Flack &#150; 9,468 shares. Long-term
performance-based incentive compensation is targeted to a specific dollar award,
which is reviewed and approved annually by the compensation committee. Pursuant
to current compensation practices approved by the compensation committee,
executive officers who have achieved their stock ownership objective may
irrevocably elect, in advance of an award that would otherwise be settled in
shares of our common stock, to receive an equivalent award in cash. Mr. Zimmer,
who achieved the stock ownership objective prior to the award date, elected to
receive the long-term performance-based incentive award in cash.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The shares or cash underlying
these long-term performance-based cash and equity incentive compensation awards
for all named executive officers will vest after three years subject to our
achieving specific cumulative fully-diluted earnings per share objectives, which
we refer to as EPS, over the eligible three-year period ending in fiscal year
2018. At such times, the holders of these awards will receive the following
percentage of their respective award if we meet certain pre-determined EPS
thresholds:</FONT></P>
<DIV align=center>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: left" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Maximum cumulative EPS &#150;
      150%<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Target cumulative EPS &#150;
      100%<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Midpoint cumulative EPS &#150;
      75%<BR>&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 8pt; padding-left: 15pt; vertical-align: top; width: 1%; text-align: left"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: top; width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Minimum
      cumulative EPS &#150; 50%</FONT></TD></TR></TABLE></DIV>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Performance at the minimum,
midpoint, and target levels must be achieved to earn that award level, and
performance between such levels is not pro-rated. Awards will be pro-rated in
the event performance is above the target level but less than the maximum.
Failure to achieve the minimum EPS will result in no shares or cash becoming
earned under these awards. Cash awards are adjusted at the vesting date to
reflect any change in our stock price subsequent to the date of grant. The
aggregate grant date fair value (at target) of the long-term performance-based
equity incentive award to Mr. Rudow and Mr. Flack is reflected in the &#147;Stock
Awards&#148; column of the 2016 Summary Compensation Table. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Prior to March 30, 2013, named
executive officers whose long-term performance-based incentive compensation
awards were delivered in the form of shares of our stock were also entitled to a
reimbursement payment for the taxes incurred to the extent that such shares
became earned and vested. We reduced our cost for this tax reimbursement at
grant by reducing the number of shares awarded to the named executive officer to
account for the tax reimbursement. In granting these awards, the compensation
committee took into account each named executive officer&#146;s progress towards
achieving their respective stock ownership objective. Effective for long-term
equity incentive awards granted after March 30, 2013, we no longer provide
reimbursements for taxes, which results in a greater number of shares awarded
upon grant.</FONT></P>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2>25</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=left><B><FONT face="Times New Roman" size=2>Outstanding Equity Awards
at March 26, 2016</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following table shows
information about the number of unexercised stock options and the number and
value of unvested restricted stock unit awards held by our named executive
officers as of March 26, 2016:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="23%" colSpan=14><B><FONT face="Times New Roman" size=2>Option
      Awards</FONT></B></TD>
    <TD noWrap style="text-align: center"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" colSpan=6><B><FONT face="Times New Roman" size=2>Stock
      Awards</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap style="text-align: center"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=4><B><FONT face="Times New Roman" size=2>Equity Incentive</FONT></B></TD>
    <TD noWrap align=left></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp; Equity Incentive&nbsp;
      </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>Number of</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Number of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap style="text-align: center"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=4><B><FONT face="Times New Roman" size=2>Plan Awards:</FONT></B></TD>
    <TD noWrap align=left></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp; Plan Awards:&nbsp;
      </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>Securities</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Securities</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap style="text-align: center"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=4><B><FONT face="Times New Roman" size=2>Number of</FONT></B></TD>
    <TD noWrap align=left></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp; Market or Payout&nbsp;
      </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>Underlying</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Underlying</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap style="text-align: center"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=4><B><FONT face="Times New Roman" size=2>Unearned Shares,</FONT></B></TD>
    <TD noWrap align=left></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp; Value of Unearned&nbsp;
      </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>Unexercised</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Unexercised</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>Option</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="4%"><B><FONT face="Times New Roman" size=2>Option</FONT></B></TD>
    <TD noWrap style="text-align: center"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=4><B><FONT face="Times New Roman" size=2>Units or Other</FONT></B></TD>
    <TD noWrap align=left></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp; Shares, Units or&nbsp;
      </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="76%" STYLE="text-align: center"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>Options (#)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Options (#)</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>Exercise</FONT></B></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="4%"><B><FONT face="Times New Roman" size=2>Expiration</FONT></B></TD>
    <TD noWrap style="text-align: center"></TD>
    <TD noWrap style="text-align: center" width="2%" colSpan=4><B><FONT face="Times New Roman" size=2>Rights That Have</FONT></B></TD>
    <TD noWrap align=left></TD>
    <TD noWrap style="text-align: center" width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp; Other Rights That
      &nbsp;</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="76%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=2>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><B><FONT face="Times New Roman" size=2>Exercisable</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Unexercisable
      </FONT></B>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=3><STRONG><FONT size=2 face="Times New Roman">Price
      ($)</FONT></STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"><B><FONT face="Times New Roman" size=2>Date</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center>&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%" colSpan=4><B><FONT face="Times New Roman" size=2>Not Vested
      (#)</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp; Have Not Vested
      ($)&nbsp; &nbsp; </FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>&nbsp; Lee D. Rudow</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>80,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7.57</FONT></TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>7/30/2023</FONT></TD>
    <TD noWrap align=left bgColor=#c0c0c0></TD>
    <TD noWrap align=left bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="4%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right bgColor=#c0c0c0></TD>
    <TD noWrap align=right bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>68,574</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><SUP>&nbsp;(2)</SUP></FONT></TD>
    <TD noWrap align=left bgColor=#c0c0c0></TD>
    <TD noWrap align=left bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>695,340</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"><B><FONT face="Times New Roman" size=2>&nbsp; John J. Zimmer</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>30,080</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%" colSpan=2><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="2%"><FONT face="Times New Roman" size=2>7.72</FONT></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="2%"></TD>
    <TD noWrap style="text-align: center" width="4%"><FONT face="Times New Roman" size=2>7/25/2017</FONT></TD>
    <TD noWrap align=left></TD>
    <TD noWrap align=left></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left></TD>
    <TD noWrap align=left></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="4%"></TD>
    <TD noWrap align=right></TD>
    <TD noWrap align=right></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>14,289</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2><SUP>&nbsp;(2)(3)</SUP></FONT></TD>
    <TD noWrap align=left></TD>
    <TD noWrap align=left></TD>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>144,890</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="76%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>&nbsp; Robert A.
    Flack</FONT></B></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="4%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right bgColor=#c0c0c0></TD>
    <TD noWrap align=right bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11,843</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><SUP>&nbsp;(2)</SUP></FONT></TD>
    <TD noWrap align=left bgColor=#c0c0c0></TD>
    <TD noWrap align=left bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>120,088</FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>This option vests as
      follows: 20,000 shares on July 30, 2016 and 60,000 shares on July 30,
      2017.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>These restricted
      stock unit awards are performance-based and will vest after three years
      subject to our achieving specific cumulative fully diluted EPS objectives
      over the three-year periods ending in fiscal year 2016, 2017 and 2018. The
      shares related to the three-year period ended March 26, 2016 were
      distributed on May 17, 2016. Mr. Rudow received 14,430 shares (net of
      taxes) and Mr. Zimmer received 11,180 shares (net of taxes), which
      represented 50% achievement of the target EPS objective for the three-year
      period ended March 26, 2016. For the remaining three-year periods, the
      holders of awards will receive the percentage of their award that
      corresponds to the level of cumulative EPS achieved. For more information
      on performance-based restricted stock unit awards, see &#147;Long-Term Cash
      and Equity Incentive Compensation&#148; in the &#147;Compensation Overview&#148; section
      above.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>In addition to the
      award shown in the table, because Mr. Zimmer met his stock ownership
      objectives prior to the award dates, he elected to receive certain
      long-term performance-based incentive compensation awards in cash. The
      market or payout value of these unvested awards at March 26, 2016 was
      $93,253.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Payments upon Termination
or Change in Control</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>On May 7, 2012, we entered
into a change-in-control severance agreement with Mr. Rudow. This agreement
requires a change in control of the company and a subsequent qualifying
termination of the executive&#146;s employment (often referred to as a &#147;double
trigger&#148;). The agreement is intended to promote continuity of leadership,
maintain the focus of our executive officer on pursuing any corporate
transaction that is in the best interests of our shareholders, and to retain
services of our leadership by providing sufficient severance protection during a
period of uncertainty.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A change in control occurs
under Mr. Rudow&#146;s change-in-control severance agreement upon the occurrence of
any of the following events: (1) we merge with or are consolidated into another
entity and less than fifty percent of the outstanding voting securities of the
resulting entity are owned by our former shareholders; (2) a majority of our
directors before any tender offer, merger or other business combination, or sale
or other disposition of assets do not constitute a majority of the board after
such transaction; (3) a tender offer for over twenty-five percent of the
combined voting power of our outstanding voting securities is made and
consummated; (4) any person or group acquires more than twenty-five percent of
the combined voting power of our outstanding voting securities; or (v) we
transfer substantially all of our assets to another corporation that is not a
wholly-owned subsidiary of ours.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>26</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If Mr. Rudow&#146;s employment had
been involuntarily or constructively terminated on the March 26, 2016 fiscal
year end and within the 24-month period following a change in control, Mr. Rudow
would be entitled to receive: (1) annual base salary for 24 months; (2) target
annual bonus for 24 months; (3) the value of annual benefits and allowances for
24 months; (4) the pro-rated value of unvested performance-based restricted
stock awards; (5) the income tax gross up on pro-rated unvested
performance-based stock awards; and (6) the value of all unvested options, which
would vest immediately.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition, upon a change in
control of the company, as defined under the Incentive Plan, each of our named
executive officers would be entitled to immediate vesting of all unvested stock
options and the pro-rated value of performance-based restricted stock awards
assuming target performance, along with the associated gross up for taxes. The
performance-based restricted stock awards that vested at the end of fiscal year
2015 were the last awards that included a tax gross-up feature.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Also, as described above under
&#147;Post-Retirement Plans,&#148; upon retirement at age 55 or older after five or more
years of continuous service, each of our named executive officers is eligible to
participate in the post-retirement health benefit plan for officers.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p27"></A>DIRECTOR
COMPENSATION</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Cash
Retainers</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For fiscal year 2016, each of
our non-employee directors was entitled to an annual cash retainer of $50,000
and a performance-based cash award with a target value of $20,000, which we
discuss in greater detail below. The chairman of the board was entitled to
receive an additional $30,000 annual retainer, the chairman of the audit
committee was entitled to receive an additional $15,000 annual retainer, and the
chairman of the compensation committee was entitled to receive an additional
$10,000 annual retainer.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Performance-Based Cash
Compensation</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition to the annual cash
retainer, each of our non-employee directors may receive an annual
performance-based cash payment. The target payment under this program is
$20,000, with a maximum payment of $30,000. This performance-based cash payment
is tied to the company&#146;s stock price appreciation measured against a base price,
which is the trading day average for the fourth quarter of the prior fiscal
year. Based on the $9.54 trading day average for the fourth quarter of fiscal
year 2015, which we refer to as the Fiscal 2016 Base Price, if the trading day
average for fiscal year 2016 was between 10% greater or less than the Fiscal
2016 Base Price, or between $8.59 and $10.49, the earned amount would be
$20,000; if the trading day average was above $10.49, the earned amount would be
$30,000; if the trading day average was below $8.59 (but equal to or greater
than $7.63), the earned amount would be $10,000; and if the trading day average
was below $7.63 (20% below the Fiscal 2016 Base Price), no amount would be
earned. If earned, payment to any director who has not met his or her stock
ownership requirement after five years of service is limited to $10,000.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>27</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Based on the trading day
average of $9.63 for fiscal year 2016, each non-employee director received a
$20,000 performance-based payment for fiscal year 2016, other than Mr. Bradley,
whose payment was prorated through his retirement date from the board in
September 2015.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our non-employee directors are
reimbursed for travel and other related expenses incurred in the performance of
their duties.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Equity
Compensation</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Newly-elected non-employee
directors are eligible to receive an initial five-year stock option grant of
10,000 shares of common stock pursuant to the Incentive Plan. The option will
vest immediately; however, 2,000 shares subject to the option will expire each
year if unexercised.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><B><I><FONT face="Times New Roman" size=2>Stock Ownership
Objective</FONT></I></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In order to more closely align
the interests of our non-employee directors with the interests of our
shareholders, the compensation committee adopted a minimum stock ownership
objective that requires our directors to work towards acquiring and maintaining
a specific level of equity ownership interest in our common stock within a
specified time frame. The stock ownership objective for non-employee directors
is common stock valued at 2.5 times their annual cash retainer.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We expect new non-employee
directors to be in compliance with this stock ownership requirement within five
years from the date of their election to the board. Non-employee directors who
were elected prior to the adoption of the objectives in May 2008 were required
to be in compliance with the objectives by the fifth anniversary of the adoption
date. The compensation committee monitors the progress made by new non-employee
directors in achieving their stock ownership objective. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As of the end of fiscal year
2016, each of our non-employee directors was in compliance with our stock
ownership objective other than Ms. Panzarella, who joined the board in January
2014, and Mr. Haseley, who joined the board in January 2015. The compensation
committee believes both Ms. Panzarella and Mr. Haseley are making progress
towards achieving their stock ownership requirements.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>2016 Director Compensation
Table</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The table below shows
information about the compensation paid to our non-employee directors for their
service during fiscal year 2016. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=2>Non-Equity</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=2>Fees Earned or</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=2>Option</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=2>Incentive Plan</FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=2>Paid in Cash </FONT></B><B><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=2>Awards </FONT></B><B><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=2>Compensation </FONT></B><B><FONT face="Times New Roman" size=2><SUP>(3)</SUP></FONT></B></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><B><FONT face="Times New Roman" size=2>Total</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="83%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;<STRONG>Name</STRONG></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%"><B><FONT face="Times New Roman" size=2>$</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Francis R. Bradley </FONT><FONT face="Times New Roman" size=2><SUP>(4)</SUP></FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>25,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;9,041</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>34,041</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Charles P. Hadeed</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>80,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>100,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Richard J. Harrison</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>65,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>85,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Gary J. Haseley</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>50,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>70,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Paul D. Moore</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>50,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>70,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Angela J. Panzarella</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>50,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>70,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Alan H. Resnick</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>50,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>70,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Carl E. Sassano</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>60,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="3%"><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face="Times New Roman" size=2>80,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;John T. Smith</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>50,000</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>20,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>70,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amounts shown
      include all fees earned by the directors during fiscal year 2016,
      including their annual board and committee
retainers.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>28</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The table below
      presents the aggregate number of outstanding stock options for each of our
      non-employee directors as of March 26, 2016.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR></TABLE>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="50%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="99%"><B><FONT face="Times New Roman" size=2>Name</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><B><FONT face="Times New Roman" size=2>Stock Option
      Awards</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Francis R. Bradley </FONT><FONT face="Times New Roman" size=2><SUP>(4)</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Charles P. Hadeed</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>148,128</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Richard J. Harrison</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Gary J. Haseley</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>8,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Paul D. Moore</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Angela J. Panzarella</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>6,000</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Alan H. Resnick</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;Carl E. Sassano</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>60,160</FONT></TD>
    <TD noWrap align=right width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&nbsp;&nbsp;John T. Smith</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD></TR></TABLE></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amounts shown are
      the performance-based cash payments made based on the company&#146;s stock
      price performance, as described above under the heading &#147;Performance-Based
      Cash Compensation.&#148;</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Mr. Bradley retired
      from the board in September 2015.</FONT></TD></TR></TABLE>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p29"></A>SECURITY OWNERSHIP OF
CERTAIN BENEFICIAL OWNERS</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The table below presents
certain information as of July 13, 2016 about the persons known by us to be the
record or beneficial owner of more than 5% of our common stock. Percentages are
based on 6,989,195 shares issued and outstanding.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Number of
      Shares</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>of Common
      Stock</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Percent</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="88%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=2>Name and
      Address of Beneficial Owner</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Beneficially
      Owned</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>of
      Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Emancipation Management LLC, et
      al</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; &nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1,286,099</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;&nbsp; &nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>18.4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>825 Third Avenue</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG></STRONG>&nbsp; New York, New York 10022</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Heartland Advisors, Inc., et
    al</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>600,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>8.6</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>789 North Water Street</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="88%"><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Milwaukee, Wisconsin 53202</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>This information as
      to beneficial ownership of shares of our common stock is based on the
      Schedule 13G dated February 16, 2016 filed with the Securities and
      Exchange Commission by Emancipation Management LLC, Circle N Advisors,
      LLC, an investment advisor, and Charles Frumberg, managing member of
      Emancipation Management LLC. Emancipation Management LLC owns Circle N
      Advisors, LLC whose principal business address is 200 Westgate Business
      Center Drive, Fishkill, New York 12524. Emancipation Management LLC,
      Circle N Advisors, LLC and Mr. Frumberg each report shared dispositive
      power with respect to all 1,286,099 shares.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>This information as
      to the beneficial ownership of shares of our common stock is based on an
      amendment to Schedule 13G dated February 5, 2016 filed with the Securities
      and Exchange Commission by Heartland Advisors, Inc., a registered
      investment adviser, and William J. Nasgovitz, chairman and control person
      of Heartland Advisors, Inc. The Heartland Value Fund, a series of the
      Heartland Group, Inc., a registered investment company, owns the 600,000
      shares reported in the amendment to Schedule 13G. Heartland Advisors, Inc.
      and Mr. Nasgovitz each report shared voting and shared dispositive power
      with respect to all 600,000 shares. Mr. Nasgovitz disclaims beneficial
      ownership of any shares reported in the Schedule
13G.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>29</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p30"></A>SECURITY OWNERSHIP OF
MANAGEMENT</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The table below presents
certain information as of July 13, 2016 about shares of our common stock held by
(1) each of our directors; (2) each of our &#147;named executive officers&#148; (as
defined under the heading &#147;Executive Compensation&#148;); and (3) all of our
directors and executive officers as a group.</FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Number of Shares</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>Percent</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>of Common Stock</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>of</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP ALIGN="LEFT" WIDTH="89%" STYLE="border-bottom: #000000 1pt solid; text-align: center"><B><FONT face="Times New Roman" size=2>Name of Beneficial
      Owner</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%" colSpan=4><B><FONT face="Times New Roman" size=2>Beneficially
      Owned </FONT></B><B><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=4><B><FONT face="Times New Roman" size=2>Class
      <SUP>(1)</SUP></FONT></B> <B><FONT face="Times New Roman" size=2><SUP></SUP></FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><B><FONT face="Times New Roman" size=2>&nbsp;
      <EM>Directors</EM></FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-left: 2pt"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Charles P.
    Hadeed</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>243,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>3.4</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Gary J.
    Haseley</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>21,484</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Richard J.
      Harrison</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>33,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(4)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Paul D. Moore</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>57,698</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(4)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Angela J.
      Panzarella</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>10,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-left: 2pt"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Alan H.
    Resnick</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>35,400</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(4)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Carl E.
    Sassano</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>146,735</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(5)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>2.1</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>John T. Smith</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>49,250</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(6)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><B><FONT face="Times New Roman" size=2>&nbsp; <EM>Named Executive
      Officers</EM></FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-left: 2pt"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Lee D. Rudow
      </FONT><FONT face="Times New Roman" size=2><SUP>(7)</SUP></FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>100,077</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(8)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>1.4</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%"><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>John J.
Zimmer</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="2%"><FONT face="Times New Roman" size=2>100,384</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(9)</SUP></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2>1.4</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>Robert A.
    Flack</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>4,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(10)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" colSpan=10>&nbsp;</TD>
    <TD width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>All directors and
      executive officers as a group</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0; padding-left: 2pt"></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="89%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2><STRONG>&nbsp; </STRONG>(12 persons)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>804,853</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0; padding-left: 2pt"><FONT face="Times New Roman" size=2><SUP>(11)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11.0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>%</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE></DIV><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amounts reported
      by such persons are as of July 13, 2016, with percentages based on
      6,989,195 shares issued and outstanding except where the person has the
      right to receive shares within the next 60 days (as indicated in the other
      footnotes to this table), which would increase the number of shares owned
      by such person and the number of shares outstanding. Under the rules of
      the Securities and Exchange Commission, &#147;beneficial ownership&#148; is deemed
      to include shares for which an individual, directly or indirectly, has or
      shares voting or dispositive power, whether or not they are held for the
      individual&#146;s benefit, and includes shares that may be acquired within 60
      days, including, but not limited to, the right to acquire shares by the
      exercise of options. Shares that may be acquired within 60 days are
      referred to in the footnotes to this table as &#147;presently exercisable
      options.&#148; Unless otherwise indicated in the other footnotes to this table,
      each shareholder named in the table has sole voting and sole investment
      power with respect to the all of the shares shown as owned by the
      shareholder. We have omitted percentages of less than 1% from the
      table.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amount shown
      includes presently exercisable options to purchase 148,128
    shares.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amount shown
      includes a presently exercisable option to purchase 8,000
  shares.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amount shown
      represents a presently exercisable option to purchase 4,000
    shares.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(5)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amount shown
      includes presently exercisable options to purchase 60,160
  shares.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(6)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amount shown
      includes (i) 12,150 shares held jointly by Mr. Smith and his wife; and
      (ii) a presently exercisable option to purchase 4,000 shares.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(7)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Mr. Rudow is also a
      director.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(8)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amount shown
      includes a presently exercisable option to purchase 39,000 shares and
      excludes performance-based stock awards of 39,116 shares, 40,719 shares
      and 41,264 shares.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(9)</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amount shown
      includes a presently exercisable option to purchase 30,080
    shares.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(10)&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amount shown
      excludes performance-based stock awards of 9,483 shares, 9,468 shares and
      9,477 shares.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>(11)&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The amount shown
      includes presently exercisable options to purchase 301,368
    shares.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>30</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p31-1"></A>SECTION 16(a) BENEFICIAL
OWNERSHIP REPORTING COMPLIANCE</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 16(a) of the
Securities Exchange Act of 1934, as amended, requires directors, officers and
greater than 10% shareholders to file with the Securities and Exchange
Commission reports of ownership and changes in ownership regarding their
holdings in company securities. For purposes of Section 16(a), our &#147;officers&#148;
are Mr. Rudow, Mr. Tschiderer and Mr. Flack.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During fiscal year 2016, all
of our directors and officers timely complied with the filing requirements of
Section 16(a) of the Securities Exchange Act of 1934, as amended, except for Mr.
Sassano who filed one report late disclosing one transaction. In making this
statement, we have relied upon the written representations of our directors and
officers, and copies of the reports that they have filed with the Securities and
Exchange Commission.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p31-2"></A>CERTAIN RELATIONSHIPS AND
RELATED TRANSACTIONS</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Policies and Procedures for
Review, Approval or Ratification of Related Person Transactions</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Our board of directors has
adopted a written policy for transactions with related persons. Pursuant to the
policy, the audit committee reviews and, when appropriate, approves any
relationships or transactions in which our company and our directors and
executive officers or their immediate family members are participants. Existing
related person transactions, if any, are reviewed at least annually by the audit
committee. Any director with an interest in a related person transaction is
expected to recuse him or herself from any consideration of the
matter.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>During its review of such
relationships and transactions, the audit committee considers (1) the nature of
the related person&#146;s interest in the transaction; (2) the material terms of the
transaction, including the amount and type of transaction; (3) the importance of
the transaction to the related person and to the company; (4) whether the
transaction would impair the judgment of a director or executive officer to act
in the best interest of the company; and (5) any other matters the committee
deems appropriate.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In addition, to the extent
that the transaction involves an independent director, consideration is also
given, as applicable, to the listing standards of The Nasdaq Stock Market and
other relevant rules related to independence.</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>There were no reportable
related person transactions during fiscal 2016.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>31</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p32-1"></A>SHAREHOLDER PROPOSALS FOR
THE 2017 ANNUAL MEETING</FONT></B></P>
<P align=left><B><FONT face="Times New Roman" size=2>Proposals Submitted for
Inclusion in our Proxy Materials</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>We will include shareholder
proposals that comply with Rule 14a-8 under the Securities Exchange Act of 1934,
as amended, in our proxy materials for the 2017 annual meeting of shareholders.
Among other things, Rule 14a-8 requires that we receive such proposals no later
than 120 days prior to the one-year anniversary of this proxy statement. Thus,
for the 2017 annual meeting of shareholders, we must receive shareholder
proposals submitted for inclusion in our proxy materials no later than March 23,
2017. Shareholder proposals submitted for inclusion in our proxy materials
should be mailed to the following address: Transcat, Inc., 35 Vantage Point
Drive, Rochester, New York 14624, Attention: Corporate Secretary.</FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Proposals Not Submitted for
Inclusion in our Proxy Materials</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Shareholder proposals that are
not submitted for inclusion in our proxy materials pursuant to Rule 14a-8 under
the Securities Exchange Act of 1934, as amended, as described above, may be
brought before the 2017 annual meeting of shareholders in accordance with Rule
14a-4(c) under the Securities Exchange Act of 1934, as amended. Pursuant to Rule
14a-4(c), we must receive these proposals no later than 45 days prior to the
one-year anniversary of this proxy statement. Thus, for the 2017 annual meeting
of shareholders, we must receive shareholder proposals that are not submitted
for inclusion in our proxy materials no later than June 6, 2017. In accordance
with Rules 14a-4(c) and 14a-8, we will not permit shareholder proposals that do
not comply with the foregoing notice requirement to be brought before the 2017
annual meeting of shareholders. Shareholder proposals that are not submitted for
inclusion in our proxy statement should be mailed to the following address:
Transcat, Inc., 35 Vantage Point Drive, Rochester, New York 14624, Attention:
Corporate Secretary.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2><A NAME="p32-2"></A>OTHER
MATTERS</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As of the date of this proxy
statement, the board of directors does not know of any other matters that are to
be presented for action at the annual meeting. Should any other matter come
before the annual meeting, the persons named in the enclosed proxy will have
discretionary authority to vote all proxies with respect to the matter in
accordance with their judgment.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap style="text-align: center" width="30%"><FONT size=2 face="Times New Roman">By Order of the Board of Directors</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap style="text-align: center" width="30%"><IMG src="trans3096011_5-def14ax33x1.jpg" border=0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap style="text-align: center" width="30%"><FONT face="Times New Roman" size=2>Lee
      D. Rudow</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"></TD>
    <TD noWrap style="text-align: center" width="30%"><I><FONT face="Times New Roman" size=2>President and Chief Executive Officer</FONT></I></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>Rochester, New York</FONT></TD>
    <TD noWrap align=left width="30%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="68%"><FONT face="Times New Roman" size=2>July
      21, 2016</FONT></TD>
    <TD noWrap align=left width="30%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>32</FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<!-- PROXY CARD-->
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=justify><B><FONT face="Times New Roman">TRANSCAT, INC.</FONT></B></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=4 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="100%"><B><I><FONT face="Times New Roman" size=1>IMPORTANT ANNUAL MEETING
INFORMATION</FONT></I></B></TD></TR></TABLE>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P><BR>&nbsp;</P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="91%"><FONT face="Times New Roman" size=1>Using a </FONT><B><FONT face="Times New Roman" size=1><U>black
      ink</U></FONT></B> <FONT face="Times New Roman" size=1>pen, mark your
      votes with an</FONT> <B><FONT face="Times New Roman" size=1>X</FONT></B>
      <FONT face="Times New Roman" size=1>as shown in<BR>this example. Please do
      not write outside the designated areas.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1.5pt solid; BORDER-TOP: #000000 1.5pt solid; BORDER-LEFT: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1.5pt solid" vAlign=middle noWrap align=center width="7%"><FONT face="Times New Roman">&nbsp; X &nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="7%"></TD></TR></TABLE><BR>
<TABLE style="PADDING-BOTTOM: 4pt; PADDING-TOP: 4pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" noWrap align=left width="100%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=4>Annual Meeting Proxy
  Card</FONT></B></TD></TR></TABLE>
<DIV align=center><FONT face="Times New Roman" size=2><STRONG><FONT face="Times New Roman" size=1>&#9660;</FONT></STRONG></FONT> <FONT face="Times New Roman" size=1><STRONG>PLEASE FOLD ALONG THE PERFORATION, DETACH
AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.
&#9660;</STRONG></FONT></DIV><BR>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=center width="1%" bgColor=#000000><B><FONT face="Times New Roman" size=2>&nbsp; <FONT color=#ffffff>A&nbsp;&nbsp;</FONT></FONT></B></TD>
    <TD noWrap align=left width="1%"><STRONG><FONT face="Times New Roman" size=2>&nbsp;</FONT></STRONG></TD>
    <TD vAlign=top align=left width="97%"><B><FONT face="Times New Roman" size=2>Proposals &#151; The Board of Directors recommends a vote <U>FOR</U> the
      three director nominees and <U>FOR</U> Proposals 2 and
  3.</FONT></B></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="12%"><FONT face="Times New Roman" size=1>1. Election of
      Directors:</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; &nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=1>01 - Charles P.
      Hadeed</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="22%"><FONT face="Times New Roman" size=1>02 - Paul D.
      Moore</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="21%"><FONT face="Times New Roman" size=1>03 - Angela J.
      Panzarella</FONT></TD>
    <TD noWrap align=right width="20%" ><IMG src="proxycardx1x3.jpg" border=0></TD></TR></TABLE>
<DIV style="FLOAT: left; WIDTH: 49%">
<DIV style="FONT-SIZE: 9.5pt">&nbsp;</DIV>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD align=left width="1%"></TD>
    <TD vAlign=middle align=center width="10%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">
      <P><FONT face="Times New Roman">&#9744;</FONT></P></TD>
    <TD vAlign=top align=left width="2%">&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="34%">
      <P><B><FONT face="Times New Roman" size=1>Mark here to vote <U>FOR</U> all
      director nominees</FONT></B></P></TD>
    <TD vAlign=top align=center width="2%">&#9744;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="47%" colSpan=6><STRONG><FONT face="Times New Roman" size=1>Mark here to <U>WITHHOLD</U> vote from all
      director nominees</FONT></STRONG></TD></TR>

  <TR vAlign=bottom style = "line-height: 13pt;">
    <TD STYLE="text-align: center; width: 1%; vertical-align: bottom"></TD>
    <TD STYLE="text-align: center; width: 10%; vertical-align: bottom"></TD>
    <TD STYLE="text-align: center; width: 2%; vertical-align: bottom"></TD>
    <TD STYLE="text-align: center; width: 2%; vertical-align: bottom"></TD>
    <TD COLSPAN="4" STYLE="text-align: center; width: 74%; vertical-align: bottom"><B><FONT face="Times New Roman" size=1></FONT></B></TD>
    <TD STYLE="text-align: center; width: 2%; vertical-align: bottom"><STRONG><FONT face="Times New Roman" size=1>For</FONT></STRONG></TD>
    <TD STYLE="text-align: center; width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 2%; vertical-align: bottom"><STRONG><FONT face="Times New Roman" size=1>Against</FONT></STRONG></TD>
    <TD STYLE="text-align: center; width: 2%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 3%; vertical-align: bottom"><STRONG><FONT face="Times New Roman" size=1>Abstain</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT face="Times New Roman" size=1>2.&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="88%" colSpan=7><FONT face="Times New Roman" size=1>To approve, on an advisory basis, the
      compensation of our named executive officers.</FONT></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: center" width="2%">&#9744;</TD>
    <TD style="TEXT-ALIGN: center" width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: center" width="2%">&#9744;</TD>
    <TD style="TEXT-ALIGN: center" width="2%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: center" width="3%">&#9744;</TD></TR></TABLE></DIV>
<DIV style="FLOAT: right; WIDTH: 49%">
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom style = "line-height: 10pt">
    <TD align=left width="1%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="1%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD align=left width="75%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" width="5%"><FONT face="Times New Roman" size=1>&nbsp;01</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><STRONG><FONT size=1>&nbsp;&nbsp;</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" width="4%"><FONT face="Times New Roman" size=1>02<FONT face="Times New Roman"></FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" width="5%"><FONT face="Times New Roman" size=1>03</FONT></TD>
    <TD style="TEXT-ALIGN: center" width="1%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD style="TEXT-ALIGN: center" width="5%"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD STYLE="vertical-align: top; text-align: left; width: 1%; padding-bottom: 1pt">&#9744;</TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 1%; padding-bottom: 1pt"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD STYLE="vertical-align: top; text-align: left; width: 75%; padding-bottom: 1pt"><B><FONT face="Times New Roman" size=1>For all
      <U>EXCEPT</U> - To withhold a vote for one or more of the nominees, mark
      the box to the left and the corresponding numbered box to the
      right.</FONT></B></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 5%; padding-bottom: 1pt">&#9744;</TD>
    <TD STYLE="text-align: center; width: 1%; padding-bottom: 1pt"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 4%; padding-bottom: 1pt">&#9744;</TD>
    <TD STYLE="text-align: center; width: 1%; padding-bottom: 1pt"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 5%; padding-bottom: 1pt">&#9744;</TD>
    <TD STYLE="text-align: center; width: 1%; padding-bottom: 1pt"><STRONG><FONT size=1>&nbsp;</FONT></STRONG></TD>
    <TD STYLE="text-align: center; width: 5%; padding-bottom: 1pt"></TD></TR>

<TR vAlign=bottom style="line-height: 13pt;">
    <TD STYLE="text-align: center; width: 1%; vertical-align: bottom"></TD>
    <TD STYLE="text-align: center; width: 1%; vertical-align: bottom"></TD>
    <TD STYLE="text-align: center; width: 75%; vertical-align: bottom"><B><FONT face="Times New Roman" size=1></FONT></B></TD>
    <TD STYLE="text-align: center; width: 5%; vertical-align: bottom"></TD>
    <TD STYLE="text-align: center; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 4%; vertical-align: bottom"><STRONG><FONT face="Times New Roman" size=1>For</FONT></STRONG></TD>
    <TD STYLE="text-align: center; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 5%; vertical-align: bottom"><STRONG><FONT face="Times New Roman" size=1>Against</FONT></STRONG></TD>
    <TD STYLE="text-align: center; width: 1%; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 5%; vertical-align: bottom"><STRONG><FONT face="Times New Roman" size=1>Abstain</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="1%"><FONT face="Times New Roman" size=1>3.</FONT></TD>
    <TD vAlign=top align=left width="1%"></TD>
    <TD vAlign=top align=left width="75%"><FONT face="Times New Roman" size=1>To ratify the
      selection of Freed Maxick CPAs, P.C. as our independent registered public
      accounting firm for the fiscal year ending March 25, 2017.</FONT></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="1%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: center" width="4%">&#9744;</TD>
    <TD style="TEXT-ALIGN: center" width="1%"></TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: center" width="5%">&#9744;</TD>
    <TD style="TEXT-ALIGN: center" width="1%">&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: center" width="5%">&#9744;</TD></TR></TABLE></DIV><BR clear=all><BR>

<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><FONT face="Times New Roman" size=1>4. In their discretion, the proxies are authorized to vote upon
      such other business as may properly come before the annual
    meeting.</FONT></TD></TR>
                <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; background-color: White">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; background-color: White">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center; background-color: White">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#000000><FONT color=#ffffff><B><FONT face="Times New Roman" size=2>&nbsp; B&nbsp;&nbsp;
      </FONT></B></FONT></TD>
    <TD noWrap align=left width="98%"><B><FONT face="Times New Roman" size=2>&nbsp; Non-Voting Items</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="99%" colSpan=2><B><FONT face="Times New Roman" size=1>Change of Address</FONT></B> <FONT face="Times New Roman" size=1>&#151; Please print new address
  below.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1.5pt double; BORDER-TOP: #000000 1.5pt solid; BORDER-LEFT: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="99%" colSpan=2>&nbsp;<BR>&nbsp;</TD></TR></TABLE>
<TABLE style="MARGIN-TOP: 3pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; width: 1%; background-color: #000000"><FONT color=#ffffff><STRONG><FONT face="Times New Roman" size=2>&nbsp; C &nbsp;</FONT></STRONG></FONT></TD>
    <TD vAlign=middle align=left width="99%"><B><FONT face="Times New Roman" size=2>&nbsp; Authorized Signatures &#151; This section must be completed for
      your vote to be counted. &#151; Date and Sign Below</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left width="100%" colSpan=2><FONT face="Times New Roman" size=1>Please date and sign name exactly as it appears on this proxy.
      Executors, administrators, trustees, etc. should so indicate when signing.
      If the shareholder is a corporation, the full corporate name should be
      inserted and the proxy signed by an officer of the corporation, indicating
      his or her title.</FONT></TD></TR></TABLE>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="32%"><FONT face="Times New Roman" size=1>Date
      (mm/dd/yyyy) &#151; Please print date below.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="32%"><FONT face="Times New Roman" size=1>Signature 1 &#151; Please keep signature within the box.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="33%"><FONT face="Times New Roman" size=1>Signature 2 &#151; Please keep signature within the box.</FONT></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1.5pt solid; BORDER-TOP: #000000 1.5pt solid; BORDER-LEFT: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=center width="32%"><FONT size=5><FONT size=7>/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /</FONT></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1.5pt solid; BORDER-TOP: #000000 1.5pt solid; BORDER-LEFT: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="32%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-RIGHT: #000000 1.5pt solid; BORDER-TOP: #000000 1.5pt solid; BORDER-LEFT: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1.5pt solid" noWrap align=left width="33%">&nbsp;</TD></TR></TABLE>
<P align=left>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

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    <TD align=right width="33%"><IMG src="proxycardx1x3.jpg" border=0></TD></TR></TABLE><BR><FONT face="Times New Roman" size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
02EG1D</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<p align=left><font face="Times New Roman" size=2><A HREF="#toc"><B>Table of Contents</B></A></font></p>
<P align=justify><B><FONT face="Times New Roman">YOUR VOTE IS
IMPORTANT</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>Regardless of whether you
plan to attend the Annual Meeting of Shareholders, you can be sure your shares
are represented at the meeting by promptly returning your proxy in the enclosed
envelope.</FONT></P>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>IMPORTANT NOTICE
REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SHAREHOLDER<BR>
 MEETING TO BE
HELD ON SEPTEMBER 7, 2016</FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2>The proxy statement and
annual report to security holders are available at
www.edocumentview.com/TRNS.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>For directions on how to
attend the annual meeting and vote in person, see the "Voting" and "Revocability
of Proxies" sections of the proxy statement that accompanies this proxy
card.</FONT></P>
<P align=justify><FONT size=2></FONT>&nbsp;</P>
<P align=justify><FONT size=2></FONT>&nbsp;</P>
<P align=justify><FONT size=2></FONT>&nbsp;</P>
<P align=center><STRONG><FONT size=1></FONT></STRONG>&nbsp;</P>
<P align=center><FONT face="Times New Roman" size=2><STRONG><FONT size=1>&#9660;</FONT></STRONG><FONT size=3> </FONT><FONT face="Times New Roman" size=1><STRONG>PLEASE FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM
PORTION IN THE ENCLOSED ENVELOPE. &#9660;</STRONG></FONT></FONT></P>
<P align=center><STRONG><FONT size=1></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=1></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT size=1></FONT></STRONG>&nbsp;</P>
<TABLE style="PADDING-BOTTOM: 4pt; LINE-HEIGHT: 14pt; PADDING-TOP: 4pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 2pt solid; BORDER-BOTTOM: #000000 2pt solid" noWrap align=left width="100%"><B><FONT face="Times New Roman" size=4>Proxy &#151; TRANSCAT, INC.</FONT></B></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman">THIS PROXY IS SOLICITED ON
BEHALF OF OUR BOARD OF DIRECTORS AND EACH MATTER TO BE VOTED ON AT THE ANNUAL
MEETING HAS BEEN PROPOSED BY OUR BOARD OF DIRECTORS.</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2>The undersigned appoints
CHARLES P. HADEED and CARL E. SASSANO, and each of them, as proxies for the
undersigned, with full power of substitution, to vote all shares of the common
stock of TRANSCAT, INC. owned by the undersigned at the annual meeting of
shareholders to be held at our corporate headquarters, located at 35 Vantage
Point Drive, Rochester, New York 14624, on Wednesday, September 7, 2016 at 12:00
pm Eastern Time, and at any adjournment of the annual meeting.</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>This proxy will be
      voted as specified by you and it revokes any prior proxy given by
      you.</FONT></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Unless you
      withhold authority to vote for one or more of the nominees according to
      the instructions on the reverse side of this proxy, your signed proxy will
      be voted FOR the election of the three director nominees listed on the
      reverse side of this proxy and described in the accompanying proxy
      statement.</FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><B><FONT face="Times New Roman" size=2>Unless you specify
      otherwise, your signed proxy will be voted FOR Proposals 2 and 3 listed on
      the reverse side of this proxy and described in the accompanying proxy
      statement. </FONT></B></P></TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face="Times New Roman" size=2>You acknowledge
      receipt with this proxy of a copy of the notice of annual meeting and
      proxy statement dated July 21, 2016, describing more fully the proposals
      listed in this proxy.</FONT></P></TD></TR></TABLE>
<P align=justify><I><FONT face="Times New Roman" size=2>(Continued and <U>to be
signed</U> on reverse side)</FONT></I></P>
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<DOCUMENT>
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</DOCUMENT>
</SEC-DOCUMENT>
