<SEC-DOCUMENT>0001359948-18-000003.txt : 20180524
<SEC-HEADER>0001359948-18-000003.hdr.sgml : 20180524
<ACCEPTANCE-DATETIME>20180524163220
ACCESSION NUMBER:		0001359948-18-000003
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20180523
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180524
DATE AS OF CHANGE:		20180524

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03905
		FILM NUMBER:		18858273

	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>8-K
<SEQUENCE>1
<FILENAME>transcat3426071-8k.htm
<DESCRIPTION>CURRENT REPORT
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<P style="TEXT-ALIGN: center"><B><FONT size=3 face="Times New Roman">UNITED STATES<BR></FONT></B><B><FONT size=3 face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=4 face="Times New Roman">FORM 8-K</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=3 face="Times New Roman">CURRENT REPORT<BR></FONT></B><B><FONT size=3 face="Times New Roman">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></B></P><BR>
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<TR vAlign=bottom>
   <TD width="67%" noWrap align=left><FONT size=2 face="Times New Roman">Date of Report (Date of earliest event reported)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="32%" noWrap align=center><B><FONT size=3 face="Times New Roman">May 23, 2018</FONT></B></TD></TR></TABLE><BR><BR>
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   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="100%" align=center><B><FONT size=5 face="Times New Roman">Transcat, Inc</FONT></B><FONT size=5 face="Times New Roman">.</FONT></TD></TR>
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   <TD style="TEXT-ALIGN: center" width="100%" noWrap><FONT size=2 face="Times New Roman">(Exact name of registrant as specified in its charter)</FONT></TD></TR></TABLE><BR><BR>
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   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="33%" noWrap align=center><B><FONT size=3 face="Times New Roman">Ohio</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="33%" noWrap align=center><B><FONT size=3 face="Times New Roman">000-03905</FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="33%" noWrap align=center><B><FONT size=3 face="Times New Roman">16-0874418</FONT></B></TD></TR>
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   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">(State or other jurisdiction</FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">(Commission</FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">(IRS Employer</FONT></TD></TR>
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   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">of incorporation)</FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">File Number)</FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">Identification No.)</FONT></TD></TR>
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   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD></TR>
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   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="66%" colSpan=2 noWrap align=center><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman"><B><FONT size=3 face="Times New Roman">35 Vantage Point Drive, Rochester, New York</FONT></B></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="33%" noWrap align=center><FONT size=2 face="Times New Roman"><B><FONT size=3 face="Times New Roman">14624</FONT></B></FONT></TD></TR>
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   <TD style="TEXT-ALIGN: center" width="66%" colSpan=2 noWrap><FONT size=2 face="Times New Roman">(Address of principal executive offices)</FONT></TD>
   <TD style="TEXT-ALIGN: center" width="33%" noWrap><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">(Zip Code)</FONT></FONT></TD></TR></TABLE><BR>
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   <TD width="67%" noWrap align=left><FONT size=2 face="Times New Roman">Registrant's telephone number, including area code&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="32%" noWrap align=center><B><FONT size=3 face="Times New Roman">585-352-7777</FONT></B></TD></TR></TABLE><BR>
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   <TD style="TEXT-ALIGN: center" width="99%" noWrap><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
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   <TD style="BORDER-TOP: #000000 1pt solid" width="99%" noWrap align=center><FONT size=2 face="Times New Roman">(Former name or former address, if changed since last report)</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</FONT></P>
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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
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   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">[ ]</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">[ ]</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act <FONT size=2 face="Times New Roman">(17 CFR 240.14d-2(b))</FONT></FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" noWrap align=left><FONT size=2 face="Times New Roman">[ ]</FONT></TD>
   <TD vAlign=top width="99%" align=left><FONT size=2 face="Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act <FONT size=2 face="Times New Roman">(17 CFR 240.13e-4(c))</FONT></FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; MARGIN-LEFT: 15pt"><FONT size=2 face="Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167; 240.12b-2 of this chapter).</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN-LEFT: 15pt"><FONT size=2 face="Times New Roman">Emerging growth company &#9744;</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN-LEFT: 15pt"><FONT size=2 face="Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</FONT></P>
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<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">As of May 23, 2018, the Compensation Committee of the Board of Directors (the &#8220;Board&#8221;) of Transcat, Inc. (the &#8220;Company&#8221;), approved (i) a new form of Award Notice of Restricted Stock Units and Performance Restricted Stock Units granted pursuant to the Transcat, Inc. 2003 Incentive Plan, as amended and restated (the &#8220;Plan&#8221;), and (ii) a new form of Award Notice of Long-Term Compensation Award granted pursuant to the Plan, for the Company&#8217;s employees including the Company&#8217;s named executive officers for whom disclosure was provided in our proxy statement for the 2017 Annual Meeting of Shareholders (the &#8220;named executive officers&#8221;). The new form of Award Notice of Restricted Stock Units and Performance Restricted Stock Units provides for a combination of time-based restricted stock unit awards and performance-based restricted stock unit awards. The new form of Award Notice of Long-Term Compensation Award provides for a combination of time-based and performance-based cash awards.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">On the same date, the Compensation Committee of the Board approved long-term compensation award opportunities to our named executive officers targeted to a specific dollar award. The terms of the awards provide for (i) restricted stock units that vest on March 27, 2021, the last day of the Company&#8217;s 2021 fiscal year, subject to continued employment at such date, and (ii) performance restricted stock units (&#8220;PRSU&#8221;) that vest subject to the Company achieving specific cumulative fully-diluted earnings per share (&#8220;EPS&#8221;) objectives over the eligible three-year period ending in fiscal 2021. At such time, holders of PRSU awards will receive a pro rata percentage based on a linear sliding scale of their respective award based on certain pre-determined EPS thresholds:</FONT></P>
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   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD vAlign=top width="99%">Maximum cumulative EPS &#8211; 150%</TD></TR>
<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD vAlign=top width="99%">Target cumulative EPS &#8211; 100%</TD></TR>
<TR>
   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD vAlign=top width="99%">Minimum cumulative EPS &#8211; 50%</TD></TR></TABLE>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Failure to achieve the minimum EPS will result in no shares becoming earned under these PRSU awards.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The following provides information as to the stock award opportunities to the named executive officers:</FONT></P>
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   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="94%" noWrap align=center><B><FONT size=2 face="Times New Roman">Named Executive Officer</FONT></B></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="5%" noWrap align=center><B><FONT size=2 face="Times New Roman">Stock Award Opportunities </FONT></B><FONT size=2 face="Times New Roman"><SUP>(1)</SUP></FONT></TD></TR>
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   <TD style="BACKGROUND-COLOR: #c0c0c0" width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Lee D. Rudow</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="5%" noWrap align=center><FONT size=2 face="Times New Roman">13,660 shares</FONT></TD></TR>
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   <TD style="BACKGROUND-COLOR: #c0c0c0" width="94%" noWrap align=left><FONT size=2 face="Times New Roman">President and Chief Executive Officer</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="5%" noWrap align=left></TD></TR>
<TR>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="100%" colSpan=3>&nbsp;</TD></TR>
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   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Michael J. Tschiderer</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="5%" noWrap align=center><FONT size=2 face="Times New Roman">10,196 shares</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Vice President of Finance and Chief Financial Officer</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=left></TD>
   <TD width="5%" noWrap align=left></TD></TR>
<TR>
   <TD width="100%" colSpan=3>&nbsp;</TD></TR>
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   <TD style="BACKGROUND-COLOR: #c0c0c0" width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Robert A. Flack</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="5%" noWrap align=center><FONT size=2 face="Times New Roman">8,235 shares</FONT></TD></TR>
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   <TD style="BACKGROUND-COLOR: #c0c0c0" width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Vice President of Service Sales and Operations</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="5%" noWrap align=left></TD></TR></TABLE>

<DIV style="TEXT-ALIGN: left">______________<FONT size=1 face="Times New Roman"><BR></FONT><B><FONT size=2 face="Times New Roman"><SUP>(1) </SUP></FONT></B><FONT size=2 face="Times New Roman">Pursuant to the named executive officer&#8217;s award notice, stock awards are comprised of 50% restricted stock units and 50% performance restricted stock units. Amounts assume 100% attainment of the target award opportunity.</FONT></DIV>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Mr. Rudow, having achieved his Company stock ownership objective, elected to receive half of his long-term compensation award opportunities targeted to a specific dollar award in the stock awards listed on the table above and cash award opportunities of $209,000. The cash award opportunities are time-based and performance-based on similar terms to the stock awards described above.</FONT></P>
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<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The foregoing summary of the Form of Award Notice of Restricted Stock Units and Performance Restricted Stock Units granted pursuant to the Transcat, Inc. 2003 Incentive Plan and the Form of Award Notice of Long-Term Compensation Awards does not purport to be complete and is qualified in its entirety by reference to the full text of the form of the awards attached hereto as Exhibit 10.1 </FONT><FONT size=3 face="Times New Roman">and </FONT><FONT size=2 face="Times New Roman">Exhibit 10.2, respectively.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Item 9.01 Financial Statements and Exhibits.</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">(d) </FONT><I><FONT size=2 face="Times New Roman">Exhibits</FONT></I><FONT size=2 face="Times New Roman">.</FONT></P>
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   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="5%" noWrap align=center><FONT size=2 face="Times New Roman">Exhibit No.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="border-bottom: #000000 1pt solid; width: 94%; text-align: left"><FONT size=2 face="Times New Roman">Description</FONT></TD></TR>
<TR vAlign=bottom>
   <TD WIDTH="5%" NOWRAP STYLE="background-color: #c0c0c0; text-align: center; vertical-align: top"><A HREF="transcat3426071-ex101.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">10.1</FONT></A></TD>
   <TD WIDTH="1%" NOWRAP STYLE="border-style: none; border-width: medium; background-color: #c0c0c0; text-align: left; vertical-align: top"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="background-color: #c0c0c0; width: 94%; text-align: left; vertical-align: top"><A HREF="transcat3426071-ex101.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">Form of Award Notice of Restricted Stock Units and Performance Restricted Stock Units granted pursuant to the Transcat, Inc. 2003 Incentive Plan</FONT></A></TD></TR>
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   <TD style="BACKGROUND-COLOR: #c0c0c0" width="100%" colSpan=3>&nbsp;</TD></TR>
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   <TD WIDTH="5%" NOWRAP STYLE="text-align: center; vertical-align: top"><A HREF="transcat3426071-ex102.htm"><FONT size=2 face="Times New Roman">10.2</FONT></A></TD>
   <TD WIDTH="1%" NOWRAP STYLE="border-style: none; border-width: medium; text-align: left; vertical-align: top"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 94%; text-align: left; vertical-align: top"><A HREF="transcat3426071-ex102.htm"><FONT size=2 face="Times New Roman">Form of Award Notice of Long-Term Compensation Awards granted pursuant to the Transcat, Inc. 2003 Incentive Plan</FONT></A></TD></TR></TABLE>
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<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">SIGNATURES</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></P>
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   <TD width="1%" noWrap align=left></TD>
   <TD width="65%" noWrap align=left><B><FONT size=2 face="Times New Roman">TRANSCAT, INC.</FONT></B></TD></TR>
<TR>
   <TD width="100%" colSpan=3>&nbsp;</TD></TR>
<TR>
   <TD width="100%" colSpan=3>&nbsp;</TD></TR>
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   <TD width="34%" noWrap align=left><FONT size=2 face="Times New Roman">Dated: May 24, 2018</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD NOWRAP STYLE="width: 65%; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">/s/ Michael J. Tschiderer</FONT></TD></TR>
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   <TD width="34%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="65%" noWrap align=left><FONT size=2 face="Times New Roman">Michael J. Tschiderer</FONT></TD></TR>
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   <TD width="34%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="65%" noWrap align=left><FONT size=2 face="Times New Roman">Vice President of Finance and Chief Financial Officer</FONT></TD></TR></TABLE>
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>transcat3426071-ex101.htm
<DESCRIPTION>FORM OF AWARD NOTICE OF RESTRICTED STOCK UNITS
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<P STYLE="text-align: right"><B><FONT size=2 face="Times New Roman">Exhibit 10.1</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=3 face="Times New Roman">AWARD NOTICE OF<BR>RESTRICTED STOCK UNITS AND<BR></FONT></B><B><FONT size=3 face="Times New Roman">PERFORMANCE RESTRICTED STOCK UNITS<BR>GRANTED PURSUANT TO THE<BR></FONT></B><B><FONT size=3 face="Times New Roman">TRANSCAT, INC. 2003 INCENTIVE PLAN</FONT></B></P>
<P STYLE="text-align: left; margin-left: 30pt"><B><FONT size=2 face="Times New Roman">Grantee:</FONT></B></P>
<P STYLE="text-align: left; margin-left: 30pt"><B><FONT size=2 face="Times New Roman">Number of Restricted Stock Units<BR>(&#8220;RSUs&#8221;) Awarded:</FONT></B></P>
<P STYLE="text-align: left; margin-left: 30pt"><B><FONT size=2 face="Times New Roman">Number of Performance Restricted<BR>Stock Units (&#8220;PRSUs&#8221;) Awarded:</FONT></B></P>
<P STYLE="text-align: left; margin-left: 30pt"><B><FONT size=2 face="Times New Roman">Date of Grant:</FONT></B></P>
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   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">1.</FONT></TD>
   <TD width="99%">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Grant of Restricted Stock Unit Award</FONT></U><FONT size=2 face="Times New Roman">. This Award Notice serves to notify you that the Board of Directors of Transcat, Inc., an Ohio corporation (the &#8220;Company&#8221;), has granted to you, under the Company&#8217;s 2003 Incentive Plan, as amended and restated (the &#8220;Plan&#8221;), a restricted stock unit and performance restricted stock unit award (the &#8220;Award&#8221;), on the terms and conditions set forth in this Award Notice and the Plan, of the number of RSUs and PRSUs (together, the &#8220;Units&#8221;) set forth above. Each Unit entitles you to receive from the Company one share of the Company&#8217;s Common Stock, $0.50 par value per share (the &#8220;Common Stock&#8221;), which will vest (become non-forfeitable) as set forth in Sections 2 and 3 and will be payable in the form of shares of Common Stock as set forth in Section 4, all in accordance with the terms of this Award Notice, the Plan, and any rules and procedures adopted by the Committee. The Plan is incorporated herein by reference and made a part of this Award Notice. Capitalized terms not defined herein have the respective meanings set forth in the Plan.</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="99%">
   <P align=left><U><FONT size=2 face="Times New Roman"></FONT></U></P></TD></TR></TABLE>
<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">2.</FONT></TD>
   <TD WIDTH="99%" COLSPAN="3" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Vesting</FONT></U><FONT size=2 face="Times New Roman">.<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD width="1%"></TD>
   <TD VALIGN="TOP" WIDTH="1%" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">a.</FONT></TD>
   <TD WIDTH="98%" COLSPAN="2" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">RSU Vesting</FONT></I><FONT size=2 face="Times New Roman">. Subject to Section 3 below, the RSUs subject to the Award will vest on [_________], which is the last day of the Company&#8217;s [____] fiscal year (the &#8220;Vesting Date&#8221;), provided that you are employed with the Company through the Vesting Date.<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD width="1%"></TD>
   <TD VALIGN="TOP" WIDTH="1%" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD WIDTH="98%" COLSPAN="2" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">PRSU Vesting</FONT></I><FONT size=2 face="Times New Roman">. The PRSUs subject to the Award will vest on the Vesting Date based on the successful completion of all of the following:<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD width="1%"></TD>
   <TD WIDTH="1%" STYLE="text-align: justify"></TD>
   <TD VALIGN="TOP" WIDTH="1%" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.</FONT></TD>
   <TD WIDTH="97%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Subject to Section 3 below, you are employed with the Company through the Vesting Date;<BR>&nbsp;</FONT></P></TD></TR>
<TR>
   <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD WIDTH="1%" STYLE="text-align: justify"></TD>
   <TD VALIGN="TOP" WIDTH="1%" NOWRAP STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD WIDTH="97%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The percentage of the PRSUs that will vest, if any, is determined based on the Company&#8217;s performance against the performance measure set forth below over the three-year period ending on the Vesting Date, as validated by the Company&#8217;s external auditors. The applicable performance measure for the Award and the percentage of PRSUs that vest for the specified levels of performance are as follows:</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">1</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<DIV align=center>
<BR>
<TABLE style="WIDTH: 30%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>

<TR vAlign=bottom>
   <TD width="80%" noWrap align=center><FONT size=2 face="Times New Roman">Cumulative fully diluted EPS</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="19%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=center><FONT size=2 face="Times New Roman">for the three-year period ending</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="19%" noWrap align=center><FONT size=2 face="Times New Roman">Percentage of PRSUs</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="80%" noWrap align=center><FONT size=2 face="Times New Roman">on the Vesting Date</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="19%" noWrap align=center><FONT size=2 face="Times New Roman">that vest</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="80%" noWrap align=center><FONT size=2 face="Times New Roman">$[____]</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="19%" noWrap align=right><FONT size=2 face="Times New Roman">150%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=center><FONT size=2 face="Times New Roman">$[____]</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="19%" noWrap align=right><FONT size=2 face="Times New Roman">125%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="80%" noWrap align=center><FONT size=2 face="Times New Roman">$[____]</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="19%" noWrap align=right><FONT size=2 face="Times New Roman">100%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="80%" noWrap align=center><FONT size=2 face="Times New Roman">$[____]</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="19%" noWrap align=right><FONT size=2 face="Times New Roman">75%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="80%" noWrap align=center><FONT size=2 face="Times New Roman">$[____]</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="19%" noWrap align=right><FONT size=2 face="Times New Roman">50%</FONT></TD></TR></TABLE></DIV>

<P STYLE="text-align: justify; text-indent: 15pt; margin-left: 30pt"><FONT size=2 face="Times New Roman">No PRSUs will vest for Company performance below 50%, and therefore all PRSUs subject to the Award will be forfeited. Performance above 50% and up to 150% will be determined using straight line interpolation and the vesting percentages set forth above for the earnings per share (&#8220;EPS&#8221;) results immediately preceding and immediately following the actual EPS results shown above.</FONT></P>
<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">3.</FONT></TD>
   <TD WIDTH="99%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Effects of Certain Events</FONT></U><FONT size=2 face="Times New Roman">.</FONT></P></TD></TR>
<TR>
   <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD WIDTH="99%" STYLE="text-align: justify">
   <P STYLE="text-align: justify">&nbsp;</P></TD></TR></TABLE>
<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman"></FONT></FONT></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"><FONT size=2 face="Times New Roman">a.</FONT></FONT></TD>
   <TD width="98%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman"><EM>General. </EM>Subject to Sections 3(b) through 3(e) of this Award Notice, in the event that your employment with the Company is terminated prior to the Vesting Date, all Units that are not vested as of the date of such termination are automatically forfeited.<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap><I><FONT size=2 face="Times New Roman">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I> </TD>
   <TD width="98%">
   <P STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">Effect of Death, Disability or Retirement on RSUs</FONT></I><FONT size=2 face="Times New Roman">. In the event of your death or termination of employment due to Disability or Retirement prior to the Vesting Date, then the Award shall continue and the vested RSUs, if any, shall be distributed on a pro-rata basis on the date that other active participants receive such distributions under their Award Notice for this program. The pro-rata portion shall be determined by multiplying the number of vested RSUs by a fraction, the numerator of which is the number of completed months during the three-year period ending on the Vesting Date which you were employed by the Company, and the denominator of which is the number of months in the period beginning on the Date of Grant and ending on the Vesting Date. For purposes of this Award Notice, &#8220;Disability&#8221; has the meaning given to such term under the Plan and &#8220;Retirement&#8221; means your termination of employment on or after the date that you have attained age 55 and have completed five or more years of service with the Company.<BR></FONT>&nbsp;</P></TD></TR></TABLE>
<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">c.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="97%" colSpan=4>
   <P STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">Effect of Death or Disability on PRSUs</FONT></I><FONT size=2 face="Times New Roman">. In the event of your death or termination of employment due to Disability prior to the Vesting Date, then the Award shall continue and the vested PRSUs, if any, from such performance, shall be distributed on a pro-rata basis on the date that other active participants receive such distributions under their Award Notice for this program, based on actual performance, based on the following:<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman">i.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="94%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">If you terminate employment in the first 15 months of the performance period you will forfeit all PRSUs.<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman">ii.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="94%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">If you terminate employment within the 16th through the 27th month of the performance period you will receive a pro-rated number of PRSUs subject to the Award that become vested under Section 2(b) above.<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman">iii.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="94%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">If you terminate employment after 27 months of the performance period have elapsed you will receive the full number of PRSUs that become vested under Section 2(b) above.</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">2</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

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

<TR>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="border-style: none; border-width: medium; text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro-rata portion shall be determined by multiplying the number of vested PRSUs based on actual performance by a fraction, the numerator of which is the number of completed months during the three-year period ending on the Vesting Date which you were employed by the Company, and the denominator of which is 36.</FONT></TD></TR>
<TR>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="border-style: none; border-width: medium">&nbsp;</TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">d.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="97%" colSpan=4>
   <P STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">Effect of Retirement on PRSUs</FONT></I><FONT size=2 face="Times New Roman">. If you terminate employment prior to the Vesting Date due to Retirement, then the Award shall continue and the vested PRSUs, if any, shall be distributed on a pro-rata basis on the date that other active participants receive such distributions under their Award Notice for this program, based on actual performance, based on the following:<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman">i.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="94%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">If you terminate employment in the first 15 months of the performance period you will forfeit all PRSUs.<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman">ii.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="94%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">If you terminate employment within the 16th through the 27th month of the performance period you will receive a pro-rated number of PRSUs subject to the Award that become vested under Section 2(b) above.<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman">iii.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="94%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">If you terminate employment after 27 months of the performance period have elapsed you will receive the full number of PRSUs that become vested under Section 2(b) above.</FONT></P></TD></TR></TABLE>
<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD> </TD></TR>
<TR>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro-rata portion shall be determined by multiplying the number of vested PRSUs based on actual performance by a fraction, the numerator of which is the number of completed months during the three-year period ending on the Vesting Date which you were employed by the Company, and the denominator of which is 36.</FONT></TD></TR>
<TR>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">e.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="97%">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Change in Control</FONT></U><FONT size=2 face="Times New Roman">. Upon a Change in Control of the Company, the provisions of Section 10.3 of the Plan shall automatically and immediately become operative with respect to the Award.</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="97%">
   <P align=left><U><FONT size=2 face="Times New Roman"></FONT></U></P></TD></TR></TABLE>
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<TR>
   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman">4.</FONT></TD>
   <TD width="98%">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Issuance of Shares of Common Stock</FONT></U><FONT size=2 face="Times New Roman">. Unless the Units are forfeited prior to the Vesting Date as provided in Sections 2 and 3 above, the Units will be payable in the form of Common Stock as soon as administratively practicable following the release of the Company&#8217;s operating results for the [____] fiscal year, but in no event later than December 31, [____] (the &#8220;Payment Date&#8221;). Each vested Unit will be payable in the form of one share of Common Stock on the Payment Date. Shares of Common Stock will be registered on the books of the Company in your name as of the Payment Date and delivered to you as soon as practical thereafter, in certificated or uncertificated form, as you shall direct. You understand that the Company will, and you hereby authorize the Company to, issue such instructions to its transfer agent as the Company may deem necessary or proper to comply with the intent and the purposes of this Award Notice. Notwithstanding the foregoing provisions of this Section 4, if you make a valid election to defer receipt of the shares of Common Stock pursuant to the terms of a nonqualified deferred compensation plan maintained by the Company, payment of vested Units shall be made in accordance with that election and the terms of such nonqualified deferred compensation plan.</FONT></P></TD></TR>
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   <TD vAlign=top width="2%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="98%">
   <P align=left><U><FONT size=2 face="Times New Roman"></FONT></U></P></TD></TR>
<TR>
   <TD vAlign=top width="2%" noWrap><FONT size=2 face="Times New Roman">5.</FONT></TD>
   <TD width="98%">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Nontransferability</FONT></U><FONT size=2 face="Times New Roman">. The Units awarded pursuant to this Award Notice may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated (&#8220;Transfer&#8221;), other than by will or by the laws of descent and distribution, except as provided in the Plan. If any prohibited Transfer, whether voluntary or involuntary, of the Units is attempted to be made, or if any attachment, execution, garnishment, or lien shall be attempted to be issued against or placed upon the Units, your right to such Units shall be immediately forfeited to the Company, and this Award Notice shall be null and void.</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">3</FONT></P>
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   <P><FONT size=2 face="Times New Roman">6.</FONT></P></TD>
   <TD WIDTH="99%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">No Shareholder Rights</FONT></U><FONT size=2 face="Times New Roman">. The Units do not entitle the Grantee to any rights of a shareholder of Common Stock, including dividends or voting rights.</FONT></P></TD></TR>
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   <TD vAlign=top width="1%" noWrap>
   <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD>
   <TD WIDTH="99%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman"></FONT></U></P></TD></TR>
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   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">7.</FONT></TD>
   <TD WIDTH="99%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Restrictions on Issuance of Shares</FONT></U><FONT size=2 face="Times New Roman">. If at any time the Company determines that listing, registration or qualification of the shares of Common Stock subject to this Award upon any securities exchange or under any state or federal law, or the approval of any governmental agency, is necessary or advisable as a condition to the Award or issuance of certificate(s) for Common Stock hereunder, then, subject to the limitations imposed under Section 409A of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), such Award or issuance may not be made in whole or in part unless and until such listing, registration, qualification or approval shall have been effected or obtained free of any conditions not acceptable to the Company.<BR></FONT>&nbsp;</P></TD></TR>
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   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">8.</FONT></TD>
   <TD WIDTH="99%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Plan Controls</FONT></U><FONT size=2 face="Times New Roman">. The Award is subject to all of the provisions of the Plan, and is further subject to all the interpretations, amendments, rules and regulations that may from time to time be promulgated and adopted by the Committee pursuant to the Plan. In the event of any conflict among the provisions of the Plan and this Award Notice, the provisions of the Plan will be controlling and determinative.<BR></FONT>&nbsp;</P></TD></TR>
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   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">9.</FONT></TD>
   <TD WIDTH="99%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Taxes</FONT></U><FONT size=2 face="Times New Roman">. You are responsible for any and all federal, state and local taxes (other than stock transfer or issuance taxes) arising as a result of the vesting of the Units or the delivery of the shares of Common Stock to you pursuant to this Award or any subsequent sale of the shares of Common Stock by you.<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">10.</FONT></TD>
   <TD WIDTH="99%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Section 409A</FONT></U><FONT size=2 face="Times New Roman">. This Award Notice and the Units granted hereunder are intended to comply with the requirements of Section 409A of the Code and shall be construed and interpreted in a manner consistent with such intent.</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">ACKNOWLEDGEMENT</FONT></B></P>
<P STYLE="text-align: justify; text-indent: 15pt"><FONT size=2 face="Times New Roman">The undersigned Grantee acknowledges receipt of, and understands and agrees to, this Award Notice and the Plan. The Grantee further acknowledges that as of the date of grant, this Award Notice and the Plan set forth the entire understanding between the Grantee and the Company regarding the grant of the Units under the Award and supersede all prior oral and written agreements on that subject.</FONT></P>
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   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="97%" noWrap align=left>&nbsp;</TD></TR></TABLE>

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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><B><I><FONT size=2 face="Times New Roman">Transcat, Inc.<BR>&nbsp;<BR></FONT></I></B><B><I><FONT size=2 face="Times New Roman"></FONT></I></B></TD></TR>
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   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD STYLE="border-bottom: #000000 1pt solid; width: 98%; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD></TR>
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   <TD STYLE="width: 1%">&nbsp;</TD>
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   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><FONT size=2 face="Times New Roman">Grantee:</FONT> <FONT size=2 face="Times New Roman"></FONT></TD></TR>
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   <TD STYLE="width: 1%; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
   <TD STYLE="border-bottom: #000000 1pt solid; width: 98%; text-align: left"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">4</FONT></P>
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>transcat3426071-ex102.htm
<DESCRIPTION>FORM OF AWARD NOTICE OF LONG-TERM COMPENSATION AWARDS
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<P STYLE="text-align: right"><B><FONT size=2 face="Times New Roman">Exhibit 10.2</FONT></B></P>
<P style="TEXT-ALIGN: center"><B><FONT size=3 face="Times New Roman">AWARD NOTICE OF<BR>LONG-TERM COMPENSATION AWARD<BR></FONT></B><B><FONT size=3 face="Times New Roman">GRANTED PURSUANT TO THE<BR>TRANSCAT, INC. 2003 INCENTIVE PLAN</FONT></B></P>
<P STYLE="text-align: left; margin-left: 30pt"><B><FONT size=2 face="Times New Roman">Grantee:</FONT></B></P>
<P STYLE="text-align: left; margin-left: 30pt"><B><FONT size=2 face="Times New Roman">Time Amount of Cash Awarded<BR>(&#8220;Time Amount&#8221;):</FONT></B></P>
<P STYLE="text-align: left; margin-left: 30pt"><B><FONT size=2 face="Times New Roman">Performance Amount of Cash<BR>Awarded (&#8220;Performance Amount&#8221;):</FONT></B></P>
<P STYLE="text-align: left; margin-left: 30pt"><B><FONT size=2 face="Times New Roman">Date of Grant:</FONT></B></P>
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   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">1.</FONT></TD>
   <TD width="99%">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Grant of Cash Award</FONT></U><FONT size=2 face="Times New Roman">. This Award Notice serves to notify you that the Board of Directors of Transcat, Inc., an Ohio corporation (the &#8220;Company&#8221;), has granted to you, under the Company&#8217;s 2003 Incentive Plan, as amended and restated (the &#8220;Plan&#8221;), a cash award (the &#8220;Award&#8221;), on the terms and conditions set forth in this Award Notice and the Plan, of the Time Amount and Performance Amount (collectively, the &#8220;Amounts&#8221;) set forth above. You are eligible for this award because you have met your Company stock ownership guidelines. Amounts will vest (become non-forfeitable) as set forth in Sections 2 and 3 and will be payable in the form of cash as set forth in Section 4, all in accordance with the terms of this Award Notice, the Plan, and any rules and procedures adopted by the Committee. The Plan is incorporated herein by reference and made a part of this Award Notice. Capitalized terms not defined herein have the respective meanings set forth in the Plan.</FONT></P></TD></TR>
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   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="99%">
   <P align=left><U><FONT size=2 face="Times New Roman"></FONT></U></P></TD></TR></TABLE>
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<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">2.</FONT></TD>
   <TD width="99%" colSpan=6>
   <P align=left><U><FONT size=2 face="Times New Roman">Vesting</FONT></U><FONT size=2 face="Times New Roman">.<BR></FONT>&nbsp;</P></TD></TR>
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   <TD width="1%"></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">a.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD WIDTH="97%" COLSPAN="4" STYLE="border-style: none; border-width: medium; text-align: justify">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Subject to Section 3 below, the Time Amount subject to the Award will vest on [__________], which is the last day of the Company&#8217;s [____] fiscal year (the &#8220;Vesting Date&#8221;), provided that you are employed with the Company through the Vesting Date;<BR></FONT>&nbsp;</P></TD></TR>
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   <TD width="1%"><BR>&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">b.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="97%" colSpan=4>
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The Performance Amount subject to the Award will vest on the Vesting Date based on successful completion of all of the following:&nbsp;<BR></FONT>&nbsp;</P></TD></TR>
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   <TD width="1%"></TD>
   <TD width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman">i.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="94%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Subject to Section 3 below, you are employed with the Company through the Vesting Date;<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman">ii.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="94%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">The percentage of the Performance Amount that will vest, if any, is determined based on the Company&#8217;s performance against the performance measure set forth below over the three-year period ending on the Vesting Date, as validated by the Company&#8217;s external auditors. The applicable performance measure for the Award and the Performance Amount that vests for the specified levels of performance are as follows:</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">1</FONT></P>
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 <BR>
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<TR vAlign=bottom>
   <TD width="79%" noWrap align=center><FONT size=2 face="Times New Roman">Cumulative fully diluted EPS</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="20%" noWrap align=center><FONT size=2 face="Times New Roman">Percentage of the</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="79%" noWrap align=center><FONT size=2 face="Times New Roman">for the three-year period ending</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="20%" noWrap align=center><FONT size=2 face="Times New Roman">Performance Amount</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="79%" noWrap align=center><FONT size=2 face="Times New Roman">on the Vesting Date</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="20%" noWrap align=center><FONT size=2 face="Times New Roman">that vests</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="79%" noWrap align=center><FONT size=2 face="Times New Roman">$[___]</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="20%" noWrap align=center><FONT size=2 face="Times New Roman">150%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="79%" noWrap align=center><FONT size=2 face="Times New Roman">$[___]</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="20%" noWrap align=center><FONT size=2 face="Times New Roman">125%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="79%" noWrap align=center><FONT size=2 face="Times New Roman">$[___]</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="20%" noWrap align=center><FONT size=2 face="Times New Roman">100%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="79%" noWrap align=center><FONT size=2 face="Times New Roman">$[___]</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="20%" noWrap align=center><FONT size=2 face="Times New Roman">75%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="79%" noWrap align=center><FONT size=2 face="Times New Roman">$[___]</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="20%" noWrap align=center><FONT size=2 face="Times New Roman">50%</FONT></TD></TR></TABLE></DIV>

<P STYLE="text-align: justify; text-indent: 15pt"><FONT size=2 face="Times New Roman">No portion of the Performance Amount will vest for Company performance below 50%, and therefore all of the Performance Amount subject to the Award will be forfeited. Performance above 50% and up to 150% will be determined using straight line interpolation and the vesting percentages set forth above for the earnings per share (&#8220;EPS&#8221;) results immediately preceding and immediately following the actual EPS results shown above.</FONT></P>
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<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">3.</FONT></TD>
   <TD width="99%" colSpan=3>
   <P align=left><U><FONT size=2 face="Times New Roman">Effects of Certain Events</FONT></U><FONT size=2 face="Times New Roman">.</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="99%" colSpan=3>
   <P align=left><U><FONT size=2 face="Times New Roman"></FONT></U></P></TD></TR>
<TR>
   <TD width="1%"></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">a.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="97%">
   <P STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">General</FONT></I><FONT size=2 face="Times New Roman">. Subject to Sections 3(b) through 3(e) of this Award Notice, in the event that your employment with the Company is terminated prior to the Vesting Date, all Amounts that are not vested as of the date of such termination are automatically forfeited.<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD width="1%"></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">b.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="97%">
   <P STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">Effect of Death, Disability or Retirement on the Time Amount</FONT></I><FONT size=2 face="Times New Roman">. In the event of your death or termination of employment due to Disability or Retirement prior to the Vesting Date, then the Award shall continue and the vested Time Amount, if any, shall be distributed on a pro-rata basis on the date that other active participants receive such distributions under their Award Notice for this program. The pro-rata portion shall be determined by multiplying the Time Amount by a fraction, the numerator of which is the number of completed months during the three-year period ending on the Vesting Date which you were employed by the Company, and the denominator of which is the number of months in the period beginning on the Date of Grant and ending on the Vesting Date. For purposes of this Award Notice, &#8220;Disability&#8221; has the meaning given to such term under the Plan and &#8220;Retirement&#8221; means your termination of employment on or after the date that you have attained age 55 and have completed five or more years of service with the Company.</FONT></P></TD></TR>                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                <TR>
   <TD>&nbsp;</TD>
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   <TD>&nbsp;</TD></TR>
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   <TD>&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top"><FONT size=2 face="Times New Roman">c.</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD>   <P STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">Effect of Death or Disability on the Performance Amount. </FONT></I><FONT size=2 face="Times New Roman">In the event of your death or termination of employment due to Disability prior to the Vesting Date, then the Award shall continue and the vested Performance Amount</FONT><I><FONT size=2 face="Times New Roman">, </FONT></I><FONT size=2 face="Times New Roman">if any, from such performance, shall be distributed on a pro-rata basis on the date that other active participants receive such distributions under their Award Notice for this program, based on actual performance, based on the following:</FONT></P></TD></TR>
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   <TD STYLE="width: 1%"></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top; width: 1%"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="vertical-align: top; width: 1%; text-align: right"><FONT size=2 face="Times New Roman">i.</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top; width: 1%"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD STYLE="width: 95%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">If you terminate employment in the first 15 months of the performance period you will forfeit all of the Performance Amount.<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD STYLE="border-style: none; border-width: medium"></TD>
   <TD></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top"></TD>
   <TD NOWRAP STYLE="vertical-align: top; text-align: right"><FONT size=2 face="Times New Roman">ii.</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD>
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">If you terminate employment within the 16th through the 27th month of the performance period you will receive a pro-rated portion of the Performance Amount subject to the Award that becomes vested under Section 2(b) above.<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD STYLE="border-style: none; border-width: medium"></TD>
   <TD></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top; text-align: right"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="vertical-align: top; text-align: right"><FONT size=2 face="Times New Roman">iii.</FONT></TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top; text-align: left"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD>
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">If you terminate employment after 27 months of the performance period have elapsed you will receive the full portion of the Performance Amount that becomes vested under Section 2(b) above.</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">2</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


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

<TR>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="border-style: none; border-width: medium; text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro-rata portion shall be determined by multiplying the portion of the Performance Amount that vested based on actual performance by a fraction, the numerator of which is the number of completed months during the three-year period ending on the Vesting Date which you were employed by the Company, and the denominator of which is 36.</FONT></TD></TR>
<TR>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD COLSPAN="4" STYLE="border-style: none; border-width: medium">&nbsp;</TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">d.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="97%" colSpan=4>
   <P STYLE="text-align: justify"><I><FONT size=2 face="Times New Roman">Effect of Retirement on the Performance Amount</FONT></I><FONT size=2 face="Times New Roman">. If you terminate employment prior to the Vesting Date due to Retirement, then the Award shall continue and the vested Performance Amount, if any, shall be distributed on a pro-rata basis on the date that other active participants receive such distributions under their Award Notice for this program, based on actual performance, based on the following:</FONT></P></TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%">
   <P align=left><I><FONT size=2 face="Times New Roman"></FONT></I></P></TD>
   <TD width="96%" colSpan=3>
   <P align=left><I><FONT size=2 face="Times New Roman"></FONT></I></P></TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman">i.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="94%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">If you terminate employment in the first 15 months of the performance period you will forfeit all of the Performance Amount.</FONT></P></TD></TR>
<TR>
   <TD STYLE="border-style: none; border-width: medium">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD STYLE="border-style: none; border-width: medium">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top; text-align: right">&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top; text-align: right">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman">ii.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="94%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">If you terminate employment within the 16th through the 27th month of the performance period you will receive a pro-rated portion of the Performance Amount subject to the Award that becomes vested under Section 2(b) above.</FONT></P></TD></TR>
<TR>
   <TD STYLE="border-style: none; border-width: medium">&nbsp;</TD>
   <TD>&nbsp;</TD>
   <TD STYLE="border-style: none; border-width: medium">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top; text-align: right">&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top; text-align: right">&nbsp;</TD>
   <TD>&nbsp;</TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="1%"></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman">iii.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="94%">
   <P STYLE="text-align: justify"><FONT size=2 face="Times New Roman">If you terminate employment after 27 months of the performance period have elapsed you will receive the full portion of the Performance Amount that becomes vested under Section 2(b) above.</FONT></P></TD></TR></TABLE>
<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: justify"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pro-rata portion shall be determined by multiplying the portion of the Performance Amount that vested based on actual performance by a fraction, the numerator of which is the number of completed months during the three-year period ending on the Vesting Date which you were employed by the Company, and the denominator of which is 36.</FONT></TD></TR>
<TR>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="vertical-align: top">&nbsp;</TD>
   <TD NOWRAP STYLE="border-style: none; border-width: medium; vertical-align: top">&nbsp;</TD>
   <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="1%" noWrap>&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">e.</FONT></TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" vAlign=top width="2%" noWrap>&nbsp;</TD>
   <TD WIDTH="96%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Change in Control</FONT></U><FONT size=2 face="Times New Roman">. Upon a Change in Control of the Company, the provisions of Section 10.3 of the Plan shall automatically and immediately become operative with respect to the Award.</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="2%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD WIDTH="96%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman"></FONT></U></P></TD></TR></TABLE>
<TABLE style="BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 width="100%" border=0>

<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">4.</FONT></TD>
   <TD WIDTH="98%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Payment of Cash</FONT></U><FONT size=2 face="Times New Roman">. Unless Amounts are forfeited prior to the Vesting Date as provided in Sections 2 and 3 above, Amounts will be payable in the form of a lump-sum cash payment as soon as administratively practicable following the release of the Company&#8217;s operating results for the [______] fiscal year, but in no event later December 31, [____] (the &#8220;Payment Date&#8221;). Notwithstanding the foregoing provisions of this Section 4, if you make a valid election to defer receipt of the lump-sum cash payment pursuant to the terms of a nonqualified deferred compensation plan maintained by the Company, payment of such amount shall be made in accordance with that election and the terms of such nonqualified deferred compensation plan.</FONT></P></TD></TR>
<TR>
   <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD WIDTH="98%" STYLE="text-align: justify">
   <P STYLE="text-align: justify">&nbsp;</P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">5.</FONT></TD>
   <TD WIDTH="98%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Nontransferability</FONT></U><FONT size=2 face="Times New Roman">. The Award may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated (&#8220;Transfer&#8221;), other than by will or by the laws of descent and distribution, except as provided in the Plan. If any prohibited Transfer, whether voluntary or involuntary, of the Award is attempted to be made, or if any attachment, execution, garnishment, or lien shall be attempted to be issued against or placed upon Amounts, your right to such Amounts shall be immediately forfeited to the Company, and this Award Notice shall be null and void.<BR></FONT>&nbsp;</P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">6.</FONT></TD>
   <TD WIDTH="98%" STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Plan Controls</FONT></U><FONT size=2 face="Times New Roman">. The Award is subject to all of the provisions of the Plan, and is further subject to all the interpretations, amendments, rules and regulations that may from time to time be promulgated and adopted by the Committee pursuant to the Plan. In the event of any conflict among the provisions of the Plan and this Award Notice, the provisions of the Plan will be controlling and determinative.</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">3</FONT></P>
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<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

 <BR>
<TABLE CELLSPACING="0" CELLPADDING="0" BORDER="0" STYLE="border-collapse: collapse; width: 100%">

<TR>
   <TD NOWRAP STYLE="vertical-align: top; width: 1%"><FONT size=2 face="Times New Roman">7.</FONT></TD>
   <TD STYLE="width: 99%; text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Taxes</FONT></U><FONT size=2 face="Times New Roman">. You are responsible for any and all federal, state and local taxes arising as a result of the vesting of Amounts or the payment of the cash to you pursuant to this Award.</FONT></P></TD></TR>
<TR>
   <TD NOWRAP STYLE="vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman"></FONT></U></P></TD></TR>
<TR>
   <TD NOWRAP STYLE="vertical-align: top"><FONT size=2 face="Times New Roman">8.</FONT></TD>
   <TD STYLE="text-align: justify">
   <P STYLE="text-align: justify"><U><FONT size=2 face="Times New Roman">Section 409A</FONT></U><FONT size=2 face="Times New Roman">. This Award Notice and Amounts awarded hereunder are intended to comply with the requirements of Section 409A of the Code and shall be construed and interpreted in a manner consistent with such intent.</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">ACKNOWLEDGEMENT</FONT></B></P>
<P STYLE="text-align: justify; text-indent: 15pt"><FONT size=2 face="Times New Roman">The undersigned Grantee acknowledges receipt of, and understands and agrees to, this Award Notice and the Plan. The Grantee further acknowledges that as of the date of grant, this Award Notice and the Plan set forth the entire understanding between the Grantee and the Company regarding the grant of Amounts under the Award and supersede all prior oral and written agreements on that subject.</FONT></P>
<TABLE style="WIDTH: 40%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>

<TR vAlign=bottom>
   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="97%" noWrap align=left>&nbsp;</TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman"></FONT></P>
<DIV align=right>
<TABLE style="WIDTH: 50%; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" cellSpacing=0 cellPadding=0 border=0>

<TR vAlign=bottom>
   <TD COLSPAN="2" STYLE="width: 99%; text-align: left"><B><I><FONT size=2 face="Times New Roman">Transcat, Inc.<BR>&nbsp;<BR>&nbsp;</FONT></I></B><B><I><FONT size=2 face="Times New Roman"></FONT></I></B></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="98%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR>
   <TD width="1%">&nbsp;</TD>
   <TD style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" width="98%"></TD></TR>
<TR vAlign=bottom>
   <TD width="99%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">Grantee:</FONT> <FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="98%" noWrap align=left>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">4</FONT></P>
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