<SEC-DOCUMENT>0001206774-21-002596.txt : 20211013
<SEC-HEADER>0001206774-21-002596.hdr.sgml : 20211013
<ACCEPTANCE-DATETIME>20211013163655
ACCESSION NUMBER:		0001206774-21-002596
CONFORMED SUBMISSION TYPE:	S-8 POS
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20211013
DATE AS OF CHANGE:		20211013
EFFECTIVENESS DATE:		20211013

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:			0328

	FILING VALUES:
		FORM TYPE:		S-8 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-191631
		FILM NUMBER:		211321631

	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>S-8 POS
<SEQUENCE>1
<FILENAME>transcat3970081-s8pos.htm
<DESCRIPTION>POST-EFFECTIVE AMENDMENT TO A S-8 REGISTRATION STATEMENT
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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">As filed with the Securities and Exchange Commission on October 13, 2021</FONT></B></P>

<P style="TEXT-ALIGN: right"><B><FONT size=2 face="Times New Roman">Registration Statement No. 333-191631</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=4 face="Times New Roman">UNITED STATES<BR></FONT></B><B><FONT size=4 face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549<BR></FONT></B><FONT size=3 face="Times New Roman">_____________________</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=4 face="Times New Roman">Post-Effective Amendment No. 1 to<BR>FORM S-8 REGISTRATION STATEMENT<BR>UNDER THE SECURITIES ACT OF 1933<BR></FONT></B><FONT size=3 face="Times New Roman">___________________</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=5 face="Times New Roman">Transcat, Inc.<BR></FONT></B><FONT size=2 face="Times New Roman">(Exact name of registrant as specified in its charter)</FONT><BR>
<FONT size=3 face="Times New Roman">___________________</FONT></P>

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   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">Ohio</FONT></B></TD>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">16-0874418</FONT></B></TD></TR>

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   <TD width="50%" noWrap align=center><FONT size=2 face="Times New Roman">(State or other jurisdiction of incorporation or organization)</FONT></TD>

   <TD width="50%" noWrap align=center><FONT size=2 face="Times New Roman">(IRS Employer Identification No.)</FONT></TD></TR></TABLE>


<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">35 Vantage Point Drive<BR>Rochester, NY 14624<BR></FONT></B><FONT size=2 face="Times New Roman">(Address of Principal Executive Offices) (Zip Code)<BR></FONT><FONT size=1 face="Times New Roman">____________________</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=3 face="Times New Roman">Transcat, Inc. 2003 Incentive Plan, as Amended and Restated<BR>Transcat, Inc. 2021 Stock Incentive Plan<BR></FONT></B><FONT size=2 face="Times New Roman">(Full title of the plans)<BR></FONT><FONT size=1 face="Times New Roman">____________________</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">Lee D. Rudow<BR>President and Chief Executive Officer<BR>Transcat, Inc.<BR></FONT></B><B><FONT size=2 face="Times New Roman">35 Vantage Point Drive<BR>Rochester, NY 14624<BR>(585) 352-7777<BR></FONT></B><FONT size=2 face="Times New Roman">(Name, address, and telephone number, including area code, of agent for service)<BR></FONT></P>

<P STYLE="text-align: center"><I><FONT size=2 face="Times New Roman">With copies to:</FONT></I></P>

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   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">James M. Jenkins, Esq.</FONT></B></TD>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">Kayla E. Klos, Esq.</FONT></B></TD></TR>

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   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">General Counsel and VP of Corporate Development</FONT></B></TD>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">Harter Secrest &amp; Emery LLP</FONT></B></TD></TR>

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   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">Transcat, Inc.</FONT></B></TD>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">50 Fountain Plaza, Suite 1000</FONT></B></TD></TR>

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   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">35 Vantage Point Drive</FONT></B></TD>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">Buffalo, NY 14202</FONT></B></TD></TR>

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   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">Rochester, New York 14624</FONT></B></TD>

   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">(716) 853-1616</FONT></B></TD></TR>

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   <TD width="50%" noWrap align=center><B><FONT size=2 face="Times New Roman">(585) 352-7777</FONT></B></TD>

   <TD width="50%" noWrap align=center></TD></TR></TABLE>

<DIV STYLE="text-align: center">____________________</DIV>
<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</FONT></P>

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   <TD style="WIDTH: 4%; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Large accelerated filer&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD style="WIDTH: 92%; WHITE-SPACE: nowrap; TEXT-ALIGN: left">&#9744;</TD>

   <TD style="WIDTH: 3%; WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Accelerated filer</FONT></TD>

   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; TEXT-ALIGN: left">&#9746;</TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Non-accelerated filer</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&#9744;</TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Smaller reporting company&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&#9746;</TD></TR>

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   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Emerging growth company</FONT></TD>

   <TD style="WHITE-SPACE: nowrap; TEXT-ALIGN: left">&#9744;</TD></TR></TABLE>


<P style="TEXT-ALIGN: justify"><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 7(a)(2)(B) of the Securities Act. </FONT><FONT size=2 face=Arial>&#9744;</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">EXPLANATORY NOTE</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">This Post-Effective Amendment No. 1 (the &#8220;Post-Effective Amendment&#8221;) relates to the Registration Statement on Form S-8 filed by Transcat, Inc., an Ohio corporation (the &#8220;Registrant&#8221; or the &#8220;Company&#8221;), on October 8, 2013 (File No. 333-191631) (the &#8220;Prior Registration Statement&#8221;), to register shares of its common stock, par value $0.50 per share (the &#8220;Common Stock&#8221;), issuable under the Registrant&#8217;s 2003 Incentive Plan, as Amended and Restated (the &#8220;2003 Plan&#8221;).</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">On September 8, 2021 (the &#8220;Effective Date&#8221;), the Registrant&#8217;s shareholders approved the Transcat, Inc. 2021 Stock Incentive Plan (the &#8220;2021 Plan&#8221;). The shares of Common Stock authorized for issuance under the 2021 Plan include (i) the number of shares of Common Stock remaining available for issuance under the 2003 Plan as of the Effective Date, and (ii) any shares of Common Stock that are subject to outstanding awards under the 2003 Plan on the Effective Date that are subsequently canceled, expired, forfeited, or otherwise not issued or are settled in cash (collectively, the &#8220;Rollover Shares&#8221;). Immediately prior to the Effective Date, there were 748,357 shares of common stock remaining available for issuance and 296,078 shares of common stock subject to awards then outstanding under the 2003 Plan. Outstanding awards granted under the 2003 Plan will continue to be governed by the terms of the 2003 Plan, but no new awards will be granted under the 2003 Plan after the Effective Date.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The Registrant is filing this Post-Effective Amendment in accordance with Item 512(a)(1)(iii) of Regulation S-K and Securities Act Forms Compliance and Disclosure Interpretation 126.43 issued by the staff of the Securities and Exchange Commission (the &#8220;SEC&#8221;) to amend the Prior Registration Statement to register the offer of the Rollover Shares under the 2021 Plan (as such shares are no longer issuable under the 2003 Plan). No additional securities are being registered by this Post-Effective Amendment.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">1</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">PART II</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</FONT></B></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Item 3. Incorporation of Documents by Reference.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The following documents previously filed by us with the SEC are incorporated by reference herein:</FONT></P>

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<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">Our Annual Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000099302/000120677421001568/transcat3915801-10k.htm" STYLE="-sec-extract: exhibit">Form 10-K</A> for the fiscal year ended March 27, 2021, filed with the SEC on June 8, 2021, including the information specifically incorporated by reference into the Form 10-K from our <A HREF="https://www.sec.gov/Archives/edgar/data/0000099302/000120677421001758/transcat3915851-def14a.htm" STYLE="-sec-extract: exhibit">definitive proxy statement</A> for our 2021 Annual Meeting of Shareholders filed on July 22, 2021.<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">Our Quarterly Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000099302/000120677421001956/transcat3937691-10q.htm" STYLE="-sec-extract: exhibit">Form 10-Q</A> for the quarter ended June 26, 2021, filed with the SEC on August 3, 2021.<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">Our Current Reports on Form 8-K filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000099302/000120677421001452/transcat3909421-8k.htm" STYLE="-sec-extract: exhibit">May 13, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000099302/000120677421001516/transcat3912091-8k.htm" STYLE="-sec-extract: exhibit">May 21, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000099302/000120677421001673/transcat3929901-8k.htm" STYLE="-sec-extract: exhibit">July 12, 2021</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000099302/000120677421002393/transcat3951681-8k.htm" STYLE="-sec-extract: exhibit">August 31, 2021</A>, and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000099302/000120677421002484/transcat3955511-8k.htm" STYLE="-sec-extract: exhibit">September 9, 2021</A>.<BR>&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-LEFT: 15pt; PADDING-RIGHT: 8pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt; COLOR: #000000">&#9679;</FONT></TD>

   <TD VALIGN="TOP" WIDTH="99%" STYLE="text-align: justify"><FONT style="COLOR: #000000" face="times new roman">The description of our Common Stock, par value $0.50 per share, contained in Amendment Number 1 to our Registration Statement on Form S-3 (<A HREF="https://www.sec.gov/Archives/edgar/data/99302/0000950152-98-000716.txt" STYLE="-sec-extract: exhibit">Registration No. 333-42345</A>), filed with the SEC on February 5, 1998, the description of our common stock, par value $0.50 per share, contained in <A HREF="https://www.sec.gov/Archives/edgar/data/99302/000120677419001847/trns3599941-ex41.htm" STYLE="-sec-extract: exhibit">Exhibit 4.1</A> to the Company&#8217;s Annual Report on Form 10-K for the year ended March 30, 2019 (filed with the SEC on June 7, 2019), and any amendment or report filed for the purpose of updating such description.</FONT></TD></TR></TABLE>


<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Nothing in this Post-Effective Amendment shall be deemed to incorporate information furnished, but not filed, with the SEC, including pursuant to Item 2.02 or Item 7.01 of Form 8-K and any corresponding information or exhibit furnished under Item 9.01 of Form 8-K. All documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), as amended, after the date of this Post-Effective Amendment, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Post-Effective Amendment and to be a part hereof from the date of filing of such documents.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Any statement contained in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded for purposes of this Post-Effective Amendment to the extent that a statement contained herein or in any other subsequently filed document which also is, or is deemed to be, incorporated herein by reference modifies or supersedes such statement.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Item 4. Description of Securities.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">II-1</FONT></P>

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<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Item 5. Interests of Named Experts and Counsel.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">The legality of securities being offered hereby will be passed upon by James M. Jenkins, General Counsel and VP of Corporate Development of the Company. Mr. Jenkins is eligible to participate in the Transcat, Inc. 2021 Stock Incentive Plan.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Item 6. Indemnification of Directors and Officers.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">We are incorporated under the Ohio General Corporation Law (the &#8220;OGCL&#8221;). Article VI of our Code of Regulations, as amended, provides that we shall indemnify our directors and officers to the fullest extent authorized by the OGCL. With respect to indemnification of directors and officers, Section 1701.13 of the OGCL provides that a corporation may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative or investigative, other than an action by or in the right of the corporation, by reason of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer, employee, member, manager or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust or other enterprise, against expenses, including attorneys&#8217; fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit, or proceeding, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, if he had no reasonable cause to believe his conduct was unlawful. Under this provision of the OGCL, the termination of any action, suit or proceeding by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, he had reasonable cause to believe that his conduct is unlawful.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Furthermore, the OGCL provides that a corporation may indemnify or agree to indemnify any person who was or is a party, or is threatened to be made a party, to any threatened, pending, or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that he is or was a director, officer, employee, or agent of the corporation, or is or was serving at the request of the corporation as a director, trustee, officer, employee, member, manager, or agent of another corporation, domestic or foreign, nonprofit or for profit, a limited liability company, or a partnership, joint venture, trust or other enterprise, against expenses, including attorneys&#8217; fees, actually and reasonably incurred by him in connection with the defense or settlement of such action or suit, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification shall be made in respect of: (i) any claim, issue or matter as to which such person is adjudged to be liable for negligence or misconduct in the performance of his duty to the corporation unless, and only to the extent that, the court of common pleas or the court in which such action or suit was brought determines, upon application, that, despite the adjudication of liability, but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnify for such expenses as the court of common pleas or such other court shall deem proper; or (ii) any action or suit in which the only liability asserted against a director is pursuant to OGCL Section 1701.95 (relating to unlawful loans, dividends, and distributions of assets).</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">II-2</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">In addition, Section 1701.13(E)(5)(a) requires a corporation to pay any expenses, including attorneys&#8217; fees, of a director in defending an action, suit, or proceeding referred to above as they are incurred, in advance of the final disposition of the action, suit, or proceeding, upon receipt of an undertaking by or on behalf of the director in which he agrees to both (i) repay such amount if it is proved by clear and convincing evidence that his action or failure to act involved an act or omission undertaken with deliberate intent to cause injury to the corporation or undertaken with reckless disregard for the best interests of the corporation and (ii) reasonably cooperate with the corporation concerning the action, suit, or proceeding. Section 1701.13(E)(7) and (F)(2) further authorizes a corporation to enter into contracts regarding indemnification and to purchase and maintain insurance on behalf of any director, trustee, officer, employee or agent for any liability asserted against him or arising out of his status as such. The Company presently maintains insurance policies that provide coverage for our directors and officers in certain situations where we cannot directly indemnify such directors or officers.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act, and is therefore unenforceable.</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Item 7. Exemption from Registration Claimed.</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Not applicable.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">II-3</FONT></P>

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<P style="TEXT-ALIGN: justify"><B><FONT size=2  face="Times New Roman">Item 8. Exhibits.</FONT></B></P>

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<TR vAlign=bottom>

   <TD width="2%" colSpan=2 noWrap align=left><FONT size=2 face="Times New Roman">Exhibit</FONT> <FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD WIDTH="97%" NOWRAP ALIGN="LEFT" STYLE="text-align: justify"></TD></TR>

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   <TD style="WIDTH: 1%; WHITE-SPACE: nowrap; BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" width="2%" colSpan=2><FONT size=2 face="Times New Roman">No.</FONT> <FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="97%" STYLE="border-bottom: black 1pt solid; width: 98%; white-space: nowrap; text-align: center"><FONT size=2 face="Times New Roman">Description</FONT></TD></TR>

<TR style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: silver">

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/0000891839-95-000018.txt" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">4.1</FONT></A></TD>

   <TD width="1%">
   <FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="97%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/0000891839-95-000018.txt" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">Articles of Incorporation, as amended (the &#8220;Articles&#8221;), are incorporated herein by reference from Exhibit 4(a) to the Company&#8217;s Registration Statement on Form S-8 (Registration No. 33-61665) filed on August 8, 1995.</FONT></A></TD></TR>

<TR style="VERTICAL-ALIGN: bottom">

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000095015299008756/0000950152-99-008756.txt" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">4.2</FONT></A></TD>

   <TD width="1%">
   <FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="97%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000095015299008756/0000950152-99-008756.txt" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">Certificate of Amendment to the Articles is incorporated herein by reference from Exhibit 3(i) to the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended September 30, 1999.</FONT></A></TD></TR>

<TR style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: silver">

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000119312512276871/d284998dex31.htm" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">4.3</FONT></A></TD>

   <TD width="1%">
   <FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="97%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000119312512276871/d284998dex31.htm" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">Certificate of Amendment to the Articles is incorporated herein by reference from Exhibit 3.1 to the Company&#8217;s Annual Report on Form 10-K for the year ended March 31, 2012.</FONT></A></TD></TR>

<TR style="VERTICAL-ALIGN: bottom">

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000120677415003416/exhibit3-1.htm" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">4.4</FONT></A></TD>

   <TD width="1%">
   <FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="97%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000120677415003416/exhibit3-1.htm" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">Certificate of Amendment to Articles is incorporated herein by reference from Exhibit 3.1 to the Company&#8217;s Quarterly Report on Form 10-Q for the quarter ended September 26, 2015.</FONT></A></TD></TR>

<TR style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: silver">

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000120677419001640/trns3587121-ex31.htm" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">4.5</FONT></A></TD>

   <TD width="1%">
   <FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="97%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/99302/000120677419001640/trns3587121-ex31.htm" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">Code of Regulations, as amended through May 1, 2019, is incorporated herein by reference from Exhibit 3.1 to the Company&#8217;s Current Report on Form 8-K filed on May 3, 2019.</FONT></A></TD></TR>

<TR style="VERTICAL-ALIGN: bottom">

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right"><A HREF="transcat3970081-ex51.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">5.1</FONT></A></TD>

   <TD width="1%"><A HREF="transcat3970081-ex51.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">*</FONT></A></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="97%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="transcat3970081-ex51.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">Opinion of James M. Jenkins</FONT></A></TD></TR>

<TR style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: silver">

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right"><A HREF="transcat3970081-ex231.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">23.1</FONT></A></TD>

   <TD width="1%"><A HREF="transcat3970081-ex231.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">*</FONT></A></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="97%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="transcat3970081-ex231.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">Consent of Freed Maxick CPAs, P.C., independent registered public accounting firm</FONT></A></TD></TR>

<TR style="VERTICAL-ALIGN: bottom">

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right"><FONT size=2 face="Times New Roman">23.2</FONT></TD>

   <TD width="1%"><FONT size=2 face="Times New Roman">*</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="97%" ALIGN="LEFT" STYLE="text-align: justify"><FONT size=2 face="Times New Roman">Consent of James M. Jenkins (included in Exhibit 5.1 filed herewith)</FONT></TD></TR>

<TR style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: silver">

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right"><A HREF="#poa" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">24.1</FONT></A></TD>

   <TD width="1%"><A HREF="#poa" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">*</FONT></A></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="97%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="#poa" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">Power of Attorney (included on the signature page of this Registration Statement)</FONT></A></TD></TR>

<TR style="VERTICAL-ALIGN: bottom">

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/0000099302/000117184313002970/def14a_072613.htm#appa" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">99.1</FONT></A></TD>

   <TD width="1%">
   <FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="97%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/0000099302/000117184313002970/def14a_072613.htm#appa" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">Transcat, Inc. 2003 Incentive Plan, as Amended and Restated, is incorporated herein by reference from Appendix A to our Definitive Proxy Statement filed on July 26, 2013 in connection with the 2013 Annual Meeting of Shareholders.</FONT></A></TD></TR>

<TR style="VERTICAL-ALIGN: bottom; BACKGROUND-COLOR: silver">

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/0000099302/000117184313002970/def14a_072613.htm#appb" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">99.2</FONT></A></TD>

   <TD width="1%">
   <FONT size=2 face="Times New Roman"></FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD WIDTH="97%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/0000099302/000117184313002970/def14a_072613.htm#appb" STYLE="-sec-extract: exhibit">
   <FONT size=2 face="Times New Roman">Amendment No. 1 to the Transcat, Inc. 2003 Incentive Plan, as Amended and Restated, is incorporated herein by reference from Appendix B to our Definitive Proxy Statement filed on July 26, 2013 in connection with the 2013 Annual Meeting of Shareholders.</FONT></A></TD></TR>

<TR style="VERTICAL-ALIGN: bottom">

   <TD WIDTH="1%" ALIGN="RIGHT" STYLE="width: 1%; vertical-align: top; white-space: nowrap; text-align: right"><A HREF="transcat3970081-ex993.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">99.3</FONT></A></TD>

   <TD width="1%"><A HREF="transcat3970081-ex993.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">*</FONT></A></TD>

   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>

   <TD WIDTH="97%" ALIGN="LEFT" STYLE="text-align: justify"><A HREF="transcat3970081-ex993.htm" STYLE="-sec-extract: exhibit"><FONT size=2 face="Times New Roman">Transcat, Inc. 2021 Stock Incentive Plan</FONT></A></TD></TR></TABLE>


<BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 1%; white-space: nowrap; text-align: left; padding-right: 8pt"><FONT size=2  face="Times New Roman"><FONT size=2  face="Times New Roman">*</FONT></FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2  face="Times New Roman">Filed herewith.</FONT></TD></TR></TABLE>



<P style="TEXT-ALIGN: center"><FONT size=2  face="Times New Roman">II-4</FONT></P>

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



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



<P style="TEXT-ALIGN: justify"><B><FONT size=2  face="Times New Roman">Item 9. Undertakings.</FONT></B></P>


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



<TR>

   <TD vAlign=top width="1%"><FONT size=2  face="Times New Roman">(a)</FONT></TD>

   <TD vAlign=top width="99%" colSpan=3>

   <P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">The undersigned registrant hereby undertakes:</FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"><FONT size=2  face="Times New Roman">(1)</FONT></TD>

   <TD vAlign=top width="98%" colSpan=2>



   <P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">To file, during any period in which offers or sales are being made, a post-effective amendment to this Post-Effective Amendment: </FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"><FONT size=2  face="Times New Roman">(i)</FONT></TD>

   <TD vAlign=top width="97%">



   <P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">To include any prospectus required by Section 10(a)(3) of the Securities Act; </FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"><FONT size=2  face="Times New Roman">(ii)</FONT></TD>

   <TD vAlign=top width="97%">



   <P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement; and </FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"><FONT size=2  face="Times New Roman">(iii)</FONT></TD>

   <TD vAlign=top width="97%">



   <P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the Registration Statement.</FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="98%" colSpan=2>



   <P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in the periodic reports filed with or furnished to the SEC by the registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.</FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"><FONT size=2  face="Times New Roman">(2)</FONT></TD>

   <TD vAlign=top width="98%" colSpan=2>



   <P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%"></TD>

   <TD vAlign=top width="1%"><FONT size=2  face="Times New Roman">(3)</FONT></TD>

   <TD vAlign=top width="98%" colSpan=2>



   <P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%"><FONT size=2  face="Times New Roman">(b)</FONT></TD>

   <TD vAlign=top width="99%" colSpan=3>



   <P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Post-Effective Amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</FONT></P></TD></TR>

<TR>
   <TD STYLE="vertical-align: top">&nbsp;</TD>
   <TD COLSPAN="3" STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>

   <TD vAlign=top width="1%"><FONT size=2  face="Times New Roman">(c)</FONT></TD>

   <TD vAlign=top width="99%" colSpan=3>



   <P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than <FONT size=2  face="Times New Roman">the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</FONT></FONT></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2  face="Times New Roman">II-5</FONT></P>

<HR align=center width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>




<P style="TEXT-ALIGN: center"><B><FONT size=2  face="Times New Roman">SIGNATURES</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2  face="Times New Roman">Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Rochester, State of New York, on October 13, 2021.</FONT></P>

<DIV align=right>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="30%" border=0>



<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><B><FONT size=2  face="Times New Roman"></FONT></B></TD>

   <TD width="99%" noWrap align=left><B><FONT size=2  face="Times New Roman">TRANSCAT, INC.</FONT></B></TD></TR>

<TR>

   <TD width="1%">&nbsp;</TD>

   <TD width="99%"></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman">By:&nbsp;&nbsp;&nbsp;</FONT></TD>

   <TD STYLE="width: 99%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Lee D. Rudow</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2  face="Times New Roman">Lee D. Rudow</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="99%" noWrap align=left><FONT size=2  face="Times New Roman">President and Chief Executive Officer</FONT></TD></TR></TABLE></DIV>



<P style="TEXT-ALIGN: center"><B><FONT size=2  face="Times New Roman"><A NAME="poa"></A>POWER OF ATTORNEY</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2  face="Times New Roman">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints each of Lee D. Rudow and James M. Jenkins, each of them acting individually, as his or her true and lawful attorney-in-fact and agent with full powers of substitution and resubstitution, to act for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to this registration statement (including post-effective amendments and registration statements filed pursuant to Rule 462 under the Securities Act of 1933, as amended, and otherwise), and any other documents in connection therewith, and to file the same, with all exhibits thereto, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or his, her or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof. Each of the undersigned has executed this power of attorney as of the date indicated.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2  face="Times New Roman">Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</FONT></P>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>



<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2  face="Times New Roman">Signature</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2  face="Times New Roman">Title</FONT></B></TD>

   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>

   <TD STYLE="width: 32%; white-space: nowrap; text-align: center; border-bottom: Black 1pt solid"><B><FONT size=2  face="Times New Roman">Date</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Lee D. Rudow</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">President, Chief Executive Officer and Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2  face="Times New Roman">October 13, 2021</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Lee D. Rudow</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2  face="Times New Roman">(Principal Executive Officer)</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2  face="Times New Roman"></FONT></I></TD>

   <TD width="32%" noWrap align=left></TD></TR>

<TR style="line-height: 11pt;">

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Mark A. Doheny</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Vice President of Finance and Chief Financial</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2  face="Times New Roman">October 13, 2021</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Mark A. Doheny</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Officer </FONT><I><FONT size=2  face="Times New Roman">(Principal Financial Officer)</FONT></I></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=left></TD></TR>

<TR style="line-height: 11pt;">

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Scott D. Deverell</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Controller and Principal Accounting Officer</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2  face="Times New Roman">October 13, 2021</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Scott D. Deverell</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><I><FONT size=2  face="Times New Roman">(Principal Accounting Officer)</FONT></I></TD>

   <TD width="1%" noWrap align=left><I><FONT size=2  face="Times New Roman"></FONT></I></TD>

   <TD width="32%" noWrap align=left></TD></TR>

<TR style="line-height: 11pt;">

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Gary J. Haseley</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Chairman of the Board of Directors</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2  face="Times New Roman">October 13, 2021</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Gary J. Haseley</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

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   <TD width="1%" noWrap align=left></TD>

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   <TD width="32%" noWrap align=left>&nbsp;</TD></TR>

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   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Craig D. Cairns</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left></TD>

   <TD width="32%" noWrap align=center><FONT size=2  face="Times New Roman">October 13, 2021</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Craig D. Cairns</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

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   <TD width="1%" noWrap align=left></TD>

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<TR style="line-height: 11pt;">

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

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   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Oksana S. Dominach</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2  face="Times New Roman">October 13, 2021</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Oksana S. Dominach</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

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   <TD width="1%" noWrap align=left></TD>

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<TR style="line-height: 11pt;">

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

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   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Charles P. Hadeed</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2  face="Times New Roman">October 13, 2021</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Charles P. Hadeed</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

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<TR style="line-height: 11pt;">

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

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   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Richard J. Harrison</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2  face="Times New Roman">October 13, 2021</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Richard J. Harrison</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

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   <TD width="1%" noWrap align=left></TD>

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<TR style="line-height: 11pt;">

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

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   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Mbago M. Kaniki</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2  face="Times New Roman">October 13, 2021</FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Mbago M. Kaniki</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

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   <TD width="1%" noWrap align=left></TD>

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<TR style="line-height: 11pt;">

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

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   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Paul D. Moore</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2  face="Times New Roman">October 13, 2021</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Paul D. Moore</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

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   <TD width="1%" noWrap align=left></TD>

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<TR style="line-height: 11pt;">

   <TD width="100%" colSpan=5>&nbsp;</TD></TR>

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   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Angela J. Panzarella</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2  face="Times New Roman">October 13, 2021</FONT></TD></TR>

<TR vAlign=bottom>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Angela J. Panzarella</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left></TD>

   <TD width="1%" noWrap align=left></TD>

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   <TD STYLE="width: 33%; white-space: nowrap; text-align: left; border-bottom: Black 1pt solid"><FONT size=2  face="Times New Roman">/s/ Carl E. Sassano</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Director</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

   <TD width="32%" noWrap align=center><FONT size=2  face="Times New Roman">October 13, 2021</FONT></TD></TR>

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   <TD width="33%" noWrap align=left><FONT size=2  face="Times New Roman">Carl E. Sassano</FONT></TD>

   <TD width="1%" noWrap align=left><FONT size=2  face="Times New Roman"></FONT></TD>

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   <TD width="1%" noWrap align=left></TD>

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<P style="TEXT-ALIGN: center"><FONT size=2  face="Times New Roman">II-6</FONT></P>



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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>transcat3970081-ex51.htm
<DESCRIPTION>OPINION OF JAMES M. JENKINS
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<P style="TEXT-ALIGN: right"><B><FONT size=2 face="Times New Roman">Exhibit 5.1</FONT></B></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">October 13, 2021</FONT></P>

<P style="TEXT-ALIGN: justify"><B><FONT size=2 face="Times New Roman">Transcat, Inc.<BR></FONT></B><B><FONT size=2 face="Times New Roman">35 Vantage Point Dr. <BR>Rochester, NY 14624</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Re: Transcat, Inc.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Ladies and Gentlemen:</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">I have acted as General Counsel to Transcat, Inc. I have examined the Registration Statement on Form S-8 (the &#8220;Registration Statement&#8221;) of Transcat, Inc., an Ohio corporation (the &#8220;Company&#8221;), filed on October 13, 2021 with the Securities and Exchange Commission (the &#8220;Commission&#8221;) pursuant to the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), in connection with the offering by the Company of up to 898,000 shares of the Company&#8217;s common stock, par value $0.01 per share (the &#8220;Shares&#8221;), available for issuance under the Company Amended and Restated 2021 Long-Term Incentive Plan (as amended, the &#8220;2021 Plan&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Pursuant to the terms of the Company&#8217;s Long-Term Incentive Plan (the &#8220;2021 Plan&#8221;), the following shares of common stock of the Company, par value $0.01 per share (&#8220;Common Stock&#8221;), will be issuable under the 2021 Plan: (i) the number of shares of Common Stock remaining available for issuance under the 2021 Plan on October 13, 2021, and (ii) the number of shares of Common Stock subject to any award outstanding under the 2021 Plan as of October 13, 2021 that after such date is not issued because such award is forfeited, terminates, expires or otherwise lapses without being exercised (to the extent applicable), or is settled in cash (items (i) and (ii), the &#8220;Rollover Shares&#8221;).</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">I have examined the Registration Statement to be filed with the Commission pursuant to the Securities Act, in connection with the offering by the Company of such Rollover Shares under the 2021 Plan.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">In arriving at the opinion expressed below, I have examined originals, or copies certified or otherwise identified to our satisfaction as being true and complete copies of the originals, of the 2021 Plan and such other documents, corporate records of the Company, certificates of officers of the Company and of public officials and other documents as we have deemed necessary or advisable to enable us to render this opinion. In my examination, I have assumed without independent investigation the genuineness of all signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as copies. I have also assumed that there are no agreements or understandings between or among the Company and any participants in the 2021 Plan that would expand, modify or otherwise affect the terms of the 2021 Plan or the respective rights or obligations of the participants thereunder. Finally, I have assumed the accuracy of all other information provided to us by the Company during the course of our investigations, on which we have relied in issuing the opinion expressed below.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Based upon the foregoing examination and in reliance thereon, and subject to the qualifications, assumptions and limitations stated herein and in reliance on the statements of fact contained in the documents that I have examined, I am of the opinion that the Rollover Shares, when issued and sold in accordance with the terms set forth in the 2021 Plan and against payment therefor, and when the Registration Statement has become effective under the Securities Act, will be validly issued, fully paid and non-assessable.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">I render no opinion herein as to matters involving the laws of any jurisdiction other than the Ohio General Corporation Law. This opinion is limited to the effect of the current state of the laws of the State of Ohio and the facts as they currently exist. I assume no obligation to revise or supplement this opinion in the event of future changes in such laws or the interpretations thereof or such facts. I express no opinion regarding any state securities laws or regulations.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">I consent to the filing of this opinion as an exhibit to the Registration Statement. In giving these consents, I do not thereby admit that I am within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">Very truly yours,</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">/s/ James M. Jenkins</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2 face="Times New Roman">James M. Jenkins <BR>General Counsel<BR></FONT><FONT size=2 face="Times New Roman">Vice President of Corporate Development and Corporate Secretary</FONT></P>

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<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>transcat3970081-ex231.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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<P style="TEXT-ALIGN: right"><B><FONT size=2  face="Times New Roman">Exhibit 23.1</FONT></B></P>
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<P style="TEXT-ALIGN: center"><B><FONT size=2  face="Times New Roman">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B></P>

<P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">We consent to the incorporation by reference in Amendment No. 1 to this Registration Statement (No. 333-191631) on Form S-8 and related Prospectus of Transcat, Inc. of our report dated June 8, 2021, relating to the consolidated financial statements as of and for the year ended March 27, 2021 and the effectiveness of internal control over financial reporting of Transcat, Inc., appearing in the Annual Report on Form 10-K of Transcat, Inc. for the year ended March 27, 2021.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">/s/ Freed Maxick CPAs, P.C.</FONT></P>

<P style="TEXT-ALIGN: justify"><FONT size=2  face="Times New Roman">Rochester, New York <BR>October 13, 2021</FONT></P>

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<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>transcat3970081-ex993.htm
<DESCRIPTION>2021 STOCK INCENTIVE PLAN
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<P style="TEXT-ALIGN: right"><B><FONT size=2  face="Times New Roman">Exhibit 99.3</FONT></B></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">TRANSCAT, INC.<BR></FONT></B><B><FONT size=2 face="Times New Roman">2021 STOCK INCENTIVE PLAN</FONT></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman">Transcat, Inc., an Ohio corporation (&#8220;</FONT><U><FONT size=2 face="Times New Roman">Transcat</FONT></U><FONT size=2 face="Times New Roman">&#8221;), hereby established the Transcat, Inc. </FONT><FONT size=2 face="Times New Roman">2021 Stock Incentive Plan (the &#8220;</FONT><U><FONT size=2 face="Times New Roman">Plan</FONT></U><FONT size=2 face="Times New Roman">&#8221;) for the benefit of eligible Employees, Directors and Consultants.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE 1<BR></FONT></B><B><U><FONT size=2 face="Times New Roman">PURPOSE AND EFFECTIVE DATE</FONT></U></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">1.1 </FONT></B><B><U><FONT size=2 face="Times New Roman">Purpose</FONT></U></B><FONT size=2 face="Times New Roman">. The purpose of the Plan is to recruit and retain selected Employees, Directors and Consultants and to motivate such Employees, Directors and Consultants to put forth their maximum efforts toward the continued growth, profitability and success of the Company by providing incentives to such Employees, Directors and Consultants through the ownership and performance of Common Stock.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">1.2 </FONT></B><B><U><FONT size=2 face="Times New Roman">Term</FONT></U></B><FONT size=2 face="Times New Roman">. The Plan was approved by the Board on June 7, 2021, and will become effective upon the approval by Transcat&#8217;s shareholders at the 2021 Annual Meeting on September 8, 2021 (the &#8220;</FONT><U><FONT size=2 face="Times New Roman">Effective Date</FONT></U><FONT size=2 face="Times New Roman">&#8221;). No Award will be granted under the Plan more than 10 years after the Effective Date, but all Awards granted on or prior to such date will continue in effect thereafter subject to the terms thereof and of the Plan.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">1.3 </FONT></B><B><U><FONT size=2 face="Times New Roman">Successor Plan</FONT></U></B><FONT size=2 face="Times New Roman">. The Plan was established as a successor to the 2003 Incentive Plan, as amended and restated (the &#8220;</FONT><U><FONT size=2 face="Times New Roman">Prior Plan</FONT></U><FONT size=2 face="Times New Roman">&#8221;). If the Plan is approved, no additional awards shall be made under the Prior Plan after the Effective Date. As provided by Section 5.1, shares of Common Stock authorized under the Prior Plan as of the Effective Date will become available for issuance or transfer under the Plan. Outstanding awards under the Prior Plan continue in effect according to their terms as in effect before the Effective Date (subject to such amendments as the Committee determines, consistent with the Prior Plan, as applicable).</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE 2<BR></FONT></B><B><U><FONT size=2 face="Times New Roman">DEFINITIONS</FONT></U></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.1 </FONT></B><B><U><FONT size=2 face="Times New Roman">Approved Reason</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Approved Reason&#8221; means a reason for terminating employment with the Company which, in the opinion of the Committee, is in the best interests of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.2 </FONT></B><B><U><FONT size=2 face="Times New Roman">Award</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Award&#8221; means the Options, Stock Appreciation Rights, Restricted Stock Awards, Restricted Stock Unit Awards and other awards granted under the Plan.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.3 </FONT></B><B><U><FONT size=2 face="Times New Roman">Award Agreement</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Award Agreement&#8221; means a written or electronic agreement entered into between Transcat and a Participant setting forth the terms and conditions of an Award made to the Participant under the Plan, in such form as prescribed by the Committee from time to time.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.4 </FONT></B><B><U><FONT size=2 face="Times New Roman">Board</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Board&#8221; means the Board of Directors of Transcat.</FONT></P>



<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">1</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.5 </FONT></B><B><U><FONT size=2 face="Times New Roman">Cause</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Cause&#8221; as a reason for the termination of a Participant&#8217;s employment means (a) the willful and continued failure by a Participant to substantially perform his or her duties with the Company after written warnings identifying the lack of substantial performance are delivered to the Participant by the Company to specifically identify the manner in which the Company believes that the Participant has not substantially performed his or her duties; (b) the willful engaging by a Participant in illegal conduct which is materially and demonstrably injurious to the Company; (c) the commission of a felony by a Participant; (d) the breach by a Participant of a material fiduciary duty owed by that Participant to the Company; (e) the intentional unauthorized disclosure by a Participant to any person of confidential information or trade secrets of a material nature relating to the Company&#8217;s business; or (f) the engaging by a Participant in any conduct that the Company&#8217;s written rules, regulations or policies specify as constituting grounds for discharge.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.6 </FONT></B><B><U><FONT size=2 face="Times New Roman">Change in Control</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Change in Control&#8221; means (a) any &#8220;person&#8221; within the meaning of Section 14(d) of the Exchange Act, other than Transcat, a Subsidiary, or any employee benefit plan(s) sponsored by Transcat or any Subsidiary, is or has become the &#8220;beneficial owner,&#8221; as defined in Rule 13d-3 under the Exchange Act, directly or indirectly, of 50 percent or more of the combined voting power of the outstanding securities of Transcat ordinarily having the right to vote at the election of directors; (b) individuals who constitute the Board on September 8, 2021 (the &#8220;</FONT><U><FONT size=2 face="Times New Roman">Incumbent Board</FONT></U><FONT size=2 face="Times New Roman">&#8221;) have ceased for any reason to constitute at least a majority thereof (or a majority of the Board as then constituted), provided that any person becoming a director subsequent to September 8, 2021 whose election, or nomination for election by Transcat&#8217;s shareholders, was approved by a vote of at least three-quarters (3/4) of the directors comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement of Transcat in which such person is named as a nominee for director without objection to such nomination) shall be, for purposes of this Plan, considered as though such person were a member of the Incumbent Board; (c) the closing of a reorganization, merger or consolidation of Transcat, other than one with respect to which all or substantially all of those persons who were the beneficial owners, immediately prior to such reorganization, merger or consolidation, of outstanding securities of Transcat ordinarily having the right to vote in the election of directors own, immediately after such transaction, more than three-quarters (3/4) of the outstanding securities of the resulting corporation ordinarily having the right to vote in the election of directors; (d) the closing of a sale or other disposition of all or substantially all of the assets of Transcat, other than to a Subsidiary; or (e) the complete liquidation and dissolution of Transcat.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.7 </FONT></B><B><U><FONT size=2 face="Times New Roman">Code</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Code&#8221; means the Internal Revenue Code of 1986, as amended from time to time, including the regulations thereunder and any successor provisions and the regulations thereto.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.8 </FONT></B><B><U><FONT size=2 face="Times New Roman">Committee</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Committee&#8221; means the Compensation Committee of the Board, each member of which is a &#8220;non-employee director&#8221; within the meaning of Rule 16b-3 under the Exchange Act and meets the independence requirements of the Exchange listing standards.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.9 </FONT></B><B><U><FONT size=2 face="Times New Roman">Common Stock</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Common Stock&#8221; means the common stock of Transcat, $0.50 par value per share.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.10 </FONT></B><B><U><FONT size=2 face="Times New Roman">Company</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Company&#8221; means Transcat and its Subsidiaries.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.11 </FONT></B><B><U><FONT size=2 face="Times New Roman">Consultant</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Consultant&#8221; means a consultant, advisor or independent contractor retained by the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.12 </FONT></B><B><U><FONT size=2 face="Times New Roman">Director</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Director&#8221; means a non-Employee member of the Board.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">2</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.13 </FONT></B><B><U><FONT size=2 face="Times New Roman">Disability</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Disability&#8221; for a Participant who is an Employee, means a disability under the terms of the long-term disability plan maintained by the Participant&#8217;s employer, or in the absence of such a plan, the Transcat, Inc. Long Term Disability Plan; and for all other Participants, means a disability under the Transcat, Inc. Long Term Disability Plan. </FONT><FONT size=2 face="Times New Roman">Notwithstanding the foregoing, if the determination of Disability relates to an Incentive Stock Option, Disability means the Employee is permanently and totally disabled under Section 22(e)(3) of the Code.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.14 </FONT></B><B><U><FONT size=2 face="Times New Roman">Employee</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Employee&#8221; means an employee of the Company.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.15 </FONT></B><B><U><FONT size=2 face="Times New Roman">Exchange</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Exchange&#8221; means the Nasdaq Stock Market or such other principal securities market on which the Common Stock is traded.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.16 </FONT></B><B><U><FONT size=2 face="Times New Roman">Exchange Act</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Exchange Act&#8221; means the Securities Exchange Act of 1934, as amended from time to time, including the rules thereunder and any successor provisions and the rules thereto.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.17 </FONT></B><B><U><FONT size=2 face="Times New Roman">Exercise Price</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Exercise Price&#8221; means the price at which a share of Common Stock may be purchased by a Participant pursuant to the exercise of an Option.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.18 </FONT></B><B><U><FONT size=2 face="Times New Roman">Fair Market Value</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Fair Market Value&#8221; of Common Stock means the closing price of the Common Stock as reported on the Exchange on the relevant valuation date or, if there were no Common Stock transactions on such day, on the next preceding date on which there were Common Stock transactions.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.19 </FONT></B><B><U><FONT size=2 face="Times New Roman">Good Reason</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Good Reason&#8221; as a reason for the termination of a Participant&#8217;s employment means (a) a material diminution in the Participant&#8217;s base salary from the level immediately prior to the Change in Control; or (b) a material change in the geographic location at which the Participant must primarily perform the Participant&#8217;s services (which shall in no event include a relocation of the Participant&#8217;s current principal place of business to a location less than 50 miles away) from the geographic location immediately prior to the Change in Control; provided, however, no termination shall be deemed to be for Good Reason unless (i) the Participant provides the Company with written notice setting forth the specific facts or circumstances constituting Good Reason within 90 days after the initial existence of the occurrence of such facts or circumstances; (ii) to the extent curable, the Company has failed to cure such facts or circumstances within 30 days of its receipt of such written notice; and (iii) the effective date of the termination for Good Reason occurs no later than 180 days after the initial existence of the facts or circumstances constituting Good Reason.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.20 </FONT></B><B><U><FONT size=2 face="Times New Roman">Incentive Stock Option</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Incentive Stock Option&#8221; means an Option to purchase Common Stock which is granted under the Plan with the intention that it qualify as an &#8220;incentive stock option&#8221; as that term is defined under Section 422 of the Code.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.21 </FONT></B><B><U><FONT size=2 face="Times New Roman">Involuntary Termination</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Involuntary Termination&#8221; means a termination of a Participant&#8217;s employment or service by the Company without Cause or by the Participant for Good Reason. For avoidance of doubt, an Involuntary Termination shall not include a termination of the Participant&#8217;s employment or service by the Company for Cause or due to the Participant&#8217;s death, Disability, Retirement or voluntary resignation other than for Good Reason.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">3</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.22 </FONT></B><B><U><FONT size=2 face="Times New Roman">Non-Qualified Stock Option</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Non-Qualified Stock Option&#8221; means an Option to purchase Common Stock which is granted under the Plan and that is not an Incentive Stock Option.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.23 </FONT></B><B><U><FONT size=2 face="Times New Roman">Option</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Option&#8221; means a Non-Qualified Stock Option or an Incentive Stock Option granted pursuant to Section 6.4.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.24 </FONT></B><B><U><FONT size=2 face="Times New Roman">Over 10% Owner</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Over 10% Owner&#8221; means an individual who, at the time an Incentive Stock Option is granted to such individual, owns Common Stock possessing more than 10 percent of the total combined voting power of Transcat or one of its Subsidiaries, determined by applying the attribution rules of Section 424(d) of the Code.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.25 </FONT></B><B><U><FONT size=2 face="Times New Roman">Participant</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Participant&#8221; means an Employee, Director or Consultant to whom an Award has been granted under the Plan.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.26 </FONT></B><B><U><FONT size=2 face="Times New Roman">Restricted Period</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Restricted Period&#8221; means the period of time during which Restricted Stock Awards granted pursuant to Section 6.6 or Restricted Stock Unit Awards granted pursuant to Section 6.7 are subject to restrictions.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.27 </FONT></B><B><U><FONT size=2 face="Times New Roman">Restricted Stock Award</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Restricted Stock Award&#8221; means an award of Common Stock subject to restrictions determined by the Committee as described in Section 6.6.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.28 </FONT></B><B><U><FONT size=2 face="Times New Roman">Restricted Stock Unit Award</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Restricted Stock Unit Award&#8221; means an award as described in Section 6.7.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.29 </FONT></B><B><U><FONT size=2 face="Times New Roman">Retirement</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Retirement&#8221; means, in the case of a Participant employed by the Company, voluntary termination of employment on or after attaining age 55.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.30 </FONT></B><B><U><FONT size=2 face="Times New Roman">Securities Act</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Securities Act&#8221; means the Securities Act of 1933, as amended from time to time, including the rules thereunder and any successor provisions and the rules thereto.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.31 </FONT></B><B><U><FONT size=2 face="Times New Roman">Stock Appreciation Right</FONT></U></B><FONT size=2 face="Times New Roman">. </FONT><FONT size=2 face="Times New Roman">&#8220;Stock Appreciation Right&#8221; means an award of a stock appreciation right as described in Section 6.5.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.32 </FONT></B><B><U><FONT size=2 face="Times New Roman">Strike Price</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Strike Price&#8221; means the measuring price per share of Common Stock for a Stock Appreciation Right used to determine the payment of such Stock Appreciation Right.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.33 </FONT></B><B><U><FONT size=2 face="Times New Roman">Subsidiary</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Subsidiary&#8221; means a corporation or other business entity in which Transcat directly or indirectly has an ownership interest of 50 percent or more, except that with respect to Incentive Stock Options, Subsidiary means subsidiary corporation as defined in Section 424(f) of the Code.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">2.34 </FONT></B><B><U><FONT size=2 face="Times New Roman">Termination of Employment</FONT></U></B><FONT size=2 face="Times New Roman">. &#8220;Termination of Employment&#8221; means the termination of the employment or other service relationship between a Participant and the Company, regardless of whether severance or similar payments are made to the Participant, for any reason, including, but not by way of limitation, a termination by resignation, discharge, death, Disability, or Retirement, as determined by the Committee pursuant to Section 6.3(h)(3).</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">4</FONT></P>

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<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE 3<BR></FONT></B><B><U><FONT size=2 face="Times New Roman">ELIGIBILITY AND PARTICIPATION</FONT></U></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">3.1 </FONT></B><B><U><FONT size=2 face="Times New Roman">Eligibility</FONT></U></B><FONT size=2 face="Times New Roman">. Subject to the limitation on eligibility for awards of Incentive Stock Options set forth in Section 6.4(f), any Employee, Director or Consultant who is selected by the Committee is eligible to receive an Award under the Plan.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">3.2 </FONT></B><B><U><FONT size=2 face="Times New Roman">Participation</FONT></U></B><FONT size=2 face="Times New Roman">. Unless otherwise determined by the Committee, as a condition precedent to participation in the Plan, each Employee, Director or Consultant selected to receive an Award shall enter into an Award Agreement with the Company, agreeing to the terms and conditions of the Plan and the Award granted.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE 4<BR></FONT></B><B><U><FONT size=2 face="Times New Roman">ADMINISTRATION</FONT></U></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">4.1 </FONT></B><B><U><FONT size=2 face="Times New Roman">Responsibility</FONT></U></B><FONT size=2 face="Times New Roman">. The Committee shall have total and exclusive responsibility to control, operate, manage and administer the Plan in accordance with its terms.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">4.2 </FONT></B><B><U><FONT size=2 face="Times New Roman">Authority of the Committee</FONT></U></B><FONT size=2 face="Times New Roman">. The Committee shall have all the authority that may be necessary or helpful to enable it to discharge its responsibilities with respect to the Plan. Without limiting the generality of the preceding sentence, the Committee shall have the exclusive right to: (a) select the Employees, Directors and Consultants to whom Awards will be granted; (b) determine the type of Awards to be made to be granted; (c) determine the number of shares of Common Stock subject to each Award; (d) determine the terms and conditions of each Award consistent with the Plan, including, without limitation, the applicable vesting schedule and forfeiture provisions of the Award, Exercise Price, Strike Price, performance goals, performance periods, Restricted Periods and exercise periods; (e) determine the terms and provisions of Award Agreements consistent with the Plan; (f) take any and all other action it deems necessary or advisable for the proper operation or administration of the Plan; and (g) make all determinations it deems necessary or advisable for the administration of the Plan, including factual determinations. Except as otherwise required by the Plan, the Committee shall have the authority to interpret and construe the provisions of the Plan and the Award Agreements, and to make determinations pursuant to any Plan provision or Award Agreement which shall be final and binding on all persons. It is the intent of the Plan that the decisions of the Committee and its actions with respect to the Plan shall be final, binding and conclusive upon all persons having or claiming to have any right or interest in or under the Plan.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">4.3 </FONT></B><B><U><FONT size=2 face="Times New Roman">Delegation</FONT></U></B><FONT size=2 face="Times New Roman">. The Committee may allocate all or any portion of its responsibilities and powers under the Plan to any one or more of its members, the Chief Executive Officer of Transcat or other senior members of management as the Committee deems appropriate and may delegate all or any part of its responsibilities and powers to any such person or persons, provided that any such allocation or delegation be in writing; provided, however, that only the Committee may select and grant Awards to Participants who are subject to Section 16 of the Exchange Act. The Committee may revoke any such allocation or delegation at any time for any reason with or without prior notice. References in the Plan to Committee shall include the individuals to whom the Committee has delegated authority to the extent of the authority so delegated.</FONT></P>



<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">5</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">4.4 </FONT></B><B><U><FONT size=2 face="Times New Roman">Indemnification</FONT></U></B><FONT size=2 face="Times New Roman">. No Director, member of the Committee, or officer or employee to whom any duty or power relating to the administration or interpretation of the Plan has been delegated (each, an &#8220;</FONT><U><FONT size=2 face="Times New Roman">Indemnified Person</FONT></U><FONT size=2 face="Times New Roman">&#8221;), shall be liable to any person for any act or determination made in good faith with respect to the Plan or any Award. Each Indemnified Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such Indemnified Person in connection with or resulting from any claim, action, suit or proceeding to which the Indemnified Person may be a party or in which the Indemnified Person may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by the Indemnified Person in settlement thereof, with the Company&#8217;s approval, or paid by the Indemnified Person in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided the Indemnified Person shall give the Company an opportunity, at its own expense, to handle, and defend the same before the Indemnified Person undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such Indemnified Persons may be entitled under Transcat&#8217;s governing documents or policies, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE 5<BR></FONT></B><B><U><FONT size=2 face="Times New Roman">STOCK SUBJECT TO PLAN</FONT></U></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">5.1 </FONT></B><B><U><FONT size=2 face="Times New Roman">Available Shares</FONT></U></B><FONT size=2 face="Times New Roman">. Subject to adjustment in accordance with Section 9.1, the maximum number of shares of Common Stock available for grant of Awards under the Plan during its term shall be the sum of the following: (a) the number of shares remaining available for issuance under the Prior Plan on the Effective Date; and (b) any shares of Common Stock that are subject to outstanding awards under the Prior Plan on the Effective Date that are subsequently canceled, expired, forfeited, or otherwise not issued or are settled in cash (collectively, the &#8220;</FONT><U><FONT size=2 face="Times New Roman">Share Reserve</FONT></U><FONT size=2 face="Times New Roman">&#8221;). All or any of this maximum number of shares of Common Stock reserved under the Plan may be issued pursuant to Awards of Incentive Stock Options or pursuant to any one or more other Awards. The shares of Common Stock available for issuance under the Plan may be authorized and unissued shares or treasury shares.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">5.2 </FONT></B><B><U><FONT size=2 face="Times New Roman">Share Counting</FONT></U></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><U><FONT size=2 face="Times New Roman">Shares Deducted</FONT></U><FONT size=2 face="Times New Roman">. For purposes of calculating the total number of shares of Common Stock available for grants of Awards under Section 5.1, the following shall apply: (i) the number of shares of Common Stock available for grants of Awards hereunder shall be reduced by the number of shares for which Awards are actually granted under the Plan; and (ii) the grant of a Performance Stock Award or Performance Stock Unit Award shall be deemed to be equal to the maximum number of shares of Common Stock which may be issued under such Award.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><U><FONT size=2 face="Times New Roman">Shares Added Back</FONT></U><FONT size=2 face="Times New Roman">. If any Award under the Plan shall expire, terminate, be canceled, or is unsettled for any reason without having been exercised in full, or if any Award shall be forfeited to Transcat, the unexercised, unsettled or forfeited Award, shall not count against the aggregate limitation in Section 5.1 and shall again become available for grants under the Plan. Further, if less than the maximum number of shares of Common Stock which may be issued under a Performance Stock Award or Performance Stock Unit Award are earned and issued, only the number of shares of Common Stock actually issued shall count against the above limit, and the excess of the maximum over the actual number of shares of Common Stock issued shall again become available for
grants under the Plan.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">6</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) </FONT><U><FONT size=2 face="Times New Roman">Shares Not Added Back</FONT></U><FONT size=2 face="Times New Roman">. Shares of Common Stock equal in number to the shares tendered or withheld in payment of the Exercise Price of an Option or in settlement of any other Award, and shares of Common Stock that are tendered or withheld in order to satisfy any federal, state, or local tax liability, shall count against the aggregate limitation in Section 5.1 and shall not become available again for grants under the Plan. In addition, the full number of shares of Common Stock subject to a Stock Appreciation Right shall count against the above limit, and any shares that were estimated to be used for such purposes and were not in fact so used shall not become available again for grants under the Plan.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) </FONT><U><FONT size=2 face="Times New Roman">Cash Awards</FONT></U><FONT size=2 face="Times New Roman">. Awards to be settled in cash do not count against the aggregate limitation in Section 5.1.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">5.3 </FONT></B><B><U><FONT size=2 face="Times New Roman">Assumed or Substitute Awards</FONT></U></B><FONT size=2 face="Times New Roman">. Awards granted through the assumption of, or substitution for, outstanding awards previously granted by a company acquired by Transcat or any Subsidiary or with which Transcat or any Subsidiary combines, shall not reduce the maximum number of shares of Common Stock that may be issued under the Plan as described in Section 5.1 or the maximum number of shares of Common Stock authorized for grant to an individual in any calendar year described in Section 5.4.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">5.4 </FONT></B><B><U><FONT size=2 face="Times New Roman">Participant Limits</FONT></U></B><FONT size=2 face="Times New Roman">.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><U><FONT size=2 face="Times New Roman">Employee and Consultant Limits</FONT></U><FONT size=2 face="Times New Roman">. Subject to adjustment in accordance with Section 9.1, the total number of shares of Common Stock for which Awards may be granted in any calendar year to any Employee or Consultant shall not exceed 100,000 shares of Common Stock.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><U><FONT size=2 face="Times New Roman">Director Limits</FONT></U><FONT size=2 face="Times New Roman">. The aggregate grant date fair value of Awards granted in any calendar year to any Director shall not exceed $300,000. The maximum amount that may be paid in any calendar year to any Director in property other than shares of Common Stock in respect of services as a Director shall not exceed $300,000.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE 6<BR></FONT></B><B><U><FONT size=2 face="Times New Roman">AWARDS UNDER THE PLAN</FONT></U></B></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">6.1 </FONT></B><B><U><FONT size=2 face="Times New Roman">In General</FONT></U></B><FONT size=2 face="Times New Roman">. Awards may, at the Committee&#8217;s sole discretion, be granted in the form of Options pursuant to Section 6.4, Stock Appreciation Rights pursuant to Section 6.5, Restricted Stock Awards pursuant to Section 6.6, Restricted Stock Units pursuant to Section 6.7 or other Awards pursuant to Section 6.8, or a combination thereof. All Awards shall be subject to the terms, conditions, restrictions and limitations of the Plan. The Committee may, in its sole judgment, subject an Award to such other terms, conditions, restrictions and/or limitations (including, but not limited to, the time and conditions of exercise and restrictions on transferability and vesting), provided they are not inconsistent with the terms of the Plan.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">7</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman"><B><FONT size=2 face="Times New Roman">6.2 </FONT></B><B><U><FONT size=2 face="Times New Roman">Foreign Jurisdictions</FONT></U></B><FONT size=2 face="Times New Roman">.</FONT></FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><U><FONT size=2 face="Times New Roman">Special Terms</FONT></U><FONT size=2 face="Times New Roman">. In order to facilitate the making of any Award to Participants who are employed or retained by the Company outside the United States as </FONT><FONT size=2 face="Times New Roman">Employees, Directors or Consultants (or who are foreign nationals temporarily within the United States), the Committee may provide for such modifications and additional terms and conditions (&#8220;<u>special terms</u>&#8221;) in Awards as the Committee may consider necessary or appropriate to accommodate differences in local law, policy or custom or to facilitate administration of the Plan. The special terms may provide that the grant of an Award is subject to (i) applicable governmental or regulatory approval or other compliance with local legal requirements and/or (ii) the execution by the Participant of a written instrument in the form specified by the Committee, and that in the event such conditions are not satisfied, the grant shall be void. The special terms may also provide that an Award shall become exercisable or redeemable, as the case may be, if an Employee&#8217;s employment or a Director&#8217;s or Consultant&#8217;s relationship with the Company ends as a result of workforce reduction, realignment or similar measure and the Committee may designate a person or persons to make such determination for a location. The Committee may adopt or approve sub-plans, appendices or supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for purposes of implementing any special terms, without thereby affecting the terms of the Plan as in effect for any other purpose; provided, however, no such sub-plans, appendices or supplements to, or amendments, restatements, or alternative versions of, the Plan shall: (1) increase the aggregate limitation in Section 5.1; (2) increase the Participant limitations contained in Section 5.4; (3) cause the Plan to cease to satisfy any conditions of Rule 16b-3 under the Exchange Act; or (4) revoke, remove or reduce any vested right of a Participant without the prior written consent of such Participant.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><U><FONT size=2 face="Times New Roman">Currency Effects</FONT></U><FONT size=2 face="Times New Roman">. Unless otherwise specifically determined by the Committee, all Awards and payments pursuant to such Awards shall be determined in U.S. currency. The Committee shall determine, in its discretion, whether and to the extent any payments made pursuant to an Award shall be made in local currency, as opposed to U.S. dollars. In the event payments are made in local currency, the Committee may determine, in its discretion and without liability to any Participant, the method and rate of converting the payment into local currency.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) </FONT><U><FONT size=2 face="Times New Roman">Modifications to Awards</FONT></U><FONT size=2 face="Times New Roman">. Subject to the limitation on repricing in Section 8.3, the Committee shall have the right at any time and from time to time and without prior notice to modify outstanding Awards to comply with or satisfy local laws and regulations or to avoid costly governmental filings. By means of illustration, but not limitation, the Committee may restrict the method of exercise of an Award to facilitate compliance with applicable securities laws or exchange control filings, laws or regulations.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) </FONT><U><FONT size=2 face="Times New Roman">No Acquired Rights</FONT></U><FONT size=2 face="Times New Roman">. No Employee, Director or Consultant in any country shall have any right to receive an Award. All Awards made at any time are subject to the prior approval of the Committee.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">6.3 </FONT></B><B><U><FONT size=2 face="Times New Roman">Terms and Conditions of Awards</FONT></U></B><FONT size=2 face="Times New Roman">.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><U><FONT size=2 face="Times New Roman">Shares Subject to Grant</FONT></U><FONT size=2 face="Times New Roman">. The number of shares of Common Stock as to which an Award may be granted will be determined by the Committee in its sole discretion, subject to the Participant limitations in Section 5.4.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">8</FONT></P>
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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><U><FONT size=2 face="Times New Roman">Award Agreement</FONT></U><FONT size=2 face="Times New Roman">. Each Award Agreement is subject to the terms of the Plan and any provisions contained in the Award Agreement that are inconsistent with the Plan shall be superseded by the terms of the Plan.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) </FONT><U><FONT size=2 face="Times New Roman">Transfer and Exercise</FONT></U><FONT size=2 face="Times New Roman">. Awards are not transferable or assignable except by will or by the laws of descent and distribution and are exercisable, during a Participant&#8217;s lifetime, only by the Participant, or in the event of the Disability of the Participant, by the Participant or the legal representative of the Participant, or in the event of the death of the Participant, by the legal representative of the Participant&#8217;s estate, or if no legal representative has been appointed, by the successor in interest determined under the Participant&#8217;s will. Any transfer or attempted transfer of an Award by a Participant not made in accordance with the Plan and the applicable Award Agreement will be void and of no effect, and the Company will not recognize, or have the duty to recognize, any transfer not made in accordance with the Plan and the applicable Award Agreement, and an Award attempted to be transferred will continue to be bound by the Plan and the applicable Award Agreement.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) </FONT><U><FONT size=2 face="Times New Roman">Payment</FONT></U><FONT size=2 face="Times New Roman">. Awards for which any payment is due from a Participant including, without limitation, the Exercise Price of an Option, or the tax withholding required with respect to an Award pursuant to Section 6.1(f), may be made in any form or manner authorized by the Committee in the Award Agreement or by amendment thereto, including, but not limited to: </FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) in cash or by personal check, bank draft, money order, money transfer or direct account debit; </FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(ii) if permitted by the Committee, by instructing the Company to withhold a number of shares of Common Stock that would otherwise be issued having a fair market value equal to the amount to be paid and/or the tax withholding required with respect to the Award; </FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(iii) if permitted by the Committee, by tendering (actually or by attestation) to the Company a number of previously acquired and unrestricted shares of Common Stock held by the Participant that have a fair market value equal to the amount to be paid and/or the tax withholding required with respect to the Award; </FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(iv) if permitted by the Committee, by authorizing a third party to sell, on behalf of the Participant, the appropriate number of shares of Common Stock otherwise issuable to the Participant and to remit to the Company a sufficient portion of the sale proceeds to satisfy the amount to be paid and/or the tax withholding required with respect to the Award; or </FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(v) any combination of the foregoing </FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) </FONT><U><FONT size=2 face="Times New Roman">Dividend Equivalents</FONT></U><FONT size=2 face="Times New Roman">. If the Committee so determines and provides in an Award Agreement, Participants may be credited with any dividend equivalents paid with respect to the shares of Common Stock underlying a Restricted Stock Unit Award granted pursuant to Section 6.7 or other Award granted pursuant to Section 6.8 in a manner determined by the Committee in its sole discretion. The Committee, in its sole discretion, may determine the form of payment of dividend equivalents, including cash or shares of Common Stock. The Committee may apply any restrictions to such dividend equivalents that the Committee deems appropriate; provided, however, any dividend equivalents on an Award may be paid only if and to the extent the shares of Common Stock underlying the Award become vested or payable.</FONT></P>
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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) </FONT><U><FONT size=2 face="Times New Roman">Withholding</FONT></U><FONT size=2 face="Times New Roman">. The Company shall deduct from all cash payments under the Plan the amount of any federal, state, or local taxes required to be withheld. Whenever the Company proposes or is required to issue or transfer shares of Common Stock under the Plan, or upon the vesting of any Restricted Stock Award, the Company has the right to require the recipient to remit to the Company an amount sufficient to satisfy the amount of any federal, state, or local taxes required to be withheld as a condition of and prior to the delivery or release of such shares.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) </FONT><U><FONT size=2 face="Times New Roman">Exclusion from Minimum Vesting Requirements</FONT></U><FONT size=2 face="Times New Roman">. Awards granted under Section 6.4, Section 6.5, Section 6.6, Section 6.7 and Section 6.8 shall be subject to the minimum vesting period and continued employment or provision of service requirement specified for the Award by such Section, as applicable, except that: </FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) up to a maximum of five percent of the maximum number of shares of Common Stock that may be issued under the Plan pursuant to Section 5.1 may be issued pursuant to Awards granted under Section 6.4, Section 6.5, Section 6.6, Section 6.7 or Section 6.8 without regard for the minimum vesting period and continued employment or provision of service requirement set forth in such Sections; </FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) the minimum vesting period and continued employment or provision of service requirement shall not apply as the Committee may determine or permit otherwise in connection with the occurrence of a Retirement, death, or Disability of a Participant, a Participant&#8217;s Termination of Employment for an Approved Reason, or subject to the limitations set forth in Section 7.1, in the event of a Change in Control; and </FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) the minimum vesting period and continued employment or provision of service requirement shall not apply as may be required or otherwise be deemed advisable by the Committee in connection with an Award granted through the assumption of, or substitution for, outstanding awards previously granted by a company acquired by Transcat or any Subsidiary or with which Transcat or any Subsidiary combines.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(h) </FONT><U><FONT size=2 face="Times New Roman">Treatment of Awards upon Termination of Employment</FONT></U><FONT size=2 face="Times New Roman">.</FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(1) All Awards granted under the Plan, including all unexercised Options whether vested or non-vested, shall immediately be forfeited and may not thereafter vest or be exercised in the event a Participant incurs a Termination of Employment for Cause.</FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(2) Except as otherwise provided by Section 6.1(h)(1), any Award under the Plan to a Participant who has experienced a Termination of Employment or termination of some other service relationship with the Company may be cancelled, accelerated, paid or continued, as provided in the applicable Award Agreement or as the Committee may otherwise determine to the extent not prohibited by or inconsistent with the provisions of the Plan (including Section 6.3(g)), taking into consideration such other factors as the Committee determines are relevant to its decision whether to continue an Award.</FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(3) Subject to Section 6.1(h)(1), the Committee will, in its absolute discretion, determine the effect of all matters and questions relating to a Termination of&nbsp;Employment as it affects an Award, including, but not by way of limitation, the question of whether a leave of absence constitutes a Termination of Employment.</FONT></P>
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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) </FONT><U><FONT size=2 face="Times New Roman">Deferred Compensation</FONT></U><FONT size=2 face="Times New Roman">. Notwithstanding the Committee&#8217;s discretion to determine the terms and conditions of Awards under the Plan, the Committee may require or permit the deferral of the receipt of Awards (other than an Option or Stock Appreciation Right) upon such terms as the Committee deems appropriate and in accordance with the requirements of Section 409A of the Code.</FONT></P>
<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">6.4 </FONT></B><B><U><FONT size=2 face="Times New Roman">Options</FONT></U></B><FONT size=2 face="Times New Roman">. At the time any Option is granted, the Committee will determine whether the Option is to be an Incentive Stock Option or a Non-Qualified Stock Option. Each Incentive Stock Option granted under the Plan shall be clearly identified as to its status as an Incentive Stock Option and the applicable Award Agreement shall reflect such status. Subject to the special conditions applicable to Incentive Stock Options set forth in Section 6.4(f) and the special conditions applicable to substitute Options set forth in Section 6.4(g), Options awarded under the Plan shall be subject to the following terms and conditions: </FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><U><FONT size=2 face="Times New Roman">Exercise Price</FONT></U><FONT size=2 face="Times New Roman">. Subject to adjustment in accordance with Section 9.1, the Exercise Price per share of Common Stock purchasable under any Option shall be determined by the Committee in its sole discretion and set forth in the applicable Award Agreement; provided, however, the Exercise Price may not be less than the Fair Market Value of the Common Stock subject to the Option on the date the Option is granted.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><U><FONT size=2 face="Times New Roman">Option Term</FONT></U><FONT size=2 face="Times New Roman">. The exercise period for each Option granted under the Plan shall be determined by the Committee in its sole discretion and set forth in the applicable Award Agreement.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) </FONT><U><FONT size=2 face="Times New Roman">Conditions to Exercise</FONT></U><FONT size=2 face="Times New Roman">. Each Option granted under the Plan shall vest over a period based upon the passage of time or upon the achievement of performance goals (or a combination of both), as determined by the Committee; provided, however, except as otherwise permitted by Section 6.3(g), Options shall not vest for at least one year after the date of grant. The Committee may impose such conditions and restrictions on the exercise of an Option as it may deem appropriate. Each Option granted under the Plan shall be exercisable at such time or times, or upon the occurrence of such event or events, and for such number of shares of Common Stock as determined by the Committee in its sole discretion and set forth in the applicable Award Agreement.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) </FONT><U><FONT size=2 face="Times New Roman">Exercise of Option</FONT></U><FONT size=2 face="Times New Roman">. An Option shall be exercised by (i) delivery to the Company of a written notice of exercise (on the form or in the manner specified by the Company for such notice) with respect to all or a specified number of shares of Common Stock subject to the Option; (ii) payment to the Company of the full amount of the Exercise Price in a manner permissible under Section 6.3(d) and the applicable Award Agreement; and (iii) satisfaction of the tax withholding required in a manner permissible under Section 6.3(d) and the applicable Award Agreement.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(e) </FONT><U><FONT size=2 face="Times New Roman">No Rights as a Shareholder</FONT></U><FONT size=2 face="Times New Roman">. The holder of an Option, as such, shall have none of the rights of a shareholder of Transcat with respect to the shares of Common Stock underlying such Option until such time as the Option vests, is exercised and the shares of Common Stock are issued to the holder of the Option.</FONT></P>
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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(f) </FONT><U><FONT size=2 face="Times New Roman">Special Conditions for Incentive Stock Options</FONT></U><FONT size=2 face="Times New Roman">. Notwithstanding anything to the contrary in Section 6.1 or this Section 6.4, Incentive Stock Options shall be subject to the following terms and conditions: </FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(i) Incentive Stock Options may only be granted to Employees of Transcat or of a Subsidiary that qualifies as a &#8220;subsidiary corporation&#8221; within the meaning given such term by Section 424 of the Code.</FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(ii) The aggregate Fair Market Value (determined as of the date an Incentive Stock Option is granted) of the shares of Common Stock with respect to which Options intended to meet the requirements of Section 422 of the Code become exercisable for the first time by an Employee during any calendar year (under all plans of Transcat and its Subsidiaries) may not exceed $100,000; provided, however, if such limitation is exceeded, the portion of such Incentive Stock Option(s) which cause the limitation to be exceeded will be treated as Non-Qualified Stock Option(s).</FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(iii) No Incentive Stock Option may be granted after 10 years from the date that the Plan was last approved by Transcat&#8217;s shareholders.</FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(iv) With respect to each grant of an Incentive Stock Option to a Participant who is an Over 10% Owner, the Exercise Price may not be less than 110 percent of the Fair Market Value of the Common Stock subject to the Incentive Stock Option on the date the Incentive Stock Option is granted.</FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(v) The exercise period for an Incentive Stock Option must be no longer than 10 years from the date that the Incentive Stock Option is granted, or in the case of an Incentive Stock Option granted to an Over 10% Owner, the exercise period may be no longer than five years after the date that the Incentive Stock Option is granted.</FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(vi) For an Incentive Stock Option issued in substitution for an incentive stock option previously issued by another entity, which substitution occurs in connection with a transaction to which Section 424(a) of the Code is applicable, both the number of shares of Common Stock and the Exercise Price of the substitute Incentive Stock Option shall be determined in accordance with Section 424 of the Code.</FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(vii) Incentive Stock Options granted under the Plan are intended to comply with Section 422 of the Code, and the provisions of the Plan and the Award Agreements for any Incentive Stock Options granted under the Plan shall be construed in such manner as to effectuate that intent.</FONT></P>
<P STYLE="text-indent: 45pt; text-align: justify"><FONT size=2 face="Times New Roman">(viii) The maximum number of shares of Common Stock that may be issued under the Plan pursuant to Incentive Stock Options may not exceed, in the aggregate, the Share Reserve.</FONT></P>
<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(g) </FONT><U><FONT size=2 face="Times New Roman">Special Provisions for Substitute Options</FONT></U><FONT size=2 face="Times New Roman">. Notwithstanding anything to the contrary in this Section 6.4, any Option issued in substitution for an option previously issued by another entity, which substitution occurs in connection with a corporate transaction, may provide for an Exercise Price and may contain such other terms and conditions as the Committee may prescribe to cause such substitute Option to contain as nearly as possible the same terms and conditions (including the applicable vesting and termination provisions) as those contained in the previously issued option being
replaced thereby.</FONT></P>
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<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">6.5 </FONT></B><B><U><FONT size=2 face="Times New Roman">Stock Appreciation Rights</FONT></U></B><FONT size=2 face="Times New Roman">. A Stock Appreciation Right shall entitle the Participant to receive at the time of payment or exercise, for a specified or determinable number of shares of the Common Stock, an amount equal to a percentage (not to exceed 100 percent) of the excess of Fair Market Value of a share of Common Stock over the applicable Strike Price per share of Common Stock. Each Stock Appreciation Right shall be subject to the following terms and conditions:</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><U><FONT size=2 face="Times New Roman">Strike Price</FONT></U><FONT size=2 face="Times New Roman">. Subject to adjustment in accordance with Section 9.1, the Strike Price per share of Common Stock under any Stock Appreciation Right shall be determined by the Committee in its sole discretion and set forth in the applicable Award Agreement; provided, however, the Strike Price may not be less than the Fair Market Value of the Common Stock subject to the Stock Appreciation Right on the date the Stock Appreciation Right is granted.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><U><FONT size=2 face="Times New Roman">Conditions to Exercise</FONT></U><FONT size=2 face="Times New Roman">. Each Stock Appreciation Right granted under the Plan shall vest over a period based upon the passage of time or upon the achievement of performance goals (or a combination of both), as determined by the Committee; provided, however, except as otherwise permitted by Section 6.3(g), Stock Appreciation Rights shall not vest for at least one year after the date of grant. The Committee may impose such conditions and restrictions on the exercise of a Stock Appreciation Right as it may deem appropriate. Each Stock Appreciation Right granted under the Plan shall be exercisable or payable at such time or times, or upon the occurrence of such event or events, and in such amounts as determined by the Committee in its sole discretion, and set forth in the applicable Award Agreement.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) </FONT><U><FONT size=2 face="Times New Roman">No Rights as a Shareholder</FONT></U><FONT size=2 face="Times New Roman">. The holder of a Stock Appreciation Right, as such, shall have none of the rights of a shareholder of Transcat with respect to the shares of Common Stock underlying such Stock Appreciation Right until such time as the Stock Appreciation Right vests, is exercised and the shares of Common Stock are issued to the holder of the Stock Appreciation Right.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) </FONT><U><FONT size=2 face="Times New Roman">Settlement</FONT></U><FONT size=2 face="Times New Roman">. Upon settlement of a Stock Appreciation Right, the Company shall pay to the Participant the appreciation in cash, shares of Common Stock (valued at their fair market value), or a combination thereof, as provided in the Award Agreement or, in the absence of such provision, as the Committee may determine.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">6.6 </FONT></B><B><U><FONT size=2 face="Times New Roman">Restricted Stock Awards</FONT></U></B><FONT size=2 face="Times New Roman">. Each Restricted Stock Award shall be made in such number of shares of Common Stock, upon such terms and conditions on such shares, for such Restricted Period and with such dividend or voting rights during the Restricted Period as determined by the Committee in its sole discretion and set forth in the applicable Award Agreement. Restricted Stock Awards shall be subject to the following terms and conditions:</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><U><FONT size=2 face="Times New Roman">Consideration</FONT></U><FONT size=2 face="Times New Roman">. The Committee may require a payment from the Participant in exchange for the grant of a Restricted Stock Award or may grant a Restricted Stock Award without any consideration from the Participant other than his or her service to or on behalf of the Company.</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><U><FONT size=2 face="Times New Roman">Shares</FONT></U><FONT size=2 face="Times New Roman">. A Restricted Stock Award granted pursuant to the Plan may be evidenced by book entry or in such manner as the Committee shall determine, and the Committee may take any action it deems necessary or advisable to reflect that the shares of Common Stock that are part of the Restricted Stock Award are subject to its applicable terms, conditions, and restrictions applicable, until the restrictions thereon shall have lapsed.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) </FONT><U><FONT size=2 face="Times New Roman">Vesting</FONT></U><FONT size=2 face="Times New Roman">. Each Restricted Stock Award shall vest over a Restricted Period based upon the passage of time or upon the achievement of performance goals (or a combination of both), as determined by the Committee; provided, however, except as otherwise permitted by Section 6.3(g), Restricted Stock Awards shall not vest for at least one year after the date of grant. </FONT><FONT size=2 face="Times New Roman">Restricted Stock Awards subject to performance goals may be designated as &#8220;Performance Stock Awards.&#8221;</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) </FONT><U><FONT size=2 face="Times New Roman">Rights as Shareholder</FONT></U><FONT size=2 face="Times New Roman">. Unless otherwise determined by the Committee and set forth in the applicable Award Agreement, a grant of a Restricted Stock Award shall immediately entitle the Participant to voting and dividend rights with respect to the shares of Common Stock subject to the Award; provided, however, the dividends and other distributions on the shares of Common Stock subject to the Award shall in all cases either (i) be deferred and payment thereof contingent on the vesting of the shares of Common Stock with respect to which such dividends and other distributions are paid, or (ii) be credited with additional number of shares of Restricted Stock determined using the amount of dividends that would have been paid on the number of shares of Common Stock underlying the Award and the fair market value of a share of Common Stock on the applicable dividend payment date, in each case subject to the same vesting and forfeiture restrictions that apply to the shares of Common Stock subject to the Award with respect to which such dividends and other distributions are paid.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">6.7 </FONT></B><B><U><FONT size=2 face="Times New Roman">Restricted Stock Unit Awards</FONT></U></B><FONT size=2 face="Times New Roman">. Restricted Stock Unit Awards shall entitle the Participant to receive, at a specified future date or event, payment of a specified number of shares of Common Stock or an amount equal to all or a portion of the fair market value of a specified number of shares of Common Stock at the end of the applicable Restricted Period. Each Restricted Stock Unit Award shall be made in such number of shares of Common Stock, upon such terms and conditions, for such Restricted Period and with such dividend equivalent rights during the Restricted Period as determined by the Committee in its sole discretion and set forth in the applicable Award Agreement. Restricted Stock Unit Awards shall be subject to the following terms and conditions:</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) </FONT><U><FONT size=2 face="Times New Roman">Consideration</FONT></U><FONT size=2 face="Times New Roman">. The Committee may require a payment from the Participant in consideration of a payment of a Restricted Stock Unit Award or may grant a Restricted Stock Unit Award without any consideration from the Participant other than his or her service to or on behalf of the Company.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) </FONT><U><FONT size=2 face="Times New Roman">Vesting</FONT></U><FONT size=2 face="Times New Roman">. Each Restricted Stock Unit Award shall vest over a Restricted Period based upon the passage of time or upon the achievement of performance goals (or a combination of both), as determined by the Committee provided, however, except as otherwise permitted by Section 6.3(g), Restricted Stock Units shall not vest for at least one year after the date of grant. Restricted Stock Unit Awards subject to performance goals may be designated as &#8220;Performance Stock Unit Awards.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">14</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) </FONT><U><FONT size=2 face="Times New Roman">No Rights as a Shareholder</FONT></U><FONT size=2 face="Times New Roman">. The holder of a Restricted Stock Unit Award, as such, shall have none of the rights of a shareholder of Transcat with respect to the shares of Common Stock underlying such Restricted Stock Unit Award until such time as the Restricted Stock Unit Award vests, is paid and the shares of Common Stock are issued to the holder of the Restricted Stock Unit Award.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(d) </FONT><U><FONT size=2 face="Times New Roman">Settlement</FONT></U><FONT size=2 face="Times New Roman">. A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent fair market value, any combination thereof or in any other form of consideration, as determined by the Committee and set forth in the applicable Award Agreement.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">6.8 </FONT></B><B><U><FONT size=2 face="Times New Roman">Other Awards</FONT></U></B><FONT size=2 face="Times New Roman">. Subject to applicable law and the limits set forth in Article 5, the Committee may grant to any Participant such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, shares of Common Stock. The Committee will determine the terms and conditions of such Awards. Except as otherwise permitted by Section 6.3(g), such Awards shall not vest for at least one year after the date of grant.</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE 7<BR></FONT></B><B><U><FONT size=2 face="Times New Roman">CHANGE IN CONTROL</FONT></U></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">7.1 </FONT></B><B><U><FONT size=2 face="Times New Roman">Effect of a Change in Control</FONT></U></B><FONT size=2 face="Times New Roman">. In the event of a Change in Control, the following acceleration, exercisability, and valuation provisions will apply:</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) Upon a Change in Control, each then-outstanding Option and Stock Appreciation Right will become fully vested and exercisable, and the restrictions applicable to each outstanding Restricted Stock Award, Restricted Stock Unit or other Award will lapse, and each Award will be fully vested (with any applicable performance goals deemed to have been achieved at a target level as of the date of such vesting), except to the extent that an Award meeting the requirements of Section 7.1(b) (a &#8220;</FONT><U><FONT size=2 face="Times New Roman">Replacement Award</FONT></U><FONT size=2 face="Times New Roman">&#8221;) is provided to the Participant holding such Award in accordance with Section 7.1(b) to replace or adjust such outstanding Award (a &#8220;</FONT><U><FONT size=2 face="Times New Roman">Replaced Award</FONT></U><FONT size=2 face="Times New Roman">&#8221;);</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) An Award meets the conditions of this Section 7.1(b) (and hence qualifies as a Replacement Award) if (i) it is of the same type (e.g., stock option for Option, restricted stock award for Restricted Stock Award, restricted stock unit award for Restricted Stock Unit Award, etc.) as the Replaced Award, (ii) it has a value at least equal to the value of the Replaced Award, (iii) it relates to publicly traded equity securities of Transcat or its successor in the Change in Control or another entity that is affiliated with Transcat or its successor following the Change in Control, (iv) the federal tax consequences to the Participant holding the Replaced Award of the Replacement Award are not less favorable to such Participant than the federal tax consequences of the Replaced Award, and (v) its other terms and conditions are not less favorable to the Participant holding the Replaced Award than the terms and conditions of the Replaced Award (including, but not limited to, the provisions that would apply in the event of a subsequent Change in Control). Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding sentence are satisfied; and</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">15</FONT></P>

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<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) Except as otherwise provided in an executive, employment, severance, or similar agreement, if any, between the Participant and the Company, upon the Involuntary Termination during the period of two years immediately following a Change in Control, of a Participant holding Replacement Awards, (i) all Replacement Awards held by the Participant will become fully vested and, if applicable, exercisable and free of restrictions (with any applicable performance goals deemed to have been achieved at a target level as of the date of such vesting), and (ii) all Options and Stock Appreciation Rights held by the Participant immediately before such Involuntary Termination that the Participant also held as of the date of the Change in Control and all stock options and stock appreciation rights that constitute Replacement Awards will remain exercisable for a period of 90 days following such Involuntary Termination or until the expiration of the stated term of such stock option or stock appreciation right, whichever period is shorter (provided, however, if the applicable Award Agreement provides for a longer period of exercisability, that provision will control).</FONT></P>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ARTICLE 8<BR></FONT></B><B><U><FONT size=2 face="Times New Roman">TERMINATION AND AMENDMENT</FONT></U></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">8.1 </FONT></B><B><U><FONT size=2 face="Times New Roman">Termination and Amendment of the Plan</FONT></U></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) The Board may amend or terminate the Plan at any time; provided, however, the Board shall obtain shareholder approval for any amendment to the Plan that increases the number of shares of Common Stock available under the Plan, materially expands the classes of individuals eligible to receive Awards, materially expands the type of awards available for issuance under the Plan, affects the prohibition against repricing in Section 8.3 or would otherwise require shareholder approval under the Code or other applicable laws, or the listing standards of the Exchange.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) Notwithstanding Section 8.1(a), without the consent of the holder of an Award, no such termination or amendment of the Plan may adversely affect the then value of the Award or the rights of the holder of such Award, and with respect to any Award which provides for the deferral of compensation subject to the provisions of Section 409A of the Code, no termination or amendment of the Plan shall have the effect of accelerating the payment of such Award if and to the extent that such accelerated payment would violate Section 409A of the Code.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">8.2 </FONT></B><B><U><FONT size=2 face="Times New Roman">Amendment of Award Agreements</FONT></U></B><FONT size=2 face="Times New Roman">. Subject to the limitations of Section 8.3, the Committee may amend an Award Agreement at any time, in its sole discretion; provided, however, without the consent of the holder of an Award, no such amendment of an Award Agreement may adversely affect the then value of the Award or the rights of the holder of such Award, and with respect to any Award which provides for the deferral of compensation subject to the provisions of Section 409A of the Code, no amendment of the Award Agreement shall have the effect of accelerating the payment of such Award if and to the extent that such accelerated payment would violate Section 409A of the Code.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">8.3 </FONT></B><B><U><FONT size=2 face="Times New Roman">No Repricing</FONT></U></B><FONT size=2 face="Times New Roman">. Except as provided by Section 9.1, without the approval of Transcat&#8217;s shareholders, the Exercise Price of an Option or the Strike Price of a Stock Appreciation Right may not be amended or modified after the grant of the Option or Stock Appreciation Right, and an Option or Stock Appreciation Right may not be surrendered or cancelled in consideration of, or in exchange for, cash, other Awards, or the grant of a new Option or Stock Appreciation Right having an Exercise Price or Strike Price below that of the Option or Stock Appreciation Right that was surrendered or cancelled, and without the approval of Transcat&#8217;s shareholders, neither the Board nor the Committee may take any other action with respect to an Option or Stock Appreciation Right that would be treated as a repricing under the rules and regulations of the Exchange.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">16</FONT></P>

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<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman"><B>ARTICLE 9</B><BR></FONT><B><U><FONT size=2 face="Times New Roman">GENERAL PROVISIONS</FONT></U></B></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">9.1 </FONT></B><B><U><FONT size=2 face="Times New Roman">Changes in Capitalization; Merger; Liquidation</FONT></U></B><FONT size=2 face="Times New Roman">.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(a) The aggregate number of shares of Common Stock reserved for the grant of Awards, for issuance upon the exercise or payment, as applicable, of each outstanding Award and upon vesting of an Award; the annual limit per Participant; the Exercise Price of each outstanding Option; the Strike Price of each outstanding Stock Appreciation Right and the specified number of shares of Common Stock to which each outstanding Award pertains shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, stock dividend, combination or exchange of shares, exchange for other securities, reclassification, reorganization, recapitalization, or any other increase or decrease in the number of outstanding shares of Common Stock effected without consideration to the Company.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(b) In the event of a merger, consolidation, reorganization, extraordinary dividend, spin-off, sale of substantially all of Transcat&#8217;s assets, other change in capital structure of Transcat, or tender offer for shares of Common Stock, the Committee may make such adjustments with respect to Awards and take such other action as it deems necessary or appropriate, including, without limitation, the substitution of new Awards, or the adjustment of outstanding Awards, or subject to the limitations of Section 7.1(a), the acceleration of Awards, the removal of restrictions on outstanding Awards, or the termination of outstanding Awards in exchange for the cash value determined in good faith by the Committee of the vested or unvested portion of the Award, all as may be provided in the applicable Award Agreement or, if not expressly addressed therein, as the Committee subsequently may determine in its sole discretion. Any adjustment pursuant to this Section may provide, in the Committee&#8217;s discretion, for the elimination without payment therefor of any fractional shares that might otherwise become subject to any Award, but, except as set forth in this Section, may not otherwise diminish the then value of the Award.</FONT></P>

<P STYLE="text-indent: 30pt; text-align: justify"><FONT size=2 face="Times New Roman">(c) The existence of the Plan and the Awards granted pursuant to the Plan shall not affect in any way the right or power of Transcat or a Subsidiary to make or authorize any adjustment, reclassification, reorganization or other change in its capital or business structure, any merger or consolidation of Transcat or a Subsidiary, any issue of debt or equity securities having preferences or priorities as to the Common Stock or the rights thereof, the dissolution or liquidation of Transcat or a Subsidiary, any sale or transfer of all or any part of its business or assets, or any other corporate act or proceeding.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">17</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><FONT size=2 face="Times New Roman"><B><FONT size=2 face="Times New Roman">9.2 </FONT></B><B><U><FONT size=2 face="Times New Roman">Section 409A</FONT></U></B><FONT size=2 face="Times New Roman">. Options, Stock Appreciation Rights, and Restricted Stock Awards granted under the Plan are intended to be exempt from Section 409A of the Code, and Restricted Stock Unit Awards, dividend equivalents, and other Awards granted under the Plan are intended to be exempt from or comply with Section 409A of the Code, and the Plan, Award Agreements </FONT>and the terms of Awards shall be administered and interpreted consistent with such intention. In the event any provisions of the Plan or any Award Agreement are determined by the Committee potentially to violate Section 409A of the Code, such provisions shall be amended, as necessary, to be exempt from or comply with Section 409A of the Code; and until adoption of any such amendment, the provisions shall be construed and interpreted, to the extent possible, to be exempt from or comply with Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under the Plan are exempt from or comply with Section 409A of the Code, and in no event will the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by a Participant on account of non-compliance with Section 409A of the Code.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">9.3 </FONT></B><B><U><FONT size=2 face="Times New Roman">No Right to Employment or Service</FONT></U></B><FONT size=2 face="Times New Roman">. Nothing in the Plan or in any Award Agreement confers upon any Participant the right to continue as an Employee, Director, Consultant or other service provider of the Company or affects the right of the Company to terminate a Participant&#8217;s employment or services at any time.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">9.4 </FONT></B><B><U><FONT size=2 face="Times New Roman">Non-Alienation of Benefits</FONT></U></B><FONT size=2 face="Times New Roman">. Except as otherwise expressly provided by the Plan, no Award or benefit under the Plan may be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, attachment, encumbrance, or charge; and any attempt to do so shall be void. No Award or benefit may, prior to receipt by the Participant, be in any manner liable for or subject to the debts, contracts, liabilities, engagements, or torts of the Participant.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">9.5 </FONT></B><B><U><FONT size=2 face="Times New Roman">Restrictions on Delivery and Sale of Shares; Legends</FONT></U></B><FONT size=2 face="Times New Roman">. Each Award is subject to the condition that if at any time the Committee, in its discretion, shall determine that the listing, registration, or qualification of the shares of Common Stock covered by such Award upon any securities exchange or under any federal or state law is necessary or desirable as a condition of or in connection with the granting of such Award or the purchase or delivery of shares thereunder, the delivery of any or all shares of Common Stock pursuant to such Award may be withheld unless and until such listing, registration, or qualification shall have been effected. If a registration statement is not in effect under the Securities Act or any applicable state securities laws with respect to the shares of Common Stock purchasable or otherwise deliverable under Awards then outstanding, the Committee may require, as a condition of exercise of any Option or as a condition to any other delivery of Common Stock pursuant to an Award, that the Participant or other recipient of an Award represent, in writing, that the shares received pursuant to the Award are being acquired for investment and not with a view to distribution and agree that the shares will not be disposed of except pursuant to an effective registration statement, unless Transcat shall have received an opinion of counsel that such disposition is exempt from such requirement under the Securities Act and any applicable state securities laws. Transcat may include on certificates representing shares delivered pursuant to an Award such legends referring to the foregoing representations or restrictions or any other applicable restrictions on resale as Transcat, in its discretion, shall deem appropriate.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">9.6 </FONT></B><B><U><FONT size=2 face="Times New Roman">Recoupment Policy</FONT></U></B><FONT size=2 face="Times New Roman">. Notwithstanding any provision of the Plan or an Award Agreement, the amount of any cash paid under an Award, any shares of Common Stock granted or issued under an Award, and any amount received with respect to any sale of any such shares of Common Stock, shall be subject to potential cancellation, recoupment, rescission, payback, or other action in accordance with the terms of the Company&#8217;s incentive compensation recoupment policy, as amended from to time.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">18</FONT></P>

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<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">9.7 </FONT></B><B><U><FONT size=2 face="Times New Roman">Listing and Legal Compliance</FONT></U></B><FONT size=2 face="Times New Roman">. The Committee may suspend the exercise or payment of any Award so long as it determines that securities exchange listing or registration or qualification under any securities laws is required in connection therewith and has not been completed on terms acceptable to the Committee.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">9.8 </FONT></B><B><U><FONT size=2 face="Times New Roman">Governing Law</FONT></U></B><FONT size=2 face="Times New Roman">. The Plan shall be governed by and construed in accordance with the laws of the State of New York, except as superseded by applicable federal law, without giving effect to its conflicts of law provisions.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">9.9 </FONT></B><B><U><FONT size=2 face="Times New Roman">Plan Binding on Successors</FONT></U></B><FONT size=2 face="Times New Roman">. The Plan shall be binding upon the successors and assigns of Transcat.</FONT></P>

<P STYLE="text-indent: 15pt; text-align: justify"><B><FONT size=2 face="Times New Roman">9.10 </FONT></B><B><U><FONT size=2 face="Times New Roman">Interpretation</FONT></U></B><FONT size=2 face="Times New Roman">. Whenever used in the Plan, nouns in the singular shall include the plural and the plural shall include the singular, and the masculine pronoun shall include the feminine gender. Headings of Articles and Sections in the Plan are inserted for convenience and reference only, and they do not constitute part of the Plan.</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">*&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;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *</FONT></P>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">19</FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
