Document:

Exhibit 10.2

 

			 
	GE company	 	 

 

Jeffrey R. lmmelt

Chair,
Board of Directors

Baker
Hughes, a GE company

 

August
1st, 2017 

Lorenzo Simonelli

 

 

Dear Lorenzo:

 

I would personally like to thank you for your effort and work
in guiding Baker Hughes, a GE company (“BHGE”) since its inception. I recognize this has been an exciting time, but
also a period of uncertainty.

 

The independent members of the Compensation Committee of the
Board of Directors of BHGE and the Board of Directors of BHGE have approved this offer, and we are therefore now providing you
with the following offer of employment and compensation terms for your role as President and CEO located in Houston, Texas. For
your services in this role, your base pay will be $1,400,000 and you will continue to report to the Board of Directors of BHGE.

 

As part of your offer package, you will also be eligible for
a “Mirror Grant” consisting of BHGE Restricted Stock Units (RSUs) with a grant date value equivalent to the grant date
value of the equity award you received as part of GE’s 2016 Class Grant. The Mirror Grant shall be awarded as soon as practically
possible after the execution of this offer letter (this “Offer”). You will participate in the BHGE 2017 Long Term Incentive
Plan (the “LTIP”) commencing January 2018.

 

In addition, your participation in GE’s 2016-2018 Long
Term Performance Award (“LTPA”) will be pro-rated through the closing of the Transactions (July 3, 2017), (i.e., ~18/36ths),
and you will continue to be eligible for payment at the normal time consistent with the terms of the program contingent on your
continued employment by BHGE or its subsidiary through such payment date. Your outstanding GE equity awards continue as is, with
the terms and conditions unchanged. Additionally, your current participation in GE’s benefit and retirement plans will continue
and remain unchanged upon acceptance of this offer.

 

In the event of your involuntary termination without Cause, as
defined in the attached addendum, you shall also receive an enhanced separation lump sum payment, outside of and in addition to
the aforesaid severance plan, equal to: (a) an additional six months of salary; and (b) 1.5 times the greater of your last annual
bonus and the average of your last three year bonuses (applying your bonuses prior to BHGE if need be).

 

For purpose of severance, retirement and all other benefits,
your start date shall be deemed your start date at GE.

 

Except where you voluntarily resign or you are involuntarily
terminated with Cause, as defined in the attached addendum, in addition to that set forth or incorporated into in this Agreement,
as applicable, and for the avoidance of doubt, you shall: (a) receive a bonus for the prior completed year if you have not been
paid it already; and (b) receive a bonus for the year in which your employment ends, payable when it would have normally been paid
but prorated with the numerator equal to the number of days you are on payroll during such year and the denominator being 365.

 

     

    

 
Offer letter to Lorenzo Simonelli 
August 1, 2017 
Page 2 of 4

    

 

The other key terms of your package (the “Offer Package”)
are provided in the accompanying material and addenda, as well as certain new terms and conditions of employment:

 

		1.	Before
                                         and After Compensation Summary

		2.	Before
                                         and After Talking Points

		3.	Mediation
                                         and Arbitration Agreement

		4.	Employee
                                         Confidentiality and Innovation Agreement

		5.	Severance
                                         Plan

		6.	Definition
                                         of Cause/Without Cause

 

This Offer will be effective upon your timely execution and return
of this Offer and enclosed documents no later than August 3, 2017. Please return these signed documents directly to
Harry Elsinga, BHGE Chief Human Resources Officer, or Lee Whitley, BHGE Legal.

 

I look forward to working with you as BHGE continues to grow
as the number one fullstream, digital industrial services company in the industry.

 

Sincerely,

 

/s/ Jeffrey R. Immelt

Jeffrey R. Immelt

Chair, Board of Directors

Baker Hughes, a GE company

 

 

	Accepted and Agreed:  	 	/s/
    Lorenzo Simonelli 	8/1/2017

 

     

     
Offer letter to Lorenzo Simonelli 
August 1, 2017 
Page 3 of 4

    

Addendum 1

 

All provisions of this Offer shall be construed in accordance
with the laws of Texas, without regard to conflict of law principles. As set out more fully in the attached Mediation and Arbitration
Agreement, any dispute, controversy, or claim arising out of, relating to, or in connection with this letter, your Offer Package
and terms of employment, and their subject matter, including but not limited to any breach thereof, and if the dispute cannot be
settled through direct discussions within a reasonable period of time not to exceed 60 days, the parties agree first to endeavor
to settle any such dispute, controversy, or claim by mediation administered by the American Arbitration Association under its Employment
Mediation Procedures, as found in the Employment Arbitration Rules and Mediation Procedures, before resorting to arbitration. The
parties further agree that any dispute, controversy, or claim arising out of, relating to, or in connection with this letter, your
Offer Package and terms of employment, and their subject matter, including but not limited to any breach thereof, that cannot be
settled through the aforementioned mediation within a reasonable period of time not to exceed 60 days shall be finally and exclusively
resolved by binding arbitration administered by the American Arbitration Association in accordance with its Employment Arbitration
Rules, as found in the Employment Arbitration Rules and Mediation Procedures, per the terms of the Mediation and Arbitration Agreement
attached.

 

     

    

 
Offer letter to Lorenzo Simonelli 
August 1, 2017 
Page 4 of 4

    

Addendum 2

 

Definition of Cause/Without Cause 

 

Cause shall mean any of the following:

 

(a)       you intentionally
or grossly fail, or refuse, to perform your employment duties;

 

(b)       you materially breach
any terms, conditions or provisions of this Agreement or any written rules, regulations, policies or procedures established by
BHGE not inconsistent with this Agreement; or

 

(c)       you are convicted
of or plead guilty or nolo contendere to any felony criminal charge or commit a fraudulent, materially dishonest, or unethical
act with regard to BHGE, its clients or prospective clients, provided, however, that prior to being terminated for Cause, BHGE
shall provide you, within thirty day of its discovery of the basis for its Cause allegation, with written notice and a reasonable
opportunity to cure, not to exceed thirty days, if curable.

 

At your election you may be deemed to have been involuntarily
terminated by BHGE without Cause for any of the following reasons:

 

(a)       any diminution in
your actual and/or targeted compensation and/or benefits;

 

(b)       relocation of your
principal place of business outside major business locations such as London and Houston, or

 

(c)       a material diminution
in your duties, authorities, responsibilities or reporting line, provided, however, that prior to your electing to be deemed to
have been terminated without cause you shall provide you, within thirty day of your discovery of the basis for your election, with
written notice and a reasonable opportunity to cure, not to exceed thirty days, if curable.Exhibit
10.1 

FORM OF
AWARD
NOTICE
OF NON-QUALIFIED
STOCK OPTION
GRANTED PURSUANT TO THE 
TRANSCAT, INC.
2003 INCENTIVE
PLAN

Grantee:
Number of
Shares:
Option Price:
Date of Grant:

1. Grant of Option. This Award Notice serves to notify you that the
Board of Directors of Transcat, Inc. (the “Company”) has granted to you, under
the Company’s 2003 Incentive Plan, as amended and restated (the “Plan”), a
non-qualified stock option (the “Option”) to purchase, on the terms and
conditions set forth in this Award Notice and the Plan, up to the number of
shares of its Common Stock, $.50 par value per share (the “Common Stock”) and at
the price per share set forth above. The Plan is incorporated herein by
reference and made a part of this Award Notice. Capitalized terms not defined
herein have the respective meanings set forth in the Plan. 

2. Period of Option and Limitations on Right to
Exercise. Unless the Option is
previously terminated pursuant to the terms of the Plan or this Award Notice,
the Option will expire at 5:00 p.m., Eastern Standard Time, on the day that is
sixty days after five (5) years from the Date of Grant (the “Expiration Date”).

3. Exercise of Option. Subject to the terms of the Plan and this Award
Notice, provided you are still an employee or otherwise in the service of the
Company at that time, the Option will vest and become exercisable pro rata with
respect to twenty percent of the shares subject to the Option on the Date of
Grant and on each of the first, second, third and fourth anniversaries of the
Date of Grant, with any fractional share resulting from such proration vesting
on the fourth anniversary. For example, provided you remain employed by or in
the service of the Company at the time, twenty percent of the total number of
shares of Common Stock subject to the Option will be vested on the Date of
Grant, forty percent of the total number of shares of Common Stock subject to
the Option will be vested one year after the Date of Grant, sixty percent of the
total number of shares of Common Stock subject to the Option will be vested two
years after the Date of Grant, eighty percent of the total number of shares of
Common Stock subject to the Option will be vested three years after the Date of
Grant, and the total number of shares of Common Stock subject to the Option will
be vested four years after the Date of Grant. The Option may be exercised with
respect to any vested shares, in whole or in part, by you providing a notice of
exercise to the Company and payment in accordance with the forms and procedures
established by the Committee and in effect on the date of exercise. 

4. Effect of Certain Events. 

(a) Death. In the event of your death prior to the complete exercise of the
Option, your designated beneficiary or, in the absence of such beneficiary, your
duly qualified personal representative may exercise the Option to purchase any
vested shares available under the Option until the earlier of the Expiration
Date or one year after your death. Upon your death, the Option shall terminate
with respect to any unvested shares under the Option. 

(b) Disability. In the event of your Disability prior to the complete exercise of the
Option, you may exercise the Option to purchase any vested shares available
under the Option until the earlier of the Expiration Date or one year after the
date of your Disability. Upon the date of your Disability, the Option shall
terminate with respect to any unvested shares under the Option. 

(c) Retirement or Approved Reason. Upon your Retirement or in the event of
termination for an Approved Reason, you may exercise the Option to purchase any
vested shares available under the Option until the Expiration Date. Upon your
Retirement or termination for an Approved Reason, the Option shall terminate
with respect to any unvested shares under the Option. 

(d) Other Termination. Upon your termination from the Company for any
reason other than your death, Disability, Retirement or termination for an
Approved Reason, you may exercise the Option to purchase any vested shares
available under the Option until the earlier of the Expiration Date or 90 days
after the date of your termination. Upon your termination, the Option shall
terminate with respect to any unvested shares under the Option. 

(e) Change in Control. Notwithstanding the vesting schedule set forth
in Section 3 of this Award Notice, upon a “Change in Control,” the Option shall
become fully vested and immediately exercisable for the total number of shares
available under the Option. For purposes of this Award Notice, “Change in
Control” has the meaning given to such term in the Plan. 

5. Limitation of Rights. You will not have any rights as a stockholder
with respect to the shares covered by the Option until you become the holder of
record of such shares by exercising the Option. Neither the Plan, the granting
of the Option nor this Award Notice gives you any right to remain employed by or
otherwise in the service of the Company or a Subsidiary. 

6. Restrictions on Issuance of Shares. If at any time the Company determines that
listing, registration or qualification of the shares covered by the Option upon
any securities exchange or under any state or federal law, or the approval of
any governmental agency, is necessary or advisable as a condition to the
exercise of the Option, the Option may not be exercised in whole or in part
unless and until such listing, registration, qualification or approval shall
have been effected or obtained free of any conditions not acceptable to the
Company. 

7. Restriction on Transfers. You may not make any sale or other distribution
or disposition of any shares of Common Stock acquired by you pursuant to the
exercise of all or any part of the Option unless (i) a registration statement
with respect to such shares is in effect at the time of such sale, distribution
or disposition and the Company shall have received proof satisfactory to it that
there has been compliance with applicable state law, or (ii) the Company shall
have received an opinion of counsel satisfactory to it that no violation of the
Securities Act of 1933, as amended, or applicable state law will be involved in
such transfer. 

8. Plan Controls. The Option is subject to all of the provisions
of the Plan, which is hereby incorporated by reference, and is further subject
to all the interpretations, amendments, rules and regulations that may from time
to time be promulgated and adopted by the Committee pursuant to the Plan. In the
event of any conflict among the provisions of the Plan and this Award Notice,
the provisions of the Plan will be controlling and determinative. 

ACKNOWLEDGEMENT

The undersigned Grantee
acknowledges receipt of a copy of the Plan, and understands and agrees to the
terms of this Award Notice and the Plan. The Grantee further acknowledges that
as of the Date of Grant, this Award Notice and the Plan set forth the entire
understanding between the Grantee and the Company regarding the acquisition of
Common Stock and supersede all prior oral and written agreements on that
subject, with the exception of any other awards under the Plan made to the
Grantee contemporaneously with this Option. 

	Date: 	  

	Grantee:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}]]