Document:

EXHIBIT 10.2

ESCO TECHNOLOGIES INC.

PERFORMANCE COMPENSATION PLAN

Adopted August 2, 1993

As Amended and Restated through November 9, 2017

[Marked to show principal additions (by underlining) and deletions (by strikethroughs)

from the Plan as in effect prior to the November 9, 2017 amendments]

I.            AUTHORITY AND PURPOSE.

A.              This ESCO Technologies Inc. Performance Compensation Plan ("Plan") has been adopted by the Committee pursuant to the authority granted to the Committee under the ESCO Technologies Inc. 2013 Incentive Compensation Plan (the "2013 Plan"), in order to provide a common framework for certain performance-based cash awards awarded and to be awarded pursuant to the 2013 Plan.  This Plan and any awards granted hereunder are subject in all respects to the terms, restrictions and limitations specified in the 2013 Plan.

B.              The purpose of the Plan is to provide an annual incentive plan for selected corporate and subsidiary officers and key managers which is based upon the performance of ESCO Technologies Inc. (the "Company") and/or its Subsidiaries during a Fiscal Year.  In particular, the Plan is designed to (a) tie a specific portion of the compensation of selected officers and managers of the Company and Subsidiaries to specified performance criteria for a given Fiscal Year, and (b) enhance the Company's ability to stay competitive with general industry trends in executive compensation.

II.            DEFINITIONS.

In this Plan, the following capitalized terms shall have the following meanings unless the context clearly requires otherwise:

		(a)	
"Board of Directors" means the Board of Directors of the Company.

		(b)	
"Chief Executive Officer" means the Chief Executive Officer of the Company.

		(c)	
"Committee" means the Human Resources and Compensation Committee of the Board of Directors.

		(d)	
"Covered Employee" means, as of any date, (i) any individual who, with respect to the previous Fiscal Year, was a "covered employee" of the Company within the meaning of Section 162(m) of the Code and the Regulations promulgated thereunder; provided, however, that the term "Covered Employee" shall not include any such individual who is designated by the Committee, in its discretion, at the time of any award under the Plan or at any subsequent time, as reasonably expected not to be such a "covered employee" with respect to the current Fiscal Year or to the Fiscal Year in which any applicable award hereunder will be paid, and (ii) any individual who is designated by the Committee, in its discretion, at the time of any award or at any subsequent time, as reasonably expected to be such a "covered employee" with respect to the current Fiscal Year or with respect to the Fiscal Year in which any applicable award hereunder will be paid, and(iii) any other person who is defined as a "covered employee" under Section 162(m) of the Internal Revenue Code of 1986, as amended.

		(e)	
"Fiscal Year" means the fiscal year of the Company, which is currently the twelve‐month period beginning October 1 and ending September 30.

		(f)	
"Participant" means an employee of the Company or a Subsidiary who has been selected by the Committee to participate in the Plan.

		(g)	
"Performance Compensation Award" or "Award" means the target amount a Participant is eligible to receive under the Plan for a Fiscal Year subject to specified performance criteria.

		(h)	
"Performance Compensation Payment" or "Payment" means the amount actually payable to a Participant based on the target amount for such Participant and the satisfaction of the performance criteria applicable to such Participant.

		(i)	
"Plan Administrator" means the Company's Vice President–Human Resources or other Company officer designated by the Committee.

		(j)	
"Subsidiary" means any corporation, partnership or other entity a majority of whose equity interests are owned directly or indirectly by the Company.

III.            ELIGIBILITY, APPROVAL AND ISSUANCE OF AWARDS.

Participation in the Plan is limited to those employees of the Company and Subsidiaries selected by the Committee upon recommendation by the Chief Executive Officer.  During the first 90 days of each Fiscal Year, the Chief Executive Officer shall submit to the Committee (i) a proposed list for each Subsidiary and the Company of the Participants and their corresponding Performance Compensation Awards for that Fiscal Year, and (ii) the proposed performance criteria to be used for determining Payments based on the Awards, which may include but, except in the case of 162(m) Awards, need not be limited to the performance criteria listed in Subsection IV.B.  Upon approval of the Awards and the associated performance criteria by the Committee, the Plan Administrator shall make arrangements to ensure that each Participant is notified of the amount of his or her Performance Compensation Award as well as the performance criteria and the other terms and conditions applicable to the Award.  Additions or deletions to the list of Participants during a Fiscal Year shall be made only in the event of an unusual circumstance, such as a promotion, layoff, disability, death, new hire, termination, or retirement.

IV.            162(m) AWARDS.

A.              Discretion to Make 162(m) Awards.  The Committee shall have the discretion to designate any Award granted to a Covered Employee as "performance-based compensation" pursuant to section 162(m) of the Code (a "162(m) Award").  The Committee has complete discretion concerning whether a particular Award should be qualified as a 162(m) Award, and in any Fiscal Year a Covered Employee may receive both 162(m) Awards and Awards that are not 162(m) Awards.  Each 162(m) Award shall be subject to the additional provisions set forth below.

B.              Performance Criteria for 162(m) Awards.  The performance criteria for any 162(m) Award shall consist of objective tests based on one or more of the following: earnings per share; adjusted earnings per share; sales; earnings; cash flow; profitability; customer satisfaction; investor relations; revenues; financial return ratios; market performance; shareholder return and/or value; operating profits (including earnings before income taxes, depreciation and amortization); net profits; earnings per share growth; profit returns and margins; stock price; working capital; business trends; production cost; project milestones; plant and equipment performance; safety performance; environmental performance; gross margin; operating margin; net margin; expense margins; EBIT margin; EBIT growth; EBITDA margin; EBITDA growth; adjusted EBITDA; NOPAT margin; net assets; working capital; asset turnover; working capital turnover; accounts receivable turnover; accounts payable turnover; inventory turnover; inventory days outstanding; accounts receivable days outstanding; accounts payable days outstanding; debt to equity; debt to capital; current ratio; return on equity; return on assets; return on net assets; return on invested capital; return on gross assets; return on tangible assets; cash flow return on investment; cash value added; price to earnings ratio; market to book ratio; market to capital ratio; cost of capital; cost of debt; cost of equity; market risk premium; stock price appreciation; total shareholder return; economic value added; economic profit; sales growth percentage; EPS growth percentage; cash flow growth year over year; return on total capital, or any combination of the foregoing.  Performance criteria may be measured solely on a corporate, subsidiary, business unit or individual basis, or a combination thereof; may be measured in absolute levels or relative to another company or companies, a peer group, an index or indices or Company performance in a previous period; and may be measured annually or over a longer period of time.

C.              Establishment of Performance Goals for 162(m) Awards.  The performance goals for each 162(m) Award and the amount payable if those goals are met shall be established in writing for each specified period of performance by the Committee no later than 90 days after the commencement of the period of service to which the performance goals relate and while the outcome of whether or not those goals will be achieved is substantially uncertain.  However, in no event will such goals be established after 25% of the period of service to which the goals relate has elapsed.

D.              Limitations on 162(m) Awards.  In any Fiscal Year, no Covered Employee may receive aggregate distributions of more than $2,500,000 from 162(m) Awards.

V.            DETERMINATION OF MINIMUM PAYMENT AMOUNTS.

Prior to the end of each Fiscal Year, the Committee, after consultation with the Plan Administrator and on behalf of the Board of Directors and the Board of Directors management of each Subsidiary, shall determine the minimum aggregate amount of Payments to be made by the Company and each Subsidiary pursuant to the Awards granted under the Plan for that Fiscal Year, other than Payments to be made pursuant to 162(m) Awards which will be determined only after the end of the fiscal year.

VI.            DETERMINATION OF PAYMENTS.

A.              Payments shall be based upon the degree to which the actual performance of the Company and/or Subsidiary exceeds, satisfies or fails to satisfy the predetermined performance criteria established by the Company for that Award.  As soon as practicable after the end of each Fiscal Year, the Committee shall determine the Payment to each Participant based on attainment of the performance criteria for the Participant's Awards for such Fiscal Year.  The Chief Executive Officer shall submit to the Committee a proposed Performance Compensation Payment summary for each Subsidiary and the Company which shall include (i) the actual performance of the Subsidiary and the Company during the Fiscal Year compared to the respective performance criteria previously established for the Subsidiary and the Company Participants for such Fiscal Year, and (ii) the resulting proposed Payments; provided, that the Committee may, following such submission, consider the further recommendations of the Chief Executive Officer.  Final determination of the amount of each Participant's Performance Compensation Payment (if any) as well as the total Payments under the Plan for each Fiscal Year shall be the responsibility of the Committee.

B.              The recommended Performance Compensation Payment to a Participant may be denied, or adjusted upward or downward by the Committee as in the Committee's sole judgment discretion is prudent and advisable based upon its assessment of the Participant's performance and the Company's or Subsidiary's performance, as applicable, during the Fiscal Year; provided that under no circumstances may the Committee use discretion to increase the amount payable to a Participant under a 162(m) Award; and provided further that the total of all Performance Compensation Payments for the Fiscal Year other than Payments under 162(m) Awards shall be no less than the minimum determined by the Committee in accordance with Section V.

VII.            MANNER OF AND TIME FOR PAYMENTS.

Once the Payments have been approved by the Committee pursuant to Section VI, the Plan Administrator shall take the necessary actions to notify each Participant of the amount of his or her Performance Compensation Payment.  Performance Compensation Payments will be made through payroll by December 15th not later than 21⁄2 months following the end of each Fiscal Year.  The Company shall withhold from each Payment all taxes required to be withheld by any federal, state or local government and any other applicable deductions authorized by the Participant.

VIII.            DESIGNATION OF BENEFICIARY.

Each Participant shall have the right to designate a beneficiary, and to change such beneficiary from time to time, by filing a request in writing with the Plan Administrator.  If a Participant dies after the end of the Fiscal Year but prior to receiving the Payment due for such Fiscal Year, the Payment will be paid to the Participant's designated beneficiary at the time such amount would have been paid to the Participant, subject to Section VII.  In the event the Participant has not designated a beneficiary, or in the event a beneficiary predeceases the Participant, the amount otherwise payable to such beneficiary shall be paid to the person in, or divided equally among the persons in, the first of the following classes of successive preference beneficiaries in which there shall be any person surviving such Participant:

		(1)	
The Participant's spouse;

		(2)	
The Participant's children; or

		(3)	
The Participant's executors or administrators;

provided that any amount payable to a minor may instead be paid to such adult or adults as, in the sole opinion of the Plan Administrator, are primarily responsible for the custody and support of such minor.

IX.            ADMINISTRATION OF THE PLAN.

The Committee has the sole responsibility for overall administration and control of the Plan, including the selection of Participants, the amounts of Awards, the selection and approval of performance criteria, the determination of the minimum total Payments under the Plan for each Fiscal Year, the satisfaction of performance criteria, and the final determination of Payments to each Participant.  The Plan Administrator shall be responsible for implementing the actions required under the Plan.

X.            VESTING.

A Participant must be in the employ of the Company or a Subsidiary on the date a Performance Compensation Payment of an Award is made pursuant to Section VII in order to be eligible for Payment pursuant to the Award.  Notwithstanding the foregoing, however, in the event that, either before or after the end of the Fiscal Year, a Participant's employment is terminated by reason of the Participant's death or disability, by the Company without cause, or by the Participant due to retirement on or after the age of 60, the Committee shall have the sole discretion as to whether the Participant shall be entitled to any Payment, and if so, the amount of such Payment, and any such amount shall be paid at the time determined pursuant to Section VII.

XI.            AMENDMENT OR TERMINATION.

The Committee may amend or terminate the Plan at any time, but no amendment may impair any of the rights or obligations under any Award theretofore granted to a Participant under the Plan without such Participant's consent; provided, however, that notwithstanding the foregoing the Committee may amend the Plan or any Awards in such manner as it deems necessary to comply with the requirements of any applicable law, rule or regulation.

XII.            MISCELLANEOUS.

A.              All Payments under the Plan shall be made from the general assets of the Company or Subsidiary, as the case may be.  To the extent any person acquires a right to receive a Payment under the Plan, such right shall be no greater than that of an unsecured general creditor of the Company or Subsidiary.

B.              Nothing contained in the Plan and no action taken pursuant thereto shall create or be construed to create a trust of any kind, or a fiduciary relationship between the Company or a Subsidiary and any other person.

C.              Except as provided in Section XIII, no amount payable under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, either voluntary or involuntary, and any attempt to so alienate, anticipate, sell, transfer, assign, pledge, encumber or charge the same shall be null and void.  No such amount shall be liable for or subject to the debts, contracts, liabilities, engagements, or torts of any person to whom such benefits or funds are or may be payable.

D.              Nothing contained in the Plan is intended or shall be construed to confer upon any Participant the right to continue in the employ of the Company or a Subsidiary or to limit the right of a Participant's employer to discharge the Participant at any time, with or without cause.

E.              The Plan shall be construed and administered in accordance with the laws of the State of Missouri, without regard to the principles of conflicts of law which might otherwise apply.

XIII.            COVENANTS.

In the event that a Participant (i) during the period commencing upon receipt of any Performance Compensation Payment to the Participant and ending two (2) years after such receipt or (ii) at any time during the term of the Participant's employment by the Company or a Subsidiary:

		(a)	
As an individual or as a partner, employee, agent, advisor, consultant or in any other capacity of or to any person, firm, corporation or other entity, directly or indirectly, carries on any business or becomes involved in any business activity, which (i) is competitive with the business of the Company or any Subsidiary, as presently conducted or as said business may evolve in the ordinary course, and (ii) is a business or business activity in which the Participant is engaged in the course of the Participant's employment with the Company or any Subsidiary, or

		(b)	
As an individual or as a partner, employee, agent, advisor, consultant or in any other capacity of or to any person, firm, corporation or other entity, directly or indirectly, recruits, solicits or hires, or assists anyone else in recruiting, soliciting or hiring, any employee of the Company or any Subsidiary for employment with any competitor of the Company or any Subsidiary, or

		(c)	
Induces or attempts to induce, or assists anyone else to induce or attempt to induce, any customer of the Company or any Subsidiary to discontinue its business with the Company or any Subsidiary, or

		(d)	
Engages in the unauthorized use or disclosure of confidential information or trade secrets of the Company or any Subsidiary resulting in harm to the Company or any Subsidiary, or

		(e)	
Engages in intentional misconduct resulting in a restatement of the Company's financials or in an increase in the Participant's Payment or other incentive or equity compensation,

(any conduct described in clauses XIII(a) through XIII(e) being referred to herein as "Misconduct"); then:

		(A)	
In the case of Misconduct resulting in a restatement of the Company's financials described in clause XIII(e), the Company shall be entitled to recover from the Participant any Performance Compensation Payments made to the Participant during any period for which restatement of the Company's financials is required but not to exceed three years; and

		(B)	
In the case of Misconduct described in clauses XIII(a) through XIII(d), or in the case of intentional Misconduct described in clause XIII(e) where the Misconduct results in an increase in the Participant's Payment or other incentive or equity compensation, the Company shall be entitled to recover from the Participant any Performance Compensation Payments made to the Participant during the three-year period preceding such Misconduct and during any period between such Misconduct and the Company's discovery thereof.  The Committee shall have sole discretion in determining the amount that shall be recovered from the Participant under this Section XIII, provided that to the extent Performance Compensation Payments have been recovered by the Company under the Company's Dodd-Frank Act Recovery Policy such amounts shall not be recoverable pursuant to this Section XIII.EXHIBIT 10.3

ESCO TECHNOLOGIES INC.

COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

Restated to reflect all amendments through November 8, 2017

1.              Purpose.  The purpose of the Plan is to enable ESCO Technologies Inc. (the "Company") to compensate each non-employee member of the board of directors of the Company (such board of directors hereinafter referred to as the "Board" and each such non-employee member of the Board hereinafter referred to as the "Director") who contributes to the Company's success by his or her ability, ingenuity and knowledge, and to better ensure that the interests of such Director are more closely aligned with the interests of the Company's shareholders by paying a significant portion of his or her compensation in shares of the Company's common stock ("Common Stock").

2.              Payment of Annual Retainer.

(a)              Each Director shall receive an annual retainer fee (the "Retainer Fee") in an amount determined from time to time by action of the Human Resources and Compensation Committee of the Board ("HRCC").  The HRCC shall also determine from time to time the frequency of the payments and distributions of the Retainer Fee.

(b)              The HRCC shall also determine what portion (if any) of the Retainer Fee shall be payable in cash (the "Cash Portion of the Retainer Fee"), and what portion (if any) of the Retainer Fee shall be distributed in shares of Common Stock (the "Stock Portion of the Retainer Fee").  The Stock Portion of the Retainer Fee shall be either a predetermined number of shares of Common Stock or a number of shares of Common Stock having an aggregate Fair Market Value as of the date on which the Stock Portion of the Retainer Fee is to be distributed.  For purposes of this Plan, "Fair Market Value" as of a given date shall mean the closing price of the Common Stock on the New York Stock Exchange on such date, or if such date is not a trading day on the New York Stock Exchange, then on the last previous trading day.  Distribution of the Stock Portion of the Retainer Fee to each Director shall occur promptly after the beginning of the year for which it is paid.  A new Director elected to the Board and serving as a Director for a partial year may be awarded only a portion of the Cash Portion of the Retainer Fee and or Stock Portion of the Retainer Fee as determined by the HRCC.

(c)              To be entitled to a Retainer Fee, a Director must be serving on the Board on both the day the Cash Portion of the Retainer Fee is paid and on the day the Stock Portion of the Retainer Fee is distributed.

3.              Other Cash Compensation.  In addition to payment of the Retainer Fee provided for in Section 2, each Director shall be paid such additional cash fees for service as chairman of a committee or service as lead director and/or such other fees as may be approved by the HRCC from time to time.

4.              Deferral of Compensation.

(a)              Election to Defer.  Directors may elect to defer the receipt of (i) all (but not less than all) of the Cash Portion of the Retainer Fee and other cash compensation (together, "Cash Compensation") and/or (ii) all (but not less than all) of the Stock Portion of the Retainer Fee ("Stock Compensation"), in each case by executing and delivering an election form to the Company no later than the end of the calendar year preceding the calendar year in which such amounts will be earned and subject to such other conditions as the HRCC shall determine.  Any new Director may make such elections at any time up to 30 days after the date he or she becomes a Director, for Cash Compensation and/or Stock Compensation paid after the effective date of the election form.  Any new deferral election form filed by a Director shall apply only to Cash Compensation and/or Stock Compensation earned after the calendar year in which such new election form is filed and shall be irrevocable as to amounts earned in the following calendar year, or in the case of an election by a new Director made in the same calendar year that he or she joins the Board such deferral election shall be irrevocable for the remainder of the calendar year.  An election to defer receipt of the Cash Compensation and/or the Stock Compensation shall remain in effect until a new election form is delivered to the Company, provided that once distributions have commenced no further deferrals may be elected.

(b)              Deferred Compensation Account.

(i)  The Company shall establish a deferred compensation bookkeeping account (the "Account") for each Director electing to defer Cash Compensation and/or Stock Compensation.  As of the date Cash Compensation or Stock Compensation would otherwise be paid to the Director (absent the deferral election), the Company shall credit to the Account the amount of Cash Compensation and/or Stock Compensation which the Director has elected to defer.  The credit shall be in stock equivalents ("Stock Equivalents") only, determined as follows:

(A)      For each share of Common Stock which the Director elects to defer, the Company shall credit the Account with one Stock Equivalent.

(B)      For any Cash Compensation which the Director elects to defer, the Company shall credit the Account with that number of Stock Equivalents equal to the dollar amount of such compensation, divided by the Fair Market Value per share of the Common Stock as of the day such Cash Compensation would otherwise have been paid.

(ii)                  The Account shall be credited, as of the payment date of any cash dividends paid on Common Stock, with additional Stock Equivalents equal to the product of the per share dividend and the number of Stock Equivalents credited to the Account and dividing such product by the Fair Market Value per share of the Common Stock as of the dividend payment date.  The Account shall be credited, as of the payment date of any stock dividends paid on Common Stock with additional Stock Equivalents equal to the product of the per share dividend and the number of Stock Equivalents credited to the Account.

(c)              Distribution of Deferred Compensation Account.

(i)  Except as otherwise provided in the Plan, the balance in the Account shall be distributed to the Director, or in the case of installment payments, the installments shall begin, on the date which the Director has specified on the election form; provided, however, that such distributions must begin no later than the Director's 65th birthday or upon termination of the Director's service as a Director, whichever is later.  Distributions shall be made in cash and/or in shares of Common Stock as the Director has specified on the election form; provided that the portion of the Account representing deferrals of the Stock Portion of the Retainer Fee may only be distributed in the form of Common Stock.

(ii)                  Distributions shall be made either in a lump sum or, as specified on the Director's election form, in quarterly, semi-annual or annual installments, over a period not to exceed 5 years from the Commencement Date; provided, that Common Stock may not be distributed more frequently than semi-annually.  An election to change the medium (i.e. cash or stock) of distribution with respect to the Account must be received by the Company prior to January 1 of the calendar year in which distributions are to be made pursuant to such election and must be approved in advance by the HRCC.  An election to change the form (lump sum or installments) or the timing of distributions with respect to the Account must be approved in advance by the HRCC and (A) in the case of any such elections which were received by the Company prior to January 1, 2008, applied only to amounts that would not otherwise have been payable in 2007 and would not have caused an amount to be paid in 2007 that would not otherwise have been payable in 2007, and (B) in the case of any other such election, must be received by the Company at least one year prior to the date such distribution would otherwise be made or commence, and payment or commencement of such distribution shall be deferred for a period of five years (or such longer period elected by the Director) from the date such distribution would otherwise have been made or commenced.

(iii)                  Notwithstanding the provisions of any election under paragraph 4(c)(i) or 4(c)(ii):

(A)                  If the Director's service on the Board terminates by reason of the Director's death, the balance in the Account (determined in accordance with paragraph 4(c)(i) as of the date of death) shall be payable in a lump sum in cash on a date selected by the Company occurring within 30 days after January 1 of the following calendar year.

(B)                  If the Director's service on the Board terminates by reason of the Director's disability (as hereafter defined), the balance in the Account (determined in accordance with paragraph 4(c)(i) as of the date of disability) shall be paid in a lump sum in cash on a date selected by the Company which is within 30 days following the Director's disability.  For this purpose, disability means only the Director's inability to engage in any substantial gainful activity (including but not limited to service on the Board) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

(iv)                  The amount of each distribution from the Account shall be determined as follows:

(A)                  If in cash, the distribution shall be a dollar amount equal to the number of Stock Equivalents to be distributed multiplied by the Fair Market Value per share of Common Stock as of the day prior to the distribution date.

(B)                  If in Common Stock, the distribution shall be a number of shares of Common Stock equal to the number of Stock Equivalents to be distributed, rounded down to the nearest whole share of Common Stock, and any fractional share shall be paid in cash in an amount equal to the fractional share multiplied by the Fair Market Value per share as of the day prior to the distribution date.

(v)                  The Company shall deduct from all distributions hereunder any taxes required to be withheld by the federal or any state or local government.

(d)              Change in Control.

(i)  Notwithstanding any other provision of the Plan, if a Change in Control occurs and within one year subsequent to such Change in Control the Director ceases to serve as a member of the Board for any reason, the balance in the Account shall be paid in a lump sum to the Director, in the manner determined in paragraph 4(d)(ii) below, not later than 21⁄2 months after the date the Director ceases to serve.

(ii)                  The payment made pursuant to 4(d)(i) shall be a Cash Distribution in an amount equal to the greater of the following:

(A)      the number of Stock Equivalents then credited to the Account multiplied by the Fair Market Value per share of Common Stock as of either (I) the date of termination of the Director's service on the Board (if such Common Stock is still in existence), or (II) the date of the Change in Control, whichever is greater; or

(B)      the number of Stock Equivalents then credited to the Account multiplied by the fair market value per share of the consideration received by holders of Common Stock in the Change in Control as of either (i) the date of termination of the Director's service on the Board, or (ii) the last day on which the Common Stock is traded prior to the date of the Change in Control, whichever is greater.

(iii)                  Notwithstanding paragraph 4(d)(ii) above, if the consideration in the Change in Control takes the form of stock of an acquiring corporation, payment may at the discretion of the HRCC be in the form of such stock of such corporation in lieu of cash, provided that for purposes of calculating the number of shares of the acquiring corporation to be received, a Director's Account shall be converted to stock of the acquiring corporation using the same conversion ratios applied to the Common Stock of the Company that is converted to shares of the acquiring corporation.

(iv)                  As used in this Plan, "Change in Control" means:

(A)      A merger, consolidation or reorganization of the Company in which, as a consequence of the transaction, a majority of the incumbent Directors immediately prior to such transaction are replaced during the 12-month period following such transaction as directors of the continuing or surviving corporation by directors whose appointment or election is not endorsed by a majority of such incumbent Directors; or

(B)      The acquisition, directly or indirectly, of the power to vote more than 50% of the outstanding Common Stock and/or any other stock of the Company with voting rights by any person, entity or "group" (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934); or

(C)      Any sale or other transfer, in one or a series of related transactions occurring within a 12-month period, by any person, entity or "group" (within the meaning of Section 409A, as hereinafter defined) of all or substantially all of the assets of the Company.

(v)                  The Company shall promptly reimburse the Director for all legal fees and expenses reasonably incurred in successfully obtaining or enforcing any right or benefit provided under this Section.

5.              Distribution of Common Stock.  The maximum number of shares of Common Stock available for distribution pursuant to the Plan shall be 400,0001 shares, subject to adjustment as set forth in Section 6.  The shares of Common Stock issuable to Directors under the Plan shall be issued from shares held in the Company's treasury.

6.              Adjustment to Shares of Stock Issuable Pursuant to Plan.  In the event of any change in the outstanding shares of Common Stock of the Company by reason of any stock split, stock dividend or recapitalization of the Company, an equitable adjustment shall be made to the number of shares of Common Stock issuable under the Plan, the amount of the Stock Portion of the Retainer Fee set forth in Section 2 and the number of Stock Equivalents credited to the Account for any Director, as the HRCC determines is necessary or appropriate, in its discretion, to give proper effect to such corporate action.  Any such adjustment determined in good faith by the HRCC shall be conclusive and binding for all purposes of the Plan.

7.              Amendments.  Section 4(d) of the Plan may not be amended or modified or terminated after the occurrence of a Change in Control with respect to benefits accrued as of such occurrence.  The Plan may otherwise be amended, modified or terminated by the HRCC at any time, provided that no such action shall reduce the amounts credited to the Account of any Director immediately prior to such action or change the time, method or manner of distribution of such Account.

8.              Section 409A Compliance.  It is intended that no compensation awarded under the Plan shall be subject to any interest or additional tax under Section 409A of the Internal Revenue Code of 1986 (together with any successor statute, "Section 409A"), and the terms of the Plan should be construed accordingly.  In the event Section 409A is amended after the date hereof, or regulation or other guidance is promulgated after the date hereof that would make any compensation under the Plan subject to the provisions of Section 409A, then the terms and conditions of the Plan shall be interpreted and applied, to the extent possible, in a manner to avoid the imposition of the provisions of Section 409A.  If any award of compensation to a Director under the Plan may result in the application of Section 409A, then the Company and the Director will negotiate in good faith to amend the Plan and/or the award to the extent necessary to comply with the requirements of Section 409A, provided that no such amendment shall increase the total financial obligation of the Company under the award.  Notwithstanding the preceding, the Director shall be responsible for any and all tax liabilities, including liability under Section 409A with respect to compensation Awards made to the participant; and neither the Committee nor the Company shall have any liability to a Director for reimbursement or otherwise on account of any such tax liabilities which may be imposed on the Director.

9.              Miscellaneous.

(a)              The provisions of the Plan shall be binding upon and enforceable against the Company and/or the continuing or surviving corporation in a Change of Control.

(b)              Neither the Director nor any other person shall have any interest in any fund or in any specific asset of the Company by reason of amounts credited to the Account of a Director hereunder, or the right to exercise any of the rights or privileges of a shareholder (including the right to vote) with respect to any Stock Equivalents credited to the Account or to receive any distribution under the Plan except as expressly provided for in the Plan.  Distributions hereunder shall be made from the general assets of the Company, and the rights of the Director shall be those of an unsecured general creditor of the Company.

(c)              The Company may require that the Directors shall agree to acquire shares of Common Stock under the Plan for investment and not for resale or distribution except pursuant to a registration statement under the Securities Act of 1933 or an exemption from such registration, and may require that certificates representing such shares shall bear a customary restrictive legend to this effect.

(d)              The interest of the Director under the Plan shall not be assignable by the Director or the Director's beneficiary or legal representative, either by voluntary assignment or by operation of law, and any such attempted assignment shall be ineffective to transfer the Director's interest; provided, however, that (i) the Director may designate beneficiaries to receive any benefit payable under the Plan upon death, and (ii) the legal representative of the Director's estate may assign his or her interest under the Plan to the persons entitled to any such benefit.

(e)              Nothing contained herein shall impose any obligation on the Company to continue the tenure of the Director beyond the term for which such Director has been elected or prevent his or her removal.

(f)              The Plan shall be interpreted by and all questions arising in connection therewith shall be determined by the HRCC, whose interpretation or determination shall be conclusive and binding.

(g)              If any amounts deferred pursuant to the Plan are found in a final judgment or other order to have been includible in gross income by a Director prior to payment of such amounts from his or her Account, such amounts shall be immediately paid to such Director, notwithstanding any election pursuant to Section 4.

(h)              The provisions of the Plan shall be governed by and construed in accordance with the laws of the State of Missouri, without regard to the principles of conflicts of law which might otherwise apply.

10.              Effective Date.  The Plan became effective July 1, 2001 and has been restated in its entirety as of November 8, 2017.

1 Note: Originally authorized number of 200,000 shares was automatically doubled to 400,000 as a result of the 2005 stock split.

ESCO TECHNOLOGIES INC.

 COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

DEFERRED COMPENSATION ELECTION FORM

Pursuant to the ESCO Technologies Inc. Compensation Plan For Non-Employee Directors:

1.  COMPENSATION TO BE DEFERRED:

£  I hereby elect to defer payment of my Cash Compensation.

£  I hereby elect to defer distribution of my Stock Compensation.

I understand that all deferrals will be credited as Stock Equivalents to my Deferred Compensation Account.

2.  TYPE OF DISTRIBUTION:

Deferred Stock Compensation:

£  Lump Sum – in shares

£  Installments over ____years (may not exceed 5 years)

£  Semi-Annually in shares

£  Annually in shares

Deferred Cash Compensation:

£  Lump Sum – in cash

£  Lump Sum – in shares

£  Installments over ____years (may not exceed 5 years)

£  Semi-Annually ______% in cash; ____% in shares

£  Annually ______% in cash; ____% in shares

£  Quarterly in cash

3.  TIME OF DISTRIBUTION:

£  Lump sum distribution to be made on __________________________.

£  Installment distributions to commence on _______________________.

£  Distribution to be made or commence upon my retirement as a Director of the Company.

4.  DESIGNATION OF BENEFICIARY: (Please include social security number and address.)

 In the absence of such designation, any remaining distribution(s) will be made to your estate.

Name                                                      Address                                                                              Social Security Number

___________________________________________________________________________________

___________________________________________________________________________________

___________________________________________________________________________________

___________________________________________________________________________________

___________________________________________________________________________________

5.  EFFECTIVE PERIOD:

This deferment will remain in effect with respect to each such subsequent year until such time as I may revoke the deferment or distributions commence, whichever is earlier.  Such later filings shall apply only to compensation to be earned after the calendar year in which such later filings are made.

Signature:                                                                                    

Print Name:                                                                                    

Date Signed:

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