Document:

FORM OF AWARD AGREEMENT UNDER THE CA, INC 2011 INCENTIVE PLAN

 Exhibit 10.61 

 
 

 
 CA, INC. 2011 INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION AWARD AGREEMENT 
  

			
	[Participant Name] (“Optionee”)	  	
	Name of Optionee	  	

  

			
	 Total Number of Shares Subject to Option Granted
	  	[Number of Shares Granted]
	 Grant Date
	  	[Grant Date]
	 Exercise Price
	  	[Exercise Price]
	 Expiration Date
	  	[Expiration Date]

 THIS AGREEMENT, including without limitation Appendix A hereto, (this “Agreement”), dated as of the date set
forth above and entered into by and between CA, Inc., a Delaware corporation (the “Company”) and the above-referenced Optionee, provides for the grant of a nonqualified stock option under the CA, Inc. 2011 Incentive Plan (the
“Plan”). This Agreement incorporates by reference the terms of the Plan, and is subject to the terms of the Plan. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan will
control. Except as otherwise provided in this Agreement, capitalized terms in this Agreement will have the meanings specified in the Plan. 
  

	1.	Grant of Option 

 The
Company hereby grants to the Optionee an option (the “Option”) to purchase the number of shares of Common Stock set forth above at an exercise price per share set forth above which is equal to the Fair Market Value of such shares on the
date the Option is granted (the “Grant Date”). The Option is not an “incentive stock option” within the meaning of Section 422 of the Code. 
  

	2.	Vesting of Option 

 The
Option will vest with respect to 34% of the underlying shares of Common Stock on the first anniversary of the Grant Date and with respect to an additional 33% of the underlying shares of Common Stock on each of the second and third anniversaries of
the Grant Date. Except as provided in Section 9 of this Agreement, the Option will expire and will not be exercisable after ten years from Grant Date (the “Expiration Date”). Notwithstanding the foregoing, the Company may extend the
term of the Option to reflect certain securities trading blackouts that the Company may impose in order to comply with applicable laws. 
  

	3.	Exercise of Option 

 To
the extent that the Option is exercisable, the Optionee may exercise the Option by delivering to the Company or its agent a properly executed exercise notice on a form approved by the Committee. The Company will not permit the exercise of the Option
if the Company determines, in its sole and absolute discretion, that issuance of shares underlying the Option could violate any law or regulation. 
 In the event of the Optionee’s death, the Option may be exercised by the executor or administrator of a deceased Optionee’s estate, or by the person or persons to whom the Option has been
transferred by the Optionee’s will or the applicable laws of descent and distribution, provided that the Company will be under no obligation to deliver shares underlying the Option unless and until the Company is satisfied that the person
exercising the Option is the duly appointed executor or administrator of the deceased Optionee or the person to whom the Option has been transferred by the Optionee’s will or by the applicable laws of descent and distribution. 

	4.	Payment of Exercise Price 

Payment of the exercise price of the Option may be made in cash or by certified check, bank draft, wire transfer or postal or express
money order or any other form of consideration approved by the Committee. Alternatively, payment of the exercise price may be made by (a) delivering to the Company, or its agent, a properly executed exercise notice, together with irrevocable
instructions to a broker to deliver promptly to the Company the amount of sale proceeds with respect to the portion of the shares to be acquired upon exercise having a Fair Market Value on the date of exercise equal to the sum of the applicable
portion of the exercise price being so paid and appropriate tax withholding, (b) tendering (actually or by attestation) to the Company previously acquired Shares that have been held by the Optionee for at least six months having a Fair Market
Value on the date prior to the date of exercise equal to the applicable portion of the Exercise Price being paid, or (c) any combination of the foregoing. Payment of the exercise price of the Option must be made in full for all shares for which
the Option is exercised at the time of such exercise, and no shares will be delivered until such payment is made. Notwithstanding the foregoing, a form of payment will not be available if the Company determines, in its sole and absolute discretion,
that such form of payment could violate any law or regulation. 
  

	5.	Delivery of Shares 

 The
Company will not be obligated to deliver any shares underlying the Option unless and until the Company is satisfied that (a) proper arrangements have been made with the Company for the payment of any applicable tax withholding obligations,
(b) all requirements of all applicable laws have been met, (c) in the event the outstanding Common Stock is at the time listed upon any stock exchange, the shares to be delivered have been listed, or authorized to be listed, upon official
notice of issuance upon the exchanges where it is listed, and (d) all legal matters in connection with the issuance and delivery of the shares have been approved by counsel of the Company. The Optionee will have no rights of a stockholder until
the shares are actually delivered to the Optionee. Common Stock to be delivered upon the exercise of the Option may constitute an original issue of authorized stock or may consist of treasury stock. 

 

	6.	Transferability of Option 

Except as provided below, the Option may not be transferred by the Optionee other than by will or the laws of descent and distribution and
during the Optionee’s lifetime the Option may be exercised only by the Optionee. Notwithstanding the foregoing, the Option may be transferred by the Optionee to his or her family members or to one or more trusts for the benefit of such family
members or to one or more limited partnerships in which such family members are the only partners; provided that (a) the Optionee does not receive any consideration for such transfer, (b) written notice of any proposed transfer and the
details thereof will have been furnished to the Committee at least three days in advance of such transfer, and (c) the Committee consents to the transfer in writing. If the Option is transferred pursuant to this provision, it will continue to
be subject to the same terms and conditions that were applicable to such Option immediately prior to transfer and the Option may be exercised by the transferee only to the same extent that the option could have been exercised by the Optionee had no
transfer been made. For this purpose, the Optionee’s “family members” will include the Optionee’s spouse, children, grandchildren, parents, grandparents (whether natural, step, adopted or in-laws) siblings, nieces, nephews and
grandnieces and grandnephews. 

  
 2 

	7.	Death or Termination of Employment Due to Disability 

 If the Optionee dies or incurs a Termination of Employment due to Disability while employed by or providing services to the Company, any portion of the Option that has not become exercisable as of the
date of the Optionee’s death or Termination of Employment due to Disability will become exercisable in full and will remain exercisable (a) in the case of the Optionee’s death, by the estate of the deceased Optionee or the person
given authority to exercise the Option by the Optionee’s will or by operation of law for a period of one year following the Optionee’s death, but not later than the expiration date of the Option; and (b) in the case of the
Optionee’s Termination of Employment or Disability, by the Optionee for a period of one year following the Optionee’s Termination of Employment due to Disability, but not later than the Expiration Date. 

 

	8.	Other Termination of Employment 

  

	 	(a)	Except as otherwise provided in this Agreement or the Plan, upon the Retirement of the Optionee, the portion of the Option that is not exercisable as of the date of
such Retirement will be forfeited as of the date of such Retirement and the portion of the Option that is exercisable as of the date of such Retirement must be exercised, if at all, within one year after the date of such Retirement, but in no event
after the Expiration Date. 

  

	 	(b)	Except as otherwise provided in this Agreement or the Plan or in an employment agreement between the Optionee and the Company, upon the Optionee’s Termination of
Employment, for reason other than death, Disability or Retirement, the portion of the Option that is not exercisable as of the Optionee’s Termination of Employment will be forfeited as of the Optionee’s Termination of Employment and the
portion of the Option that is exercisable as of the Optionee’s Termination of Employment must be exercised, if at all, within 90 days after such Termination of Employment. 

 

	9.	Forfeiture and Recovery and Reimbursement of Option Gain 

 Notwithstanding any other provision of this Agreement or the Plan to the contrary, the Option will be terminated and become null and void without consideration if the Optionee, as determined by the
Committee in its sole discretion, engages in any Prohibited Activities (as defined in Appendix A). 
 If the Optionee engages in
any of the Prohibited Activities, the Optionee shall, at the sole discretion of the Committee, forfeit any gain realized in respect of any Option that has been exercised within 12 months prior to the Optionee’s Termination of Employment (the
“Affected Option”), which gain shall be deemed to be an amount equal to aggregate of the difference between the Exercise Price of the Affected Option and the corresponding Fair Market Value (as defined in the Plan), on the applicable
exercise date, of the shares of Common Stock deemed delivered to the Optionee (including any shares sold or withheld to cover any portion of the payment of its exercise price and/or tax withholding). The Optionee shall repay such gain to the Company
immediately after demand by the Company, but not later than ten days following such demand. The amount of the gain calculated pursuant to this Section 9 shall not take into account any taxes paid by or withheld from the Optionee in connection
with the exercise of the Affected Option. 
 The foregoing provision will be applied in compliance with applicable laws,
including without limitation the Dodd-Frank Wall Street Reform and Consumer Protection Act, and the Optionee will be subject to such forfeiture and recovery and reimbursement policies that the Company or any of its Related Companies may establish to
comply with such laws from time to time. 
  

	10.	Changes In Stock 

 The
Option is subject to the adjustment provisions set forth in Sections 4.11, 5.3 and 5.4 of the Plan. 

  
 3 

	11.	Tax Withholding 

 As a
condition to the delivery of any shares pursuant to the exercise of the Option, the Optionee is required to pay tax withholding obligations related thereto by: 
  

	 	(a)	payment to the Company in cash or by certified check, bank draft, wire transfer or postal or express money order an amount sufficient to satisfy any applicable tax
withholding obligations; 

  

	 	(b)	through any of the exercise price payment methods described in Section 4 of this Agreement; or 

 

	 	(c)	instructing the Company to withhold shares that would otherwise be issued on exercise having a Fair Market Value on the date of exercise equal to the applicable portion
of the tax withholding obligations being so paid. 

  

	12.	No Guarantee of Employment or Service 

 The Option will not obligate the Company or any Related Company to retain the Optionee in its employ or service for any period. 

 

	13.	Governing Law; Severability; Choice of Law 

 This Agreement will be governed by the internal substantive laws, and not the choice of law rules, of the State of New York and construed accordingly, to the extent not superseded by applicable federal
law. If any provision of the Agreement is held unlawful or otherwise invalid or unenforceable, in whole or in part, the unlawfulness, invalidity or unenforceability will not affect any other provision of this Agreement or part thereof, each of which
will remain in full force and effect. Any action related to this Agreement shall be brought exclusively in the federal or state courts of the State of New York, County of Suffolk. The Optionee will accept service of process as provided under New
York law or by registered mail, return receipt requested, and waive any objection based upon forum non conveniens or as to personal jurisdiction over the Optionee in federal or state courts of the State of New York, County of Suffolk. The choice of
forum set forth in this Section 13 shall not be deemed to preclude the enforcement of any judgment obtained in such forum in any other jurisdiction. 
  

	14.	Acceptance and Acknowledgment 

 By accepting this Agreement, the Optionee: 
  

	 	(a)	accepts and acknowledges receipt of the Option which has been issued to the Optionee under the terms and conditions of the Plan; 

 

	 	(b)	acknowledges and confirms the Optionee’s acceptance and agreement to the collection, use and transfer, in electronic or other form, of personal information about
the Optionee, including, without limitation, the Optionee’s name, home address, and telephone number, date of birth, social security number or other identification number, and details of all the Optionee’s shares held and transactions
related thereto, by the Company and its Related Companies and agents for the purpose of implementing, administrating and managing the Optionee’s participation in the Plan, and further understands and agrees that the Optionee’s personal
information may be transferred to third parties assisting in the implementation, administration and management of the Plan, that any recipient may be located in the Optionee’s country or elsewhere, and that such recipient’s country may
have different data privacy laws and protections than the Optionee’s country; 

  

	 	(c)	acknowledges and confirms the Optionee’s consent to receive electronically this Agreement, the Plan and the related Prospectus and any other Plan documents that
the Company is required to deliver; 

  

	 	(d)	acknowledges that a copy of the Plan and the related Prospectus is posted on the Company’s website and that the Optionee has access to such documents;

  
 4 

	 	(e)	agrees to be bound by the terms and conditions of this Agreement and the Plan (including, but not limited to, Section 7.5 of the Plan, Section 9 of this
Agreement and Appendix A to this Agreement), as may be amended from time to time; 

  

	 	(f)	agrees to accept as binding, conclusive and final all decisions and interpretations of the Committee upon any questions related to the Plan or this Agreement;

  

	 	(g)	understands that neither Plan nor this Agreement gives the Optionee any right to employment or service with the Company or any Related Company and that the Option is
not part of the Optionee’s normal or expected compensation, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or
similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or the Optionee’s employer; 

 

	 	(h)	understands and acknowledges that the grant of the Option is expressly conditioned on the Optionee’s adherence to the terms of the applicable policies and
procedures of the Company and its Related Companies. 

  

	 	(i)	understands and acknowledges that the Plan is established voluntarily by the Company, is discretionary in nature and may be modified, amended, suspended or terminated
by the Company at any time, unless otherwise provided in the Plan and this Agreement; 

  

	 	(j)	understands and acknowledges that the grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of
Options, or benefits in lieu of Options, even if Options have been granted repeatedly in the past; 

  

	 	(k)	all decisions with respect to future Options, if any, will be at the sole discretion of the Company; 

 

	 	(l)	the Optionee is voluntarily participating in the Plan; 

  

	 	(m)	the Option is an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Company or the Employer, and which is
outside the scope of the Optionee’s employment contract, if any; 

  

	 	(n)	in the event that the Optionee is not an employee of the Company, the grant of the Option will not be interpreted to form an employment contract or relationship with
the Company; and furthermore, the grant of the Option will not be interpreted to form an employment contract with the Optionee’s employer or any subsidiary or affiliate of the Company; 

 

	 	(o)	the future value of the underlying shares of Common Stock is unknown and cannot be predicted with certainty; 

 

	 	(p)	if the Optionee exercises the Option and obtains shares of Common Stock, the value of those shares may increase or decrease in value; and 

 

	 	(q)	in consideration of the grant of the Option, no claim or entitlement to compensation or damages shall arise from termination of the Option or diminution in value of the
Option or shares acquired through the exercise of the Option resulting from termination of the Optionee’s employment by the Company or his employer, and the Optionee irrevocably releases the Company and his employer from any such claim that may
arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then, by signing this Agreement, the Optionee will be deemed irrevocably to have waived his or her entitlement to pursue such
claim. 

  
 5 

	 	(r)	The parties to this agreement have expressly required that this Agreement and all documents and notices relating hereto be drafted in English. Les parties aux
présentes ont expressément exigé que la présente convention et tous les documents et avis qui y sont afférents soient rédigés en anglais.” 

 

	15.	Entire Agreement 

 This
Agreement and the Plan and, to the extent applicable to the Optionee, any written employment agreement between the Optionee and the Company, constitute the entire agreement between the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements between the parties with respect to the subject matter hereof. 
  

											
	CA, INC.	 		 	OPTIONEE
				
	By:	 	 	 		 	 
		 	Name:	 		 		 	Name:	 	
		 	Title:	 		 		 		 	

  
 6 

 Appendix A 

 

	1.	Prohibited Activities. The Optionee recognizes that the Company is engaged in a highly competitive business and that its customer, employee, licensee, supplier
and financial relationships are of a highly sensitive nature. As a reasonable means to protect the Company’s Confidential Information (as defined in the subclause (a) below), investment, relationships, and goodwill, and in consideration
for the Option grant, the Optionee agrees that, to the extent permitted by applicable law, the Optionee will not, either during his or her employment or for a period of 12 months following the termination of his or her employment (or such longer
period specified below) for any reason engage in any of the following “Prohibited Activities”: 

  

	 	(a)	Engage in any business activity in a Restricted Area that competes with the business activities of the Company and its corporate affiliates about which Optionee either
had (i) a job responsibility to promote, or (ii) access to Confidential Information. “Restricted Area” for purposes of this Agreement, means a geographic area that the Optionee served or covered on behalf of the Company at any
time within the 18 months preceding the end of his or her employment with the Company. “Confidential Information,” for the purposes of this Agreement, means information, including information that is conceived or developed by the
Optionee that is not generally known to the public and that is used by the Company in connection with its business. By way of example, the term “Confidential Information” would include: trade secrets; processes; formulas; research data;
program documentation; algorithms; source codes; object codes; know-how; improvements; inventions; techniques; training materials and methods; product information; corporate strategy; sales forecast and pipeline information; research and
development; plans or strategies for marketing and pricing; and information concerning existing or potential customers, partners, or vendors. The Optionee understands that this list is not all-inclusive and merely serves as examples of the types of
information that falls within the definition of Confidential Information. 

  

	 	(b)	Solicit, call on, service or induce others to solicit, call on or service any “Customer” for the purpose of inducing it to license or lease a product or
provide it with services that compete with a product or service offered by the Company. A “Customer,” for purposes of this Agreement, means any person or business entity that licensed or leased a Company product or obtained Company
services within the 18 months preceding the end of the Optionee’s employment with the Company and that the Optionee had solicited, called on, or served on the Company’s behalf anytime within that 18-month time period.

  

	 	(c)	Solicit, call on, or induce others to solicit or call on, any “Prospective Customer” for the purpose of inducing it to license or lease a product or provide
it with services which compete with a product or service offered by the Company. A “Prospective Customer,” for purposes of this Agreement, is any person or business entity that the Optionee solicited or called on (whether directly or
through another Company agent at the Optionee’s direction) on behalf of the Company anytime within the 12 months preceding the end of the Optionee’s employment with the Company. 

 

	 	(d)	Directly or indirectly through others, hire any employee or contractor of the Company, or solicit or induce, or attempt to solicit or induce, any Company employee or
contractor to leave the Company for any reason. 

  

	 	(e)	For any period following the termination of the Optionee’s employment, violate a non-competition, non-solicitation or non-disclosure covenant or agreement between
the Optionee and the Company or any Related Company (including, without limitation, the Employment and Confidentiality Agreement signed at or around the time of the Optionee’s hire). 

  
 7 

 Different restrictions apply if, at or prior to termination, the Optionee was or had been a
programmer, software engineer, analyst, support technician, quality assurance technician, technical documentation writer and/or a manager in a research and development capacity. If so, then the Optionee’s obligations under this Paragraph 1
shall be satisfied if the Optionee does not, for one year following Termination of Employment for any reason, work on any program or product which may be competitive with any program or product of the Company with which the Optionee was involved in
a research and development or support capacity anytime within the 18 months preceding the end of the Optionee’s employment with the Company. 
  

	2.	Tolling of Covenants in the Event of Breach. In the event the Optionee engages in any of the Prohibited Activities, the time period of the violated covenant(s)
shall be tolled throughout the duration of any violation and shall continue until the Optionee has complied with such covenant(s) for a period of 12 consecutive full months. 

 

	3.	Injunction. The Optionee acknowledges that, by virtue of the Optionee’s employment with the Company, the Optionee will have access to Confidential
Information of the Company, the disclosure of which will irreparably harm the Company. The Optionee further acknowledges that the Company will suffer irreparable harm if the Optionee breaches any of the Optionee’s obligations under this
Agreement. Therefore, the Optionee agrees that the Company will be entitled, in addition to its other rights, to enforce the Optionee’s obligations through an injunction or decree of specific performance from a court having proper jurisdiction.
Any claims the Optionee may assert against the Company shall not constitute a defense in any injunction action brought by the Company to force the Optionee to keep the promises the Optionee made in this Agreement. 

 

	4.	Authorization to Modify Restrictions. The Optionee agrees that the restrictions contained in this Agreement are reasonable. However, if any court having proper
jurisdiction holds a particular restriction to be unreasonable, that restriction shall be modified only to the extent necessary in the court’s opinion to make it reasonable and the remaining provisions of this Agreement including without
limitation Appendix A shall nonetheless remain in full force and effect. The other provisions of this Agreement are likewise severable. 

  

	5.	General. 

  

	 	(a)	The Optionee understands and agrees that, if the Company is successful in a suit or proceeding to enforce any of the terms of this Agreement, the Optionee will pay the
Company’s costs of bringing such suit or proceeding, including its reasonable attorney’s fees and litigation expenses (including expert witness and deposition expenses). 

 

	 	(b)	This Agreement shall inure to the benefit of and may be enforced by the Company, its successors and assigns. Except as otherwise permitted by this Agreement, this
Agreement is personal to the Optionee and the Optionee may not assign it. 

  

	 	(c)	The Company’s rights under this Agreement shall be in addition to any rights it may have under any other Agreement with Optionee. 

 

	 	(d)	Any failure to enforce the terms of this Agreement with any other employee of the Company shall not be deemed a waiver by the Company to enforce its rights under this
Agreement. Further, any waiver by the Company of any breach by the Optionee of any provision of this Agreement, shall not operate or be construed as a waiver of any subsequent breach hereof. 

  
 8EX-10.1

 Exhibit 10.1 
 TRANSCAT, INC. 
 AGREEMENT FOR SEVERANCE UPON CHANGE IN CONTROL

 This Agreement for Severance Upon Change in Control (this “Agreement”) is made and entered into as of
May 7, 2012, by and between Transcat, Inc., an Ohio corporation (the “Company”), having its principal place of business at 35 Vantage Point Drive, Rochester, New York 14624, and Lee D. Rudow (the “Employee”). 

In consideration of the mutual covenants herein contained, the Company and the Employee, intending to be legally bound, hereby agree as
follows: 
 Section 1. Purpose of this Agreement. The Employee is a key officer and employee of the Company. Although
the Company does not presently anticipate a Change in Control, it nevertheless desires to (i) assure the continued loyalty, cooperation and services of certain key officers and employees of the Company if one should occur, and (ii) provide
for those individuals to receive compensation under certain circumstances in connection with a Change of Control, if one should occur. 
 Section 2. Definitions. For purposes of this Agreement, the following terms shall have the following respective meanings: 
 (a) A “Change in Control” shall have occurred if: 
 (i) the Company is
merged or consolidated with another entity and as a result thereof, less than fifty percent (50%) of the outstanding voting securities of the surviving or resulting entity shall then be owned in the aggregate by the former shareholders of the
Company; or 
 (ii) as a result, or in connection with, any tender offer or exchange offer, merger or other business
combination, or sale or other disposition of assets, or any combination of the foregoing transactions, the individuals who constitute the Board of Directors of the Company before any such transaction shall not constitute a majority of the board of
directors of the surviving or resulting entity; or 
 (iii) a tender offer or exchange offer for the ownership of securities of
the Company representing over twenty-five percent (25%) of the combined voting power of the Company’s then outstanding voting securities is made and consummated; or 
 (iv) any “person,” including a “group” within the meaning of Section 13(d)(3) of the Securities Act of 1934, as amended, but excluding any employee stock ownership plan or similar
employee benefit plan of the Company, is or becomes, directly or indirectly, the beneficial owner of securities of the Company representing over twenty-five percent (25%) of the combined voting power of the Company’s then outstanding
voting securities; or 
 (v) the Company transfers substantially all of its assets to another corporation that is not a
wholly-owned subsidiary of the Company. 

 (b) “Material Change” means any action by the Company or the Successor during
the Transition Period, without the Employee’s express written consent, that has the effect of: (i) downgrading the Employee’s title, or reducing the nature or scope of his responsibilities and duties, from those applicable to him
immediately prior thereto; or (ii) reducing the base salary payable to the Employee from that payable to him by the Company immediately prior thereto; or (iii) failing to provide the Employee with a package of fringe benefits that, though
one or more elements may vary from those in effect immediately prior thereto, is substantially comparable to such fringe benefits; or (iv) changing the location of the Employee’s principal place of employment to a location that is outside
the general metropolitan area of Rochester, New York. 
 (c) “Severance Amount” means the obligation of the Successor
to pay and continue the Employee’s full salary, bonus and benefits set forth in Section 3 hereof. 
 (d)
“Successor” means any successor to the assets, rights or business of the Company as a result of a Change in Control. 

(e) “Transition Period” means the time period beginning with the agreement for or announcement of a proposed Change in Control
and ending twenty-four (24) months following the effective date of any Change in Control. 
 (f) “Termination”
or “retirement” means a “separation from service” within the meaning provided by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations and other official guidance
issued there under (collectively, “Section 409A”). 
 Section 3. Payment of Severance Amount. 

(a) If, during the term of the Employee’s employment as an officer of the Company, there shall occur a Change in Control, and
during the Transition Period, the Employee’s employment with the Successor terminates for any reason, then, subject to the qualifications set forth in Section 4 hereof, the Successor shall be obligated to pay and continue the
Employee’s full salary, bonus (at standard) and benefits (to the extent that the Employee’s continued participation is possible under the general terms and provisions of such plans and programs) as were in effect immediately preceding the
Change in Control, for a period of twenty-four (24) months following the effective date of termination of employment. Additionally, all Stock Grants, Option Grants, Stock Appreciation Rights or similar equity arrangements or long term
performance awards (to be settled in either equity or cash) shall be deemed to have immediately vested and any option exercise periods shall be extended for the term of the option. 

(b) The Employee shall not be required to mitigate the Severance Amount by seeking other employment or otherwise, nor shall the
Severance Amount be reduced or offset by any compensation earned by the Employee as the result of his employment by another employer subsequent to the date of termination his employment with the Successor. 

  
 2 

 Section 4. Effect of Certain Terminations. Notwithstanding Section 3 hereof,
the Employee shall not be entitled to, and the Successor shall have no obligation to pay, the Severance Amount if, during the Transition Period: 
 (a) The Employee voluntarily terminates his employment with the Company or the Successor. However, notwithstanding any or other seemingly voluntary departure, the Employee’s termination of employment
shall not be deemed voluntary for purposes of this Agreement if the Employee’s employment terminates in consequence of a Material Change. In such case, the Employee shall be entitled to receive, and the Successor shall be obligated to pay, the
Severance Amount. 
 (b) The Company or the Successor terminates the Employee’s employment for any of the following
reasons: (i) the Employee’s continuing to perform such (other than services constituting a Material Change) as may reasonably be assigned to him by the Successor; or (ii) the Employee’s willful misconduct or gross negligence in
the performance of his employment duties; or (iii) the Employee’s breach of his duty of loyalty to, or acts of unfair competition with, the Successor; or (iv) the Employee’s conviction of any crime or offense involving money,
property or personnel of the Successor, or of any other crime which constitutes a felony; or (v) the Employee’s illegal use, possession or being under the influence of any narcotic, controlled substance or alcoholic beverage while at work;
or (vi) any conduct by the Employee that, under applicable laws and regulations, disqualifies him from serving as an officer or employee of the Company. 
 (c) His employment terminates by reason of the Employee’s death, total disability, or normal retirement at or after age 65. 
 Section 5. Payment of Accrued Salary, Etc. This Agreement shall not affect the Employee’s right to receive all earned but unpaid salary, accrued but unpaid vacation pay, and submitted but
outstanding travel or other expenses due and owing from the Successor on the effective date of the termination of his employment, or any incentive compensation earned but unpaid prior to or coincidental with such date, all of which shall be paid by
the Successor to the Employee in accordance with the terms of such obligations. 
 Section 6. Withholding of Taxes. The
Successor may withhold from the Severance Amount all federal, state, city or other income or employment taxes as may be required under any law, governmental regulation or ruling. 

Section 7. Not an Employment Agreement. Nothing contained in this Agreement is intended, nor shall it be deemed, to give the
Employee any rights (or impose any obligations) to continued employment by the Company or the Successor, or give the Company or the Successor any rights (or impose any obligations) for the continued performance of duties by the Employee, or
otherwise alter the Employee’s status as an employee at will. 
 Section 8. Amendment. This Agreement sets forth
the entire understanding of the parties with respect to its subject matter, and may not be modified or terminated except upon written amendment executed by the Employee and the Company (or, if subsequent to the Change in Control, by the Employee and
the Successor). 

  
 3 

 Section 9. No Assignment. The Employee’s right to the Severance Amount
hereunder shall not be assignable or transferable, whether by pledge, creation of a security interest or otherwise, other than a transfer by will or by the laws of descent or distribution. In the event of any attempted assignment or transfer
contrary to this Section, the Successor shall have no liability to pay the Severance Amount or any portion thereof so attempted to be or transferred. 
 Section 10. Benefit. This Agreement shall be binding upon, and shall inure to the benefit and be enforceable by, the Employee and his personal or legal representatives, executors, administrators,
heirs and distributes. This Agreement shall be binding upon, and shall inure to the benefit of and be enforceable by, the Company and the Successor and their respective successors and assigns. 

Section 11. Notices. Notices and all other communications under this Agreement shall be in and shall be deemed given when
personally delivered or when mailed by United States or certified mail, return receipt requested, postage prepaid, addressed to the Company or to the Successor (as the case may be) at the address set forth in the first paragraph of this Agreement,
and addressed to the Employee at his residence address as shown on the records of the Company or the Successor (as the case may be), or to such other address as either party may furnish to the other by like notice; provided, however, that notices of
changes of address shall be effective only upon receipt. 
 Section 12. Applicable Law. This Agreement shall be governed
by and construed in accordance with the laws of the State of Ohio applicable to agreements made and to be performed entirely within such State. 
 Section 13. Severability. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of that provision
shall not affect the validity or enforceability or any other provision of this Agreement, and all other provisions shall remain in full force and effect. 
 Section 14. Six Month Waiting Period. Notwithstanding anything to the contrary, to the extent that any payments under this Agreement are subject to a six-month waiting period under
Section 409A, any such payments that would be payable before the expiration of six months following the Employee’s separation from service but for the operation of this sentence shall be made during the seventh month following the
Employee’s separation from service. 
 Section 15. Section 409A. This Agreement and the compensation and
benefits provided hereunder are intended to be exempt from or to comply with the requirements of Section 409A, and shall be interpreted and administered consistent with such intent. 

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the day and year first above written. 

TRANSCAT, INC. 
  

							
		 	By:	 	     /s/ Charles P. Hadeed
	    	     /s/ Lee D. Rudow

		 	Charles P. Hadeed, Chief Executive Officer	    	    Lee D. Rudow

  
 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}]]