M&A: TRANSCAT INC

Form Type: 8-K

Filing Date: 2024-12-23

Corporate Action: Merger

Type: New

Accession Number: 000120677424001195

Comments: On December 18, 2024, Transcat, Inc. entered into severance agreements with its executive team, including the CEO, CFO, and Senior VP of Human Resources, which become effective in the event of a Change in Control. The agreements provide for severance payments and benefits if the executive's employment is terminated during a 24-month period following a Change in Control. Change in Control is defined to include scenarios such as mergers, tender offers, or significant ownership changes involving the company's securities. Specific terms for severance duration are set for each officer: 24 months for the CEO, 12 months for the CFO, and 6 months for the Senior VP. Additionally, any existing stock options and grants will vest immediately upon termination related to a Change in Control. The full agreement details are filed as Exhibit 10.1 with this report.

Document Link: View Document

Additional details:

Change In Control Definition: Change in Control is defined as the merger or consolidation with another entity where less than 50% of voting securities are owned by former shareholders, board majority changes after such transactions, tender offers for over 25% of voting power, or transfer of substantially all assets to another corporation.

Severance Payment Duration Ceo: 24 months

Severance Payment Duration Cfo: 12 months

Severance Payment Duration Svp: 6 months