Transcat amends NEXA purchase agreement; removes future earn-out payments, pays $527K for year 2

TRANSCAT INC

Second Amendment to 2021 Share Purchase Agreement dated May 20, 2024 eliminates all future earn-out obligations for NEXA acquisition.
Buyer will pay $527,627 for earn-out year 2 (2023); no payment due for year 1 or any later years.
John Cummins terminated as VP of NEXA, rehired as VP of Global Strategic Partnerships under new employment letter.
Base purchase consideration of $22.5M unchanged; only earn-out structure modified.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TRANSCAT INC amended Second Amendment with John Cummins and Ross Lane (effective 2024-05-20).

Action: amendment
Agreement: asset purchase
Counterparty: John Cummins and Ross Lane
Effective: 2024-05-20

Exact text from the filing

On May 20, 2024, Transcat, Inc. (the “Company”) entered into an amendment (the “Second Amendment”) to a Share Purchase Agreement dated August 31, 2021 (the “Purchase Agreement”) with John Cummins and Ross Lane (the “Sellers”)

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Source: SEC EDGAR

accession 0001206774-24-000574

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