Transcat, Inc (NASDAQ:TRNS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On May 21, 2019, Transcat, Inc. (the “Company”) entered into a Lease Agreement (the “Lease”) with AK Leasehold I, LLC (the “Landlord”), to which the Company agreed to lease approximately 23,300 square feet of general office, laboratory and warehouse space in the Technipark Ten center in Houston, Texas. The initial term of the Lease is ten years and six months, plus an approval period to obtain government authorizations for property improvements. The Company has two options to renew the Lease for a period of five years each. The Company is also granted a one-time early expiration option that requires the Company to pay a fee equal to four month’s rent and certain other costs. Commencing in month seven, the Company’s monthly base rent obligation will be approximately $18,600, increasing by three percent annually. In addition, the Company will pay its proportionate share of the area operating expenses. The Lease contains customary provisions for real property leases of this type, including provisions allowing the Landlord to terminate the Lease upon a default by the Company.
The foregoing description of the Lease does not purport to be complete and is qualified in its entirety by reference to the full text of Lease filed as Exhibit 10.1 to this Current Report on Form 8-K.
The disclosure under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1 | Lease Agreement, dated as of May 21, 2019, by and between Transcat, Inc. and AK Leasehold I, LLC |
TRANSCAT INC Exhibit
EX-10.1 2 transcat3595631-ex101.htm LEASE AGREEMENT,…
To view the full exhibit click here
About Transcat, Inc (NASDAQ:TRNS)
Transcat, Inc. is a provider of calibration and laboratory instrument services and a distributor of professional grade test, measurement and control instrumentation. The Company conducts its business through two segments: service (Service) and distribution (Distribution). Through the Service segment, the Company offers calibration, repair, inspection, analytical qualifications, preventative maintenance and other related services, a majority of which are processed through its asset management system, CalTrak (CalTrak). Through its Distribution segment, the Company markets, sells and rents national brand instruments to customers around the globe. The Company is focused on providing its services and products to the life science industries, which include pharmaceutical, biotechnology, medical device manufacturing and other Food and Drug Administration (FDA)-regulated businesses.
