SEC Contract Filing

Filing Date: 2021-11-03

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>4
<FILENAME>e14152ex10-5.htm
<DESCRIPTION>FORM OF AWARD AGREEMENT OF DIRECTOR LONG-TERM COMPENSATION AWARD
<TEXT>
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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: right; text-indent: 4.5in">Exhibit
10.5</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">AWARD AGREEMENT OF</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center">DIRECTOR long-term
compensation AWARD</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_DV_M2"></A>GRANTED PURSUANT TO THE</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="a_DV_M3"></A>TRANSCAT, INC.<A NAME="a_DV_M4"></A>
2021 STOCK INCENTIVE PLAN</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
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 <TD STYLE="font: 11pt Times New Roman, Times, Serif; width: 80%; padding-top: 6pt; padding-right: 5.4pt; padding-left: 36pt"><B>Participant:</B></TD>
 <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
 <TR>
 <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 36pt"><B>Number of Restricted Stock Units Awarded:</B></TD>
 <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
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 <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
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 <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 36pt"><B>Date of Grant:</B></TD>
 <TD STYLE="font: 11pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><A NAME="a_DV_M5"></A>1.</TD><TD STYLE="text-align: justify"><U>Grant of Restricted Stock Unit Award</U>. This Award Agreement serves to notify you that the Board
of Directors of Transcat, Inc., an Ohio corporation (&#8220;Transcat&#8221;), has granted to you, under Transcat&#8217;s 2021 Stock Incentive
Plan (the &#8220;Plan&#8221;), a restricted stock unit award (the &#8220;Award&#8221;), on the terms and conditions set forth in this
Award Agreement and the Plan, of the number of Restricted Stock Units (&#8220;RSUs&#8221;) set forth above. Each RSU entitles you to receive
from Transcat one Share of Transcat&#8217;s Common Stock, $0.50 par value per share (the &#8220;Common Stock&#8221;), which will vest
(become non-forfeitable) as set forth in Sections 2 and 3 and will be payable in the form of Shares of Transcat&#8217;s Common Stock as
set forth in Section 4, all in accordance with the terms of this Award Agreement, the Plan, and any rules and procedures adopted by the
Committee. The Plan is incorporated herein by reference and made a part of this Award Agreement. Capitalized terms not defined herein
have the respective meanings set forth in the Plan.<A NAME="a_DV_M6"></A></TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">2.</TD><TD STYLE="text-align: justify"><U>Vesting</U>. The RSUs subject to the Award will vest, based on your continued service on the Board
of Directors of Transcat through the Vesting Date (as defined herein), in full on the first anniversary of the Date of Grant (the &#8220;Vesting
Date&#8221;).</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt">3.</TD><TD STYLE="text-align: justify"><U>Effects of Certain Events</U>.</TD></TR></TABLE>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt">a.</TD><TD STYLE="text-align: justify"><I>General</I>. Subject to Section 3(b) of this Award Agreement, in the event that your service on the
Board of Directors of Transcat is terminated prior to the Vesting Date, all RSUs that are not vested as of the date of such termination
are automatically forfeited.<A NAME="a_Ref304803225"></A></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><A NAME="a_Ref304796551"></A><A NAME="a_Ref309823777"></A>b.</TD><TD STYLE="text-align: justify"><I>Change in Control</I>. Upon a Change in Control of Transcat, the provisions of Section 7.1 of the Plan
shall automatically and immediately become ope