SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 25, 2021, Eddie Franklin, who has served as Senior Vice President Commercial Sales since April 2020, submitted his letter of resignation, to be effective May 27, 2021.
Mr. Franklin and TESSCO Technologies Incorporated (the “Company”) are parties to a Severance and Restrictive Covenant Agreement dated May 1, 2020 (the “Severance Agreement”), which, provides for payment to Mr. Franklin of his base compensation through the date of termination of his employment. Also, pursuant to the Severance Agreement, Mr. Franklin will remain bound to certain restrictive covenants, including a covenant not to compete for a period of one year. All Performance Stock Units and Restricted Stock Units held by Mr. Franklin terminate upon termination of his employment, and all stock options held by Mr. Franklin will remain exercisable (insofar as vested) and terminate, all in accordance with their respective terms.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|TESSCO Technologies Incorporated|
|By:||/s/ Aric M. Spitulnik|
|Aric M. Spitulnik|
|Chief Financial Officer and Senior Vice President|
|Dated: June 1, 2021|