0000927355 false 0000927355 2021-05-25 2021-05-25 iso4217:USD xbrli:shares iso4217:USD xbrli:shares






Washington, DC 20549









Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): May 25, 2021


TESSCO Technologies Incorporated

(Exact name of the registrant as specified in its charter)


Delaware 001-33938 52-0729657
(State or other jurisdiction of
(Commission File Number) (IRS Employer Identification


11126 McCormick Road, Hunt Valley, Maryland 21031

(Address of principal executive offices) (Zip Code)


(410) 229-1000

(Registrant’s telephone number, including area code)


Not Applicable

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


¨    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to section 12(b) of the Act:


Title of each class  

Trading Symbol(s)

  Name of each exchange on which

Common Stock, $0.01 par value per share

  TESS   Nasdaq Global Market


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company ¨


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨







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