Tessco (TESS) CFO Young Resigns
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Effective November 27, 2012, David M Young ceased to serve as Senior Vice President, Chief Financial Officer and Corporate Secretary of Tessco Technologies (Nasdaq: TESS). Mr. Young's employment with the Registrant has also terminated, and he is now pursuing new professional opportunities.
Pursuant and subject to the terms and conditions set forth in the Severance and Restrictive Covenant Agreement dated February 9, 2009, between Mr. Young and the Registrant, Mr. Young will be entitled to receipt of 1.65 times his current base salary, payable in twelve monthly installments, commencing January 2013. In addition, by virtue of his separation, Mr. Young will be entitled to distribution of an aggregate of 30,563 Performance Shares previously earned by him.
Mr. Aric Spitulnik, who has served as the Registrant's controller for the past seven years, has been elected by the Registrant's board of directors to the position of corporate secretary, and will serve as principal accounting officer.
Pursuant and subject to the terms and conditions set forth in the Severance and Restrictive Covenant Agreement dated February 9, 2009, between Mr. Young and the Registrant, Mr. Young will be entitled to receipt of 1.65 times his current base salary, payable in twelve monthly installments, commencing January 2013. In addition, by virtue of his separation, Mr. Young will be entitled to distribution of an aggregate of 30,563 Performance Shares previously earned by him.
Mr. Aric Spitulnik, who has served as the Registrant's controller for the past seven years, has been elected by the Registrant's board of directors to the position of corporate secretary, and will serve as principal accounting officer.
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