EXHIBIT 10.11
TERMINATION OF EMPLOYMENT ARRANGEMENT
TESSCO Technologies Incorporated and ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇ have entered into an
employment agreement as of June 9, 1999. Pursuant to the agreement, TESSCO
remains obligated to continue base salary compensation and benefits to ▇▇. ▇▇▇▇
for the scheduled terms of the agreement if the employment of ▇▇. ▇▇▇▇ is
terminated by TESSCO without "good cause" or by ▇▇. ▇▇▇▇ with "good reason". If
▇▇. ▇▇▇▇'▇ employment is terminated by TESSCO for "good cause", or by ▇▇. ▇▇▇▇
without "good reason", TESSCO is generally obligated to pay compensation and
benefits only to the date of termination. "Good cause" generally means: (I) the
willful continued failure by ▇▇. ▇▇▇▇ to substantially perform his management
duties, (ii) intentional misconduct by ▇▇. ▇▇▇▇ causing substantial injury to
the Company, or (iii) the conviction of a felony crime involving moral
turpitude. "Good reason" is defined to include: (I) a substantial diminution in
▇▇. ▇▇▇▇'▇ title, duties or authority, (ii) a relocation of the Company's
principal offices to another State, (iii) a reduction in annual base salary, or
(iv) a "change in control" of the Company. A "change in control" is generally
deemed to occur when: (i) a person or group acquires beneficial ownership of
thirty percent or more of the Common Stock of the Company; or (ii) the
shareholders approve a liquidation or sales of substantially all of the assets
of the Company or certain mergers or consolidation of the Company.
This agreement is enforceable upon and beyond a "change in control" of the
Company.
The terms of this agreement provide for base salary and benefits to continue to
be paid to ▇▇. ▇▇▇▇ should employment be terminated by TESSCO without "good
cause" or by ▇▇. ▇▇▇▇ with "good reason" on the following schedule:
TERM PAYMENT PERIOD OF SEVERANCE BASE SALARY & BENEFITS
FIRST 12 MONTHS OF EMPLOYMENT 12 months following termination date
Months 13 - 24 of employment 9 months following termination date
Beyond month 24 of employment 6 months following termination date
By:/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇ Date: 6/9/99
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▇▇▇▇▇▇▇ ▇. ▇▇▇▇
By:/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Date: 6/9/99
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, ▇▇.
Chairman and CEO
TESSCO Technologies Incorporated
