On December 7, 2020, TESSCO Technologies Incorporated announced that it has delivered a proposed settlement agreement term sheet to Robert B. Barnhill, pursuant to which: (i) Barnhill and his associates will withdraw and terminate the consent solicitation, (ii) Stephanie Dismore, Paul Gaffney, Cathy-Ann Martine-Dolecki, Ronald D. McCray, and Sandip Mukerjee would remain on the Board of Directors of the Company, (iii) J. Timothy Bryan and Kathleen McLean (2 of Barnhill’s designees) would be immediately elected to the Board, and (iv) two additional independent directors will be added to the Board.