HUNT VALLEY, Md.--(BUSINESS WIRE)--TESSCO Technologies Incorporated (NASDAQ:TESS) today announced that Robert B. Barnhill Jr., age 73, Tessco’s Chairman and Founder, has adopted a prearranged trading plan in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934, and with the Company’s policies regarding insider stock transactions.
Mr. Barnhill’s 10b5-1 Trading Plan is intended to permit the orderly sale of a portion of his holdings as part of his personal long-term financial plan for asset diversification and liquidity. The amount of shares covered under the trading plan represents approximately 12 percent of his equity position in the Company.
The trading plan was established in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934 and the Company’s policies regarding insider sales. Rule 10b5-1 permits directors, officers and other company insiders to adopt prearranged written plans for selling specified amounts of stock at times when they are not in possession of material, non-public information. The pre-planned trades can then be executed through a broker at later dates without further action by the director, officer or other company insider and without regard to any subsequent material non-public information that the individual may receive.
Transactions under this Rule 10b5-1 plan will be disclosed publicly through Form 4 filings as required by the SEC.
About TESSCO Technologies Incorporated (NASDAQ: TESS)
TESSCO Technologies Incorporated (NASDAQ: TESS) is a value-added technology distributor, manufacturer and solutions provider. Tessco was founded more than 30 years ago with a commitment to deliver industry-leading products, knowledge, solutions and customer service and supports customers in the public and private sector. Tessco supplies more than 50,000 products from 400 of the industry’s top manufacturers in mobile communications, Wi-Fi, Internet of Things, wireless backhaul and more. Tessco is a single source for outstanding customer experience, expert knowledge and complete end-to-end solutions for the wireless industry. For more information, visit www.tessco.com.