Document:

Exhibit 10.2

TESSCO TECHNOLOGIES INCORPORATED

RESTRICTED STOCK AWARD

THIS RESTRICTED STOCK AWARD  (this “Award”) is made as of
the 31st day of
August, 2006 (the “Grant Date”),
by and between TESSCO TECHNOLOGIES INCORPORATED, a
Delaware corporation (the “Company”), and ROBERT B. BARNHILL, JR.
(“Grantee”).

EXPLANATORY STATEMENT

The Company and
Grantee have entered into an Employment Agreement dated August 31, 2006 (the “Employment Agreement”) pursuant to which Grantee continues
to be employed by the Company as Chairman of the Board, President, and Chief
Executive Officer. As provided in the Employment Agreement, as an additional
incentive to Grantee to further the Company’s growth and success, the Company
has agreed to grant and issue to Grantee, pursuant to the Company’s 1994 Stock
and Incentive Plan, as amended (the “Plan”) one
hundred thousand shares of the Company’s common stock, par value $0.01 per
share, subject to the restrictions and conditions set forth in this Award.

NOW, THEREFORE, in consideration of the mutual promises set forth below,
and for other good and valuable consideration the receipt and sufficiency of
which are hereby acknowledged, and to evidence the grant of and to set forth
the terms and conditions governing the grant and ownership of the Award Shares
(as defined below) and the parties’ other agreements related thereto, Grantee
and the Company agree as follows:

AGREEMENTS

Section 1.               Grant. The Company hereby grants to
Grantee as of the Grant Date, and Grantee hereby accepts from the Company, one
hundred thousand (100,000) shares of Common Stock (the “Award Shares”),
subject to the terms and conditions set forth in this Award. All Award Shares
shall be deemed fully paid and nonassessable.

Section 2.               Defined Terms. The following capitalized terms have the
meanings set forth below:

“Board”
means the Board of Directors of the Company.

“Cause”
has the meaning ascribed to it in the Employment Agreement.

“Change in
Control” has the meaning ascribed to it in the Employment Agreement.

“Common Stock”
means the Company’s common stock, par value $.01 per share.

“Disability”
has the meaning ascribed to it in the Employment Agreement.

“Fiscal Year”
means a fiscal year of the Company.

“Good Reason”
has the meaning ascribed to it in the Employment Agreement.

 

“Nonvested
Shares” means, at any given time, all of those Award Shares that are
not Vested Shares.

“Shares”
means the Company’s Common Stock.

“Transfer”
means (i) to sell, assign, transfer, convey, pledge, hypothecate, or
otherwise encumber or dispose of, either voluntarily or by operation of law
(whether by virtue of execution, attachment, or similar process) or (ii) a
sale, assignment, transfer, conveyance, pledge, hypothecation, or other
encumbrance or disposition, either voluntarily or by operation of law (whether
by virtue of execution, attachment, or similar process).

“Vested
Shares” means, at any given time, those Award Shares that have
vested as provided in Section 3.

Section 3.               Vesting and Forfeiture of Award Shares.

3.1.          In General. As
of the Grant Date, all of the Award Shares shall be Nonvested Shares. Except as
otherwise provided below, ten percent (10%) of the original number of Award
Shares (or such number of Award Shares as shall take into account any
adjustment made pursuant to Section 3.4) shall vest on the last day of each
Fiscal Year, commencing with the last day of the Fiscal Year ending in 2007 and
continuing through the last day of the Fiscal Year ending in 2016. For the
avoidance of doubt, the Award Shares shall vest pursuant to the foregoing
sentence on an annual basis rather than on a daily basis.

3.2.          Accelerated Vesting.
Notwithstanding any other provision of this Award, any and all Nonvested Shares
shall vest immediately effective upon:

(a)           Termination of Grantee’s employment
by the Company other than for Cause;

(b)           Termination of Grantee’s employment
by Grantee for Good Reason;

(c)           Termination of Grantee’s employment
either by the Company or by Grantee on account of Disability;

(d)           The death of Grantee; or

(e)           the occurrence of a Change in
Control.

3.3.          Forfeiture of Nonvested
Shares. If Grantee’s employment is terminated by the Company for
Cause or by Grantee other than for Good Reason or on account of Disability, any
and all Nonvested Shares shall immediately be forfeited and returned to the
Company without compensation to Grantee, and this Award shall terminate and be
of no further force and effect.

3.4.          Adjustment
of Shares. In the event of any change in the outstanding Common
Stock resulting from a subdivision or consolidation of shares, whether through 

 2
 

 

reorganization, recapitalization, share split, reverse
share split, share distribution, or combination of shares or the payment of a
share dividend, the Award Shares, whether Vested Shares or Nonvested Shares,
shall be treated in the same manner in any such transaction as other
outstanding shares of Common Stock. Any shares of Common Stock or other
securities received by Grantee with respect to any Nonvested Shares in any such
transaction shall be subject to the same restrictions and conditions as the
Nonvested Shares with respect to which such Common Stock or other securities
were received and, in the case of shares of Common Stock, such shares shall
constitute Nonvested Shares for purposes of this Award.

Section 4.               Restrictions on Transfer. Grantee may not Transfer any
Nonvested Shares, and any purported Transfer of Nonvested Shares shall be
ineffective. Grantee shall have the full and unencumbered ownership of and
right to Transfer and otherwise deal with all Vested Shares as Grantee deems
fit, subject only to such restrictions as may be imposed by federal and state
securities laws.

Section 5.               Rights as Stockholder. Except as
provided in Section 4, Grantee shall be entitled to all of the rights of a
stockholder with respect to Award Shares (except Award Shares that have been
forfeited), including the right to vote such shares and to receive dividends
and other distributions payable with respect to such shares after the Grant
Date.

Section
6.               Certificates. 

6.1.          Escrow of
Certificates. Certificates evidencing Nonvested Shares shall be
issued in Grantee’s name promptly after the Grant Date, but such certificates
shall be held in escrow by the Company. As and when Nonvested Shares from time
to time vest, Grantee shall be entitled to receive possession of certificates
evidencing such Vested Shares, subject only to such restrictions as may be
imposed by federal and state securities laws.

6.2.          Restrictive
Legends. Each certificate representing Award Shares will be stamped
with the following legends:

THE VESTING, FORFEITURE, SALE, AND TRANSFER OF THE SHARES REPRESENTED BY
THIS CERTIFICATE ARE SUBJECT TO A RESTRICTED STOCK AWARD BETWEEN THE ISSUER
AND THE SHAREHOLDER DATED AS OF
AUGUST 31, 2006. A COPY OF THIS AGREEMENT IS ON FILE IN THE PRINCIPAL OFFICE OF
THE ISSUER AND WILL BE FURNISHED, UPON REQUEST AND WITHOUT CHARGE, TO ANY PERSON
HAVING A VALID INTEREST THEREIN.

Section 7.               Withholding and Taxes.

7.1.          In General. The
Company shall have the right to require Grantee to remit to the Company, or to
withhold from other amounts payable to Grantee, as compensation or otherwise,
an amount sufficient to satisfy any and all federal, state, and local
withholding tax requirements when such amounts become due, if applicable.

7.2.          Notice to Grantee.
The Company shall endeavor to give written notice to Grantee no later than ten
(10) days before the date by which the Company must collect or withhold any
taxes relating to this Award of the date any such taxes must be received by the
Company and an estimate of the amount of such taxes.

 3
 

 

7.3.          Surrender of
Award Shares to Pay Taxes. Grantee may elect, by written notice to
the Company at least five (5) days before the date on which such taxes must be
received by the Company, to surrender a whole number of Vested Shares having a
fair market value that equals or exceeds the amount of the withholding taxes.
To the extent that the number of Vested Shares so surrendered exceeds the
amount of the withholding taxes, the Company shall, in lieu of issuing any
fractional shares, remit in cash the difference (if any) between the value of
the Award Shares surrendered and the withholding taxes due to Grantee as soon
as administratively feasible after Grantee surrenders the Award Shares. The
Board, in the exercise of its sole discretion, shall (consistent with Section
7.4) determine both the fair market value of such Award Shares surrendered
pursuant to this Section 7.3 and the date as of which such valuation occurs.

7.4.          “Fair Market Value.”
The “fair market value” of Award Shares on any given day means the average
closing price per share of such shares on the ten consecutive trading days
ending two days before the date of such determination; or, if not listed on any
such exchange or quotation system, the average of the bid and asked prices of
the shares as reported by the National Association of Securities Dealers as of
the day before the date of the determination of the fair market value; or, if
not so reported, the fair market value of the shares as of the day before the date
of such determination as determined in good faith by the Board.

Section 8.               Miscellaneous.

8.1.          Notices.
Any notice or communication required or permitted by this Award will be deemed
to be received by the party to whom the notice or communication is addressed if
delivered in person or by commercial courier service or sent by first class
mail, postage prepaid: if to the Company, addressed to the attention of the
Company’s Chief Financial Officer at the Company’s principal office in the
State of Maryland and, if to Grantee, addressed to Grantee to the address set forth below
Grantee’s signature to this Award or at the address reflected in the Company’s
records; or in either case to such other address as either party notifies the
other in accordance with this Section.

8.2.          Entire
Agreement. This Award, taken together with the Employment Agreement,
contains the entire agreement between the parties, and supersedes any prior
agreements or understandings between them, relating to the subject of this
Award.

8.3.          Change
in Fiscal Year. Notwithstanding any other provision hereof, in the
event of a change in the period of time constituting the fiscal year of the
Company, equitable adjustments shall be made to those terms hereof that are
dependent upon a determination of fiscal year, as may be reasonably determined
by the Company upon approval of the Board in good faith, but no such change in
fiscal year shall materially increase or decrease the benefits and burdens of
the parties hereunder.

8.4.          Governing
Law. The validity, construction and effect of this Award, and any
rules and regulations relating thereto, shall be determined in accordance with
federal law and the laws of the State of Delaware (without regard to any
provision that would result in the application of the laws of any other state
or jurisdiction).

 4
 

 

8.5.          Severability.
If any provision of this Award is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction, such provision shall be
construed or deemed amended to conform to applicable laws, or, if it cannot be
so construed or deemed amended without, in the determination of the Board,
materially altering the intent of this Award, such provision shall be stricken
as to such jurisdiction and the remainder of this Award shall remain in full
force and effect.

8.6.          Amendment
of Award. This Award may not be amended except in writing and
executed by both parties hereto, and no course of conduct by either party or
between the parties will be deemed to amend the terms and conditions of this
Award, unless such amendment is reduced to writing and executed by both parties
(subject, however, to Section 8.3 hereof).

8.7.          Waiver.
The waiver of any breach of any provision of this Award by either of the
parties shall not constitute or operate as a waiver of any other breach of any
provision of this Award, and any failure to enforce any provision of this Award
in any particular instance shall not operate as a waiver of any existing or
future rights, duties, or obligations arising out of this Award.

8.8.          No Fractional Shares.
No fractional shares of Common Stock shall be issued or delivered pursuant to
this Award, and the Board shall determine whether cash, other securities, or
other property shall be paid or transferred in lieu of any fractional shares or
whether such fractional shares or any rights thereto shall be canceled,
terminated, or otherwise eliminated.

8.9.          Headings.
The headings and subheadings in this Award are for convenience of reference
only and shall not be given any effect in the interpretation of this Award.

8.10.        Counterparts.
This Award may be executed in two or more counterparts, each of which shall be
deemed an original but all of which taken together shall constitute one and the
same instrument.

[BALANCE OF
THIS PAGE INTENTIONALLY BLANK]

 5
 

 

IN WITNESS WHEREOF, the parties have caused this
Restricted Stock Award to be executed as of the Grant Date.

	
  Witness/Attest:

  	
   

  	
   

  	
   

  	
  TESSCO
  Technologies Incorporated

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/

  	
   

  	
   

  	
   

  	
  By: 

  	
   

  	
  /s/ David Young

  	
   

  	
  (seal)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  David Young

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Senior Vice
  President and

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Chief Financial
  Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  /s/

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Robert B. Barnhill, Jr.

  	
   

  	
  (seal)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Robert B. Barnhill, Jr.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  6316 Mossway

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Baltimore, MD
  21212

  	
   

  	
   

  

 

 6Exhibit
10.27

AMENDMENT
TO LEASE AGREEMENT BETWEEN

PLAZA II EXECUTIVE CENTER AS LESSOR AND

UTILICRAFT AEROSPACE INDUSTRIES, Inc. AS LESSEE

To that certain Lease
Agreement dated July 25, 2005, between Plaza II Executive
Center, Inc., Lessor, and Utilicraft Aerospace Industries, Inc., Lessee, for
Office Nos. 13 and 20 in Suite 400, 125 Lincoln Avenue, Santa Fe, New Mexico.

WHEREAS, Lessor
and Lessee agree to modify the terms of said Lease Agreement;

NOW, THEREFORE, in
consideration of the mutual promises herein, the parties agree as follows:

1. Article 1.
TERMS is amended as follows:

a.  Delete “beginning on August 1, 2005 and
ending on March 1, 2006” and insert in lieu thereof “beginning on August 1,
2006 and ending on July 31, 2007”.

b.  Delete in its entirety “Upon execution of the
Master Lease renewal by Lessor this lease is automatically extended through July
31, 2006 under the same terms and conditions as set forth herewith”.

2.  Article 2. RENTAL is amended as follows:

Delete “Lessee
shall pay as rent for the office and included services, the sum of Twenty-four
hundred and no/100 dollars ($2410.00) per month,” and insert in lieu thereof “Lessee
shall pay as rent for the offices and included services, the sum of Twenty-four
hundred and twenty and no/100 dollars ($2120.00) per month.”

EXCEPT AS HEREIN
MODIFIED AND AMENDED, all other terms, conditions and covenants of the Lease
Agreement shall remain in full force and effect.

ACCEPTED AND AGREED TO
THIS 1st DAY OF August, 2006.

	
  PLAZA II EXECUTIVE CENTER, INC.

  	
  Utilicraft Aerospace Industries, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Mary Robinson

  	
   

  	
  /s/ John J. Dupont

  	
   

  
	
  Mary Robinson, President

  	
  John J. Dupont, Chairman, President/CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]