On December 6, 2020, TESSCO Technologies Incorporated delivered a proposed Settlement Agreement Term Sheet to Robert B. Barnhill, Jr., which is set forth below in its entirety. The proposed Settlement Agreement Term Sheet contemplates, among other things, the following: Mr. Barnhill and his associates would withdraw and terminate the consent solicitation; Ms. Stephanie Dismore, Mr. Paul Gaffney, Ms. Cathy-Ann Martine-Dolecki, Mr. Ronald D. McCray and Mr. Sandip Mukerjee would remain on the Board of Directors of the Company; Mr. J. Timothy Bryan and Ms. Kathleen McLean (two of Mr. Barnhill’s designees) would be immediately elected to the Board; two additional independent directors will be added to the Board (with a target date of on or before December 31, 2020), which directors shall be chosen from among candidates proposed by shareholders, other than Mr. Barnhill, holding more than 10% of the Company’s outstanding stock; Mr. Barnhill would be entitled to attend Board meetings in an advisory, non-voting role until the 2021 Annual Meeting of Shareholders of the Company to assist in the transition of the Board.