Exhibit 10.9.2
AMENDMENT NO. 1
TO
THE SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN
Tessco Technologies Incorporated
(the “Corporation”) and Robert B. Barnhill, Jr.
(the “Executive”) wish to amend the Supplemental
Executive Retirement Plan originally effective as of March 31,
1994, in order to comply with the final Regulations issued under
Internal Revenue Code section 409A.
Accordingly, the Agreement is
amended as follows, effective as of January 1,
2005:
1.
Article One is amended by
adding the following definition to the end of that
Section:
“ Separation from
Service ” means a separation from service within the
meaning of Internal Revenue Code section 409A, treating as a
Separation from Service an anticipated permanent reduction in the
level of bona fide services to 20% or less of the average level of
bona fide services performed over the immediately preceding 36
month period (or the full period during which the Executive
performed services for the Corporation, if that is less than 36
months). Any references in this Plan to the date the
“Executive terminates service” or to “the
Executive’s termination of Service” (or similar
language) shall mean a Separation from Service.
2.
Section 3.01 is amended by
adding the following to the end of that Section.
Notwithstanding the foregoing, if
the Executive is a Specified Employee (as defined for purposes of
Internal Revenue Code section 409A) and the Executive incurs a
Separation from Service with the Corporation, payments under this
Section due to a Separation of Service shall commence on the
date which is six (6) months after the date of the
Executive’s Separation from Service.
3.
Section 3.02 is amended by
adding the following to the end of that Section:
All annuity forms of payment offered
under this Plan shall be actuarial equivalent annuities and the
same actuarial assumptions and methods shall be used in valuing
each annuity.
Any election required to be made
under this Section shall be at the time of initial enrollment
in the Pla
