RONALD C. MORGAN - Corporate Board Profile

TANDY LEATHER FACTORY INC

Filing Date	Source Excerpt
2001-04-24	Ronald C. Morgan, has served as President since January 2001 and has served as Chief Operating Officer and Director of the Company since June 1993. A co-founder of TLF-Texas, Mr. Morgan has served as Chief Operating Officer, Executive Vice President, and a Director of TLF-Texas since its formation in 1980. Summary Compensation Table Annual Name and Principal Position Year Compensation All Other --------------------------- ---- Salary ($) Bonus ($) Compensation ($)(1) ---------- --------- ---------------- Ronald C. Morgan 2000 141,600 25,000 8,638 President and Chief 1999 146,600 - 6,118 Operating Officer 1998 129,801 - 6,376 Compensation Committee Report The Compensation Committee of the Company's Board of Directors consists of the outside directors of the Company and the Chairman of the Board. In 1995, the Compensation Committee adopted the following statement of overall executive compensation policies: The basic philosophy of the Company's executive compensation program is to link the compensation of its executive officers to their contribution toward increases in the size of the operations and income of the Company and accordingly, increases in stockholder value. Consistent with that philosophy, the executive compensation program is designed to meet the following policy objectives: Based on these goals, the Compensation Committee determines the compensation of Wray Thompson and Ronald C. Morgan (the "Named Executive Officers") and other key employees. The elements of compensation for the Named Executive Officers consist of base salary, annual incentive bonuses, stock option awards and participation in the Company's Employee Stock Ownership Plan and Trust (the "ESOP"). Base Salary There have been no Committee-initiated adjustments to Messrs. Thompson and Morgan's compensation since 1996. Due to the financial performance of the Company in 1997, both officers volunteered to reduce their 1996 salary levels for 1997 by 10%. For 1998, they again volunteered to reduce their salaries by one month's pay (approximately 8.33%). In 1999, the two executives ended their voluntary reduction and deferral of a portion of their base salaries. Their base salaries returned to the levels in 1997, and each received an additional $5,000 as payment of salary that had been deferred from prior periods. Messrs. Thompson and Morgan claim no additional amounts as voluntarily deferred base salary from years prior to 1999. Annual Incentive Bonus Historically, the Company has awarded discretionary bonuses to its Executive Officers as well as certain other officers of the Company. These bonuses were determined on a subjective basis, using historical bonus amounts, the availability of cash, the need to provide bonuses to other officers and employees, the business prospects for the upcoming year, and the increase in net income for the year in question as general guidelines. No other quantitative criteria were used in the determination of the discretionary bonuses. For the fiscal year ended December 31, 2000, bonuses of $25,000 were awarded to each of the Named Executive Officers. Stock Options No grants of options were made during the year to Executive Officers pursuant to the 1995 Stock Option Plan. Employees' Stock Ownership Plan and Trust The Employees' Stock Ownership Plan and Trust ("ESOP"), effective October 1, 1993 (including amendments and restatements) was established for employees with at least one year of service (as defined by the ESOP) and who have reached their 21st birthday. The Executive Officers participated in the ESOP in keeping with the terms and provisions of the ESOP, in the same manner as all other participants of the ESOP. As of December 31, 2000, 174 employees and former employees were participants in and beneficiaries of the ESOP. Under the ESOP, the Company makes annual cash or stock contributions to a trust for the benefit of eligible employees. The trust invests in shares of the Company's Common Stock. The amount of the Company's annual discretionary contribution for 2000 was $249,017. Amounts contributed to the ESOP vest at three or greater years of service. Shares of Common Stock vested in participants will be distributed upon the participant's separation from service, retirement, death or permanent disability. For the fiscal years ended December 31, 2000, 1999, and 1998, the Company's Board of Directors approved contributions of 5.9%, 5.6%, and 11.6%, respectively, of annual compensation for the eligible employees. The Company contributed $9,575 and $8,638, respectively, as contributions for Messrs. Wray Thompson and Ron Morgan for the fiscal year ended December 31, 2000.
2002-04-25	Ronald C. Morgan, 54, has served as our President since January 2001 and has served as Chief Operating Officer and director since June 1993. Mr. Thompson was also a co-founder of the company. Mr. Morgan also serves as a member of the company's ESOP Committee, the 1995 stock option plan committee, and the 1995 director non-qualified stock option plan committee.
2003-04-15	RONALD C. MORGAN, 55, has served as our President since January 2001 and has served as Chief Operating Officer and director since June 1993.
2004-04-16	RONALD C. MORGAN, 56, has served as our President since January 2001 and has served as Chief Operating Officer and director since June 1993. SUMMARY COMPENSATION TABLE RONALD C. MORGAN 2003 $155,000 salary + $6,395 ESOP contribution = $161,395 total.
2005-04-25	Ronald C. Morgan, 57, has served as our President since January 2001 and has served as Chief Operating Officer and director since June 1993. ... During 2004, Ronald C. Morgan's salary was $155,000, bonus $35,000, and All Other Compensation $5,551.
2006-04-03	Ronald C. Morgan, 58, has served as our President since January 2001 and has served as Chief Operating Officer and director since June 1993. Mr. Morgan was also a co-founder of the company. ... During 2005, Ronald C. Morgan's base salary was $155,000, bonus $70,000, and other compensation $7,616. ... Our directors who are also employees receive no additional compensation for serving as directors.
2007-04-18	Ronald C. Morgan, 59, has served as our President since January 2001 and as Chief Operating Officer and director since June 1993. Mr. Morgan was also one of our co-founders. His total compensation for 2006 was $173,992.
2008-04-14	Ronald C. Morgan, 60, has served as our President since January 2001 and has served as Chief Operating Officer and director since June 1993. Mr. Morgan was also one of our co-founders.