WRAY THOMPSON - Corporate Board Profile

TANDY LEATHER FACTORY INC

Filing Date	Source Excerpt
2001-04-24	Wray Thompson has served as the Chairman of the Board and Chief Executive Officer of the Company since June 1993. He also served as President of the Company from June 1993 to January 2001. Mr. Thompson was a co-founder of the Company's predecessor, The Leather Factory, Inc., a Texas corporation ("TLF-Texas"). Mr. Thompson has served as the Chairman of the Board, Chief Executive Officer and a Director of TLF-Texas since its inception in 1980. Summary Compensation Table Annual Name and Principal Position Year Compensation All Other --------------------------- ---- Salary ($) Bonus ($) Compensation ($)(1) ---------- --------- ---------------- Wray Thompson 2000 157,500 25,000 9,575 Chairman and CEO 1999 162,500 - 6,805 1998 144,379 - 7,092 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	Wray Thompson, 70, has served as our Chairman of the Board and Chief Executive Officer since June 1993. He also served as President from June 1993 to January 2001. Mr. Thompson was a co-founder of the company. Mr. Thompson also serves as a member of the 1995 stock option plan committee and the 1995 director non-qualified stock option plan committee. During 2001, Mr. Thompson was also a member of the compensation committee.
2003-04-15	WRAY THOMPSON, 71, has served as our Chairman of the Board and Chief Executive Officer since June 1993. He also served as President from June 1993 to January 2001. Mr. Thompson was a co-founder of the company.
2004-04-16	WRAY THOMPSON, 72, has served as our Chairman of the Board and Chief Executive Officer since June 1993. He also served as President from June 1993 to January 2001. Mr. Thompson was a co-founder of the company. HOW DO WE COMPENSATE OUR DIRECTORS? Our directors who are also employees receive no additional compensation for serving as directors. SUMMARY COMPENSATION TABLE WRAY THOMPSON 2003 $168,000 salary + $6,395 ESOP contribution = $174,395 total.
2005-04-25	Wray Thompson, 73,has served as our Chairman of the Board and Chief Executive Officer since June 1993. ... During 2004, our chief executive officer’s base salary rate was $168,000, ... the Compensation Committee awarded an incentive bonus of $35,000 to our chief executive officer for 2004. ... All Other Compensation $6,017.
2006-04-03	Wray Thompson, 74, has served as our Chairman of the Board and Chief Executive Officer since June 1993. He also served as President from June 1993 to January 2001. Mr. Thompson was a co-founder of the company. ... During 2005, our chief executive officer’s base salary rate was $168,000, the same as for 2004 and 2003. ... the Compensation Committee awarded an incentive bonus of $70,000 to our chief executive officer for 2005. ... Our directors who are also employees receive no additional compensation for serving as directors.
2007-04-18	Wray Thompson, 75, has served as our Chairman of the Board since June 1993. We entered into a consulting agreement with Wray Thompson effective January 1, 2007, pursuant to which we pay Mr. Thompson $100,000 per year for serving as our Chairman of the Board.
2008-04-14	Wray Thompson, 76,has served as our Chairman of the Board since June 1993. He also served as Chief Executive Officer from June 1993 to December 2006 and as President from June 1993 to January 2001. Mr. Thompson was one of our co-founders.
2009-04-13	Wray Thompson, 77,has served as our Chairman of the Board since June 1993. He also served as Chief Executive Officer from June 1993 to December 2006 and as President from June 1993 to January 2001. Mr. Thompson was one of our co-founders. We entered into a consulting agreement with Wray Thompson effective January 1, 2009, pursuant to which we pay Mr. Thompson $25,000 per year for serving as our Chairman of the Board.
2010-04-22	Wray Thompson, 78,has served as our Chairman of the Board since June 1993. He also served as Chief Executive Officer from June 1993 to December 2006 and as President from June 1993 to January 2001. Mr. Thompson was one of our co-founders. We entered into a consulting agreement with Wray Thompson effective January 1, 2010, pursuant to which we pay Mr. Thompson $25,000 per year for serving as our Chairman of the Board.
2011-04-01	Wray Thompson, 79, has served as our Chairman of the Board since June 1993. He also served as Chief Executive Officer from June 1993 to December 2006 and as President from June 1993 to January 2001. Mr. Thompson was one of our co-founders. We believe Mr. Thompson’s background and experience as our former Chief Executive Officer and President brings executive leadership experience to our Board. We also believe that his knowledge of our industry is a valuable resource. Mr. Thompson is the father of Jon Thompson,our Chief Executive Officer, President and Chief Operating Officer. We entered into a consulting agreement with Wray Thompson effective January 1, 2010, pursuant to which we pay Mr. Thompson $25,000 per year for serving as our Chairman of the Board.
2012-04-17	Wray Thompson, 80, has served as our Chairman of the Board since June 1993. He also served as Chief Executive Officer from June 1993 to December 2006 and as President from June 1993 to January 2001. Mr. Thompson was one of our co-founders. We believe Mr. Thompson’s background and experience as our former Chief Executive Officer and President brings executive leadership experience to our Board. We also believe that his knowledge of our industry is a valuable resource. Mr. Thompson is the father of Jon Thompson, our President, Chief Executive Officer and Chief Operating Officer. We entered into a consulting agreement with Wray Thompson effective June 1, 2011, pursuant to which we pay Mr. Thompson $25,000 per year for serving as our Chairman of the Board.