Delaware | 0-18927 | 75-2349915 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
3631 West Davis, Suite A Dallas, Texas |
75211 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers. |
Executive Officer | Fiscal 2012 Base Salary | |||
N. Roderick McGeachy, III President and Chief Executive Officer |
$ | 352,000 | * | |
Robert J. McCarten Senior Vice President Sales |
$ | 237,400 | ** | |
Chuck Talley Chief Accounting Officer and Corporate Vice President |
$ | 175,000 |
* | As previously reported, on February 8, 2011, Mr. McGeachy requested, and the
Companys Board of Directors approved, a 10% reduction in his then current base salary
through the end of fiscal 2011, at which time his fiscal 2011 base salary was to be
reinstated. Accordingly, Mr. McGeachys fiscal 2012 base salary reflects an increase
to his fiscal 2011 base salary as reinstated. |
|
** | Includes an increase of $5,400 attributable to Mr. McCartens current
automobile allowance (on an annualized basis), which, effective July 1, 2011, has been
discontinued. |
Exhibit 10.1 | Summary of Fiscal 2012 Management Incentive Plan |
|
Exhibit 10.2 | Summary of Fiscal 2012 Long-Term Incentive Program |
2
TANDY BRANDS ACCESSORIES, INC. | ||||||
Date: June 30, 2011
|
By: | /s/ N. Roderick McGeachy, III
|
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Chief Executive Officer |
3
Target Payout | ||||||
Opportunity | Performance | |||||
Executive Officer | (as a % of Base Salary) | Measures | ||||
Chief Executive Officer |
75% | 65% based on profit before tax | ||||
35% based on net sales* | ||||||
Chief Accounting Officer |
30% | 50% based on profit before tax | ||||
30% based on net sales* | ||||||
20% based on certain components of the individuals job function | ||||||
Other Executive Officers |
50% | 50% based on profit before tax | ||||
30% based on net sales* | ||||||
20% based on certain components of the individuals job function |
* | Executive officers are not eligible for any payout based on the net sales
performance measure unless the performance measure for profit before tax has been
achieved. |
Threshold | Maximum | |||||||||||
Executive Officer | (as a % of Target) | Target | (as a % of Target) | |||||||||
Chief Executive Officer |
50 | % | $ | 350,000 | 200 | % | ||||||
Chief Accounting Officer |
50 | % | $ | 60,000 | 200 | % | ||||||
Other Executive Officers |
50 | % | $ | 100,000 | 200 | % |