Note 14 - Shareholder Rights Plan

12 Months Ended

Sep. 28, 2019

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

(

14

) Shareholder Rights Plan

On

August 7, 2014,

the Board of Directors of the Company adopted a Stockholder Rights Plan to replace the Company's former plan, which had expired on

August 5, 2014.  

The new plan is substantially similar to the former plan, and was

not

adopted in response to any specific takeover threat.  In adopting the plan, the Board declared a dividend distribution of

one

common stock purchase right for each outstanding share of common stock of the Company, payable to stockholders of record at the close of business on

August 18, 2014.

Until the rights become exercisable, which occurs with certain exceptions when a person or affiliated group acquires

15%

or more of TCC's common stock, they will trade automatically with the common stock and separate rights certificates will

not

be issued. Each right, once exercisable, will entitle the holder (other than rights owned by the acquiring person or group) to buy

one

share of the common stock at a price of

$25

per share, subject to certain adjustments.  The rights can generally be redeemed by the Company at

$.001

per right at any time prior to the close of business on the

tenth

business day after there has been a public announcement of the acquisition of beneficial ownership by any person or group of

15%

or more of the Company’s outstanding common stock, subject to certain exceptions. The rights will expire on

August 6, 2024

unless earlier redeemed.