Tandy Brands Accessories, Inc. Fiscal 2008 Executive and Director Compensation Summary

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Summary

Tandy Brands Accessories, Inc. set the base salaries for its named executive officers for fiscal year 2008, with no equity compensation awarded due to the company's 2007 performance. The Board also approved annual cash compensation and equity awards for nonemployee directors, including retainers, meeting fees, and restricted stock grants under the company's 2002 Omnibus Plan. The agreement outlines compensation details for both executives and directors for the specified fiscal year.

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EX-10.38 3 d50078exv10w38.htm FISCAL 2008 COMPENSATION SUMMARIES exv10w38  

EXHIBIT 10.38
TANDY BRANDS ACCESSORIES, INC.
FISCAL 2008 COMPENSATION SUMMARIES
On June 6, 2007 the Board of Directors (the “Board”) of Tandy Brands Accessories, Inc. (the “Company”), upon the recommendation of the Compensation Committee, determined the base salaries for fiscal 2008 for the Company’s named executive officers. The Board also determined to not grant any equity compensation awards to such officers based on the Company’s performance for fiscal 2007.
The Board also approved the annual cash compensation for nonemployee directors for fiscal 2008.
FISCAL 2008 NAMED EXECUTIVE OFFICER COMPENSATION SUMMARY
                         
            Shares of   Shares
    Base   Restricted   Underlying
    Salary   Stock   Stock Options
Named Executive Officer   ($)   (#) *   (#) *
J.S.B. Jenkins, President and Chief Executive Officer
   $ 508,800       —       —  
Mark J. Flaherty, Chief Financial Officer, Treasurer and Assistant Secretary
   $ 210,000       —       —  
David Lawhon, Vice President of Operations
   $ 190,000       —       —  
Jane A. Batts, President — Women’s Division
   $ 210,000       —       —  
Morris D. Mitchell, President — Men’s Division
   $ 220,500       —       —  
 
*   — All equity grants are based on the Company’s financial performance for the prior fiscal year.
FISCAL 2008 NONEMPLOYEE DIRECTOR COMPENSATION SUMMARY
                         
                    Shares of   Shares
            Board and Committee       Restricted   Underlying
Annual Retainer           Meeting Fees       Stock   Stock Options
($)           ($)       (#) **   (#)
Board Member
(other than the
Chairman of the Board)
  $ 25,000     Audit Committee
$2,000 per meeting 		  Continuing Board Member

New Board Member 		  3,000

4,060 		  —

—
 
                        
Audit Committee
Chairperson
  $ 7,500     Board and Other
Committees
$1,500 per meeting 		  Chairman of the Board

New Chairman of the Board 		  4,200

N/A 		  —

—
 
                        
Other Committee
Chairpersons
  $ 5,000                  
 
                        
Chairman of the Board
  $ 53,000                  
 
**   — Awards pursuant to the Tandy Brands Accessories, Inc. 2002 Omnibus Plan as amended June 6, 2007.