UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
Form
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
|
Date
of report (Date of earliest event reported):
|
May 3,
2010
|
|
Tandy Leather Factory,
Inc.
|
|
(Exact
Name of Registrant as Specified in Its
Charter)
|
|
Delaware
|
|
(State
or Other Jurisdiction of
Incorporation
|
|
1-12368
|
75-2543540
|
|
|
(Commission
File Number)
|
(IRS
Employer Identification Number)
|
|
1900
Southeast Loop 820, Fort Worth, Texas
|
76140
|
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
|
(817)
872-3200
|
|
(Registrant’s
Telephone Number, Including Area
Code)
|
|
3847
East Loop 820 South, Fort Worth, Texas 76119
|
|
(Former
Name or Former Address, if Changed Since Last
Report)
|
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
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
1.01. Entry into a Material Definitive Agreement.
On May 3,
2010, the board of directors of Tandy Leather Factory, Inc. (the “Company”)
amended the Company’s 2007 Director Non-qualified Stock Option Plan (the
“Plan”). The Plan was adopted by the board of directors of the
Company on March 22, 2007. The stockholders of the Company ratified
the Plan on May 22, 2007. The Plan authorizes the Company to grant to
outside directors of the Company options to purchase up to 100,000 shares of the
Company’s common stock, par value $0.0024 per share (“Common
Stock”).
Although
the Plan originally provided for the Company to begin granting stock options on
March 22, 2008, no stock options have yet been granted under the
Plan. The amendment to the Plan sets forth a new stock option grant
schedule as follows: (i) on May 28, 2010, a stock option for 3,000 shares of
Common Stock shall be granted to each individual who is serving as an outside
director of the Company or any subsidiary of the Company on that date; (ii) on
March 22 of each calendar year thereafter, a stock option for 3,000 shares of
Common Stock shall be granted to each individual who is serving as an outside
director of the Company or any subsidiary of the Company on that date; and (iii)
if an individual first becomes an outside director of the Company or any
subsidiary of the Company within six months after March 22 of a year, such
individual shall be granted a stock option for 3,000 shares of Common Stock
immediately upon becoming an outside director.
The
disclosure contained herein is intended merely as a summary of the material
provisions relating to the amendment of the Plan and does not purport to be
complete and is qualified in its entirety by reference to the full text of the
Plan, filed as Exhibit A to the Company’s definitive proxy statement on Schedule
14A, filed with the Securities and Exchange Commission on April 18, 2007, and
the amendment to the Plan filed as Exhibit 10.2 hereto.
Item
9.01. Financial Statements and Exhibits.
(d) Exhibits.
The
following exhibits are filed with this report and incorporated by reference
herein:
Exhibit
No. Description
|
10.1
|
2007
Director Non-Qualified Stock Option Plan, filed as Exhibit A to the
Definitive Proxy Statement of the Company on Schedule 14A, filed with the
Securities and Exchange Commission on April 18, 2007 and incorporated by
reference herein.
|
|
10.2
|
Amendment
to 2007 Director Non-Qualified Stock Option Plan dated May 3,
2010.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
TANDY
LEATHER FACTORY, INC.
|
|
|
Date: May
4, 2010
|
BY: /s/ Shannon L. Greene
|
|
Chief
Financial Officer & Treasurer
|