Tandy Leather Factory Clarifies Employment Inducement Award
FORT WORTH, Texas, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (the "Company," NASDAQ: TLF) reported today to clarify that certain restricted stock units previously issued to Janet Carr, the Company's Chief Executive Officer, were intended to qualify as "employment inducement grants" within the meaning of Nasdaq Stock Market Rule 5635(c)(4).
On October 2, 2018, the Company granted to Ms. Carr (i) a time-based equity grant of 460,000 restricted stock units ("RSUs") that vest over five years; (ii) a performance-based equity grant of 92,000 RSUs that vest if/when the Company's operating income exceeds $12 million dollars two fiscal years in a row; and (iii) a performance-based equity grant of 92,000 RSUs that vest if/when the Company's operating income exceeds $14 million dollars in one fiscal year. These grants were previously reported on the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on October 5, 2018, and a Form 4 for Ms. Carr filed with the SEC on October 17, 2018. This press release is now being issued to comply with the requirement of Nasdaq Rule 3635(c)(4) that the material terms of an "employment inducement grant" be disclosed in a press release.
Tandy Leather Factory, Inc., (http://www.tandyleather.com), headquartered in Fort Worth, Texas, is a specialty retailer of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 115 North American stores located in 42 US states and 7 Canadian provinces, and three International stores located in the United Kingdom, Australia, and Spain. Its common stock trades on the Nasdaq with the symbol "TLF". To be included on Tandy Leather Factory's email distribution list, go to http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Tandy Leather was founded in 1919 with the dream of sharing leathercraft with the world. Today, we're proud to continue this legacy as trusted source of quality leather, tools, and teaching materials for leatherworkers everywhere.