Document:

exv10w1

 

Exhibit 10.1

Executive Officer Compensation Summary — Fiscal 2007 and 2006

	 	 	 	 	 	 	 
	 	 	 	 	Shares of	 	Shares Underlying
	 	 	Base Salary	 	Restricted Stock	 	Stock Options
	Executive Officer	 	($)	 	(#)*	 	(#)*
	J.S.B. Jenkins

President and Chief

Executive Officer

	 	2007 – $508,800

2006 – $508,800
	 	2007 – 0

2006 – 14,818
	 	2007 – 0

2006 – 24,534
	 
	 	 	 	 	 	 
	Mark J. Flaherty
 Chief
Financial Officer,
 Treasurer
and Assistant
Secretary

	 	2007 – $187,500

2006 – $187,500
	 	2007 – 0

2006 – 6,270
	 	2007 – 0

2006 – 10,381
	 
	 	 	 	 	 	 
	David Lawhon

Vice President of Operations

	 	2007 – $180,000

2006 – $180,000
	 	2007 – 0

2006 – 2,467
	 	2007 – 0

2006 – 1,490

 

			
	*	 	All equity grants are based on the Company’s financial performance for the prior fiscal year.

Non-Employee Director Compensation Summary — Fiscal 2007

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Board and Committee	 	Shares of	 	 	Shares Underlying	 
	Annual Retainer	 	 	Meetings Fees	 	Restricted Stock	 	 	Stock Options	 
	          ($)	 	 	($)	 	(#)	 	 	(#)	 
	Board Member
(other than

the Chairman of the
	 	 	 	 	 	 

Audit Committee:	 	 

Continuing	 	 	 	 	 	 

Continuing	 	 	 	 
	Board):
	 	$	25,000	 	 	$2,000 per meeting	 	Board Member:	 	 	0	 	 	Board Member:	 	 	0	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Audit Committee
	 	 	 	 	 	Board and Other	 	New Board Member:	 	 	N/A	 	 	New Board Member:	 	 	N/A	 
	Chairperson:
	 	$	7,500	 	 	Committees: $1,500	 	 	 	 		 	 	 	 	 		 
	 
	 	 	 	 	 	per meeting	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Other Committee
Chairpersons:
	 	$	5,000	 	 	 	 	Chairman of the Board:	 	 	0	 	 	Chairman of the Board:	 	 	0	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	Chairman
of the Board:
	 	$	53,000	 	 	 	 	New Chairman of the Board:	 	 	N/A	 	 	New Chairman of the Board:	 	 	N/Aexv10w2

 

Exhibit 10.2

Tandy Brands Accessories, Inc.

Summary of Incentive Bonus Plan for Executive Officers

     The Compensation Committee reviews executive officer compensation and recommends a
compensation plan for adoption by the Board of Directors annually. As noted in the Form 8-K to
which this description is an Exhibit, no bonuses will be paid to executive officers of the Company
for the fiscal year ending June 30, 2006. Under the plan recommended for the fiscal year ending
June 30, 2007, potential bonuses are set at performance levels that, in the judgment of the
Compensation Committee and the Board of Directors, will facilitate the Company’s growth. The
annual incentive bonus calculation is based upon individual executive officer payout percentages,
established by the Compensation Committee and approved by the Board, ranging from 31% to 75% of
base salary for each executive officer based on the achievement of 100% of the pre-tax net income
set forth in the original plan for the fiscal year, as approved by the Board. Additionally, a
minimum level for bonus payout is established at 70% of the pre-tax net income set forth in the
Company’s original plan for the fiscal year, pursuant to which no bonuses will be paid if the
Company’s pre-tax net income is below this threshold for such fiscal year.NUMBER
________-

                          (SEE REVERSE SIDE FOR LEGEND)
               THIS WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO
                 5:00 P.M. NEW YORK CITY TIME, __________, 2010

                                                                        WARRANTS

                            ASCEND ACQUISITION CORP.

                                                              CUSIP ____________

                                     WARRANT

THIS CERTIFIES THAT, for value received

is the registered holder of a Warrant or Warrants expiring ________, 2010 (the
"Warrant") to purchase one fully paid and non-assessable share of Common Stock,
par value $.0001 per share ("Shares"), of Ascend Acquisition Corp., a Delaware
corporation (the "Company"), for each Warrant evidenced by this Warrant
Certificate. The Warrant entitles the holder thereof to purchase from the
Company, commencing on the later of (i) the Company's completion of a merger,
capital stock exchange, asset acquisition or other similar business combination
and (ii) ______________, 2007, such number of Shares of the Company at the price
of $5.00 per share, upon surrender of this Warrant Certificate and payment of
the Warrant Price at the office or agency of the Warrant Agent, Continental
Stock Transfer & Trust Company, but only subject to the conditions set forth
herein and in the Warrant Agreement between the Company and Continental Stock
Transfer & Trust Company. The Warrant Agreement provides that upon the
occurrence of certain events the Warrant Price and the number of Warrant Shares
purchasable hereunder, set forth on the face hereof, may, subject to certain
conditions, be adjusted. The term Warrant Price as used in this Warrant
Certificate refers to the price per Share at which Shares may be purchased at
the time the Warrant is exercised.

     No fraction of a Share will be issued upon any exercise of a Warrant. If
the holder of a Warrant would be entitled to receive a fraction of a Share upon
any exercise of a Warrant, the Company shall, upon such exercise, round up to
the nearest whole number the number of Shares to be issued to such holder.

     Upon any exercise of the Warrant for less than the total number of full
Shares provided for herein, there shall be issued to the registered holder
hereof or the registered holder's assignee a new Warrant Certificate covering
the number of Shares for which the Warrant has not been exercised.

     Warrant Certificates, when surrendered at the office or agency of the
Warrant Agent by the registered holder hereof in person or by attorney duly
authorized in writing, may be exchanged in the manner and subject to the
limitations provided in the Warrant Agreement, but without payment of any
service charge, for another Warrant Certificate or Warrant Certificates of like
tenor and evidencing in the aggregate a like number of Warrants.

     Upon due presentment for registration of transfer of the Warrant
Certificate at the office or agency of the Warrant Agent, a new Warrant
Certificate or Warrant Certificates of like tenor and evidencing in the
aggregate a like number of Warrants shall be issued to the transferee in
exchange for this Warrant Certificate, subject to the limitations provided in
the Warrant Agreement, without charge except for any applicable tax or other
governmental charge.

     The Company and the Warrant Agent may deem and treat the registered holder
as the absolute owner of this Warrant Certificate (notwithstanding any notation
of ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof, of any distribution to the registered holder, and for all other
purposes, and neither the Company nor the Warrant Agent shall be affected by any
notice to the contrary.

     This Warrant does not entitle the registered holder to any of the rights of
a stockholder of the Company.

     The Company reserves the right to call the Warrant at any time prior to its
exercise, with a notice of call in writing to the holders of record of the
Warrant, giving 30 days' notice of such call at any time after the Warrant
becomes exercisable if the last sale price of the Shares has been at least $8.50
per share on each of 20 trading days within any 30 trading day period ending on
the third business day prior to the date on which notice of such call is given.
The call price of the Warrants is to be $.01 per Warrant. Any Warrant either not
exercised or tendered back to the Company by the end of the date specified in
the notice of call shall be canceled on the books of the Company and have no
further value except for the $.01 call price.

By
     ------------------------------------    -----------------------------------
                                Secretary    Chairman of the Board

                                SUBSCRIPTION FORM
      To Be Executed by the Registered Holder in Order to Exercise Warrants

The undersigned Registered Holder irrevocably elects to exercise ______________
Warrants represented by this Warrant Certificate, and to purchase the shares of
Common Stock issuable upon the exercise of such Warrants, and requests that
Certificates for such shares shall be issued in the name of

________________________________________________________________________________
                     (PLEASE TYPE OR PRINT NAME AND ADDRESS)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
                 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to ____________________________________________________________
                     (PLEASE PRINT OR TYPE NAME AND ADDRESS)

________________________________________________________________________________
and, if such number of Warrants shall not be all the Warrants evidenced by this
Warrant Certificate, that a new Warrant Certificate for the balance of such
Warrants be registered in the name of, and delivered to, the Registered Holder
at the address stated below:

Dated:
       ------------------                    -----------------------------------
                                             (SIGNATURE)

                                             -----------------------------------
                                             (ADDRESS)

                                             -----------------------------------

                                             -----------------------------------
                                             (TAX IDENTIFICATION NUMBER)

                                   ASSIGNMENT
       To Be Executed by the Registered Holder in Order to Assign Warrants

For Value Received, _______________________ hereby sell, assign, and transfer
unto

________________________________________________________________________________
                     (PLEASE TYPE OR PRINT NAME AND ADDRESS)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
                 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

and be delivered to ____________________________________________________________
                     (PLEASE PRINT OR TYPE NAME AND ADDRESS)

______________________ of the Warrants represented by this Warrant Certificate,
and hereby irrevocably constitute and appoint _________________________________
Attorney to transfer this Warrant Certificate on the books of the Company, with
full power of substitution in the premises.

Dated:
       ------------------                    -----------------------------------
                                             (SIGNATURE)

THE SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE
NAME WRITTEN UPON THE FACE OF THIS WARRANT CERTIFICATE IN EVERY PARTICULAR,
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE
GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE
AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK EXCHANGE OR
CHICAGO STOCK EXCHANGE.

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