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Consultation Agreement

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Title:

Consultation Agreement

Entities:

Leather Factory, Inc.

Date:

2007

Size:

16KB total

Price:

$37

ID:

#2770442

► Miscellany ► Agreements ► Misc. Agreements ► Consultation Agreements
► Consumer ► Apparel & Accessories

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CONSULTATION AGREEMENT

This Consultation Agreement, dated as of January 1, 2007 (the Agreement) between TANDY LEATHER FACTORY, INC., a Delaware corporation (and any successor entity thereto, the Company or TLF) and J. WRAY THOMPSON (the Consultant).

WHEREAS the Company desires to retain the Consultant as Chairman of the Board and as a Consultant and the Consultant desires to serve in those positions.

NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, the parties hereto agree as follows:

1. EFFECTIVENESS OF AGREEMENT

This Agreement shall become effective as of January 1, 2007.

2. SERVICE AND DUTIES

2.1 General. The Company hereby retains the Consultant, and the Consultant agrees to serve as Chairman of the Board of the Company, upon the terms and conditions herein contained. The Consultant shall have all of the responsibilities and powers normally associated with such office. The Consultant shall perform such other duties and services for the Company, commensurate with the Consultants position, as may be designated from time to time by the Board of Directors of the Company (the Board). The Consultant agrees to serve the Company faithfully and to the best of his ability under the direction of the Board. It is understood and agreed that the Consultant not be an employee of the Company despite any title assigned to the Consultant.

2.2 Services. Except as may otherwise be approved in advance by the Board and except during vacation periods and reasonable periods of absence due to sickness, personal injury, or other disability, the Consultant shall be available by telephone, fax, or in person at all reasonable times for consultation throughout the Term (as defined in Section 2.3). The Consultant shall render his services to the Company during the Term and shall use his best efforts, judgment and energy to improve and advance the business and interest of the Company in a manner consistent with the duties of his position. However, this Consultation Agreement will be non-exclusive and the Consultant may engage in other business or employment, not inconsistent with the terms of Section 7 herein.

2.3 Term of Service. The Consultants service under this Agreement shall commence as of January 1, 2007 and shall terminate on the earlier of December 31, 2007 or termination of the Consultants service pursuant to this Agreement. The period commencing as of January 1, 2007 and ending on December 31, 2007 is hereinafter referred to as the Term.

2.4 Automatic Renewal. This Consultation Agreement will be automatically renewed each year until terminated as provided herein. Any renewal will be referred to as the Renewed Term. Each Term will be for a one (1) year period.

2.5 Company Credit Card/Expenses. During the Term or Renewed Term, the Consultant shall continue to be eligible to use his Company-issued credit card for reasonable travel and other business expenses incurred by him in the fulfillment of his duties hereunder, in accordance with Company practices as in effect during the Term.

3. SALARY

3.1 Base Salary. The Consultant shall be entitled to receive a base salary (Base Salary) at a rate of $100,000 per annum, payable in arrears in equal installments not less frequently than monthly. Any increases will be in accordance with the terms hereof. Once increased, such higher shall constitute the Consultants annual Base Salary.

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