<SEC-DOCUMENT>0001140361-20-011863.txt : 20200518
<SEC-HEADER>0001140361-20-011863.hdr.sgml : 20200518
<ACCEPTANCE-DATETIME>20200518161549
ACCESSION NUMBER:		0001140361-20-011863
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20200518
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200518
DATE AS OF CHANGE:		20200518

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TANDY LEATHER FACTORY INC
		CENTRAL INDEX KEY:			0000909724
		STANDARD INDUSTRIAL CLASSIFICATION:	LEATHER & LEATHER PRODUCTS [3100]
		IRS NUMBER:				752543540
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12368
		FILM NUMBER:		20889693

	BUSINESS ADDRESS:	
		STREET 1:		1900 SE LOOP 820
		CITY:			FT WORTH
		STATE:			TX
		ZIP:			76140
		BUSINESS PHONE:		8178723200

	MAIL ADDRESS:	
		STREET 1:		1900 SE LOOP 820
		CITY:			FT WORTH
		STATE:			TX
		ZIP:			76140

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEATHER FACTORY INC
		DATE OF NAME CHANGE:	19930723
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>nc10012084x1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
  <head>
    <title></title>
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<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
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      <hr style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;" align="center"><font style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-style: normal; font-variant: normal; text-transform: none;">UNITED STATES</font></div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">SECURITIES AND
      EXCHANGE COMMISSION</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">WASHINGTON, D.C.
      20549</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 18pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Form 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">CURRENT REPORT</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1ec9f0bd66144d38a4508bccf0ef838d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 57.68%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">Date of report (Date of earliest event reported:)</div>
          </td>
          <td style="width: 42.32%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">May 18, 2020</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center;"><img src="nc10012084x1_logo.jpg" height="100" width="204"></div>
    <div><br>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z3e133a0b804f4c8e840f327db0df5055" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 24pt; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center;">Tandy Leather Factory, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(Exact Name of Registrant as Specified in Its Charter)</div>
          </td>
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    <div><br>
    </div>
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        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Delaware</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(State or Other Jurisdiction of Incorporation</div>
          </td>
        </tr>

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    <div><br>
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    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z75ba779d7506499bb3078fb7d66e880d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 47.25%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">1-12368</div>
          </td>
          <td style="width: 4.74%; vertical-align: top;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 48%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">75-2543540</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.25%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(Commission File Number)</div>
          </td>
          <td style="width: 4.74%; vertical-align: top;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 48%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(IRS Employer Identification Number)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zfc05f025fd7b47c38e7351e5c8df97bc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 47.3%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">1900 Southeast Loop 820, Fort Worth, Texas</div>
          </td>
          <td style="width: 4.74%; vertical-align: top;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 47.96%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">76140</div>
          </td>
        </tr>
        <tr>
          <td style="width: 47.3%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(Address of Principal Executive Offices)</div>
          </td>
          <td style="width: 4.74%; vertical-align: top;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 47.96%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(Zip Code)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7ac247ff5f524042b373953f47a7328d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">(817) 872-3200</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(Registrant&#8217;s Telephone Number, Including Area Code)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z794d04e5ff114836813d6aa566b90f17" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: #000000;">(Former Name or Former Address, if Changed Since Last Report)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: #000000;">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 (<u>see </u>General Instruction A.2. below):</div>
    <div style="color: #000000;">&#160;</div>
    <div style="color: #000000;">[&#160; ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)&#160;</div>
    <div style="color: #000000;">[&#160; ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
    <div style="color: #000000;">[&#160; ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
    <div style="color: #000000;">[&#160; ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
    <div><br>
    </div>
    <div style="text-align: center;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1ca6a62ca0e64b1abc560f6b41de8f29" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 34.34%; vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">Title of each class</div>
          </td>
          <td style="width: 20.07%; vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">Trading Symbol(s)</div>
          </td>
          <td style="width: 45.58%; vertical-align: bottom;">
            <div style="text-align: center; font-weight: bold;">Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.34%; vertical-align: bottom;">
            <div style="text-align: center;">Common Stock, par value $0.0024</div>
          </td>
          <td style="width: 20.07%; vertical-align: bottom;">
            <div style="text-align: center;">TLF</div>
          </td>
          <td style="width: 45.58%; vertical-align: bottom;">
            <div style="text-align: center;">The Nasdaq Global Market</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>&#160;</div>
    <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
    <div>&#160;</div>
    <div>Emerging growth company&#160;&#160;&#9744;</div>
    <div>&#160;</div>
    <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a) of the Exchange
      Act.&#160;&#160;&#9744;</div>
    <div>&#160;</div>
    <div>
      <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" align="center"></div>
    <div>&#160;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="color: #000000; font-weight: bold;">Item 2.02.&#160; Results of Operations and Financial Condition</div>
    <div><br>
    </div>
    <div style="color: #000000;">On May 18, 2020, Tandy Leather Factory, Inc. (the &#8220;Company&#8221;) issued a press release announcing (1) that the Company will host its 2020 Annual Meeting of Stockholders online on June 2, 2020 (the &#8220;2020 Annual Meeting&#8221;), and
      (2) certain financial results as described in the next paragraph.&#160; A copy of the press release is attached as Exhibit 99.1.</div>
    <div><br>
    </div>
    <div style="color: #000000;">As previously reported, the Company is undertaking a restatement of prior financial statements and is not currently reporting its regular financial results until the restatement has been completed.&#160; For this reason, the
      press release includes only certain limited financial results, primarily relating to sales, cash and strategic initiatives, for fiscal year 2019 and the three months ended March 31, 2019.</div>
    <div><br>
    </div>
    <div style="color: #000000;">In addition, because of the pending restatement, the Company is unable to solicit stockholder votes for the 2020 Annual Meeting by proxy statement.&#160; In connection with the 2020 Annual Meeting, the Company has produced an
      information statement, including a description of the proposals to be voted upon at the 2020 Annual Meeting and other Company information that would typically be included in an proxy statement for an annual stockholders meeting.&#160; A copy of the
      Company&#8217;s meeting notice and information statement is attached as Exhibit 99.2.&#160; <font style="font-weight: bold;">The attached information statement is </font><font style="font-weight: bold; font-style: italic;">not </font><font style="font-weight: bold;">a proxy statement or a solicitation of shareholder votes by proxy; stockholders will need to attend the webcast of the Company&#8217;s Annual Meeting in order to cast their votes on these proposals.</font></div>
    <div><br>
    </div>
    <div style="color: #000000;">The information in this report and the exhibits attached hereto shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing
      with the Securities and Exchange Commission under the Securities Exchange Act of 1934 or the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.</div>
    <div><br>
    </div>
    <div style="color: #000000;"><font style="font-weight: bold;">Item 9.01 Financial Statements and Exhibits</font>.</div>
    <div><br>
    </div>
    <div style="color: #000000;">(d) Exhibits</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zefd9133bc04e446a9d70e816156d1045" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 10%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-weight: bold;">No.</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 88%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-weight: bold;">Exhibit</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: #000000;"><a href="nc10012084x1_99-1.htm">99.1</a></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 88%; vertical-align: top;">
            <div style="color: #000000;">Press Release dated May 18, 2020</div>
          </td>
        </tr>
        <tr>
          <td style="width: 10%; vertical-align: top;">
            <div style="color: #000000;"><a href="nc10012084x1_99-2.htm">99.2</a></div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 88%; vertical-align: top;">
            <div style="color: #000000;">Information Statement dated May 18, 2020</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;">Forward Looking Statements</div>
    <div><br>
    </div>
    <div><font style="background-color: #FFFFFF;">Certain statements contained in this report and other materials the Company files with the SEC, as well as information included in oral statements or other written statements made or to be made by the
        Company, other than statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking
        statements generally are accompanied by words such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;budgeted,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;project,&#8221; &#8220;potential,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221; &#8220;outlook,&#8221; &#8220;forecast&#8221; or &#8220;future,&#8221; variations
        thereof or other similar statements.&#160;Please refer to the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 for additional information concerning these and other uncertainties that could negatively impact the
        Company.&#160;The Company assumes no obligation to update or otherwise&#160;</font>revise its forward-looking statements, except as required by law.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div>&#160;</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURES</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; color: #000000;">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.</div>
    <div>&#160;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8b8a4f4f69e64dc48879afd35d9efe3d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td rowspan="1" colspan="2" style="width: 5%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">TANDY LEATHER FACTORY, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td colspan="1" style="width: 5%; vertical-align: top;"><br>
          </td>
          <td style="width: 45%; vertical-align: top;"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
            <div style="color: #000000;">Date:&#160; May 18, 2020</div>
          </td>
          <td colspan="1" style="width: 5%; vertical-align: top; padding-bottom: 2px;">By: <br>
          </td>
          <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">/s/ Janet Carr</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="color: #000000;">Janet Carr, Chief Executive Officer</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>nc10012084x1_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Soultions, Inc.
         Document created using EDGARfilings PROfile 7.0.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <font style="font-weight: bold;"> </font>
  <div>
    <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
    <div style="font-weight: bold; text-align: right;">Exhibit 99.1<br>
    </div>
  </div>
  <font style="font-weight: bold;"> </font>
  <div><br>
  </div>
  <div>
    <div><img src="logo_tandy.jpg" height="56" width="298"></div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;"> <br>
      </font></div>
    <div style="margin-left: 36pt;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">FOR IMMEDIATE RELEASE</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
    <div style="margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">May 18, 2020</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><font style="background-color: #FFFFFF;">Tandy Leather Announces 2020 Annual Meeting of Stockholders on June 2, 2020</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">FORT WORTH, TEXAS &#8211; May 18, 2020 (GLOBE NEWSWIRE) &#8211; Tandy Leather Factory, Inc. (the &#8220;Company&#8221;) announced that it will hold its 2020 Annual Meeting of Stockholders on June
      2, 2020.&#160; These events will begin at 1:00 p.m. Central time and will be a completely &#8220;virtual meeting&#8221; held online at <u>www.virtualshareholdermeeting.com/TLF2020</u>.&#160; Stockholders who intend to vote their shares of the Company&#8217;s stock in the
      Annual Meeting of Stockholders must enter the 16-digit control number found on the notice card they will receive by mail prior to the meeting date.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">As part of the Annual Meeting of Stockholders, Tandy Leather Factory Management will present a detailed overview of key strategic initiatives and recent performance,
      including a summary of the Company&#8217;s response to the COVID-19 pandemic, and an update on the ongoing accounting restatement. Management will also be available to answer any questions from stockholders participating in the webcast.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">The accounting restatement remains on track to be completed on or before August 10, 2020. Until then, the Company is not in a position to provide detailed financial
      information beyond its sales and cash balance. Tandy Leather Factory sales were $74.8 million in 2019, down 10% from 2018.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Janet Carr, CEO, commented, &#8220;2019 was a rebuilding year for Tandy as we made key infrastructure and customer-facing investments in our business. We closed underperforming
      stores and dropped unprofitable business customers, eliminated Wholesale Clubs as part of our pricing strategy, and made our video and pattern library free to customers.&#160; We also made long overdue investments in talent and fundamental retail
      processes and systems.&#160; We entered 2020 with a plan to prove our strategy and kick-start sales growth. Unfortunately, our first big sales event of the year was disrupted by the COVID-19 pandemic.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">For the quarter ended March 31, 2020, Tandy Leather Factory sales are still preliminary but were approximately $17.1 million, down 17.8% from the first quarter of 2019. We
      were required to completely close some stores as early as March 17, and eventually closed all of our stores to the public by March 22. Our sales for the quarter were materially impacted by the closures, especially as our largest promotion of the
      quarter was planned for March 19 through 29.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">&#8220;After closing our stores, we made the very difficult decision to furlough nearly 70% of our workforce as we turned our focus to web fulfillment and conserving capital. I
      am extremely proud of the heroic efforts of our team, who worked grueling hours to reposition the business from fulfilling web orders out of over 100 stores to fulfilling hundreds of orders everyday out of our Fort Worth warehouse. This required a
      drastic and immediate change to our operating model &#8211; from the way we manage inventory, ship product, handle customer service and phone orders, to how we safely staff and operate under the new COVID-19 environment. Because of these efforts, I believe
      Tandy will come out of this crisis a much stronger company, and I look forward to recalling our furloughed employees as we reopen our stores,&#8221; said Carr.</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><br>
      <div style="font-size: 9pt;">Importers, Exporters, Manufacturers, Distributors, Retailers of Leathers, Leathercraft Supplies, Hardware, Findings and Finishes</div>
    </div>
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    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Tandy Leather Factory has aggressively cut costs in the face of huge uncertainty over the duration and ongoing economic impact of the COVID-19 pandemic. In order to protect
      liquidity, we have furloughed or laid off 395 employees, permanently closed 8 stores, reduced, abated or deferred rents, substantially cut discretionary spend that does not drive web sales, and taken significant executive and senior staff pay cuts.
      Because the Company&#8217;s ability to raise capital remains limited by the ongoing accounting restatements, Tandy Leather is taking every precaution to ensure the Company survives the pandemic while protecting long-term value for shareholders. As of April
      30, the Company had no debt and $17.2 million of cash and cash equivalents. We own our flagship Fort Worth retail store, our corporate headquarters, and our manufacturing facility and distribution center on approximately 30 acres of land. We do not
      currently intend to borrow against this property.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">As states and localities begin to lift shelter-in-place orders, we are carefully planning the re-opening of our stores where possible. Four of our stores are currently
      testing curbside pickup, our Fort Worth flagship store will open to customers this week in compliance with the guidance given by state and local authorities, and more store openings will phase-in over the coming weeks. In the meantime, our online
      sales have been robust. Total sales for April 2020 on a retail calendar were approximately $2.0-2.3 million, down about 60% from prior year.&#160; Online sales for April this year were up about 200% over last year&#8217;s online sales, with virtually all of
      this year&#8217;s sales coming from the web channel.&#160; With our Memorial Day sale now underway, May sales to-date are trending down about 40% to last year. We now have the ability to ship over 1,500 direct-to-consumer orders from our warehouse each day, and
      we are ramping up our digital and social marketing efforts to drive sales.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', Times, serif;">Janet Carr added, &#8220;First and foremost, the safety of our employees, our customers, our families and our communities is paramount.&#160; We will open stores where and when we
      can, both safely and with responsible management of cash.&#160; We appreciate the landlords and vendors who have been flexible during this crisis. I especially want to thank our employees who have worked so hard &#8211; or have had to go without a paycheck &#8211;
      during a very difficult period. Most importantly, because of this tremendous collective effort from the whole Tandy community, I feel confident that we will emerge from this crisis a more formidable company, for the benefit of our shareholders,
      employees and customers.&#8221;</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;">Tandy Leather Factory, Inc., (</font><font style="font-style: italic;">http://www.tandyleather.com</font><font style="font-style: italic;">), 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.&#160; The Company distributes its
        products through its 108 North American stores located in 40 US states and 6 Canadian provinces, and one international store located in Spain.&#160; Its common stock trades on the Nasdaq with the symbol &#8220;TLF&#8221;.&#160; To be included on Tandy</font>&#160;<font style="font-style: italic;">Leather Factory&#8217;s email distribution list, go to </font><font style="font-style: italic;">http://www.b2i.us/irpass.asp?BzID=1625&amp;to=ea&amp;s=0</font><font style="font-style: italic;">.</font></div>
    <div style="font-family: 'Times New Roman', Times, serif;"><font style="font-style: italic;"> <font style="font-size: 9pt;"><br>
        </font></font></div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><font style="font-size: 9pt;">Importers, Exporters, Manufacturers, Distributors, Retailers of Leathers, Leathercraft Supplies, Hardware, Findings and Finishes</font><font style="font-style: italic;"> </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">Contact:&#160; Janet Carr, Tandy Leather Factory, Inc.&#160; (817) 872-3200 or janet.carr@tandyleather.com</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered &#8220;forward-looking statements&#8221; 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.&#160; 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.</div>
    <div style="font-family: 'Times New Roman', Times, serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman', Times, serif;">
      <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"><font style="font-size: 9pt;">Importers, Exporters, Manufacturers, Distributors, Retailers of Leathers, Leathercraft Supplies, Hardware, Findings and Finishes</font></div>
    </div>
  </div>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>nc10012084x1_99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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    <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-weight: bold;">Exhibit 99.2</font><br>
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    <div style="text-align: center;"><img src="nc10012084x1_logo.jpg" height="100" width="204"></div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">TANDY LEATHER FACTORY, INC.</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">1900 Southeast Loop 820</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">Fort Worth, Texas&#160; 76140-1003</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">INVESTOR DAY<font style="color: #9BBB59;">&#160;</font>INVITATION AND</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Dear Tandy Leather Factory, Inc. Stockholder:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">On Tuesday, June 2, 2020, Tandy Leather Factory, Inc. will hold <font style="color: #000000;">our 2020 </font>Annual Meeting of Stockholders.&#160; These events will begin at 1:00 p.m. Central time and will be a
      completely &#8220;virtual meeting&#8221; held online at www.virtualshareholdermeeting.com/TLF2020.&#160; Stockholders who intend to vote their shares of the Company&#8217;s stock in the Annual Meeting of Stockholders must enter the 16-digit control number found on the
      notice card you received from the company.&#160; As part of the Annual Meeting of Stockholders, Tandy Leather Factory Management will present a detailed overview of strategic initiatives and recent performance.&#160; Management will also be available to answer
      any questions from stockholders participating in the webcast.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Only stockholders who owned common stock at the close of business on April 20, 2020 may vote at the Annual Meeting or any adjournments that may take place.&#160; At the Annual Meeting, we will consider:</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z634f8b0ee1b04a76b2b02cf4b6b7c763" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">(1)</div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">The election of a seven-member Board of Directors for a one-year term;</div>
            </td>
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      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za7b823a94a114f7a9ffa306f3a871b57" cellpadding="0" cellspacing="0">

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            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">(2)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The extension of the Tandy Leather Factory, Inc. 2013 Restricted Stock Plan and reservation of additional shares for issuance under the plan;</div>
            </td>
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      </table>
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      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z91741d75559a4d67aed980e72d571ea1" cellpadding="0" cellspacing="0">

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            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">(3)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Ratification of appointment of our independent registered public accounting firm;</div>
            </td>
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    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze036d094d64443ff9aa84e1d90702cc7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">(4)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">An advisory vote on executive compensation as disclosed in these materials; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z12ee43ed34fb496a8bf6b20f1ca7e04e" cellpadding="0" cellspacing="0">

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              <div style="margin-left: 18pt;">(5)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Any other business properly presented at the meeting.</div>
            </td>
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      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Our company is undertaking a restatement of prior financial statements and is not currently reporting our regular financial results until the restatement has been completed.&#160; For this reason, we are
      unable to solicit votes for the Annual Meeting by proxy statement.&#160; <font style="font-weight: bold;">The attached information statement is </font><font style="font-weight: bold; font-style: italic;">not </font><font style="font-weight: bold;">a
        proxy statement or a solicitation of shareholder votes by proxy; stockholders or their representatives will need to attend the webcast of our Annual Meeting in order to cast their votes on these proposals.</font>&#160; We strongly value participation by
      all of our stockholders and sincerely regret that we are unable to offer proxy voting this year to those who cannot personally join the virtual meeting.&#160; We believe that we will have sufficient shares of stock represented at our Investor Day in order
      for the Annual Meeting to be held; in the event there are not sufficient shares in attendance during the virtual meeting, the Annual Meeting would be postponed to a later date.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Our Board of Directors recommends that you vote in favor of Proposals 1, 2, 3 and 4.&#160; Our information statement also outlines certain of our corporate governance practices and discusses our compensation
      philosophy and practices.&#160; Your vote is important.&#160; We encourage you to read these materials carefully and, if possible, to attend the Annual Meeting to vote on these proposals.</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 4.5pt;">Please advise our transfer agent, Broadridge Corporate Issuer Solutions, 1717 Arch Street, Suite 1300, Philadelphia, PA&#160; 19103, of any change in your address, for future mailings.</div>
    <div><br>
    </div>
    <div>
      <table id="z1bcb42c48e764cb1901bf235dcd330ef" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" border="0" cellpadding="0" cellspacing="0">

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              <div>&#160;</div>
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            <td style="width: 50.00%;">
              <div>By Order of the Board of Directors, <br>
              </div>
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              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
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            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
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            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>
                <div style="font-style: italic; text-align: left;">Daniel J. Ross</div>
                <div style="font-style: italic; text-align: left;">General Counsel and Secretary</div>
              </div>
            </td>
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            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>&#160;</div>
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    <div style="text-align: center; font-size: 12pt; font-weight: bold;">TABLE OF CONTENTS</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9d8943e126d04bbf9e1c1392fdea7a28" cellpadding="0" cellspacing="0">

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          <td style="width: 90.84%; vertical-align: top;">&#160;</td>
          <td style="width: 9.16%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: center;"><font style="font-weight: bold;">Page</font> <br>
            </div>
          </td>
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          <td style="width: 90.84%; vertical-align: top;">
            <div>General Information about the Annual Meeting and Voting</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div>Security Ownership of Certain Beneficial Owners and Management</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">3</div>
          </td>
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          <td style="width: 90.84%; vertical-align: top;">
            <div>PROPOSAL ONE:&#160; Election of Directors</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">5</div>
          </td>
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        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div>General Information About our Board of Directors</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">5<br>
            </div>
          </td>
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        <tr>
          <td rowspan="1" style="width: 90.84%; vertical-align: top;">Additional Information Concerning our Board of Directors <br>
          </td>
          <td rowspan="1" style="width: 9.16%; vertical-align: top; text-align: center;">&#160;7<br>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div>Director Compensation Table</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">8<br>
            </div>
          </td>
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            <div>Committees of the Board of Directors</div>
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            <div style="text-align: center;">9<br>
            </div>
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          <td style="width: 90.84%; vertical-align: top;">
            <div>Nominating Committee</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">9<br>
            </div>
          </td>
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          <td style="width: 90.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Compensation Committee</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">10<br>
            </div>
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            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Audit Committee</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">10<br>
            </div>
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          <td style="width: 90.84%; vertical-align: top;">
            <div style="color: #000000;">PROPOSAL TWO:&#160; The extension of the Tandy Leather Factory, Inc. 2013 Restricted Stock Plan and reservation of additional shares for issuance under the plan;</div>
          </td>
          <td style="width: 9.16%; vertical-align: bottom;">
            <div style="text-align: center;">11<br>
            </div>
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            <div>PROPOSAL THREE:&#160; Ratification of appointment of our independent registered public accounting firm</div>
          </td>
          <td style="width: 9.16%; vertical-align: bottom;">
            <div style="text-align: center;">13<br>
            </div>
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          <td style="width: 90.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Audit Fees</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">13<br>
            </div>
          </td>
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          <td style="width: 90.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Audit Committee Report</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">13<br>
            </div>
          </td>
        </tr>
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          <td style="width: 90.84%; vertical-align: top;">
            <div>Compensation Discussion and Analysis</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">15<br>
            </div>
          </td>
        </tr>
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          <td style="width: 90.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Base Salary</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">15<br>
            </div>
          </td>
        </tr>
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          <td style="width: 90.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Bonuses</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">15<br>
            </div>
          </td>
        </tr>
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          <td style="width: 90.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Restricted Stock Grants</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">15<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Retirement and Other Benefits</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">16<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Employment Agreement with Ms. Carr</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">16<br>
            </div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 90.84%; vertical-align: top;">
            <div style="margin-left: 9pt">
              <div style="margin-left: 9pt">Change in Control Effect on other Restricted Stock Units</div>
            </div>
          </td>
          <td rowspan="1" style="width: 9.16%; vertical-align: top; text-align: center;">&#160;16<br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 90.84%; vertical-align: top;">
            <div style="margin-left: 9pt">
              <div style="margin-left: 9pt">Separation and Release Agreement with Ms. Castillo</div>
            </div>
          </td>
          <td rowspan="1" style="width: 9.16%; vertical-align: top; text-align: center;">&#160;16<br>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Compensation Committee Report</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">17<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div>Compensation Tables and Other Information</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">18<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div>Summary Compensation Table</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">18<br>
            </div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 90.84%; vertical-align: top;">Grants of Plan-Based Awards</td>
          <td rowspan="1" style="width: 9.16%; vertical-align: top; text-align: center;">18<br>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div>Outstanding Stock Awards</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">18<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div>PROPOSAL FOUR:&#160; Advisory Vote on Executive Compensation (&#8220;Say on Pay&#8221; Vote)</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">19<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div>Relationships and Transactions with Related Persons</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">20<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div>Section 16(a) Beneficial Ownership Reporting Compliance</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">20<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div>Equity Compensation Plans</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">20<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div>Other Matters</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">21<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Solicitation of Proxies</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">21<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Stockholder Proposals for 2021</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">21<br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 90.84%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',Times,serif; margin-left: 18pt;">Stockholder Communications with Board of Directors</div>
          </td>
          <td style="width: 9.16%; vertical-align: top;">
            <div style="text-align: center;">21<br>
            </div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 90.84%; vertical-align: top;">Appendix A</td>
          <td rowspan="1" style="width: 9.16%; vertical-align: top; text-align: center;">&#160;A-1</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">GENERAL INFORMATION ABOUT THE ANNUAL MEETING AND VOTING</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">Why did I receive a notice card for the Annual Meeting?</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Because you are a stockholder of Tandy Leather Factory, Inc. as of the record date and entitled to vote at the 2020 Annual Meeting of Stockholders, our Board of Directors is asking for your vote at the Annual Meeting.&#160;
      You are invited to attend our Annual Meeting on June 2, 2020, beginning at 1:00 pm Central time.&#160; The Annual Meeting will be held solely as an online &#8220;virtual stockholders meeting&#8221;; to attend this meeting, please follow the instructions shown on the
      notice card you received.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">These information materials are first being made available to stockholders on or about May<font style="color: #9BBB59;">&#160;</font>18, 2020.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">What am I voting on?</div>
    <div><br>
    </div>
    <div style="text-align: justify;">You are voting on four items:</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z160eea31f1f34a04a4883dc03a246bda" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Election of seven directors for a term of one year;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57d7f760f5504da68463d6cc71a27f78" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; color: #000000;">The extension of the Tandy Leather Factory, Inc. 2013 Restricted Stock Plan and reservation of additional shares for issuance under the plan;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb5e64ec267b544e2905f3d86569b3c03" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">3.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Ratification of appointment of our independent registered public accounting firm; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d8a4f04835e4f4ab1e8aa17d298c0a1" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">4.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">An advisory vote on Tandy Leather Factory, Inc.&#8217;s executive compensation, as disclosed in these materials.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">At the date this information statement went to print, we did not know of any other matters to be raised at the Annual Meeting.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">What are the voting recommendations of the Board of Directors?</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">The Board of Directors recommends that you vote your shares:</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z52db4f40b843477ebbfa579f6900748a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;FOR&#8221; each of the nominees to the Board of Directors;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd10be32b51564b92971f9ce17b3ba4d0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;FOR&#8221; <font style="color: #000000;">the extension of the Tandy Leather Factory, Inc. 2013 Restricted Stock Plan and reservation of additional shares for issuance under the plan;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z44dce0f4843041c9afbf86b04d103886" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;FOR&#8221; the ratification of appointment of our independent registered public accounting firm; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za355d84761f6484bacb853a56d9f5554" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 54pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">&#8220;FOR&#8221; the approval, on an advisory basis, of the compensation of Tandy Leather Factory, Inc.&#8217;s named executive officers as disclosed in these materials.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div style="text-align: justify;"><font style="font-weight: bold;"> </font><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Who is entitled to vote?</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Holders of record of shares of our common stock as of the close of business on April 20, 2020<font style="color: #9BBB59;">&#160;</font>(the record date) are entitled to vote at the Annual Meeting.&#160; As of that date, a total
      of 9,033,594 shares of common stock were outstanding and entitled to vote.&#160; Each share of common stock is entitled to one vote.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">What is the difference between holding shares as a stockholder of record and
      as a beneficial owner?</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Many stockholders hold their shares through a stockbroker, bank, or other nominee rather than directly in their own name.&#160; As summarized below, there are some distinctions between shares held of record and those owned
      beneficially.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-style: italic;">Stockholder of Record.&#160; </font>If your shares are registered directly in your name with our transfer agent, Broadridge Corporate Issuer Solutions, you are considered, with respect to
      those shares, the stockholder of record<font style="color: #9BBB59;">, </font>and you are invited to attend the Annual Meeting.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-style: italic;">Beneficial Owner.&#160; </font>If your shares are held in a stock brokerage account or by a bank or other nominee, you are considered the <font style="font-style: italic;">beneficial
        owner</font> of shares held in &#8220;street name&#8221;, and the meeting notice is being forwarded to you by your broker or nominee who is considered, with respect to those shares, the stockholder of record.&#160; As the beneficial owner, you are invited to attend
      the Annual Meeting.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">How do I vote?</div>
    <div><br>
    </div>
    <div style="text-align: justify;">This year&#8217;s meeting will be held entirely online to allow greater participation.&#160; Shareholders may participate in the Annual Meeting by visiting www.virtualshareholdermeeting.com/TLF2020.&#160; To participate in the Annual
      Meeting, you will need the 16-digit control number included on the meeting notice you received.&#160; Shares held in your name as the shareholder of record may be voted electronically during the Annual Meeting.&#160; Shares for which you are the beneficial
      owner but not the shareholder of record (<font style="font-style: italic;">i.e.,</font> shares held in &#8220;street name&#8221;) may also be voted electronically during the Annual Meeting.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Is my vote confidential?</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Yes.&#160; It is our policy that all ballots and vote tabulations that identify the vote of a stockholder will be kept confidential from us and our directors, officers, and employees until after the final vote is tabulated
      and announced, except in limited circumstances when required to meet a legal requirement, to defend a claim against us or to assert a claim by us, or when written comments by a stockholder appear on the stockholder&#8217;s voting material.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Who counts the votes?</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We will appoint an inspector of election for the Annual Meeting who will count the votes cast.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">What is the quorum requirement of the meeting?</div>
    <div><br>
    </div>
    <div style="text-align: justify;">A majority of the outstanding shares of common stock determined on April 20, 2020, represented in attendance at the virtual Annual Meeting constitutes a quorum for voting on items at the Annual Meeting.&#160; If you vote,
      your shares will be part of the quorum.&#160; Abstentions will be counted in determining the quorum but will not be counted as votes cast.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">What vote is required to approve the proposals?</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The seven nominees for director receiving the highest number of &#8220;FOR&#8221; votes at the Annual Meeting will be elected to the Board of Directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The affirmative vote of a majority of the votes cast at the Annual Meeting by stockholders entitled to vote on the matter is required to <font style="color: #000000;">extend the Tandy Leather Factory, Inc. 2013
        Restricted Stock Plan and reserve additional shares for issuance under the plan,</font> to ratify the appointment of our independent registered public accounting firm and to provide advisory approval of the executive compensation of our named
      executive officers as described in this information statement.&#160; Abstentions are not counted for purposes of the advisory approval of the executive compensation of our named executive officers as described in the information statement.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">
      <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">Where can I find the voting results of the Annual Meeting?</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We plan to announce preliminary voting results at the Annual Meeting and publish final results in a current report on SEC Form 8-K within four business days after the Annual Meeting.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following table sets forth information regarding the following as of April 20, 2020, the record date for the Annual Meeting:</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf3dff4d8aa0045799da1d65e09473786" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Beneficial owners of more than 5 percent of the outstanding shares of our common stock, other than our officers and directors;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcd046e7c057b45e98d99f2cce1acfdff" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Beneficial ownership by our current directors and nominees and the named executive officers set forth in the Summary Compensation table below; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3058457d3f1c4eff95c59de709fd82ec" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Beneficial ownership by all our current directors and executive officers as a group, without naming them.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The percentage of beneficial ownership is calculated on the basis of 9,033,594 shares of our common stock outstanding as of April 20, 2020.&#160; The information provided in the table is based on our records, information
      filed with the SEC, and information provided to us, except where otherwise noted.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>Security Ownership of Certain Beneficial Owners</u></div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z328d0bd7c6634e9ba111070b5c65a59d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 16%; vertical-align: top; border-bottom: 2px solid black;">
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            <div style="text-align: justify; font-weight: bold;">Title of Class</div>
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          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 44%; vertical-align: top; border-bottom: 2px solid black;">
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          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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          <td colspan="1" style="width: 2%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid black; text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Percent of Class</div>
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        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Bandera Partners LLC (2)</div>
            <div style="text-align: justify;">50 Broad Street, Suite 1820</div>
            <div style="text-align: justify;">New York, NY&#160; 10004</div>
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          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 22.25pt; color: #000000;">2,857,936</div>
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          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">31.6%</div>
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        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td style="width: 16%; vertical-align: top;">
            <div style="text-align: justify;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div style="text-align: justify;">JCP Investment Partnership, LP (3)</div>
            <div style="text-align: justify;">1177 West Loop South, Suite 1650</div>
            <div style="text-align: justify;">Houston, TX 77027</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.25pt; color: #000000;">859,197</div>
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          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center;">9.5%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Central Square Management LLC (4)</div>
            <div style="text-align: justify;">1813 Mill Street, Suite F</div>
            <div style="text-align: justify;">Naperville, IL 60563</div>
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          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 22.25pt;">592,446</div>
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          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">6.6%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top;">
            <div style="text-align: justify;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">
            <div style="text-align: justify;">Dimensional Fund Advisors LP (5)</div>
            <div style="text-align: justify;">Building One</div>
            <div style="text-align: justify;">6300 Bee Cave Road</div>
            <div style="text-align: justify;">Austin, TX&#160; 78746</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">
            <div style="text-align: right; margin-right: 22.25pt;">497,307</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center;">5.5%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 44%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 24%; vertical-align: top;">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top;">&#160;</td>
          <td style="width: 10%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Beddow Capital Management Incorporated (6)</div>
            <div style="text-align: justify;">199 E Pearl Avenue, Suite 102</div>
            <div>Jackson, WY&#160; 83001 <br>
            </div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 22.25pt;">427,013</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">4.7%</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" style="width: 44%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td rowspan="1" style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>Security Ownership of Management</u></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z47bf1cea51ee4ee7ad8b466c4a6906d3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 16%; vertical-align: top; border-bottom: 2px solid black;">
            <div>&#160;</div>
            <div style="text-align: justify; font-weight: bold;">Title of Class</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 44%; vertical-align: top; border-bottom: 2px solid black;">
            <div>&#160;</div>
            <div style="text-align: justify; font-weight: bold;">Name of Beneficial Owner</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid black; text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Amount and Nature of </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Beneficial Ownership (1)(7)</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid black; text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Percent of Class</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Janet Carr</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 26.1pt;">100,800</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1.1%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; color: #000000;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; color: #000000;">Jefferson Gramm (2)</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; margin-right: 26.1pt;">2,862,139</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">31.7%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">James Pappas (3)</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 26.1pt;">860,547</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">9.5%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; color: #000000;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; color: #000000;">William Warren</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; margin-right: 26.1pt;">26,383</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Brent Beshore</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 26.1pt;">-</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; color: #000000;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; color: #000000;">Sharon M. Leite</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; margin-right: 26.1pt;">-</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">Vicki Cantrell</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 26.1pt;">-</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; color: #000000;">Common Stock</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; color: #000000;">Sejal Patel</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: right; margin-right: 26.1pt;">-</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">*</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 44%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; color: #000000;">All Current Directors and Executive Officers as a Group (8 persons)</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: right; margin-right: 26.1pt;">3,849,869</div>
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          <td colspan="1" style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">42.6%</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;">* Represents beneficial ownership of less than 1% of our outstanding shares of common stock.</div>
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    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z206d7aa9f1214878935a5071f0b9f0c9" cellpadding="0" cellspacing="0">

          <tr>
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              <div style="margin-left: 4.5pt; font-size: 8pt;">(1)</div>
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              <div style="text-align: justify; font-size: 8pt;"><font style="font-size: 10pt;">A</font>ll shares of common stock are owned beneficially, and such owner has sole voting and investment power, unless otherwise stated.&#160; The inclusion herein of
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            </td>
          </tr>

      </table>
      <div> <br>
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    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0555f2bb884542a8a7a1f36de141bba7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 24.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; color: #000000; font-size: 8pt;">(2)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 8pt;"><font style="color: #000000;">Holdings shown for Jefferson Gramm are based on a Form 4 filed on </font>February 25, 2020<font style="color: #000000;"> by Mr. Gramm, who is our Chairman;
                  holdings shown for Bandera Partner, LLC are based on a Schedule 13D/A filed on April 15, 2019 by Bandera Partners, LLC is the investment manager of Bandera Master Fund L.P. in whose name 2,857,936 of our shares are held.&#160; Messrs. Gregory
                  Bylinksy and Jefferson Gramm are Managing Partners, Managing Directors and Portfolio Managers of Bandera Partners LLC.&#160; Bandera Master Fund L.P. has delegated to Bandera Partners the sole and exclusive authority to vote and dispose of the
                  securities held by Bandera Master Fund.&#160; As a result, each of Bandera Partners and Messrs. Bylinksy and Gramm may be deemed to beneficially own the shares held by Bandera Master Fund.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z310e77a4216c4085813813eb6ddf4c33" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 24.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; color: #000000; font-size: 8pt;">(3)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 8pt;"><font style="color: #000000;">Holdings shown for James Pappas are based on a Form 4 filed </font>on February 25, 2020 by Mr. Pappas, who is one of our Directors; holdings shown for JCP
                Investment Management, LLC are based on a Schedule 13D/A filed on December<font style="color: #000000;"> 6, 2018 by JCP Investment Management, LLC. Mr. Pappas is also a Managing Member and Owner of JCP Investment Management, LLC..&#160; As a
                  result, Mr. Pappas may be deemed to beneficially own the shares held by JCP Investment Management, LLC.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7cb1967bd01d48a59393e0953c645232" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 24.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; font-size: 8pt;">(4)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 8pt;">Based on a Schedule 13G/A filed on February 3, 2020 by Central Square Management LLC.&#160; Central Square Management LLC has sole voting and investment power over 635,724 shares of our common
                stock</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z68b3fcb79d554df19b7c45d993973fe2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 24.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; font-size: 8pt;">(5)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 8pt;">Based on a Schedule 13G/A filed on February 12, 2020 by Dimensional Fund Advisors LP.&#160; Dimensional Fund Advisors Inc. has shared voting power over 482,617 shares of our common stock and shared
                investment power over 497,307 shares of our common stock.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6b10acde19394f9f8efec74634756515" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 24.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; font-size: 8pt;">(6)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 8pt;">Based on a Schedule 13G/A filed on February 14, 2020 by Beddow Capital Management Incorporated.&#160; Beddow Capital Management Incorporated has sole voting and shared investment power over 427,013
                shares of our common stock.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf3b52fd60a5e4cc58fb6237c1b26a7f7" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 24.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 4.5pt; font-size: 8pt;">(7)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 8pt;">To our knowledge, none of these shares have been pledged.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">PROPOSAL ONE:&#160; ELECTION OF DIRECTORS</div>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;"><u>The Board of Directors Recommends a Vote &#8220;FOR&#8221; All Nominees.</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">All directors are to be elected at the Annual Meeting to hold office until the next Annual Meeting of stockholders and until their successors have been duly elected and qualified.&#160; Currently, there are eight directors
      as provided by our corporate by-laws.&#160; Brent Beshore, a current director, has informed the Company that he will not seek reelection for the ensuing term; at the conclusion of his current term at the time of the Annual Meeting, the size of the Board
      of Directors will be reduced to seven members.&#160; All seven nominees have indicated their willingness to serve for the ensuing term.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">GENERAL INFORMATION ABOUT THE BOARD OF DIRECTORS</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7c34f47398bc4805819977ae9e229645" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 22.95%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Name</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 5.64%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Age</div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 10.38%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Director</div>
            <div style="text-align: center; font-weight: bold;"> Since</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 55.06%; vertical-align: bottom; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Position</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.95%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Janet Carr</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 5.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">59</div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2018</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 55.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Director, Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.95%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Brent Beshore*</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 5.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">37</div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2017</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 55.06%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.95%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Vicki Cantrell</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 5.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">62</div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2017</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 55.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.95%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Jefferson Gramm</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 5.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">44</div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 10.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2014</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 55.06%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Chairman of the Board of Directors</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.95%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sharon M. Leite</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 5.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">57</div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2017</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 55.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.95%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>James Pappas</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 5.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">39</div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 10.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2016</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 55.06%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.95%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Sejal Patel</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 5.64%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">41</div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 10.38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">2017</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 55.06%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
            <div>Director</div>
          </td>
        </tr>
        <tr>
          <td style="width: 22.95%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>William M. Warren</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 5.64%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">75</div>
          </td>
          <td style="width: 1.98%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 10.38%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">2013</div>
          </td>
          <td style="width: 2%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>&#160;</div>
          </td>
          <td style="width: 55.06%; vertical-align: bottom; background-color: rgb(255, 255, 255);">
            <div>Director</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">*&#160; Mr. Beshore has declined to be nominated for reelection to our Board of Directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Janet Carr</font>, 59, has served as our Chief Executive Officer and as a member of our Board of Directors since October 2018.&#160; Prior to her current role, Ms. Carr
      served as the SVP of Global Business Development for Caleres (formerly Brown Shoe) from January 2016 until July 2017. While there, she was responsible for international wholesale and retail for all of their brands. Prior to Caleres, Ms. Carr was the
      President of the Handbag Division of Nine West Group from 2013 to November 2014, where she was responsible for all aspects of design, development and sales in both wholesale and retail.&#160; Ms. Carr has deep experience in strategy and consumer insights
      in various roles at a number of prominent retailers including Tapestry, Inc. (formerly Coach, Inc.), Gap Inc. and Safeway.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Brent Beshore</font>, 37, is the founder and CEO of Permanent Equity, a private investment organization.&#160; Mr. Beshore has served in his present position with
      Permanent Equity (formerly adventur.es) since 2007. He served on the Commerce Bank regional advisory board from 2011-2016, and currently serves on the Shepard Poverty Program board of directors at his alma mater, Washington and Lee University. He
      received his BA in Politics, with an emphasis in Poverty Studies, from Washington and Lee University in 2005 and attended the J.D./M.B.A. program at the University of Missouri from 2005-2007.&#160; Mr. Beshore has significant operating and financial
      experience through his firm&#8217;s ownership of a diverse collection of private businesses. He provides expertise in capital allocation as well as the evaluation and compensation of executive management teams.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Vicki Cantrell</font>, 62, is a retail veteran with over 20 years of operational experience.&#160; From September 2017 until June 2018, she served as Retail
      Transformation Officer for Aptos Inc., where Ms. Cantrell brought transformation strategies to the retailer&#8217;s businesses and to the vendor/retail partnership.&#160; Prior to that role, Ms. Cantrell served from October 2011 to October 2016 as a Senior Vice
      President at National Retail Federation, which is the world&#8217;s largest retail association. From May 2008 until June 2011, she served as Chief Operating Officer of Tory Burch LLC while it experienced 300% growth.&#160; From April 2003 until May 2008 she
      served as Chief Information Officer of Giorgio Armani, as it underwent a multi-phase CRM implementation. Ms. Cantell has worked in all facets of the retail industry, as retailer, vendor/partner and industry spokesperson. She has deep expertise in
      building and executing strategies to meet evolving needs including enhancing customer acquisition, service and loyalty; determining optimal organizational structure in ever-changing environments; and in building robust cyber security programs.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Jefferson Gramm,</font> 44, <font style="color: #000000;">is a portfolio manager at Bandera Partners LLC, which might be deemed to be an affiliate of ours by virtue
        of holding approximately 32% of our outstanding common stock. </font>See &#8220;SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT&#8221; for information regarding Bandera Partners LLC&#8217;s ownership of our common stock.&#160; <font style="color: #000000;">Mr. Gramm has been in his present position with Bandera since 2006.&#160; His prior experience includes serving as Managing Director of Arklow Capital, LLC, a hedge fund manager focused on distressed and value investments, from October 2004 to
        July 2006.&#160; He has been a Director of Rubicon Technology since November 2017.&#160; He also served as a Director of Ambassadors Group from May 2014 until October 2015 and of Morgan&#8217;s Foods Inc. from April 2013 to March 2014. He served as a Director of
        Peerless Systems Corp from June 2009 to November 2010.&#160;&#160; He received an M.B.A. from Columbia University in 2003 and a B.A. in Philosophy from University of Chicago in 1996.&#160; </font>Mr. Gramm provides a unique and valuable perspective with respect
      to corporate governance, our stockholder base and stockholder issues in general.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Sharon M. Leite</font>, 57, has been Chief Executive Officer of Vitamin Shoppe, Inc. since August 2018. She previously served as Managing Director, President of
      Godiva Chocolatier in North America from October 2017 until August, 2018.&#160; Prior to joining Godiva, from February 2016 until May 2017, Ms. Leite was the President of Sally Beauty, US and Canada (NYSE: SBH), an international specialty retailer and
      distributor of professional beauty products, with over 3,000 stores. Prior to joining SBH, from 2007 until January 2016, Ms. Leite was the Executive Vice President of Sales, Customer Experience, &amp; Real Estate at Pier 1 Imports (NYSE:&#160; PIR).&#160; In
      addition, Ms. Leite has held various executive leadership roles at Bath and Body Works (L Brands) as well as various sales and operations positions with other prominent retailers including Gap, Inc. and The Walt Disney Company.&#160; She currently serves
      as a member of the Board of Directors of the National Retal Federation (NRF).&#160; <font style="color: #000000;">Ms. Leite brings significant general management experience as well as retail sales, operations, digital, e-commerce, real estate,
        merchandising, marketing and human resource strategies.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">James Pappas, </font>39, is the managing member and owner of JCP Investment Management. Mr. Pappas serves on the board of Innovative Food Holdings, Inc. since
      2020.&#160; Mr. Pappas also served as a director of US Geothermal, Inc. from September 2016 until April 2018. He served as a director of Jamba, Inc., a health and wellness brand and leading retailer of freshly squeezed juice, from January 2015 to
      September 2018; he also served on Jamba, Inc.&#8217;s Nominating, Corporate Governance and Audit Committees.&#160; He served on the board of directors of The Pantry, Inc., the largest independently operated convenience store chains in the U.S. from March 2014
      until it was acquired in February 2015.&#160; Mr. Pappas also served on the board of directors, including Chairman of the Board, of Morgan&#8217;s Foods from February 2012 to May 2014 until it was acquired.&#160; Mr. Pappas received a BBA in Information Technology
      and a Masters in Finance from Texas A&amp;M University.&#160; Mr. Pappas has substantial skills in marketing and branding, as well as experience with growth-oriented businesses.&#160; Mr. Pappas also offers a strong tactical and financial background.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">Sejal Patel, </font>41, is a Portfolio Manager at Skale Investments since January 2019.&#160; From July 2015 through September 2018, she was a Partner at Lake Trail
      Capital, a private investment firm.&#160; Her prior work experience includes serving as Vice President of Indus Capital, a hedge fund manager focused on Asian and Japanese equities, from 2012 to 2015 and Director for Kelusa Capital Management, a hedge
      fund manager focused on Asian equities, from 2006 to 2012. She served on the Boards of Value Quest Capital, a value fund based in India, since 2014 and the Tiger Foundation, a non-profit organization based in New York, from 2009 to 2018. She received
      a B.S. in Economics from the University of Pennsylvania.&#160; Ms. Patel brings a strong financial and business background to our Board.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-weight: bold; font-style: italic;">William M. Warren</font><font style="font-weight: bold;">,</font> 75,&#160; is president and sole Director of William M. Warren, PLLC, an independent law firm.&#160; He also
      serves as of Counsel to Loe, Warren, Rosenfield, Kaitcer, Hibbs, Windsor &amp; Lawrence, P.C., a law firm located in Fort Worth Texas, where he was President and Director from 1979 until December 2019.&#160; He has served as one of our directors from 1993
      to 2003 and since 2013 and also served as our Secretary and General Counsel from 1993 until 2018.&#160; Mr. Warren brings extensive legal and industry experience, as well as a long history with, and deep institutional knowledge of, the Company to our
      Board.</div>
    <div style="text-align: justify; text-indent: 103.5pt;"><br>
    </div>
    <div style="text-align: justify;">The information relating to the occupations and security holdings of our directors and nominees is based upon information received from them.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">ADDITIONAL INFORMATION CONCERNING OUR BOARD OF DIRECTORS</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Meeting Attendance</div>
    <div><br>
    </div>
    <div style="text-align: justify;">During fiscal 2019, the Board of Directors held four regularly scheduled meetings and two special meetings.&#160; All current directors who served during 2019 attended 75% or more of the aggregate of the total number of
      meetings of the Board of Directors and of committees of the Board of Directors of which he or she was a member and which were held during the time that he or she was a director or member of such committee, as applicable.&#160; We encourage and expect our
      directors to attend our Annual Meeting absent extenuating circumstances, but we do not have a formal policy requiring attendance.&#160; All of our directors attended our Annual Meeting held in 2019.</div>
    <div><br>
    </div>
    <div style="font-style: italic;">Director Independence</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Board of Directors has considered the listing requirements of the Nasdaq for &#8220;independence&#8221; of directors, and it has determined that our non-employee directors Brent Beshore, Vicki Cantrell, Jefferson Gramm, Sharon
      Leite, James Pappas and Sejal Patel are independent under these requirements.&#160; Our non-employee directors hold executive sessions at each regular meeting.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Board of Directors Leadership Structure</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Board of Directors has determined it appropriate to separate the roles of CEO and Chairman, allowing the CEO to run Tandy Leather Factory, Inc. and the Chairman to run the Board of Directors.&#160; Janet Carr has been
      our Chief Executive Officer since October 2018.&#160; Jefferson Gramm, one of our directors, has been Chairman of the Board since 2017.&#160; We believe our CEO and our Chairman have an excellent working relationship that has allowed the CEO to focus on the
      challenges that we face in the current business environment.&#160; The separation of the CEO and Chairman positions provides strong leadership for our Board of Directors, while also positioning our CEO as our leader in the eyes of our customers,
      employees, and other stakeholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our Board of Directors currently has six independent members and two non-independent members.&#160; We have three committees of the Board of Directors comprised solely of independent directors, with three different
      independent directors serving as chairs of the committees.&#160; We believe that the number of independent, experienced directors that make up our Board of Directors benefits us and our stockholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Risk Oversight</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our Audit Committee is primarily responsible for overseeing our risk management processes on behalf of the full Board of Directors, focusing on the most significant risks facing us and our general risk management
      strategy, and also ensuring that risks undertaken by us are consistent with the Board of Directors&#8217; appetite for risk.&#160; Management is responsible for the development, implementation, and maintenance of our risk management processes and provides
      periodic reports to the Audit Committee on its assessment of strategic, operational, financial, competitive, reputational, and legal risks to us.&#160; We believe this division of responsibilities is the most effective approach for addressing the risks we
      face and that our Board of Directors leadership structure supports this approach.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Director Compensation</div>
    <div>&#160;</div>
    <div style="text-align: justify;">Compensation of non-employee directors is determined by the Board. Our non-employee directors are paid an annual retainer of $16,000; in addition, the Chairman of the Audit Committee is paid an additional annual
      retainer of $5,000, and other members of the Audit Committee are paid an additional retainer of $2,000. All directors are reimbursed for reasonable expenses incurred in connection with their service on our Board of Directors, including the committees
      thereof.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
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    </div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify;">In each of 2015, 2016 and 2017, we awarded restricted stock units to each non-employee director with a fair value equal to approximately $14,500 based on a fair market value as of the date of grant, in accordance with
      our 2013 Restricted Stock Plan.&#160; The shares underlying such awards will vest equally over a four-year period from the date of grant.&#160;&#160; Between February 2017 and the end of 2018, we did not award any equity to our non-employee directors, and the Board
      has determined that this was an oversight.&#160; Accordingly, in March 2019, we awarded each non-employee director other than Mr. Gramm (who voluntarily declined this equity grant) and Mr. Warren in 2019 restricted stock units with a fair value equal to
      $30,000 as of the grant date; Mr. Warren in 2019 received restricted stock units with a fair value equal to $9,000 as of the grant date, reflecting that he began receiving non-employee director compensation in January 2019 following his resignation
      as the Company&#8217;s General Counsel in December 2018.&#160; The shares underlying these awards will vest equally over a three-year period from the date of grant.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The goal of our restricted stock unit grants to directors is to attract and retain competent non-employee personnel to serve on our Board of Directors by offering them long-term equity incentives.&#160; Each of our
      non-employee directors is eligible to participate in this plan.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">DIRECTOR COMPENSATION TABLE</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The table below summarizes the compensation paid by us to our non-employee directors for their service on the Board during the year ended December 31, 2019.&#160; Our directors who are also employees receive no additional
      compensation for serving as directors.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z89bef5d5e6ed4209abb2076698d2b071" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 25.27%; vertical-align: top;">
            <div><font style="font-weight: bold; color: #000000;"> </font>&#160;</div>
            <div style="color: #000000; font-weight: bold;">Name</div>
          </td>
          <td style="width: 31.87%; vertical-align: top;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Fees Earned or </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Paid in Cash ($)</div>
          </td>
          <td style="width: 24.18%; vertical-align: top;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Restricted Stock </div>
            <div style="text-align: center; color: #000000; font-weight: bold;">Awards ($)</div>
          </td>
          <td style="width: 18.68%; vertical-align: top;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Total</div>
            <div style="text-align: center; color: #000000; font-weight: bold;">($)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.27%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Jefferson Gramm</div>
          </td>
          <td style="width: 31.87%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">$16,000</div>
          </td>
          <td style="width: 24.18%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">-</div>
          </td>
          <td style="width: 18.68%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">$16,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.27%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="color: #000000;">Brent Beshore</div>
          </td>
          <td style="width: 31.87%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000;">16,000</div>
          </td>
          <td style="width: 24.18%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000;">$30,000</div>
          </td>
          <td style="width: 18.68%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000;">46,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.27%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Vicki Cantrell</div>
          </td>
          <td style="width: 31.87%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">16,000</div>
          </td>
          <td style="width: 24.18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">30,000</div>
          </td>
          <td style="width: 18.68%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">46,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.27%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="color: #000000;">Sharon M. Leite</div>
          </td>
          <td style="width: 31.87%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000;">18,000</div>
          </td>
          <td style="width: 24.18%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000;">30,000</div>
          </td>
          <td style="width: 18.68%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000;">48,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.27%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">James Pappas</div>
          </td>
          <td style="width: 31.87%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">21,000</div>
          </td>
          <td style="width: 24.18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">30,000</div>
          </td>
          <td style="width: 18.68%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">51,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.27%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="color: #000000;">Sejal Patel</div>
          </td>
          <td style="width: 31.87%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000;">18,000</div>
          </td>
          <td style="width: 24.18%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000;">30,000</div>
          </td>
          <td style="width: 18.68%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: #000000;">48,000</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.27%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">William Warren</div>
          </td>
          <td style="width: 31.87%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">16,000</div>
          </td>
          <td style="width: 24.18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">9,000</div>
          </td>
          <td style="width: 18.68%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">25,000</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">COMMITTEES OF THE BOARD OF DIRECTORS</div>
    <div><br>
    </div>
    <div style="text-align: justify;">As of the date of this information statement, our Board of Directors has three committees:&#160; (1) Audit Committee, (2) Compensation Committee, and (3) Nominating Committee.&#160; The membership as of the date of this
      information statement and the function of each committee are described below.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1b35f2ce8d9a46158741dc593c514da7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 40%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: justify;">Name of Director</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="font-family: 'Times New Roman',Times,serif; text-align: center;">Audit</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Compensation</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 18%; vertical-align: top; border-bottom: 2px solid black;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Nominating</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; font-style: italic;">Non-Employee Directors:</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Jefferson Gramm</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">-</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">C</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">X</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Brent Beshore</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">-</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">X</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">X</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Sharon Leite</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">X</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">X</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Sejal Patel</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">X</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">X</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Vicki Cantrell</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">-</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">C</div>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">James Pappas</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">C</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 40%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="margin-left: 9pt">William Warren <br>
            </div>
          </td>
          <td colspan="1" rowspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td colspan="1" rowspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td rowspan="1" style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td colspan="1" rowspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td rowspan="1" style="width: 18%; vertical-align: top; text-align: center; background-color: rgb(255, 255, 255);">X <br>
          </td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify; font-style: italic;">Employee Director:</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; margin-left: 9pt;">Janet Carr</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(255, 255, 255);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 40%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Number of Meetings in Fiscal 2019</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">18</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">1</div>
          </td>
          <td colspan="1" style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">0</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify;">_________________</div>
    <div style="text-align: justify;">X = Committee member; C = Committee Chairman</div>
    <div><br>
    </div>
    <div style="font-style: italic;">Nominating Committee</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We have a Nominating Committee consisting of five directors, all of whom except for Mr. Warren are &#8220;independent&#8221; under the listing requirements of Nasdaq.&#160; The Nominating Committee did not meet during 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Board of Directors has adopted a written charter for the Nominating Committee, which is available on our website at www.tandyleather.com.&#160; This charter provides that the Nominating Committee is responsible for
      identifying individuals qualified to become directors consistent with criteria as may be established by the Board of Directors.&#160; The charter also provides that the Nominating Committee shall take into account such additional factors as it deems
      appropriate in evaluating candidates.&#160; These factors may include strength of character, mature judgment, career specialization, relevant technical skills, diversity and the extent to which a candidate would fill a present need on the Board of
      Directors.&#160; In addition, the charter states that the Nominating Committee will consider stockholder recommendations of director nominees, as well as nominations by our senior officers.&#160; The Nominating Committee evaluates all director nominees in a
      like manner without regard as to who recommended the nomination.&#160; Traditionally, we have not engaged third parties to identify or evaluate potential directors or to assist in that process.&#160; In addition, the Nominating Committee makes a review and
      evaluation periodically of the Board of Directors and the Nominating Committee&#8217;s own performance.&#160; Further, the Nominating Committee recommends persons to serve on the Nominating Committee as members, as well as the possible removal of any incumbent
      Nominating Committee members.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Stockholders may nominate director nominees for consideration by writing to our Secretary at 1900 Southeast Loop 820, Fort Worth, Texas&#160; 76140-1003.&#160; Any such nomination must include:</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf5feab47a55b44ada1ad0f0cea060e6f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18.05pt; vertical-align: top; align: right;">
              <div style="margin-left: 0.05pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">As to each person whom the stockholder proposes to nominate for election or re-election as a director, all information relating to such person that is required to be disclosed in solicitations of proxies for
                election of directors, or as otherwise required, in each case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended, or any successor regulation thereto (including such person&#8217;s written consent to being named in
                the proxy statement as a nominee and to serving as a director if elected); and</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbea4a91addaa4297bc902f7fe4200192" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18.05pt; vertical-align: top; align: right;">
              <div style="margin-left: 0.05pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">The nominating stockholder&#8217;s name and address, as they appear on our books, and the class and number of our shares beneficially owned by him.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Nominating Committee recommended to the Board of Directors that all seven director nominees listed in this information statement serve as directors for a term ending on the date of the 2021 Annual Meeting of
      Stockholders.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Nominating Committee will consider nominees for directors recommended by our stockholders and will evaluate such nominees using the same criteria used to evaluate director candidates as described above. Nominations
      of persons for election to the Board of Directors may be made by any stockholder entitled to vote for the election of directors at the applicable meeting that complies with the notice procedures set forth in our bylaws. Such nominations shall be made
      pursuant to timely notice in writing to our Secretary. To be timely, a stockholder&#8217;s notice shall be delivered to or mailed and received at our principal executive offices not less than 30 days nor more than 60 days prior to the applicable meeting;
      provided, however, that if less than 40 days&#8217; notice or prior public disclosure of the date of the meeting is given or made to stockholders, notice by the stockholders to be timely must be so received not later than the close of business on the 10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day following the date on which such notice of the date of the meeting was mailed or such public disclosure was made. Any adjournment(s) or postponement(s) of the
      original meeting whereby the meeting will reconvene within 30 days from the original date shall be deemed for purposes of notice to be a continuation of the original meeting and no nominations by a stockholder of persons to be elected directors may
      be made at any such reconvened meeting other than pursuant to a notice that was timely for the meeting on the date originally scheduled. The stockholder&#8217;s notice shall set forth: (i) as to each person whom the stockholder proposes to nominate for
      election or re-election as a director, all information relating to such person that is required to be disclosed in solicitations of proxies for election of directors, or as otherwise required, in each case pursuant to Regulation 14A under the
      Securities Exchange Act of 1934, as amended, or any successor regulation thereto (including such person&#8217;s written consent to being named in the proxy statement as a nominee and to serving as a director if elected); and (ii) as to the stockholder
      giving notice (a) the name and address, as they appear on our books, of such stockholder, and (b) the class and number of our shares that are beneficially owned by such stockholder.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Compensation Committee</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Compensation Committee is responsible for recommending to the Board of Directors the compensation program of the executive officers.&#160; The Compensation Committee consists of three directors, all of whom are
      &#8220;independent&#8221; under the listing requirements of Nasdaq. The Compensation Committee submits all issues concerning executive compensation to the full Board of Directors for approval.&#160; It may not delegate this authority.&#160; The Board of Directors has
      adopted a written charter for the Compensation Committee, which is available on our website at www.tandyleather.com.&#160; The Compensation Committee met one<font style="color: #9BBB59;">&#160;</font>time during 2019.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; font-style: italic;">Audit Committee</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Audit Committee&#8217;s basic role is to assist the Board of Directors in fulfilling its fiduciary responsibility pertaining to our accounting policies and reporting practices.&#160; Among other duties, the Audit Committee is
      to be the Board of Directors&#8217; principal agent in assuring the independence of our outside auditor, the integrity of management, and the adequacy of disclosures to stockholders.&#160; The Audit Committee has been structured to comply with the requirements
      of Section 3(a)(58)(A) of the Exchange Act.&#160; The Board of Directors has determined that all members of the Audit Committee are &#8220;independent&#8221; under the applicable rules of the Nasdaq and that James Pappas, Chairman of the Audit Committee, qualifies as
      an &#8220;audit committee financial expert&#8221; within the meaning of Item 407(d)(5) of Regulation S-K.&#160; The Board of Directors has adopted a written charter for the Audit Committee, which is available on our website at www.tandyleather.com.&#160; The Audit
      Committee met <font style="color: #000000;">18</font> times during 2019.&#160;&#160; The Report of the Audit Committee for the fiscal year ended December 31, 2019 appears below.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-size: 12pt; font-weight: bold;">PROPOSAL TWO: EXTENSION OF THE TANDY LEATHER FACTORY, INC. 2013 RESTRICTED STOCK PLAN AND RESERVATION OF ADDITIONAL SHARES</div>
    <div><br>
    </div>
    <div style="color: #000000; font-weight: bold;"><u>The Board of Directors recommends a vote &#8220;FOR&#8221; the extension of the Tandy Leather Factory, Inc. 2013 Restricted Stock Plan and reservation of additional shares.</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Our Board of Directors adopted the Tandy Leather Factory, Inc. 2013 Restricted Stock Plan (the &#8220;Plan&#8221;), effective January 17, 2013; the Plan was approved by our stockholders at the 2013 annual meeting
      of stockholders and was scheduled to expire on June 6, 2018, the fifth anniversary of such date.&#160; The Plan initially reserved up to 300,000 shares of our common stock for restricted stock awards to our executive officers, non-employee directors and
      other key employees.&#160; As of the date of this information statement, awards representing 199,729 shares of our common stock have been granted pursuant to the terms of the Plan, of which 87,954 have been granted since June 6, 2018.&#160; Our Board of
      Directors has approved an amendment to the Plan to (1) extend the term of the Plan for an additional five years though June 6, 2023 and request the stockholders to retroactively approve all grants of awards made since June 6, 2018 pursuant to the
      terms of the Plan, and (2) increase the number of shares of common stock available for issuance under the Plan by 500,000 shares (to a total of 800,000 shares).&#160; The proposed amendment is attached hereto as <font style="font-weight: bold;">Exhibit A</font>.&#160;



      <font style="background-color: #FFFFFF;">Upon approval by the Company&#8217;s stockholders at the 2020 Annual Meeting of this amendment, all grants of Plan-based awards approved by the Company&#8217;s Board of Directors prior to the date of the 2020 Annual
        Meeting (including awards representing 87,954 shares of common stock made after the original expiration date of June 6, 2018) shall be deemed ratified by the stockholders.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">We believe that stock-based awards provide incentives that will attract, retain, motivate and reward our executive officers, non-employee directors and other key employees by providing them with
      opportunities to acquire shares of our common stock.&#160; We also believe that stock-based awards further align the interests of our management and directors with the interests of our stockholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The provisions of the 2013 Restricted Stock Plan are summarized below.&#160; All such statements are qualified in their entirety by reference to the full text of the Plan, which is attached hereto as Exhibit
      A.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Administration of the Plan.&#160;&#160;</font>The 2013 Restricted Stock Plan is administered by the Compensation Committee of the Board of Directors (the
      &#8220;Committee&#8221;) or other committee appointed by the Board of Directors from among its members.&#160; The Committee is authorized, subject to the provision of the Plan, to establish such rules and regulations as it deems necessary and appropriate.&#160; All
      determinations and interpretations made by the Committee shall be binding and conclusive on all plan participants.</div>
    <br>
    <div style="text-align: justify; color: #000000;"> <font style="font-weight: bold; font-style: italic;">Shares Available.</font><font style="font-weight: bold;">&#160;</font>The aggregate number of shares of common stock that may be subject to awards
      granted under this Plan was initially 300,000 shares of common stock; pursuant to the Plan amendment being submitted for stockholder approval at the Annual Meeting, the aggregate number of shares of common stock that may be subject to awards granted
      under this Plan will be increased to 800,000 shares of common stock.&#160; Shares may be made available from either authorized but unissued common stock or common stock held by us in our treasury.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Types of Awards and Vesting Restrictions</font>.&#160; The Plan permits the Committee to grant awards that vest as a result of the recipient&#8217;s service
      time (&#8220;Stock Awards&#8221;) or as a result of achieving certain performance criteria (&#8220;Performance Awards&#8221;); these are referred to collectively as &#8220;Awards&#8221; in the Plan and in this summary of the Plan.&#160; Awards granted under the Plan may be subject to a
      graded vesting schedule with a minimum vesting period of four years, unless otherwise determined by the Committee.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Stock Awards</font>.&#160; The Committee is authorized to grant Stock Awards and will determine the number of shares of our Common Stock underlying each
      Stock Award.&#160; Each Stock Award will be subject to terms and conditions consistent with the Plan including restrictions on the sale or other disposition of such shares, and the right of Tandy Leather Factory, Inc. to reacquire or cancel unvested
      Awards for no consideration upon termination of the recipient within specified periods.&#160; The Award agreement will specify whether the recipient shall have, with respect to the shares of common stock subject to the Stock Award, all of the rights of a
      holder of shares of our common stock, including the right to receive dividends and to vote the shares.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Performance Awards</font>.&#160; The Committee is authorized to grant Performance Awards and will determine the number of shares of common stock
      underlying each Performance Award.&#160; Each Performance Award will be subject to terms and conditions consistent with the Plan and set forth in the Award agreement.&#160; The Committee shall set performance targets at its discretion which, depending on the
      extent to which they are met, will determine the number of Performance Awards that will be paid out, and may attach to such Performance Awards one or more restrictions.&#160; Performance targets may be based upon, without limitation, company-wide,
      divisional and/or individual performance.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Committee shall have the authority to make adjustments to performance targets for any outstanding Performance Awards (other than those intended to qualify as Performance-Based Awards as described
      below) that the Committee deems necessary or desirable, unless at the time of establishment of goals, the Committee precluded its authority to make such adjustments.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Payment of earned Performance Awards will be made in shares of common stock.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">The Committee may use the following performance measures (either individually or in any combination) to set performance targets with respect to Awards intended to qualify as Performance-Based Awards:
      net sales; pretax income before allocation of corporate overhead and bonus; budget; earnings per share; net income; division; group or corporate financial goals; return on shareholders&#8217; equity; return on assets; return on net assets; return on
      investment capital; gross margin return on investment; gross margin dollars or percent; sales per square foot or per hour; payroll as a percentage of sales; inventory shrink; comparable store sales; inventory turnover; employee turnover; sales,
      general and administrative expense; attainment of strategic and operational initiatives; appreciation in and/or maintenance of the price of our common stock or any other publicly-traded securities of ours, if any; market share; gross profits;
      earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization, economic value-added models; comparisons with various stock market indices; and/or reductions in cost.&#160; The foregoing criteria shall have any
      reasonable definitions that the Committee may specify, which may include or exclude any or all of the following items as the Committee may specify: extraordinary, unusual or non-recurring items; effects of accounting changes; effect of financial
      activities; expenses for restructuring or productivity initiatives; other non-operating items; spending for acquisitions; effects of divestitures; and effect of litigation activities and settlements.&#160; Any such performance criterion or combination of
      such criteria may apply to the participant&#8217;s Award opportunity in its entirety or to any designated portion or portions of the Award opportunity, as the Committee may specify.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Termination of Service</font>.&#160; Subject to any written agreement between the recipient and Tandy Leather Factory, Inc., if a recipient&#8217;s employment
      is terminated for any reason, including retirement, other than due to death or disability, all unearned or unvested Awards held by the recipient on the date of his termination shall immediately be forfeited by such recipient as of such date.&#160; If the
      participant&#8217;s employment with us is terminated due to death or disability, all unvested stock awards will vest and all unearned or unvested performance awards will be forfeited except with regard to performance awards with a performance period of
      greater than one year for which the participant has completed at least one year of service, which performance awards will vest on a pro-rata basis.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Change in Control</font>.&#160; In the event of a change in control of Tandy Leather Factory, Inc., all unvested Awards granted under the Plan shall
      become fully vested immediately upon the occurrence of the change in control, and such vested Awards shall be paid out or settled, as applicable, within 60 days, subject to requirements of applicable laws and regulations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Duration, Amendment and Termination</font>.&#160; No Award may be granted more than five years after the effective date of the Plan (subject to the
      extension of this period by approval of this proposal by the Company&#8217;s stockholders), provided, however, that the terms and conditions applicable to any Award granted prior to such date may thereafter be amended or modified by mutual agreement
      between Tandy Leather Factory, Inc. and the recipient.&#160; The Board of Directors or the Committee may amend the Plan from time to time or suspend or terminate the Plan at any time.&#160; No amendment of the Plan may, without approval of the stockholders of
      Tandy Leather Factory, Inc., increase the total number of shares which may be issued under the Plan; modify the requirement as to eligibility for Awards under the Plan, or otherwise materially amend the Plan as provided in the Nasdaq Marketplace
      Rules or the rules of the public trading market on which shares of our common stock are then listed or quoted.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold; font-style: italic;">Vote Required.&#160; </font>The affirmative vote of the majority of shares present at the meeting and entitled to vote on the subject matter is required
      to adopt the extension of the Plan and the reservation of additional shares under the Plan.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">PROPOSAL THREE:&#160; RATIFICATION OF APPOINTMENT OF OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;"><u>The Board of Directors Recommends a Vote &#8220;FOR&#8221; the ratification of appointment of our independent registered public accounting firm for fiscal year 2020.</u></div>
    <div><br>
    </div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000;">The Audit Committee has appointed Weaver and Tidwell LLP (&#8220;Weaver&#8221;) to serve as our independent registered public accounting firm for fiscal year 2020. We are asking stockholders to ratify the
      appointment of Weaver as our independent registered public accounting firm at the 2020 annual meeting of stockholders.&#160; Representatives of Weaver are expected to be present at the Annual Meeting. They will have the opportunity to make a statement if
      they desire to do so and are expected to be available to respond to appropriate questions.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: #000000;">Our bylaws do not require that the stockholders ratify the appointment of Weaver as our independent auditors. However, we are submitting the appointment of Weaver to the stockholders for ratification as
      a matter of good corporate practice. If the stockholders do not ratify the appointment, the Board of Directors and the Audit Committee will consider this fact when it appoints the independent auditors for the&#160;fiscal year ending December 31, 2021
      (&#8220;fiscal year 2021&#8221;).&#160; Even if the appointment of Weaver is ratified, the Audit Committee retains the discretion to appoint a different independent auditor at any time if it determines that such a change is in the best interests of the Company and
      our stockholders.&#160; At this time, the Board and the Audit Committee believe that the continued retention of Weaver to serve as our independent auditors is in the best interest of the Company and our stockholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Audit Fees</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Weaver performed the audit of our 2018 financial statements, as well as the reviews of the financial statements included in our Forms 10-Q during 2018 and the first quarter of 2019.&#160; They also have performed services
      in connection with the pending restatement of our 2017 &#8211; 2018 financial statements and with the pending preparation of financial statements for periods since April 1, 2019.&#160; The amounts shown below are the aggregate amounts paid to Weaver during 2019
      and 2018 for services in the categories indicated.</div>
    <div><br>
    </div>
    <table id="z02fae01cd4f14f0fa3587f63c753e4b5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" cellpadding="0" cellspacing="0">

        <tr>
          <td style="vertical-align: top; padding-bottom: 2px;" valign="bottom">
            <div style="text-align: justify; font-weight: bold;">Types of Fees</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" nowrap="nowrap" valign="bottom">
            <div style="text-align: center; font-weight: bold;">2019</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom">&#160;</td>
          <td colspan="2" style="vertical-align: top; border-bottom: #000000 solid 2px;" nowrap="nowrap" valign="bottom">
            <div style="text-align: center; font-weight: bold;">2018</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
            <div style="text-align: justify;">Audit fees</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
            <div>$</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
            <div>125,850</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">
            <div>$</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
            <div>105,000</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; background-color: #FFFFFF;" valign="bottom">
            <div style="text-align: justify;">Audit-related fees</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
            <div>-</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #FFFFFF;" valign="bottom">
            <div>-</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; background-color: #CCEEFF;" valign="bottom">
            <div style="text-align: justify;">Tax fees</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
            <div>-</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">
            <div>-</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: #FFFFFF;" valign="bottom">
            <div style="text-align: justify;">All other fees</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" valign="bottom">
            <div>-</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #FFFFFF;" valign="bottom">
            <div>-</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #FFFFFF;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">
            <div style="text-align: justify;">Total</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
            <div>$</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
            <div>125,850</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom">&#160;</td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
            <div>$</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom">
            <div>105,000</div>
          </td>
          <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" nowrap="nowrap" valign="bottom">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">In accordance with the charter of our Audit Committee as in effect at the relevant times and the rules of the SEC, the Audit Committee approved all of the fees indicated above before the services were provided, except
      for the portion of 2019 fees relating to the financial restatement, which were not able to be determined before the services were begun.&#160; The Audit Committee considered the services listed above to be compatible with maintaining Weaver&#8217;s
      independence.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-style: italic; font-weight: bold;"><u>Report of the Audit Committee</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">As members of the Audit Committee, we oversee Tandy Leather Factory, Inc.&#8217;s financial reporting process on behalf of the Board of Directors.&#160; Management is responsible for the preparation, presentation, and integrity
      of our financial statements, accounting and financial reporting principles, internal controls, and procedures designed to ensure compliance with accounting standards, applicable laws, and regulations.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">During 2019 we recommended, and the Board of Directors approved, the appointment of Weaver as independent auditors for the year ended December 31, 2019.&#160; Our auditors are responsible for performing an independent audit
      of the consolidated financial statements and expressing an opinion on the conformity of those audited financial statements with accounting principles generally accepted in the United States.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Audit Committee has received from Weaver the written disclosures and the letter required by the applicable requirements of the PCAOB regarding Weaver&#8217;s communications with the Audit Committee concerning
      independence and the Audit Committee has discussed with Weaver their independence from us and our management.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Because of the financial restatement, the Company&#8217;s financial statements for 2019 have not yet been completed, and Weaver has not yet completed its audit of our 2019 financial statements.&#160; The Company and Weaver are
      working diligently to complete this restatement, and we intend that Weaver&#8217;s audit of our 2019 financial statements will be completed as part of this process.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The foregoing report was submitted by the Audit Committee and shall not be deemed to be &#8220;soliciting material&#8221; or to be &#8220;filed&#8221; with the SEC or subject to Regulation 14A promulgated by the SEC or Section 18 of the
      Exchange Act.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z693cf94eb2c0468ca6894b35303c11c5" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">AUDIT COMMITTEE:</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 17.7pt;">James Pappas, <font style="font-style: italic;">Chairman</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 17.7pt;">Sharon M. Leite</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 17.7pt;">Sejal Patel</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">COMPENSATION DISCUSSION AND ANALYSIS</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The primary focus of our executive compensation programs is to improve our performance year over year and over a longer-term period.&#160; The compensation programs were designed to provide the tools necessary to hire
      executives with the skills needed to manage Tandy Leather Factory, Inc. to meet these goals and to retain them over the long-term.&#160; In developing the programs, a key consideration was to have plans that were easy to understand and administer, while
      being competitive with companies of similar size and philosophy.&#160; Over the past several years, management and the Compensation Committee have worked to refine the compensation programs used to ensure that they support these goals and our ongoing
      business objectives.&#160; Our philosophy has been to reward team performance, measured by our overall results.&#160; Each executive officer&#8217;s compensation is linked to their individual contribution toward increases in the size of our operations, our income,
      and increases in stockholder value.&#160; At the 2019 Annual Meeting, stockholders were asked to approve Tandy Leather Factory, Inc.&#8217;s 2018 executive compensation programs.&#160; Approximately 88% of the shares voted approved the program.&#160; In consideration of
      these results and other factors the the Compensation Committee evaluates on a regular basis, the Compensation Committee concluded that Tandy Leather Factory, Inc.&#8217;s existing executive compensation programs continue to be appropriate to support Tandy
      Leather Factory, Inc.&#8217;s compensation philosophy and objectives described in this discussion.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Compensation for our executive officers consists of the following components:</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc1f3b1dccaf24b26a76eddcabf889bc6" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Base salary;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1ec07d84a0a14ac7b71b211c7a5b3f9a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Annual incentive bonus;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z42168ea4be6f4799a3e73b8656a23cac" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Restricted stock unit grants;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1880d5b83d044e16b07f15b8055c25ac" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Retirement and other benefits, and</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3ec30ffd8fa34b9289b5ef6dc70b9dc3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">Employment Agreements.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -21.45pt; margin-left: 21.45pt;">Each of these elements of pay is described below.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><font style="font-style: italic;">Company Performance.</font>&#160; Tandy Leather Factory, Inc.&#8217;s sales decreased approximately 10% from 2018.&#160; Because of the ongoing financial restatement, the Company has not yet
      determined its full-year gross profits or operating expenses for 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Base Salary</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Base salaries are intended to reward our executive officers based upon their roles within Tandy Leather Factory, Inc. and for their performance in those roles.&#160; Base salaries are established when an executive officer
      is hired, based on prior experience and compared to salaries for comparable positions in other companies.&#160; Base salaries are generally increased annually, if market factors dictate such increases and assuming our financial performance is
      satisfactory.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Bonuses</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We award discretionary bonuses to our executive officers, as determined by the Compensation Committee.&#160; We determine these bonuses on a subjective basis, considering business prospects for the upcoming year and the
      improvement in our net income and financial position for the year in question.&#160; These discretionary bonuses are awarded annually and paid in the first quarter of the following year.&#160; We did not award any bonuses to our executive officers for 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Restricted Stock Unit Grants</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We award restricted stock unit grants to promote long-term retention of executive officers and permit them to accumulate equity ownership in Tandy Leather Factory, Inc., so that the interests of our management team are
      directly aligned with the interest of our stockholders.&#160; We believe it is important to have an element of compensation that is focused directly on retaining talent so that we can minimize potential loss of company and industry knowledge and the
      disruption inherent in unplanned turnovers.&#160; Restricted stock unit grants also align our executive officers with our stockholders by making them stockholders themselves.&#160; Retaining talent and aligning interests encourages our executive officers to
      take actions to enhance the value of our business and increase stockholder value.&#160; Time-based restricted stock unit awards generally vest equally over four years.&#160; We did not grant any restricted stock units to our executive officers during 2019.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Retirement and Other Benefits</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our benefits program includes a retirement plan and a group insurance program.&#160; The objective of the program is to provide executive officers with reasonable and competitive levels of protection against the four
      contingencies (retirement, death, disability and ill health) that could interrupt the executive officer&#8217;s employment and/or income received as an active employee.&#160; Our retirement plans are designed to provide a competitive level of retirement income
      to our executive officers and to reward them for continued service with Tandy Leather Factory, Inc.&#160; The retirement program for executive officers consists of a tax-qualified 401(k) Plan that covers all full-time employees.&#160; The group insurance
      program consists of life and health insurance benefits plans that cover all full-time employees.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Employment Agreement with Ms. Carr</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We have entered into an employment agreement with Janet Carr, CEO, dated as of October 2, 2018.&#160;&#160; Under this agreement, <font style="color: #000000;">Ms. Carr is entitled to receive an annual base salary of $500,000
        and is eligible to receive an annual discretionary bonus, as determined by the Board.&#160; Also under this agreement, On October 2, 2018, Ms. Carr received: (i) a time-based equity grant of 460,000 restricted stock units (&#8220;RSUs&#8221;) that vest over five
        years from the date of the grant; (ii) a performance-based equity grant of 92,000 RSUs that will vest if/when the Company&#8217;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 will vest if/when the Company&#8217;s operating income exceeds $14 million dollars in one fiscal year.&#160; Ms. Carr was also reimbursed for reasonable costs and expenses in connection with her commute and relocation from New York to Texas in
        2019.&#160; If, prior to October 2, 2020, Ms. Carr&#8217;s employment is terminated by the Company without Cause or by Ms. Carr for Good Reason (each as defined in her employment agreement), Ms. Carr would receive twenty-four months of base salary and an
        annual reimbursement of COBRA payments and vest in a pro-rata portion of the time-based RSUs, based on the number of days that Ms. Carr is employed.&#160; Any unvested performance-based RSUs would be forfeited.&#160; In the event that Ms. Carr&#8217;s employment
        is terminated by the Company without Cause or by Ms. Carr for Good Reason within six months prior to or one year after a Change in Control (as defined in her employment agreement), Ms. Carr would receive thirty-six months of base salary and an
        annual reimbursement of COBRA payments and vest in a pro-rata portion of the time-based RSUs, based on the number of days that Ms. Carr had been employed.&#160; Any unvested performance-based RSUs would be forfeited.&#160; </font>Under this agreement, a
      &#8220;Change in Control&#8221; is a defined term that includes a merger, a sale of all or substantially all of our assets or a similar transaction involving us, a third party acquiring more than 50% of our shares which includes, in general, a person or entity
      becoming a 50% or greater stockholder of us, a covered removal of directors on our board of directors, or our liquidation or dissolution.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Change in Control Effect on other Restricted Stock Units</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our 2013 Restricted Stock Plan (which does not include the grants to Ms. Carr described above) also provides accelerated vesting in the event of a &#8220;change of control&#8221;, whose meaning is materially the same as a Change
      in Control described above for Ms. Carr&#8217;s employment agreement.&#160; Except to the extent that the Compensation Committee provides a result more favorable to holders of awards, in the event of a change of control, restricted stock units that are not
      vested before a change of control will vest on the date of the change of control.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic;">Separation and Release Agreement with Ms. Castillo</div>
    <div><br>
    </div>
    <div>We entered into a Separation and Release Agreement with Ms. Castillo dated as of Octrober 25, 2019.&#160; Pursuant to this agreement, Ms. Castillo remained with the Company in the capacity of Vice President, Finance Special Projects until February 28,
      2020 (the &#8220;Separation Date&#8221;).&#160; During this period, Ms. Castillo received a base salary of $200,000 per year and continued to participate in all company health and retirement plans and other benefits programs.&#160; As of the Separation Date: (1) the
      Company paid Ms. Castillo a stay bonus in the gross aggregate amount of $75,000, and (2) the Company vested 10,000 restricted stock units held by Ms. Castillo.&#160; The Company also agreed to reimburse Ms. Castillo for reasonable professional fees she
      may incur in connection with her separation and the review and negotiation of her agreement, up to a maximum of $3,000.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="font-style: italic; font-weight: bold;"><u>Compensation Committee Report</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Compensation Committee has reviewed and discussed the foregoing Compensation Discussion and Analysis (&#8220;CD&amp;A&#8221;) with management.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The foregoing report was submitted by the Compensation Committee and shall not be deemed to be &#8220;soliciting material&#8221; or to be &#8220;filed&#8221; with the SEC or subject to Regulation 14A promulgated by the SEC, other than as
      provided in Item 407 of Regulation S-K, or to the liabilities of Section 18 of the Exchange Act.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdb5a8e5efb4b41cfa1d71a9af29b4f08" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">COMPENSATION COMMITTEE:</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 17.7pt;">Jefferson Gramm, <font style="font-style: italic;">Chairman</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 17.7pt;">Brent Beshore</div>
          </td>
        </tr>
        <tr>
          <td colspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; margin-left: 17.7pt;">Sharon M. Leite</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">COMPENSATION TABLES AND OTHER INFORMATION</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following table includes information required by Item 402 of Regulation S-K promulgated by the SEC.&#160; The amounts shown represent the compensation paid to our named executive officers for each fiscal year noted in
      the table, for services rendered to us.&#160; For a more complete discussion of the elements of compensation included in this table, please refer to the discussion reflected in &#8220;Compensation Discussion and Analysis&#8221; above.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u>SUMMARY COMPENSATION TABLE</u></div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zcfa208bb46f14b0eb3f4ed0e585a0cd4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 26.47%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="color: #000000;">Name and Principal Position</div>
          </td>
          <td style="width: 7.8%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000;">Year</div>
          </td>
          <td style="width: 11.44%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000;">Salary</div>
          </td>
          <td style="width: 13.43%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000;">Bonus</div>
          </td>
          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000;">Restricted Stock Awards</div>
          </td>
          <td style="width: 15.23%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000;">All Other Compensation</div>
          </td>
          <td style="width: 12.23%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.47%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="color: #000000;">Janet Carr, Chief Executive Officer (1)</div>
          </td>
          <td style="width: 7.8%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">2019</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">2018</div>
          </td>
          <td style="width: 11.44%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$500,000</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$113,010</div>
          </td>
          <td style="width: 13.43%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$&#160; &#160; &#160; &#160; -</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</div>
          </td>
          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$&#160; &#160; &#160; &#160; &#160; &#160;&#160; -</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$4,759,160</div>
          </td>
          <td style="width: 15.23%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$20,230(3)</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#160; &#160; &#160; &#160; &#160; -&#160;&#160;&#160;&#160;&#160; <br>
            </div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160;&#160; -</div>
          </td>
          <td style="width: 12.23%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">$520,230</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">$4,872,170</div>
          </td>
        </tr>
        <tr>
          <td style="width: 26.47%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="color: #000000;">Tina Castillo, Chief Financial Officer (2)</div>
          </td>
          <td style="width: 7.8%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">2019</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">2018</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">2017</div>
          </td>
          <td style="width: 11.44%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$262,019</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$220,000</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$195,833</div>
          </td>
          <td style="width: 13.43%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$75,000</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">$75,000</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">&#160;$65,000</div>
          </td>
          <td style="width: 13.4%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">$&#160; &#160;&#160; &#160; &#160; -</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">$72,000</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">$&#160; &#160;&#160; &#160; &#160; -</div>
          </td>
          <td style="width: 15.23%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">$ &#160; &#160; &#160; &#160; -&#160;&#160;&#160;&#160;&#160; <br>
            </div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">$&#160; 4,200(4)</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">$&#160; 4,000(4)</div>
          </td>
          <td style="width: 12.23%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">$337,019</div>
            <div style="text-align: center; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">$264,833</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zba189ef84d7e4cc78af50f24d4ec8219" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; font-size: 8pt;">(1)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 8pt;">In October 2018, Ms. Carr was appointed CEO with an annual salary of $500,000.&#160; In addition, Ms. Carr was granted 644,000 restricted stock units; the amount reported as the value of these
                restricted stock units is based on the grant date fair value of $7.39 per share, computed in accordance with FASB ASC Topic 718.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z43789289685740e0847cac20f28d3bfb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; font-size: 8pt;">(2)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 8pt;">In October 2018, Ms. Castillo was granted 10,000 restricted stock units; the amount reported as the value of these restricted stock units is based on the grant date fair value of $7.20 per
                share, computed in accordance with FASB ASC Topic 718.&#160; Ms. Castillo&#8217;s position as an executive officer of the Company terminated in October 2019, although she continued to remain employed by the Company in a non-executive-officer capacity
                until February 2020; 2019 compensation shown includes all compensation paid during the calendar year.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb54a25ace868403bb6fa93b6c880b3c3" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; font-size: 8pt;">(3)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 8pt;">Represents Company-reimbursed moving expenses for Ms. Carr.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z31209b135d504d1f9dde5d8ab06d0ff8" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; font-size: 8pt;">(4)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 8pt;">Represents the 401(k) plan company matching contribution for Ms. Castillo.</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">GRANTS OF PLAN-BASED AWARDS</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company did not grant any plan-based or non-plan-based equity awards to its executive officers during 2019.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">OUTSTANDING STOCK AWARDS</div>
    <div style="text-align: center; font-weight: bold;">as of December 31, 2019</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z01832ba34e94491b89db970967208857" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div>&#160;</div>
            <div style="text-align: justify;">Name</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Number of shares of stock</div>
            <div style="text-align: center;">that have not vested (#)(1)</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Market value of shares of stock</div>
            <div style="text-align: center;">that have not vested ($)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Janet Carr (1)</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">552,000</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center; color: #000000;">$3,151,920</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: justify;">Tina Castillo (2)</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">10,000</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">$57,100</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zabd66fe006f7414781595a8ecf59496f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; font-size: 8pt; font-weight: bold;">(1)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 8pt;">Vesting is subject to Ms. Carr&#8217;s continued employment with the Company and to the achievement of performance criteria set forth in 184,000 performance-based restricted stock award units
                granted to her in 2018.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zefbb8dfe4b8b4f02af7efb92c49365ac" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; font-size: 8pt; font-weight: bold;">(2)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; font-size: 8pt;">Ms. Castillo&#8217;s 10,000 restricted stock units awarded in 2018 were fully vested as of February 28, 2020 (Ms. Castillo&#8217;s last day of employment with the Company) pursuant to the terms of a
                Separation and Release agreement dated October 15, 2019 between the Company and Ms. Castillo.&#160; See &#8220;Compensation Discussion and Analysis&#8212;Separation and Release Agreement with Ms. Castillo.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="font-size: 12pt; font-weight: bold;">PROPOSAL FOUR:&#160; ADVISORY VOTE ON EXECUTIVE COMPENSATION (&#8220;SAY-ON-PAY&#8221; VOTE)</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt; font-weight: bold;"><u>The Board of Directors recommends a vote &#8220;FOR&#8221; the advisory approval of the executive compensation of our named executive officers as disclosed in this information statement.</u></div>
    <div><br>
    </div>
    <div style="text-align: justify;">Based upon a vote of stockholders at our 2011 Annual Meeting, following the Board of Directors&#8217; recommendation for an annual advisory vote to approve the compensation of our named executive officers, we are providing
      stockholders with an advisory vote on executive compensation. The Dodd-Frank Wall Street Reform and Consumer Protection Act (the &#8220;Dodd-Frank Act&#8221;), which was signed into law July&#160;21, 2010, added Section 14A to the Securities Exchange Act of 1934, as
      amended, and requires that we provide our stockholders with an opportunity to cast an advisory vote on the compensation of our named executive officers as disclosed in this information statement pursuant to the compensation disclosure rules of the
      SEC. This proposal, commonly known as a &#8220;Say-on-Pay&#8221; vote, gives stockholders the opportunity to approve, reject or abstain from voting with respect to our fiscal 2019 executive compensation programs and policies and the compensation paid to our
      named executive officers.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">As discussed in this information statement under the heading &#8220;Compensation Discussion and Analysis,&#8221; our executive compensation program is designed to serve us and our stockholders by aligning executive compensation
      with stockholder interests and by encouraging and rewarding management initiatives that will benefit us and our stockholders, customers, and employees over the long-term.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">At last year&#8217;s annual meeting, approximately 88% of the votes cast on the advisory vote on executive compensation were in favor of our named executive officer compensation for 2018.&#160; We are asking our stockholders to
      again indicate their support for our named executive officer compensation as described in this information statement.&#160; This is not intended to address any specific item of compensation, but rather the overall compensation of our named executive
      officers and the philosophy, policies and practices described in this information statement.&#160; Accordingly, we are asking our stockholders to approve, on an advisory basis, the following resolution:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">&#8220;RESOLVED, that the stockholders of Tandy Leather Factory, Inc. approve, on an advisory basis, the compensation paid to the named executive officers of Tandy Leather Factory, Inc., as disclosed in the 2020 information
      statement pursuant to the compensation disclosure rules of the SEC, including the Compensation Discussion and Analysis, the compensation tables, and the related narrative disclosures.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Approval of this proposal requires the affirmative vote of the holders of a majority of the shares entitled to vote on, and who vote for and against, this proposal.&#160; Although your vote on this matter is advisory in
      nature and therefore will not be binding upon Tandy Leather Factory, Inc., the Compensation Committee or the Board of Directors, your advisory vote will serve as an additional tool to guide the Board of Directors and the Compensation Committee in
      continuing to improve the alignment of our executive compensation programs with the interests of us and our stockholders.&#160; The vote on this resolution is not intended to address any specific element of compensation but rather relates to overall
      compensation of our named executive officers, as described in this information statement in accordance with the compensation disclosure rules of the SEC.</div>
    <div style="text-align: center;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">RELATIONSHIPS AND TRANSACTIONS WITH RELATED PERSONS</div>
    <div><br>
    </div>
    <div style="text-align: justify;">For our last two fiscal years, there have been no transactions, and there is no currently proposed transaction, in which we were or are to be a participant and the amount involved exceeds the lesser of $120,000 or one
      percent (1%) of the average of our total assets at year-end for our last two most recently completed fiscal years, and in which any related person, as defined under Item 404(a) of Regulation S-K, had or will have a direct or indirect material
      interest. Such related persons include our directors, executive officers, nominees for director, any beneficial owner of more than five percent (5%) of our common stock, and their immediate family members.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our Code of Business Conduct, which applies to all employees, including our executive officers and our directors, provides that our employees and officers and members of our Board of Directors are expected to use sound
      judgment to help us maintain appropriate compliance procedures and to carry out our business with honesty and in compliance with law and high ethical standards.&#160; In addition, our directors and officers are expected to report any potential related
      party transactions to the Board of Directors.&#160; Our Audit Committee, on behalf of the Board of Directors, reviews the material facts of all reported matters, by taking into account, among other factors it deems appropriate, whether a transaction is on
      terms no less favorable than terms generally available to an unaffiliated third-party under the same or similar circumstances and the extent of the related person&#8217;s interest in the transaction to determine whether an actual conflict of interest
      exists.&#160; No director may participate in any discussion or approval of a matter for which he or she is a related party.&#160; An annual review and assessment of any ongoing relationship with a related party is performed by the Audit Committee and reported
      to the Board of Directors.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Sections 16(a) of the Securities Exchange Act of 1934, as amended, requires our directors, executive officers and holders of more than 10% of our common stock to file reports regarding their ownership and changes in
      ownership of our securities with the SEC.&#160; Based solely on a review of the copies of such reports and amendments thereto furnished to us with respect to fiscal 2019 and written representations from our directors and executive officers, we believe
      that, during fiscal 2019, our directors, executive officers and 10% stockholders complied with all Section 16(a) filing requirements.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">EQUITY COMPENSATION PLANS</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following table sets forth information regarding our equity compensation plans (including individual compensation arrangements) that authorize the issuance of shares of our common stock.&#160; The information is
      aggregated in two categories:&#160; plans previously approved by our stockholders and plans not approved by our stockholders.&#160; The table includes information for officers, directors, employees and non-employees.&#160; All information is as of December 31,
      2019.</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z1abece8bcf6a4ff19b4cdad777f4237d" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 28%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div>&#160;</div>
            <div style="text-align: justify; font-weight: bold;">Plan Category</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Column (A)</div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Number of Securities </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">to be issued upon </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">exercise of </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">outstanding options, </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">warrants and rights</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Column (B)</div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Weighted-average </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">exercise price of </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">outstanding </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">options, warrants </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">and rights</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;">
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Column (C)</div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Number of securities remaining </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">available for future issuance </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">under equity compensation </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">plans (excluding securities </div>
            <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">reflected in Column (A)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div>Equity compensation plans approved by stockholders</div>
          </td>
          <td style="width: 24%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">&#160;59,142</div>
          </td>
          <td style="width: 24%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">&#160;$ -</div>
          </td>
          <td style="width: 24%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">&#160;129,083</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28%; vertical-align: top; background-color: rgb(255, 255, 255);">
            <div>Equity compensation plans not approved by stockholders</div>
          </td>
          <td style="width: 24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">&#160;552,000</div>
          </td>
          <td style="width: 24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">&#160;-</div>
          </td>
          <td style="width: 24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255);">
            <div style="text-align: center;">&#160;-</div>
          </td>
        </tr>
        <tr>
          <td style="width: 28%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">TOTAL</div>
          </td>
          <td style="width: 24%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">611,142</div>
          </td>
          <td style="width: 24%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">$-</div>
          </td>
          <td style="width: 24%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="text-align: center;">129,083</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">OTHER MATTERS</div>
    <div><br>
    </div>
    <div style="font-style: italic;">Solicitation of Proxies</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company will not be soliciting proxies in connection with its 2020 Annual Meeting but will pay for all other costs in connection with the meeting.</div>
    <div><br>
    </div>
    <div style="font-style: italic;">Stockholder Proposals for 2021</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If you wish to present a proposal for consideration at an annual meeting, you must send written notice of the proposal to our Secretary not less than ten days before such annual meeting.&#160; We have not received notice of
      any stockholder proposals to be presented at this year&#8217;s Annual Meeting.&#160; Pursuant to our bylaws, we must receive written notice of a stockholder proposal on or before May 23, 2020 for such proposal to be considered at this year&#8217;s Annual Meeting.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If you would like your proposal to be included in next year&#8217;s proxy statement, you must submit the proposal to our Secretary by no later than January 18, 2021, or, if we hold our next annual meeting on a date that is
      more than 30&#160;days from the anniversary of our 2020 Annual Meeting, a reasonable time before we begin to print and send our proxy materials.&#160; We will include your proposal in our next annual proxy statement if it is a proposal that we would be
      required to include pursuant to the rules of the SEC.&#160; You may write to our Secretary at 1900 Southeast Loop 820, Fort Worth, Texas 76140-1003 to present a proposal for consideration.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">See &#8220;Nominating Committee&#8221; under &#8220;Committees of the Board of Directors&#8221; for the process for stockholders to follow to suggest a director candidate to the Nominating Committee for nomination by the Board of Directors or
      to nominate persons for election to our Board of Directors at an applicable meeting of our stockholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">According to our by-laws, any proposal properly raised at the Annual Meeting by a stockholder will require the affirmative vote of a majority of the shares deemed present at the Annual Meeting, whether in person or by
      proxy unless a higher approval threshold is required by applicable law.</div>
    <div><br>
    </div>
    <div style="font-style: italic;">Stockholder Communications with Board of Directors</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Stockholders who wish to communicate with the Chairman or with the directors as a group may do so by writing to our Secretary at Tandy Leather Factory, Inc., 1900 Southeast Loop 820, Fort Worth, Texas 76140-1003.&#160; Our
      Secretary will forward your communication to the directors or Chairman of the Board as requested by the stockholder.&#160; All appropriate communications addressed to directors will be reviewed by our Secretary.&#160; Because other appropriate avenues of
      communication exist for matters that are not of stockholder interest, such as general business complaints or employee grievances, communications that do not relate to matters of stockholder interest will not be forwarded to the Board of Directors.&#160;
      Our Secretary has the option, but not the obligation, to forward these other communications to appropriate channels within Tandy Leather Factory, Inc.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Management knows of no other business to be brought before the 2020 Annual Meeting of Stockholders.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd23b47307f8c46ba9ab4ee56a9839c54" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;">TANDY LEATHER FACTORY, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify;"><img src="nc10012084x1_sig.jpg" height="56" width="165"></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Chairman of the Board</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">Fort Worth, Texas</div>
    <div style="text-align: justify;">May 18, 2020</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%%%-->
    <div><br>
    </div>
    <div style="text-align: right; color: #000000;">Appendix A</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">Proposed Amendment to Tandy Leather Factory, Inc. 2013 Restricted Stock Plan</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Proposal number two presents for stockholder consideration the following amendment to the Tandy Leather Factory 2013 Restricted Stock Plan (the &#8220;Plan&#8221;):</div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zef66056b8c6045f59f518b33dd6eb4cc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; color: #000000;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000;">Section 5(a) of the Plan shall be amended and restated to read as follows:</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt;"><font style="background-color: #FFFFFF; color: #000000;">a.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Shares Available</u><font style="background-color: #FFFFFF;">. The
          aggregate number of shares of Common Stock that may be subject to Awards granted under this Plan shall be 800,000 shares of Common Stock, which may be authorized and unissued or treasury shares, subject to any adjustments made in accordance with&#160;</font><u>Section



          9</u><font style="background-color: #FFFFFF;"> below.</font></font></div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zaca579681e11409e94fd587f39842f4c" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">
              <div style="margin-left: 18pt; color: #000000;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000;">Section 20 of the Plan shall be amended and restated to read as follows:</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt;"><font style="background-color: #FFFFFF; color: #000000;">20.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u> Duration, Amendment and Termination</u><font style="background-color: #FFFFFF;">.&#160; No Award shall be granted more than ten years after the Effective Date; </font><u>provided</u><font style="background-color: #FFFFFF;">, </font><u>however</u><font style="background-color: #FFFFFF;">, that
          the terms and conditions applicable to any Award granted prior to such date may thereafter be amended or modified by mutual agreement between the Company and the Participant or such other persons as may then have an interest therein.&#160; The Board
          or the Committee may amend the Plan from time to time or suspend or terminate the Plan at any time.&#160; However, no action authorized by this&#160;</font><u>Section&#160;20</u><font style="background-color: #FFFFFF;">&#160;shall reduce the amount of any existing
          Award or change the terms and conditions thereof without the Participant&#8217;s consent, except as otherwise provided for in </font><u>Section 9</u><font style="background-color: #FFFFFF;">.&#160; No amendment of the Plan shall, without approval of the
          shareholders of the Company, (i) increase the total number of shares which may be issued under the Plan; (ii) modify the requirements as to eligibility for Awards under the Plan; or (iii) otherwise materially amend the Plan as provided in Nasdaq
          Marketplace Rules or the rules of another public trading market on which shares of Common Stock are then listed or quoted.&#160; Upon approval by the Company&#8217;s stockholders of this Plan or any amendment hereof extending the duration of this Plan, all
          grants of Awards approved by the Company&#8217;s Board of Directors prior to the date of such stockholder approval shall be deemed ratified by the stockholders.</font></font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;">Other than the amendments set forth above, in all other respects the text of the Plan would appear as such document was filed as Annex 1 to the Company&#8217;s Notice and Proxy Statement for its 2013 Annual
      Meeting of Stockholders, filed with the Securities and Exchange Commission on April 23, 2013.</div>
    <div style="text-align: justify; color: #000000;"> <br>
    </div>
    <div style="text-align: justify; color: #000000;"> <br>
    </div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">A-1</font></div>
  <div id="DSPFPageNumberArea" style="text-align: center;">
    <hr style="height: 2px; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font id="DSPFPageNumber" style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;"> </font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
