Item 1.01 Entry Into a Material Definitive Agreement.

As of February 12, 2008, Tandy Brands Accessories, Inc. (the "Company") entered into a credit agreement with Comerica Bank (the "Lender") providing terms and conditions governing certain loans and other credit accommodations extended by the Lender to the Company (together with all addenda, exhibits and schedules, the "Credit Agreement"). On April 30, 2009, the Company and the Lender entered into Amendment No. 1 to Credit Agreement (the "Amendment") to, among other things (i) decrease the revolving credit commitment from a maximum of $35 million to a maximum of $27.5 million, (ii) decrease the tangible net worth requirement, and (iii) modify the unused commitment fee. In addition, borrowings under the Credit Agreement, as amended by the Amendment, will bear interest at the daily adjusting one month LIBOR rate plus 4.5%, or, if such rate is not available under the terms of the Master Revolving Note, the Lender's prime rate plus 4.5%. The Amendment is effective as of March 31, 2009.

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