On June 30, 2009, the Board of Directors of Tandy Brands Accessories, Inc. (the "Company"), upon recommendation of the Company's Compensation Committee, approved the Company's fiscal 2010 management incentive plan, pursuant to which cash bonuses for the Company's executive officers will be determined for fiscal 2010. A summary of the manner in which cash bonuses are to be determined under the management incentive plan is set forth in Exhibit 10.1 and is incorporated herein by reference. The Board made no changes to the base salaries for the executive officers of the Company for fiscal 2010, other than the base salary for the Company's chief executive officer increased from $300,000 to $330,000 pursuant to the terms of his employment agreement. The base salaries for the Company's executive officers for fiscal 2010 are as follows:

Executive Officer                                              Fiscal 2010 Base Salary
N. Roderick McGeachy, III                                     $                 330,000
President and Chief Executive Officer
M.C. (Craig) Mackey                                           $                 216,000
Chief Financial Officer, Treasurer and Assistant Secretary
Robert J. McCarten                                            $                 215,000
Senior Vice President - Sales

Upon recommendation of the Company's Compensation Committee, the Board of Directors also approved the Company's 2010 long-term incentive program, pursuant to which performance units will be awarded to certain of the Company's executive officers for the performance period beginning July 1, 2009 and ending June 30, 2012. A summary of the 2010 long-term incentive program is set forth in Exhibit 10.2 and is incorporated herein by reference. All awards issued pursuant to this program are made under the Company's 2002 Omnibus Plan.

Exhibit 10.1 Summary of Fiscal 2009 Management Incentive Plan for Tandy Brands Accessories, Inc.

Exhibit 10.2 Summary of 2010 Long-Term Incentive Program for Tandy Brands Accessories, Inc.