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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): December 19, 2008</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>TANDY BRANDS ACCESSORIES, INC.<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <TD width="32%">&nbsp;</TD>
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    <TD width="33%">&nbsp;</TD>
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    <TD width="32%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>Delaware</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>0-18927</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>75-2349915</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD width="49%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>690 East Lamar Blvd.,<BR>Suite 200<BR>Arlington, Texas<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>76011</B></TD>
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    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(817) 548-0090</B>


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    <TD nowrap style="border-bottom: 1px solid #000000"><B>N/A<BR></B></TD>
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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">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:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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    <TD width="3%" nowrap align="left"><B>Item&nbsp;5.02</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> <B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.</B></DIV></TD>
</TR>

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<P align="justify" style="font-size: 10pt; text-indent: 4%">On December&nbsp;19, 2008, the Board of Directors of Tandy Brands Accessories, Inc. (the &#147;Company&#148;), upon
recommendation of the Company&#146;s Compensation Committee, approved the Company&#146;s fiscal 2009 management incentive plan,
pursuant to which cash bonuses for the Company&#146;s executive officers will be determined for fiscal 2009. A summary of
the manner in which cash bonuses are to be determined under the management incentive plan is set forth in Exhibit&nbsp;10.1
and is incorporated herein by reference.


<P align="justify" style="font-size: 10pt; text-indent: 4%">Upon recommendation of the Company&#146;s Compensation Committee, the Board of Directors also approved the Company&#146;s
2009 long-term incentive program, pursuant to which performance units will be awarded to certain of the Company&#146;s
executive officers for the performance period beginning January&nbsp;1, 2009 and ending June&nbsp;30, 2011. A summary of the
2009 long-term incentive program is set forth in Exhibit&nbsp;10.2 and is incorporated herein by reference. All awards
issued pursuant to this program are made under the Company&#146;s 2002 Omnibus Plan.


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>Item&nbsp;8.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> <B>Other Events.</B></DIV></TD>
</TR>

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<P align="justify" style="font-size: 10pt; text-indent: 4%">In light of the ongoing decline in economic conditions and in an effort to preserve capital and enhance the
Company&#146;s financial flexibility, on December&nbsp;12, 2008, the Company&#146;s Board of Directors voted to suspend the Company&#146;s
quarterly cash dividend. As a result, no quarterly dividend will be paid for the second quarter of fiscal 2009. The
Board will reassess the dividend suspension on an ongoing basis.


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>Item&nbsp;9.01</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> <B>Financial Statements and Exhibits.</B></DIV></TD>
</TR>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Exhibit&nbsp;10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Summary of Fiscal 2009 Management Incentive Plan for Tandy Brands Accessories,
Inc.</DIV></TD>
</TR>

</TABLE>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">Exhibit&nbsp;10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Summary of 2009 Long-Term Incentive Program for Tandy Brands Accessories, Inc.</DIV></TD>
</TR>

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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="justify" style="font-size: 10pt; text-indent: 4%">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.


<P align="justify" style="font-size: 10pt; margin-left: 46%; font-size: 10pt"><B>TANDY BRANDS ACCESSORIES, INC.</B>


<P align="justify" style="font-size: 10pt">Date: December&nbsp;23, 2008


<P align="justify" style="font-size: 10pt; margin-left: 46%; font-size: 10pt; margin-top: -11pt">By: <U><B>/</B>s/ N. Roderick McGeachy, III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
<BR>
N. Roderick McGeachy, III
<BR>
President and Chief Executive Officer


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<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">Exhibit&nbsp;10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Summary of Fiscal 2009 Management Incentive Plan for Tandy Brands Accessories, Inc.</DIV></TD>
</TR>

</TABLE>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">Exhibit&nbsp;10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"> Summary of 2009 Long-Term Incentive Program for Tandy Brands Accessories, Inc.</DIV></TD>
</TR>

</TABLE>


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{"company-data": {"conformed-name": "TANDY BRANDS ACCESSORIES INC", "cik": "0000869487", "assigned-sic": "2300", "irs-number": "752349915", "state-of-incorporation": "DE", "fiscal-year-end": "0630"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-18927", "film-number": "081270604"}, "business-address": {"street1": "690 E LAMAR BLVD STE 200", "city": "ARLINGTON", "state": "TX", "zip": "76011", "phone": "8172654113"}, "mail-address": {"street1": "690 E LAMAR BLVD", "city": "ARLINGTON", "state": "TX", "zip": "76011"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 19, 2008
TANDY BRANDS ACCESSORIES, INC.
(Exact name of registrant as specified in its charter)
Delaware
0-18927
75-2349915
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
690 East Lamar Blvd.,
Suite 200
Arlington, Texas
76011
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(817) 548-0090
N/A
(Former name or former address if changed since last report.)
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:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On December 19, 2008, the Board of Directors of Tandy Brands Accessories, Inc. (the "Company"), upon
recommendation of the Company's Compensation Committee, approved the Company's fiscal 2009 management incentive plan,
pursuant to which cash bonuses for the Company's executive officers will be determined for fiscal 2009. 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.
Upon recommendation of the Company's Compensation Committee, the Board of Directors also approved the Company's
2009 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 January 1, 2009 and ending June 30, 2011. A summary of the
2009 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.
Item 8.01
Other Events.
In light of the ongoing decline in economic conditions and in an effort to preserve capital and enhance the
Company's financial flexibility, on December 12, 2008, the Company's Board of Directors voted to suspend the Company's
quarterly cash dividend. As a result, no quarterly dividend will be paid for the second quarter of fiscal 2009. The
Board will reassess the dividend suspension on an ongoing basis.
Item 9.01
Financial Statements and Exhibits.
Exhibit 10.1
Summary of Fiscal 2009 Management Incentive Plan for Tandy Brands Accessories,
Inc.
Exhibit 10.2
Summary of 2009 Long-Term Incentive Program for Tandy Brands Accessories, Inc.
1
SIGNATURES
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.
TANDY BRANDS ACCESSORIES, INC.
Date: December 23, 2008
By:
/
s/ N. Roderick McGeachy, III
N. Roderick McGeachy, III
President and Chief Executive Officer
2
EXHIBIT INDEX
Exhibit 10.1
Summary of Fiscal 2009 Management Incentive Plan for Tandy Brands Accessories, Inc.
Exhibit 10.2
Summary of 2009 Long-Term Incentive Program for Tandy Brands Accessories, Inc.
3