Fiscal 2008 Compensation Summaries

EXHIBIT 10.38
TANDY BRANDS ACCESSORIES, INC.
FISCAL 2008 COMPENSATION SUMMARIES

On June 6, 2007 the Board of Directors (the “Board”) of Tandy Brands Accessories, Inc. (the “Company”), upon the recommendation of the Compensation Committee, determined the base salaries for fiscal 2008 for the Company’s named executive officers. The Board also determined to not grant any equity compensation awards to such officers based on the Company’s performance for fiscal 2007.

The Board also approved the annual cash compensation for nonemployee directors for fiscal 2008.

FISCAL 2008 NAMED EXECUTIVE OFFICER COMPENSATION SUMMARY

						Shares of				Shares
		Base				Restricted				Underlying
		Salary				Stock				Stock Options
Named Executive Officer		($)				(#) *				(#) *
J.S.B. Jenkins, President and Chief Executive Officer		$	508,800				—				—
Mark J. Flaherty, Chief Financial Officer, Treasurer and Assistant Secretary		$	210,000				—				—
David Lawhon, Vice President of Operations		$	190,000				—				—
Jane A. Batts, President — Women’s Division		$	210,000				—				—
Morris D. Mitchell, President — Men’s Division		$	220,500				—				—

FISCAL 2008 NONEMPLOYEE DIRECTOR COMPENSATION SUMMARY

Shares of

Shares

Board and Committee

Restricted

Underlying

Annual Retainer

Meeting Fees

Stock

Stock Options

($)

($)

(#) **

(#)

Board Member (other than the Chairman of the Board)

$

25,000

Audit Committee $2,000 per meeting

Continuing Board Member New Board Member

3,000 4,060

— —

Audit Committee Chairperson

$

7,500

Board and Other Committees $1,500 per meeting

Chairman of the Board New Chairman of the Board

4,200 N/A

— —

Other Committee Chairpersons

$

5,000

Chairman of the Board

$

53,000