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                                                                    EXHIBIT 99.1


                             AMENDMENT NO. 2 TO THE
                         TANDY BRANDS ACCESSORIES, INC.
                     NONQUALIFIED FORMULA STOCK OPTION PLAN
                           FOR NON-EMPLOYEE DIRECTORS


     Pursuant to the authority of the Board of Directors of Tandy Brands
Accessories, Inc. (the "Company"), and the provisions of Section 3.4 thereof,
the Tandy Brands Accessories, Inc. Nonqualified Formula Stock Option Plan for
Non-Employee Directors is, subject to the approval of the stockholders of the
Company, hereby amended effective as of July 1, 1999, in the following respects
only:

     (1) Article I, Section 1.4, is hereby amended in its entirety to read as
follows:

         "1.4 Stock Subject to the Plan. Subject to adjustment as provided in
     Section 3.1 hereof, the stock to be offered under the Plan shall be
     treasury shares or shares of the Company's authorized but unissued Common
     Stock (hereinafter collectively called "Stock"). The aggregate number of
     shares of Stock to be issued upon exercise of all options granted under the
     Plan shall not exceed 150,500 shares, subject to adjustments as set forth
     in Sections 3.1 and 3.2 hereof. If any option granted hereunder shall lapse
     or terminate for any reason without having been fully exercised, the shares
     subject thereto shall again be available for purposes of the Plan."

     (2) Article II, Section 2.1, subsections (a) and (b) are hereby amended in
their entirety, to read as follows:

         "(a) On the effective date of this Plan, each incumbent Non-Employee
     Director shall be granted an option to purchase 3,000 shares of Stock.
     Thereafter, on the day a Non-Employee Director is first elected or
     appointed to the Board, such Non-Employee Director shall be granted an
     option to purchase 1,000 shares of Stock.

         (b) Concurrently with each regular annual election of the Board which
     occurs after the initial grant in paragraph (a) above, each Non-Employee
     Director (other than the Chairman of the Board) who was previously elected
     to the Board and who continues to serve in such capacity shall be granted
     an option to purchase 2,500 shares of Stock. Concurrently with each regular
     annual election of the Board which occurs after the initial grant in
     paragraph (a) above, the Chairman of the Board shall be granted an option
     to purchase 4,425 shares of Stock."



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     (3) Article II, Section 2.4, is hereby amended in its entirety, to read as
follows:

         "2.4 Vesting and Exercise of Options.

              (a) Subject to Section 3.2 hereof, an option granted pursuant to
         Section 2.1(a) hereof shall become fully exercisable, to the extent of
         one hundred percent (100%) of the shares with respect to which the
         option is granted, effective immediately upon the grant date.

              (b) Subject to Section 3.2 hereof, an option granted pursuant to
         Section 2.1(b) hereof shall become fully exercisable to the extent of
         one hundred percent (100%) of the shares with respect to which the
         option is granted, six (6) months from the grant date thereof.

              (c) The purchase price of the Stock purchased upon exercise of an
         option shall be paid in full in cash or by check at the time of each
         exercise of an option; provided, however, that if the Option Agreement
         so provides and upon receipt of all regulatory approvals, the person
         exercising the option may deliver in payment of a portion or all of the
         purchase price certificates for Common Stock of the Company, which
         shall be valued at the Fair Market Value of such Stock on the date of
         exercise of the option. No options shall be exercisable except in
         respect of whole shares of Stock. No share of Stock purchased upon
         exercise of an option may be sold prior to the end of the six (6)-month
         period beginning on the grant date."


     IN WITNESS WHEREOF, and as conclusive evidence of the adoption of the
foregoing instrument comprising Amendment No. 2 to the Tandy Brands Accessories,
Inc. Nonqualified Formula Stock Option Plan for Non-Employee Directors , the
Company has caused these presents to be duly executed in its name and behalf by
its proper officers thereunto duly authorized as of this 1st day of July, 1999.

                                       TANDY BRANDS ACCESSORIES, INC.


                                       By: /s/ J.S.B. Jenkins
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