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                                 EXHIBIT (10.27)

                                AMENDMENT NO. ONE
                                     TO THE
                         TANDY BRANDS ACCESSORIES, INC.
                             STOCK PURCHASE PROGRAM

      This AMENDMENT NO. ONE TO THE TANDY BRANDS ACCESSORIES, INC. STOCK
PURCHASE PROGRAM (the "Amendment") is made this ____ day of ____________, 1995,
by Tandy Brands Accessories, Inc. (the "Company"). The Amendment is to be
effective as of July 1, 1995.

      WHEREAS, the Company maintains the Tandy Brands Accessories, Inc. Stock
Purchase Program (the "Program") for certain employees of the Company and its
participating affiliates;

      WHEREAS, the Company desires to amend the Program in certain respects to
clarify participation in the Program by employees of H. A. Sheldon Ltd. ("H. A.
Sheldon"), a Canadian subsidiary of the Company; and

      WHEREAS, the Board of Directors of the Company is authorized to amend the
Program pursuant to Article XVI-A of the Program.

      NOW, THEREFORE, the Program is hereby amended in the following respects
only:

      (1)   Article II-B-2-c is hereby amended by the addition of the following
            sentence:

            "Provided, however, with respect to employees of H. A. Sheldon, this
            requirement shall not apply.

      (2)   Article II-B is hereby amended by the addition of the following
            sentence:

            "With respect to Article II-B-1-b and B-2-b, an employee's
            employment with H. A. Sheldon shall count as employment with the
            Company for purposes of the continuous employment requirement."

      (3)   Article II-C-3 is hereby amended and restated as follows:

                        "3. His/her acknowledgment and consent to pay the taxes
            resulting from the Company Contribution during the taxable year in
            which the Company Contribution is made, in accordance with any
            applicable statutes or regulations concerning taxation."

      (4)   Article III is hereby amended by the addition of the following
            paragraph:

                  "C. Special Catch-up Contribution for Certain Employees of H.
            A. Sheldon. Notwithstanding any other provision of the Program,
            employees of H. A. Sheldon who begin participating in the Program
            during September 1995 shall be given a special election to make a
            catch-up contribution to the Program for July and August 1995 to the
            extent such employees were employed by H. A. Sheldon during such
            months. H. A. Sheldon employees who are eligible for this catch-up
            contribution may elect to make such contribution by completing the
            special catch-up contribution section of the payroll deduction
            authorization form provided by the Company. The payroll deductions
            necessary for an employee's special catch-up contribution shall be
            made during the pay period following the date on which the payroll
            authorization is received by the appropriate payroll department.
            Thereafter, an H. A. Sheldon's employee's payroll deductions shall
            be as designated by such employee in accordance with Article III-A
            and as may be changed in accordance with Article III-B."


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      (5)   Article IV-A-3 is hereby amended by the addition of the following
            sentence:

            "Provided, however, with respect to employees of H. A. Sheldon, the
            Stock Price shall be the purchase price of the Stock on the Purchase
            Date described in the second paragraph of Article VI-A."

      (6)   Article VI-A is hereby amended by the addition of the following
            paragraph:

                  "Notwithstanding the preceding paragraph, with respect to
            employees of H. A. Sheldon, any Stock required for the purposes of
            the Program shall be purchased on the open market. The Employee
            Payroll Deductions and the Company Contributions transferred to the
            Program for each H. A. Sheldon's Participant account shall be used
            to purchase the maximum possible number of whole shares of Stock for
            the account of such Participant. Such Stock shall be purchased in
            the name of the H. A. Sheldon Participant and shall be held by the
            Company as custodian until distribution to the H. A. Sheldon
            Participant. The purchase of Stock in the name of an H. A. Sheldon
            Participant shall be made on the first trading day of each calendar
            month (or as soon after such day as practicable) following the month
            in which the Employee Payroll Deductions and Company Contributions
            are made ("Purchase Date"). The Stock Price for such purchases shall
            be the price at which the Stock is purchased on such Purchase Date.
            To the extent funds remain in an H. A. Sheldon's Participant account
            after the purchase of Stock, such funds shall be carried forward in
            the Participant's account until the next Purchase Date, at which
            time such funds shall be used along with additions to the
            Participant's account to purchase additional Stock."

      (7)   Article VII-C-2 is hereby amended by the addition of the following
            sentence:

            "With respect to any funds that remain in an H. A. Sheldon
            Participant's account after the end of each Holding Period, the
            Company may either (i) carry such funds forward in the Participant's
            account, with such funds to be used at the next Purchase Date, or
            (ii) distribute such funds to the H. A. Sheldon Participant as soon
            as practicable after the end of the Holding Period."

      (8)   Article VIII-C is hereby amended by the addition of the following
            paragraph:

                        "4. Notwithstanding any other provision of this Article
            VIII-C to the contrary, with respect to H. A. Sheldon Participants,
            the withdrawals and payments under this Article VIII shall be made
            by distributing the Stock and funds, if any, in the Participant's
            account to the H. A. Sheldon Participant. Such distribution shall be
            made as soon as administratively practicable following the
            Participant's entitlement to a withdrawal or payment under this
            Article VIII."

      (9)   Article XIV-D-6 is hereby amended by the addition of the following
            sentence:

            "Provided, however, with respect to employees of H. A. Sheldon,
            Stock transactions under the Program by the Company shall be made on
            the open market."

      (10)  Article XVII is hereby amended by the addition of the following
            sentence:

            "Except as otherwise provided herein, any question concerning or
            with respect to the validity, construction, interpretation,
            administration and effect of the Program, and of its rules and
            regulations, and the rights of any or all persons having or claiming
            to have an interest therein or thereunder, shall be governed
            exclusively and solely in accordance with the laws of the State of
            Texas."


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      (11) Article XVIII is hereby amended by the amendment and restatement of
the definition of "Stock Price" as follows:

    "'Stock Price' is defined in Article IV. Provided, however, with respect
   to employees of H. A. Sheldon, 'Stock Price' is defined in Article VI-A."

      IN WITNESS WHEREOF, this Amendment No. One is adopted this ______ day of
_______________, 1995, to be effective as of July 1, 1995.

                                      TANDY BRANDS ACCESSORIES, INC.



                                      By:
                                         ---------------------------------------

                                           Title:
                                                 -------------------------------


ATTEST:

Secretary


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