| ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|--------------------------------------------------------------------------------------|

|   | For the fiscal year ended December 31, 2009 |
|--------|---------------------------------------------|

|  ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|------------------------------------------------------------------------------------------|

|   | For the transition period from ________ to ________ |
|--------|-----------------------------------------------------|

| Delaware                                                      | 74-2781950                          |
|---------------------------------------------------------------|-------------------------------------|
| (State or Other Jurisdiction ofIncorporation or Organization) | (I.R.S. EmployerIdentification No.) |
|                                                          |                                |
| 200 Crescent Court, Suite 1400, Dallas, Texas                 | 75201                               |
| (Address of Principal Executive Offices)                      | (Zip Code)                          |

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|                                          | Large Accelerated Filer   ̈ | Accelerated Filer   ̈         |
|-----------------------------------------------|-------------------------------------------|---------------------------------------------|
|                                          | Non-Accelerated Filer   ̈   | Smaller Reporting Company  ý |
| (Do not check if a smaller reporting company) |                                      |

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WILHELM

| PART III   |                                                                                           |
|------------|------------------------------------------------------------------------------------------------|
|       |                                                                                           |   |
| Item 10.   | Directors, Executive Officers and Corporate Governance                                         | 1 |
| Item 11.   | Executive Compensation                                                                         | 5 |
| Item 12.   | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 7 |
| Item 13.   | Certain Relationships and Related Transactions, and Director Independence                      | 10 |
| Item 14.   | Principal Accountant Fees and Services                                                         | 13 |
|       |                                                                                           |   |
| PART IV    |                                                                                           |   |
|       |                                                                                           |   |
| Item 15.   | Exhibits and Financial Statement Schedules                                                     | 15 |
|       |                                                                                           |   |
| SIGNATURES | 19                                                                                             |

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Item 10.                 Directors, Executive 

| Name              |   | Age |   | Positions with the Company                        |
|-------------------|--------|-----|--------|---------------------------------------------------|
| Mark E. Schwarz   |   | 49  |   | Chairman of the Board and Chief Executive Officer |
| John Murray       |   | 40  |   | Director and Chief Financial Officer              |
| Evan Stone        |   | 38  |   | Director, General Counsel and Secretary           |
| Horst-Dieter Esch |   | 66  |   | Director                                          |
| Brad Krassner     |   | 58  |   | Director                                          |

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Item 11.    

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| Name and Principal Position       |   | Year   |   | Salary ($) |    |   | All OtherCompensation ($) |   |   | Total ($) |   |
|-----------------------------------|--------|--------|--------|------------|---------|--------|---------------------------|--------|--------|-----------|--------|
|                              |   |   |   |       |    |   |                      |   |   |      |   |
| Mark E. Schwarz                   |   | 2009   |   |       | 87,500  |   |                      |   | 7,000  | (2)       |   |   | 94,500 |   |
| Chief Executive Officer(1)        |   | 2008   |   |       | -       |   |                      |   | 28,000 | (2)       |   |   | 28,000 |   |
|                              |   |   |   |       |    |   |                      |   |   |      |   |   |   |   |
| John Murray                       |   | 2009   |   |       | 102,083 |   |                      |   | -      |      |   |   | 102,083 |   |
| Chief Financial Officer           |   | 2008   |   |       | -       |   |                      |   | -      |      |   |   | - |   |
|                              |   |   |   |       |    |   |                      |   |   |      |   |   |   |   |
| Evan Stone                        |   | 2009   |   |       | 72,916  |   |                      |   | -      |      |   |   | 72,916 |   |
| General Counsel and Secretary (3) |   |   |   |       |    |   |                      |   |   |      |   |   |   |   |

| (1)   | Mr. Schwarz has served as our Chief Executive Officer since April 2009.  Mr. Schwarz previously functioned as our Interim Chief Executive Officer beginning in October 2007 and was formally appointed our Interim Chief Executive Officer effective in July 2008. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | Represents compensation paid to Mr. Schwarz for his service as a director. |
|-----------------|----------------------------------------------------------------------------|

| (3)   | Mr. Stone has served as our General Counsel since April 2009 and as our Secretary since July 2008.  Mr. Stone was first deemed to be an executive officer in April 2009. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|            |   | Option Awards                                                       |    |
|-----------------|--------|---------------------------------------------------------------------|---------|
| Name            |   | Number of Securities Underlying Unexercised Options (#) Exercisable |    |   | Number of Securities Underlying Unexercised Options (#) Unexercisable |   |   | Option Exercise Price($) |   |   | Option Expiration Date |   |
|            |   |                                                                |    |   |   |   |   |   |   |   |   |   |
| Mark E. Schwarz |   |                                                                | 100,000 |   |   |   | 0 |   |   |   | 0.28 |   |   | 6/21/11 |   |
|            |   |                                                                |    |   |   |   |   |   |   |   |   |   |   |   |   |
| John Murray     |   |                                                                | 50,000  |   |   |   | 0 |   |   |   | 0.28 |   |   | 6/18/14 |   |
|            |   |                                                                |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Evan Stone      |   |                                                                | -       |   |   |   | - |   |   |   | - |   |   |  - |   |

| Name                           |   | Fees Earned orPaid in Cash ($) |   |   | All OtherCompensation ($) |   |   | Total ($) |   |
|--------------------------------|--------|--------------------------------|--------|--------|---------------------------|--------|--------|-----------|--------|
| Jonathan Bren (1)              |   |                           | 28,000 |   |                      |   | -      |      |   |   | 28,000 |   |
| James Risher (1)               |   |                           | 28,000 |   |                      |   | -      |      |   |   | 28,000 |   |
| Derek Fromm (2)(3)             |   |                           | 21,000 |   |                      |   | -      |      |   |   | 21,000 |   |
| Dr. Hans-Joachim Boehlk (2)(3) |   |                           | 21,000 |   |                      |   | -      |      |   |   | 21,000 |   |
| Brad Krassner (4)              |   |                           | -      |   |                      |   | -      |      |   |   | - |   |
| Horst-Dieter Esch (4)     |   |                           | -      |   |                      |   | 37,500 | (5)       |   |   | - |   |
| Steven Pully (6)               |   |                           | -      |   |                      |   | -      |      |   |   | - |   |
|                           |   |                           |   |   |                      |   |   |      |   |   |   |   |

| (1)   | Served as a director until January 2010. |
|-----------------|------------------------------------------|

| (2)   | Elected to the Board in February 2009. |
|-----------------|----------------------------------------|

| (3)   | Resigned from the Board in November 2009. |
|-----------------|-------------------------------------------|

| (4)   | Appointed to the Board in February 2010. |
|-----------------|------------------------------------------|

| (5)   | Consists of fees paid to Mr. Esch pursuant to a consulting agreement with the Company entered into in September 2009, which agreement was terminated in December 2009.  Mr. Esch was not serving as a director during the term of this consulting agreement. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6)   | Served as director until February 2009. |
|-----------------|-----------------------------------------|

Item 12.    

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| ·   | each person who is known by us to beneficially own 5% or more of our common stock; |
|--------------------|------------------------------------------------------------------------------------|

| ·   | each of our directors and named executive officers; and |
|--------------------|---------------------------------------------------------|

| ·   | all of our directors and executive officers as a group. |
|--------------------|---------------------------------------------------------|

|                                                          |   | Common Stock |       |
|---------------------------------------------------------------|--------|--------------|------------|
| Name of Beneficial Owner                                      |   | Shares       |       |   |   | %(1) |
| 5% or Greater Stockholders                                    |   |         |       |   |   |   |   |
| Newcastle Partners, L.P. (2)                                  |   |         | 34,064,466 | (3) |   |   | 26.3 |   |
| Lorex Investments AG (4)                                      |   |         | 30,882,553 | (5) (10) |   |   | 23.9 |   |
| Krassner Family Investments Limited Partnership (6)           |   |         | 30,599,575 | (7) (10) |   |   | 23.6 |   |
| Directors and Named Executive Officers                        |   |         |       |   |   |   |   |   |
| Mark E. Schwarz                                               |   |         | 34,164,466 | (8) |   |   | 26.4 |   |
| John Murray                                                   |   |         | 50,000     | (9) |   |   | * |   |
| Evan Stone                                                    |   |         | 0          |   |   |   | - |   |
| Horst-Dieter Esch                                             |   |         | 30,882,553 | (5) (10) |   |   | 23.9 |   |
| Brad Krassner                                                 |   |         | 30,599,575 | (7) (10) |   |   | 23.6 |   |
| All directors and executive officersas a group (five persons) |   |         | 95,696,594 | (11) |   |   | 73.8 |   |

| *  | Less than 1% |
|---------|--------------|

| (1)   | Based on 129,440,752 shares of common stock outstanding as of April 29, 2010. With the exception of shares that may be acquired by employees pursuant to our 401(k) retirement plan, a person is deemed to be the beneficial owner of common stock that can be acquired within 60 days after April 29, 2010 upon the exercise of options.  Each beneficial owner’s percentage ownership of common stock is determined by assuming that options that are held by such person, but not those held by any other person, and that are exercisable within 60 days of April 29, 2010 have been exercised. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The business address of Newcastle is 200 Crescent Court, Suite 1400, Dallas, Texas 75201. |
|-----------------|-------------------------------------------------------------------------------------------|

| (3)   | Consists of shares of common stock held by Newcastle, as disclosed in a Statement of Changes in Beneficial Ownership on Form 4 filed with the SEC on May 27, 2009.  NCM, as the general partner of Newcastle, may be deemed to beneficially own the shares beneficially owned by Newcastle.  NCG, as the general partner of NCM, which in turn is the general partner of Newcastle, may be deemed to beneficially own the shares beneficially owned by Newcastle.  Mark E. Schwarz, as the managing member of NCG, the general partner of NCM, which in turn is the general partner of Newcastle, may also be deemed to beneficially own the shares beneficially owned by Newcastle.  Each of NCM, NCG and Mr. Schwarz disclaims beneficial ownership of the shares beneficially owned by Newcastle except to the extent of their pecuniary interest therein. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (4)   | The business address of Lorex is c/o Mattig-Suter und Partner, Bahnhofstrasse 28, Schwyz, CH-6431, Switzerland. |
|-----------------|-----------------------------------------------------------------------------------------------------------------|

| (5)   | Consists of shares of common stock held by Lorex, as disclosed in a Schedule 13D filed with the SEC on March 17, 2010.  Mr. Esch is the sole shareholder of Lorex and Peter Marty is the sole officer and director of Lorex.  Mr. Esch and Mr. Marty share voting and dispositive power over the shares held by Lorex.  Mr. Marty has no pecuniary interest in the shares held by Lorex. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6)   | The business address of Krassner L.P. is 31 East Rivo Alto, Miami Beach, Florida 33139. |
|-----------------|-----------------------------------------------------------------------------------------|

| (7)   | Consists of shares of common stock held by Krassner L.P., as disclosed in a Schedule 13D filed with the SEC on March 16, 2010.  Krassner Inc. is the general partner of Krassner L.P. and therefore has voting and dispositive power over these shares.  Krassner Inc. disclaims any pecuniary interest in these shares except to the extent of its ownership interest in Krassner L.P. (it owns a 1% interest in Krassner L.P.).  Brad Krassner is the President, Director and sole stockholder of Krassner Inc.  Brad Krassner, individually, and the Krassner Family Investment Trust (“Krassner Trust”) are the limited partners of Krassner L.P.  Brad Krassner’s children and spouse are the beneficiaries of the Krassner Trust and his mother is a trustee of the Krassner Trust.  Brad Krassner and the Krassner Trust disclaim any pecuniary interest in these shares except to the extent of their ownership interest therein (Brad Krassner owns an 83.5% limited partnership interest in Krassner L.P. and the Krassner Trust owns a 15.5% limited partnership interest in Krassner L.P.).  By virtue of his position with Krassner L.P., Mr. Krassner has the sole power to vote and dispose of the shares owned by Krassner L.P. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8)   | Consists of 100,000 shares of common stock issuable upon the exercise of options held by Mr. Schwarz individually and 34,064,466 shares beneficially owned by Newcastle.  Mr. Schwarz may be deemed to beneficially own the shares beneficially owned by Newcastle by virtue of his power to vote and dispose of such shares.  Mr. Schwarz disclaims beneficial ownership of the shares beneficially owned by Newcastle except to the extent of his pecuniary interest therein. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9)   | Consists of shares of common stock issuable upon the exercise of options held by Mr. Murray individually.  Mr. Murray is the Chief Financial Officer of NCM.  Mr. Murray disclaims beneficial ownership of the 34,064,466 shares beneficially owned by Newcastle. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (10)   | Based on a Schedule 13D filed by Lorex, Mr. Esch and Mr. Marty (the “Esch Parties”) and a Schedule 13D filed by Krassner L.P., Krassner Inc. and Mr. Krassner (the “Krassner Parties”), the Esch Parties and the Krassner Parties are coordinating their activities with respect to their efforts to effect changes to the Board.  Accordingly, each of the Esch Parties and the Krassner Parties may be deemed to beneficially own the shares of common stock beneficially owned by the other, constituting an aggregate of 61,482,128 shares or approximately 47.5% of the outstanding shares. |
|------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (11)   | Consists of 95,546,594 shares of common stock and 150,000 shares issuable upon the exercise of options. |
|------------------|---------------------------------------------------------------------------------------------------------|

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| Plan Category                                              |   | Number of securities to be issued upon exercise of outstanding options, warrants and rights |    |   | Weighted-average exercise price of outstanding options, warrants and rights |   |   | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |   |
|------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------|---------|--------|-----------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                       |   | (a)                                                                                         |    |   | (b)                                                                         |   |   | (c)                                                                                                                                         |   |
|                                                       |   |                                                                                        |    |   |                                                                        |   |   |                                                                                                                                        |   |
| Equity compensation plans approved by security holders     |   |                                                                                        | 240,000 |   |                                                                        | $      | 0.27   |                                                                                                                                        |   |   | 0 |   |
|                                                       |   |                                                                                        |    |   |                                                                        |   |   |                                                                                                                                        |   |   |   |   |
| Equity compensation plans not approved by security holders |   |                                                                                        | -       |   |                                                                        |   | -      |                                                                                                                                        |   |   | - |   |
|                                                       |   |                                                                                        |    |   |                                                                        |   |   |                                                                                                                                        |   |   |   |   |
| Total                                                      |   |                                                                                        | 240,000 |   |                                                                        | $      | 0.27   |                                                                                                                                        |   |   | 0 |   |

Item 13.               

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Item 14.    

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Item 15.       

| 1.  | Financial Statements: |
|----------|-----------------------|

| 2.  | Financial Statement Schedules: |
|----------|--------------------------------|

| 3.  | Exhibits: |
|----------|-----------|

| Exhibit Number | Description of Exhibits                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2.1            | Plan of Merger and Acquisition Agreement between Billing Concepts Corp., CRM Acquisition Corp., Computer Resources Management, Inc. and Michael A. Harrelson, dated June 1, 1997 (incorporated by reference from Exhibit 2.1 to Form 10-Q, dated June 30, 1997).                                                                                                                                                                                                                                                                    |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 2.2            | Stock Purchase Agreement between Billing Concepts Corp. and Princeton TeleCom Corporation, dated September 4, 1998 (incorporated by reference from Exhibit 2.2 to Form 10-K, dated September 30, 1998).                                                                                                                                                                                                                                                                                                                             |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 2.3            | Stock Purchase Agreement between Billing Concepts Corp. and Princeton eCom Corporation, dated February 21, 2000 (incorporated by reference from Exhibit 2.1 to Form 8-K, dated March 16, 2000).                                                                                                                                                                                                                                                                                                                                     |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 2.4            | Agreement and Plan of Merger between Billing Concepts Corp., Billing Concepts, Inc., Enhanced Services Billing, Inc., BC Transaction Processing Services, Inc., Aptis, Inc., Operator Service Company, BC Holding I Corporation, BC Holding II Corporation, BC Holding III Corporation, BC Acquisition I Corporation, BC Acquisition II Corporation, BC Acquisition III Corporation and BC Acquisition IV Corporation, dated September 15, 2000 (incorporated by reference from Exhibit 2.1 to Form 8-K, dated September 15, 2000). |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 2.5            | Stock Purchase Agreement by and among New Century Equity Holdings Corp., Mellon Ventures, L.P., Lazard Technology Partners II LP, Conning Capital Partners VI, L.P. and Princeton eCom Corporation, dated March 25, 2004 (incorporated by reference from Exhibit 10.1 to Form 8-K, dated March 29, 2004).                                                                                                                                                                                                                           |
|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 2.6            | Series A Convertible 4% Preferred Stock Purchase Agreement by and between New Century Equity Holdings Corp. and Newcastle Partners, L.P., dated June 18, 2004 (incorporated by reference from Exhibit 2.1 to Form 8-K, dated June 30, 2004).                                                                                                                                                                                                                                                                                        |

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| 2.7    | Agreement by and among New Century Equity Holdings Corp., Wilhelmina Acquisition Corp., Wilhelmina International, Ltd., Wilhelmina – Miami, Inc., Wilhelmina Artist Management LLC, Wilhelmina Licensing LLC, Wilhelmina Film & TV Productions LLC, Dieter Esch, Lorex Investments AG, Brad Krassner, Krassner Family Investments, L.P., Sean Patterson and the shareholders of Wilhelmina – Miami, Inc., dated August 25, 2008 (incorporated by reference from Exhibit 10.1 to Form 8-K, dated August 26, 2008).                          |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 2.8    | Purchase Agreement by and between New Century Equity Holdings Corp. and Newcastle Partners, L.P., dated August 25, 2008 (incorporated by reference from Exhibit 10.3 to Form 8-K, dated August 26, 2008).                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 2.9    | Letter Agreement, dated February 13, 2009, by and among New Century Equity Holdings Corp., Wilhelmina Acquisition Corp., Wilhelmina International Ltd., Wilhelmina – Miami, Inc., Wilhelmina Artist Management LLC, Wilhelmina Licensing LLC, Wilhelmina Film & TV Productions LLC, Dieter Esch, Lorex Investments AG, Brad Krassner, Krassner Family Investments Limited Partnership, Sean Patterson and the shareholders of Wilhelmina – Miami, Inc. (incorporated by reference from Exhibit 10.1 to Form 8-K, dated February 18, 2009). |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 3.1    | Restated Certificate of Incorporation of Wilhelmina International, Inc. (incorporated by reference from Exhibit 3.1 to Form 10-K/A, dated December 31, 2008).                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 3.2    | Restated Bylaws of Wilhelmina International, Inc. (incorporated by reference from Exhibit 3.2 to Form 10-K, dated December 31, 2008).                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 3.3    | Certificate of Designation of Series A Convertible Preferred Stock, filed with the Secretary of State of Delaware on July 10, 2006 (incorporated by reference from Exhibit 4.1 to Form 8-K, dated June 30, 2004).                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 3.4    | Certificate of Elimination of Series A Junior Participating Preferred Stock, filed with the Secretary of State of Delaware on July 10, 2006 (incorporated by reference from Exhibit 3.1 to Form 8-K, dated July 10, 2006).                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 3.5    | Certificate of Designation of Series A Junior Participating Preferred Stock, filed with the Secretary of State of Delaware on July 10, 2006 (incorporated by reference from Exhibit 3.2 to Form 8-K, dated July 10, 2006).                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.1    | Form of Stock Certificate of Common Stock of Billing Concepts Corp. (incorporated by reference from Exhibit 4.1 to Form 10-Q, dated March 31, 1998).                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.2    | Rights Agreement, dated as of July 10, 2006, by and between New Century Equity Holdings Corp. and The Bank of New York Trust Company, N.A. (incorporated by reference from Exhibit 4.2 to Form 8-K, dated July 10, 2006).                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.3    | Amendment to Rights Agreement , dated August 25, 2008, by and between New Century Equity Holdings Corp. and The Bank of New York Mellon Trust Company, N.A. (incorporated by reference from Exhibit 4.1 to Form 8-K, dated August 26, 2008).                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.4    | Form of Rights Certificate (incorporated by reference from Exhibit 4.1 to Form 8-K, dated July 10, 2006).                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.5    | Registration Rights Agreement dated August 25, 2008 by and among New Century Equity Holdings Corp., Dieter Esch, Lorex Investments AG, Brad Krassner, Krassner Family Investments, L.P. and Sean Patterson (incorporated by reference from Exhibit 10.2 to Form 8-K, dated August 26, 2008).                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| 4.6    | Registration Rights Agreement, dated February 13, 2009, by and between New Century Equity Holdings Corp. and Newcastle Partners, L.P. (incorporated by reference from Exhibit 10.3 to Form 8-K, dated February 18, 2009).                                                                                                                                                                                                                                                                                                                                  |

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| 4.7    | Second Amendment to Rights Agreement, dated July 20, 2009, by and between the Bank of New York Mellon Trust Company, N.A. (incorporated by reference from Exhibit 4.1 to Form 8-K, dated July 21, 2009).                                          |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                              |
| 4.8    | Third Amendment to Rights Agreement, dated February 9, 2010, by and between Wilhelmina International, Inc. and the Bank of New York Mellon Trust Company, N.A. (incorporated by reference from Exhibit 4.1 to Form 8-K, dated February 10, 2010). |
|   |                                                                                                                                                                                                                                              |
| 4.9    | Fourth Amendment to Rights Agreement, dated March 26, 2010, by and between Wilhelmina International, Inc. and the Bank of New York Mellon Trust Company, N.A. (incorporated by reference from Exhibit 4.1 to Form 8-K, dated March 30, 2010).     |
|   |                                                                                                                                                                                                                                              |
| *10.1  | Billing Concepts Corp’s 1996 Employee Comprehensive Stock Plan amended as of August 31, 1999 (incorporated by reference from Exhibit 10.8 to Form 10-K, dated September 30, 1999).                                                          |
|   |                                                                                                                                                                                                                                              |
| *10.2  | Form of Option Agreement between Billing Concepts Corp. and its employees under the 1996 Employee Comprehensive Stock Plan (incorporated by reference from Exhibit 10.9 to Form 10-K, dated September 30, 1999).                                  |
|   |                                                                                                                                                                                                                                              |
| *10.3  | Amended and Restated 1996 Non-Employee Director Plan of Billing Concept Corp. amended as of August 31, 1999 (incorporated by reference from Exhibit 10.10 to Form 10-K, dated September 30, 1999).                                                |
|   |                                                                                                                                                                                                                                              |
| *10.4  | Form of Option Agreement between Billing Concepts Corp. and non-employee directors (incorporated by reference from Exhibit 10.11 to Form 10-K, dated September 30, 1998).                                                                         |
|   |                                                                                                                                                                                                                                              |
| *10.5  | Billing Concept Corp.’s 401(k) Retirement Plan (incorporated by reference from Exhibit 10.14 to Form 10-K, dated September 30, 2000).                                                                                                       |
|   |                                                                                                                                                                                                                                              |
| 10.6   | Revenue Sharing Agreement, dated as of October 5, 2005, by and between New Century Equity Holdings Corp. and ACP Investments LP (incorporated by reference from Exhibit 10.1 to Form 10-Q, dated September 30, 2005).                             |
|   |                                                                                                                                                                                                                                              |
| 10.7   | Principals Agreement, dated as of October 5, 2005, by and between New Century Equity Holdings Corp. and ACP Investments LP (incorporated by reference from Exhibit 10.2 to Form 10-Q, dated September 30, 2005).                                  |
|   |                                                                                                                                                                                                                                              |
| *10.8  | Employment Agreement by and among New Century Equity Holdings Corp., Wilhelmina International, Ltd. and Sean Patterson, dated November 10, 2008 (incorporated by reference from Exhibit 10.1 to Form 10-Q, dated September 30, 2008).             |
|   |                                                                                                                                                                                                                                              |
| 10.9   | Letter Agreement, dated February 13, 2009, by and between New Century Equity Holdings Corp. and Dieter Esch (incorporated by reference from Exhibit 10.2 to Form 8-K, dated February 18, 2009).                                                   |
|   |                                                                                                                                                                                                                                              |
| 10.10  | Promissory Note, dated December 31, 2009, issued by Wilhelmina International, Inc. to Dieter Esch (incorporated by reference from Exhibit 10.1 to Form 8-K, dated January 6, 2010).                                                               |
|   |                                                                                                                                                                                                                                              |
| 14.1   | Wilhelmina International, Inc. Code of Business Conduct and Ethics (incorporated by reference from Exhibit 14.1 to Form 8-K, dated April 21, 2009).                                                                                               |
|   |                                                                                                                                                                                                                                              |
| 21.1   | List of Subsidiaries.                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                              |
| 23.1   | Consent of Burton, McCumber & Cortez, L.L.P.                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                              |
| 31.1   | Certification of Principal Executive Officer in Accordance with Section 302 of the Sarbanes-Oxley Act (filed herewith).                                                                                                                           |

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| 31.2   | Certification of Principal Financial Officer in Accordance with Section 302 of the Sarbanes-Oxley Act (filed herewith). |
|--------|-------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                    |
| 32.1   | Certification of Principal Executive Officer in Accordance with Section 906 of the Sarbanes-Oxley Act (filed herewith). |
|   |                                                                                                                    |
| 32.2   | Certification of Principal Financial Officer in Accordance with Section 906 of the Sarbanes-Oxley Act (filed herewith). |

| * | Includes compensatory plan or arrangement. |
|---|--------------------------------------------|

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Table of Contents

SIGNATURES

|                            | WILHELMINA INTERNATIONAL, INC. |
|---------------------------------|--------------------------------|
|                            |                           |
| Date:  April 30, 2010 | By:                            | /s/ Mark E. Schwarz |
|                            | Name:                     | Mark E. Schwarz |
|                            | Title:                         | Chief Executive Officer(Principal Executive Officer) |

| Signature           |   | Title                                                         |
|---------------------|--------|---------------------------------------------------------------|
|                |   |                                                          |
| /s/ Mark E. Schwarz |   | Chief Executive Officer and                                   |
| Mark E. Schwarz     |   | Chairman of the Board(Principal Executive Officer)            |
|                |   |                                                          |
| /s/ John P. Murray  |   | Chief Financial Officer and Director                          |
| John P. Murray      |   | (Principal Financial Officer andPrincipal Accounting Officer) |
|                |   |                                                          |
| /s/ Brad Krassner   |   | Director                                                      |
| Brad Krassner       |   |                                                          |
|                |   |                                                          |
|                |   |                                                          |
| /s/ Dieter Esch     |   | Director                                                      |
| Dieter Esch         |   |                                                          |
|                |   |                                                          |
|                |   |                                                          |
| /s/ Evan Stone      |   | Director                                                      |
| Evan Stone          |   |                                                          |

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