Document:

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                                                                  EXHIBIT 10.3.3

                             THORNBURG MORTGAGE INC.
                      1992 STOCK OPTION AND INCENTIVE PLAN
                       AMENDMENT DATED AS OF JULY 17, 2001

     Pursuant to Section 12 of the 1992 Stock Option and Incentive Plan, amended
and restated as of March 14, 1997, as previously amended as of December 19, 1997
and April 15, 1999 (the "Plan"), the Board of Directors of Thornburg Mortgage,
Inc. (the "Company") hereby revises and amends the terms of the Plan as follows:

          1.   The title of the Plan is hereby amended and restated in its
               entirety to read as follows:

          THORNBURG MORTGAGE INC. 1992 STOCK OPTION AND INCENTIVE PLAN

          2.   Section 2(m) of the Plan is amended and restated in its entirety
               to read as follows:

               (m)."Grant" shall mean the issuance of an Incentive Stock Option,
               Non-Statutory Stock Option, DER, SAR, PSR, Restricted Stock, or
               any combination thereof to an Eligible Person.

          3.   Section 2 of the Plan is amended by adding as Section 2(ee) and
               (ff) thereof, the following:

               (ee)"Restricted Stock" shall mean an award of Shares to an
               Eligible Person subject to restrictions on vesting of ownership
               based upon the completion of the Restricted Period.

               (ff)"Restricted Period" shall have the meaning ascribed to such
               term in Section 7 (l) (iii).

          4.   Section 7 of the Plan is amended by adding as Section 7(l)
               thereof, the following:

               (l) Restricted Stock.

                  (i) General. Restricted Stock may be granted either alone or
in addition to other Grants under the Plan. The Committee shall determine the
Eligible Persons to whom, and the time or times at which, Grants of Restricted
Stock shall be made; the number of Shares to be Granted; the price, if any, to
be paid by the recipient of Restricted Stock Grants; the Restricted Period as
defined in Section 7(l)(iii); any performance objectives as may be specified in
the Agreement; the date or dates on which restrictions applicable to such
Restricted Stock Grants shall lapse during such Restricted Period; and all other
conditions of the Restricted Stock awards. The Committee may also condition the
Grant of Restricted Stock upon such other criteria as the Committee may
determine in its sole discretion. The provisions of Restricted Stock Grants need
not be the same with respect to each recipient.

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                  (ii) Awards and Certificates. The prospective recipient of a
                  Restricted Stock Grant shall not have any rights with respect
                  to such Grant, unless and until such recipient has executed an
                  Agreement evidencing the award and delivered a fully executed
                  copy thereof to the Company, within a period of sixty days (or
                  such other period as the Committee may specify) after the
                  Grant date. Except as otherwise provided below in this Section
                  7(l), (i) each Eligible Person who is awarded Restricted Stock
                  shall be issued a stock certificate in respect of such shares
                  of Restricted Stock; and (ii) such certificate shall be
                  registered in the name of the Eligible Person, and shall bear
                  an appropriate legend referring to the terms, conditions, and
                  restrictions applicable to such award, substantially in the
                  following form:

                  "The securities represented by this certificate are subject to
         a vesting agreement between Thornburg Mortgage, Inc. and the registered
         holder and may not be transferred except in compliance of such
         agreement or until _________ when the shares have vested."

     The Company shall require that the stock certificates evidencing such
shares be held in the custody of the Company until the restrictions thereon
shall have lapsed, and that, as a condition of any Grant of Restricted Stock,
the Participant shall have delivered a stock power, endorsed in blank, relating
to the Stock covered by such Grant.

              (iii) Restrictions and Conditions. The Grants of Restricted Stock
granted pursuant to this Section 7(l) shall be subject to the following
restrictions and conditions:

         (A) Subject to the provisions of the Plan and the Agreement, during
such period as may be set by the Committee commencing on the Grant date (the
"Restricted Period"), the Eligible Person shall not be permitted to sell,
transfer, pledge or assign share of Restricted Stock, issued to the Eligible
Person; provided, however, that the Committee may determine, in its sole
discretion, provide for the lapse of such restrictions in installments and may
accelerate or waive such restrictions in whole or in part based on such factors
and such circumstances as the Committee may determine, in its sole discretion,
including, but not limited to, the attainment of certain performance related
goals, the Eligible Person's termination, death or Disability or the occurrence
of a "Change of Control" as defined in Section 10.

         (B) Except as provided in paragraph (l)(iii) (A) of this Section 7, the
Eligible Person shall have, with respect to the shares of Restricted Stock, all
of the rights of a stockholder of the Company, including the right to vote the
Shares, and the right to receive any dividends thereon during the Restricted
Period. Certificates for Shares of unrestricted stock shall be delivered to the
recipient promptly after, and only after, the Restricted Period shall expire
without forfeiture in respect of such shares covered by the Grant of Restricted
Stock, except as the Committee, in its sole discretion, shall otherwise
determine.

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                  (C) Subject to the provisions of the Plan and Agreement and
this Section 7(l), upon termination of employment for any reason during the
Restricted Period, all shares subject to any restriction as of the date of such
termination shall be forfeited by the Eligible Person, and the Eligible Person
shall only receive the amount, if any, paid by the Eligible Person for
Restricted Stock.

     The Company has caused this amendment of the Plan to be executed in the
name and on behalf of the Company by an officer of the Company thereunto duly
authorized as of July 17, 2001.

                      THORNBURG MORTGAGE INC.,
                      a Maryland corporation

                      By: /s/ Garrett Thornburg
                         --------------------------------------------------
                          Garrett Thornburg,
                          Chairman<PAGE>
                                                                   EXHIBIT 10.37

                             [TRADE BANK LETTERHEAD]

                           LIMITED CONSENT AND WAIVER

                                    RECITALS:

     Reference is made to that certain Credit Agreement dated as of June 27,
2001 (the "Agreement") among Tandy Brands Accessories, Inc. ("Borrower"), Wells
Fargo HSBC Trade Bank, N.A. ("Agent"), and the lenders specified therein
("Lenders"). Terms used and not defined herein shall have the meanings given
them in the Agreement.

     Borrower has advised Agent that as of September 30, 2001 it has failed to
satisfy the Leverage Ratio requirement set forth at Section 10.14 of the
Agreement. Failure to perform this covenant resulted in an Event of Default
under the Agreement. Borrower has requested that Agent, acting on behalf of the
Lenders waive the foregoing described Event of Default.

                           LIMITED CONSENT AND WAIVER:

     Subject to the conditions and limitations set forth hereinbelow, Agent
hereby:

1.   Waives the foregoing Event of Default under the Agreement caused by the
     failure to perform the covenant set forth at Section 10.14 of the Agreement
     as of September 30, 2001.

Provided, so long as any Advances remain outstanding:

A.   Agent is hereby authorized to demand specific performance of this Limited
     Consent and Waiver (the "Limited Consent and Waiver") at any time when
     Borrower shall have failed to comply with any of the provisions of this
     Limited Consent and Waiver. Borrower hereby irrevocably waives any defense
     based upon the adequacy of a remedy at law which might be asserted as a bar
     to such remedy of specific performance and waives any requirement of the
     posting of any bond which might otherwise be required before such remedy
     of specific performance is granted.

B.   No action or inaction of Agent or the Lenders or any other Person, and no
     change of law or circumstances, shall release or diminish the obligations,
     liabilities, agreements or duties hereunder of Borrower, affect the
     Agreement in any way, or afford any Person any recourse against Agent or
     the Lenders.

                                       1
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                           LIMITATIONS AND CONDITIONS:

     Borrower hereby represents and warrants to the Agent and the Lenders that
(i) immediately after giving effect to this Limited Consent and Waiver, there
shall exist no Default or Event of Default, and (ii) immediately after giving
effect to this Limited Consent and Waiver, all representations and warranties
contained herein, in the Agreement or otherwise made in writing by Borrower in
connection herewith or therewith shall be true and correct in all material
respects with the same force and effect as if those representations and
warranties had been made on and as of the date hereof, except to the extent such
representations and warranties by their terms speak as of an earlier date.

     Except as expressly waived or agreed herein, all covenants, obligations and
agreements of Borrower contained in the Agreement shall remain in full force and
effect in accordance with their terms. Without limitation of the foregoing, the
consents and agreements set forth herein are limited precisely to the extent set
forth herein and shall not be deemed to (a) be a consent or agreement to, or
waiver or modification of, any other term or condition of the Agreement or any
of the documents referred to therein, or (b) except as expressly set forth
herein, prejudice any right or rights which the Agent or the Lenders may now
have or may have in the future under or in connection with the Agreement or any
of the documents referred to therein. Except as expressly modified hereby, the
terms and provisions of the Agreement and any other documents or instruments
executed in connection with any of the foregoing, are and shall remain in full
force and effect, and the same are hereby ratified and confirmed by Borrower in
all respects.

     Borrower agrees to reimburse and save Agent harmless from and against
liabilities for the payment of all out-of-pocket costs and expenses arising in
connection with the preparation, execution, delivery, amendment, modification,
waiver and enforcement of, or the preservation of any rights under, this Limited
Consent and Waiver, including, without limitation, the reasonable fees and
expenses of legal counsel to Agent which may be payable in respect of, or in
respect of any modification of, this Limited Consent and Waiver.

     This Limited Consent and Waiver, and the rights and obligations of the
parties hereunder, shall be construed in accordance with and be governed by the
laws of the State of Texas.

     This Limited Consent and Waiver, and the documents referred to herein,
represent the entire understanding of the parties hereto regarding the subject
matter

                                       2
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hereof and supersede all prior and contemporaneous oral and written agreements
of the parties hereto with respect to the subject matter hereof. This Limited
Consent and Waiver is a "Loan Document" as defined and described in the
Agreement, and all of the terms and provisions of the Agreement relating to Loan
Documents shall apply hereto.

     This Limited Consent and Waiver may be separately executed in counterparts
and by the different parties hereto in separate counterparts, each of which when
so executed shall be deemed to constitute one and the same agreement.

     IN WITNESS WHEREOF, the undersigned parties have executed this Limited
Consent and Waiver as of the 5th day of November, 2001.

                                     TANDY BRANDS ACCESSORIES, INC.

                                     By:    /s/ STAN NINEMIRE
                                         -------------------------------------
                                     Name:  Stan Ninemire
                                     Title: Senior Vice President & CFO

                                     WELLS FARGO HSBC TRADE BANK, N.A.
                                     as Agent under the Agreement.

                                     By:    /s/ STEVE CHRISTOPHER
                                         -------------------------------------
                                     Name:  Steve Christopher
                                     Title: Relationship Manager

                                       3
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                            CONFIRMATION OF GUARANTY

     Reference is made to the Credit Agreement dated as of June 27, 2001 (the
"Agreement") among Tandy Brands Accessories, Inc. ("Borrower"), Wells Fargo HSBC
Trade Bank, N.A. ("Agent"), and the lenders specified therein ("Lenders"). The
undersigned Guarantors hereby confirm that their guaranty under the Subsidiary
Guaranty dated as of June 27, 2001 for the benefit of the Agent, the Lenders,
and Wells Fargo, N.A., continues in full force and effect notwithstanding the
Limited Consent and Waiver dated as of November 5, 2001, which Limited Consent
and Waiver is hereby accepted and consented to by each Guarantor. In accordance
herewith, the aforesaid guaranty shall be deemed to cover and secure the
Obligations at any time due from Borrower to Lenders pursuant to the Agreement
as the latter has been modified by the Limited Consent and Waiver. This
Confirmation of guaranty shall be governed by and construed in accordance with
the laws of the State of Texas.

Dated this ____ day of November, 2001.

                                 ACCESSORY DESIGN GROUP, INC.

                                 By:    /s/ STAN NINEMIRE
                                     --------------------------------------
                                 Name:  Stan Ninemire
                                 Title: Vice President

                                 AMITY/ROLFS, INC.

                                 By:    /s/ STAN NINEMIRE
                                     --------------------------------------
                                 Name:  Stan Ninemire
                                 Title: Vice President

                                 TANDY BRANDS ACCESSORIES HANDBAGS, INC.

                                 By:    /s/ STAN NINEMIRE
                                     --------------------------------------
                                 Name:  Stan Ninemire
                                 Title: Vice President

<PAGE>

                                 H.A. SHELDON CANADA, LTD.

                                 By:    /s/ STAN NINEMIRE
                                     ---------------------------------
                                 Name:  Stan Ninemire
                                 Title: Vice President

                                 TBAC INVESTMENTS, INC.

                                 By:    /s/ STAN NINEMIRE
                                     ---------------------------------
                                 Name:  Stan Ninemire
                                 Title: Vice President

                                 TBAC GENERAL MANAGEMENT COMPANY

                                 By:    /s/ STAN NINEMIRE
                                     ---------------------------------
                                 Name:  Stan Ninemire
                                 Title: Vice President

                                 TBAC MANAGEMENT COMPANY L.P.
                                 BY: TBAC GENERAL MANAGEMENT COMPANY,
                                     ITS GENERAL PARTNER

                                      By:    /s/ STAN NINEMIRE
                                          ----------------------------
                                      Name:  Stan Ninemire
                                      Title: Vice President

                                 TBAC PRINCE GARDNER, INC.

                                 By:    /s/ STAN NINEMIRE
                                     ---------------------------------
                                 Name:  Stan Ninemire
                                 Title: Vice President

                                 STAGG INDUSTRIES, INC.

                                 By:    /s/ STAN NINEMIRE
                                     ---------------------------------
                                 Name:  Stan Ninemire
                                 Title: Vice President

                                 TBAC - TOREL, INC.

                                 By:    /s/ STAN NINEMIRE
                                     ---------------------------------
                                 Name:  Stan Ninemire
                                 Title: Vice President

<PAGE>

                                 TBAC INVESTMENT TRUST, INC.

                                 By:    /s/ STAN NINEMIRE
                                     -----------------------
                                 Name:  Stan Ninemire
                                 Title: Vice President

ACCEPTED as of the date first written above.

BORROWER

TANDY BRANDS ACCESSORIES, INC.

By:    /s/ STAN NINEMIRE
    ------------------------------
Name:  Stan Ninemire
Title: Senior Vice President & CFO

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