In a Form 8-K filed on January 30, 2014, Tandy Brands Accessories, Inc. announced certain defaults under its senior secured credit agreement and that its senior secured lender had determined to begin dispositive sales of certain assets being used as collateral under the credit agreement and the related security agreements. Effective as of January 30, 2014, as a result of the transactions in Tandy Brands Accessories, Inc.'s form 8-K filed on January 30, 2014, Mr. Roger Hemminghaus' position as Chief Executive Officer of the company was eliminated. Mr. Hemminghaus continues to serve as the Chairman of the board of directors of the company.