Item 1.01. Entry into a Material Definitive Agreement.

On October 12, 2022, Bassett Furniture Industries, Inc. (the "Company") entered into an indemnification agreement (the "Indemnification Agreement") with each of the members of the Company's Board of Directors (the "Board"). The Indemnification Agreement provides for the indemnification of directors to the fullest extent permitted by Virginia law and the Company's Bylaws for claims brought against them relating to their service on behalf of the Company, the advancement of expenses in connection with any such claim, and the process for seeking indemnification and the advancement of expenses.

The form Indemnification Agreement is attached hereto as Exhibit 10.1 and is incorporated herein by reference, and the foregoing description is qualified in its entirety by the provisions of the form of the Indemnification Agreement.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

10.1 Form of Indemnity Agreement.

104 Cover Page Interactive Data File (embedded within the inline XBRL document).

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