In a large bowl, cream butter and brown sugar until light and fluffy. Beat in extracts. Gradually add flour. Stir in pecans and cherries. Spread into an ungreased 13-in. x 9-in. baking pan.
In a small bowl, combine the flour and sugar; cut in butter until mixture resembles coarse crumbs. Add pecans. Sprinkle over dough. Bake at 350° for 30-35 minutes or until very light brown. Cool on a wire rack. Cut into 1-1/2-in. squares.