<PAGE>
                                                                   Exhibit 10.27

                   AMENDED AND RESTATED INSTRUMENT DESIGNATING
                  PARTICIPANTS OF THE COLE NATIONAL GROUP, INC.
                    1999 SUPPLEMENTAL RETIREMENT BENEFIT PLAN


1.        Participant. Cole National Group, Inc. (the "Company") hereby
     designates Jeffrey A. Cole as a Participant in the Cole National Group,
     Inc. 1999 Supplemental Retirement Benefit Plan, effective as of January 1,
     1999 (as amended from time to time) (the "Plan").

2.        Special Provisions. (a) The Company, with the written consent of
     Jeffrey A. Cole, hereby amends, restates and supercedes his Instrument
     Designating Participants of the Cole National Group, Inc. 1999 Supplemental
     Retirement Benefit Plan dated December 17, 1998 (the "Original
     Instrument"). In addition, Jeffrey A. Cole by written consent hereby waives
     his rights to participate in and receive benefits, whether or not now
     accrued, under the Cole National Group, Inc. Supplemental Pension Plan (the
     "Supplemental Pension Plan") and the Cole National Group, Inc. Supplemental
     Retirement Benefit Plan (the "Supplemental Retirement Benefit Plan").

     (b)       For purposes of calculating the Supplemental Retirement Benefit
          payable to Jeffrey A. Cole in accordance with the Plan, the benefit
          formula used shall be the same as the formula used for purposes of
          calculating benefits under the Cole National Group, Inc. Retirement
          Plan (as amended and restated, January 1, 2002) (the "Pension Plan"),
          except that instead of using final five year average salary, the sum
          of base compensation and bonus for the calendar year during which the
          sum of base compensation and bonus earned was the highest shall be
          used, and except that such formula shall not be subject to any Code
          Limitation.

     (c)       For purposes of calculating the Supplemental Retirement Benefit
          payable to Jeffrey A. Cole in accordance with the Plan, Jeffrey A.
          Cole shall be credited with years of service equal to (i) the number
          of years of service he is credited with under the Pension Plan, plus
          (ii) the number of years Jeffrey A. Cole served as a non-employee
          director and paid consultant of the Company. For purposes of (ii) in
          the previous sentence, the number of years Jeffrey A. Cole served as a
          non-employee director and paid consultant of the Company is eight.

     (d)       For purposes of calculating the Supplemental Retirement Benefit
          payable to Jeffrey A. Cole in accordance with the Plan, the minimum
          annual Supplemental Retirement Benefit payable to Jeffrey A. Cole
          commencing on or after Jeffery A. Cole's attainment of age 65
          (calculated as a single life annuity) shall be the amount determined
          by the formula "A-B," where:

          A=   the greater of:

               (i)  $474,000 or

               (ii) the amount determined based on the Company's regular Pension
                    Plan formula but using Jeffrey A. Cole's salary and annual
                    bonus
<PAGE>

                    using the highest year commencing in 1998 or thereafter, and
                    reflecting service from 1969 on, and

          B=   the sum of (i) the annualized amount, if any, payable to
               Jeffrey A. Cole in accordance with the Pension Plan (calculated
               as a single life annuity) and (ii) the annualized amount, if any,
               payable to Jeffrey A. Cole's former spouse pursuant to any
               qualified domestic relations order applicable to the Pension Plan
               and/or the Supplemental Pension Plan for the year for which the
               Supplemental Retirement Benefit payable to Jeffrey A. Cole is
               being calculated in accordance with the Plan.

     (e)       For purposes of calculating the Supplemental Retirement Benefit
          payable to Jeffrey A. Cole in accordance with the Plan, the minimum
          annual Supplemental Retirement Benefit payable to Jeffrey A. Cole
          commencing prior to Jeffrey A. Cole's attainment of age 65 (calculated
          as a single life annuity) shall be the amount determined by the
          formula "(A-B) x C," where:

          A=   the greater of

               (i)  $474,000 or

               (ii) the amount determined based on the Company's regular Pension
                    Plan formula but using Jeffrey A. Cole's salary and annual
                    bonus using the highest year commencing in 1998 or
                    thereafter, and reflecting service from 1969 on,

          B=   the sum of (i) the annualized amount, if any, payable to
               Jeffrey A. Cole in accordance with the Pension Plan (calculated
               as a single life annuity) and (ii) the annualized amount, if any,
               payable to Jeffrey A. Cole's former spouse pursuant to any
               qualified domestic relations order applicable to the Pension Plan
               and/or the Supplemental Pension Plan for the year for which the
               Supplemental Retirement Benefit payable to Jeffrey A. Cole is
               being calculated in accordance with the Plan,

          C=   the early retirement reduction factors set forth in Attachment A
               to this Instrument.

     (f)       In computing the Supplemental Retirement Benefit under (d) and
          (e) above, if (i) Jeffrey A. Cole retires after he suffers a
          constructive termination, or (ii) there has been a change of control
          (as each such term is defined in his Employment Agreement with the
          Company and certain of its subsidiaries, dated the 17th day of
          December, 1998), then he will be credited with three (3) additional
          years of service in making the calculations above and his retirement
          will be deemed to have been made with the consent of the Special
          Compensation Committee of the Company's Board of Directors.

     (g)       Notwithstanding Section 3.4 of the Plan, Jeffrey A. Cole's
          Supplemental Retirement Benefit shall be payable in (i) a one-time
          lump sum cash payment, (ii)

                                       2
<PAGE>

          a series of up to 20 annual installments with interest credited and
          compounded quarterly on the unpaid balance at the interest rate
          specified from time-to-time under the Supplemental Retirement Benefit
          Plan, but not less than such rate specified at the date of his
          resignation or retirement from the position and title of Chief
          Executive Officer, or (iii) the same form and for the same duration as
          the benefits payable to the Participant (or Beneficiary) under the
          Pension Plan, as elected by Jeffrey A. Cole. Any form of payment of
          Jeffrey A. Cole's Supplemental Retirement Benefit shall be Actuarially
          Equivalent to the minimum annual Supplemental Retirement Benefit
          calculated under (d) or (e) above, as applicable. Jeffrey A. Cole's
          election of the form of payment of his Supplemental Retirement Benefit
          shall be made by written notice filed with the Company at least six
          (6) months prior to his voluntary termination of employment with, or
          retirement from, the Company. Any such election may be changed by
          Jeffrey A. Cole at any time and from time to time without the consent
          of any other person by filing a later signed written election with the
          Company; provided that any election made less than six (6) months
          prior to his voluntary termination of employment or retirement shall
          not be valid, and in such case payment shall be made in accordance
          with his prior election. In the absence of any effective election,
          Jeffrey A. Cole's Supplemental Retirement Benefit shall be payable in
          a one time lump sum cash payment. Jeffrey A. Cole shall be permitted
          to designate a beneficiary or beneficiaries for purposes of the Plan
          (on a form provided by the Company) to receive a benefit in the event
          that (i) he dies prior to his commencement of benefits under the Plan,
          or (ii) he dies after commencement of benefits under the Plan but
          before any lump sum elected is paid, or with any remaining elected
          installments unpaid. The Supplemental Retirement Benefit payable to
          Jeffrey A. Cole's beneficiary or beneficiaries in the event that he
          dies prior to his commencement of his Supplemental Retirement Benefit
          under the Plan shall be a one time lump sum cash payment in an amount
          equal to the then Actuarial Present Value of the accrued Supplemental
          Retirement Benefit that would have been payable to Jeffrey A. Cole as
          if he had commenced payment of his Supplemental Retirement Benefit
          under the Plan on the day before the day he died and as if he had
          attained not less than age 63, but counting service and compensation
          only through the date of his death, and as if he had elected a one
          time lump sum cash payment.

     (h)       As used herein, the terms "Actuarially Equivalent" or "Actuarial
          Present Value" shall mean a benefit of actuarial equivalence
          determined using the 1994 Group Annuity Reserving Table (94 GAR) or
          such other mortality table that may be subsequently adopted by the
          Internal Revenue Service for purposes of Section 417 of the Code and
          an interest rate equal to the monthly average of the Moody's AA
          Corporate Bond rate for the period commencing with January 2002 and
          ending with the earlier of: (a) December 2004 or (b) the month prior
          to the month Jeffrey A. Cole's Supplemental Retirement Benefit is to
          commence.


                                       3
<PAGE>

3.        Nothing committed to in this instrument may be changed, directly or
     indirectly, by an amendment of the Plan or otherwise, without the prior
     written consent of Jeffrey A. Cole.

4.        This instrument shall satisfy the terms of Section 4(e) of the
     Employment Agreement dated December 17, 1998 among the Company, Cole
     National Corporation, Inc., four of its subsidiaries and Jeffrey A. Cole,
     as such agreement may be amended from time to time, for purposes of
     satisfying Jeffrey A. Cole's entitlement to participate in any of the
     retirement plans and supplemental arrangements in which senior management
     or executive employees of the subsidiaries participate from time to time.

5.        Original Instrument. The provisions of this instrument designation
     amend, restate and supersede the provisions of the Original Instrument.


Dated as of 25th of January, 2002           COLE NATIONAL GROUP, INC.


                                            By: /s/ Leslie D. Dunn
                                               -----------------------------

                                            Title:  Senior Vice President
                                                  --------------------------


                                            COLE NATIONAL CORPORATION


                                            By: /s/ Leslie D. Dunn
                                               -----------------------------

                                            Title:  Senior Vice President
                                                  --------------------------

                                            COLE VISION CORPORATION


                                            By: /s/ Leslie D. Dunn
                                               -----------------------------

                                            Title:  Senior Vice President
                                                  --------------------------


                                            PEARLE, INC.


                                            By: /s/ Leslie D. Dunn
                                               -----------------------------

                                            Title:  Senior Vice President
                                                  --------------------------

                                       4
<PAGE>

                                            THINGS REMEMBERED, INC.


                                            By: /s/ Leslie D. Dunn
                                                ----------------------------
                                            Its:    Senior Vice President
                                                ----------------------------



Agreed and consented to this 25th day of January, 2002.

                                                 /s/ Jeffrey A. Cole
                                             ____________________________
                                                     Jeffrey A. Cole


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<PAGE>


                    ATTACHMENT A TO THE AMENDED AND RESTATED
                   INSTRUMENT DESIGNATING PARTICIPANTS OF THE
                         COLE NATIONAL GROUP, INC. 1999
                             SUPPLEMENTAL RETIREMENT
                        BENEFIT PLAN FOR JEFFREY A. COLE

If Jeffrey A. Cole retires before age 65, the following early retirement
reduction factors apply:
<TABLE>
<CAPTION>
                             If retirement is with the consent of
               Age at        the Special Compensation Committee of   If retirement is without the consent
                             the Company's Board of                  of the Special Compensation Committee
            Retirement*      Directors                               of the Company's Board of Directors
            ----------       -------------------------------------   -------------------------------------
<S>                                 <C>                                    <C>
                 57                           0.28                                    0.28
                 58                           0.34                                    0.34
                 59                           0.40                                    0.40
                 60                           0.90                                    0.47
                 61                           0.92                                    0.56
                 62                           0.94                                    0.65
                 63                           0.96                                    0.96
                 64                           0.98                                    0.98
                 65                   1.00 (no reduction)                      1.00 (no reduction)
</TABLE>

*    Add three additional years (maximum age is 65) if there has been
     constructive termination, a termination without cause or a change of
     control.


                                       6