Exhibit 10.73
**Waiver and Modification under Employment Agreement**
     This waiver and modification, dated March 2, 2005, is made by MichaelSearles (the “Executive”) with respect to his Employment Agreement (the“Employment Agreement”) dated November 22, 2004 with Wilsons The LeatherExperts Inc. (the “Company”).
RECITALS
     1. Section 4(c) of the Employment Agreement provides that for each PlanYear during which Executive is employed, Executive’s target award under theCompany’s Incentive Plan that is then in effect shall be 100% of Executive’sbase salary.
     2. The Incentive Plan in effect on the date of the Employment Agreementwas the Company’s Executive and Key Management Incentive Plan effective May 26,1996 (the “1996 Incentive Plan”).
     3. Executive has recommended the adoption of a Corporate Leadership TeamIncentive Plan (the “2005 Incentive Plan”) to replace the Executive and KeyManagement Incentive Plan. Because the 2005 Incentive Plan may provide greaterincentives to the Company’s associates than the 1996 Plan, may result in largeroverall payments by the Company to the Company’s associates than the 1996Incentive Plan and may provide larger payments to the Executive in certaincircumstances than the 1996 Incentive Plan, Executive is willing to waive hisrights to a target award under the 2005 Incentive Plan of 100% of Executive’sbase salary.
Waiver and Modification
     NOW, THEREFORE, in order to induce the Company to adopt the 2005 IncentivePlan and in consideration of the additional benefits Executive and otherassociates of the Company may receive under the 2005 Incentive Plan because ofthe differences in incentives to him and other associates under the 2005Incentive Plan, Executive, intending to be legally bound, agrees as follows:
     1. Executive agrees that the 1996 Incentive Plan shall be replaced by the2005 Incentive Plan upon adoption by the Company, as recommended by Executive,and the Executive shall not be entitled to any payment under the 1996 IncentivePlan.
     2. Executive waives any rights that he would otherwise have under Section4(c) or any other provision of the Employment Agreement to a target award of100% of Executive’s base salary under the 2005 Incentive Plan, provided thatExecutive’s target award under the 2005 Incentive Plan shall be at least 75% ofExecutive’s base salary, and the maximum incentive opportunity of Executiveunder the 2005 Incentive Plan, including distributions from the Incentive Poolthereunder, shall be 200% of Executive’s base salary.
 

 

     3. Executive understands and agrees that notwithstanding anything statedin Section 4(c) or any other provision of the Employment Agreement or anythingstated in this Waiver and Modification, Executive shall not be entitled to anypayment under the 2005 Incentive Plan other than in accordance with the termsof the 2005 Incentive Plan and that, under the provisions of the 2005 IncentivePlan, 40% of the basic incentive award payment to which Executive is otherwiseentitled under the 2005 Incentive Plan is at risk pursuant to the terms of the2005 Incentive Plan and is dependent upon the achievement of annual individualperformance measures established by the Compensation Committee.
     4. This Waiver and Modification is a continuing waiver given in accordancewith Section 14(f) of the Employment Agreement.
     IN WITNESS WHEREOF, Executive has executed this Waiver and Modification asof the date set forth in the first paragraph of this Agreement.              /s/ Michael Searles   Michael Searles      
Agreed and accepted as of the date