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                                                                  EXHIBIT 10.15

                              FLORSHEIM GROUP INC.

                          EMPLOYMENT SECURITY AGREEMENT

     This Employment Security Agreement (the "Agreement") is entered into as of
this twenty-fifth (25th) day of October, 2000, by and between Florsheim Group
Inc., a Delaware corporation (the "Employer"), and Thomas W. Joseph (the
"Executive").

                                   WITNESSETH

     WHEREAS, the Executive is currently employed by the Employer as its
Executive Vice President, President International Division, President Retail
Division;

     WHEREAS, the Employer desires to attract and retain well-qualified
executives and key personnel and to provide the security of continuity of
management to both itself and the Executive; and

     WHEREAS, the Executive and the Employer desire to enter into this
Agreement, which sets forth the terms of the security the Employer is providing
the Executive with respect to his employment;




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     NOW, THEREFORE, in consideration of the mutual covenants and promises
contained herein, and other good and valuable consideration, the receipt of
which is hereby acknowledged, the parties agree as follows:

1.   DEFINITIONS. For purposes of this Agreement the following definitions
     shall apply:

                  (a)  "Aggregate Compensation" means the sum of the
                       Executive's (i) Base Pay, (ii) Bonus, and (iii)
                       economic value of the Medical Plans, Retirement Plans
                       and Welfare Plans.

                  (b)  "Base Pay" means the Executive's annual base salary
                       rate.

                  (c)  "Bonus" means you shall receive an annual bonus in
                       accordance with the Employer's bonus plan. The plan is
                       based upon the Executive's achievement of budget, such
                       budget objectives to be determined by the Employer's
                       compensation committee in its sole discretion exercised
                       in good faith, after consultation with management. If
                       the Executive is terminated for any reason other than
                       Cause or the Executive terminates his employment with
                       the Employer for Good Reason, his bonus will be
                       pro-rated for the fiscal year in which his employment
                       terminates to the extent the Executive achieves budget
                       for such year. Notwithstanding the foregoing, in the
                       event the Executive's employment is terminated for Good
                       Reason pursuant to Section 1(f)(3), he shall receive
                       (i) his bonus for



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                       the year 2000 to the extent the Executive achieves
                       budget for such year and (ii) an amount equal to the
                       aggregate bonus paid to the Executive for the years
                       1999 and 2000 divided by 2.

                  (d)  "Effective Date" means the date of this Agreement as
                       set forth above.


                  (e)  "Cause" means:

                       (1)  The Board of Directors, in its reasonable
                            discretion, concludes that the Executive has
                            willfully failed to follow directions communicated
                            to him by either an officer of the Employer to
                            whom the Executive directly or indirectly reports
                            or the Board of Directors;

                       (2)  The Executive willfully engages in conduct that is
                            materially injurious to the Employer, monetarily
                            or otherwise;

                       (3)  The Executive is convicted of, pleads nolo
                            contendere to, pleads guilty to or confesses to an
                            act of fraud, misappropriation or embezzlement or
                            any felony;

                       (4)  The Board of Directors, in its reasonable
                            discretion, determinates that the Executive is
                            either habitually drunk or using illegal
                            substances;


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                       (5)  The Executive violates the Employer's sexual
                            harassment policy; or

                       (6)  The Executive commits an act of gross neglect or
                            gross misconduct which the Board of Directors, in
                            its reasonable discretion, determines is deemed
                            to be good and sufficient Cause.

                  (f)  "Good Reason" means:

                       (1)  There is a material reduction in the Executive's
                            Aggregate Compensation from one fiscal year to the
                            next; or

                       (2)  There is a material reduction in the Executive's
                            responsibilities; or

                       (3)  There is a material reduction in the Executive's
                            retirement benefits as a result of the
                            implementation of a new Retirement Plan established
                            by the Employer on or prior to December 31, 2001,
                            and, within thirty (30) days of notification,
                            the Executive informs the Employer in writing
                            that he chooses not to participate in such plan.



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                  (g)  "Medical Plan" means any health and major medical plan
                       currently or hereafter made available by the Employer
                       in which the Executive is eligible to participate.

                  (h)  "Retirement Plans" means any qualified or supplemental
                       defined benefit retirement plan or defined contribution
                       retirement plan currently or hereinafter made available
                       by the Employer in which the Executive is eligible to
                       participate, or any private retirement arrangement
                       maintained by the Employer solely for the Executive.

                  (i)  "Severance Period" means the period beginning on the
                       date the Executive's employment with the Employer
                       terminates under circumstances described in Section 3
                       and ending on the date that is either eighteen (18) or
                       twelve (12) months thereafter as specified in Section
                       6.

                  (j)  "Welfare Plan" means any vision or dental plan,
                       disability plan, survivor income plan or life insurance
                       plan or other arrangement currently or hereafter made
                       available by the Employer in which the Executive is
                       eligible to participate.

                  (k)  "Equity Interest" means prior to March 31, 2001, the
                       Executive shall purchase in the open market the lesser
                       of 37,500 shares of Common Stock of the Employer or
                       shares of Common Stock of the Employer having an



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                       aggregate purchase price (including commissions) of
                       $75,000. In addition, upon the execution of this
                       Agreement, the Executive shall receive options pursuant
                       to the Employer's 1994 Stock Option Plan to purchase an
                       additional 155,000 shares of the Employer's Common
                       Stock as follows:

                       (1)  78,000 shares at Market,

                       (2)  38,000 shares at an exercise price of
                            $5.00 per share, and

                       (3)  39,000 shares at an exercise price of
                            $7.50 per share.

                       For purposes hereof, "Market" shall mean the average
                       closing price of the Employer's Common Stock on the
                       five (5) trading days immediately prior to the
                       Effective Date. Each tranche of options set forth
                       above shall vest and become exercisable in accordance
                       with the Employer's Stock Option Plan as detailed
                       below:

                            Anniversary Date         % of Each Tranche to Vest
                            ----------------         -------------------------
                                 First                          25%
                                Second                          25%
                                 Third                          50%



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                       All of the Executive's options shall expire on the
                       tenth (10th) anniversary of the Effective Date and
                       when vested, shall remain exercisable until the
                       earlier to occur of (i) thirty (30) days after the
                       Executive's employment terminates for any reason,
                       including, but not limited to, the expiration of the
                       Term of Employment or (ii) the tenth (10th)
                       anniversary of the Effective Date or until such later
                       exercise date as is permitted under the provisions of
                       the Employer's 1994 Stock Option Plan.

                       In the event of a Change in Control, all of the
                       Executive's outstanding but unvested options will
                       become immediately vested and exercisable.

2.   TERM OF EMPLOYMENT. The employment hereunder shall be for a term of
     eighteen (18) months commencing on the date hereof (the "Effective Date")
     and ending on the day immediately preceding the eighteen (18) month
     anniversary of the Effective Date (the "Expiration Date"), unless
     terminated earlier pursuant to Section 3 of this Agreement (the "Term of
     Employment"). Beginning on the first anniversary of the Effective Date and
     on each anniversary date thereafter (each, an "Anniversary Date"), the Term
     of Employment shall automatically be extended for twelve (12) additional
     months unless such extension is objected to by either the Employer or the
     Executive in writing to the other party not less than ninety (90) days
     prior to an Anniversary Date.




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3.   BENEFITS UPON TERMINATION OF EMPLOYMENT. If, at any time on or after the
     Effective Date and during the Term of this Agreement, (i) the employment of
     the Executive with the Employer is terminated by the Employer (or any
     successor to the Employer) for any reason other than Cause, or (ii) the
     Executive terminates his employment with the Employer for Good Reason, the
     following provisions will apply:

     (a)  The Employer shall pay the Executive, during the Severance Period, an
          aggregate amount equal to one times the sum of the Executive's Base
          Pay at the highest rate in effect during the Term of Employment. Such
          amount shall be paid in substantially equal monthly installments over
          the Severance Period. The first of such payments will commence as soon
          as practicable following the date of the Executive's termination of
          employment. Notwithstanding the foregoing, in the event the
          Executive's employment is terminated for Good Reason pursuant to
          Section 1(f)(3), the rate of pay used for purposes of this Section
          3(a) shall be equal to $197,000.00, less all applicable withholdings,
          and such amount shall be paid in substantially equal monthly
          installments over a twelve (12) month Severance Period.

     (b)  For purposes of all Retirement Plans (to the extent permissible
          thereunder), the Executive shall be given compensation credit and
          service credit for all purposes for, and shall be deemed to be an
          employee of the


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          Employer during, the Severance Period, notwithstanding that he is
          not an employee of the Employer during the Severance Period.

     (c)  During the Severance Period, the Executive and his spouse and other
          dependents will continue to be covered by the Medical Plan and all
          Welfare Plans maintained by the Employer in which the Executive or
          spouse or dependents were participating immediately before the date of
          the Executive's termination as if the Executive continued to be an
          employee of the Employer. If, however, the Executive obtains
          employment with another employer during the Severance Period, such
          Medical Plan coverage shall cease for the Executive and his spouse and
          other dependents. This Section 3(c) is not intended to impair the
          Executive's rights as otherwise provided by law (e.g., rights under
          Section 4980B of the Internal Revenue Code). Notwithstanding the
          foregoing, in the event the Executive's employment is terminated for
          Good Reason pursuant to Section 1(f)(3), the medical and welfare plans
          referenced in this Section 3(c) shall be those plans maintained by the
          Employer in which the Executive participated as of October 23, 2000
          and such coverage shall continue for a twelve (12) month Severance
          Period unless the Executive obtains employment with another employer
          during such Severance Period.

     (d)  The Executive shall be entitled to a payment attributable to
          compensation for unused vacation periods accrued as of the date of his
          termination of



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          employment. The Executive shall not be entitled to payment for
          vacation periods that would have accrued had his employment continued
          during the Severance Period. Payment for accrued vacation shall be
          made to the Executive in a lump sum within ten (10) days following the
          date of the Executive's termination of employment. This Section 3(d)
          is not intended to impair the Executive's right to receive payment for
          accrued vacation as otherwise provided by law. Notwithstanding the
          foregoing, in the event the Executive's employment is terminated for
          Good Reason pursuant to Section 1(f)(3), the rate of pay used to
          calculate compensation for accrued vacation for purposes of this
          Section 3(d) shall be equal to $197,000.00, less all applicable
          withholdings.

4.   DEATH. If the Executive dies during the Severance Period, the following
     rules shall apply:


     (a)  All amounts payable hereunder to the Executive shall, during the
          remainder of the Severance Period, be paid to his surviving spouse or
          other beneficiary designated in writing by the Executive. On the death
          of the survivor of the Executive and his spouse or other beneficiary,
          payments shall be made to the Executive's estate.

     (b)  During the remainder of the Severance Period, the Executive's spouse
          and dependents, if any, shall be covered under the Medical Plan and
          Welfare Plans made available by the Employer to the Executive or his
          spouse or dependents immediately before the date of the Executive's
          death.

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          Any benefits payable under this Section 4 are in addition to any other
          death benefits due to the Executive or his spouse or other
          beneficiaries or dependents from the Employer, including, but not
          limited to, payments under any of the Retirement Plans.

5.   TERMINATION FOR CAUSE OR WITHOUT GOOD REASON. If the Executive's employment
     with the Employer is terminated by the Employer for Cause or by the
     voluntary action of the Executive without Good Reason, the Executive's Base
     Pay in effect on the date of termination shall be paid through the date of
     termination, and the Employer shall have no further obligation to the
     Executive or his spouse or other beneficiary under this Agreement, except
     for payments or benefits under the terms of any compensation or benefits
     plans or arrangements, including any Retirement Plans, Medical Plan and
     Welfare Plans.

6.   EXPIRATION OF THIS AGREEMENT. In the event that the Employer objects to an
     extension of the Term of Employment, and the Executive continues to work
     until the Term of Employment expires, the Employer shall pay the Executive
     his then current Annual Base Salary for a period of twelve (12) months from
     the date of termination of the Executive's employment. Such amount shall be
     paid in substantially equal monthly installments over a twelve (12) month
     Severance Period and during such period, the Employer shall continue to
     provide the




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     Executive with fringe benefits, perquisites and other benefits as set forth
     in this Agreement. In addition, in the event that this Agreement expires
     during any portion of a fiscal year, the Executive shall be entitled to
     receive a pro-rated Bonus for such fiscal year, provided that the Executive
     achieves budget for such fiscal year. Notwithstanding the foregoing, if the
     Employer objects to an extension of the Term of Employment in conjunction
     with or following a Change of Control and the Executive continues to work
     until the Term of Employment expires, the Employer shall pay the Executive
     (i) his then current Annual Base Salary during the eighteen (18) month
     Severance Period, (ii) his pro-rated Bonus for the fiscal year in which his
     employment terminates to the extent the Executive achieves budget for such
     year, and (iii) during the eighteen (18) month Severance Period, the
     Employer shall continue to provide the Executive with fringe benefits,
     perquisites and other benefits as set forth in this Agreement. Thereafter,
     the Employer shall have no further obligation to the Executive under this
     Agreement.

7.   MITIGATION. The Executive shall not have a duty to mitigate damages.

8.   CONFIDENTIALITY AND RESTRICTIVE COVENANTS.

     (a)  The Executive acknowledges that:

          (1)  The business in which the Employer is engaged is intensely
               competitive and that his employment by the Employer will require
               that he have access to and knowledge of confidential information
               of the Employer, including, but not limited to, certain/all of
               the Employer's plans for creation, acquisition or disposition of
               products, expansion plans,


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               financial status and plans, products, improvements, formulas,
               designs or styles, method of distribution, customer lists,
               product development plans, rules and regulations, personnel
               information and trade secrets of the Employer, all of which are
               of vital importance to the success of the Employer's business
               (collectively, "Confidential Information");

          (2)  The direct or indirect disclosure of any Confidential Information
               would place the Employer at a serious competitive disadvantage
               and would do serious damage, financial and otherwise, to the
               Employer's business;

          (3)  By his training, experience and expertise, the Executive's
               services to the Employer will be special and unique; and

          (4)  If the Executive leaves the Employer's employ to work for a
               competitive business, in any capacity, it would cause the
               Employer irreparable harm.

     (b)  Covenant Against Disclosure. The Executive therefore covenants and
          agrees that all Confidential Information relating to the business
          products and services of the Employer, any subsidiary, affiliate or
          customer shall be and remain the sole property and confidential
          business information of the Employer, free of any rights of the
          Executive. The Executive further agrees not to make any use of the
          Confidential Information or disclose Confidential Information to third
          parties except in the performance of his duties hereunder or with the
          prior written consent of the Employer. The



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          obligations of the Executive under this Section 8 shall survive any
          termination of this Agreement. The Executive agrees that, upon any
          termination of his employment with the Employer, all Confidential
          Information in his possession, directly or indirectly, that is in
          written or other tangible form (together with all duplicates thereof)
          will forthwith be returned to the Employer and will not be retained by
          the Executive or furnished to any third party, either by sample,
          facsimile, film, audio or video cassette, electronic data, verbal
          communication or any other means of communication.

          The Executive shall preserve the confidentiality of this Agreement and
          its terms and conditions during the Term of Employment and thereafter.
          If the Executive breaches the confidentiality of this Agreement and
          its terms and conditions, the Executive will be liable to the Employer
          for its actual damages and may be subject to injunctive relief. In
          case of any such breach, the Employer may seek injunctive relief.

     (c)  Non-competition. The Executive agrees that, during the Term of
          Employment and for the Severance Period following the termination of
          employment for any reason (including, without limitation, the
          expiration of this Agreement), the Executive will not, directly or
          indirectly, own, manage, operate, control or participate in the
          ownership, management or control of, or be connected as an officer,
          employee, partner, director,




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          consultant, or otherwise with, or have any financial interest in, or
          aid or assist anyone else in the conduct of, any entity or business
          which competes with any business conducted by the Employer or any of
          its subsidiaries or affiliates either by (i) selling products to
          customers of the Employer that are similar to the products sold by the
          Employer; (ii) selling casual or dress footwear or apparel generally;
          (iii) operating similar retail operations engaged in the sale of
          footwear or apparel; or (iv) otherwise competing in a competitive
          business. The Executive's ownership of securities of a public company
          engaged in competition with the Employer not in excess of five (5)
          percent of any class of such securities shall not be considered a
          breach of the covenants set forth in this Section 8.

     (d)  Further Covenant. For the Severance Period following the date of the
          termination of the Executive's employment hereunder for any reason,
          the Executive will not, directly or indirectly, take any of the
          following actions, and, to the extent the Executive owns, manages,
          operates, controls, is employed by or participates in the ownership,
          management, operation or control of, or is connected in any manner
          with, any business, the Executive will use his best efforts to ensure
          that such business does not take any of the following actions:

          (1)  Persuade or attempt to persuade any customer of the Employer to
               cease doing business with the Employer or any of its subsidiaries
               or affiliates,



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               or to reduce the amount of business it does with the Employer or
               any of its subsidiaries or affiliates;

          (2)  Solicit for himself or any entity the business of a customer of
               the Employer or any of its subsidiaries or affiliates, or solicit
               any business which was a customer of the Employer or any of its
               subsidiaries or affiliates within six (6) months prior to the
               termination of the Executive's employment; and

          (3)  Persuade, attempt to persuade or hire any employee of the
               Employer or any of its subsidiaries or affiliates or any
               individual who was an employee of the Employer or any of its
               subsidiaries or affiliates during the two (2) years prior to the
               Executive's termination of employment, to leave the employ of the
               Employer or any of its subsidiaries or affiliates.

9.   APPLICABLE LAW. This Agreement shall be subject to, construed and
     interpreted pursuant to the laws of the State of Illinois without giving
     effect to the choice of law provisions thereof.

10.  ENTIRE AGREEMENT. This Agreement contains the entire Agreement between the
     Employer and the Executive and supersedes any and all previous agreements,
     written or oral, among the parties relating to the subject matter hereof.
     No amendment or modification of the terms of this Agreement shall be
     binding upon the parties hereto unless reduced to writing and signed by the
     Employer and the Executive.



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11.  NO EMPLOYMENT CONTRACT. Nothing contained in this Agreement shall be
     construed to be an employment contract between the Executive and the
     Employer. The Executive is employed at will, and (subject to the payments
     to be made and the benefits to be provided by the Employer to the Executive
     hereunder) the Employer may terminate the Executive's employment at any
     time, with or without Cause.

12.  SUCCESSORS. This Agreement shall be binding upon an inure to the benefit of
     the parties hereto and their respective heirs, representatives and
     successors.


THOMAS W. JOSEPH                       FLORSHEIM GROUP INC.

/s/ T. W. Joseph                       By: /s/ Peter P. Corritori, Jr.
---------------------------------          ------------------------------------
Executive Vice President,

President International Division,      Name: Peter P. Corritori, Jr.
                                             ----------------------------------
President Retail Division
                                       Its: Chairman & CEO
                                            -----------------------------------