Document:

Third Amendment to Letter Agreement

 Exhibit 10.38 
 THIRD AMENDMENT TO LETTER AGREEMENT 
 This Third Amendment to Letter Agreement is dated January 29, 2009, between Eddie
Bauer Holdings, Inc. (“Eddie Bauer”) and McNeil S. Fiske, Jr. (“Executive”). 
 RECITALS 
 A. Eddie Bauer and Executive are parties to a Letter Agreement dated June 12, 2007, as amended August 5, 2008 and December 31, 2008, relating to
Executive’s employment with Eddie Bauer (the “Letter Agreement”). 
 B. The parties desire to amend the Letter Agreement to effectuate the
Executive’s voluntary reduction of his salary for 2009. 
 AGREEMENT 
 For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Defined Terms. All capitalized terms used herein shall have the definition set forth in the Letter Agreement unless otherwise specified. 
 2. Base Salary. The parties hereby agree that the biweekly payments of the Executive’s Base Salary shall be reduced by 10% per payment, beginning with the pay period commencing January 18, 2009, to a biweekly payment
of $38,076.92 before deductions. The reduction in Base Salary shall continue through December 31, 2009. The Executive’s Base Salary shall automatically return to $1,100,000 annually without further action on the part of the Executive or
Company on January 1, 2010. 
 3. Severance Benefits. The parties agree that notwithstanding the reduction in Base Salary as provided in
paragraph 2 above, in the event that Severance Pay becomes due during calendar 2009 under the terms of the Letter Agreement or the Company’s Senior Officer Change in Control Compensation Benefit Plan (the “Change in Control Plan”),
the amount of Severance Pay shall be calculated based upon the Executive’s full unreduced amount of Base Salary as set forth in the introduction to the Letter Agreement, rather than the reduced amount specified in paragraph 2 above. 

4. Incentive Bonus. In the event that an annual incentive bonus shall become payable to the Executive for performance during 2009, the amount thereof shall be
determined based upon the full unreduced amount of the Base Salary as set forth in the introduction to the Letter Agreement, rather than the reduced amount specified in paragraph 2 above. 
 5. No Other Modifications. Except as provided above, the Letter Agreement shall remain unchanged. 
 Executed to be effective as of the date set forth above. 
  

									
	EDDIE BAUER HOLDINGS, INC.	 		 	EXECUTIVE
				
	By:	 	/s/ Freya R. Brier	 		 	/s/ McNeil S. Fiske, Jr.
	Freya R. Brier, Senior Vice President	 		 	McNeil S. Fiske, Jr.Employment Letter dated July 17, 2008

 Exhibit 10.40 
 July 17, 2008 
 Pirkko Karhunen Wippermann 
 331
Margo Lane 
 Berwyn, PA 19312 
 Dear Pirkko, 
 All of us here are delighted to extend this offer of employment to you and have you join us in Bellevue! We’re equally excited at the prospect of you leading the
Design Division toward the goal of restoring this iconic brand to its rightful place of prominence. 
 Pending final Board of Director approval, this letter
will confirm Neil Fiske’s verbal offer of employment you to become Senior Vice President (SVP) - Design, reporting directly to Neil. Your starting salary will be $400,000 annually, or $15,384.61 per pay period. Eddie Bauer has 26 pay periods
per year, so your monthly salary will vary slightly. 
 As SVP you are eligible to participate in the 2008 Annual Short-Term Incentive Plan. The target
percentage for this plan is 70%. As discussed, we will guarantee your 2008 incentive payout at $115,000. This will be paid at the time the annual incentive is paid out to all eligible associates in 2009. 
 In addition, you are also eligible to participate in our stock incentive programs. As part of this program, you will be eligible to receive restricted stock units
(RSUs), and time vested options. Pending Board of Director approval, you will be eligible to receive 20,000 RSUs which will vest on the fourth anniversary of your grant date, and 30,000 time vested options with a four year ratable vest starting on
the anniversary of your grant date. 
 As an officer of the Company you will also be eligible to participate in the following currently offered executive
programs. The plans highlighted here are detailed in plan documents. Please refer to those documents for more information. Nothing said here is intended to alter their meaning and in the event of any conflict, the terms of the legal plan documents
control. The Company reserves the right to amend or terminate the plans at any time. 
  

	 	•	 	 Annual Executive Allowance: provides $14,000 annually, paid in equal installments of $538.46 per pay period (prorated for the periods remaining in the year
from your start date). 

  

	 	•	 	 Change-in-Control Plan: protects the financial interests of our key executives. The plan provides two times base salary and bonus as well as benefit
protection in the event of a change-in-control. 

  

	 	•	 	 Deferred Compensation: provides an opportunity to accumulate capital by investing pretax dollars for distribution at a future date. You can defer a portion
of your cash compensation as well as restricted stock unit awards on a pre-tax basis. 

 Offer Letter – Pirkko Karhunen Wippermann 
 Page Two 
 Also included in our offer is a wide array of benefits that are effective 30 days after your
start date projected as August 11, 2008, including eligibility to participate in our 401(k) plan. 
 Pirkko, we’re extremely happy about you
joining us in this important role as a member of the new Eddie Bauer Senior Management Team! And we’re also absolutely certain that you’ll make an enormously positive contribution to, as Neil says, ‘building the company and culture
around the things we love to do!’ 
  

	
	Sincerely,
	
	 
	Tom Helton
	SVP, Chief Human Resources Officer
	
	Attachments
	
	cc: HR File

  

					
	Accepted and Agreed:	 		 	
			
	/s/ Pirkko Karhunen	 		 	07-18-2008
	Pirkko Karhunen, An Individual	 		 	Date

 This letter does not constitute an employment contract. The employment relationship is “at will” and
either party may terminate the relationship with or without cause or notice. No representative of Eddie Bauer, Inc. other than the Senior Vice President of Human Resources has the authority to make an exception to this, and such exception must be in
writing and signed by the Senior Vice President of Human Resources.Amendment to Barry J. Feld Amended and Restated Employment Agreement

 Exhibit 10.10.1 
 COST PLUS, INC. 
 AMENDMENT TO BARRY J. FELD 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 This amendment (the “Amendment”) is made by and between Barry J. Feld (“Executive”) and Cost Plus, Inc., a Delaware corporation (the “Company”, and together
with Executive collectively referred to as the “Parties”) on December 15, 2008. 
 W I T N E S S E T H:

 WHEREAS, the Parties previously entered into an Amended and Restated Employment Agreement, dated December 15, 2008
(the “Agreement”); and 
 WHEREAS, the Company and Executive desire to amend certain provisions of the
Agreement in order to come into documentary compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the final regulations and official guidance promulgated
thereunder (together, “Section 409A”), as set forth below. 
 NOW, THEREFORE, for good
and valuable consideration, Executive and the Company agree that the Agreement is hereby amended as follows: 
 1. Non-competition.
Section 3(d) of the Agreement entitled “Limitation on Severance Payments and Benefits” shall be deleted in its entirety and no longer shall be in effect. 
 2. Definition of Involuntary Termination. The following sentence shall be added to Section 7(b)(v) immediately following the last sentence of Section 7(b)(v): 
 “Notwithstanding the foregoing, any employment termination will not constitute an Involuntary Termination unless such employment termination occurs
within twelve (12) months following the initial existence of the Involuntary Termination condition.” 
 3.
Section 409A. Section 21 of the Agreement entitled “Section 409A” shall be amended and restated in its entirety as follows: 
 “(a) Section 409A. 
 (i) Notwithstanding anything to the contrary in this
Agreement, no severance payments or benefits payable to Mr. Feld, if any, pursuant to this Agreement that, when considered together with any other severance payments or separation benefits that are considered deferred compensation under
Section 409A of the Code and any final regulations and official guidance promulgated thereunder (together, “Section 409A”) (such payments and benefits together, referred to as the “Deferred Payments”) will be payable until
Mr. Feld has a 

 
“separation from service” within the meaning of Section 409A. Similarly, no severance payable to Mr. Feld, if any, pursuant to this
Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable until Mr. Feld has a “separation from service” within the meaning of Section 409A.

 (ii) Further, if Mr. Feld is a “specified employee” within the meaning of Section 409A at the time of
Mr. Feld’s separation from service, then any Deferred Payments that otherwise are payable within the six (6) months following Mr. Feld’s separation from service will become payable on the first payroll date that occurs on or
after the date six (6) months and one (1) day following the date of Mr. Feld’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable to each payment
or benefit. Notwithstanding anything to the contrary, in the event of Mr. Feld’s death following his separation from service but prior to the six (6) month anniversary of his separation from service (or any later delay date), then any
payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Mr. Feld’s death and all other Deferred Payments will be payable in accordance with the payment
schedule applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (iii) Any severance payment or benefit payable under this Agreement that satisfies the requirements of the “short-term deferral”
rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments for purposes of the Agreement. 
 (iv) Any severance payment or benefit under the Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations
that does not exceed the Section 409A Limit will not constitute Deferred Payments for purposes of the Agreement. For purposes of this Agreement, “Section 409A Limit” will mean the lesser of two (2) times: (A) Mr. Feld’s
annualized compensation based upon the annual rate of pay paid to Mr. Feld during the Company’s taxable year preceding the Company’s taxable year of Mr. Feld’s separation from service as determined under Treasury Regulation
Section 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (B) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for
the year in which Mr. Feld’s employment is terminated. 
 (v) The foregoing provisions are intended to comply with
the requirements of Section 409A so that none of the severance payments and benefits to be provided under the Agreement will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so
comply. The Company and Mr. Feld agree to work together in good faith to 

  

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consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional
tax or income recognition prior to actual payment to Mr. Feld under Section 409A.” 
 4. Full Force and Effect. To the
extent not expressly amended hereby, the Agreement shall remain in full force and effect. 
 5. Entire Agreement. This Amendment and
the Agreement constitute the full and entire understanding and agreement between the Parties with regard to the subjects hereof and thereof. This Amendment may be amended at any time only by mutual written agreement of the Parties. 
 6. Counterparts. This Amendment may be executed in counterparts, all of which together shall constitute one instrument, and each of which may be
executed by less than all of the parties to this Amendment. 
 7. Governing Law. This Amendment will be governed by the laws of the
State of California (with the exception of its conflict of laws provisions). 
 IN WITNESS WHEREOF, each of the Parties has executed
this Amendment, in the case of the Company by its duly authorized officer, as of the date set forth above. 
  

					
	 COMPANY
	 	COST PLUS, INC.
		
		 	Cost Plus, Inc.
			
		 	By:	 	 /s/ Joan S. Fujii

		 	Title:	 	 Executive Vice President, Human Resources

		
	EXECUTIVE	 	BARRY J. FELD
		
		 	 /s/ Barry J. Feld

  

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