Document:

<PAGE>

                                                                   Exhibit 10.10

                             EMPLOYMENT AGREEMENT
                             --------------------

     This Employment Agreement is made this 15th day of January, 1998, effective
                                            ----        -------
January 1, 1998, between Eddie Bauer, Inc., a Delaware corporation ("Eddie
Bauer") and Richard T. Fersch, of Mercer Island, Washington ("Fersch").

     Eddie Bauer and Fersch hereby agree as follows:

1. EMPLOYMENT
-------------
     Eddie Bauer agrees to continue to employ Fersch in the greater Seattle
     metropolitan area until the effective date of the termination of the
     employment period, as hereinafter provided, and Fersch agrees to continue
     such employment. Fersch will serve as President and Chief Executive
     Officer (CEO) of Eddie Bauer, reporting to the Board of Directors of Eddie
     Bauer or its designee. Fersch will have managerial responsibility for
     Eddie Bauer and its assigned activities. Notwithstanding anything herein to
     the contrary, there are certain transactions, a list of which has been
     provided to Fersch, that require the approval of the Board of Directors of
     Eddie Bauer. For purposes of this contract the Office of the President of
     Spiegel, Inc. shall be the designee of the Board of Directors of Eddie
     Bauer.

2. BEST EFFORTS
---------------
     During the employment period, Fersch will devote his best efforts and all
     his business time and attention to the business of Eddie Bauer and will
     faithfully perform his duties subject to the direction of the Board of
     Directors or its designee and generally subject to the employment policies
     of Eddie Bauer as may be promulgated from time to time by Eddie Bauer.

3. TERM OF EMPLOYMENT
---------------------
     The term of this Employment Agreement shall be a period of five (5) years
     (Initial Term) commencing January 1, 1998, and terminating December 31,
     2002, subject, however, to prior termination as herinafter provided Section
     9 (Termination for Cause) below. This Employment Agreement shall be
     automatically renewed and continue in full force and effect for additional
     consecutive three (3) year periods (Extended Term(s)) commencing the next
     January 1, following the expiration of the then current

<PAGE>

     term, and terminating the third December 31, following the start of the
     then new term, unless either party gives the other party three (3) month's
                    ------
     written notice of its or his election to terminate this Employment
     Agreement. If Eddie Bauer elects to terminate this Employment Agreement
     by giving Fersch three (3) months written notice of termination at the
     expiration of the Initial Term or any Extended Term except if the date
     of termination is after Fersch has reached the age of 62, Eddie Bauer
     agrees to pay Fersch in a lump sum his entire compensation and benefits
     package in place at the time of termination, as indicated on Schedule A
     calculated for a period of twenty-four (24) months.

4. COMPENSATION
---------------
     Eddie Bauer shall pay Fersch an annual base salary in accordance with
     Schedule A payable in the ordinary course of business for like executives
     of Eddie Bauer. The Board of Directors or its designee shall review this
     base salary annually and shall have the right in its sole discretion to
                                                   ----------------------
     increase it at any time during the employment period. The increase in base
     salary shall be evidenced by the Board of Directors or its designee
     preparing an amended Schedule A to this Employment Agreement, which shall
     give the amount of the increase in base salary, the new total base salary
     and the period for which the increase shall be effective.

5. BONUS
--------
     Eddie Bauer shall pay Fersch an annual cash bonus no later than February
     28th of each year based upon the performance of Eddie Bauer for the most
     recently ended calendar year. The bonus will be in accordance with Schedule
     A. The bonus opportunity shall be determined based upon performance
     criteria mutually, and reasonably developed by Eddie Bauer or its designee
     and Fersch and agreed to by the Board of Directors with the understanding
     that such criteria will provide a fair and professionally challenging
     achievement rewarding good performance. The predetermined performanace
     criteria, and any changes mutually agreed upon by Eddie Bauer or its
     designee and Fersch and agreed to by the Board of Directors, shall be
     listed to this Employment Agreement to be known as Schedule B.

                                      2

<PAGE>

6. BENEFITS
-----------
     Fersch shall be eligible for all medical and dental benefits, disability
     benefits, profit sharing, savings plans, and automobile allowance as
     determined by the Board of Directors., paid vacation, paid up split dollar
     life insurance, paid membership at the Bellevue Athletic Club and other
     benefits which may be or currently are adopted by Eddie Bauer covering its
     senior executive management staff, provided he meets the qualification
     requirements for such benefits. Additional benefits may be added during the
     term of this Agreement by Eddie Bauer.

7. INCAPACITY OF FERSCH
-----------------------
     If, during the term of this Employment Agreement, Fersch shall become
     incapacitated by accident or illness and such incapacity shall continue for
     a period of six (6) successive months, and he is unable to resume his
     duties as provided herein, Eddie Bauer shall have the right to terminate
     the employment period by giving written notice to Fersch of its intention
     to do so at least thirty (30) days prior to the effective date of such
     termination; provided, however, Eddie Bauer agrees to maintain Fersch's
     entire compensation and benefits package in place at that time for a period
     of two (2) years commencing from the effective date of such termination.

8. DEATH OF FERSCH
------------------
     If, during the term of this Employment Agreement, Fersch should die, Eddie
     Bauer agrees to maintain Fersch's entire compensation package in place as
     of the date of his death as indicated on Schedule A for a period of one(1)
     year from the date of his death. The compensation which is due Fersch under
     this paragraph shall be paid to the duly appointed Personal Representative
     for the estate of Fersch.

                                      3

<PAGE>

9. TERMINATION FOR CAUSE
------------------------
     Eddie Bauer may terminate the employment period for the following reasons:
     repetitive intoxication, illegal or abusive use of drugs, illegal conduct,
     or theft which significantly affect the ability of Fersch to lead Eddie
     Bauer or significantly damages Eddie Bauer's public image. If any of the
     above-identified reasons are present, Eddie Bauer shall have the right to
     terminate the employment period by giving written notice to Fersch of its
     intention to do so at least thirty (30) days prior to the effective date of
     such termination.

10. OTHER EMPLOYMENT
--------------------
     Fersch covenants and agrees that during the employment period, he will not
     directly (except with the written consent of Eddie Bauer) become engaged
     in, be employed by, render services to or for, or permit his name to be
     used in connection with any business other than the business of Eddie
     Bauer, whether such other business is or is not competitive with that of
     Eddie Bauer.

11. TRADE SECRETS
-----------------
     Fersch shall not at any time while this Employment Agreement is in force,
     and for a period of one (1) year after its termination ,unless authorized
     by Eddie Bauer, divulge or disclose to any person or corporation any
     confidential or proprietary information relating to the business of Eddie
     Bauer, such as prices of products, services or operational processes, the
     disclosure of which may have a materially adverse financial impact on Eddie
     Bauer. Any breach of this confidentiality clause would cancel any
     compensation or benefits paid at time of termination.

                                      4

<PAGE>

12. TOTAL AGREEMENT
-------------------
     This contract contains the complete agreement concerning the employment
     arrangement between the parties and, as of the effective date, Supersedes
     all other agreements, whether oral or in writing, between the parties.

13. GENERAL
-----------
     The headings of all the sections are inserted for convenience of reference
     only and will not affect the construction or interpretation of this
     agreement.

14. COVERING LAW
----------------
     This agreement shall be governed by the laws of the state of Illinois.

IN WITNESS WHEREOF, the parties have executed this Agreement as of this 15th
                                                                        ----
day of, January, 1998.
        -------

EDDIE BAUER, 1NC.

/s/ Michael R. Moran                                      /s/ Richard T. Fersch
----------------------------------                   ---------------------------
Michael R. Moran                                          Richard T. Fersch
Director

SPIEGEL, INC.

/s/ Harold S. Dahlstrand
----------------------------------
Harold S. Dahlstrand
Chairman, Office of the President

                                      5

<PAGE>

                             EMPLOYMENT AGREEMENT

                                  SCHEDULE A
                                  ----------

This Schedule A is made a part of the Employment Agreement between Eddie Bauer,
Inc. and Richard T. Fersch dated January 15, 1998.

COMPENSATION
------------
Year          Base Salary        Bonus Opportunity         Guaranteed Bonus
----          -----------        -----------------         ----------------

1998          $  750,000         90% of base salary        45% of base salary
1999          $  850,000         95% of base salary        47.5% of base salary
2000          $1,000,000        100% of base salary        50% of base salary
2001          $1,000,000        100% of base salary        50% of base salary
2002          $1,000,000        100% of base salary        50% of base salary

/s/ Michael R. Moran                               /s/ Richard T. Fersch
-----------------------                            -----------------------------
     Eddie Bauer                                         Richard T. Fersch

<PAGE>

                             EMPLOYMENT AGREEMENT

                                  SCHEDULE B
                                  ----------

This Schedule B is made part of the Employment Agreement between Eddie Bauer,
Inc. and Richard T. Fersch dated January 15, 1998.

Bonus is determined by the Executive Committee and the Board of Directors each
year. Historically the criteria has been a pre-tax profit range stating the
amount of pre-tax profit that Eddie Bauer has to reach.

For year 1998 the pre-tax profit range is as follows:
      50% of Bonus Opportunity at an EBT of $100 million
     100% of Bonus Opportunity at an EBT of $116 million
     150% of Bonus Opportunity at an EBT of $136 million

/s/ Michael R. Moran                                   /s/ Richard T. Fersch
-----------------------                                -------------------------
     Eddie Bauer                                           Richard T. Fersch

<PAGE>

                             EMPLOYMENT AGREEMENT

                                  SCHEDULE B
                                  ----------

     This Schedule B is made part of the Employment Agreement between Eddie
     Bauer, Inc. and Richard T. Fersch dated January 15, 1998.

Bonus is determined by the Compensation Committee and the Board of Directors
each year. Historically the criteria has been a pre-tax profit range stating
the amount of pre-tax profit that Eddie Bauer has to reach.

For the year 1999, the pre-tax profit range is as follows:

                        50% of Bonus Opportunity at an EBT of $60 million
                       100% of Bonus Opportunity at an EBT of $90 million
                       150% of Bonus Opportunity at an EBT of $120 million

/s/ Michael R. Moran                        /s/ Richard T. Fersch
-----------------------------------         ------------------------------------
Michael R. Moran                            Richard T. Fersch
Eddie Bauer, Inc.

Effective:   January 1, 1999.
             ------------------------<PAGE>

                                                                  Exhibit 10.11

                           SEPARATION AGREEMENT AND
                      GENERAL WAIVER AND RELEASE OF CLAIMS

      This Separation Agreement and General Waiver and Release of Claims
(hereinafter the "Agreement") is entered into by and between Eddie Bauer, Inc.
(the "Company") and Richard Fersch ("Employee").

     In consideration of the mutual covenants and obligations set forth below,
the parties agree as follows:

     1.   Payment to Employee. Provided that Employee and the Company elect
          --------------------
to enter into this Agreement and it has become final and irrevocable pursuant
to paragraph 5 below, Employee shall receive the benefits described on Exhibit
A hereto.

     2.   Release by Employee. In consideration of this Agreement, Employee for
          --------------------
himself, his attorneys, heirs, executors, administrators, and assigns does
hereby fully, finally, and forever release and discharge the Company, its
parent corporations, subsidiaries, related companies, and their successors,
assigns, officers, employees, directors, agents, and representatives (the
"Released Parties"), of and from all claims, demands, actions, causes of
actions, suits, damages, losses, expenses, attorneys' fees and controversies of
any and every nature whatsoever arising from the beginning of time until the
date of this Agreement including, but not limited to, any claims arising from,
or relating in any way to, Employee's employment as well as Employee's
termination of employment from the Company, or other circumstance arising from
or related to Employee's termination of employment with the Company. Employee
agrees not to sue or otherwise pursue any claim against the Company or the
Released Parties for any matter arising under the Age Discrimination in
Employment Act, the Fair Labor Standards Act, the Worker Adjustment and
Retraining Notification Act of 1988, Title VII of the Civil Rights Act of 1964,
as amended, the Equal Pay Act, the Americans With Disabilities Act, the Family
and Medical Leave Act, the Washington Law Against Discrimination in Employment
and any other federal, state, or local statute/ordinance/regulation or common
law, excepting only claims under the Workers' Compensation laws.

This release shall not apply to claims, demands, actions or causes of action
arising out of the performance or non-performance by any person of any term,
covenant or condition of this Agreement.

     3.   Additional Representations and Warranties of Employee. Employee hereby
          ------------------------------------------------------
further agrees, represents and warrants:

     a.   That as of the date of his termination of employment, Employee will

     return to the Company all Company property, including without limiting the
     generality of the foregoing, any keys, computerized access cards, records,
     reports, proposals, lists, correspondence, computer disks, Company
     documents (except for a copy of Employee's performance reviews), nor does
     Employee have knowledge of any Company property having been misappropriated
     by Employee or any other party.

<PAGE>

     b.   He shall not seek employment with the Company or any of its
     subsidiaries or affiliates at any time in the future. However, the Company
     may, in its sole discretion, elect to waive this provision if it so
     chooses; such a waiver shall be effective only if it is in writing and
     signed by the CEO & President of the Spiegel Group.

     c.   That all cash and excess travel advances and other overpayments
     Employee has received which have not been repaid in full to the Company
     may be deducted from the consideration described in Section 1.

     d.   That he will cooperate fully, subject to reimbursement by the Company
     of reasonable out-of-pocket costs and expenses, with the Company and its
     counsel with respect to any legal matter (including any litigation,
     investigation or governmental proceeding) which relates to matters with
     which Employee was involved or acquired knowledge during his employment
     with the Company. Such cooperation includes appearing from time to time at
     meetings for conferences and interviews and in general providing the
     Company, its officers and its counsel with the full benefit of Employee's
     knowledge with respect to any matter related to the Company. Employee
     agrees to render such cooperation in a timely fashion and at such times as
     requested by the Company.

     e.   That he will not disparage, publicly or privately, the Company or its
     subsidiary or affiliated companies or any of their respective employees or
     products.

     f.   Agrees that during his employment and for the one year (1) year period
     commencing with the date of his termination of employment with the
     Company, not to cause, induce, or assist, either directly or indirectly,
     any exempt (as defined under the Fair Labor Standards Act) level,
     supervisory and/or management employee who was employed by the Company
     during a twelve month period either before or after the date of Employee's
     execution of this Agreement ("Prohibited Employee") to become employed,
     either directly or indirectly, by Employee or any entity which either
     directly or indirectly employs him/her. For each breach of this provision
     by Employee during said one (1) year period, in addition to the other
     rights and remedies available to the Company as provided in this
     Agreement, Employee hereby agrees to pay the Company, not as a penalty but
     as liquidated damages to reimburse the Company for training and recruiting
     costs incurred in replacing such Prohibited Employee, a sum equal to fifty
     percent (50%) of the employee's annual salary as of the date of the
     Prohibited Employee's termination of employment with the Company. Employee
     hereby agrees that in the event a Prohibited Employee becomes employed by
     Employee or his/her employer and is within the chain of Employee's
     reporting structure (i.e., reports either directly or indirectly to
     him/her or the person to whom he/she reports), shall be deemed to be a
     breach of this Agreement and the Company shall be entitled to all of the
     rights and remedies at law, equity and/or as provided in this Agreement.

     Employee further agrees that during his employment and for the one (1) year
     period commencing with his date of termination of employment from the
     Company, to refer all requests for references for current (as of the date
     of such

                                      2

<PAGE>

     request) or former employees of the Company to the Human Resources
     Department of Company and to provide no information whatsoever regarding
     any current or former employee, unless the Vice President for Human
     Resources of the Company specifically authorizes Employee in writing to
     respond to such request. As used in this sentence, "former employees"
     shall mean persons who were employed by the Company within two (2) years
     of the date of such request for information.

     g.   That Employee has voluntarily resigned his employment with the
     Company.

     h.   Any breach of Employee's obligations, representations or warranties
     under any provision of this Section 3 of the Agreement will cause
     irreparable damage to the Company and therefore, in addition to any other
     remedies at law or in equity or under this Agreement available to the
     Company for his/her breach or threatened breach of this Agreement, the
     Company is entitled to specific performance or injunctive relief against
     Employee to prevent such damage or breach.

Employee further agrees that in addition to any rights of the Company at law or
in equity, he will reimburse the Company for all costs and expenses incurred by
the Company in connection with collecting any amounts due from him under this
Section 3 and that as of the date of any breach whatsoever by him of any of his
obligations under this Agreement, the Company shall have no further obligation
and is hereby released by Employee from any obligations to continue to make any
future payments or provide any part of the consideration described in Section
1. Employee agrees that the consideration paid to him through the date that the
breach occurred shall be deemed to be sufficient consideration for Employee in
exchange for his obligations, representations and promises made under this
Agreement.  Failure of Employee to continue to perform his obligations under
this Section 3 shall be deemed to be a breach and entitle the Company to the
remedies set forth in this Agreement in addition to any other rights or
remedies available at law or in equity,

     4. CONFIDENTIALITY. Employee agrees not to disclose to any person any
        ----------------
confidential and/or proprietary information learned during the course of his/her
employment with the Company. "Confidential and proprietary information"
includes any information or materials concerning the Company's business,
technical or otherwise, which is not known to the public at large or not
generally known to the employees of the Company except on a need to know basis
based on Employee's specific job duties for which such information is required
in order to accomplish their specific job objectives as designated by the
Company. It includes, but is not limited to information and materials
developed, collected or used by Company personnel and information disclosed to
the Company by its employees, agents or representatives. Confidential and
proprietary information may relate to the past, present or future and may
concern, but is not limited to, business strategies, financial data, business
plans, technology, contract provisions, client lists or personnel data or
information and need not necessarily be reduced to a tangible form.

     Employee hereby further warrants and represents that as of the date of his
execution of this Agreement, he has returned to Martin Zaepfel and/or Michelle

                                      3

<PAGE>

Clements, all Company materials and information including all copies thereof,
including without limiting the generality of the foregoing, any records or
documents he prepared or received while employed by the Company and all
confidential and proprietary information or other information of or related to
the Company which Employee acquired during his employment (other than copies of
Employee's own performance review or other materials which as of the date of
this Agreement have been widely disseminated by the Company to the
public-at-large). Employee hereby further represents that as of the date of his
execution of this Agreement, he has not disclosed to any person, other than any
employee of the Company (on a need to know basis) any confidential or
proprietary information to which Employee has had access during his employment.

     Employee further agrees not to disclose the settlement amount, any term of
this Agreement to any other person or entity except to his spouse, his attorney
retained in connection with this matter, his financial planner and such
disclosure as is necessary for tax purposes, or as otherwise required by law.
Employees agree that each of the foregoing parties shall also be bound by this
commitment of Confidentiality and Employee shall be responsible for any
disclosure by them.

     Employee hereby warrants and represents that he has not made any
disclosures to date prohibited by this Agreement.

     Upon request from time to time based upon the Company's reasonable belief
that a breach of this Agreement has occurred, Employee agrees to respond to any
inquiry related to such suspected breach within ten (10) days of receipt of
such inquiry, including providing verification whether a breach of this
Agreement has occurred.  Failure to timely furnish such verification shall be
deemed to be prima facie evidence of a breach of Employee's obligations under
this Section 4.

     This confidentiality provision is a material term of this Agreement. In
the event of any breach of Employee's obligations under this Section 4,
including any misrepresentation of the representations and warranties contained
herein, Employee hereby agrees to pay the Company, not as a penalty, but as
liquidated damages an amount equal to the Additional Compensation described in
Section 1 and to reimburse the Company for all costs and expenses incurred by
the Company as a result of such breach including reasonable attorney fees and
other costs incurred in connection with or related to the collection of any
amounts due.

     5.   Employee acknowledges and understands that:

     a.        he is advised to consult with an attorney before signing this
Agreement which contains a general release and waiver of claims;

     b.   he has been given a period of at least 21 days from the date of
presentment of this Agreement within which to review and consider this
Agreement before signing it. Employee further understands that if he elects to
accept the conditions of this Agreement, he will advise the Company accordingly
by delivering three (3) executed copies of this Agreement to the Company on or
prior to the close of business on January 11, 2002. A copy of this Agreement
was originally delivered to Employee on or about December 20,2001;

                                      4

<PAGE>

     c.   he may revoke this Agreement by providing written notice to the
Company within seven (7) days following its execution. Any notice of revocation
of this Agreement shall not be effective unless given in writing and received
by the Company via personal delivery, overnight courier or U .S. Mail, postage
prepaid, to the following address:

     Al Kearney
     Spiegel Management Group, Inc.
     3500 Lacey Road
     Downers Grove, IL 60515

     d.   This Agreement shall become effective and enforceable after expiration
of the revocation period described in c. above and execution of this Agreement
by the Company.

     6.   Employee represents and warrants that, in connection with his/her
decisions to accept the severance benefits and execute this Agreement, he/she
has not relied on any representations, promises, or agreements of any kind
except for those set forth in this Agreement.

     7.   Employee represents and warrants that his/her decision to enter into
this Agreement is completely voluntary and uncoerced, and that he/she is
entering into this Agreement with a full understanding of its terms and effect.

     8.   This Agreement shall be governed by and interpreted in accordance with
the laws of the State of Washington, the state and/or federal courts of which
shall have sole jurisdiction over any dispute arising hereunder.

     9.   This Agreement constitutes the entire Agreement between the parties
and supersedes all previous understandings, communications, representations and
agreements whether oral or written, with respect to the subject matter of this
Agreement including without limiting the generality of the foregoing, that
certain Employment Agreement dated as of January 15,1998 between Employee and
Company (the "Employment Agreement"). Employee hereby waives any right to claim
any benefits under the Employment Agreement and by executing this Agreement,
the Employment Agreement is hereby declared null and void. There are no oral or
written conditions, representations, warranties, undertakings or agreements
between the parties except as expressly provided in this Agreement. This
Agreement may not be modified except in writing signed by both parties.

                                      5

<PAGE>

     10.  If any terms or provisions of this Agreement shall, to any extent and
under any circumstance, be illegal, invalid or unenforceable, the remainder of
this Agreement shall not be affected thereby and shall be valid and enforceable
to the extent permitted by law.

                                         EDDIE BAUER, INC.

/s/ Richard Fersch                       By:
----------------------                      -----------------------------------
RICHARD FERSCH

                                         Title: CEO
                                               --------------------------------

Date:12/21/01                            Date:  Jan 2, 2002
-----------------------                       ---------------------------------

                                      6

<PAGE>

                                  EXHIBIT A

For and in consideration of Employee's execution of the attached SEPARATION
AGREEMENT AND GENERAL WAIVER AND RELEASE OF CLAIMS, the following additional
benefits will be provided by the Company, less applicable deductions:

..    A lump sum payment of Two Million Dollars ($2,000,000). Payment to be made
     on or before the thirtieth (30) day of the month in the calendar month
     immediately following Employee's termination date (i.e., the last day of
     the transition period).

..    Commencing Jan 1, 2002, Company agrees to pay Employee One Hundred Thousand
                -----    --
..    Dollars ($100,000) per month (with a minimum guarantee of five (5) months)
     in lieu of Employee's base salary during a transition period to be
     determined by the Company in its sole discretion. The Company agrees to
     provide Employee with at least fourteen (14) days notice of the last day
     of the transition period. Employee's date of termination of employment
     with Company will be the last day of the transition period.

..    The Company will buy out the lease of Employee's current company
     automobile and will purchase and assign the title of that automobile to
     Employee.

..    Employee and his eligible family members will be immediately eligible to
     participate in and receive their current level of medical coverage through
     the Retiree Medical Program. If Employee elects this option, Employee will
     be responsible for paying the premiums for coverage under the Retiree
     Program.

..    Employee and his eligible (as defined in the Company's discount policy)
     family members will receive a forty-percent (40%) employee discount on
     products sold by The Spiegel Group subject to the other terms of the
     Company's discount policy.

..    Employee will be eligible for Executive Service Level of outplacement for
     a period of up to twelve (12) months provided by a service provider
     mutually agreed to by Company and Employee. Employee must commence such
     service within six (6) months after his date of termination of employment
     with the Company and the cost of such service may not exceed Fifteen
     Thousand Dollars ($15,000.00).

..    Employee will be eligible to continue to access resources and personnel
     provided through Working Solutions through twelve (12 months) following
     his date of termination.

                                      7

<PAGE>

     Employee will be eligible to continue to be covered under the Company's
     split dollar insurance program at your current level (based upon three
     times a base compensation of $1,000,000) until the postretirement death
     benefit funding objectives of the policy have been achieved (i.e., there
     is enough cash value in the policy to allow The Spiegel Group to recover
     its premiums and to permit Employee to continue his policy). Though the
     program is funded assuming a decrease in the level of death benefit of 50%
     at plan maturity, under the current plan design, Employee may choose the
     amount of death benefit he wishes to maintain when he takes over the
     policy.

     The Company will continue to pay, on the same basis that it currently
     does, the Company share of the premium for Employee until he reaches age
     65. Employee will continue to be responsible for payment of the Employee
     portion of the premiums. At plan maturity, all Company premiums will be
     returned to The Spiegel Group.

EDDIE BAUER, INC.

                                          /s/ Richard Fersch
                                          --------------------------------
                                              RICHARD FERSCH

By:                                     Date:    12/21/01
   --------------------------                -----------------------------

Title:   CEO
      -----------------------

Date:     Jan 2, 2002
     ------------------------

                                      8

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