Document:

<PAGE>   1
                                                                   Exhibit 10.60

                              [COLE NATIONAL LOGO]

EXECUTIVE OFFICES

                                 March 23, 2000

Mr. Thomas Kaung
12 Pepper Ridge Road
Pepper Pike, OH   44124

Dear Tom:

         We are pleased to offer you the opportunity to become Executive Vice
President and Chief Financial Officer. You will report to me and play a
leadership role in working with Larry and me to reinvigorate our growth.

         The following highlights the terms of our offer:

         1.       EFFECTIVE DATE: Upon election as an officer by Board of
Directors.

         2.       SALARY: Your base salary will be $375,000 per year, payable in
accordance with the bi-weekly executive payroll schedule, starting with the
effective date.

         3.       OPERATING BONUS: You will participate in a Management
Incentive Plan as such program is in effect from time to time for senior
officers of Cole National Corporation. Your bonus, if any, for Fiscal Year 2000
will be based on the full $375,000.

         4.       STOCK OPTIONS: We will request that the Board of Directors of
Cole National Corporation grant you an option for 50,000 shares of Cole National
Corporation stock, at a per share price equal to the closing stock price on the
date of grant and another option for 50,000 shares at a per share exercise price
of $10.00. These options will have a two year vesting period with half of each
grant vesting at the end of the first year and the remainder at the end of the
second year. These options would be granted as of the date you are elected as an
officer by the Board.

         5.       MERIT INCREASE: Your salary will be reviewed and adjustments,
if any, will be made in the discretion of the CEO and Board.

         6.       AUTOMOBILE: You may choose a company automobile with a value
of up to $45,850.

<PAGE>   2

         7.       GROUP MEDICAL PLAN: If you elect, you and your eligible
dependents will be eligible to participate in the Cole Group coverage.
Additionally, if you do elect coverage, you will also be eligible to participate
in our MERP Executive Supplemental Plan while you are employed, details of which
we can provide at a later date. If you remain employed by the Company until the
Retirement Date (as defined below) and thereafter upon termination of your
employment for any reason (other than for Cause) or if prior to the Retirement
Date your employment is terminated by the Company without Cause or by you
following a change in control or for Good Reason (all as defined in the Stock
Option Agreement dated this date between you and the Company), the Company shall
provide you and your spouse to the extent reasonably possible with such group
medical benefits under its group medical plan as it then currently provides to
its employees generally at the same cost to you as it then charges to the
Company's employees until November 1, 2005. You will not then be entitled to
MERP.

         8.       SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS (SERP): You will not
participate in any of the Supplemental executive retirement plans of the Company
except for such benefits as you may have from your previous employment with the
Company.

         9.       TERM LIFE INSURANCE/ACCIDENTAL DEATH & DISMEMBERED INSURANCE
(AD&D): You will be eligible to participate in Cole National's life insurance
program, which provides a coverage at no cost to you in an amount equal to two
times your base salary. You may elect to purchase additional amounts of Term
Insurance equal to one or two times your base salary at your cost.

         10.      SHORT-TERM DISABILITY PLAN: After a six (6) month waiting
period, you would be eligible for benefits up to a maximum of thirteen (13)
weeks beginning with the first day of absence.

         11.      EXECUTIVE LONG-TERM DISABILITY PLAN: In accordance with the
terms of this plan, you would be eligible for a monthly benefit of up to sixty
(60%) percent of your monthly base salary, up to a maximum of fifteen thousand
dollars ($15,000) per month. You will be eligible to participate in this plan
following ninety (90) days of continuous employment. Benefits are payable after
a waiting period of ninety (90) days after the onset of disability.

         12.      DEFERRED COMPENSATION PLAN: You would be eligible to
participate in the Deferred Compensation Plan (DCP) after 90 days of continuous
service. This is a non-qualified compensation deferral plan that allows you to
defer up to 100% of your salary and/or bonus. The Company will match 10% of the
first 10% of your compensation contributed to the plan in Cole National Common
Stock after the end of each Plan year. Plan details will be sent to you upon
hire.

         13.      PENSION PLAN: Your participation in the Cole National Group
Retirement Plan will be governed by the terms of such plan..

         14.      VACATION: You will be eligible for four (4) weeks of vacation,
beginning in fiscal 2000.

<PAGE>   3

         15. RECRUITMENT RESPONSIBILITY: It is currently anticipated that you
will retire on February 1, 2003 or such other date as we shall mutually agree
("Retirement Date"). You acknowledge that one of your responsibilities shall be
to commence active recruitment for your successor not later than twelve (12)
months prior to your Retirement Date with the objective that the person so
selected will commence his/her employment six months prior to your Retirement
Date.

         16. TERMINATION/NON-COMPETE AGREEMENT: A letter to be signed in
connection with your acceptance of employment setting forth certain
noncompetition and termination provisions has been provided as a condition of
your employment.

                                   Sincerely,

                                   /s/Jeffrey A. Cole
                                   ------------------------------------
                                   Jeffrey A. Cole
                                   Chairman and Chief Executive Officer

Agreed to and acknowledged this  23  day of March, 2000.
                                ----

/s/Thomas T. S. Kaung
---------------------------------
Thomas T. S. Kaung

Enclosure:        Non-Compete Agreement<PAGE>   1
                                                                   Exhibit 10.61

                                 March 23, 2000

Cole National Corporation
5915 Landerbrook Drive
Mayfield Heights, OH   44124

Gentlemen:

         In consideration of my employment as Executive Vice President of Cole
National Corporation (the "Company") and the benefits I derive from Paragraph L
hereof (but without thereby creating any fixed or contractual employment term,
understanding that my employment can be terminated, with or without cause and
with or without notice, at any time at the option of either the Company or me),
I hereby agree with the Company as follows:

         A. During the term of my employment I will not compete, directly or
indirectly, with the Company (which hereafter shall include the Company and its
direct and indirect subsidiaries). In accordance with this restriction, but
without limiting its terms, I will not:

         (a)    enter into or engage in any business which competes with the
                business of the Company; or

         (b)    solicit customers, business, patronage, or orders for, or sell,
                any product or products in competition with, or for any business
                that competes with, the business of the Company; or

         (c)    divert, entice, or take away any customers, business, patronage
                or orders of the Company or attempt to do so; or

         (d)    promote or assist, financially or otherwise, any person, firm,
                association or corporation or any other entity engaged in any
                business which competes with the business of the Company.

         B. For a period of eighteen (18) months following termination of my
employment with the Company, I will not enter into or engage in any business
that competes with the Company's business.

         C. For a period of eighteen (18) months following termination of my
employment with the Company, I will not solicit customers, business, patronage,
or orders for, or sell any product(s) in competition with the Company's
business.

         D. For a period of eighteen (18) months following termination of my
employment with the Company, I will not divert, entice, or otherwise take away
any customers, business, patronage, or orders of the Company, or attempt to do
so.

         E. For a period of eighteen (18) months following termination of my
employment with the Company, I will not promote or assist financially or
otherwise, any person, firm, association, partnership, corporation, or any other
entity engaged in any business which competes with the Company's business.

         F. For the purposes of Paragraphs A through E, inclusive, I understand
that I will be competing if I engage in any or all of the activities set forth
therein directly as an individual on my own account, or indirectly as a partner,
joint venturer, employee, agent, salesman, consultant, officer and/or director
of any

<PAGE>   2

firm, association, corporation, or other entity, or as a stockholder of any
corporation in which I own, directly or indirectly, individually or in the
aggregate, more than one percent (1%) of the outstanding stock.

         G. For the purposes of Paragraphs B through E, inclusive, the Company's
business is defined as the manufacture, production, sale, marketing and/or
distribution of any product(s) and/or the rendering of any service(s) that are
the same as or similar to those manufactured, produced, sold, marketed,
distributed and/or rendered, as of the date of my termination, by the Company.

          H. I understand that the activities set forth in Paragraphs B through
E, inclusive, shall be prohibited only within the United States, Canada and
Puerto Rico or such lesser geographic area as to which or for which I was
assigned or had responsibility at the time of my termination or at any time
during the twelve (12) month period immediately preceding my termination.

         I. If it shall be judicially determined that I have violated any of my
obligations under Paragraphs B through E, inclusive, then the period applicable
to the obligation which I shall have been determined to have violated shall
automatically be extended by a period of time equal in length to the period
during which said violation(s) occurred.

         J. I also agree that I will not directly or indirectly at any time
solicit or induce or attempt to solicit or induce any employee(s) or any sales
representative(s), agent(s) or consultant(s) of the Company or any of its
parent, subsidiary or affiliate entities to terminate their employment,
representation or other association with the Company or such entity.

         K. During the period of my employment and at any time thereafter, I
will not disclose, furnish, disseminate, make available or, except in the
ordinary course of performing my duties on behalf of the Company, use any trade
secrets or confidential business and technical information of the Company, or
its parent, subsidiaries or affiliated entities or its customers, without
limitation as to when it was acquired by me or whether it was compiled or
obtained by, or furnished to me while I was employed by the Company. Such trade
secrets and confidential business and technical information are considered to
include, without limitation, the vision care plans, vendor lists, vendor terms
and programs, merchandise costs, financial statistics, research data, or any
other statistics and plans contained in monthly and annual review books, profit
plans, capital plans, critical issues plans, strategic plans, or merchandising,
marketing, real estate, or store operations plans. I specifically acknowledge
that all such information, whether reduced to writing or maintained in my mind
or memory and whether compiled by the Company and/or me derives independent
economic value from not being readily known to or ascertainable by proper means
by others who can obtain economic value from its disclosure or use, that
reasonable efforts have been put forth by the Company to maintain the secrecy of
such information, that such information is and will remain the sole property of
the Company and that any retention and use of such information during or after
the termination of my relationship with the Company (except in the course of
performing my duties) shall constitute a misappropriation of the Company's trade
secrets; provided, however, that this restriction shall not apply to information
which is in the public domain or otherwise made public by others through no
fault of mine or as may be required by Law.

         L. It is further understood and agreed that in the event my employment
with the Company should be terminated by the Company without "Cause" or by me
for "Good Reason" or after a change in control (i) any time prior to February 1,
2002, I will receive, in full and complete settlement of any claims for
compensation which I may have, a continuation of my annual base salary, in
effect at the time of the termination of my employment, for a period of up to
eighteen (18) months immediately following such termination or (ii) any time on
or after February 1, 2002 until February 1, 2003, I will receive as full and
complete settlement for any claims for compensation I may have, a continuation
of my annual base salary in effect at the time of termination of employment, for
a period ending on January 31, 2003, such amounts to be payable in accordance
with the Company's payroll schedule; (the relevant period of such salary
continuation shall be referred to as the "Salary Continuation Period").
Notwithstanding the foregoing, in the event I obtain employment any consulting
assignments or any self-employment during the relevant Salary Continuation
Period (and upon obtaining such employment or assignments I will promptly notify
the Company of same), the payment of any unpaid balance hereunder, effective as
of the date upon which I obtain new employment or assignment, shall be:

<PAGE>   3

         (i)    canceled if the annual base salary of my new employment equals
                or exceeds my annual base salary at the Company at the time of
                my termination; or

         (ii)   reduced to the amount by which my monthly base salary at the
                Company at the time of my termination exceeds the monthly base
                salary of my new employment prorated on the basis of the time
                remaining in the relevant Salary Continuation Period; or

         (iii)  reduced by amounts of any consulting or self-employment income
                earned or paid to me during the relevant Salary Continuation
                Period.

         For purposes of this Agreement, monthly base salary shall be defined as
my annual base salary divided by twelve (12).

         As used herein, "annual base salary of my new employment" shall equal
the greater of (x) the actual monthly base salary of my new employment or (y) if
(x) is not reasonable, the average monthly base salary payable to persons
holding comparable positions as I then do with my new employer with businesses
comparable to my then-new employer.

         As used herein, "Good Reason", "Change of Control" and "Cause" shall
have the same meanings a set forth in those two certain Non-Qualified Stock
Option Agreements between me and Cole National Corporation dated March 23, 2000.

         M. I expressly agree and understand that the remedy at law for any
breach by me of this Agreement will be inadequate and that the damages flowing
from such breach are not readily susceptible to being measured in monetary
terms. Accordingly, it is acknowledged that upon my violation of any provision
of this Agreement, the Company shall be entitled to immediate injunctive relief
and may obtain a temporary order restraining any threatened or further breach
without the necessity of proof of actual damage. Nothing in this Agreement shall
be deemed to limit the Company's remedies at law or in equity for any breach by
me of any of the provisions of this Agreement which may be pursued or availed of
by the Company.

         N. This Agreement is not assignable by either party without the prior
written consent of the other; provided, however, the Company may assign this
Agreement to its parent, any subsidiary or affiliated entity and such entity
shall succeed to each of the Company's rights hereunder. Upon such assignment,
all references to the Company in this Agreement shall, as the context requires,
be deemed to be to the entity to which such assignment, assumption and
employment relate.

         O. No modification, waiver, amendment or addition to any of the terms
of this Agreement shall be effective, except as set forth in a writing signed by
me and the Company. The failure of the Company to enforce any provision of this
Agreement shall not be construed to be a waiver of such provision or of the
right of the Company thereafter to enforce each and every provision.

         P. This Agreement and any amendments thereto shall become effective on
the date of acceptance by the Company and shall be governed by, and construed in
accordance with, the internal, substantive laws of the State of Ohio. I agree
that the state and federal courts located in the State of Ohio shall have
jurisdiction in any action, suit or proceeding against me arising out of this
Agreement and I hereby: (a) submit to the personal jurisdiction of such courts;
(b) consent to service of process in connection with any action, suit or
proceeding against me; and (c) waive any other requirement (whether imposed by
statute, rule of court or otherwise) with respect to personal jurisdiction,
venue or service of process.

         Q. Except for that certain letter dated March 23, 2000, this Agreement
supersedes the provisions of each and every other agreement or understanding,
whether oral or written, between the undersigned and the Company relating to the
subject matter contained herein, and any such agreement or understanding shall
be of no further force and effect. The provisions of this Agreement are
severable and if any one or more provisions may be determined to be illegal or
otherwise unenforceable, in whole or in part, the remaining provisions and any
partially unenforceable provision, to the extent enforceable in any

<PAGE>   4

jurisdiction, shall, nevertheless, be binding and enforceable. The parties
hereto agree that when fully executed, the foregoing shall constitute a legally
enforceable Agreement between us, which also shall inure to the benefit of the
Company's successors and assigns.

         Finally, I represent that prior to signing this Agreement, I have read,
fully understand and voluntarily agree to the terms and conditions as stated
above, that I was not coerced to sign this Agreement, that I was not under
duress at the time I signed this Agreement and that, prior to signing this
Agreement, I had adequate time to consider entering into this Agreement,
including without limitation, the opportunity to discuss the terms and
conditions of this Agreement, as well as its legal consequences, with an
attorney of my choice.

                                          Very truly yours,

                                          By: /s/ Thomas T. S. Kaung
                                              --------------------------------
                                              Thomas T. S. Kaung

Acknowledged and agreed to
as of this 23 day of March, 2000.

COLE NATIONAL CORPORATION

By:  /s/ Jeffrey A. Cole
     -------------------------------------
         Jeffrey A. Cole
         Chairman and CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00008-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00008-of-00352.parquet"}]]