Document:

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                                                                   Exhibit 10.28

                              EMPLOYMENT AGREEMENT

                                       FOR

                                 WILLIAM LENICH

This employment agreement ("Agreement") by and between R. G. Barry Corporation
("Corporation"), an Ohio corporation, and William Lenich ("Executive"),
collectively, the "Parties," is effective February 19, 2001 ("Effective Date")
and describes the terms and conditions governing Executive's employment with
Corporation.

                           ARTICLE 1 TERM OF AGREEMENT

This Agreement:

      [1]   Will be effective only if:

            [a] Executive assumes the duties described in Article 2 no later
            than February 19, 2001; and

            [b] Executive meets all generally applicable employment conditions,
            including [i] passing Corporation's physical examination and
            controlled substance test and [ii] positive verification of business
            references.

      [2]   Will remain in effect for 36 full calendar months beginning after
            the Effective Date, unless it terminates at an earlier date as
            provided below ("Original Term") and will be extended automatically
            for an additional 12 months beginning at the end of the Original
            Term unless, no later than 180 days before the end of the Original
            Term, either Corporation or Executive notifies the other, in
            writing, that it/he does not want to extend the term of this
            Agreement.

      [3]   The Original Term together with the extensions described in
            subsection [2] is referred to in this Agreement as the "Term."

                   ARTICLE 2 EXECUTIVE'S DUTIES AND AUTHORITY

2.01  During the Term of this Agreement, Executive agrees:

      [1]   To serve as President and Chief Operating Officer of Corporation (or
      more senior position to which he is appointed), a position that is based
      in the Columbus, Ohio metropolitan area, and to perform the services that
      are customarily performed by persons in such executive capacities;

      [2]   To discharge any other duties and responsibilities that the Chairman
      ("Chairman") of Corporation's Board of Directors ("Board") assigns to him
      from time to time that are consistent with Executive's title and position;

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      [3]   To serve, if elected, as a director of Corporation during the Term
      and, if appointed or elected, to serve as an officer and director of any
      entity that is related through common ownership to Corporation (all
      entities related through common ownership to Corporation are called
      "Affiliates" and Corporation and all Affiliates are called "Group"). As
      soon as practicable after the Effective Date, Corporation will take all
      action necessary to cause Executive to be nominated to membership on the
      Board;

      [4]   Except for periods of absence attributable to illness, vacations and
      any leaves of absence authorized by the Board, to:

            [a] Devote his full business time and attention to the Group's
            business affairs and to discharge the duties assigned to Executive
            under this Agreement; and

            [b] Not to engage in any other business activity, whether or not for
            gain, profit or other pecuniary advantage. However, Executive may
            serve as a director of companies other than Group members if that
            service is approved by the Board.

2.02   The restrictions described in Section 2.01[4][b] will not be construed to
prevent Executive from:

      [1]   Investing his personal assets in:

            [a] Businesses that do not compete with or do business with any
            Group member and do not require Executive to perform any services
            connected with the operation or affairs of the businesses in which
            the investment is made;

            [b] Stocks or corporate securities described in Section 7.02; or

            [c] Businesses that compete with or do business with any Group
            member, but only if:

               [i] That business's stock is publicly traded;

               [ii] Executive does not acquire more than five percent of the
               outstanding common shares issued by the business in which the
               investment is made; and

               [iii] Executive does not (and is not required to) perform any
               services connected with the operation or affairs of the business
               in which the investment is made.

      [2]   Participating in, or serving as a consultant, advisor, trustee or
      director of, civic and charitable organizations or activities, but only if
      this activity [a] does

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      not interfere with the performance of his duties under this Agreement and
      [b] is approved by the Board.

2.03  Executive will have a direct reporting relationship to the Chairman and
from:

       [1]  Value Brands Sales;

       [2]  Image Brands Sales;

       [3]  Supermarkets and Drug Chains Sales;

       [4]  Design/Product Development/Merchandising;

       [5]  Operations; and

       [6]  Other officers and employees designated by the Chairman.

Also, Executive will be entitled to receive periodic reports from Corporation's
International, Financial and Human Resources Departments and other information
he reasonably needs to discharge his duties under this Agreement.

2.04  Executive will have all power and authority reasonably required to
discharge the duties and responsibilities assigned to him under this Agreement.

                       ARTICLE 3 EXECUTIVE'S COMPENSATION

3.01  During the Term of this Agreement and subject to the terms of this section
and of Article 5, Corporation will pay the following amounts to Executive:

       [1]  Beginning on the Effective Date, a base salary at the rate of
       $450,000 for each full calendar year of employment ("Base Salary"),
       prorated to reflect partial calendar months and years of employment, and
       to be paid in installments that correspond with Corporation's normal
       payroll practices applicable to Corporation's senior executives. Base
       Salary will not be reduced during the Term of this Agreement without
       Executive's prior written consent and may be increased during the Term of
       this Agreement at the discretion of the Board's Executive Compensation
       Committee, which will review Executive's compensation annually at the
       same time it reviews compensation paid to other senior executives of the
       Corporation.

       [2]  An annual cash bonus under (and subject to the terms of) the R. G.
       Barry Annual Incentive Program (or any successor annual bonus plan,
       provided that such plan provides Executive with an annual bonus potential
       at target and maximum levels that are no less than those applied to
       determine the Chairman's

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       bonus), as in effect from time to time, ("Annual Incentive Program")
       ranging between:

            [a] 40 percent of Base Salary, if Annual Operating Plan targets are
            met or exceeded; and

            [b] 100 percent of Base Salary, if maximum profit targets are met or
            exceeded.

       For 2001, this bonus will be prorated on the basis of the number of
       calendar days between the Effective Date and December 31, 2001.

       [3] Participation, to the full extent of his eligibility, in all employee
       benefit and other programs provided to Corporation's senior executives, a
       description of which has been given to Executive, (other that the
       supplemental retirement plan that is limited to executives who were
       employees of Corporation before January 1, 1989) at a level commensurate
       with Executive's title and position, as these programs may from time to
       time be amended or modified by the Board or the Board's Executive
       Compensation Committee. However, Executive will be allowed four weeks'
       vacation for each calendar year and will be entitled to commercial air
       travel and hotel accommodations in the same class as that allowed to
       Chairman.

       [4] The perquisites and fringe benefits that, on or after the Effective
       Date, are made available to Corporation's senior executives (other than
       the supplemental retirement plan that is limited to executives who were
       employees of Corporation before January 1, 1989), at a level commensurate
       with Executive's title and position and specifically including a monthly
       automobile allowance of $1,000.

       [5] Reimbursement of Executive's initiation fees (but only to the extent
       of $25,000 during the Term) and recurring dues at a country club located
       in the Columbus, Ohio metropolitan area.

3.02  Subject to the terms of this section and of Article 5 and as an
inducement to Executive to enter into this Agreement, Executive will receive the
following special payments and grants:

       [1] A special one-time cash payment of $100,000 payable only if, within
       12 calendar months beginning on or immediately after the Effective Date,
       [a] Executive purchases a residence in the Columbus, Ohio metropolitan
       area and [b] Executive and his spouse establish a permanent residence in
       the Columbus, Ohio metropolitan area.

       [2] Options to purchase:

            [a] 190,000 of Corporation's common shares, par value $1.00 per
            share, ("Shares"). These options will be granted on the Effective
            Date ("Initial Options") under either the R. G. Barry Corporation
            1994 Stock

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            Option Plan as in effect on the Effective Date ("1994 Option Plan")
            or the R. G. Barry Corporation 1997 Incentive Stock Plan as in
            effect on the Effective Date ("1997 Option Plan"), or both. The
            Initial Options will be granted under a stock option agreement
            having terms and conditions consistent with this Agreement and the
            stock option plan or plans under which they are granted.

            [b] 150,000 Shares. These options will be granted on the third
            business day after the closing price of the Shares averages at least
            $5.00 per Share for 15 consecutive trading days ending during the
            Original Term of this Agreement ("$5.00 Options"). Corporation will
            monitor the Shares' closing price during the Original Term to
            establish when, and if, the conditions described in the preceding
            sentence are met. If the $5.00 Options cannot be granted under the
            option plans described in Section 3.02[2][a], they will be granted
            under a shareholder approved stock option plan that complies with
            the requirements imposed on "performance based compensation"
            programs under Section 162(m) of the Internal Revenue Code of 1986,
            as amended ("Code") or, if no plan of this type is then in effect or
            if the $5.00 Options cannot, for any reason, be granted under a plan
            of this type that is then in effect, the $5.00 Options will be
            granted under a stand-alone stock option agreement. The shareholder
            approved stock option plan described in the preceding sentence and
            the stand-alone agreement, also described in the preceding sentence,
            will contain terms and conditions that are substantially the same as
            those included in the 1997 Option Plan and will not be inconsistent
            with this Agreement; and

            [c] 150,000 Shares. These options will be granted on the third
            business day after the closing price of the Shares averages at least
            $10.00 per Share for 15 consecutive trading days ending during the
            Original Term of this Agreement ("$10.00 Options"). Corporation will
            monitor the Shares' closing price during the Original Term to
            establish when, and if, the conditions described in the preceding
            sentence are met. If the $10.00 Options cannot be granted under the
            option plans described in Section 3.02[2][a], they will be granted
            under a shareholder approved stock option plan that complies with
            the requirements imposed on "performance based compensation"
            programs under Code ss.162(m) or, if no plan of this type is then in
            effect or if the $10.00 Options cannot, for any reason, be granted
            under a plan of this type that is then in effect, the $10.00 Options
            will be granted under a stand-alone stock option agreement. The
            shareholder approved stock option plan described in the preceding
            sentence and the stand-alone agreement, also described in the
            preceding sentence, will contain terms and conditions that are
            substantially the same as those included in the 1997 Option Plan and
            will not be inconsistent with this Agreement.

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       [3]  All options described in Section 3.02[2] ("Options") will be subject
       to the following rules:

            [a] The Options will be incentive stock options [as defined in Code
            ss.421], to the maximum extent possible and the balance will be
            nonqualified (nonstatutory) stock options;

            [b] The number of Options will be adjusted to reflect, as
            appropriate, the effect of any stock splits, stock dividends and
            similar events affecting the underlying Shares;

            [c] Regardless of the obligation otherwise imposed under this
            section, Corporation will not be obligated to issue the Options if
            Executive is not a full-time employee of Group on the issue date
            specified in Section 3.02[2]; or

            [d] The exercise price for all Options will be the Shares' closing
            price as reported on the New York Stock Exchange (or other sale
            securities exchange on which the Shares are then listed or traded)
            on the date the Options are granted;

            [e] Except as provided in Article 5, the Options will be subject to
            the following vesting schedule:

<TABLE>
<CAPTION>

         OPTION                  PERCENT VESTED
         ------                  --------------

<S>                              <C>
         Initial Option          20%, at the end of 12 full calendar months beginning after the Effective
                                 Date;

                                 40%, at the end of 24 full calendar months beginning after the Effective
                                 Date;

                                 60%, at the end of 36 full calendar months beginning after the Effective
                                 Date;

                                 80%, at the end of 48 full calendar months beginning after the Effective
                                 Date; and

                                 100%, at the end of 60 full calendar months beginning after the
                                 Effective Date.

         $5.00 Options           33-1/3%, at the end of 12 full calendar months beginning after the $5.00
                                 Options are granted;

                                 66-2/3%, at the end of 24 full calendar months beginning after the $5.00
                                 Options are granted; and

                                 100%, at the end of 36 full calendar months
                                 beginning after the $5.00 Options are granted.
</TABLE>

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<TABLE>
<CAPTION>

         OPTION                  PERCENT VESTED
         ------                  --------------

<S>                              <C>
         $10.00 Options          50%, at the end of 12 full calendar months beginning after the $10.00
                                 Options are granted;

                                 80%, at the end of 24 full calendar months beginning after the $10.00
                                 Options are granted; and

                                 100%, at the end of 36 full calendar months
                                 beginning after the $10.00 Options are granted.
</TABLE>

            [f] The Initial Options will expire 10 years after they are granted,
            unless they are terminated earlier under the terms of this Agreement
            or under the terms of the option plan(s) under which they are
            granted and which are applicable to all options granted under those
            plans (such as, termination of employment or the sale of
            Corporation);

            [g] The $5.00 and $10.00 Options will expire 5 years after they are
            granted, unless they are terminated earlier under the terms of this
            Agreement or under the terms of the option plan(s) under which they
            are granted and which are applicable to all options granted under
            those plans (such as, termination of employment or the sale of
            Corporation);

            [h] All Options will vest upon a Change in Control (as defined in
            Section 5.05[7] or upon a Special Change in Control (as defined in
            Section 5.05[10];

            [i] The terms and conditions of all Options will be described in a
            written stock option agreement between Executive and Corporation
            which will reflect the terms of this Agreement and the option
            plan(s) under which the Options are issued;

            [j] If any acquisition, merger or other business combination ("Sale
            Transaction") occurs after which Corporation is not the surviving
            entity (other than a transaction in which Corporation's shareholders
            own all of the outstanding shares of the surviving corporation after
            the Sale Transaction), then unless the surviving corporation will
            assume Corporation's obligations under this Agreement with respect
            to the $5.00 and $10.00 Options, with appropriate adjustments to
            reflect differences in the relative stock prices of Corporation's
            and the surviving corporation's stock (measured immediately before
            the completion of the Sale Transaction), the $5.00 Options and
            $10.00 Options will be issued to Executive 10 business days before
            the completion of the Sale Transaction but only if the consideration
            payable to Corporation's shareholders in connection with the Sale
            Transaction ("Transaction Consideration") equals or exceeds the
            amount specified in Sections 3.02[2][b] and [c],

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            without regard to the averaging of prices described in those
            sections ("Triggering Price"). If the Transaction Consideration is
            less than either or both of the Triggering Prices, Executive's
            rights to receive the $5.00 or $10.00 Options in respect of which
            the Triggering Price is less than the Transaction Consideration will
            terminate effective on the date the Sale Transaction is consummated.

            [k] Corporation will make reasonable efforts to allow Executive to
            exercise the Options in a cashless exercise transaction.

       [4] The relocation benefits described in Exhibit A to this Agreement that
       are generally made available to Corporation's newly hired senior
       executives, a description of which has been given to Executive, plus [a]
       an additional 30 days' temporary living expenses beyond the 60 days'
       normally allowed under this program for this purpose and [b]
       reimbursement for commercial air travel and other reasonable associated
       travel expenses between Columbus, Ohio and Wilton, Connecticut twice each
       calendar month for the three calendar months beginning on or after the
       Effective Date for Executive or his spouse (the total number of round
       trips reimbursed under this subsection will not be greater than six).

       [5] Executive will be eligible to participate in all short-term benefit,
       bonus, incentive equity, savings or similar plans or programs maintained
       or provided by Corporation to its senior executives at a level
       commensurate with Executive's title and position (other than the
       supplemental retirement plan that is limited to executives who were
       employees of Corporation before January 1, 1989) ("Bonus Plans").
       However:

            [a] Participation in the Bonus Plans will be conditioned upon the
            terms and conditions included in the Bonus Plans which are
            equivalent to those applicable to the Chairman (assuming Chairman is
            eligible to participate in the Bonus Plans);

            [b] During the Term of this Agreement, Executive will not
            participate in any stock option plan except to the extent described
            in this Agreement, unless the Board decides that he may participate
            in stock option plans beyond the extent provided in this Agreement;
            and

            [c] Nothing in this Agreement will preclude Corporation from
            amending or terminating any of the Bonus Plans (or adopting new
            plans or programs) but without Executive's prior written consent, no
            amendment or termination of any Bonus Plan will reduce any benefit
            that Executive accrued to the date of that amendment or termination.

                               ARTICLE 4 EXPENSES

Corporation will pay or reimburse Executive for all reasonable, ordinary and
necessary expenses that he incurs to perform his duties under this Agreement.
Reimbursement will be made within 30 days after the date Executive submits
appropriate evidence of the

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expenditure to Corporation (and all other information required under
Corporation's business expense reimbursement policy).

          ARTICLE 5 TERMINATION OF EMPLOYMENT DURING TERM OF AGREEMENT

5.01  TERMINATION OF EMPLOYMENT DUE TO DEATH OR DISABILITY. If Executive dies or
becomes Disabled during the Term of this Agreement:

       [1] This Agreement will terminate as of the date Executive dies or
       becomes Disabled and Corporation will pay or provide to Executive (or to
       his beneficiary if Executive is dead) and, if appropriate, to his
       dependents:

            [a] Any unpaid installments of his Base Salary, calculated to the
            end of the payroll period during which he terminates employment
            because of death or Disability;

            [b] The value of any accrued but unused vacation, calculated to the
            end of the payroll period during which he terminates employment
            because of death or Disability (this value will be calculated by
            dividing the Base Salary by 365 and then multiplying this dollar
            amount by the number of accrued but unused vacation days);

            [c] Any amounts Executive is entitled to receive under the terms of
            any employee benefit plan described in Section 3.01[3];

            [d] The unpaid portion (if any) of the amounts described in Section
            3.02[1] but only if all the conditions described in that Section
            were met before Executive died or became Disabled;

            [e] The unpaid portion of any bonus that has been earned and
            declared under the Annual Incentive Program for the most recently
            completed fiscal year;

            [f] A prorated portion of the bonus that would have been paid to
            Executive under the Annual Incentive Program for the fiscal year
            during which he dies or becomes Disabled. This amount will be
            calculated and paid after the end of the fiscal year in which
            Executive dies or becomes Disabled and will be determined by
            multiplying the amount of the bonus Executive would have received
            under the Annual Incentive Program if he had continued active
            employment until the end of the fiscal year during which he dies or
            becomes Disabled by the number of full calendar months he was
            actively employed during that fiscal year and then dividing this
            dollar amount by 12 months;

            [g] Continuation, for a period of six calendar months beginning on
            or immediately after the date he dies or becomes Disabled, of the
            medical, dental, prescription drug and hospitalization coverage and
            benefits for

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            which Executive and/or his dependents were eligible before his death
            or Disability (the cost of these continued benefits will be
            allocated between Executive and Corporation in the same manner it
            was allocated before Executive's death or Disability); and

            [h] If Executive's termination of employment is due to Disability,
            continuation of his Base Salary for six full calendar months
            beginning after the date his Disability arose.

       [2] All unvested Options that were granted before Executive's employment
       terminates because of his death or Disability will become fully vested as
       of the date the Executive's employment terminates under this section and
       all vested Options held by the Executive (or by his estate) will be
       exercisable to the extent permitted under the terms of the option plan(s)
       under which they were granted and the individual option agreement under
       which the Options are issued. However, any Options that have not been
       granted under Section 3.02[2] as of the date Executive terminates
       employment because of death or Disability will not be granted.

       [3] For purposes of this section, Executive will be deemed to have
       terminated employment on the date of his death or the date he is
       determined to have become Disabled.

       [4] "Disability" has the same meaning given to the term under the 1997
       Option Plan, whether or not that plan has expired before the condition
       arises.

       [5] All amounts payable under this section will be:

            [a] Paid in accordance with Corporation's payroll procedures (in the
            case of Base Salary) or on the date provided in the program on which
            they are based, unless the Parties agree to accelerate one or more
            of these payments. If this acceleration election is made, the amount
            distributed will be discounted to reflect its then present value by
            applying a discount rate equal to the rate paid on 90-day Treasury
            Bills issued on or immediately before the date the calculation is
            made or, in the case of distributions made from an employee benefit
            plan maintained by Corporation, by applying any applicable early
            distribution discount factor included in the benefit plan from which
            the amount is paid; and

            [b] If Executive dies before all payments due under this section
            have been paid, the unpaid amount will be paid to Executive's
            beneficiary under the procedures described in Section 10.07.

5.02 VOLUNTARY TERMINATION OF EMPLOYMENT. Executive may voluntarily terminate
his employment without Good Reason (as defined in Section 5.05[9]) at any time
during the Term of this Agreement by giving Corporation written notice of his
intention to do so. This notice will be effective 60 days after it is given
unless the Parties mutually agree to
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\accelerate this termination date ("Voluntary Termination Date"). If Executive
voluntarily terminates his employment:

       [1] This Agreement will terminate as of the Voluntary Termination Date
       and Corporation will pay or provide to Executive:

            [a] Any unpaid installments of his Base Salary, calculated to the
            end of the payroll period during which his Voluntary Termination
            Date occurs;

            [b] The value of any accrued but unused vacation, calculated to the
            end of the payroll period during which his Voluntary Termination
            Date occurs (this value will be calculated by dividing the Base
            Salary by 365 and then multiplying this dollar amount by the number
            of accrued but unused vacation days);

            [c] Any amounts Executive is entitled to receive under the terms of
            any employee benefit plan described in Section 3.01[3];

            [d] The unpaid portion of any bonus that has been earned and
            declared under the Annual Incentive Program for the most recently
            completed fiscal year;

            [e] The unpaid portion (if any) of the amounts described in Section
            3.02[1] but only if all the conditions described in that Section
            were met before Executive's Voluntary Termination Date.

       [2] All [a] unvested Options will be forfeited as of Executive's
       Voluntary Termination Date, [b] any vested Options that were granted
       before Executive's Voluntary Termination Date will be exercisable to the
       extent permitted under the terms of the option plan(s) under which they
       were granted and the individual option agreement under which the Options
       are issued and [c] any Options that have not been granted under Section
       3.02[2] as of Executive's Voluntary Termination Date will not be granted.

       [3] All amounts payable under this section will be:

            [a] Paid in accordance with Corporation's payroll procedures (in the
            case of Base Salary) or on the date provided in the program on which
            they are based, unless the Parties agree to accelerate one or more
            of these payments. If this acceleration election is made, the amount
            distributed will be discounted to reflect its then present value by
            applying a discount rate equal to the rate paid on 90-day Treasury
            Bills issued on or immediately before the date the calculation is
            made or, in the case of distributions made from an employee benefit
            plan maintained by Corporation, by applying any applicable early
            distribution discount factor included in the benefit plan from which
            the amount is being paid; and

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            [b] If Executive dies before all payments due under this section
            have been paid, the unpaid amount will be paid to Executive's
            beneficiary under the procedures described in Section 10.07.

5.03 TERMINATION OF EMPLOYMENT BY CORPORATION WITHOUT CAUSE OR BY EXECUTIVE FOR
GOOD REASON. Corporation may terminate Executive's employment without Cause (as
defined in Section 5.04[3]) at any time during the Term of this Agreement by
giving Executive written notice of its intention to do so and Executive may
terminate his employment for Good Reason (as defined in Section 5.05[9]) by
giving Corporation written notice of his intention to do so. Notice by
Corporation of the termination of Executive's employment without Cause will be
effective 30 business days after it is delivered to Executive, unless the
parties mutually agree to accelerate this termination date. Notice given by
Executive of his termination of employment for Good Reason must specify the Good
Reason upon which it is based and, unless the parties mutually agree to
accelerate this termination date, will be effective 30 business days after it is
given, unless, during this period, Corporation corrects or otherwise resolves
the Good Reason for which the notice was given. The effective date of a
termination of employment without Cause or for Good Reason is referred to in
this Agreement as Executive's "Involuntary Termination Date." If Corporation
terminates Executive's employment without Cause or if Executive terminates his
employment for Good Reason:

       [1] This Agreement will terminate as of the Involuntary Termination Date
       and Corporation will pay to Executive:

            [a] Any unpaid installments of his Base Salary, calculated to the
            end of the payroll period during which his Involuntary Termination
            Date occurs;

            [b] The value of any accrued but unused vacation, calculated to the
            end of the payroll period during which his Involuntary Termination
            Date occurs (this value will be calculated by dividing the Base
            Salary by 365 and then multiplying this dollar amount by the number
            of accrued but unused vacation days);

            [c] The Base Salary for an additional 18 months beginning with the
            first payroll period that begins after his Involuntary Termination
            Date;

            [d] Any amounts Executive is entitled to receive under the terms of
            any employee benefit plan described in Section 3.01[3];

            [e] The unpaid portion of any bonus that has been earned and
            declared under the Annual Incentive Program for the most recently
            completed fiscal year;

            [f] The unpaid portion (if any) of the amounts described in Section
            3.02[1] but only if all the conditions described in that Section
            were met before Executive's Involuntary Termination Date;

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            [g] A bonus under the Annual Incentive Program calculated as if
            Executive had been actively employed throughout the 18 calendar
            months beginning on his Involuntary Termination Date and had
            terminated employment at the end of that 18-month period; provided,
            however, that any requirement in the Annual Incentive Program that
            requires Executive to be employed on the last day of the plan year
            in order to be eligible for a bonus under such program shall be
            disregarded for purposes of calculating the bonus payable to
            Executive under this Section 5.03[1][g]; and

            [h] Continuation, for a period of 18 calendar months beginning on or
            immediately after Executive's Involuntary Termination Date, of the
            medical, dental, prescription drug and hospitalization coverage and
            benefits for which Executive and/or his dependents were eligible
            before his Involuntary Termination Date (the cost of these continued
            benefits will be allocated between Executive and Corporation in the
            same manner it was allocated before Executive's Involuntary
            Termination Date).

       [2] Also, all [a] unvested Options will become fully vested as of
       Executive's Involuntary Termination Date, [b] any vested Options that
       were granted before Executive's Involuntary Termination Date and all
       vested Options will be exercisable to the extent permitted under the
       terms of the option plan(s) under which they were granted and the
       individual option agreement under which the Options are issued and [c]
       any Options that have not been granted under Section 3.02[2] as of
       Executive's Involuntary Termination Date will not be granted.

       [3] All amounts payable under this section will be:

            [a] Paid in accordance with Corporation's payroll procedures (in the
            case of Base Salary) or on the date provided in the program on which
            they are based, unless the Parties agree to accelerate one or more
            of these payments. If this acceleration election is made, the amount
            distributed will be discounted to reflect its then present value by
            applying a discount rate equal to the rate paid on 90-day Treasury
            Bills issued on or immediately before the date the calculation is
            made or, in the case of distributions made from an employee benefit
            plan maintained by Corporation, by applying any applicable early
            distribution discount factors included in the benefit plan from
            which the amount is being paid; and

            [b] If Executive dies before all payments due under this section
            have been paid, the unpaid amounts will be paid to Executive's
            beneficiary under the procedures described in Section 10.07.

       [4] Regardless of other provisions of this section, if the Involuntary
       Termination Date occurs within the six month period ending on the date of
       a Change in Control, Executive will receive the amounts and benefits
       described in Section 5.05 (reduced by any payments and benefits received
       under this section

                                       13
<PAGE>   14

       before a Change in Control) in lieu of the amounts and benefits otherwise
       provided in this section.

5.04  TERMINATION OF EMPLOYMENT BY CORPORATION FOR CAUSE. The Chairman may
terminate Executive's employment with Cause at any time during the Term of this
Agreement by giving Executive written notice of its intention to do so. This
notice must specify the reason for which it is given (including the Cause upon
which it is based) and will be effective 30 business days after the date it is
given (five calendar days if "Cause" arises because Executive is convicted of a
felony), unless Executive corrects, or otherwise remedies within such period,
the Cause for which it is given ("For Cause Termination Date"). If this notice
is given:

       [1] This Agreement will terminate as of the For Cause Termination Date
       and Corporation will pay to Executive:

            [a] Any unpaid installments of his Base Salary, calculated to the
            end of the payroll period during which his For Cause Termination
            Date occurs;

            [b] The value of any accrued but unused vacation, calculated to the
            end of the payroll period during which his For Cause Termination
            Date occurs (this value will be calculated by dividing the Base
            Salary by 365 and then multiplying this dollar amount by the number
            of accrued but unused vacation days);

            [c] Any amounts Executive is entitled to receive under the terms of
            any employee benefit plan described in Section 3.01[3];

            [d] The unpaid portion of any bonus that has been earned and
            declared under the Annual Incentive Program for the most recently
            completed fiscal year;

            [e] The unpaid portion (if any) of the amounts described in Section
            3.02[1] but only if all the conditions described in that Section
            were met before Executive's For Cause Termination Date.

       [2] Also, [a] all unvested Options will be forfeited as of Executive's
       For Cause Termination Date, [b] any vested Options that were granted
       before Executive's For Cause Termination Date will be exercisable to the
       extent permitted under the terms of the option plan(s) under which they
       were granted and the individual option agreement under which the Options
       are issued and [c] any Options that have not been granted under Section
       3.02[2] as of Executive's For Cause Termination Date will not be granted.

       [3]"Cause" means [a] gross negligence materially detrimental to
       Corporation, [b] conviction of a felony, [c] willful, and continued
       failure of Executive, after receipt of written notice from Corporation
       setting forth the specifics of such failure, to perform the duties of his
       offices with Corporation unless such failure is

                                       14
<PAGE>   15

       the result of ill health or physical or mental disability or [d]
       intentional misconduct of Executive materially and demonstrably injurious
       to Corporation.

       [4] All amounts payable under this section will be:

            [a]Paid in accordance with Corporation's payroll procedures (in the
            case of Base Salary) or on the date provided in the program on which
            they are based, unless the Parties agree to accelerate one or more
            of these payments. If this acceleration election is made, the amount
            distributed will be discounted to reflect its then present value by
            applying a discount rate equal to the rate paid on 90-day Treasury
            Bills issued on or immediately before the date the calculation is
            made or, in the case of distributions made from an employee benefit
            plan maintained by Corporation, by applying any applicable early
            distribution discount factor included in the benefit plan from which
            the amount is being paid; and

            [b] If Executive dies before all payments due under this section
            have been paid, the unpaid amount will be paid to Executive's
            beneficiary under the procedures described in Section 10.07.

5.05   TERMINATION OF EMPLOYMENT FOLLOWING A CHANGE IN CONTROL. If a Change
in Control occurs during the Term of this Agreement, Executive will receive the
following amounts (under the conditions described below):

       [1] If Executive dies or becomes Disabled during the Term of this
       Agreement but after a Change in Control, he (or his beneficiary) will
       receive the amounts described in Section 5.01, as if Executive had died
       or become Disabled before the Change in Control occurred.

       [2] If Executive terminates his employment without Good Reason (as
       defined in Section 5.05[9]) during the Term of this Agreement but after a
       Change in Control, he (or his beneficiary) will receive the amounts
       described in Section 5.02, as if Executive had voluntarily terminated his
       employment without Good Reason before the Change in Control occurred, but
       only if he follows the procedures described in Section 5.02.

       [3] If Corporation terminates Executive's employment for Cause (as
       defined in Section 5.04[3]) during the Term of this Agreement but after a
       Change in Control, he (or his beneficiary) will receive the amounts
       described in Section 5.04 as if Executive had been terminated for Cause
       before the Change in Control occurred.

       [4] Subject to Section 5.03[4], if Executive notifies Corporation of his
       intent to terminate his employment for Good Reason during the Term of
       this Agreement and if that notice is given after a Change in Control
       occurs or if Corporation notifies Executive of its intent to terminate
       Executive without Cause (as defined in Section 5.04[3]) during the Term
       of this Agreement and if that notice is given

                                       15
<PAGE>   16

       after a Change in Control has occurred, Executive will receive the
       following amounts:

            [a] Any unpaid installments of his Base Salary, calculated to the
            end of the payroll period during which his termination occurs under
            this section;

            [b] The value of any accrued but unused vacation, calculated to the
            end of the payroll period during which his termination occurs under
            this section (this value will be calculated by dividing the Base
            Salary by 365 and then multiplying this dollar amount by the number
            of accrued but unused vacation days);

            [c] The Base Salary for an additional 36 months beginning with the
            first payroll period that begins after his termination occurs under
            this section unless the Parties agree to accelerate these payments.
            If this acceleration election is made, the amount distributed will
            be discounted to reflect its then present value by applying a
            discount rate equal to the rate paid on 90-day Treasury Bills issued
            on or immediately before the date the calculation is made;

            [d] Any amounts Executive is entitled to receive under the terms of
            any employee benefit plan described in Section 3.01[3];

            [e] The unpaid portion of any bonus that has been earned and
            declared under the Annual Incentive Program for the most recently
            completed fiscal year before Executive's termination occurs under
            this section;

            [f] The unpaid portion (if any) of the amounts described in Section
            3.02[1] but only if all the conditions described in that Section
            were met before Executive's termination occurs under this section;

            [g] Three times the average of the annual bonuses, if any, Executive
            received under the Annual Incentive Program during all fiscal years
            ending before Executive's termination occurs under this section;

            [h] All unvested Options that were granted before Executive's
            employment terminates under this section will become vested and all
            granted options will be exercisable to the extent permitted under
            the terms of the option plan(s) under which they were granted and
            the individual option agreement under which the Options are issued.
            However, subject to Section 3.02[3][j], any Options that have not
            been granted under Section 3.02[2] as of the date Executive
            terminates employment under this section will not be granted; and

            [i] Any other Change in Control benefit to which Executive is
            entitled under the terms of any other plan, program or agreement
            with any Group Member.

                                       16
<PAGE>   17

         Also, for a period of 18 calendar months beginning on or immediately
         after the Executive's employment terminates under this section,
         Corporation will continue to provide the medical, dental, prescription
         drug and hospitalization coverage and benefits for which Executive
         and/or his dependents were eligible before his employment terminated
         under this section (the cost of these continued benefits will be
         allocated between Executive and Corporation in the same manner it was
         allocated before Executive's termination under this section);

         [5]  If the sum of the payments described in this section, any
         other section of this Agreement and those provided under any other
         plan, program or agreement between Executive and any Group member
         constitute "excess parachute payments" as defined in Code
         ss.280G(b)(1), Corporation will either:

            [a] Reimburse Executive for the amount of any excise tax due under
            Code ss.4999, if this procedure provides Executive with an after-tax
            amount that is larger than the after-tax amount produced under
            Section 5.05[5][b]; or

            [b] Reduce the amounts paid to Executive under this Agreement so
            that his total "parachute payment" as defined in Code
            ss.280G(b)(2)(A) under this and all other agreements will be $1.00
            less than the amount that would be an "excess parachute payment" if
            this procedure provides Executive with an after-tax amount that is
            larger than the after-tax amount produced under Section 5.05[5][a].

         [6]  Payment of the amounts described in this section are expressly
         conditioned on compliance with the following conditions, in addition
         to those specified elsewhere in this Agreement:

            [a] Except as expressly provided in this Agreement, Executive's
            right to receive the payments described in this section will not
            decrease the amount of, or otherwise adversely affect, any other
            benefits payable to Executive under the terms of any of the programs
            described in Section 3.01[3]; and

            [b] If any individual (other than Executive), firm, corporation,
            partnership, joint venture or other entity or group (as described in
            Section 5.05[7][a]) initiates a tender or exchange offer,
            distributes proxy materials to Corporation or to Corporation's
            shareholders or takes other steps to effect, or that may result in,
            a Change in Control, Executive agrees that the only amounts he will
            receive under this Agreement will be determined solely with
            reference to Section 5.02 (and not with reference to this section)
            if he [i] voluntarily terminates his employment with Corporation
            during the pendency of that activity other than for death,
            Disability, Good Reason or by reason of his retirement at or after
            his Normal or Early Retirement Dates as defined in Corporation's
            qualified retirement plan or [ii] is indefinitely absent from active
            employment other than for an

                                       17
<PAGE>   18

            absence covered by the Family and Medical Leave Act before those
            efforts are abandoned, that activity is terminated or until a Change
            in Control has occurred.

        [7] For purposes of this Agreement, a "Change of Control" will be deemed
        to have occurred if:

            [a] Any individual (other than Executive), firm, corporation,
            partnership, joint venture or other entity or any group (as the term
            "group" is defined in Section 13(d)(3) of the Securities Exchange
            Act of 1934 (the "Exchange Act") and the rules thereunder on the
            Effective Date), other than any such entity or group in respect of
            which Executive is a participant, shall hereafter acquire (or
            disclose the previous acquisition of) beneficial ownership (as that
            term is defined in Section 13(d) of the Exchange Act and the rules
            thereunder on the Effective Date) of shares of the outstanding stock
            of any class or classes of Corporation which results in such person,
            firm, corporation, partnership, joint venture, other entity or group
            possessing more than a majority of the total voting power of
            Corporation's outstanding voting securities ordinarily having the
            right to vote for the election of directors of Corporation; or

            [b] As the result of, or in connection with, any tender or exchange
            offer, merger or other business combination, sale of assets or
            contested election of directors, or any combination of the foregoing
            transactions ("Transaction"), the persons who were directors of
            Corporation immediately before the Transaction shall cease to
            constitute a majority of the Board or the board of directors of any
            successor to Corporation; or

            [c] If the Board at any time declares that one or more events have
            occurred or are likely to occur which, in their sole determination,
            create or pose the threat of a Change of Control and which, for that
            reason, make it desirable and in the best interests of Corporation
            to invoke those provisions of this Agreement which become effective
            on or after the occurrence of a Change of Control; provided,
            however, that no director of Corporation who is a party to this
            Agreement or an agreement with Corporation similar to this Agreement
            may participate in considering or voting upon any such resolution;
            or

            [d] Any acquisition, merger, consolidation or other business
            combination occurs in which the Corporation's shareholders
            (determined immediately before the merger, consolidation or other
            business combination) do not own at least 51 percent of the equity
            interest of the surviving entity (measured immediately after the
            transaction); or

            [e] A complete liquidation of the Corporation or approval by the
            Corporation's shareholders of a plan of liquidation or dissolution.

                                       18
<PAGE>   19

        [8] If Executive's employment terminates under circumstances entitling
        him to a benefit under this Section 5.05, he will not be subject to
        Article 6.

        [9] The term "Good Reason" means, without Executive's express prior
        written consent, the occurrence of any one or more of the following
        events during the Term of this Agreement:

            [a] A material reduction in Executive's duties, responsibilities or
            status with respect to Corporation, as compared to those in effect
            on the Effective Date (but will not include any changes in the
            reporting relationships described in Section 2.03 [i] resulting
            directly from implementation of a plan that restructures
            Corporation's business organization and which Executive designed or
            was materially involved in designing and [ii] to which Executive has
            specifically agreed in writing);

            [b] Deprivation of Executive of the title of President and Chief
            Operating Officer of Corporation without a simultaneous grant of a
            more senior title;

            [c] The assignment to Executive of job duties materially
            inconsistent with Executive's office on the Effective Date;

            [d] A requirement that Executive relocate his principal office or
            worksite (or the indefinite assignment of Executive) to a location
            more than 50 miles distant from [i] the principal office or worksite
            to which he was permanently assigned as of the Effective Date or
            [ii] any location to which Executive is permanently assigned, with
            his consent, after the Effective Date;

            [e] The failure of Corporation to maintain Executive's relative
            level of coverage under the employee benefit or retirement plans,
            policies, practices or arrangements described in Section 3.01[3] and
            3.01[4] as in effect on the Effective Date, both in terms of the
            amount of benefits provided and the relative level of Executive's
            participation. However, Good Reason will not arise under this
            subsection if Corporation eliminates and/or modifies any of the
            programs described in Section 3.01[3] and 3.01[4] if (except as
            required by law or as needed to preserve the tax-character of the
            plan, policy, practice or arrangement) Executive's level of coverage
            under all the programs described in Section 3.01[3] and 3.01[4] is
            at least as great as the coverage provided to other senior
            executives of Corporation;

            [f] Any material breach of this Agreement (including failure to make
            any payment or grant provided under this Agreement when due or
            failure to cause any successor to assume this Agreement as described
            in Article 8 of this Agreement) by or on or in behalf of Corporation
            that is not cured

                                       19
<PAGE>   20

            by Corporation within 30 days of its receipt of written notice
            describing the nature of the alleged breach;

            [g] Election or appointment of a Chairman or Chief Executive Officer
            other than Gordon Zacks or Executive; or

            [h] Failure to nominate or renominate Executive to the Board.

         [10]  For purposes of this Agreement, "Special Change in Control"
         means any person, firm, corporation, partnership, joint venture, other
         entity or group in respect of which Executive is a participant (as the
         term "group" is defined in Section 13(d)(3) of the Exchange Act and the
         rules thereunder on the Effective Date), acquires after the Effective
         Date (or discloses the previous acquisition of) beneficial ownership
         (as that term is defined in Section 13(d) of the Exchange Act and the
         rules thereunder on the Effective Date) of the shares of the
         outstanding stock of any class or classes of Corporation that results
         in such person, firm, corporation, partnership, joint venture, other
         entity or group possessing more than a majority of the total voting
         power of Corporation's outstanding voting securities ordinarily having
         the right to vote for the election of directors.

5.06  Regardless of any other provision of this Agreement, all amounts paid
under this Article 5 will be reduced by any amounts payable to Executive from
any other broad based severance plan or program (other than any plan or
arrangement adopted in connection with a Change in Control) or disability
program in which Executive participates (other than a disability plan, program
or policy purchased directly by Executive from his personal funds).

5.07  All payments and benefits due to Executive under this Agreement will
be provided by Corporation to Executive in the time and manner specified in this
Agreement whether or not those benefits are payable after the Term of this
Agreement has expired.

                              ARTICLE 6 MITIGATION

The Executive is under no obligation to seek employment after a termination of
employment for which he is entitled to receive payments described in Section
5.03 ("Severance Period"). However, if Executive does secure full-time
employment with another employer in any capacity during the Severance Period,
Corporation's obligation to pay Executive the amounts described in Section
5.03[1][c] and [g], will be reduced by the compensation he receives from his new
employer (other than with respect to any benefits due under the terms of any
employee benefit plan described in Section 3.01[3]) as of the date he begins his
new employment. Also, any benefit plan described in Section 5.03[h] that
provides medical, dental, prescription and hospital coverage will be secondarily
liable (i.e., be the secondary payor) for any benefits that are provided to
Executive under his new employer's plans.

Corporation may suspend any payments under this Agreement that otherwise would
have been made during the pendency of any arbitration relating to amounts or
benefits in dispute under this Article 6 but only if Corporation deposits the
suspended amount in an

                                       20
<PAGE>   21

escrow account held by an independent party. At the conclusion of the relevant
arbitration, the balance of the escrow account will be distributed to the
prevailing parties (or divided between them as directed by the arbitrator). That
distribution will fully discharge Corporation's obligation with respect to the
amount suspended except as otherwise provided in the arbitrator's award.

            ARTICLE 7 NONCOMPETITION/NONSOLICITATION/CONFIDENTIALITY

7.01  For a period of 12 full calendar months (or any longer period, up to
18 months, for which Executive is receiving payments under this Agreement) after
Executive's employment terminates for any reason, he will not directly or
indirectly engage in, assist or have an active interest in (whether as
proprietor, partner, investor, shareholder, officer, director or any type of
principal whatsoever) or enter the employment of or act as agent for or adviser
or consultant to any person or entity engaged in (or is about to become engaged
in) the manufacturing and/or wholesaling of [1] slippers or [2] any other
product that then comprises more than ten percent of the Corporation's gross
revenues for the most recently completed fiscal year or the annualized gross
revenues for the fiscal year in which Executive's employment terminates.
However, the restrictions described in this section will not be applied to
prevent Executive from obtaining subsequent employment (of any kind) with a
diversified retailer (e.g., Macys, Sears Roebuck and/or Nine West Group, etc.).

7.02  Section 7.01 does not prohibit Executive from purchasing, for
investment purposes only, any stock or other corporate security that is listed
on a national securities exchange or quoted in any national market system
(except as otherwise provided in this Agreement), so long as such stock or other
corporate security owned by Executive does not represent more than five percent
of the market value or voting power of the total stock or other corporate
securities of that class.

7.03  Executive is not obligated to comply with the prohibitions described
in this Article if Corporation defaults in the payment of any severance
compensation or benefits owed under Article 5 of this Agreement.

7.04  For a period of 12 full calendar months (or any longer period, up to
18 months, for which Executive is receiving payments under this Agreement),
after Executive's employment terminates for any reason, he will not, on his own
behalf or on behalf of any other person, partnership, association, corporation
or other entity, solicit or in any manner attempt to influence or induce any
employee of the Group to leave the Group's employment nor will he use or
disclose to any person, partnership, association, corporation or other entity
any information obtained while an employee of Corporation concerning the names
and addresses of the Group's employees.

7.05  Executive understands and agrees that due to his position with
Corporation, Executive will receive confidential and proprietary information
relating to Corporation's and Group's business affairs ("Trade Secrets"),
including technical information, product information and formulae, processes,
business and marketing plans, strategies, customer information and other
information concerning Corporation's and Group's products,

                                       21
<PAGE>   22

promotions, development, financing, expansion plans, business policies and
practices, salaries and benefits and other forms of information considered by
Corporation to be proprietary and confidential and in the nature of trade
secrets. Except to the extent that the proper performance of Executives,
services and responsibilities under this Agreement may require disclosure and
except information that was known by Executive before the Effective Date or was
generally available to the public (other than as a result of a violation of the
terms of this section), Executive agrees that during his employment with
Corporation and at all times thereafter, he will keep Trade Secrets confidential
and will not disclose such information, either directly or indirectly, to any
third person or entity without Corporation's prior written consent or use such
information for his benefit or the benefit of any third person without
Corporation's prior written consent. This confidentiality restriction has no
temporal, geographical or territorial restrictions; provided, however, that if,
in the written opinion of counsel, Executive is legally compelled to disclose
Trade Secrets to any tribunal, disclosure of only those Trade Secrets that that
counsel advises in writing are legally required to be disclosed will not be
considered a violation of this section but only if Executive gives Corporation
reasonable advance notice that such disclosure will be required.

7.06  On the effective date of Executive's termination of employment with
Corporation, he will promptly return to Corporation all property other than
personal property, including keys, notes, memoranda, writings, lists, files,
reports, customer lists, correspondence, tapes, disks, cards, surveys, maps,
logs, machines, technical data, formulae or any other tangible property or
document and any and all copies, duplicates or reproductions thereof that have
been produced by, received by or otherwise been submitted to Executive in the
course of his employment with Corporation. For purposes of this section,
"personal property" includes Executive's Rolodex, which he is not required to
deliver to Corporation.

7.07  The Parties recognize that the Group will have no adequate remedy at
law for breach by Executive of the restrictions imposed by this article and that
the Group could suffer substantial and irreparable damage if Executive breaches
any of these restrictions. For this reason, Executive agrees that, if Executive
breaches any of the restrictions imposed under this article, the Group, in
addition to the right to seek monetary damages, may seek a temporary and/or
permanent injunction to restrain any breach or threatened breach of these
restrictions or a decree of specific performance, mandamus, or other appropriate
remedy to enforce compliance with the restrictions imposed under this article.

                        ARTICLE 8 ASSIGNMENT OF AGREEMENT

8.01  Except as specifically provided in this section, Corporation may not
assign this Agreement to any person or entity that is not a member of the Group.
However, this Agreement will be assigned or transferred to, and will be binding
upon and inure to the benefit of, any successor of Corporation, in which case
this Agreement will be interpreted and applied by substituting that successor
for the "Corporation" under the terms of this Agreement. For these purposes,
"successor" means any person, firm, corporation or

                                       22
<PAGE>   23

business entity which at any time, whether by merger, purchase or otherwise,
acquires all or substantially all of the assets or the business of Corporation.

8.02  Because the services to be provided by Executive to Corporation under
this Agreement are personal to him, Executive may not assign the duties
allocated to him under this Agreement to any other person or entity. However,
this Agreement will inure to the benefit of and be enforceable by Executive's
personal or legal representatives, executors, and administrators, successors,
heirs, distributees, devisees, and legatees to the extent of any amounts payable
to Executive that are due to Executive upon his death.

                          ARTICLE 9 DISPUTE RESOLUTION

9.01  The Parties agree that arbitration will be the exclusive means of
resolving all disputes or questions arising out of or relating to this Agreement
(except that nothing included in this Article 9 prevents Corporation from
seeking injunctive or other equitable relief if there is a breach or threatened
breach of any of the restrictions described in Article 7). Any arbitration may
be initiated by either Party by written notice to the other Party specifying the
subject of the requested arbitration and appointing that Party's arbitrator.

9.02  The arbitration will take place in Columbus, Ohio (or another location
mutually agreed upon by Corporation and Executive) and will be conducted in
accordance with the rules of the American Arbitration Association in effect when
the arbitration begins. Any determination or award made or approved by the
arbitrator will be final and binding on the Parties. Judgment upon any award
made in any arbitration may be entered and enforced in any court having
competent jurisdiction.

9.03  The costs of arbitration (including legal and other professional fees
incurred) will be borne solely by the Party by which they are incurred
regardless of the result of the arbitration.

                            ARTICLE 10 MISCELLANEOUS

10.01  Any notices, consents, requests, demands, approvals or other
communications to be given under this Agreement must be given in writing and
must be sent by registered or certified mail, return receipt requested, to
Executive at the last address he has filed in writing with Corporation or, in
the case of Corporation, to the Chairman at Corporation's principal offices.

10.02  This Agreement supersedes any prior agreements or understandings, oral or
written, between the Parties, or between Executive and Corporation, with respect
to the

                                       23
<PAGE>   24

subject matter described in this Agreement and constitutes the entire agreement
of the Parties with respect to any matter covered in this Agreement.

10.03  This Agreement may not be varied, altered, modified, canceled,
changed, or in any way amended except by written agreement of the Parties.

10.04  If any provision or portion of this Agreement is determined to be
invalid or unenforceable for any reason, the remaining provisions of this
Agreement will remain in full force and effect.

10.05  This Agreement may be executed in one or more counterparts, each of
which will be deemed to be an original, but all of which together will
constitute one and the same Agreement.

10.06  Corporation will withhold from any benefits payable under this
Agreement all federal, state, city or other taxes as required by any applicable
law or governmental regulation or ruling.

10.07  Executive may designate one or more persons or entities as the
primary and/or contingent beneficiaries of any amounts to be received under this
Agreement that are unpaid when Executive dies. This designation must be written
and presented in a form acceptable to the Board or the Board's designee, if
appropriate, or in the form required by any affected benefit plan or program.
Subject to any rules prescribed by the Board, its designee or the affected
benefit plan or program, Executive may make or change his designation at any
time.

10.08  Failure to insist upon strict compliance with any of the terms,
covenants or conditions described in this Agreement will not constitute a waiver
of that or any other term, covenant or condition nor will any such failure
constitute a waiver or relinquishment of the Party's right to insist
subsequently on strict compliance of the affected (and all other) terms,
covenants or conditions of this Agreement.

10.09  To the extent not preempted by federal law, the provisions of this
Agreement will be construed and enforced in accordance with the laws of the
state of Ohio.

                                       24
<PAGE>   25

       IN WITNESS WHEREOF, the Parties have executed this Agreement, as of 2/19,
2001.

R. G. BARRY CORPORATION

         By: /s/ Gordon Zacks
             -------------------------------------------------

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

WILLIAM LENICH

          /s/ William Lenich
          ----------------------------------------------------

         Date:  2/19/01
               -----------------------------------------------

                                       25
<PAGE>   26

                                    EXHIBIT A

                       WILLIAM LENICH EMPLOYMENT AGREEMENT

                              RELOCATION ASSISTANCE

It is the intent of R.G. Barry Corporation to provide uniform and equitable
treatment to current Associates who transfer at the company's request.

Eligible Associates -- This policy applies to all Associates who transfer at the
company's request to a location outside the same metropolitan area (usually 35
or more miles) to commence employment with the company.

Associate's Family -- The terms of this policy apply to those members of the
Associate's current household who will reside at the new location.

Travel Expenses

Travel expenses are defined as first class rail cars, coach class air fare or
mileage allowance at the current company approved rate. The company will
reimburse the Associate and family for the following travel expenses:

o    One-way travel expenses for the Associate to report to work at the new
     location.

o    One-way travel expenses for the Associate to return home to accompany the
     family on the final move to the new location.

o    One-way travel expenses for the Associate and family from the old location
     to the new location for the final move.

o    Round trip travel, lodging, meals and rental car expenses for the one
     pre-move house hunting trip of up to five days for the employee and spouse,
     including reasonable baby-sitting/child care expenses.

o    Round trip travel expenses (including commercial airfare and other
     reasonable associated travel expenses) twice each calendar month for the
     three calendar months beginning February 19, 2001 for Associate or spouse
     (the total number of round trips reimbursed under this portion of this
     Exhibit A will not be greater than six).

Company reimbursement for any additional trips beyond those stated above must be
approved by the Vice President of Human Resources and the Department Vice
President (Officer).

Temporary Living Expenses

                                       26
<PAGE>   27

Temporary living expenses include reasonable charges for lodging, meals,
laundry, dry cleaning and long distance telephone calls. These expenses are
reimbursed at actual cost, per person, per day. Daily expenses for meals will
not be reimbursed if lodging has cooking facilities. Reimbursement is limited to
30 days for non-homeowners, 90 days for homeowners. During this time, the
Associate is expected to make every effort to obtain permanent housing.
Extensions of temporary living beyond the 30 or 90 day period must be approved
by the Vice President of Human Resources and department Vice President
(Officer). Travel expenses due to the performance of job duties are not covered
under temporary living. For details on policy limitations contact the Corporate
Human Resources department.

Household Moving and Storage

The Corporate Human Resources department is responsible for selection of the
moving company for shipment of household goods. R.G. Barry pays the moving
company directly, for reasonable charges for packing, loading, transporting,
insuring (up to $50,000 Replacement Value Protection Coverage), unloading and
unpacking of normal household goods and personal effects of the Associate and
members of the household who will reside at the new location. Appliance
disconnection and reconnection charges are included.

Certain household goods and personal effects are not considered "normal" under
the provision of this policy. These include camping trailers, swimming pools,
explosives, perishable goods, pets, livestock and other large animals, lumber
and other building materials, firewood and boats which are too large to fit into
a moving van.

The following expenses are not covered by this policy:

     o   Exclusive use of moving van
     o   Expedited Service
     o   Secondary pick-up or delivery
     o   Transportation of indoor potted plants, flowers, shrubs, trees or other
         plantings

Associates are encouraged to drive their second cars and are reimbursed at the
current company approved mileage rate. With Vice President approval, second
cars, when possible, would be loaded and transported in the moving van.

Should temporary storage of household goods and personal effects be necessary,
such temporary storage is reimbursed for a maximum of thirty days.

After Associate's household goods have been moved to the new location, the
Associate will receive $2,000 to help defray the incidental expenses typically
occurred in a relocation.

                                       27
<PAGE>   28

Sale of Present Home

This policy applies to a single-family house, a two-family house (duplex), a
condominium, a town house owned and used by the associate as associate's
principal residence.

Excluded are other property, such as houses not occupied by Associate, farms,
summer homes, cooperatives, apartment buildings or mobile homes.

The company will reimburse transferred Associates for the following home
disposal expenses actually incurred:

     o   Realtor's commission not to exceed 6% of the sale price. Should the
         sale of the home be accomplished without the service of realtor, an
         amount equal to 3% of the sale price be paid to the Associate.

     o   Prepayment penalty on mortgage.

     o   Cost of appraisal of the house to obtain a home equity loan. Appraisal
         costs for other purposes will not be reimbursed.

     o   Reasonable attorney's fees.

     o   Title insurance.

     o   Required statutory fees resulting from the transfer of property
         including document fees, tax stamps and recording fees.

     o   Settlement, closing or escrow fees.

     o   Termite and gas line inspections, if required.

The following expenses are not reimbursable:

     o   Loan origination fee or loan discount commonly referred to as "points."
         Points paid by the seller are a reduction in the true sale price and
         the seller should adjust the selling price to reflect the impact of
         anticipated points.

     o   The cost of repairs, cleaning or maintenance, which may be necessary to
         sell the home.

If the Associate chooses to purchase a home at the new location prior to selling
the current home, the company will provide the following assistance in obtaining
an equity loan:

                                       28
<PAGE>   29

     o   Contact a bank.

     o   Pay for one appraisal of the current home.

     o   Pay up to one point on the equity loan.

     o   Assist in the payment on the loan until the current home is sold (up to
         a maximum of six months).

If the Associate fails to sell the home at the current location during the 30
day temporary living period, the company will provide payment of the monthly
mortgage for the current home up to a maximum of six (6) monthly mortgage
payments. It is the Associate's responsibility to sell his/her current home,
however, any additional financial assistance must be approved by the Vice
President of Human Resources and the Department Vice President (Officer).

Renters Assistance

If it becomes necessary to terminate a lease before its scheduled expiration
date because of a company initiated transfer, the company will reimburse the
transferred Associate for the forfeiture of security deposit and any rent
payments necessary to fulfill the terms of the lease. It is expected that the
Associate will make a reasonable effort to minimize the rent payment.

If the Associate chooses to rent at the new location, the application fee for
the rental units will be reimbursed by the company. The security deposit at the
new location is not reimbursable. The Associate should request that the new
lease include a transfer clause.

New Home Acquisition Assistance

Financial assistance in purchasing a home will be extended to transferred
Associates for a 12 month period from the date of transfer. The company will
reimburse transferred Associates, regardless of whether housing at the old
location was owned or rented, for all normal and reasonable home purchase
expenses including:

     o   Mortgage loan application fee

     o   Credit report

     o   Appraisal of the new home

     o   Mortgage origination fee

     o   Mortgage insurance application fee

     o   Title insurance

                                       29
<PAGE>   30

     o   Recording fees

     o   Survey

     o   Pest inspection

     o   Tax revenue stamps

     o   Closing and attorney fees

The following home purchase expenses will not be reimbursed:

   o  Homeowners insurance premium

   o  Prepaid interest including mortgage loan discount points or mortgage rate
      buy downs

   o  Prepaid reserves for real estate taxes, homeowners insurance premium or
      annual assessments

Reimbursable relocation expenses must be reported on a company expense report.
Copies of the closing statements for the sale and purchase of a home should be
supplied when requesting home sale and acquisition assistance. Copies of the
lease and security deposit should be included with requests for renters
assistance. A nonpayroll check will be issued for the reimbursement, and no
withholding taxes will be deducted.

Federal income tax regulations require that all payments directly or indirectly
to an Associate for moving expenses must be shown as moving expenses. If the
company's reimbursement exceeds the deductible expenses allowed by the Internal
Revenue Service, the Associate will be taxed on the excess. At the end of the
year, the company will send all Associates who have received reimbursement for
moving expenses IRS form #4782 "Employee Moving Expense Information." This form
contains the type and amount of reimbursements made during the year and is
helpful in completing IRS form 3905, "Moving Expense Adjustment," which will
need to be filed with the Associate's 1040 Federal Tax Return. The Company will
reimburse you for the additional taxes incurred above the deduction allowed by
the IRS.

                                       30<PAGE>   1
                                                                   Exhibit 10.29

                                                                           VIREN

                         EXECUTIVE EMPLOYMENT AGREEMENT

          This EXECUTIVE EMPLOYMENT AGREEMENT is made to be effective as of
June 5, 2000, between R. G. Barry Corporation, an Ohio corporation (the
"Company"), and Daniel D. Viren ("Executive") under the following circumstances:

          A.  Executive desires to serve as an employee of the
          Company in an executive capacity on the terms and conditions
          stated herein; and

          B.  The Company desires by this Agreement to provide for the
          employment of Executive by the Company on the terms and conditions
          stated herein.

          NOW, THEREFORE, IN CONSIDERATION OF THE PREMISES AND THE MUTUAL
COVENANTS CONTAINED HEREIN, THE COMPANY AND EXECUTIVE AGREE AS FOLLOWS:

          Section 1. Employment. The Company hereby agrees to employ Executive,
and Executive hereby agrees to be employed by the Company, on the terms and
conditions set forth herein.

          Section 2. Term of Employment. The term of employment of Executive by
the Company under this Agreement shall commence on the effective date of this
Agreement (the "Agreement Date") and end on the date which is the third
anniversary date of the Agreement Date (the "Term of Employment").

          Section 3. Position and Duties.

          (a) Position. During the Term of Employment, the Company shall employ
Executive as, and Executive shall serve as, Senior Vice President and Chief
Financial Officer of the Company, with his duties, authority and
responsibilities to be as reasonably assigned by the Chief Executive Officer or
the Board of Directors of the Company consistent with such title and position.

          (b) Duties. Executive shall devote his full-time efforts to the
business and affairs of the Company and shall perform his duties faithfully,
diligently, and to the best of his ability and in conformity with the policies
of the Company and under and subject to such reasonable directions and
instructions as the Board of Directors and the Chief Executive Officer of the
Company may issue from time to time.

<PAGE>   2

          Section 4. Compensation and Related Matters.

          (a) Salary. The Company shall pay Executive a base salary of not less
than $220,000 per year payable in approximately equal installments in accordance
with the Company's normal pay schedule. In the event the Company shall at any
time or times after the Agreement Date increase Executive's base salary, then
Executive's base salary under this Agreement for any period after any such
increase shall be not less than the last amount to which the Company increased
the base salary of Executive (such base salary including increases granted after
the Agreement Date is hereinafter referred to as "Basic Salary"). Compensation
of Executive by Basic Salary payments shall not be deemed exclusive and shall
not prevent Executive from participating in any other compensation or benefit
plan of the Company. The Basic Salary payments hereunder shall not in any way
limit or reduce any other obligation of the Company hereunder, and no other
compensation, benefit or payment hereunder shall in any way limit or reduce the
obligation of the Company to pay Executive's Basic Salary hereunder.

          (b) Bonus. The Company shall pay Executive a sign-on bonus in the
amount of $50,000. Such bonus shall be payable as follows: $25,000 of such bonus
shall be paid within two (2) weeks of the Agreement Date and the remaining
$25,000 shall be paid in the first pay period of 2001.

          (c) Stock Options. The Company shall grant to Executive stock options
for 75,000 shares of the Company's stock, which grant shall be on terms
consistent with the standard stock option agreement used for employees of the
Company. The stock options shall vest ratably over a period of five (5) years.

          (d) Expenses. During the Term of Employment, Executive shall be
entitled to receive prompt reimbursement for all reasonable expenses incurred by
Executive in performing services hereunder, including all reasonable expenses of
travel and living expenses while away from home on business or at the request of
and in the service of the Company, provided that such expenses are incurred and
accounted for in accordance with the policies and procedures established by the
Company.

          (e) Other Benefits. During the term of Employment:

              (1) Executive shall be entitled to receive such perquisites and
fringe benefits historically provided by the

                                      -2-

<PAGE>   3

Company to its senior executives, including, without limitation, the exclusive
use of an automobile;

              (2) Executive shall be entitled to participate in the Company's
Executive Supplemental Pension Plan and Executive Variable Life Insurance Plan,
as either of the same may be amended from time to time, or any substitute or
successor plans;

              (3) Executive shall be entitled to participate in the Company's
Short-Term Incentive Plan (STIPS), as the same may be amended from time to time,
or any substitute or successor plan, at a maximum annual level equal to 60% of
his Basic Salary (which bonus shall be prorated in 2000 from the Agreement Date
to December 31, 2000); and

              (4) Executive shall be entitled to receive all other employee
benefits, including, without limitation, medical, dental, disability, 401(k),
retirement, group life and accidental death insurance benefits as are or in the
future may be provided by the Company to its senior executives.

          Section 5. Termination.

          (a) Termination of Employment Other Than by Executive. Executive's
employment hereunder may be terminated without any breach of this Agreement only
under the following circumstances:

              (1) Death. Executive's employment hereunder shall
          terminate upon his death.

              (2) Disability. If, as a result of Executive's
          incapacity due to physical or mental illness, Executive
          shall have been absent from his duties hereunder on a
          full-time basis for the entire period of four (4)
          consecutive months, and within ten (10) days after written
          notice of termination is given (which may occur before or
          after the end of such four (4) month period) shall not have
          returned to the performance of his duties hereunder on a
          full-time basis, the Company may terminate Executive's
          employment hereunder for Disability.

              (3) Cause. The Company may terminate Executive's employment
          hereunder for Cause. For purposes of this Agreement, the Company

                                      -3-

<PAGE>   4

          shall have "Cause" to terminate Executive's employment
          hereunder only upon:

              (i)   The willful and continued refusal by the Executive
          to perform his duties with the Company (other than any such
          refusal resulting from his incapacity due to physical or
          mental illness), after a demand for substantial performance
          is delivered to Executive by the Company which specifically
          identifies the manner in which it is believed that Executive
          has refused substantially to perform his duties;

              (ii)  Conviction of Executive of any felony; or

              (iii) Willful and gross misconduct materially and
          demonstrably injurious to the Company.

          (b) Termination of Employment by Executive. Executive may terminate
his employment hereunder for Good Reason. As used herein, "Good Reason" means
any of the following:

              (1)   The assignment to Executive, without his consent,
          of any duties materially inconsistent with his position, duties,
          responsibilities and status with the Company on the
          Agreement Date, or a change in Executive's responsibilities,
          as in effect on the Agreement Date, which materially
          diminishes Executive's responsibilities with the Company
          when considered as a whole; provided, however, that the
          foregoing shall not constitute Good Reason if done in
          connection with the termination of Executive's employment
          because of Disability or for Cause.

              (2)   A reduction by the Company in Executive's Basic Salary.

              (3)   Failure by the Company to comply with the provisions
          of Section 4(e).

              (4)   The Company's requiring Executive, without his consent,
          to be based anywhere other than the location where Executive
          is

                                      -4-

<PAGE>   5

          based on the Agreement Date, if the same requires
          Executive to relocate his principal residence; or, in the
          event Executive consents to being based anywhere other than
          such location, the failure by the Company to pay (or
          reimburse Executive for) all reasonable moving expenses
          incurred by Executive relating to a change of Executive's
          principal residence in connection with such relocation.

              (5)   The failure of the Company to obtain the assumption of
          this Agreement by any successor as provided in Section 9.

          (c) Notice of Termination. Any termination of Executive's employment
by the Company or by Executive other than termination pursuant to Section
5(a)(1) shall be communicated by written Notice of Termination to the other
party. For purposes of this Agreement, a Notice of Termination shall mean a
notice which shall indicate the specific termination provision in this Agreement
relied upon and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive's employment under the
provision so indicated.

          (d) Date of Termination. "Date of Termination" shall mean (i) if
Executive's employment is terminated by his death, the date of his death, (ii)
if Executive's employment is terminated pursuant to Section 5(a)(2), ten (10)
days after Notice of Termination is given (provided that the Executive shall not
have returned to the performance of his duties on a full-time basis during such
ten (10) day period), or (iii) if Executive's employment is terminated for any
other reason, the date on which the Notice of Termination is given.

          Section 6. Compensation Upon Termination or During Disability.

          (a) Disability. During any period that Executive fails to perform his
duties hereunder as a result of incapacity due to physical or mental illness
("Disability Period"), Executive shall continue to receive his Basic Salary at
the rate then in effect for such period until his employment is terminated
pursuant to Section 5(a)(2), provided that payments of Basic Salary so made to
Executive shall be reduced by the sum of the amounts, if any, payable to
Executive at or prior to the time of any such salary payment under disability
benefit plans of the

                                      -5-

<PAGE>   6

Company and which were not previously applied to reduce any payment of Basic
Salary.

          (b) Death. If Executive's employment is terminated by his death, the
Company shall pay to Executive's estate his full Basic Salary through the Date
of Termination at the rate in effect on the date of death and shall thereafter
have no further obligations to Executive under this Agreement.

          (c) Termination for Cause. If Executive's employment shall be
terminated for Cause, the Company shall pay Executive his full Basic Salary
through the Date of Termination at the rate in effect at the time Notice of
Termination is given and the Company shall have no further obligations to
Executive under this Agreement.

          (d) Termination for Good Reason or Without Cause. In the event
Executive terminates his employment with the Company for Good Reason or the
Company terminates Executive's Employment for any reason other than for Cause or
Disability, in either case at any time prior to the expiration of the Term of
Employment, Executive shall be entitled to the following payments and benefits:

              (1)   The Company shall pay to Executive, not later than thirty
(30) days following the Date of Termination, Executive's accrued but unpaid
Basic Salary through the Date of Termination plus compensation for current and
carried-over unused vacation and compensation days in accordance with the
applicable personnel policy.

              (2)   In lieu of any further payments of salary or bonus to
Executive after the Date of Termination, the Company shall pay to Executive, not
later than ten (10) days following the Date of Termination, a lump sum cash
severance payment (the "Severance Payment") equal to the total compensation
(including bonus) paid to or accrued for the benefit of Executive by the Company
for services rendered during the twelve-month period immediately preceding the
Date of Termination.

          (e) After payment of the sums described in subparagraphs (d)(1) and
(d)(2) above, the Company shall have no further obligations to Executive under
this Agreement; provided that Executive's right to receive payments under this
Agreement shall not decrease the amount of, or otherwise adversely affect, any
other benefits payable to Executive under any other plan, agreement or
arrangement relating to employee benefits provided by the Company.

                                      -6-

<PAGE>   7

          (f) Voluntary Termination by Executive Without Good Reason. In the
event Executive terminates his employment with the Company without Good Reason,
the Company shall pay to Executive his full Basic Salary through the Date of
Termination at the rate then in effect and the Company shall have no further
obligations to Executive under this Agreement.

          (g) Executive shall not be required to mitigate the amount of any
payment provided for in this Section 6 by seeking other employment or otherwise,
nor shall the amount of any payment or benefit provided for him in this Section
6 be reduced by any compensation earned by Executive as the result of employment
by another employer or by reason of Executive's receipt of or right to receive
any retirement or other benefits after the date of termination of employment or
otherwise.

          Section 7. Non-Competition; Confidentiality

          (a) Period. During Executive's employment with the Company and for a
period of one (1) year following any termination of Executive's employment with
the Company (other than following a Hostile Change of Control (as defined
below)), Executive shall not, as a shareholder, employee, officer, director,
partner, consultant or otherwise, engage directly or indirectly in any business
or enterprise which is in Competition with the Company (as defined below).

          (b) Competition with the Company. For purposes of this Agreement, (i)
the words "Competition with the Company" shall be deemed to include competition
with the Company or any entity controlling, controlled by or under common
control with the Company (an "Affiliate"), or their respective successors or
assigns, or the business of any of them, and (ii) a business or enterprise shall
be deemed to be in Competition with the Company if it is engaged in any business
activity which is the same or comparable to any business activity of the Company
or any Affiliate from time to time during the Term of Employment in any
geographic area (whether within or outside the United States) in which the
Company or any Affiliate conducted such business. Notwithstanding the foregoing,
nothing herein contained shall prevent Executive from purchasing and holding for
investment less than 3% of the shares of any corporation the shares of which are
regularly traded either on a national securities exchange or in the
over-the-counter market.

          (c) Interpretation of Covenant. The parties hereto agree that the
duration and area for which the covenant not to

                                      -7-

<PAGE>   8

compete set forth in this Section 7 is to be effective are reasonable. In the
event that any court determines that the time period or the area, or both of
them, are unreasonable and that such covenant is to that extent unenforceable,
the parties hereto agree that the covenant shall remain in full force and effect
for the greatest time period and in the greatest area that would not render it
unenforceable. The parties intend that this covenant shall be deemed to be a
series of separate covenants, one for each and every county of each and every
state of the United States of America where the covenant not to compete is
intended to be effective. The provisions of this Section 7 shall survive any
termination of this Agreement.

          (d) Prohibition on Disclosure or Use. Executive shall at all times
keep and maintain Confidential Information (as defined below) confidential, and
Executive shall not, at any time, either during or subsequent to the Term of
Employment, either directly or indirectly, use any Confidential Information for
Executive's own benefit or divulge, disclose, or communicate any Confidential
Information to any person or entity in any manner whatsoever other than
employees or agents of the Company having a need to know such Confidential
Information, and only to the extent necessary to perform their responsibilities
on behalf of the Company and other than in the performance of Executive's duties
hereunder.

          (e) Definition of Confidential Information. "Confidential Information"
shall mean any and all information (excluding information in the public domain)
related to the business of the Company or any Affiliate, including without
limitation all processes; inventions; trade secrets; computer programs;
engineering or technical data, drawings, or designs; manufacturing techniques;
information concerning pricing and pricing policies; marketing techniques; plans
and forecasts; new product information; information concerning suppliers;
methods and manner of operations; and information relating to the identity and
location of all past, present, and prospective customers.

         (f) Equitable Relief. Executive's obligations contained in this Section
7 are of special and unique character which gives them a peculiar value to the
Company, and the Company cannot be reasonably or adequately compensated in
damages in an action at law in the event Executive breaches such obligations.
Executive therefore expressly agrees that, in addition to any other rights or
remedies which the Company may possess, the Company shall be entitled to
injunctive and other equitable relief in the form of preliminary and permanent
injunctions

                                      -8-

<PAGE>   9

without bond or other security in the event of any actual or
threatened breach of said obligations by Executive.

          (g) Definition of Change of Control. A "Hostile Change of Control"
shall be deemed to have occurred if (i) any "person" (as that term is used in
ss.13(d) and ss.14(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act") on the Agreement Date), including any "group" as such term is
used in Section 13(d)(3) of the Exchange Act on the Agreement Date (an
"Acquiring Person"), shall hereafter acquire (or disclose the previous
acquisition of) beneficial ownership (as that term is defined in Section 13(d)
of the Exchange Act and the rules thereunder on the Agreement Date) of shares of
the outstanding stock of any class or classes of the Company which results in
such person or group possessing more than 50.1% of the total voting power of the
Company's outstanding voting securities ordinarily having the right to vote for
the election of directors of the Company (a "Control Acquisition"); or (ii) as
the result of, or in connection with, any tender or exchange offer, merger or
other business combination, sale of assets or contested election, or any
combination of the foregoing transactions ("Transaction"), the persons who were
directors of the Company immediately before the completion of the Transaction
shall cease to constitute a majority of the Board of Directors of the Company or
any successor to the Company. Anything contained in this paragraph (g) to the
contrary notwithstanding, a "Hostile Change of Control" shall not be deemed to
have occurred if the Control Acquisition or the Transaction is approved by a
majority of the directors of the Company who were directors of the Company
before the completion of the Control Acquisition or the Transaction.

          Section 8. Waiver. The failure of either party to this Agreement to
insist, in any one or more instances, upon the performance of any of the terms,
covenants or conditions of this Agreement by the other party hereto, shall not
be construed as a waiver or as a relinquishment of any right granted hereunder
to the party failing to insist on such performance, or as a waiver of the future
performance of any such term, covenant or condition, but the obligations
hereunder of both parties hereto shall remain unimpaired and shall continue in
full force and effect.

          Section 9. Successors; Binding Agreement.

          (a) The Company shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company and its
subsidiaries to expressly assume

                                      -9-

<PAGE>   10

and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no succession had taken
place. Failure of the Company to obtain such agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement and
shall entitle Executive to compensation in the same amount and on the same terms
as he would be entitled hereunder if he terminated his employment for Good
Reason, except that for purposes of implementing the foregoing, the date on
which any such succession becomes effective shall be deemed the Date of
Termination. As used in this Agreement, "Company" shall mean the Company as
defined above and any successor to its business and/or assets as aforesaid which
executes and delivers the agreement provided for in this Section 9 or which
otherwise becomes bound by all the terms and provisions of this Agreement by
operation of law.

          (b) This Agreement shall inure to the benefit of and be enforceable by
Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If Executive should die
while any amounts would still be payable to him hereunder if he had continued to
live, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement to his devisee, legatee or other
designee or, if there be no such designee, to his estate.

          Section 10. Arbitration. Any dispute or controversy arising out of or
relating to this Agreement, or any breach thereof, shall be settled by
arbitration in accordance with the rules of the American Arbitration
Association. The award of the arbitrator shall be final, conclusive, and
nonappealable and judgment upon such award rendered by the arbitrator may be
entered in any court having jurisdiction thereof. The arbitrator shall be an
arbitrator qualified to serve in accordance with the rules of the American
Arbitration Association and one who is approved by both the Company and
Executive. In the absence of such approval, each party shall designate a person
qualified to serve as an arbitrator in accordance with the rules of the American
Arbitration Association and the two persons so designated shall select the
arbitrator from among those persons qualified to serve in accordance with the
rules of the American Arbitration Association. The arbitration shall be held in
Columbus, Ohio or such other place as may be agreed upon at the time by the
parties to the arbitration.

          Section 11. Notices. Notices and all other communications provided for
in this Agreement shall be in writing and shall be deemed to have been duly
given when delivered or

                                      -10-

<PAGE>   11

mailed by United States registered mail, return receipt requested, postage
prepaid, addressed in the case of Executive, to

                           Daniel D. Viren
                           9287 Din Eidyn Drive
                           Dublin, Ohio 43017

and in the case of the Company, to the principal executive offices of the
Company, provided that all notices to the Company shall be directed to the
attention of the Company's Chief Executive Officer with copies to the Secretary
of the Corporation and to its Board of Directors, or to such other address as
either party may have furnished to the other in writing in accordance herewith,
except that notices of change of address shall be effective only upon receipt.

          Section 12. Miscellaneous. No provisions of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in a writing signed by Executive and a duly authorized officer of the
Company. No waiver by either party hereto at any time of any breach by the other
party hereto of, or compliance with, any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time. No agreements or representations, oral or otherwise, express or
implied, with respect to the subject matter hereof have been made by either
party which are not set forth expressly in this Agreement. The validity,
interpretation, construction and performance of this Agreement shall be governed
by the laws (but not the law of conflicts of laws) of the State of Ohio.

          Section 13. Validity. The invalidity or unenforceability of any
provisions of this Agreement shall not affect the validity or enforceability of
any other provisions of this Agreement, which shall remain in full force and
effect.

                                      -11-

<PAGE>   12

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date and year above written.

                                        R. G. BARRY CORPORATION

                                        By  /s/ Gordon Zacks
                                           -------------------------------------

                                        Title  CEO
                                              ----------------------------------

                                         /s/ Daniel D. Viren
                                        ----------------------------------------
                                        Daniel D. Viren

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