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Terms Of Separation James W. Sievers

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Sectors: Retail
Effective Date: December 30, 2000
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Exhibit 10.9


TERMS OF SEPARATION


Spiegel, Inc. agrees to pay James W. Sievers severance pay in the amount of four million dollars ($ 4,000,000). This severance pay will be paid to Sievers in a lump sum no later than July 6, 2001. In addition Spiegel, Inc. will further pay Sievers at the same time an amount of six hundred and seventy-one thousand dollars ($ 671,000) in a lump sum which represents bonuses, incentive plan award and salary for the first six months of 2001. Further Sievers will receive as salary for the period January 1, 2001 to and including June 30, 2001, compensation calculated based on $420,000 per year as well as other non cash benefits which are or shall be adopted by Spiegel Inc. covering its senior management staff. Further, Spiegel agrees to the terms of separation (12/6/00) attached here to as an addendum to this agreement to the extent they


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are not inconsistent but rather additive to the overall agreement. Sievers shall perform his current duties and responsibilities and assist with the transition for the transition period from January 1, 2001 to June 30, 2001.


This agreement is contained in this document and the addendum attached.


Acknowledged, agreed, and accepted as of 12/30/2000.


Spiegel, Inc.


/s/ James W. Sievers
--------------------------
By: James W. Sievers


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ADDENDUM


This Addendum made a part of an agreement dated December 30, 2000 between Spiegel Inc. and James W. Sievers.


TERMS OF SEPARATION
-------------------


COMPENSATION FOR YEAR 2000 --------------------------


My normal salary for 2000 shall continue to be paid on its current schedule. In addition, no l
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