FORM OF INITIAL GRANT OF
DIRECTOR OPTION AGREEMENT
SALANT CORPORATION 1993 STOCK PLAN
NONSTATUTORY STOCK OPTION AGREEMENT
THIS AGREEMENT, made as of [DATE] (the "Grant Date"), between
Salant Corporation, a Delaware corporation (the "Company"), and
[NAME] (the "Optionee").
WHEREAS, the Company has adopted the Salant Corporation 1993
Stock Plan (the "Plan") in order to provide additional incentive
to selected key employees and directors of the Company and its
Subsidiaries; and
WHEREAS, the Plan provides for the grant of a Director Option to
the Optionee as provided herein;
NOW, THEREFORE, the parties hereto agree as follows:
1. Grant of Option.
1.1 The Company hereby makes an Initial Grant of a Director
Option (the "Option") to the Optionee to purchase all or any part
of an aggregate of 1,000 whole Shares subject to, and in
accordance with, the terms and conditions set forth in this
Agreement and the Plan.
1.2 The Option is not intended to qualify as an Incentive
Stock Option within the meaning of Section 422 of the Code.
1.3 This Agreement shall be construed in accordance and
consistence with, and subject to, the terms of the Plan (the
provisions of which are incorporated herein by reference); and,
except as otherwise expressly set forth herein, the capitalized
terms used in this Agreement shall have the same definitions as
set forth in the Plan.
2. Purchase Price.
The price at which the Optionee shall be entitled to purchase
Shares upon the exercise of the Option shall be $[PRICE] per
Share.
3. Duration of Option.
The Option shall be exercisable to the extent and in the manner
provided herein for a period of ten years from the Grant Date;
provided, however, that the Option may be earlier terminated as
provided in Section 8 of the Plan.
4. No Right to Continued Employment.
Nothing in this Agreement or the Plan shall be interpreted or
construed to confer upon the Optionee any right with respect to
continuance of Optionee's service as a director of the Company or
any Subsidiary.
5. Withholding of Taxes.
Whenever shares of Stock are to be issued pursuant to this
Agreement, the Company shall require the recipient of the Stock
to remit to the Company an amount sufficient to satisfy federal,
state and local withholding tax requirements prior to issuance of
the certificate for shares of Stock.
6. Grantee Bound by the Plan.
The Optionee hereby acknowledges receipt of a copy of the Plan
and agrees to be bound by all the terms and provisions thereof.
7. Modification of Agreement.
Subject to the provisions of the Plan, this Agreement may be
modified, amended, suspended or terminated, and any terms or
conditions may be waived, but only by a written instrument
executed by the parties hereto.
8. Severability.
Should any provision of this Agreement be held by a court of
competent jurisdiction to be unenforceable or invalid for any
reason, the remaining provisions of this Agreement shall not be
affected by such holding and shall continue in full force in
accordance with their terms.
9. Successors in Interest.
This Agreement shall inure to the benefit of and be binding
upon any successor to the Company. This Agreement shall inure to
the benefit of the Optionee's legal representatives. All
obligations imposed upon the Optionee and all rights granted to
the Company under this Agreement shall be final, binding and
conclusive upon the Optionee's heirs, executors, administrators
and successors.
10. Resolution of Disputes.
Any dispute or disagreement which may arise under, or as a
result of, or in any way relate to, the interpretation,
construction or application of this Agreement shall be determined
by the Committee. Any determination made hereunder shall be
final, binding and conclusive on the Optionee and Company for all
purposes.
SALANT CORPORATION
By__________________________
Nicholas P. DiPaolo
Attest:
__________________________
____________________________
[NAME]
____________________________
____________________________
Address
____________________________
Social Security Number
FORM OF ANNUAL GRANT OF
DIRECTOR OPTION AGREEMENT
SALANT CORPORATION 1993 STOCK PLAN
NONSTATUTORY STOCK OPTION AGREEMENT
THIS AGREEMENT, made as of [DATE] (the "Grant Date"), between
Salant Corporation, a Delaware corporation (the "Company"), and
[NAME] (the "Optionee").
WHEREAS, the Company has adopted the Salant Corporation 1993
Stock Plan (the "Plan") in order to provide additional incentive
to selected key employees and directors of the Company and its
Subsidiaries; and
WHEREAS, the Plan provides for the grant of a Director Option to
the Optionee as provided herein;
NOW, THEREFORE, the parties hereto agree as follows:
1. Grant of Option.
1.1 The Company hereby makes an Annual Grant of a Director
Option (the "Option") to the Optionee to purchase all or any part
of an aggregate of 300 whole Shares subject to, and in accordance
with, the terms and conditions set forth in this Agreement and
the Plan.
1.2 The Option is not intended to qualify as an Incentive Stock
Option within the meaning of Section 422 of the Code.
1.3 This Agreement shall be construed in accordance and
consistence with, and subject to, the terms of the Plan (the
provisions of which are incorporated herein by reference); and,
except as otherwise expressly set forth herein, the capitalized
terms used in this Agreement shall have the same definitions as
set forth in the Plan.
2. Purchase Price.
The price at which the Optionee shall be entitled to purchase
Shares upon the exercise of the Option shall be $[PRICE] per
Share.
3. Duration of Option.
The Option shall be exercisable to the extent and in the manner
provided herein for a period of ten years from the Grant Date;
provided, however, that the Option may be earlier terminated as
provided in Section 8 of the Plan.
4. No Right to Continued Employment.
Nothing in this Agreement or the Plan shall be interpreted or
construed to confer upon the Optionee any right with respect to
continuance of Optionee's service as a director of the Company or
any Subsidiary.
5. Withholding of Taxes.
Whenever shares of Stock are to be issued pursuant to this
Agreement, the Company shall require the recipient of the Stock
to remit to the Company an amount sufficient to satisfy federal,
state and local withholding tax requirements prior to issuance of
the certificate for shares of Stock.
6. Grantee Bound by the Plan.
The Optionee hereby acknowledges receipt of a copy of the Plan
and agrees to be bound by all the terms and provisions thereof.
7. Modification of Agreement.
Subject to the provisions of the Plan, this Agreement may be
modified, amended, suspended or terminated, and any terms or
conditions may be waived, but only by a written instrument
executed by the parties hereto.
8. Severability.
Should any provision of this Agreement be held by a court of
competent jurisdiction to be unenforceable or invalid for any
reason, the remaining provisions of this Agreement shall not be
affected by such holding and shall continue in full force in
accordance with their terms.
9. Successors in Interest.
This Agreement shall inure to the benefit of and be binding
uponany successor to the Company. This Agreement shall inure to
the benefit of the Optionee's legal representatives. All
obligations imposed upon the Optionee and all rights granted to
the Company under this Agreement shall be final, binding and
conclusive upon the Optionee's heirs, executors, administrators
and successors.
10. Resolution of Disputes.
Any dispute or disagreement which may arise under, or as a result
of, or in any way relate to, the interpretation, construction or
application of this Agreement shall be determined by the
Committee. Any determination made hereunder shall be final,
binding and conclusive on the Optionee and Company for all
purposes.
SALANT CORPORATION
By__________________________
Nicholas P. DiPaolo
Attest:
__________________________
____________________________
[NAME]
____________________________
____________________________
Address
____________________________
Social Security Number