AMENDMENT NO. 1
TO
SALANT CORPORATION RETIREMENT PLAN
AS RESTATED DECEMBER 1, 1989
Salant Corporation hereby merges the Manhattan Industries, Inc.
Supplemental Retirement Plan into the Salant Corporation Retirement Plan (the
"Plan") effective as of January 31, 1996, and amends the Plan as follows:
1. Section 5.1 is amended to read in its entirety as follows
5.1 Accrued Benefit
Each Member shall accrue a monthly
benefit equal to 1/12 of the sum of (a)
and (b), reduced by (c), plus (d), if
applicable:
(a) the greatest of (i), (ii), (iii) and (iv):
(i) (A) 0.65% of his Average Final
Compensation not in excess of 140% of
his Covered Compensation plus 1.25% of
his Average Final Compensation in excess
of 140% of his Covered Compensation, if
any, multiplied by (B) his Period of
Benefit Accrual Service (not in excess
of 35 years); or
(ii) $96 multiplied by his Period of
Benefit Accrual Service after
November 30, 1988 and $60 multiplied
by his Period of Benefit Accrual
Service before December 1, 1988;
provided, however, that no more than
30 years of Benefit Accrual Service
shall be taken into account, and for
this purpose, those years of a
Member's Benefit Accrual Service
shall be applied that produce the
greatest Accrued Benefit; or
(iii) the sum of (A) and (B):
(A) the greater of an
amount determined under
Subsection (a)(i) or (a)
(ii) above based on his
Period of Benefit Accrual
Service after June 2, 1973;
and
(B) the Actuarial
Equivalent of his Profit
Sharing Plan
Company Amount, if any; or
(iv) the sum of (A) and (B):
(A) an amount determined
under Subsection (a)(i)
above based on his Period
of Benefit Accrual Service
after October 1, 1973; and
(B) the Actuarial
Equivalent of his Thomson
Company Plan
Company Amount, if any; and
(b) the Actuarial Equivalent of his
Profit Sharing Plan Member Amount or
Thomson Company Plan Member Amount,
if any;
(c) the Member's accrued benefit under the terminated Manhattan Industries Inc.
Employees' Benefit Plan (As Amended Effective February 1, 1984) or the
terminated Vera Companies Division Employees' Pension Plan or the terminated
Manhattan Accessories Division Employees' Pension Plan;
(d) the Member's accrued benefit under the
Manhattan Industries, Inc. Supplemental
Retirement Plan, which had been frozen as of
September 30, 1988 and merged into the Plan
as of February 29, 1996, if any, as set
forth in Appendix B.
2. The following new Subsection (f) is added at the end of Section 7.6:
(f) If a joint annuitant or a beneficiary is
other than a Member's Eligible Spouse, a
Member may not elect a Non-Qualified Joint
and Survivor Annuity form under Section 7.4
if the value of the Member's benefit under
such form of annuity would, after the
Member's attainment of age 70-1/2, be less
than that required by the incidental death
benefit requirements of Section 7.15(f) of
the Plan and section 401(a)(9)(G) of the
Code.
3. The following Appendix B is added at the end of the Plan:
APPENDIX B
MANHATTAN INDUSTRIES, INC. SUPPLEMENTAL RETIREMENT PLAN
ACCRUED BENEFIT
Monthly Benefit
in Payment Status Monthly accrued
1. Name on January 31, 1996 2. Name Age 65 Benefit
Aronson, Herbert $ 388.95 Arrout, Mildred $ 31.82
Barbato, Grace $ 57.71 Campobello, Antionette $ 103.14
Baugh, Sina $ 21.92 Decuzzi, William $ 4.88
Boge, Saharaa $ 28.97 Deritter, Effie $ 29.36
Everhart, Elsie $ 8.19 Duffy, Edward $ 188.16
Falato, Nordina $ 7.03 Epstein, Manuel $ 76.55
Fernandez, Peter $ 76.06 Gershenfeld, Leo $ 124.57
Finley, Isabel $ 26.12 Henn, Thomas $ 28.70
Green, Ruth $ 46.45 Hovespian, Alice $ 17.02
Hone, Robert $ 187.30 Knissel, Lillian $ 25.26
Kallman, Donald $ 340.48 Mappen, Sidney $ 45.54
Karanik, Alexander $ 31.11 Natalino, Jacque $ 0.81
Klinke, Katherine $ 55.05 Rafferty, Joseph $ 125.92
Patterson, William $ 8.82 Ryan, William $ 21.95
Polcha, Agnes $ 13.02 Sansone, Yvone $ 0.94
Putziger, Stephen $ 264.45 Scott, Harold $ 46.31
Raskin, Charles $ 82.98 Shariff, Mohammed $ 2.70
Wade,Rosemary $ 95.28 Tanis, Mary $ 8.46
Winter, Elmer $ 109.92 Tirrito, Robert $ 57.79
Wagner, Ruth $ 3.97
IN WITNESS WHEREOF, Salant Corporation, by its duly authorized
officers, with its corporate seal affixed, has caused this Amendment to be
executed this day of
, 1996.
SALANT CORPORATION
Attest:
By