from 10-Q
1 page
Mr. Awadhesh Sinha March 28, 2001 Page 2 March 28, 2001 Mr. Awadhesh Sinha Salant Corporation 1114 Avenue of the Americas New York, New York 10036 Dear Awadhesh: Reference Is Hereby Made to the Employment Agreement ("Employment Agreement"), Dated February1, 1999 Between Yourself as the Employee and Salant Corporation (The "Corporation"), and the Amendment to That Employment Agreement Dated July 1, 1999 (The "Amendment"). We Have Mutually Agreed to Amend the Employment Agreement and the Amendment Effective as of January 1, 2001 as Follows: Section 3(a) Is Hereby Deleted in Its Entirety and Substitute With the Following Therefore: "As Annual Salary for the Services to Be Rendered by the Employee the Corporation Shall Pay a Salary as of January 1, 2001, at the Rate of $400,000 Per Annum Until December 31, 2001, Payable in Equal Bi-Weekly Installments During the Employment Period (The "Salary")." Except as Specifically Set Forth Herein, the Employment Agreement and the Amendment Remain in Full Force and Effect and Are Hereby Ratified, Confirmed and Approved. the Employment Agreement and Amendment, as Modified by This Letter, Are the Only Agreements That Govern the Terms of Your Employment. All Other Letter Agreements and Memorandums Are Hereby Null and Void. <page> if the Foregoing Correctly Sets Forth Our Mutual Agreement, Please Sign and Return to Me the Three Attached Copies of This Letter. Very Truly Yours, Salant Corporation By:/S/ Michael J. Setola Michael J. Setola Chairman of the Board and Chief Executive Officer Accepted and Agreed to By:/S/Awadhesh Sinha Awadhesh Sinha
