EX-1
from 10-Q
1 page
July 20, 1998 Todd Kahn, Esq. Salant Corporation 1114 Avenue of the Americas New York, New York 10036 Dear Todd: Reference Is Hereby Made to the Employment Agreement ("Employment Agreement"), Dated May 1, 1997 Between Yourself as the Employee and Salant Corporation ("Salant"). We Have Mutually Agreed to Amend the Employment Agreement Effective as of the Date of This Letter as Follows: 1. a New Third Sentence of Section 3(b) of the Employment Agreement Is Hereby Added With the Following: "As Part of the Management Retention Program Established in 1998 (The "1998 Mrp"), for the 1998 Fiscal Year, and No Other Fiscal Year Thereafter, the Employee Shall Receive as a Minimum, the Bonus Amount Provided in Paragraph a of Exhibit 1, Provided That the Employee Maintains His Employment With the Corporation Until February 15, 1999, Other Than Pursuant to a Termination of the Employment Period as Described in Sections 6(d) or 6(e). 2. Section 6(d) (III) Is Hereby Deleted in Its Entirety and Substituted With the Following Therefore: "Pro-Rated Bonus for the Fiscal Year in Which Termination Occurs, Payable in Accordance With Section 3(b), and Any Bonus for the Fiscal Year Earned but Not Yet Paid, Including Without Limitation the Entire 1998 Mrp, Payable in a Lump Sum Within Fifteen (15) Days After the Termination Date." Except as Specifically Set Forth Herein, the Employment Agreement Remains in Full Force and Effect and Is Hereby Ratified, Confirmed and Approved. the Employment Agreement as Modified by This Letter Is the Only Agreement That Governs the Term of Your Employment. All Other Letter Agreements and Memorandums Are Hereby Null and Void. 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 Jerald S. Politzer Chairman of the Board and Chief Executive Officer Accepted and Agreed to by Todd Kahn
12/34/56
EX-1
from 10-Q
1 page
August 14, 1995 Salant Corporation 1114 Avenue of the Americas New York, New York 10036 Attention: Mr. Richard P. Randall Chief Financial Officer Re: Waiver of Existing Default Gentlemen: Reference Is Made to the Revolving Credit, Factoring and Security Agreement, Dated as of September 20, 1993, as Amended (The "Credit Agreement"), Between the Cit Group/Commercial Services, Inc. ("Lender") and Salant Corporation ("Borrower"). Capitalized Terms Used Herein Shall Have the Meanings Ascribed Thereto in the Credit Agreement, Unless Otherwise Defined Herein. Borrower Is in Breach of Section 3.1(c) of the Credit Agreement as a Result of Its Payment of the Inventory Overadvance in Full to Lender on July 31, 1995, Instead of July 10, 1995, as a Result of Which Breach an Event of Default ("Subject Default") Has Occurred Under Section 8.1(a) of the Credit Agreement. Lender Hereby (A) Waives the Subject Default, and (B) Agrees to Provide Financial Accommodations to Borrower in Accordance With the Letter Re: Seasonal Overadvance Subfacility Loans, Dated as of July 11, 1995, Between Borrower and Lender, Provided That, Nothing Contained Herein Shall Be Construed to Limit, Impair or Otherwise Affect Any Rights of Lender in Respect of Any Future Non-Compliance With Section 3.1(c) of the Credit Agreement or Any Other Covenant, Term or Provision of the Credit Agreement or Any of the Other Financing Agreements. Very Truly Yours, the Cit Group/Commercial Services, Inc. By: Title
12/34/56
