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EMPLOYMENT AGREEMENT ("Agreement"), dated as of March 4, 2003, between PHILLIPS-VAN HEUSEN
CORPORATION, a Delaware corporation ("PVH" and, together with its subsidiaries, the "Company"), and MICHAEL
SHAFFER (the "Executive").
W I T N E S S E T H:
WHEREAS, the Company desires to retain Executive on a full-time basis in accordance with the terms set forth herein; and
WHEREAS, the Executive desires to be so employed by the Company.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, the parties hereto
hereby agree as follows:
(a) Employment. The Company agrees to employ the Executive, and the Executive agrees to be employed by the
Company, in accordance with the terms and conditions hereof. The Executive shall be an employee at will and this Agreement
shall not constitute a guarantee of employment. Each of the parties acknowledges and agrees that either party may terminate the
Executive's employment at any time, for any reason, with or without cause, and with or without notice. The period commencing
on the date hereof and ending on the effective date of the termination of the Executive's employment is hereinafter referred to as
the "Employment Period."
(b) Position. The Executive shall serve as Senior Vice President, Retail Operations or in such other position or
positions as the Company's Chief Executive Officer or Board of Directors (which, for purposes of this Agreement, includes any
committee thereof, unless the context requires otherwise) may designate from time to time. The Executive shall (i) perform such
duties and services as shall from time to time be assigned to him, (ii) devote all of his business time to the services required of
him hereunder and (iii) use his best efforts, judgment, skill and energy to perform such duties and service