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EXHIBIT 10.53
STOCK OPTION WAIVER AGREEMENT
This Agreement is made as of this _____ day of December, 2000, by and
between Xxxx X. Xxxxxx ("Optionee") and WestPoint Xxxxxxx Inc., a Delaware
company (the "Company").
I. STATEMENT OF BACKGROUND INFORMATION
A. Optionee was previously employed as an officer of the Company and
in such capacity was granted options to purchase shares of the Company's common
stock.
B. Optionee and the Company have previously entered into that certain
Separation Agreement and General Release dated as of October 16, 2000, relating
to Optionee's termination of employment with the Company (the "Separation
Agreement").
C. Under the terms of the Separation Agreement, all stock options held
by Optionee will terminate on January 16, 2001, to the extent not exercised
prior hereto.
D. The Company has requested, and Optionee has agreed, that such
unexercised options shall terminate on January 7, 2001.
II. STATEMENT OF AGREEMENT
1. Termination of Options. Notwithstanding any provision to the
contrary in any stock option agreement between Optionee and the Company,
Optionee hereby agrees that all stock options granted to the Optionee by the
Company shall terminate, and Optionee shall have no further interest therein,
on January 7, 2001, except to the extent that any such option has been
exercised by Optionee prior to such date.
2. Effect on Separation Agreement. Except as expressly set forth
herein, the Separation Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the date first above written.
WESTPOINT XXXXXXX INC.
By: /s/ Xxxxxxxx X. Xxxxx, Xx.
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Xxxxxxxx X. Xxxxx, Xx.
Chairman of the Board and
Chief Executive Officer
By: /s/ Xxxx X. Xxxxxx
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Xxxx X. Xxxxxx
