Date] Dear Mr. Klatsky: We refer to that certain agreement (your "CAP Agreement"), dated , as amended by letter dated , 1995, between you and us which provides you with a target monthly benefit of $16,666.67 under our so- called "Capital Accumulation...Cap Agreement • June 9th, 1997 • Phillips Van Heusen Corp /De/ • Men's & boys' furnishgs, work clothg, & allied garments
Dear Mr. Klatsky: We refer to that certain agreement (your "CAP Agreement"), dated , as amended by letter dated , 1995, between you and us which provides you with a target monthly benefit of $16,666.67 under our so-called "Capital Accumulation Plan". This letter, when accepted by you, will constitute an amendment of your CAP Agreement to the extent set forth herein: 1. Part E of Article THIRD of your CAP Agreement (the definition of "Change in Control") is hereby amended by adding the following to the end thereof: In addition to the foregoing and not in limitation thereof, a Change in Control with respect to Bruce Klatsky shall also mean (a) the failure of the Board of Directors of the Company duly to continue Mr. Klatsky as Chief Executive Officer and Chairman of the Board at all times prior to his retirement as an employee, (b) the appointment by the Board of an officer or the hiring by the Board of an employee with authority equal or superior to the authority of Mr. Klatsky at any t
