Document:

EX-10.33

Ex. 10.33

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into by
and between THE WARNACO GROUP, INC., a Delaware corporation (together with its successors and
assigns, the “Company”), and Elizabeth Wood (the “Executive”) to be effective as of the close of
business on December 31, 2008 (the “Effective Date”).

W I T N E S S E T H:

     WHEREAS, the Company and the Executive (individually a “Party” and together the “Parties”)
previously entered into this Agreement as of September 12, 2005 on the terms and conditions set
forth herein; and

     WHEREAS, the Parties wish to amend and restate this Agreement as of the close of business on
December 31, 2008 in a manner which reflects the Parties best efforts to comply with the provisions
of Section 409A of the Internal Revenue Code of 1986, as amended from time to time (the “Code”),
and its implementing regulations and guidance (“Section 409A”), and to make certain other changes;

     NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for
other good and valuable consideration, the receipt of which is mutually acknowledged, the Parties
agree as follows:

     1. Certain Definitions.

          (a) “Affiliate” of a specified person or entity shall mean a person or entity that directly or
indirectly controls, is controlled by, or is under common control with, the person or entity
specified.

          (b) “Board” shall mean the Board of Directors of the Company.

          (c) “Cause” shall mean:

(i) willful misconduct by the Executive which causes material harm to the
Company’s interests;

(ii) willful and material breach of duty by the Executive in the course of
her employment, which, if curable, is not cured within 10 days after
Executive’s receipt of written notice from the Company;

(iii) willful failure by the Executive, after having been given written
notice from the Company, to perform her duties other than a failure
resulting from Executive’s incapacity due to physical or mental illness; or

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(iv) indictment of the Executive for a felony, a crime involving moral
turpitude or any other crime involving the business of the Company which, in
the case of such crime involving the business of the Company, is injurious
to the business of the Company.

     For purposes of this Cause definition, no act or failure to act, on the part of the Executive,
shall be considered willful unless it is done, or omitted to be done, by her in bad faith and
without reasonable belief that her action was in the best interests of the Company. The
determination to terminate the Executive’s employment for Cause shall be made by the Board and
prior to such determination the Executive shall have the right to appear before the Board or a
Committee designated by the Board.

          (d) “Change in Control” shall mean any of the following:

(i) any “person” (as such term is used in Sections 3(a)(9) and 13(d) of the
Securities Exchange Act of 1934) or group of persons acting jointly or in
concert, but excluding a person who owns more than 5% of the outstanding
shares of the Company as of the date of this Agreement, becomes a
“beneficial owner” (as such term is used in Rule 13d-3 promulgated under
that Act), of 50% or more of the Voting Stock of the Company;

(ii) all or substantially all of the assets of the Company are disposed of
pursuant to a merger, consolidation or other transaction (unless the
shareholders of the Company immediately prior to such merger, consolidation
or other transaction beneficially own, directly or indirectly, in
substantially the same proportion as they owned the Voting Stock of the
Company, all of the Voting Stock or other ownership interests of the entity
or entities, if any, that succeed to the business of the Company); or

(iii) approval by the shareholders of the Company of a complete liquidation
or dissolution of all or substantially all of the assets of the Company.

     For purposes of this Change in Control definition, “Voting Stock” shall mean the capital stock
of any class or classes having general voting power, in the absence of specified contingencies, to
elect the directors of the Company.

          (e) “Commencement Date” shall mean September 12, 2005.

          (f) “Date of Termination” shall mean:

(i) if the Executive’s employment is terminated by the Company, the date
specified in the notice by the Company to the Executive that her
employment is so terminated; provided that for a termination for
Cause

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such
notice is delivered after the Board determination as set forth in Section
1(c) hereof;

(ii) if the Executive voluntarily resigns her employment, 90 days after
receipt by the Company of written notice that the Executive is terminating
her employment or if the Company shortens the required notice period in
accordance with Section 6(c), the date of termination specified in such
notice;

(iii) if the Executive’s employment is terminated by reason of death, the
date of death;

(iv) if the Executive’s employment is terminated for Disability, 30 days
after written notice is given as specified in Section 1(g) below; or

(v) if the Executive resigns her employment for Good Reason, 30 days after
receipt by the Company of timely written notice from the Executive in
accordance with Section 1(h) below unless the Company cures the event or
events giving rise to Good Reason within 30 days after receipt of such
written notice.

          (g) “Disability” shall mean the Executive’s inability, due to physical or mental incapacity,
to substantially perform her duties and responsibilities for a period of 180 consecutive days as
determined by a medical doctor selected by the Company and reasonably acceptable to the Executive.
In no event shall any termination of the Executive’s employment for Disability occur until the
Party terminating her employment gives written notice to the other Party in accordance with Section
15 below.

          (h) “Good Reason” shall mean the occurrence of any of the following without the Executive’s
prior written consent:

(i) a material diminution by the Company in the Executive’s authority,
duties or responsibilities as Senior Vice President Human Resources or the
assignment to the Executive by the Company of any duties materially
inconsistent with such position;

(ii) a reduction in (A) Base Salary or (B) Target Bonus opportunity as a
percentage of Base Salary;

(iii) in connection with or following a Change in Control, a change in
reporting structure so that the Executive reports to someone other than the
Chief Executive Officer of the Company;

(iv) the removal by the Company of the Executive as Senior Vice President
Human Resources of the Company or the failure by the Board to

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elect or
reelect the Executive as an executive officer of the Company;

(v) requiring the Executive to be principally based at any office or
location more than 50 miles from midtown Manhattan; or

(vi) the failure of a successor to all or substantially all of the assets of
the Company to assume the Company’s obligations under this Agreement either
as a matter of law or in writing within 15 days after a merger,
consolidation, sale or similar transaction.

     Anything herein to the contrary notwithstanding, the Executive shall not be entitled to resign
for Good Reason (i) if the occurrence of the event otherwise constituting Good Reason is the result
of Disability, a termination by the Company for which notification has been given or a voluntary
resignation by the Executive other than for Good Reason and (ii) unless the Executive gives the
Company written notice of the event constituting “Good Reason” within 90 days of the occurrence of
such event and the Company fails to cure such event within 30 days after receipt of such notice.

     (i) “Separation From Service” shall mean a termination of the Executive’s employment in a
manner consistent with Treasury Regulation Section 1.409A-1(h).

     2. Term of Employment.

     The term of the Executive’s employment under this Agreement commenced on the Commencement Date
and shall end at the close of business on the second anniversary of such date (the “Term”);
provided, however, that the Term shall thereafter be automatically extended for additional
one-year periods, unless either the Company or the Executive gives the other written notice at
least 120 days prior to the then-scheduled expiration of the Term that such Party is electing not
to so extend the Term (the initial term plus any extension thereof in accordance herewith being
referred to herein as the “Term”). Notwithstanding the foregoing, the Term shall end on the date
on which the Executive’s employment is terminated by either Party in accordance with the provisions
herein.

     3. Position; Duties and Responsibilities.

     During the Term, the Executive shall be employed as Senior Vice President, Human Resources of
the Company and shall perform such duties and responsibilities as determined by the Chief Executive
Officer. The Executive shall devote substantially all of her business time and attention to the
satisfactory performance of her duties. Anything herein to the contrary notwithstanding, nothing
shall preclude the Executive from (i) subject to the reasonable approval of the Board, serving on
the boards of directors of trade associations and/or charitable organizations or other business
corporations (provided such service is not prohibited under
Section 8(a)(i) below), (ii) engaging in charitable activities and community affairs and
(iii) managing her personal investments and affairs, provided that the activities described in the

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preceding clauses (i) through (iii) do not materially interfere with the proper performance of her
duties and responsibilities hereunder.

     4. Compensation.

          (a) Base Salary. During the Term, the Executive shall be paid an annualized Base
Salary of $300,000 (“Base Salary”), payable in accordance with the regular payroll practices of the
Company, subject to annual review by the Board (or its designee, including the Compensation
Committee of the Board) in its sole discretion. During the Term the Base Salary may not be
decreased without the Executive’s prior written consent. The Executive shall not be entitled to
any compensation for service as an officer or member of any board of directors of any Affiliate.
After any increase in base salary approved by the Board or its designee, the term “Base Salary” as
used in this Agreement shall thereafter refer to the increased amount. The Company acknowledges
that as of the Effective Date, Base Salary is $325,000.

          (b) Annual Incentive Awards. During the Term, the Executive shall be eligible to
receive an annual incentive award (provided the Executive was employed continuously during the
applicable fiscal year) pursuant to the Company’s Incentive Compensation Plan, as amended (or such
other annual incentive plan as may be approved by the Company’s shareholders), in effect for the
applicable fiscal year (“Bonus Plan”). The Executive’s annual incentive award shall have a target
of 50% of Base Salary (“Target Bonus”), with a potential maximum award as set forth in the Bonus
Plan, in all events based on the Executive’s achievement of annual performance and other targets
approved by the committee administering the Bonus Plan. The amount and payment of any annual
incentive award shall be determined in accordance with the Bonus Plan and shall be payable to the
Executive when bonuses for the applicable performance period are paid to other senior executives of
the Company, but in all events no later than the 60th day following the end of the
applicable fiscal year for which the Annual Bonus has been earned. After any increase in the
Executive’s target annual bonus opportunity as a percentage of Base Salary as approved by the Board
(or its designee), the term “Target Bonus” as used in this Agreement shall thereafter refer to the
increased target opportunity. The Company acknowledges that as of the Effective Date, Target Bonus
is 60% of Base Salary.

          (c) Long Term Incentive Awards. On the Commencement Date, the Executive was granted
shares of restricted stock and an option to purchase shares of the Company’s common stock with an
aggregate value of 2 times Base Salary ($600,000). Except as otherwise provided herein, the
restricted stock as described herein and the option as described herein shall vest 33% on each of
September 12, 2006 and September 12, 2007 and 34% on September 12, 2008, provided that the
Executive is employed by the Company on such vesting date and has not given notice to the Company
that she is voluntarily resigning, without Good Reason, prior to such vesting date. Thereafter,
commencing in fiscal year 2007, the Executive shall be eligible to participate in the Company’s
equity incentive plans, including, without limitation, the 2003 and 2005 Stock Incentive Plans, as
amended from time to time, and such
other long-term incentive plan(s) as may be approved by the Company’s shareholders from time
to time (“Stock Incentive Plan”). Except as otherwise provided herein, all equity grants shall be
governed by the applicable equity plan and/or award agreement. The Executive shall be subject

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to
the equity ownership, retention and other requirements applicable to senior executives of the
Company.

          (d) Supplemental Award. During the Term beginning with fiscal year 2006, provided the
Executive is employed by the Company, the Executive shall be entitled to an annual award with an
aggregate grant date value equal to 8% of the sum of Base Salary plus Annual Bonus as defined in
this Section 4(d) if the Executive will be less than age 50 by the end of the applicable fiscal
year, 10% of such amount if the Executive will be age 50 and over and less than age 60 at the end
of the applicable fiscal year and 13% of such amount if the Executive will be age 60 or older by
the end of the applicable fiscal year (“Supplemental Award”), with the first such award pro-rated
to reflect four months of service in fiscal 2005. For this purpose, Base Salary shall be the Base
Salary paid to the Executive for the fiscal year prior to the award year and Annual Bonus shall be
the annual bonus awarded to the Executive by the Board for such fiscal year. The Supplemental
Award shall not be awarded to the Executive until after the determination by the Board of the
Executive’s annual bonus for the prior fiscal year (but in no event later than 60 days thereafter
for any award made after fiscal year 2005) and 50% of the value of the Supplemental Award shall be
awarded in the form of restricted shares pursuant to the applicable Stock Incentive Plan (“Career
Shares”) and 50% shall be awarded in the form of a credit to a bookkeeping account maintained by
the Company for the Executive’s account (the “Notional Account”). Any Career Shares awarded
hereunder shall be governed by the applicable Stock Incentive Plan and, if applicable, any award
agreement. For purposes of this Section 4(d), each Career Share shall be valued at the closing
price of a share of the Company’s common stock (“Share”) on the date that the Supplemental Award is
made. For the Notional Account, the Company shall select the investment alternatives available to
the Executive under the Company’s 401(k) plan. The balance in the Notional Account shall
periodically be credited (or debited) with the deemed positive (or negative) return based on
returns of the permissible investment alternative or alternatives under the Company’s 401(k) plan
as selected in advance by the Executive (and in accordance with the applicable rules of such plan
or investment alternative) to apply to such Notional Account, with such deemed returns calculated
in the same manner and at the same times as the return on such investment alternative(s). The
Company’s obligation to pay the amount credited to the Notional Account, including any return
thereon provided for in this Section 4(d), shall be an unfunded obligation to be satisfied from the
general funds of the Company. Except as otherwise provided in Section 6 below or the applicable
Stock Incentive Plan and provided that the Executive is employed by the Company on such vesting
date, any Supplemental Award granted in the form of Career Shares will vest as follows: 50% of the
Career Shares will vest on the earlier of the Executive’s 62nd birthday or upon the Executive’s
obtaining 15 years of “Vesting Service” and 100% of the Career Shares will vest on the earliest of
(i) the Executive’s 65th birthday, (ii) upon the Executive obtaining 20 years of “Vesting Service”
or (iii) 10th anniversary of the date of grant. Except as otherwise provided in Section 6 below,
and provided that the Executive is employed by the Company on such vesting date, any Supplemental
Award granted as a credit to the Notional Account (as adjusted for any returns thereon) (“Adjusted
Notional Account”)) shall vest as follows: 50% on the earlier of the
Executive’s 62nd birthday or upon the Executive obtaining 5 years of “Vesting Service” and
100% on the earlier of the Executive’s 65th birthday and upon the Executive obtaining 10 years of
“Vesting Service”. For purposes of this Section 4(d), “Vesting Service” shall mean the period of
time that the Executive is employed by the Company as an executive officer. Subject to

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Section
17(b) hereof, upon vesting the Career Shares will be delivered to the Executive in the form of
Shares. In addition, any unvested Adjusted Notional Account shall vest upon a Change in Control as
defined in Section 1(d)(i) or (ii) hereof which also qualifies as a “change in control event” under
Section 409A (“409A Change in Control Event”). The vested balance in the Adjusted Notional
Account, if any, shall not be distributed to the Executive until there has been a Separation From
Service or, if earlier, there has been a 409A Change in Control Event and, at such time, shall only
be distributed at the earliest time that satisfies the requirements of this Section 4(d). Upon a
409A Change in Control Event, the vested Adjusted Notional Account shall be paid to the Executive
in a lump-sum cash payment. In addition, if the Executive’s employment is terminated for any
reason, after taking into account Section 6 hereof, any unvested Supplemental Awards (whether in
the form of Career Shares or the Adjusted Notional Account) shall be forfeited and any vested
balance in the Adjusted Notional Account, subject to Section 17(b) hereof, shall be paid to the
Executive in a cash lump-sum payment immediately following the Executive’s Separation From Service;
provided, however, that if the Executive is a “specified employee” as determined pursuant to
Section 409A as of the date of the Executive’s Separation From Service, such distribution shall not
be made until the earlier of the Executive’s death or the first business day of the seventh
calendar month following the month in which the Executive’s Separation From Service occurs;
provided, further, that if the Executive’s employment is terminated due to Disability and such
Disability satisfies the requirements of Section 409A(a)(2)(C) of the Code or the Treasury
Regulations implementing such section, then such distribution may be made upon Separation From
Service without regard to whether the Executive was a “specified employee” at such time. The
Executive can elect to delay the time and/or form of payment of the Adjusted Notional Account under
this Section 4(d), provided such election is delivered to the Company in writing at least 12 months
before the scheduled payment date for such payment and the new payment date for such payment is not
earlier than (i) the Executive’s death, (ii) the Executive’s “disability” which satisfies the
requirements of Section 409A(a)(2)(C) of the Code and its implementing regulations, or (iii) five
(5) years from the originally scheduled payment date. Upon the expiration or termination of the
Term, the vesting and payment dates in this Section 4(d) (without regard to Section 6, except as
otherwise expressly provided in Section 6(d) of this Agreement) and the election right in this
Section 4(d) shall continue to apply to any outstanding Supplemental Award.

     5. Employee Benefits.

          (a) Employee Benefit Programs. During the Term, subject to the Company’s right to
amend, modify or terminate any benefit plan or program, the Executive shall be entitled to
participate in all employee savings and welfare benefit plans and programs made available to the
Company’s senior-level executives on a basis no less favorable than provided to other
similarly-situated executives, as such plans or programs may be in effect from time to time,
including, without limitation, savings and other retirement plans or programs, medical, dental,
hospitalization, short-term and long-term disability and life insurance plans, accidental death and
dismemberment protection and travel accident insurance. During the Term, the Executive shall
also be entitled to a paid annual physical medical exam as approved by the Company and Company-paid
term life insurance with a benefit equal to $1 million, provided the Company can obtain such
insurance at commercially reasonable premium levels. The Executive shall be entitled to four weeks
paid vacation per calendar year.

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          (b) Business Expenses. During the Term, the Executive is authorized to incur
reasonable expenses in carrying out her duties and responsibilities under this Agreement and the
Company shall promptly reimburse her for all business and entertainment expenses incurred in
connection with carrying out the business of the Company, subject to documentation in accordance
with the Company’s policy. The Executive shall be entitled to first class air travel when
traveling on Company business.

          (c) Perquisites. The Executive shall be entitled to perquisites provided to other
senior-level executives, including a monthly car allowance of up to a maximum of $1,000.

     Notwithstanding anything elsewhere to the contrary, except to the extent any reimbursement,
payment or entitlement pursuant to this Section 5 does not constitute a “deferral of compensation”
within the meaning of Section 409A, (i) the amount of expenses eligible for reimbursement or the
provision of any in-kind benefit (as defined in Section 409A) to the Executive during any calendar
year will not affect the amount of expenses eligible for reimbursement or provided as in-kind
benefits to the Executive in any other calendar year, (ii) the reimbursements for expenses for
which the Executive is entitled shall be made on or before the last day of the calendar year
following the calendar year in which the applicable expense is incurred and (iii) the right to
payment or reimbursement or in-kind benefits may not be liquidated or exchanged for any other
benefit.

     6. Termination of Employment. The Term of this Agreement and the Executive’s
employment hereunder shall terminate as of the Date of Termination in the following circumstances:

          (a) Termination Without Cause by the Company or Resignation for Good Reason by the
Executive. In the event that during the Term the Executive’s employment is terminated without
Cause by the Company (other than due to Disability) or the Executive resigns for Good Reason and
Section 6(d) below does not apply, the Executive shall be entitled to:

(i) an amount equal to the Base Salary which would have been paid the
Executive from the Date of Termination through the expiration of the Term
(without regard to its earlier termination hereunder) if she had remained
employed, but in no event less than one times Base Salary, payable in a cash
lump sum to the Executive as soon as practicable following the Date of
Termination (but in no event later than 60 days following such date);

(ii) immediate vesting as of the Date of Termination of 50% of any
restricted stock (other than Career Shares) that remains unvested as of the
Date of Termination;

(iii) with respect to any stock options granted on or after September 12,
2005 which are vested and outstanding as of the Date of Termination,
continued exercisability for 12 months following the Date of Termination or
the remainder of the option term, if shorter; and

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(iv) continued participation for the Executive and her eligible dependents
in the Company’s welfare benefit plans in which she and her eligible
dependents were participating immediately prior to the Date of Termination
until the earlier of (a) the end of the applicable Term (without regard to
its earlier termination hereunder), but in no event less than 12 months
following the Date of Termination, or (b) the date, or dates, the Executive
receives equivalent coverage under the plans and programs of a subsequent
employer.

          (b) Termination upon Death or due to Disability. In the event that during the Term
the Executive’s employment is terminated upon death or due to Disability, the Executive (or her
estate or legal representative, as the case may be) shall be entitled to:

(i) a pro-rata annual bonus determined by multiplying the amount of the
annual bonus the Executive would have received had her employment continued
through the end of the fiscal year in which the Date of Termination occurs
by a fraction, the numerator of which is the number of days during such
fiscal year that the Executive was employed by the Company and the
denominator of which is 365, payable when bonuses for such fiscal year are
paid to other Company executives (which payment date shall be no earlier
than January 1st and no later than March 15th of the
year following the year in which the Date of Termination occurs);

(ii) immediate vesting as of the Date of Termination of 50% of any
restricted stock (other than Career Shares) that remains unvested as of the
Date of Termination; and

(iii) immediate vesting as of the Date of Termination of 50% of any
previously granted Supplemental Award that remains unvested as of the Date
of Termination, payable in accordance with Section 4(d) above.

          (c) Termination by the Company for Cause or a Voluntary Resignation by the Executive.
In the event that during the Term the Company terminates the Executive’s employment for Cause or
the Executive voluntarily resigns, the Executive shall be entitled to her Base Salary and benefits
through the Date of Termination. A voluntary resignation by the Executive of her employment shall
be effective upon 90 days prior written notice by the
Executive to the Company (“Notice Period”), subject to earlier termination by the Company in
accordance herewith. Failure by the Executive to provide the required notice shall be deemed to be
a breach of this Agreement. During the Notice Period, the Executive shall continue to be an
employee of the Company and her
fiduciary duties and other obligations as an employee of the
Company shall continue. The Executive shall cooperate in the transition of her responsibilities;
provided that the Company shall have the right to direct the Executive to no longer come to work or
not to perform any work for the Company during the Notice Period. If the Company so directs, in
addition to her fiduciary duties and other obligations as an employee and her

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commitments pursuant
to Section 7 and 8 hereof, the Executive agrees to refrain during the Notice Period from contacting
any customers, clients, advertisers, suppliers, agents, professional advisors or employees of the
Company or any of its Affiliates. The Company shall also have the right to shorten the Notice
Period by providing written notice to the Executive, in which event the Executive’s employment
shall terminate on the date stated in such notice.

          (d) Termination without Cause by the Company or Resignation for Good Reason by the
Executive Upon or Following a Change in Control. In the event that the Executive’s employment
is terminated without Cause by the Company (other than due to Disability) or the Executive resigns
for Good Reason, in both cases upon or within one year following a Change in Control (provided the
Term is still in effect or has expired during this one-year period), the Executive shall be
entitled to:

(i) an amount equal to 2 times the sum of (a) Base Salary plus (b) Target
Bonus, payable in a lump sum as soon as practicable following the Date of
Termination (but in no event later than 60 days following such date);

(ii) a pro-rata Target Bonus for the year of termination, determined by
multiplying the Target Bonus by a fraction, the numerator of which is the
number of days the Executive was employed by the Company during the year in
which the Date of Termination occurs and the denominator of which is 365,
payable in a lump sum as soon as practicable following the Date of
Termination (but in no event later than 60 days following such date);

(iii) immediate vesting as of the Date of Termination of all outstanding
equity awards (other than Career Shares), with any vested and outstanding
stock options granted on or after September 12, 2005 remaining exercisable
for 24 months following the Date of Termination or the remainder of the
option term, if shorter;

(iv) immediate vesting as of the Date of Termination of any previously
granted Supplemental Award, payable in accordance with Section 4(d) above;
and

(v) continued participation for the Executive and her eligible dependents in
the Company’s welfare benefit plans in which she and her eligible dependents
were participating immediately prior to the Date of Termination until the
earlier of (a) 24 months following the Date of Termination, or (b) the date,
or dates, the Executive receives substantially equivalent coverage under the
plans and programs of a subsequent employer.

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          (e) Termination of the Executive’s Employment by the Company Upon or After the Expiration
of the Term. If the Company provides written notice to the Executive in accordance with
Section 2 above that the Term shall not renew and upon, or at any time after, such expiration of
the Term the Company terminates the Executive’s employment under circumstances that during the Term
would constitute a termination of employment without Cause, the Executive shall be entitled to the
same payments, benefits and entitlements as a Termination without Cause under Section 6(a) hereof;
provided that if such notice of non-renewal of the Term and such termination both occur on or
within one year following a Change in Control, then the Executive shall be entitled to the
payments, benefits, and entitlements under Section 6(d) hereof.

          (f) Other Entitlements Upon Termination of Employment. In the event of any
termination of the Executive’s employment, the Executive (or her estate or legal representative, as
the case may be) shall be entitled to:

(i) Base Salary through the Date of Termination, payable on the first
regularly scheduled payroll date following the Date of Termination;

(ii) except for a termination of employment pursuant to Section 6(c) above,
payment of any annual bonus awarded to the Executive that remains unpaid for
the fiscal year preceding the fiscal year in which the Date of Termination
occurs, payable when bonuses for such performance period are paid to other
Company executives;

(iii) any Supplemental Award that is vested as of the Date of Termination,
payable in accordance with Section 4(d) above;

(iv) any amounts owing to the Executive but not yet paid under Section 5(b)
and 5(c) above, payable in accordance with such section; and

(v) except as otherwise provided in Section 6(g) below, additional
entitlements or treatment, if any, in accordance with applicable plans and
programs of the Company (provided that in no event shall the Executive be
entitled to duplication of any payments or benefits).

          (g) Exclusivity of Benefits; Releases of Claims. Any payments provided pursuant to
Section 6(a), Section 6(d) or Section 6(e) above shall be in lieu of any salary
continuation arrangements under any other severance program of the Company and in all events,
the Executive shall not be entitled to duplication of any benefit or entitlement. In order to be
entitled to any payments, rights and other entitlements pursuant to this Agreement or otherwise,
the Executive must comply with the covenants and/or acknowledgements contained in Sections 7, 8, 9
and 10 of this Agreement. In addition, in order to be entitled to any payments, rights or other
entitlements in connection with a termination covered by Section 6(a), Section 6(d) or Section 6(e)
above (except for those payments or benefits required to be paid or provided by applicable law),
the Executive shall be required to execute and deliver to the Company the

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Agreement and Release of
Claims attached hereto as Exhibit A no later than 45 days following the Date of Termination and not
revoke such release within the applicable revocation period.

          (h) Nature of Payments; No Mitigation. Any amounts due under this Section 6 are in
the nature of severance payments considered to be reasonable by the Company and are not in the
nature of a penalty. In the event of termination of her employment for any reason in compliance
with this Agreement, the Executive shall be under no obligation to seek other employment and,
except as specifically provided for in this Section 6 with respect to continuation of welfare
benefits, there shall be no offset against amounts or entitlements due to her on account of any
remuneration or benefits provided by any subsequent employment she may obtain.

          (i) Resignation. Notwithstanding any other provision of this Agreement, upon the
termination of the Executive’s employment for any reason or the Executive being directed not to
come to work or not to perform services for the Company in accordance with Section 6(c) hereof,
unless otherwise requested by the Board, she shall immediately resign from the Board, if
applicable, and all boards of directors of any Affiliate of the Company of which she may be a
member, and as a trustee of, or fiduciary to, any employee benefit plans of the Company or any
Affiliate. The Executive hereby agrees to execute any and all documentation of such resignations
upon request by the Company, but she shall be treated for all purposes as having so resigned upon
termination of her employment or upon the date the Company directs her not to come to work or
perform services for the Company, regardless of when or whether she executes any such
documentation.

          (j) Section 409A. Notwithstanding anything to the contrary in this Agreement or
elsewhere (except for Section 4(d) of this Agreement), if the Executive is a “specified employee”
as determined pursuant to Section 409A as of the date of the Separation From Service and if any
payment, benefit or entitlement provided for in this Agreement or otherwise both (x) constitutes a
“deferral of compensation” within the meaning of Section 409A and (y) cannot be paid or provided in
a manner otherwise provided herein or otherwise without subjecting the Executive to additional tax,
interest or penalties under Section 409A, then any such payment, benefit or entitlement that is
payable during the first six months following the Executive’s Separation From Service shall be paid
or provided to the Executive in a cash lump-sum on the earlier of the Executive’s death or the
first business day of the seventh calendar month following the month in which the Executive’s
Separation From Service occurs. In addition, any payment, benefit or entitlement due upon a
termination of the Executive’s employment that represents a “deferral of compensation” within the
meaning of Section 409A (other than any payments due pursuant to Section 4(d) of this Agreement)
shall only be paid or
provided to Executive upon a Separation From Service, in which case any reference to “Date of
Termination” in connection with such payment, benefit or entitlement shall be deemed to be a
reference to “Separation From Service” and the actual payment date within the time specified in the
applicable provision of Section 6 shall be within the Company’s sole discretion. Notwithstanding
anything to the contrary in this Section 6 or otherwise, any payment or benefit under this Section
6 or otherwise which is exempt from Section 409A pursuant to Treasury Regulation Section
1.409A-1(b)(9)(v)(A) or (C) shall be paid or provided to the Executive only

12

 

to the extent the
expenses are not incurred or the benefits are not provided beyond the last day of the second
taxable year of the Executive following the taxable year of the Executive in which the Separation
From Service occurs; and provided further that the Company reimburses such expenses no later than
the last day of the third taxable year following the taxable year of the Executive in which the
Separation From Service occurs. Finally, to the extent that the provision of any benefit pursuant
to Section 6(a)(iv) or Section 6(d)(v) hereof is taxable to the Executive, any such reimbursement
shall be paid to the Executive on or before the last day of the Executive’s taxable year following
the taxable year in which the expense is incurred and such reimbursement shall not be subject to
liquidation or exchange for any other benefit.

     7. Protection of Confidential Information and Company Property.

          (a) During the Term and thereafter, other than in the ordinary course of performing her duties
for the Company or as required in connection with providing any cooperation to the Company pursuant
to Section 10 below, the Executive agrees that she shall not disclose to anyone or make use of any
trade secret or proprietary or confidential information of the Company or any Affiliate of the
Company, including such trade secret or proprietary or confidential information of any customer or
other entity to which the Company owes an obligation not to disclose such information, which she
acquires during the course of her employment (“Confidential Information”), including, but not
limited to, records kept in the ordinary course of business, except when required to do so by a
court of law, by any governmental agency having supervisory authority over the business of the
Company or by any administrative or legislative body (including a committee thereof) with apparent
or actual jurisdiction to order her to divulge, disclose or make accessible such information.
“Confidential Information” shall not include information that (i) was known to the public prior to
its disclosure by the Executive; or (ii) becomes known to the public through no wrongful disclosure
by or act of the Executive or any representative of the Executive. In the event the Executive is
requested by subpoena, court order, investigative demand, search warrant or other legal process to
disclose any Confidential Information, the Executive agrees, unless prohibited by law or Securities
and Exchange Commission regulation, to give the Company’s General Counsel prompt written notice of
any request for disclosure in advance of the Executive’s making such disclosure and the Executive
agrees not to disclose such information unless and until the Company has expressly authorized the
Executive to do so in writing or the Company has had a reasonable opportunity to object to such
request or to litigate the matter (of which the Company agrees to keep the Executive reasonably
informed) and has failed to do so.

          (b) The Executive hereby sells, assigns and transfers to the Company all of her right, title
and interest in and to all inventions, discoveries, improvements and copyrightable
subject matter (the “Rights”) which during the period of her employment are made or conceived
by her, alone or with others, and which are within or arise out of any general field of the
Company’s business or arise out of any work she performs, or information she receives regarding the
business of the Company, while employed by the Company. The Executive shall fully disclose to the
Company as promptly as available all information known or possessed by her concerning any Rights,
and upon request by the Company and without any further remuneration in any form to her by the
Company, but at the expense of the Company, execute all

13

 

applications for patents and for copyright
registration, assignments thereof and other instruments and do all things which the Company may
deem necessary to vest and maintain in it the entire right, title and interest in and to all such
Rights.

          (c) The Executive agrees upon termination of employment (whether during or after the
expiration of the Term and whether such termination is at the instance of the Executive or the
Company), and regardless of the reasons therefor, or at any time as the Company may request, she
will promptly deliver to the Company’s General Counsel, and not keep or deliver to anyone else, any
and all of the following which is in her possession or control: (i) Company property (including,
without limitation, credit cards, computers, communication devices, home office equipment and other
Company tangible property) and (ii) notes, files, memoranda, papers and, in general, any and all
physical matter and computer files containing confidential or proprietary information of the
Company or any of its Affiliates, including any and all documents relating to the conduct of the
business of the Company or any of its Affiliates and any and all documents containing confidential
or proprietary information of the customers of the Company or any of its Affiliates, except for (x)
any documents for which the Company’s General Counsel has given written consent to removal at the
time of termination of the Executive’s employment and (y) any information necessary for the
Executive to retain for her tax purposes (provided the Executive maintains the confidentiality of
such information in accordance with Section 7(a) above).

     8. Additional Covenants.

          (a) The Executive acknowledges that in her capacity in management the Executive will have a
great deal of exposure and access to the Company’s trade secrets and Confidential Information.
Therefore, to protect the Company’s trade secrets and other Confidential Information, the Executive
agrees as follows:

(i) during her employment with the Company or any Affiliate and for 12
months following termination of such employment (whether during the Term or
thereafter), the Executive shall not, other than in the ordinary course of
performing her duties hereunder or as agreed by the Company in writing,
engage in a “Competitive Business,” directly or indirectly, as an
individual, partner, shareholder, director, officer, principal, agent,
employee, trustee, consultant, or in any relationship or capacity, in any
geographic location in which the Company or any of its Affiliates is engaged
in business. The Executive shall not be deemed to be in violation of this
Section 8(a) by reason of the fact that she owns or acquires, solely
as an investment, up to two percent (2%) of the outstanding equity
securities (measured by value) of any entity. “Competitive Business” shall
mean a business engaged in (x) apparel design and/or apparel wholesaling or
(y) retailing in competition with any business that the Company or its
Affiliates is conducting at the time of the alleged violation; and

14

 

(ii) during her employment with the Company or any Affiliate and for 18
months following termination of such employment for any reason (whether
during the Term or thereafter), the Executive shall not, other than in the
ordinary course of the Company’s business or with the Company’s prior
written consent, directly or indirectly, solicit or encourage any customer
of the Company or any of its Affiliates to reduce or cease its business with
the Company or any such Affiliate or otherwise interfere with the
relationship of the Company or any Affiliate with its customers.

          (b) The Executive agrees that during her employment with the Company or any Affiliate and for
18 months following termination of such employment for any reason (whether during the Term or
thereafter), she shall not, other than in the ordinary course of the Company’s business or with the
Company’s prior written consent, directly or indirectly, hire any employee of the Company or any of
its Affiliates, or solicit or encourage any such employee to leave the employ of the Company or its
Affiliates, as the case may be.

          (c) During any Notice Period and following the termination of the Executive’s employment for
any reason (whether during the Term or thereafter), the Executive and the Company each agree to
refrain from making any statements or comments, whether oral or written, of a defamatory or
disparaging nature to third parties regarding each other (and, in the case of the Executive’s
commitment hereunder, the “Company” shall include an Affiliate of the Company and the Company’s
officers, directors, personnel and products). The Executive and the Company each understand that
either party should be entitled to respond truthfully and accurately to statements about such party
made publicly by the Executive or the Company, as the case may be, provided that such response is
consistent with the responding party’s obligations not to make any statements or comments of a
defamatory or disparaging nature as set forth herein.

     9. Injunctive and Other Relief.

          (a) The Executive acknowledges that the restrictions and commitments set forth in Sections 7,
8 and 10 of this Agreement are necessary to prevent the improper use and disclosure of Confidential
Information and to otherwise protect the legitimate business interests of the Company and any of
its Affiliates. The Executive further acknowledges that the restrictions set forth in Sections 7,
8 and 10 of this Agreement are reasonable in all respects, including, without limitation, duration,
territory and scope of activity. The Executive expressly agrees and acknowledges that any breach
or threatened breach by the Executive or any third party of any obligation by the Executive under
this Agreement, including, without limitation, any breach or threatened breach of Section 7, 8 or
10 of this Agreement will cause the Company immediate, immeasurable and irreparable harm for which
there is no adequate remedy at law, and
as a result of this, in addition to its other remedies, the Company shall be entitled to the
issuance by a court of competent jurisdiction of an injunction, restraining order, specific
performance or other equitable relief in favor of itself, without the necessity of posting a bond,
restraining the Executive or any third party from committing or continuing to commit any such
violation.

15

 

          (b) If any restriction set forth in Section 7, 8 or 10 of this Agreement is found by any
arbitrator or court of competent jurisdiction to be unenforceable because it extends for too long a
period of time or over too great a range of activities or in too broad a geographic area, it will
be interpreted to extend over the maximum period of time, range of activities or geographic area as
to which it may be enforceable. If any provision of Section 7, 8 or 10 of this Agreement is
declared to be invalid or unenforceable, in whole or in part, for any reason, such invalidity will
not affect the remaining provisions of such Section which will remain in full force and effect.

     10. Cooperation.

     Following the Executive’s termination of employment for any reason (whether during or after
the expiration of the Term), upon reasonable request by the Company, the Executive shall cooperate
with the Company or any of its Affiliates with respect to any legal or investigatory proceeding,
including any government or regulatory investigation, or any litigation or other dispute relating
to any matter in which she was involved or had knowledge during her employment with the Company,
subject to her reasonable personal and business schedules. The Company shall reimburse the
Executive for all reasonable out-of-pocket costs, such as travel, hotel and meal expenses and
reasonable attorneys’ fees, incurred by the Executive in providing any cooperation pursuant to this
Section 10; provided such expenses shall be paid to the Executive as soon as practicable but in no
event later than the end of the calendar year following the calendar year in which the expenses are
incurred, subject in all cases to the Executive providing appropriate documentation to the Company.
The Company shall also pay the Executive a reasonable per diem amount for the Executive’s time
(other than for time spent preparing for or providing testimony) which shall be based upon the
Executive’s Base Salary at the Date of Termination, with such per diem paid to the Executive in the
calendar month following the month in which she provides such assistance. Any reimbursement or
payment under this Section 10 shall not affect the amount of the reimbursement or payment to the
Executive in any other taxable year. The right to payment or reimbursement pursuant to this
Section 10 shall not be liquidated or exchanged for any other benefit.

     11. Tax Matters.

          (a) If any amount, entitlement, or benefit paid or payable to the Executive or provided for
her benefit under this Agreement and under any other agreement, plan or program of the Company
(such payments, entitlements and benefits referred to as a “Payment”) is subject to the excise tax
imposed under Section 4999 of the Code, or any similar federal or state law (an “Excise Tax”), then
notwithstanding anything contained in this Agreement to the contrary, to the extent that any or all
Payments would be subject to the imposition of an Excise Tax, the Payments shall be reduced (but
not below zero) if and to the extent that such reduction would result in the Executive retaining a
larger amount, on an after-tax basis (taking into account
federal, state and local income taxes and the imposition of the Excise Tax), than if the
Executive received all of the Payments (such reduced amount is hereinafter referred to as the
“Limited Payment Amount”). The Company shall reduce or eliminate the Payments, by first reducing
or eliminating those payments or
benefits which are payable in cash and then by reducing or
eliminating non-cash payments, in each case in reverse order beginning with payments or

16

 

benefits
which are to be paid the farthest in time from the Determination (as defined below).

          (b) All calculations under this Section 11 shall be made by a nationally recognized accounting
firm designated by the Company and reasonably acceptable to the Executive (other than the
accounting firm that is regularly engaged by any party who has effectuated a Change in Control)
(the “Accounting Firm”). The Company shall pay all fees and expenses of such Accounting Firm. The
Accounting Firm shall provide its calculations, together with detailed supporting documentation,
both to the Company and the Executive within 45 days after the Change in Control or the Date of
Termination, whichever is later (or such earlier time as is requested by the Company) and, with
respect to the Limited Payment Amount, shall deliver its opinion to the Executive that she is not
required to report any Excise Tax on her federal income tax return with respect to the Limited
Payment Amount (collectively, the “Determination”). Within 5 days of the Executive’s receipt of
the Determination, the Executive shall have the right to dispute the Determination (the “Dispute”).
The existence of the Dispute shall not in any way affect the right of the Executive to receive the
Payments in accordance with the Determination. If there is no Dispute, the Determination by the
Accounting Firm shall be final binding and conclusive upon the Company and the Executive (except as
provided in subsection (c) below).

          (c) If, after the Payments have been made to the Executive, it is established that the
Payments made to, or provided for the benefit of, the Executive exceed the limitations provided in
subsection (a) above (an “Excess Payment”) or are less than such limitations (an “Underpayment”),
as the case may be, then the provisions of this subsection (c) shall apply. If it is established
pursuant to a final determination of a court or an Internal Revenue Service (the “IRS”) proceeding
which has been finally and conclusively resolved, that an Excess Payment has been made, the
Executive shall repay the Excess Payment to the Company within 20 days following the determination
of such Excess Payment. In the event that it is determined by (i) the Accounting Firm, the Company
(which shall include the position taken by the Company, or together with its consolidated group, on
its federal income tax return) or the IRS, (ii) pursuant to a determination by a court, or (iii)
upon the resolution to the satisfaction of the Executive of the Dispute, that an Underpayment has
occurred, the Company shall pay an amount equal to the Underpayment to the Executive within 10 days
of such determination or resolution together with interest on such amount at the applicable federal
short-term rate, as defined under Section 1274(d) of the Code and as in effect on the first date
that such amount should have been paid to the Executive under this Agreement, from such date until
the date that such Underpayment is made to the Executive.

     12. Representations.

          (a) The Executive represents and warrants that she has the free and unfettered right to enter
into this Agreement and to perform her obligations under it and that she knows of
no agreement between her and any other person, firm or organization, or any law or regulation,
that would be violated by the performance of her obligations under this Agreement. The Executive
agrees that she will not use or disclose any confidential or proprietary information of any prior
employer in the course of performing her duties for the Company or any of its
Affiliates.

17

 

          (b) The Company represents that (i) the execution of this Agreement and the granting of the
benefits and awards hereunder have been authorized by the Company, including, where necessary, by
the Board, (ii) the execution, delivery and performance of this Agreement does not violate any law,
regulation, order, decree, agreement, plan or corporate governance document of the Company and
(iii) upon the execution and delivery of this Agreement by the Parties, it shall be the valid and
binding obligation of the Company enforceable against it in accordance with its terms, except to
the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws
affecting the enforcement of creditors’ rights generally.

     13. Indemnification and Liability Insurance.

     The Company hereby agrees during, and after termination of, her employment to indemnify the
Executive and hold her harmless, both during the Term and thereafter, to the fullest extent
permitted by law and under the certificate of incorporation and by-laws of the Company against and
in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses
(including reasonable attorneys’ fees), losses, amounts paid in settlement to the extent approved
by the Company, and damages resulting from the Executive’s good faith performance of her duties as
an officer or director of the Company or any Affiliate of the Company. The Company shall reimburse
the Executive for expenses incurred by her in connection with any proceeding hereunder upon written
request from the Executive for such reimbursement and the submission by the Executive of the
appropriate documentation associated with these expenses. Such request shall include an
undertaking by the Executive to repay the amount of such advance or reimbursement if it shall
ultimately be determined that she is not entitled to be indemnified hereunder against such costs
and expenses. The Company shall use commercially reasonable efforts to obtain and maintain
directors’ and officers’ liability insurance covering the Executive to the same extent as the
Company covers its other officers and directors.

     14. Resolution of Disputes.

     Except as otherwise provided in Section 9 above, any controversy, dispute or claim arising
under or relating to this Agreement, the Executive’s employment with the Company or any Affiliate
or the termination thereof shall, at the election of the Executive or the Company (unless otherwise
provided in an applicable Company plan, program or agreement), be resolved by confidential, binding
and final arbitration, to be held in the borough of Manhattan in New York City in accordance with
the rules and procedures of the Commercial Arbitration Rules of the American Arbitration
Association. Judgment upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof and shall be binding upon the Parties. The Executive consents to the personal
and exclusive jurisdiction of the Courts of the State of New York (including the United States
District Court for the Southern District of New York) in any
proceedings for equitable relief. The Executive further agrees not to interpose any objection
for improper venue in any such proceeding. Each Party shall be responsible for its own costs and
expenses, including attorneys’ fees, and neither Party shall be liable for punitive or exemplary

18

 

damages, provided that if the Executive substantially prevails with respect to all claims that are
the subject matter of the dispute, her costs, including reasonable attorneys’ fees, shall be borne
by the Company; provided that if such costs are not reimbursed in connection with a dispute exempt
from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(11) then such payment shall
be made by the Company to the Executive in the year following the year in which the dispute is
resolved.

     15. Notices.

     Any notice given to a Party shall be in writing and shall be deemed to have been given
(i) when delivered personally (provided that a written acknowledgement of receipt is obtained),
(ii) three days after being sent by certified or registered mail, postage prepaid, return receipt
requested or (iii) two days after being sent by overnight courier (provided that a written
acknowledgement of receipt is obtained by the overnight courier), with any such notice duly
addressed to the Party concerned at the address indicated below or to such other address as such
Party may subsequently designate by written notice in accordance with this Section 15:

	 	 	 	 	 
	 

	 	If to the Company:
	 	The Warnaco Group, Inc.
	 

	 	 	 	501 Seventh Avenue
	 

	 	 	 	New York, New York 10018
	 

	 	 	 	Attention: General Counsel
	 
	 	 	 	 
	 

	 	If to the Executive:
	 	The most recent address in the Company’s records.

     16. Governing Law.

     This Agreement shall be governed by and construed and interpreted in accordance with the laws
of New York without reference to principles of conflicts of law, provided, however, that Federal
law shall apply to the interpretation or enforcement of the arbitration provisions of Section 14
hereof.

     17. Miscellaneous Provisions.

          (a) This Agreement contains the entire understanding and agreement between the Parties
concerning the subject matter hereof and, as of the Effective Date, shall supersede all prior
agreements, understandings, discussions, negotiations and undertakings, whether written or oral,
between the Parties with respect thereto (other than any agreements governing any equity awards
outstanding as of the Effective Date). For the avoidance of doubt, for any termination of
employment prior to January 1, 2009, Section 6 of this Agreement as in effect prior to this
amendment and restatement shall govern and control. No provision of this Agreement may be amended
unless such amendment is agreed to in writing and signed by the Executive and an authorized officer
of the Company. No waiver by either Party of any breach by the other Party of
any condition or provision contained in this Agreement to be performed by such other Party
shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior
or subsequent time. Any waiver must be in writing and signed by the Party against whom

19

 

it is being
enforced (either the Executive or an authorized officer of the Company, as the case may be). The
respective rights and obligations of the Parties hereunder, including, without limitation, Section
4(d) (Supplemental Award), Section 7 (protection of confidential information and company property),
Section 8 (additional covenants), Section 9 (injunctive and other relief), Section 10
(cooperation), Section 13 (indemnification and liability insurance) and Section 14 (resolution of
disputes), shall survive any expiration of the Term, including expiration thereof upon the
Executive’s termination of employment for whatever reason, to the extent necessary to the intended
preservation of such rights and obligations.

          (b) The Company may withhold from any amounts or payments under this Agreement such Federal,
state, local or other taxes as shall be required to be withheld pursuant to any applicable law or
regulation.

          (c) This Agreement shall be binding upon and inure to the benefit of the Parties and their
respective successors, heirs (in the case of the Executive) and assigns. For purposes of this
Section 17(c), a successor to the Company shall be limited to an entity which shall have acquired
all or substantially all of the business and/or assets of the Company and shall have assumed
(whether by agreement or operation of law) the Company’s rights and obligations under this
Agreement. No rights or obligations of the Executive under this Agreement may be assigned or
transferred by the Executive other than her rights to compensation and benefits, which may be
transferred only by will, operation of law or in accordance with this clause (c). The Executive
shall be entitled, to the extent permitted under applicable plans, agreements or law, to select and
change a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder
following the Executive’s death by giving the Company written notice thereof. In the event of the
Executive’s death or a judicial determination of her incompetence, reference in this Agreement to
the Executive shall be deemed, where appropriate, to refer to her beneficiary, estate or other
legal representative.

          (d) In the event that any provision or portion of this Agreement shall be determined to be
invalid or unenforceable by an arbitrator or court of competent jurisdiction for any reason, in
whole or in part, the remaining provisions of this Agreement shall be unaffected thereby and shall
remain in full force and effect to the fullest extent permitted by law.

          (e) The headings and subheadings of the sections contained in this Agreement are for
convenience only and shall not be deemed to control or affect the meaning or construction of any
provision of this Agreement.

          (f) This Agreement may be executed in two or more counterparts.

[Signatures on next page.]

20

 

     IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the
date first written above.

	 	 	 	 	 
	 	THE WARNACO GROUP, INC.

 	 
	 	By:  	/s/ Joseph R. Gromek
 	 
	 	Name:  	Joseph R. Gromek 	 
	 	Title:  	President and Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	THE EXECUTIVE

 	 
	 	/s/ Elizabeth Wood
 	 
	 	Elizabeth Wood 	 
	 	 	 
	 

21

 

Exhibit A

AGREEMENT AND RELEASE OF CLAIMS

          THIS AGREEMENT AND RELEASE is executed by the undersigned (the “Executive”) as of the date
hereof.

          WHEREAS, the Executive and The Warnaco Group, Inc. (the “Company”) entered into an amended and
restated employment agreement to be effective as of December 31, 2008 (the “Employment Agreement”);

          WHEREAS, the Executive has certain entitlements pursuant to the Employment Agreement subject
to the Executive’s executing this Agreement and Release and complying with its terms.

          NOW, THEREFORE, in consideration of the payments set forth in Section 6 of the Employment
Agreement and other good and valuable consideration, the Executive agrees as follows:

          The Executive, on behalf of herself and her dependents, heirs, administrators, agents,
executors, successors and assigns (the “Executive Releasors”), hereby releases and forever
discharges the Company and its affiliated companies and their past and present parents,
subsidiaries, successors and assigns and all of the aforesaid companies’ past and present officers,
directors, employees, trustees, shareholders, representatives and agents (the “Company Releasees”),
from any and all claims, demands, obligations, liabilities and causes of action of any kind or
description whatsoever, in law, equity or otherwise, whether known or unknown, that any Executive
Releasor had, may have had or now has against the Company or any other Company Releasee as of the
date of execution of this Agreement and Release arising out of or relating to the Executive’s
employment relationship, or the termination of that relationship, with the Company (or any
affiliate), including, but not limited to, any claim, demand, obligation, liability or cause of
action arising under any Federal, state, or local employment law or ordinance (including, but not
limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay
Act, the Americans With Disabilities Act of 1991, the Workers Adjustment and Retraining
Notification Act, the Employee Retirement Income Security Act (other than any claim for vested
benefits), the Family and Medical Leave Act, and the Age Discrimination in Employment Act, as
amended by the Older Workers’ Benefit Protection Act (“ADEA”)), tort, contract, or alleged
violation of any other legal obligation (collectively “Released Executive Claims”). In addition,
in consideration of the promises and covenants of the Company, the Executive, on behalf of herself
and the other Executive Releasors, further agrees to waive any and all rights under the laws of any
jurisdiction in the United States, or any other country, that limit a general release to any of the
foregoing actions, causes of action, claims or charges that are known or suspected to exist in the
Executive’s favor as of the date of this Agreement and Release. Anything to the contrary
notwithstanding in this Agreement and Release or the Employment Agreement, nothing herein shall
release any Company Releasee from any claims or damages based on (i) any right or claim that arises
after the date of this Agreement and Release
pertaining to a matter that arises after such date, (ii) any right the

22

 

Executive may have to
enforce Sections 6, 11 and 13 of the Employment Agreement, (iii) any right or claim the Executive
may have to benefits or equity awards that have accrued or vested as of the Date of Termination or
any right pursuant to any qualified retirement plan or (iv) any right the Executive may have to be
indemnified by the Company to the extent such indemnification by the Company or any Affiliate is
permitted by applicable law or the Company’s by-laws.

          The Executive agrees that she shall continue to be bound by, and will comply with, the
provisions of Sections 7, 8, 10 and 14 of the Employment Agreement and the provisions of such
sections, along with Section 9 of the Employment Agreement, shall be incorporated fully into this
Agreement and Release.

          The Executive acknowledges that she has been provided a period of at least 21 calendar days
(45 calendar days in the case of any termination covered by Section 7(f)(1)(F)(ii) of ADEA) in
which to consider and execute this Agreement and Release. The Executive further acknowledges and
understands that she has seven calendar days from the date on which she executes this Agreement and
Release to revoke her acceptance by delivering to the Company written notification of her intention
to revoke this Agreement and Release in accordance with Section 15 of the Employment Agreement.
This Agreement and Release becomes effective when signed unless revoked in writing and in
accordance with this seven-day provision. To the extent that the Executive has not otherwise done
so, the Executive is advised to consult with an attorney prior to executing this Agreement and
Release.

          This Agreement and Release shall be governed by and construed and interpreted in accordance
with the laws of New York without reference to principles of conflicts of law. Capitalized terms,
unless defined herein, shall have the meaning ascribed to such terms in the Employment Agreement.

          IN WITNESS WHEREOF, the Executive has executed this Agreement and Release as of the date
hereof.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Date:	 	 	 	 
	 

	 	 	 	 	 	 

23<PAGE>

                                                                     EXHIBIT 4.5

                                 METLIFE, INC.,
                                     ISSUER

                                       AND

                J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,
                 (AS SUCCESSOR TO BANK ONE TRUST COMPANY, N.A.)
                                     TRUSTEE

                               ------------------

                          FIFTH SUPPLEMENTAL INDENTURE

                          DATED AS OF NOVEMBER 21, 2003

                               ------------------

                                  $200,000,000

                               5.875% SENIOR NOTES

                              DUE NOVEMBER 21, 2033

<PAGE>

                              TABLE OF CONTENTS(1)

                                    ARTICLE I

                    5.875% SENIOR NOTES DUE NOVEMBER 21, 2033

<TABLE>
<CAPTION>
                                                                                      PAGE
                                                                                      ----
<S>                                                                                   <C>
SECTION 1.01     Establishment..................................................        3
SECTION 1.02     Definitions....................................................        4
SECTION 1.03     Payment of Principal and Interest..............................        5
SECTION 1.04     Denominations..................................................        5
SECTION 1.05     Global Securities..............................................        6
SECTION 1.06     Transfer.......................................................        6
SECTION 1.07     Defeasance.....................................................        6
SECTION 1.08     Redemption at the Option of the Company........................        6

                                   ARTICLE II

                            MISCELLANEOUS PROVISIONS

SECTION 2.01     Recitals by the Company........................................        7
SECTION 2.02     Ratification and Incorporation of Original Indenture...........        7
SECTION 2.03     Executed in Counterparts.......................................        7
</TABLE>

-------------------------
(1) This Table of Contents does not constitute part of the Fifth Supplemental
Indenture and shall not have any bearing upon the interpretation of any of its
terms or provisions.

                                       2
<PAGE>

         THIS FIFTH SUPPLEMENTAL INDENTURE is made as of the 21st day of
November, 2003, by and between METLIFE, INC., a Delaware corporation (the
"Company"), and J.P. Morgan Trust Company, National Association (as successor to
Bank One Trust Company, N.A.), a national banking corporation, as trustee (the
"Trustee"):

         WHEREAS, the Company has heretofore entered into an Indenture, dated as
of November 9, 2001 (the "Original Indenture") with the Trustee;

         WHEREAS, the Original Indenture is incorporated herein by this
reference and the Original Indenture, as supplemented by this Fifth Supplemental
Indenture, is herein called the "Indenture";

         WHEREAS, under the Original Indenture, a new series of senior notes may
at any time be established by the Board of Directors of the Company in
accordance with the provisions of the Original Indenture and the terms of such
series may be described by a supplemental indenture executed by the Company and
the Trustee;

         WHEREAS, the Company proposes to create under the Indenture a new
series of senior notes;

         WHEREAS, additional senior notes of other series hereafter established,
except as may be limited in the Original Indenture as at the time supplemented
and modified, may be issued from time to time pursuant to the Indenture as at
the time supplemented and modified; and

         WHEREAS, all things necessary to make this Fifth Supplemental Indenture
a valid agreement of the Company, in accordance with its terms, have been done.

         NOW THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of
which is hereby acknowledged, the parties hereto hereby agree as follows:

                                    ARTICLE I

                    5.875% SENIOR NOTES DUE NOVEMBER 21, 2033

SECTION 1.01. Establishment.

         There is hereby established a new series of senior notes to be issued
under the Indenture, to be designated as the Company's 5.875% Senior Notes due
November 21, 2033 (the "2033 Senior Notes").

         There are to be authenticated and delivered 2033 Senior Notes,
initially limited in aggregate principal amount of $200,000,000 (or up to
$230,000,000 aggregate principal amount to the extent the Underwriters'
overallotment option pursuant to the Underwriting Agreement and the Pricing
Agreement is exercised), and no further 2033 Senior Notes shall be authenticated
and delivered except as provided by Section 2.05, 2.07, 2.11, 3.03 or 9.04

                                       3
<PAGE>

of the Original Indenture; provided, however, that the aggregate principal
amount of the 2033 Senior Notes may be increased in the future, without the
consent of the holders of the 2033 Senior Notes, on the same terms and with the
same CUSIP number as the 2033 Senior Notes. The 2033 Senior Notes shall be
issued in fully registered form.

         The 2033 Senior Notes shall be issued in the form of one or more Global
Securities in substantially the form set out in Exhibit A hereto. The Depositary
with respect to the 2033 Senior Notes shall be The Depository Trust Company.

         The form of the Trustee's Certificate of Authentication for the 2033
Senior Notes shall be substantially in the form set forth in Exhibit B hereto.

         Each 2033 Senior Note shall be dated the date of authentication thereof
and shall bear interest from the date of original issuance thereof or from the
most recent Interest Payment Date to which interest has been paid or duly
provided for.

SECTION 1.02. Definitions.

         The following defined terms used herein shall, unless the context
otherwise requires, have the meanings specified below. Capitalized terms used
herein for which no definition is provided herein shall have the meanings set
forth in the Original Indenture.

         "Interest Payment Date" means March 31, June 30, September 30 and
December 31 of each year, commencing December 31, 2003.

         "Pricing Agreement" means the Pricing Agreement, dated as of November
18, 2003, between Merrill Lynch, Pierce, Fenner & Smith Incorporated, as
representative of the Underwriters, and the Company.

         "Original Issue Date" means November 21, 2003.

         "Regular Record Date" means, with respect to each Interest Payment
Date, the close of business on the preceding March 15, June 15, September 15 or
December 15, as the case may be.

         "Stated Maturity" means November 21, 2033.

         "Underwriters" means Merrill Lynch, Pierce, Fenner & Smith
Incorporated, A.G. Edwards & Sons, Inc., Citigroup Global Markets Inc., UBS
Securities LLC, Wachovia Capital Markets, LLC, Banc of America Securities LLC,
Credit Suisse First Boston LLC, Deutsche Bank Securities Inc., J.P. Morgan
Securities Inc., Banc One Capital Markets, Inc., Blaylock & Partners, L.P., HSBC
Securities (USA) Inc., J.J.B. Hilliard, W.L. Lyons, Inc., Lehman Brothers Inc.,
Quick & Reilly, Inc., RBC Dain Rauscher Inc., Raymond James & Associates, Inc.,
U.S. Bancorp Piper Jaffray Inc., and Wells Fargo Securities, LLC.

                                       4
<PAGE>

         "Underwriting Agreement" means the Underwriting Agreement, dated as of
November 18, 2003, between Merrill Lynch, Pierce, Fenner & Smith Incorporated,
as representative of the Underwriters, and the Company.

SECTION 1.03. Payment of Principal and Interest.

         The principal of the 2033 Senior Notes shall be due at Stated Maturity.
The unpaid principal amount of the 2033 Senior Notes shall bear interest at the
rate of 5.875% per year until paid or duly provided for. Interest shall be paid
quarterly in arrears on each Interest Payment Date, commencing December 31,
2003, to the Person in whose name the 2033 Senior Notes are registered on the
Regular Record Date for such Interest Payment Date, provided that interest
payable at the Stated Maturity of principal will be paid to the Person to whom
principal is payable. Any such interest that is not so punctually paid or duly
provided for will forthwith cease to be payable to the holders on such Regular
Record Date and may be paid as provided in Section 2.03 of the Original
Indenture.

         Payments of interest on the 2033 Senior Notes will include interest
accrued to but excluding the respective Interest Payment Dates. Interest
payments for the 2033 Senior Notes shall be computed and paid on the basis of a
360-day year consisting of twelve 30-day months. In the event that any date on
which interest is payable on the 2033 Senior Notes is not a Business Day, then a
payment of the interest payable on such date will be made on the next succeeding
day that is a Business Day (and without any interest or other payment in respect
of any such delay), except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business
Day, in each case with the same force and effect as if made on the date the
payment was originally payable.

         Payment of the principal and interest due at the Stated Maturity of the
2033 Senior Notes shall be made upon surrender of the 2033 Senior Notes at the
Corporate Trust Office of the Trustee. The principal of and interest on the 2033
Senior Notes shall be paid in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and
private debts. Payments of interest (including interest on any Interest Payment
Date) will be made, subject to such surrender where applicable, at the option of
the Company, (i) by check mailed to the address of the Person entitled thereto
as such address shall appear in the Security Register or (ii) by wire transfer
at such place and to such account at a banking institution in the United States
as may be designated in writing to the Trustee at least 15 days prior to the
date for payment by the Person entitled thereto.

SECTION 1.04. Denominations.

         The 2033 Senior Notes may be issued in denominations of $25, or any
integral multiple thereof.

                                       5
<PAGE>

SECTION 1.05. Global Securities.

         The 2033 Senior Notes will be issued in the form of one or more Global
Securities registered in the name of the Depositary or its nominee. Except under
the limited circumstances described below, 2033 Senior Notes represented by
Global Securities will not be exchangeable for, and will not otherwise be
issuable as, 2033 Senior Notes in definitive form. The Global Securities
described above may not be transferred except by the Depositary to a nominee of
the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or to a successor Depositary or its nominee.

         Owners of beneficial interests in such Global Securities will not be
considered the holders thereof for any purpose under the Indenture, and no
Global Security representing a 2033 Senior Note shall be exchangeable, except
for another Global Security of like denomination and tenor to be registered in
the name of the Depositary or its nominee or to a successor Depositary or its
nominee. The rights of holders of such Global Securities shall be exercised only
through the Depositary.

         A Global Security shall be exchangeable for 2033 Senior Notes
registered in the names of Persons other than the Depositary or its nominee only
as provided by Section 2.11(c) of the Original Indenture. Any Global Security
that is exchangeable pursuant to the preceding sentence shall be exchangeable
for 2033 Senior Notes registered in such names as the Depositary shall direct.

SECTION 1.06. Transfer.

         No service charge will be made for any registration of transfer or
exchange of 2033 Senior Notes, but payment will be required of a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection
therewith.

SECTION 1.07. Defeasance.

         The provisions of Sections 13.02 and 13.03 of the Original Indenture
will apply to the 2033 Senior Notes.

SECTION 1.08. Redemption at the Option of the Company.

         The 2033 Senior Notes will be redeemable, at the option of the Company,
in whole at any time or in part from time to time, on or after November 21, 2008
at a redemption price equal to 100% of the principal amount of the 2033 Senior
Notes to be redeemed plus accrued and unpaid interest on the 2033 Senior Notes
to be redeemed to, but excluding, the date of redemption.

         Notwithstanding Section 3.02 of the Original Indenture, the notice of
redemption with respect to the foregoing redemption need not set forth the
Redemption Price but only the manner of calculation thereof.

                                       6
<PAGE>

         The Company shall notify the Trustee of the Redemption Price with
respect to the foregoing redemption promptly after the calculation thereof. The
Trustee shall not be responsible for calculating said Redemption Price.

         If less than all of the 2033 Senior Notes are to be redeemed, the
Trustee shall select the 2033 Senior Notes or portions of the 2033 Senior Notes
to be redeemed by such method as the Trustee deems fair and appropriate. The
Trustee may select for redemption 2033 Senior Notes and portions of 2033 Senior
Notes in amounts of $25 and whole multiples of $25.

                                   ARTICLE II

                            MISCELLANEOUS PROVISIONS

SECTION 2.01. Recitals by the Company.

         The recitals in this Fifth Supplemental Indenture are made by the
Company only and not by the Trustee, and all of the provisions contained in the
Original Indenture in respect of the rights, privileges, immunities, powers and
duties of the Trustee shall be applicable in respect of the 2033 Senior Notes
and of this Fifth Supplemental Indenture as fully and with like effect as if set
forth herein in full.

SECTION 2.02. Ratification and Incorporation of Original Indenture.

         As supplemented hereby, the Original Indenture is in all respects
ratified and confirmed, and the Original Indenture and this Fifth Supplemental
Indenture shall be read, taken and construed as one and the same instrument.

SECTION 2.03. Executed in Counterparts.

         This Fifth Supplemental Indenture may be simultaneously executed in
several counterparts, each of which shall be deemed to be an original, and such
counterparts shall together constitute but one and the same instrument.

                                       7
<PAGE>

         IN WITNESS WHEREOF, each party hereto has caused this instrument to be
signed in its name and behalf by its duly authorized officers, all as of the day
and year first above written.

                                    METLIFE, INC.

                                    By: /s/ Anthony J. Williamson
                                        ---------------------------
                                        Name: Anthony J. Williamson
                                        Title: Senior Vice President and
                                        Treasurer

                                    J.P. MORGAN TRUST COMPANY,
                                    NATIONAL ASSOCIATION

                                    By: /s/ Mary Fonti
                                        ---------------------------
                                        Name: Mary Fonti
                                        Title: Authorized Officer

                                       8
<PAGE>

                                    EXHIBIT A

                FORM OF 5.875% SENIOR NOTE DUE NOVEMBER 21, 2033

         THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE ORIGINAL
INDENTURE HEREINAFTER REFERRED TO. UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY ("DTC"), A NEW YORK
CORPORATION, TO METLIFE, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS
THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.11 OF THE ORIGINAL INDENTURE,
THIS NOTE MAY BE TRANSFERRED IN WHOLE, BUT NOT IN PART, ONLY TO ANOTHER NOMINEE
OF DTC OR TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.

                                      A-1
<PAGE>

No. ____                                                     CUSIP No. 59156R405

                                  METLIFE, INC.
                               5.875% Senior Note
                              Due November 21, 2033

Principal Amount:                   $200,000,000

Regular Record Date:                with respect to each Interest Payment Date,
                                    the close of business on the preceding March
                                    15, June 15, September 15 or December 15, as
                                    the case may be

Original Issue Date:                November 21, 2003

Stated Maturity:                    November 21, 2033

Interest Payment Dates:             March 31, June 30, September 30, and
                                    December 31, commencing December 31, 2003

Interest Rate:                      5.875% per year

Authorized Denomination:            $25

         MetLife, Inc., a Delaware corporation (the "Company," which term
includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay to ________, or
registered assigns, the principal sum of __________________________
($___________) on the Stated Maturity shown above, and to pay interest thereon
from the Original Issue Date shown above, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, quarterly in
arrears on each Interest Payment Date as specified above, commencing on December
31, 2003, and on the Stated Maturity at the rate per year shown above until the
principal hereof is paid or made available for payment and on any overdue
principal and on any overdue installment of interest to the extent permitted by
law. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date (other than an Interest Payment Date that is the Stated
Maturity) will, as provided in the Indenture, be paid to the Person in whose
name this Note is registered at the close of business on the Regular Record Date
as specified above next preceding such Interest Payment Date, provided that any
interest payable at Stated Maturity will be paid to the Person to whom principal
is payable. Any such interest that is not so punctually paid or duly provided
for will forthwith cease to be payable to the holders on such Regular Record
Date and may be paid as provided in Section 2.03 of the Original Indenture.

         Payments of interest on this Note will include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for this Note
shall be computed and

                                      A-2
<PAGE>

paid on the basis of a 360-day year consisting of twelve 30-day months. In the
event that any date on which interest is payable on this Note is not a Business
Day, then payment of the interest payable on such date will be made on the next
succeeding day that is a Business Day (and without any interest or other payment
in respect of any such delay), except that, if such Business Day is in the next
succeeding calendar year, payment shall be made on the immediately preceding
Business Day, in each case with the same force and effect as if made on the date
the payment was originally payable.

         Payment of the principal of and interest due at the Stated Maturity of
this Note shall be made upon surrender of this Note at the Corporate Trust
Office of the Trustee. The principal of and interest on this Note shall be paid
in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. Payment of
interest (including interest on an Interest Payment Date) will be made, subject
to such surrender where applicable, at the option of the Company, (i) by check
mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register or (ii) by wire transfer at such place and to
such account at a banking institution in the United States as may be designated
in writing to the Trustee at least 15 days prior to the date for payment by the
Person entitled thereto.

         The Senior Notes (as defined on the reverse hereof) will be unsecured
obligations of the Company and will rank equally in right of payment with all of
the other unsecured, unsubordinated indebtedness of the Company from time to
time outstanding. The Senior Notes will rank senior to any subordinated
indebtedness of the Company.

         REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET
FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE.

         Unless the certificate of authentication hereon has been executed by
the Trustee by manual signature, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

                                      A-3
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

                                      METLIFE, INC.

                                      By:  ____________________
                                           Name:
                                           Title:

Attest:

______________________
Name:
Title:

                             [Seal of MetLife, Inc.]

                          CERTIFICATE OF AUTHENTICATION

         This is one of the 5.875% Senior Notes due November 21, 2033 referred
to in the within-mentioned Indenture.

                                      J.P. MORGAN TRUST COMPANY,
                                      NATIONAL ASSOCIATION,
                                      as Trustee

                                      By: _________________________
                                          Authorized Officer

                                      A-4
<PAGE>

                             (Reverse Side of Note)

         This Note is one of a duly authorized issue of senior notes of the
Company issued and issuable in one or more series under an Indenture dated as of
November 9, 2001 (the "Original Indenture"), as supplemented by the Fifth
Supplemental Indenture, dated as of November 21, 2003 (the "Fifth Supplemental
Indenture," and together with the Original Indenture, the "Indenture"), between
the Company and J.P. Morgan Trust Company, National Association (as successor to
Bank One Trust Company, N.A.), as trustee (the "Trustee," which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures incidental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the holders of the Senior Notes issued thereunder
and of the terms upon which said Senior Notes are, and are to be, authenticated
and delivered. This Senior Note is one of the series designated on the face
hereof as 5.875% Senior Notes due November 21, 2033 (the "Senior Notes"),
initially limited in aggregate principal amount of $200,000,000 (or up to
$230,000,000 aggregate principal amount to the extent the Underwriters'
overallotment option pursuant to the Underwriting Agreement and the Pricing
Agreement is exercised); provided, however, that the aggregate principal amount
of the Senior Notes may be increased in the future, without the consent of the
holders of the Senior Notes, on the same terms and with the same CUSIP number as
the Senior Notes. Capitalized terms used herein for which no definition is
provided herein shall have the meanings set forth in the Indenture.

         This Note is exchangeable in whole or from time to time in part for
Senior Notes of this series in definitive registered form only as provided
herein and in the Indenture. If (i) at any time the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Note
or if at any time the Depositary shall no longer be registered or in good
standing under the Securities Exchange Act of 1934, as amended, or other
applicable statute or regulation, and the Company does not appoint a successor
Depositary within 90 days after the Company receives such notice or becomes
aware of such condition, as the case may be, or (ii) the Company in its sole
discretion determines that this Note shall be exchangeable for Senior Notes of
this series in definitive registered form and executes and delivers to the
Security Registrar a written order of the Company providing that this Note shall
be so exchangeable, this Note shall be exchangeable for Senior Notes of this
series in definitive registered form, provided that the definitive Senior Notes
so issued in exchange for this Note shall be in denominations of $25 and any
integral multiples, without coupons, and be of like aggregate principal amount
and tenor as the portion of this Note to be exchanged. Except as provided above,
owners of beneficial interests in this Note will not be entitled to have Senior
Notes registered in their names, will not receive or be entitled to physical
delivery of Senior Notes in definitive registered form and will not be
considered the holders thereof for any purpose under the Indenture. Neither the
Company, the Trustee, any Paying Agent nor the Security Registrar shall have any
responsibility or liability for any aspect of records relating to or payments
made on account of beneficial ownership interests in this Note, or for
maintaining, supervising or reviewing any records relating to such beneficial
ownership interests.

                                      A-5
<PAGE>

         If an Event of Default with respect to the Senior Notes shall occur and
be continuing, the principal of the Senior Notes may be declared due and payable
in the manner, with the effect and subject to the conditions provided in the
Indenture.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the holders of the Senior Notes under the Indenture at
any time by the Company and the Trustee with the consent of the holders of not
less than a majority in aggregate principal amount of the Senior Notes at the
time Outstanding. The Indenture also contains provisions permitting the holders
of specified percentages in principal amount of the Senior Notes at the time
Outstanding, on behalf of the holders of all Senior Notes, to waive compliance
by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences. Any such consent or waiver
by the holder of this Note shall be conclusive and binding upon such holder and
upon all future holders of this Note and of any Senior Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note.

         The Indenture contains provisions for defeasance at any time of (a) the
entire indebtedness of the Company pursuant to this Note and (b) restrictive
covenants and the related Events of Default, upon compliance by the Company with
certain conditions set forth therein, which provisions apply to this Note.

         The Senior Notes will be redeemable, at the option of the Company, in
whole at any time or in part from time to time, on or after November 21, 2008 at
a redemption price equal to 100% of the principal amount of the Senior Notes to
be redeemed plus accrued and unpaid interest on the Senior Notes to be redeemed
to, but excluding, the date of redemption.

         Notwithstanding Section 3.02 of the Original Indenture, the notice of
redemption with respect to the foregoing redemption need not set forth the
Redemption Price but only the manner of calculation thereof.

         The Company shall notify the Trustee of the Redemption Price with
respect to the foregoing redemption promptly after the calculation thereof. The
Trustee shall not be responsible for calculating said Redemption Price.

         If less than all of the Senior Notes are to be redeemed, the Trustee
shall select the Senior Notes or portions of the Senior Notes to be redeemed by
such method as the Trustee deems fair and appropriate. The Trustee may select
for redemption Senior Notes and portions of Senior Notes in amounts of $25 and
whole multiples of $25.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the time, place and rate, and in the coin or currency, herein prescribed.

                                      A-6
<PAGE>

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Security Register,
upon surrender of this Note for registration of transfer at the office or agency
of the Company for such purpose, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company or the Security
Registrar and duly executed by, the holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Senior Notes, of authorized
denominations and of like tenor and for the same aggregate principal amount,
will be issued to the designated transferee or transferees. No service charge
shall be made for any such exchange or registration of transfer, but the Company
will require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

         Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee, any Paying Agent and the Security Registrar of the Company
or the Trustee may deem and treat the Person in whose name this Note is
registered as the absolute owner hereof for all purposes, whether or not this
Note be overdue and notwithstanding any notice of ownership or writing thereon
made by anyone other than the Security Registrar, and neither the Company nor
the Trustee nor any Paying Agent nor the Security Registrar shall be affected by
notice to the contrary.

         The Senior Notes are issuable only in registered form without coupons
in denominations of $25 and any integral multiple thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Senior Notes are
exchangeable for a like aggregate principal amount of Senior Notes of a
different authorized denomination, as requested by the holder surrendering the
same upon surrender of the Senior Note or Senior Notes to be exchanged at the
office or agency of the Company.

         No recourse shall be had for payment of the principal of or interest on
this Note, or for any claim based hereon, or otherwise in respect hereof, or
based on or in respect of the Indenture, against any incorporator, stockholder,
officer or director, past, present or future, as such, of the Company or of any
predecessor or successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issuance hereof, expressly waived and released.

         Unless the certificate of authentication hereon has been executed by
the Trustee by manual signature, this Note shall not be entitled to any benefit
under the Indenture or be valid or obligatory for any purpose.

         This Note shall be governed by, and construed in accordance with, the
internal laws of the state of New York.

                                      A-7
<PAGE>

                                  ABBREVIATIONS

         The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common         UNIF GIFT MIN ACT - Custodian under
                                       Uniform Gift to Minors Act

                                       __________________________
                                       (State)

TEN ENT - as tenants by the entireties

JT TEN - as joint tenants with right of
         survivorship and not as
         tenants in common

                    Additional abbreviations may also be used
                          though not on the above list.

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF
ASSIGNEE

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
(please insert Social Security or other identifying number of assignee)

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing

________________________________________________________________________________

________________________________________________________________________________

agent to transfer said Note on the books of the Company, with full power of
substitution in the premises.

Dated:   ______________               _____________________________

                                      _____________________________
                                      NOTICE: The signature to this
                                      assignment must correspond with the
                                      name as written upon the face of
                                      the within instrument in every
                                      particular without alteration
                                      or enlargement, or any change
                                      whatever.

                                      A-8
<PAGE>

                                    EXHIBIT B

                          CERTIFICATE OF AUTHENTICATION

         This is one of the 5.875% Senior Notes due November 21, 2033 referred
to in the within-mentioned Indenture.

                                         J.P. MORGAN TRUST COMPANY,
                                         NATIONAL ASSOCIATION,
                                         as Trustee

                                         By: ___________________________
                                             Authorized Officer

                                       B-1

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