Document:

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                                                                    Exhibit 10.1

                         EMPLOYMENT AGREEMENT AMENDMENT

     EMPLOYMENT AGREEMENT AMENDMENT (this "Amendment"), dated as of November 25,
2002, between Salant Corporation, a Delaware corporation (the "Corporation") and
Michael J. Setola (the "Employee").

     WHEREAS, the Corporation and the Employee are parties to an Employment
Agreement dated as of May 17, 1999 (the "Employment Agreement"), pursuant to
which the Employee currently serves as the Corporation's Chairman of the Board
and Chief Executive Officer; and

     WHEREAS, the Corporation has hired an investment banking firm and has taken
other steps to consider its alternatives in an attempt to maximize shareholder
value, including the potential sale of the Corporation or substantially all of
the Corporation's assets; and

     WHEREAS, the Employee is responsible for maintaining the continued
operations and value of the Corporation and will be a key individual in any
attempt to maximize shareholder value, including any potential sale of the
Corporation or substantially all of the Corporation's assets; and

     WHEREAS, in light of the foregoing the Corporation and the Employee desire
to enter into this Amendment in order to modify the Employment Agreement as
provided herein.

     NOW THEREFORE, in consideration of the respective premises, mutual
covenants and agreements of the parties hereto, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

     Section 3 - Revise in its entirety to read as follows:

     SECTION 3. TERM OF EMPLOYMENT. The term of Employee's employment under this
Agreement shall commence on the Effective Date and end on December 31, 2000 (the
"Initial Term").

     The Employment Period (as defined below) shall be automatically renewed for
successive one-year terms after the Initial Term (the "Renewal Terms") on the
same terms set forth herein (except Salary, as hereinafter defined, which shall
be (a) at the annual rate in effect immediately prior to the Renewal Term plus
$75,000 for Renewal Terms commencing before January 1, 2003, subject to the
terms and conditions with respect to the $75,000 increase for the Renewal Term
commencing January 1, 2002, (b) $925,000 for the Renewal Term commencing January
1, 2003, and (c) for Renewal Terms commencing on and after January 1, 2004, at
least at the annual rate in effect for the preceding Renewal Term, with any
increases in Salary for such Renewal Terms to be made at the discretion of the
Corporation's Board of Directors), unless at least 180 days prior to the
expiration of the Initial Term or Renewal Term, as the case may be, either the
Employee or the Corporation notifies the other in writing that he or it is
electing to terminate the Employment Period at the expiration of the Initial
Term or Renewal Term, as the case may be. "Employment Period" shall mean the
Initial Term and all Renewal Terms, subject to earlier termination on the
Termination Date (as hereinafter defined).

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     Section 4(b) - Revise the fourth sentence of said Section to read as
follows:

     If the Employment Period shall terminate during any fiscal year as a result
of a Change of Control, the Bonus in respect of that year shall be paid by the
Corporation to the Employee in a lump sum on the date of such Change of Control.

     Sections 7(d) and (e) - Revise in their entirety to read as follows:

          (d)  Termination by the Corporation Without Cause. In the event the
Employee's employment is terminated by the Corporation for any reason other than
Cause, death or Disability, or a Change of Control shall have occurred, the
Employee shall be entitled to, and his sole remedies under this Agreement shall
be:

               (i)   Salary through the Termination Date;

               (ii)  Salary, at the annual rate in effect on the Termination
Date, for a period (the "Severance Period") which shall commence on the date of
such termination and shall terminate on the 12-month anniversary of the date of
such termination;

               (iii) pro-rated Bonus with respect to the fiscal year in which
termination occurs, payable in accordance with Section 4(b) hereof, and any
Bonus for any fiscal year earned but not in fact paid before the Termination
Date, payable in a lump sum as promptly as practicable following the Termination
Date, but in no event later than fifteen (15) days after the Termination Date;

               (iv)  the right to exercise any stock option held by the Employee
at the Termination Date (whether or not then vested), such option to remain
exercisable for six months after the Termination Date, or for the remainder of
the exercise period of the applicable option, if shorter;

               (v)   any amounts earned, accrued, or owing to the Employee
through the Termination Date but not yet paid under Section 5 or 6 hereof;

               (vi)  continued participation in all medical, dental, health and
life insurance plans and in other employee benefit plans or programs at the same
benefit level at which he was participating on the Termination Date until the
earlier of:

                     (A)  the end of the Severance Period; or

                     (B)  the date, or dates, he received equivalent coverage
and benefits under the plans and programs of a subsequent employer (such
coverage and benefits to be determined on a coverage-by-coverage, or
benefit-by-benefit, basis); provided that if the Employee is precluded from
continuing his participation in any benefit plan or program as provided in this
Section 7(d)(vi) as a matter of law, or in the case of life insurance, as a
result of the requirements of such benefit plan or program, the Corporation
shall have no obligation to continue to provide such benefits;

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               (vii)  other or additional benefits then due or earned in
accordance with applicable plans and programs of the Corporation, payable in a
lump sum on the Termination Date; and

               (viii) payment, in the event a Change of Control occurs, of (A)
an amount equal to two hundred and sixteen percent (216%) of the annual Salary
rate which was, is or would be in effect under the Employment Agreement, as
amended, for the Renewal Term commencing January 1, 2003, and (B) provided that
the Change of Control originates without dispute from, and is negotiated and
approved by or on behalf of, the Corporation's Board of Directors, an amount
equal to fifty four and twenty-seven one hundredths percent (54.27%) of the
annual Salary rate which was, is or would be in effect under the Employment
Agreement, as amended, for the Renewal Term commencing January 1, 2003. Any
payment(s) made pursuant to this Section 7(d)(viii) shall be made in lieu of the
payment specified in (ii) above, and shall be made on the date of the Change of
Control. Furthermore, in the event a Change of Control has occurred, the payment
under (iii) above shall be made on the date the Change of Control occurs, and
the Change of Control date shall be used in lieu of the Termination Date to
determine the amount of the pro-rated Bonus.

          (e)  Termination by the Employee for Good Reason. The Employee shall
have the right to terminate the Employment Period for Good Reason (as
hereinafter defined), provided, that, not later than sixty (60) days following
the occurrence of the event giving rise to the alleged "Good Reason," the
Employee shall have given the Corporation written notice of the Employee's
decision to terminate his employment (specifying the alleged "Good Reason" in
reasonable detail) and, if it is possible to cure, the Corporation shall not
have cured the same within thirty (30) thirty days after receipt of such notice,
or, if cure cannot be fully accomplished within thirty (30) days, the
Corporation shall not have commenced cure within thirty (30) days after receipt
of such notice and cured the alleged "Good Reason" as soon as possible
thereafter. Notwithstanding the foregoing, if the event giving rise to "Good
Reason" is the occurrence of a Change of Control, the Employee shall, at any
time on or following the occurrence of the Change of Control, be entitled to
terminate his employment for Good Reason upon written notice to the Corporation.
In the event that the Employment Period is terminated by the Employee for Good
Reason, the Employee shall be entitled to, and his sole remedies shall be, the
same benefits provided for in Section 7(d) hereof plus, in the event a Change of
Control has occurred, those benefits described in Section 12(b) below. "Good
Reason" shall mean (i) the assignment to the Employee of duties inconsistent
with, or the diminution of, the Employee's positions, titles, offices, duties,
responsibilities or status from those set forth in Section 2 hereof, or a change
without good cause in the Employee's reporting responsibilities, (ii) a
reduction in the Employee's Salary or the Guaranteed Portion of the 1999 Bonus,
(iii) a material reduction in the Employee's benefits or perquisites (other than
a reduction pursuant to the last sentence of Section 5 hereof); (iv) a
requirement that Employee change his place of principal employment to a location
other than the metropolitan New York area; or (v) the occurrence of a Change of
Control.

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     Section 8 - Revise the third sentence of said Section to read as follows:

     "Restriction Period" shall mean the period beginning with the Effective
Date and ending on the last day of (i) the Employment Period (determined without
giving effect to any termination of employment, unless such termination was
initiated by the Corporation for any reason other than Cause), (ii) the
Severance Period or (iii) the Non-Renewal Severance Period, whichever is longer;
provided, however, that, notwithstanding the foregoing, the Restriction Period
shall end on the date of a Change of Control, and the Employee shall, at any
time during the Severance Period or the Non-Renewal Severance Period, as the
case may be, have the right to immediately terminate the Restriction Period by
waiving any and all of his rights to all Severance Payments due the Employee
from and after the date on which the Restriction Period terminates (i.e., the
Severance Period or the Non-Renewal Severance Period, as the case may be, and
the Restriction Period shall terminate as of the date of the Employee's waiver).

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above.

                                    SALANT CORPORATION

                                    ______________________________

                                    ______________________________
                                    MICHAEL J. SETOLA<PAGE>

                                                                    Exhibit 10.2
                                SECOND AMENDMENT

     SECOND AMENDMENT (this "Second Amendment") effective as of January 31,
2003, between Salant Corporation, a Delaware Corporation (the "Corporation") and
William O. Manzer (the "Employee").

     WHEREAS, the Corporation and the Employee entered into to an employment
agreement dated March 13, 2000 and amended pursuant to a letter agreement dated
July 27, 2001 (collectively, the "Employment Agreement");

     WHEREAS, the Corporation and the Employee entered into a letter agreement
relating to a stay bonus and certain other terms of employment dated December 5,
2002 (the "December Letter") which were intended to supplement the terms of the
Employment Agreement;

     WHEREAS, the Corporation and the Employee desire clarify the terms set
forth in the December Letter and incorporate the terms thereof into the
Employment Agreement by entering into this Second Amendment.

     NOW THEREFORE, in consideration of the respective premises, mutual
covenants and agreements of the parties hereto, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows:

Section 1. The Employment Agreement is hereby amended as follows:

     (a)  Section 6(d) is hereby amended to revise Section 6(d)(vi) to read as
          follows:

          "(vi) until the end of the Severance Period, continued participation
          in all medical, dental, health and life insurance plans and in other
          employee benefit plans or programs at the same benefit level at which
          the Employee was participating on the Termination Date, provided that
          if the Employee is precluded from continuing his participation in any
          such benefit plan or program as a matter of law, or in the case of
          life insurance, as a result of the requirements of such benefit plan
          or program, the Corporation shall have no obligation to continue to
          provide such benefits."

     (b)  Section 6(d) is hereby amended to add Sections 6(d)(vii) and
          6(d)(viii) to read as follows:

          "(vii) other or additional benefits then due or earned in accordance
          with applicable plans and programs of the Corporation, payable in a
          lump sum upon the Termination Date to the extent practicable.

          (viii) the Stay Bonus (as hereinafter defined) and Enhanced Severance
          Payment (as hereinafter defined), payable in accordance with Section
          6(h) if such

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          termination occurs on or after a Change of Control, but on or prior to
          the six-month anniversary of the occurrence of the Change of Control."

     (c)  Section 6(e) of the Employment Agreement is deleted and replaced in
          its entirety by the following:

          "(e) Termination by the Employee for Good Reason. The Employee shall
          have the right to terminate his employment for Good Reason (as
          hereinafter defined), provided that the Employee shall have given the
          Corporation ninety (90) days prior written notice of the Employee's
          decision to terminate his employment (specifying the alleged "Good
          Reason" in reasonable detail) and, if it is possible to cure, the
          Corporation shall not have cured the same within thirty (30) thirty
          days after receipt of such notice, or, if cure cannot be fully
          accomplished within thirty (30) days, the Corporation shall not have
          commenced cure within thirty (30) days after receipt of such notice or
          cured the alleged "Good Reason" as soon as possible thereafter.
          Notwithstanding the foregoing, if the event giving rise to "Good
          Reason" is the event described at Section 6(e)(vii), below, the
          Employee shall be entitled to terminate his employment for Good Reason
          immediately upon written notice to the Corporation.

          "Good Reason" shall mean (i) the assignment to the Employee of duties
          materially and adversely inconsistent with the Employee's positions,
          titles, offices, duties, responsibilities or status with the
          Corporation, (ii) a change in the Employee's reporting
          responsibilities; (iii) any removal of the Employee from, or any
          failure to re-elect the Employee to, any positions, titles or offices
          specified in the Employment Agreement and held by the Employee, (iv) a
          reduction in the Employee's Salary, (v) a material reduction in the
          Employee's benefits or perquisites (other than a reduction pursuant to
          the last sentence of Section 3 hereof); (vi) a requirement that
          Employee change his place of principal employment to a location other
          than a location within the metropolitan New York area; or (vii)
          failure of the Corporation (or any successor thereto) to offer the
          Employee continued employment immediately following a Change of
          Control on terms at least as favorable as the New Terms (as defined
          below).

          "New Terms" shall mean terms that are substantially similar to the
          terms of the Employment Agreement, modified to provide that: (1)
          Employee shall be promoted to and have the title of President of the
          Perry Ellis division and the Perry Ellis Brand division of the
          Corporation (or any successor thereto) and shall report directly to
          the Chief Executive Officer of the Corporation (or any successor
          thereto) or the Board of Directors of the Corporation (or its
          successor) if no Chief Executive Officer is named; (2) the Employee
          shall perform such duties as are consistent with the title and
          position of President of the Perry Ellis division and the Perry Ellis
          Brand division, including, without limitation, responsibility for all
          aspects of marketing, merchandising, design and licensing of all Perry
          Ellis products, with further responsibilities subject to negotiations
          with the Corporation (or any successor thereto); (3) the term of
          employment shall be a fixed term of

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          two (2) years (commencing on the Change of Control), with a
          requirement that the Corporation (or any successor) provide the
          Employee with at least six (6) months notice of any early termination
          of or intention not to extend the employment term, (4) salary shall
          not be less than the Salary immediately in effect prior to the
          occurrence of the Change of Control; (5) benefits shall not be less
          than the benefits in effect immediately prior to the Change of Control
          (including, without limitation, the Employee's Incentive Compensation
          (as set forth in Section 2(b) of the Employment Agreement and Exhibit
          A attached hereto)); (6) that, only in respect of the year in which
          the Change of Control occurs, the Employee shall receive (in lieu of
          the Employee's Incentive Compensation for such year) a guaranteed
          bonus equal to at least fifty percent (50%) of the Employee's
          annualized salary then in effect (the "Guaranteed Bonus") payable no
          later than March 31, 2004; (7) in the event the Employee's employment
          is terminated by the Corporation (or its successor) without Cause or
          by the Employee for Good Reason, a lump sum cash payment (payable
          within ten (10) days of termination) in an amount equal to salary
          payable to the Employee for a period that is the longer of (x) twelve
          (12) months or (y) the remainder of the term of employment, plus the
          Employee's Guaranteed Bonus (without pro-ration) in the event such
          termination occurs on or prior to the payment of such Guaranteed Bonus
          and a pro-rated Bonus (pro-rated through the date of such termination)
          if such termination occurs in any year in respect of which the
          Guaranteed Bonus is not payable, with all of the foregoing payments
          made in lump sum within ten (10) days of the date of such termination;
          (8) a provision whereby the "non-compete clause" in the Employment
          Agreement is deleted if the Employee remains in the active employ of
          the Corporation for a period of six-months following a Change of
          Control, and (9) the obligation to pay the Enhanced Severance Payment
          shall be deleted.

          In the event that Employee's employment is terminated by the Employee
          for Good Reason, the Employee shall be entitled to, and his sole
          remedies shall be, the same benefits provided for in Section 6(d)
          hereof."

     (d)  Section 6(h) is hereby added to the Employment Agreement to read as
          follows:

          "(h) Change of Control Payments. Notwithstanding any provision to the
          contrary, the Employee shall be entitled to the following upon the
          occurrence of a Change of Control:

               (i)  Stay Bonus. The Employee shall be entitled to receive a lump
                    sum cash payment in an amount equal to the annualized rate
                    of his then current salary (the "Stay Bonus") upon the
                    earliest to occur of:

                    (A)  the six-month anniversary of the occurence of the
                         Change of Control (the "Six-Month Anniversary") if the
                         Employee is in the employ of the Corporation on such
                         date, in which

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                     case the Stay Bonus shall be payable on the Six-Month
                     Anniversary;

                (B)  a termination by the Corporation (or any successor thereto)
                     without Cause (pursuant to Section 6(d) of the Employment
                     Agreement) on or after the occurrence of the Change of
                     Control but on or prior to the Six-Month Anniversary, in
                     which case the Stay Bonus shall be payable within ten (10)
                     days of such termination of employment; or

                (C)  a termination by the Employee for Good Reason (pursuant to
                     Section 6(e) of the Employment Agreement) on or after the
                     occurrence of the Change of Control but on or prior to the
                     Six-Month Anniversary, in which case the Stay Bonus shall
                     be payable within ten (10) days of such termination of
                     employment.

          (ii)  Enhanced Severance Payment. The Employee shall be entitled to
                receive a lump sum cash payment in an amount equal to fifty
                percent (50%) of his severance entitlement under the Employment
                Agreement (the result of which is the sum of (x) three (3)
                months of his then current salary and (y) two weeks of his then
                current salary (which is 50% of the amount payable as of the
                date hereof in accordance with the Corporation's standard
                severance policy based upon eight (8) years of service as of the
                date hereof)) (the "Enhanced Severance Payment") in the event
                the Employee's employment is terminated on or after the Change
                of Control but on or prior to the Six-Month Anniversary (x) by
                the Corporation (or any successor thereto) without Cause
                (pursuant to Section 6(d) of the Employment Agreement); or (y)
                by the Employee for Good Reason (pursuant to Section 6(e) of the
                Employment Agreement).

          (iii) For avoidance of doubt, each of the Stay Bonus and the Enhanced
                Severance Payment shall not be payable in the event the
                Employee's employment is terminated (A) by the Corporation for
                Cause, (B) by the Employee voluntarily without Good Reason, or
                (C) on account of Employee's death or Disability. In addition,
                the Enhanced Severance Payment shall not be payable if the
                Employee accepts continued employment following the Change of
                Control on the New Terms. The Stay Bonus and Enhanced Severance
                Payment payable pursuant to this Section 6(h) shall be payable
                in addition to (and not in lieu of) any other benefits which may
                be provided under the Employment Agreement (including, without
                limitation, the continuation of salary and benefits provided
                pursuant to Section 6(d) and 6(e) of the Employment Agreement).

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          (iv) "Change of Control" shall mean an event or series of events by
               which (i) any person (or entity) is or becomes the "beneficial
               owner" (as defined in rules 13d-3 and 13d-5 under the Securities
               and Exchange Act of 1934, as amended, except that a person shall
               be deemed to have "beneficial ownership" of all shares that any
               such Person has the right to acquire, whether such right is
               exercisable immediately or after the passage of time), directly
               or indirectly, of a majority of the then outstanding voting stock
               of the Corporation; (ii) the Corporation consolidates with or
               merges into another entity or any entity consolidates with or
               merges into the Corporation, in either event pursuant to a
               transaction in which then outstanding voting stock of the
               Corporation is changed into or exchanged for cash, securities or
               other properties, other than any such transaction where the
               holders of the voting stock of the Corporation immediately before
               such transaction, own, immediately after such transaction, voting
               stock of such surviving entity entitling them to more than fifty
               (50%) percent of the aggregate voting power of all voting stock
               of such surviving entity; or (iii) the Corporation conveys,
               transfers or leases all or substantially all of its assets to any
               person or entity.

Section 2. Except as specifically amended above, the Employment Agreement and
all provisions thereof shall remain in full force and effect and are hereby
ratified and confirmed.

Section 3. Upon the effective date of this Second Amendment, on and after the
date hereof, each reference in the Employment Agreement to "this Agreement,"
"hereunder," "hereof," "herein" or words of like import, and each reference to
the Employment Agreement in any document relating to the Employment Agreement,
shall mean and be a reference to the Employment Agreement as amended hereby.

Section 4. This Second Amendment shall be governed by and construed in
accordance with the laws of the State of New York.

Section 5. Capitalized terms used herein and not otherwise defined herein shall
have the meanings specified, or ascribed thereto by reference, in the Employment
Agreement.

Section 6. This Second Amendment replaces in its entirety, the December Letter
which upon the effective date of this Second Amendment shall become null and
void and of no further force and effect.

             The remainder of this page is intentionally left blank.

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     IN WITNESS THEREOF, the parties have executed this Second Amendment as of
__________ ____, 2003.

                                     SALANT CORPORATION

                                     ______________________________________

                                     By: Michael J. Setola
                                     Title: Chairman and Chief Executive Officer

                                     ________________________________________
                                               WILLIAM O. MANZER

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