Document:

<PAGE>

                                                                     Exhibit 4.1

                          SUPPLEMENTAL RIGHTS AGREEMENT
                                       AND
                     FIFTH AMENDMENT TO THE RIGHTS AGREEMENT

     THIS SUPPLEMENTAL RIGHTS AGREEMENT AND FIFTH AMENDMENT TO THE RIGHTS
AGREEMENT, dated as of February 12, 2003 (the "Agreement"), by and between
PHILLIPS-VAN HEUSEN CORPORATION, a Delaware corporation (the "Company"), and THE
BANK OF NEW YORK, a New York banking corporation (the "Rights Agent"), amends
the Rights Agreement, dated as of June 10, 1986 (the "Rights Agreement"), as
amended March 31, 1987, July 30, 1987, June 30, 1992, and April 25, 2000, by and
between the Company and the Rights Agent (as successor thereunder to The Chase
Manhattan Bank, N.A.).

                              W I T N E S S E T H :
                               - - - - - - - - - -

     WHEREAS, the Company proposes to issue up to 10,000 shares of a new series
of Preferred Stock, par value $100 per share, of the Company designated as the
"Series B Convertible Preferred Stock" (the "Series B Preferred Stock") with
such terms as are provided in the Certificate of Designations, Preferences, and
Rights of the Series B Convertible Preferred Stock (the "Certificate") pursuant
to a Securities Purchase Agreement, dated as of December 16, 2002 (the "Purchase
Agreement") by and between the Company and certain investors listed thereto; and

     WHEREAS, on December 15, 2002, the Board of Directors of the Company by
resolutions duly authorized the issuance of the Series B Preferred Stock upon
such time as required pursuant to the Purchase Agreement, the execution and
filing of the Certificate upon such time as required pursuant to the Purchase
Agreement, the execution of the Purchase Agreement, the issuance of Rights in
respect of the Series B Preferred Stock, so long as the Rights have not
previously expired or been redeemed in accordance with the terms of the Rights
Agreement upon such time as required pursuant to the Purchase Agreement and the
amendments to the Rights Agreement upon such time as required pursuant to the
Purchase Agreement;

     NOW THEREFORE, in consideration of the premises and the mutual agreements
herein set forth, the parties hereto hereby agree as follows:

Section 1. Definitions. Capitalized terms used herein and not otherwise defined
herein shall have the meanings ascribed thereto in the Rights Agreement.

Section 2. Issuance of Rights.

     (a) Effective upon the consummation of the Purchase Agreement, the Company
hereby issues that number of Rights in respect of each share of the Series B
Preferred Stock equal to the number of shares of Common Stock into which a share
of the Series B Preferred Stock is convertible, as set forth, and subject to
adjustments as provided, in the

<PAGE>

Certificate, effective upon the closing under the Purchase Agreement, such
Rights having the terms (including, without limitation, the terms relating to
the redemption thereof), being entitled to the benefits of, and being subject to
the conditions of the Rights Agreement, as if such Rights initially were issued
pursuant thereto. Such Rights shall be evidenced by the certificates
representing the Series B Preferred Stock until the Distribution Date, or by the
Rights Certificates in substantially the form of Exhibit A to the Rights
Agreement subsequent to the Distribution Date. Upon conversion of any share of
the Series B Preferred Stock prior to the Distribution Date, the Rights issued
in respect of such share of the Series B Preferred Stock shall cease to exist
and the holder of the Common Stock received upon conversion of such shares of
the Series B Preferred Stock shall be issued Rights in accordance with the
provisions of the Rights Agreement.

     (b) Subject to Section 2(a) above, the number of Rights issued in respect
of each share of the Series B Preferred Stock, the Purchase Price and the number
or kind of shares of capital stock issuable upon exercise of the Rights shall be
subject to adjustment from time to time only in accordance with the terms of the
Rights Agreement.

     (c) In the event that the Rights shall be redeemed by the Board of
Directors of the Company in accordance with their terms while any share of the
Series B Preferred Stock is outstanding, the holder of any share of the Series B
Preferred Stock then outstanding shall have the right to receive the Redemption
Price with respect to each Right then held by such holder.

Section 3. Rights Agent.

     The Company hereby appoints the Rights Agent to act as agent for the
Company and the holders of the Series B Preferred Stock in accordance with the
terms and conditions hereof and of the Rights Agreement, and the Rights Agent
hereby accepts such appointment. The Company may from time to time act as
Co-Rights Agent or appoint such Co-Rights Agent as it may deem necessary or
desirable. The Rights Agent agrees to be bound by the terms and conditions of
and to assume and fulfill the duties and obligations of the Rights Agent under
this Agreement and under the Rights Agreement. Any action which may be taken by
the Rights Agent pursuant to the terms of this Agreement and the Rights
Agreement may be taken by any such Co-Rights Agent.

Section 4. No Effect on Rights Agreement.

     Nothing herein shall be deemed or construed to alter or amend the Rights
Agreement in any respect, except as expressly set forth herein.

Section 5. Supplements and Amendments.

     The Company and the Rights Agent may supplement or amend this Agreement
without the approval of any holders of the Rights Certificates in order to cure
any ambiguity, to correct or supplement any provision contained herein which may
be defective or inconsistent with any other provisions herein, or to make any
other provisions in regard to matters or questions arising hereunder which the
Company and the Rights Agent may deem necessary or

                                       2
<PAGE>

desirable and which shall not adversely affect the interests of the holders of
the Rights Certificates.

Section 6. Further Assurances.

     The Company shall take such action as may be necessary to assure that the
holders of the Series B Preferred Stock shall receive the full benefits of the
Rights, including, without limitation, to assure that the Rights issued pursuant
to this Agreement may be exercised in accordance with Section 13 of the Rights
Agreement in the event of the occurrence of an event specified in Section 13
thereof.

Section 7. Benefits of this Agreement; Rights of Action.

     Nothing in this Agreement except for the provisions of Section 8 hereof
shall be construed to give to any person or corporation other than the Company,
the Rights Agent and the registered holders of the Rights Certificates issued
pursuant to this Agreement (and, prior to the Distribution Date, the registered
holders of the Series B Preferred Stock) any legal equitable right, remedy or
claim under this Agreement; but this Agreement except for the provisions of
Section 8 hereof shall be for the sole and exclusive benefit of the Company, the
Rights Agent and the registered holders of the Rights Certificates issued
pursuant to this Agreement (and, prior to the Distribution Date, the registered
holders of the Series B Preferred Stock). All rights of action in respect of
this Agreement except for the provisions of Section 8 hereof are vested in the
respective registered holders of the Series B Preferred Stock); and any
registered holder of a Rights Certificate issued pursuant to this Agreement (or,
prior to the Distribution Date, any registered holder of the Series B Preferred
Stock), without the consent of the Rights Agent or of the holder of any other
Rights Certificate issued pursuant to this Agreement (or, prior to the
Distribution Date, any other registered holder of the Series B Preferred Stock),
may, in his own behalf and for his own benefit, enforce, and may institute and
maintain any suit, action or proceeding against the Company to enforce, or to
otherwise act in respect of, his rights here-under and his right to exercise the
Rights evidenced by such Rights Certificate in the manner provided in such
Rights Certificate and in the Rights Agreement. Without limiting the foregoing
or any remedies available to the holders of Rights issued pursuant to this
Agreement, it is specifically acknowledged that the holders of Rights issued
pursuant to this Agreement would not have an adequate remedy at law for any
breach of this Agreement or the Rights Agreement and will be entitled to
specific performance of the obligations under, and injunctive relief against
actual or threatened violations of, the obligations of any Person subject to
this Agreement and the Rights Agreement.

Section 8. Amendment of Rights Agreement. The definition of "Acquiring Person"
set forth in Section 1(a) is deleted in its entirety and the following
substituted in lieu thereof:

     (a) "Acquiring Person" shall mean any Person who or which, together with
     all Affiliates and Associates of such Person, shall be the Beneficial Owner
     of securities of the Company constituting a Substantial Block, but shall
     not include (i) any employee

                                       3
<PAGE>

     benefit plan of the Company, (ii) any members of the Lee Family, but only
     for so long as the aggregate number of shares of Common Stock of which the
     Lee Family is deemed to be the Beneficial Owner of is less than or equal to
     30% of the number of shares of Common Stock then outstanding, (iii) (A)
     Apax Managers, Inc., Apax Partners Europe Managers Ltd. (individually or
     collectively, "Apax"), or its or their Affiliates and Associates or any
     investment fund for whom Apax or its Affiliates or Associates serves as a
     general partner or managing member ("Apax Affiliates"), but only for so
     long as the aggregate number of shares of Common Stock of which Apax and
     the Apax Affiliates are deemed to be the Beneficial Owner is less than or
     equal to 49.5% on a fully diluted basis of the number of shares of Common
     Stock then outstanding (including shares of Common Stock issuable upon
     conversion of all outstanding Series B Convertible Preferred Stock, par
     value $100 per share of the Company (the "Series B Stock") and other
     convertible securities) (the "Limitation") or (B) any other Person who
     acquires shares of Series B Stock, Common Stock or securities convertible
     into Common Stock in accordance with Section 3.3(b)(iii) of the Investors'
     Rights Agreement, dated as of February 12, 2003, by and between the Company
     and certain investors listed therein (the "Apax Transferee"), but only for
     so long as the aggregate number of shares of Common Stock of which the Apax
     Transferee is deemed to be the Beneficial Owner is less than or equal to
     the Limitation subject, in each case, to upward adjustment for actions by
     the Company (the "Adjustment", and together with the Limitation, the
     "Permitted Amount"), including, (a) repurchases of Common Stock or
     securities convertible into Common Stock, (b) shares of Common Stock
     issuable upon conversion of the dividends on the Series B Stock, (c)
     adjustments to the conversion price of the Series B Stock, or (d) any
     recapitalization of the Company, and, provided further, Apax or the Apax
     Affiliates shall have a period of 20 business days from the date on which
     such party learns, or receives written notice from the Company, that such
     party holds an amount of shares which exceed the Permitted Amount to
     dispose of all shares which cause such party to exceed the Permitted
     Amount, provided that such party did not intentionally exceed the Permitted
     Amount, or (iv) any Person who acquires a Substantial Block in connection
     with a transaction or series of transactions approved prior to such
     transaction or transactions by the Board of Directors.

Section 9. Counterparts.

     This Agreement may be executed in any number of counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all
such counter-parts shall together constitute but one and the same instrument.

Section 10. Law Governing.

     This Agreement shall be deemed to be a contract made under the laws of the
State of Delaware and for all purposes shall be governed by and construed in
accordance with the laws of such State applicable to contracts to be made and
performed entirely within such State, provided, however, that the rights and
obligations of the Rights Agent shall be governed by and construed with the laws
of the State of New York.

                                       4
<PAGE>

Section 11. Descriptive Headings.

     Descriptive headings of the several Sections of this Agreement are inserted
for convenience only and shall not control or affect the meaning or construction
of any of the provisions hereof.

                                       5
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed as of the date and year first above written.

                                  PHILLIPS-VAN HEUSEN CORPORATION

                                  By:  /s/ Mark D. Fischer
                                       -------------------
                                  Name:   Mark D. Fischer
                                  Title:  Vice President, General Counsel,
                                          Secretary

                                  THE BANK OF NEW YORK

                                  By:  /s/ Edward Timmons
                                       ------------------
                                  Name:   Edward Timmons
                                  Title:  Vice President

                                       6<PAGE>

                                                                     EXHIBIT 4.2

                          SECOND SUPPLEMENTAL INDENTURE

                          Dated as of February 12, 2002

                                       to

                                    INDENTURE

                          Dated as of November 1, 1993

                                     between

                         PHILLIPS-VAN HEUSEN CORPORATION

                                       AND

                        THE BANK OF NEW YORK, AS TRUSTEE

                                  $100,000,000

                           7 3/4% Debentures Due 2023

<PAGE>

         This SECOND SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"),
dated as of February 12, 2003, is entered into by and between Phillips-Van
Heusen Corporation, a Delaware corporation (the "Company"), and The Bank of New
York, a New York banking corporation, as trustee (the "Trustee") for the
Holders.

                              W I T N E S S E T H:

         WHEREAS, the Company and the Trustee have entered into that certain
Indenture dated as of November 1, 1993 (the "Indenture") which provides for,
among other things, the issuance by the Company of 7 3/4% Debentures due 2023;
and

         WHEREAS, the Company has entered into that certain Stock Purchase
Agreement dated as of December 17, 2002 (the "CK Purchase Agreement") by and
among the Company, Calvin Klein, Inc. ("CK"), a New York corporation, Calvin
Klein (Europe), Inc., a Delaware corporation ("CK Europe"), Calvin Klein (Europe
III) Corp., a Delaware corporation ("CK Europe II"), Calvin Klein Europe S.R.L.,
a limited liability company organized under the laws of Italy ("CK Italy"), CK
Service Corp., a Delaware corporation ("CK Service"; CK, CK Europe, CK Europe
II, CK Italy and CK Services are referred to herein each individually as an
"Acquired Company" and collectively as the "Acquired Companies"), and the
"Sellers" (as such term is defined in the CK Purchase Agreement"), pursuant to
which, among other things, the Company desires to purchase and the Sellers
desire to sell all of the issued and outstanding shares of capital stock (or all
of the outstanding parts of capital in the case of CK Italy) of each Acquired
Company (the "Proposed CK Acquisition"); and

         WHEREAS, in order to partially finance the Proposed CK Acquisition, the
Company is entering into that certain Term Loan Agreement dated as of the date
hereof (the "Term Loan Agreement"), with Apax Managers, Inc., a New York
corporation, in its capacity as administrative agent ("Term Loan Agent") for
certain lenders from time to time party thereto (the "Term Lenders") and the
Term Lenders, providing for the Term Lenders to make available to the Company, a
certain bridge loan in an original principal amount not to exceed $125,000,000
on the terms and conditions set forth therein;

         WHEREAS, to induce the Term Lenders to enter into the Term Loan
Agreement and to make the bridge loan thereunder, the Company has agreed to
pledge and grant to the Term Lenders a lien on and security interest in (the
"Term Lender Liens") (i) all of the issued and outstanding capital stock (or
parts of capital in the case of CK Italy) of each of the Acquired Companies and
(ii) certain other assets of the domestic Acquired Companies (collectively, the
"Term Lender Collateral") as security for its obligations under the Term Loan
Agreement (all such obligations, liabilities and indebtedness of the Company to
the Term Lenders under the Term Loan Agreement are referred to herein as the
"Term Loan Obligations"); and

         WHEREAS, the granting of the Term Lender Liens is permitted pursuant to
Section 1008(e) of the Indenture; and

                                       2
<PAGE>

         WHEREAS, in connection with the Proposed CK Acquisition, the Company
and certain of its affiliates have entered into that certain First Amendment and
Waiver Agreement, dated as of December 13, 2002 with JPMorgan Chase Bank, as
administrative agent (the "Senior Agent") for certain other financial
institutions from time to time party thereto (the "Senior Lenders") and the
Senior Lenders (the "First Amendment to Credit Agreement") pursuant to which,
the Senior Agent and Senior Lenders will, among other things, amend that certain
Credit Agreement dated as of October 17, 2002 and consent to the Proposed CK
Acquisition in exchange for (i) a first priority lien on and security interest
in certain collateral of the Acquired Companies (the "CK Collateral") and (ii) a
springing lien on the Term Lender Collateral, such that upon the payment in full
of the Term Loan Obligations, the Senior Agent, on behalf of the Senior Lenders,
shall have a first priority lien on and security interest in the Term Lender
Collateral (collectively "CK Senior Lender Liens");

         WHEREAS, the granting of the CK Senior Lender Liens is permitted by
Section 1008 of the Indenture, provided that the Company and its Subsidiaries
grant to the Trustee, on behalf of the Holders, liens on and security interests
in the CK Collateral and, upon the payment in full of the Term Loan Obligations,
the Term Lender Collateral (the "New CK Collateral"), in order to secure the
Securities on an equal and ratable basis with all obligations, liabilities and
indebtedness of the Company and its affiliates to the Senior Lenders (the
"Senior Indebtedness"); and

         WHEREAS, in connection with the forgoing, the Trustee shall (i) enter
into that certain First Amendment Agreement dated as of the date hereof with the
Senior Agent, the Company and certain affiliates of the Company (the "Amendment
to Security Agreement"), pursuant to which that certain Omnibus Pledge and
Security Agreement dated as of October 17, 2002 shall be amended to grant the
Senior Agent on behalf of the Senior Lenders and the Trustee a lien on and
security interest in the New CK Collateral, and (ii) acknowledge that certain
Intercreditor and Subordination Agreement dated as of the date hereof with the
Senior Agent, the Term Loan Agent and Calvin Klein, that shall govern the
relative priorities of the respective liens of the parties in the New CK
Collateral;

         WHEREAS, Section 901(3) of the Indenture provides, among other things,
that the Company and the Trustee may enter into indentures supplemental to the
Indenture without the consent of the Holders for, among other things, the
purpose of securing the Securities as required pursuant to Section 1008 of the
Indenture; and

         WHEREAS, the parties hereto desire to enter into this Supplemental
Indenture in accordance with Section 901(3) of the Indenture; and

         WHEREAS, the Company has been duly authorized by its Board of Directors
to enter into, execute and deliver, and hereby authorizes and directs the
Trustee on behalf of the Holders to execute and deliver, this Supplemental
Indenture:

                                       3
<PAGE>

         NOW, THEREFORE, for and in consideration of the premises and covenants
and agreements contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and
the Trustee agree as follows:

SECTION 1. Capitalized terms used herein but not otherwise defined herein shall
have the meanings ascribed thereto in the Indenture.

SECTION 2. The Trustee hereby acknowledges (i) the granting of the Term Lender
Liens and (ii) the granting of the liens upon and security interests in the New
CK Collateral as collateral security for the payment of principal and interest
and all other amounts due and owing pursuant to the terms of the Outstanding
Securities on an equal and ratable basis with the Senior Lender Liens until such
time as the Senior Indebtedness has been paid in full and all commitments of the
Senior Agent and the Senior Lenders have terminated and, in connection herewith,
the Trustee hereby agrees on behalf of the Holders and upon the direction of the
Company to execute and deliver (A) the First Amendment to Security Agreement,
pursuant to which the liens on and security interests in the New CK Collateral
referred to herein shall be granted to the Trustee, on behalf of the Holders and
(B) an acknowledgment of the Intercreditor Agreement, pursuant to which the
Senior Lenders' and Trustee's rights in the New CK Collateral shall be governed.
Upon the payment in full of all Senior Indebtedness and the termination of all
commitments of the Senior Agent and the Senior Lenders, and in the event of a
termination of any Senior Lender Liens, the Trustee hereby agrees to release the
all liens and security interests granted pursuant to the Security Agreement and
the First Amendment to Security Agreement on the same terms and conditions as
the Senior Agent.

SECTION 3. The Company hereby consents to the granting of the liens upon and
security interests in the New CK Collateral as collateral security for the
payment of principal and interest and all other amounts due and owing pursuant
to the terms of the Outstanding Securities on an equal and ratable basis with
the Senior Lender Liens until such time as the Senior Indebtedness has been paid
in full and all commitments of the Senior Agent and the Senior Lenders have
terminated and, in connection herewith, authorizes and directs the Trustee to
enter into the First Amendment to Security Agreement and the Intercreditor
Agreement for the sole purpose of granting to the Trustee collateral security
for the payment of principal and interest and all other amounts due and owing
pursuant to the terms of the Outstanding Securities on an equal and ratable
basis with the Senior Lender Liens, in accordance with the terms of the
Indenture.

SECTION 4. Except as expressly supplemented by this Supplemental Indenture, the
Indenture and the Securities issued thereunder are in all respects ratified and
confirmed and all of the rights, remedies, terms, conditions, covenants and
agreements of the Indenture and the Securities issued thereunder shall remain in
full force and effect.

SECTION 5. This Supplemental Indenture is executed and shall constitute an
indenture supplemental to the Indenture and shall be construed in connection
with and as part of the

                                       4
<PAGE>

Indenture. This Supplemental Indenture shall be governed by and construed in
accordance with the laws of the jurisdiction that governs the Indenture and its
construction.

SECTION 6. This Supplemental Indenture may be executed in any number of
counterparts, each of which shall be deemed to be an original for all purposes;
but such counterparts shall together be deemed to constitute but one and the
same instrument.

SECTION 7. Any and all notices, requests, certificates and other instruments
executed and delivered after the execution and delivery of this Supplemental
Indenture may refer to the Indenture without making specific reference to this
Supplemental Indenture, but nevertheless all such references shall include this
Supplemental Indenture unless the context otherwise requires.

SECTION 8. This Supplemental Indenture shall be deemed to have become effective
upon the date first written above.

SECTION 9. In the event of a conflict between the terms of this Supplemental
Indenture and the Indenture, this Supplemental Indenture shall control.

SECTION 10. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Supplemental Indenture or for
or in respect of the recital contained herein, all of which recitals are made
solely by the Company.

                  [remainder of page intentionally left blank;
                             signature page follows]

                                       5
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture
to be duly executed as of the day and year first set forth above.

                         PHILLIPS-VAN HEUSEN CORPORATION

                         By: /s/ Mark D. Fischer
                             ----------------------------------
                         Name:    Mark D. Fischer
                         Title:   Vice-President, General Counsel, Secretary

                         THE BANK OF NEW YORK, as Trustee

                         By: /s/ Julie Salovitch-Miller
                             ----------------------------------
                         Name:   Julie Salovitch-Miller
                         Title:  Vice-President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00047-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00047-of-00352.parquet"}]]