Document:

Exhibit 4.1  

	NUMBER	 	 	 	 	 	 	 	SHARES
	WARRIOR ENERGY SERVICES CORPORATION
	COMMON STOCK	 	 	 	 	 	 
	INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE
	

 	
 	

 	
 	

 	
 	
CUSIP 936258 10 2	
 	

 
	 	 	 	 	 	 	SEE REVERSE FOR CERTAIN DEFINITIONS	 	 
	

 	
 	

THIS CERTIFIES THAT	
 	

 	
 	

 	
 	

 
	

    	
 	

 	
 	

 	
 	

 	
 	

 
	

 	
 	

is the owner of	
 	

 	
 	

 	
 	

 
	

FULLY PAID AND NONASSESSABLE SHARES OF THE COMMON STOCK, $.0005 PAR VALUE PER SHARE, OF
 WARRIOR ENERGY SERVICES CORPORATION
	
transferable on the books of the Corporation in person or by attorney upon surrender of this certificate duly endorsed or assigned. This certificate and the shares represented hereby are subject to the laws of the State
of Delaware, and to the Certificate of Incorporation and Bylaws of the Corporation, as now or hereafter amended. This certificate is not valid until countersigned by the Transfer Agent and registered by the Registrar.
	
        WITNESS the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.
	

 	
 	

Dated:	
 	

 	
 	

 	
 	

 
	

 	
 	

 	
 	

 	
 	

 	
 	

 
	

[SEAL]	
 	

/s/ Ron Whittier	
 	

 	
 	

/s/ Wiiliam L. Jenkins	
 	

 
	

 	
 	

SECRETARY	
 	

 	
 	

PRESIDENT	
 	

 
	

 	
 	

 	
 	

Countersigned and Registered:	
 	

 
	 	 	 	 	American Stock Transfer & Trust Company
	 	 	 	 	(New York, N.Y.)	 	 
	 	 	 	 	 	 	Transfer Agent and Registrar	 	 
	

 	
 	

 	
 	

By	
 	

 	
 	

 
	

 	
 	

 	
 	

 	
 	

Authorized Signature

	
 	

 

WARRIOR ENERGY SERVICES CORPORATION  

        The
following abbreviations, when used in the inscription on the face of this certificate, 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	 	

	TEN ENT	—	 	as tenants by the entireties	 	 	 	 	 	 	(Cust)	 	 	 	(Minor)
	JT TEN	—	 	as joint tenants with right of survivorship and not as tenants in common	 	 	 	 	 	 	under Uniform Gifts to Minors Act

    
 (State)

Additional abbreviations may also be used though not in the above list 

For
value received,
                                         
                                          
                                          
                    hereby sell, assign and transfer unto
 

	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
    
	 	 	 	 	 
	

    
 Please print or typewrite name and address including postal zip code of assignee
	    

	

    

	

    
	

Shares
	of the stock represented by the within Certificate, and do hereby irrevocably constitute and appoint
	

    

	Attorney to transfer the said stock on the books of the within-named Corporation 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 Certificate, in every particular, without alteration or enlargement or any change whatever.QuickLinks
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EXHIBIT 10.44  

 
 

EMPLOYMENT AGREEMENT    
    

        EMPLOYMENT AGREEMENT ("Agreement"), dated as of January 1, 2004 between Calvin Klein, Inc., a New York corporation (together with its affiliates,
including, without limitation, its parent corporation, Phillips-Van Heusen Corporation ("PVH"), the "Company"), and PAUL THOMAS MURRY (the "Executive"). 

W
I T N E S S E T H: 

        WHEREAS,
the Company desires to retain Executive on a full-time basis in accordance with the terms set forth herein; and 

        WHEREAS,
the Executive desires to be so employed by the Company. 

        NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants herein contained, the parties hereto hereby agree as follows: 

        1.    Employment.    

        (a)    Employment.    The Company agrees to employ the Executive, and the Executive agrees to be employed by the
Company, in accordance with the terms and conditions hereof. The Executive shall be an employee at will and this Agreement shall not constitute a guarantee of employment. Each of the parties
acknowledges and agrees that either party may terminate the Executive's employment at any time, for any reason, with or without Cause (as defined in Section 3(a)). The period commencing on the
date hereof and ending on the effective date of the termination of the Executive's employment is hereinafter referred to as the "Employment Period." 

        (b)    Position.    The Executive shall serve as President and Chief Operating Officer of Calvin Klein, Inc. or
in such other position or positions as the Company's Chief Executive Officer or Board of Directors (which, for purposes of this Agreement, includes any committee thereof, unless the context requires
otherwise) may designate from time to time. The Executive shall (i) perform such duties and services as shall from time to time be assigned to him, (ii) devote all of his business time
to the services required of him hereunder and (iii) use his best efforts, judgment, skill and energy to perform such duties and services. As used in this Section 1, "business time" shall
be determined in accordance with the usual and customary standards of the Company. 

        2.    Compensation.    

        (a)    Base Salary.    The Company shall pay the Executive a salary ("Base Salary") at the annual rate of $750,000,
payable in accordance with the normal payroll procedures of the Company in effect from time to time, plus an annual lump sum payment of $100,000 payable after the end of each calendar year during the
term of this Agreement. The Company or the Board of Directors may from time to time, in its sole and absolute discretion, increase or decrease the Base Salary by any amount it determines to be
appropriate. 

        (b)    Incentive and Bonus Compensation.    The Executive shall be eligible to participate in the Company's existing
and future bonus and stock option plans and other incentive compensation programs for similarly situated executives (collectively, "Plans"), to the extent that the Executive is qualified to
participate in any such Plan under the generally applicable provisions thereof in effect from time to time. Such eligibility is not a guarantee of participation in or of the receipt of any award,
payment or other compensation under any Plan. To the extent the Executive does participate in a Plan and the Plan does not expressly provide otherwise, the Chief Executive Officer and/or the Board of
Directors, as appropriate, may determine all terms of participation (including, without limitation, the type and size of any award, payment or other compensation and the timing and conditions of
receipt thereof by the Executive) in the Chief Executive Officer's or Board's sole and absolute discretion. Nothing herein shall be deemed to prohibit the Company or the Board of Directors from
amending or terminating any and all Plans in its sole and absolute discretion. The terms of each Plan shall govern the Executive's rights and obligations thereunder during the Executive's employment
and upon the termination thereof. Without limiting the 

 

generality
of the foregoing, the definition of "Cause" hereunder shall not supersede the definition of "cause" in any Plan and any rights of the Executive hereunder upon and subsequent to the
termination of the Executive's employment shall be in addition to, and not in lieu of, any right of the Executive under any Plan then in effect upon or subsequent to a termination of employment. 

        (c)    Benefit and Insurance Plans.    The Executive shall be eligible to participate in all employee benefit and
insurance plans sponsored or maintained by the Company for similarly situated executives (including any savings, retirement, life, health and disability plans), to the extent that the Executive is
qualified to participate in any such plan under the generally applicable provisions thereof in effect from time to time. Nothing herein shall be deemed to prohibit the Company or the Board of
Directors from amending or terminating any such plan in its sole and absolute discretion. The terms of each such plan shall govern the Executive's rights and obligations thereunder during the
Executive's employment and upon the termination thereof. 

        (d)    Expenses.    The Company shall pay or reimburse the Executive for reasonable expenses incurred or paid by the
Executive in the performance of the Executive's duties hereunder in accordance with the generally applicable policies and procedures of the Company, as in effect from time to time and subject to the
terms and conditions thereof. 

        (e)    Vacations.    The Executive shall be eligible to take vacation in accordance with PVH policy, but in no event
less than four weeks. 

        (f)    Clothing Allowance.    The Executive shall be eligible to participate in any clothing allowance program
developed for executives of Calvin Klein, Inc., the terms of such participation to be established by the Company. 

        3.    Termination of Employment.    The Executive's employment hereunder shall terminate, or shall be subject to
termination at any time, as follows: 

        (a)    Termination for Cause by the Company.    The Company may terminate the Executive's employment with the Company
at any time for Cause. Upon such termination, the Company shall have no further obligation to the Executive hereunder except for the payment of (i) the portion of the Base Salary for periods
prior to the effective date of termination accrued but unpaid (if any), and (ii) all unreimbursed expenses, subject to Section 2(d). For the avoidance of doubt, the Executive shall have
no right to receive any amounts under the Company's severance policy upon his termination for Cause. For purposes of this Agreement, "Cause" shall be defined as (1) gross negligence in the
performance of the material responsibilities of the Executive's office or position; (2) gross misconduct in the performance of the material responsibilities of the Executive's office or
position, including, without limitation, malfeasance relating to the Company and/or vendor and customer accounts and insubordination; (3) material failure or refusal by the Executive to perform
his core job duties, as such may be reasonably assigned to him from time to time, other than by reason of his death or disability, or other acts or omissions constituting material neglect or
dereliction of his such duties; (4) the conviction of the Executive by a court of competent jurisdiction (and after all appeal procedures have been exhausted or have expired) of, or the entry
of a plea of guilty or nolo contendere by the Executive to a charge of, the commission of a crime that constitutes a felony under federal or state law
or the equivalent under foreign law; (5) the Executive's embezzlement or intentional misappropriation of any property of the Company; (6) the Executive having divulged, furnished or made
accessible to anyone other than the Company, its directors, officers, employees, auditors and legal advisors, otherwise than in the ordinary course of business, any Confidential Information (as
hereinafter defined); (7) fraud, dishonesty or other acts or omissions by the Executive that constitute a willful breach of his fiduciary duty to the Company; or (8) the happening of any
other event which, under the provisions of applicable law, disqualifies the Executive from acting in any or all capacities in which he is then acting. The Executive shall be given notice of the
termination of his employment for Cause under this Section 3(a). If the Executive shall be terminated pursuant to clause (1), (2) or (3) of this Section 3(a), the
Executive 

2

 

shall
be given a reasonable period of time, not to exceed 30 days, to correct the underlying act or omission. In all other cases, termination shall be effective as of the date notice is given. 

        (b)    Termination without Cause by the Company.    The Company may also terminate the Executive's employment with the
Company at any time without Cause. The voluntary resignation of the Executive shall not for any reason be treated as a termination of employment by the Company without Cause, even if the Executive's
stated reason for resignation is a material change in the terms or conditions of his employment as in effect at that time, except as otherwise provided in Sections 3(c) and 3(g)(ii). If the Company
terminates the Executive's services without Cause, other than during the two-year period following a Change in Control (as hereinafter defined), the Executive shall be entitled to receive
from the Company (i) the portion of the Base Salary for periods prior to the effective date of termination accrued but unpaid (if any), (ii) all unreimbursed expenses (if any), subject
to Section 2(d), and (iii) an aggregate amount (the "Severance Amount") equal to the greater of (x) two weeks' salary for each consecutive year of employment with the Company
immediately prior to such a termination and (y) the severance payable under the Company's severance policy, as then in effect; provided, however,
that in no event shall the Severance Amount be less than the Base Salary then in effect. In addition, if the Company terminates the Executive's employment hereunder without Cause, then the Company
shall also provide to the Executive during the period over which the Severance Amount is paid, medical and dental insurance coverage for the Executive and the members of his family which is not less
favorable to the Executive than the group medical and dental insurance coverage carried by the Company for the Executive and the members of his family immediately prior to such termination of
employment; provided, however, that the obligations set forth in this sentence shall
terminate to the extent the Executive obtains comparable medical and dental insurance coverage from any other employer during such period, but the Executive shall not have any obligation to seek or
accept employment during such period, whether or not any such employment would provide comparable medical and dental insurance coverage; and provided further,
however, that the Executive shall be obligated to pay an amount equal to the active employee contribution, if any, for each such coverage. The Severance Amount shall be based
upon the Base Salary then in effect. The Severance Amount shall be payable in substantially equal payments on the same schedule as Base Salary was paid immediately prior to termination but in no event
less than twice a month. For purposes of this Section 3(b), the Executive shall be deemed to accrue a year of employment with the Company on each anniversary of his date of hire and, with
respect to his last year of employment, if at least six months have passed since the last such anniversary date. For the avoidance of doubt the payment of the Severance Amount shall be in lieu of any
amounts payable under the Company's severance policy (as then in effect) and the Executive hereby waives any and all rights thereunder. 

        (c)    Termination by Good Reason by the Executive.    The Executive may terminate his employment with the Company at
any time for Good Reason (as defined in Section 3(g)(i)). Upon the voluntary termination of employment by the Executive for Good Reason, other than during the two-year period
following a Change in Control, the Executive shall be entitled to receive from the Company (i) the portion of the Base Salary for periods prior to the effective date of termination accrued by
but unpaid (if any), (ii) all unreimbursed expenses (if any), subject to Section 2(d), and (iii) the Severance Amount; provided,
however, that in no event shall the Severance Amount be less than one year's Base Salary at the rate then in effect. In addition, if the Executive terminates his employment
with the Company for Good Reason pursuant to this Section 3(c), then the Company shall also provide to the Executive during the period over which the Severance Amount is paid, medical and
dental insurance coverage for the Executive and the members of his family which is not less favorable to the Executive than the group medical and dental insurance coverage carried by the Company for
the Executive and the members of his family immediately prior to such termination of employment; provided, however, that the obligations set forth in
this sentence shall 

3

 

terminate
to the extent the Executive obtains comparable medical and dental insurance coverage from any other employer during such period, but the Executive shall not have any obligation to seek or
accept employment during such period, whether or not any such employment would provide comparable medical and dental insurance coverage; and provided further,
however, that the Executive shall be obligated to pay an amount equal to the active employee contribution, if any, for each such coverage. The Severance Amount shall be based
upon the Base Salary then in effect. The Severance Amount shall be payable in substantially equal payments on the same schedule as Base Salary was paid immediately prior to termination but in no event
less than twice a month. For purposes of this Section 3(c), the Executive shall be deemed to accrue a year of employment with the Company on each anniversary of his date of hire and, with
respect to his last year of employment, if at least six months have passed since the last such anniversary date. For the avoidance of doubt the payment of the Severance Amount shall be in lieu of any
amounts payable under the Company's severance policy (as then in effect) and the Executive hereby waives any and all rights thereunder. 

        (d)    Termination by Voluntary Resignation by the Executive.    The Executive may terminate his employment with the
Company at any time by voluntary resignation. Upon such termination, except as otherwise provided in Sections 3(c) and 3(g)(ii), the Company shall have no further obligation to the Executive
hereunder except for the payment of (i) the portion of the Base Salary for periods prior to the effective date of termination accrued but unpaid (if any), and (ii) all unreimbursed
expenses (if any), subject to Section 2(d). Notwithstanding the foregoing, the Executive shall provide no less than 90 days' prior written notice of the effective date of his
resignation. The Company shall continue to pay the Executive his Base Salary during such 90-day period. The Executive acknowledges and agrees that the Company may elect to place the
Executive on paid leave for all or any part of such 90-day period. Notwithstanding the foregoing, the Company, in its sole and absolute discretion, may waive the requirement for prior
notice of the Executive's resignation or decrease the notice period, in which event the Company shall have no continuing obligation to pay the Executive's Base Salary or shall only have such
obligation with respect to the shortened period, as the case may be. 

        (e)    Disability.    The Executive's employment shall be terminable by the Company, subject to applicable law and the
Company's short-term and long-term disability policies then in effect, if the Executive becomes physically or mentally disabled, whether totally or partially, such that he is
prevented from performing his usual duties and services hereunder for a period of 120 consecutive days or for shorter periods aggregating 120 days in any 12-month period. If the
Executive's employment is so terminated by the Company, the Company shall have no further obligation to the Executive hereunder, except for the payment to the Executive or his legal guardian or
representative, as appropriate, of (i) the portion of the Base Salary for periods prior to the effective date of termination accrued but unpaid (if any), and (ii) all unreimbursed
expenses (if any), subject to Section 2(d). 

        (f)    Death.    If the Executive shall die during the Employment Period, this Agreement shall terminate on the date
of the Executive's death and the Company shall have no further obligation to the Executive hereunder except for the payment to the Executive's estate of (i) the portion of the Base Salary for
periods prior to the effective date of termination accrued but unpaid (if any), and (ii) all unreimbursed expenses (if any), subject to Section 2(d). 

        (g)    Termination Subsequent to a Change in Control.    

          (i)  For
purposes of this Agreement: 

        (A)  A
"Change in Control" shall be deemed to occur upon: 

        (1)   the
election of one or more individuals to the Board of Directors, which election results in one-third or more of the directors of PVH consisting of
individuals 

4

 

who
have not been directors of PVH for at least two years, unless such individuals have been elected as directors or nominated for election as directors by at least three-fourths of the directors of
PVH who have been directors of PVH for at least two years; 

        (2)   the
sale by PVH of all or substantially all of its assets (or the assets of the PVH subsidiary employing the Executive) to any individual or unaffiliated partnership,
limited liability company or other entity (each, a "Person"), the consolidation of PVH (or the PVH subsidiary employing the Executive) with any Person, the merger of PVH (or the PVH subsidiary
employing the Executive) with any Person as a result of which merger PVH (or the PVH subsidiary employing the Executive) is not the surviving entity (in the case of PVH, as a publicly held
corporation), unless such sale has been approved in advance by at least three-fourths of the directors of PVH on the date hereof or by a Successor Board, provided that at least three-fourths of the
Continuing Directors on such Successor Board approve such transaction; 

        (3)   the
sale or transfer of shares of PVH by PVH and/or any one or more of its stockholders, in one or more transactions, related or unrelated, to one or more Persons under
circumstances whereby any Person and its affiliates (as defined in the rules and regulations promulgated under the Securities Exchange Act of 1934, as amended) shall own, after such sales and
transfers, at least one-fourth, but less than one-half, of the shares of PVH having voting power for the election of directors, unless such sale or transfer has been approved
in advance by at least three-fourths of the directors of PVH on the date hereof or by a Successor Board, provided that at least three-fourths of the Continuing Directors on such Successor Board
approve such transaction; or (which, for the avoidance of doubt, does not include the right of a holder of PVH's Series B preferred stock and its affiliates, by virtue of their ownership of
such Series B preferred stock to cast a majority of the votes on matters submitted to the stockholders or to own a majority of the voting stock of PVH upon their conversion of their shares of
the Series B preferred stock). 

        (4)   the
sale or transfer of shares of PVH by PVH and/or any one or more of its stockholders, in one or more transactions, related or unrelated, to one or more Persons under
circumstances whereby any Person and its affiliates (as defined in the rules and regulations promulgated under the Securities Exchange Act of 1934, as amended) shall own, after such sales and
transfers, at least one-half, of the shares of PVH having voting power for the election of directors (which, for the avoidance of doubt, does not include the right of a holder of PVH's
Series B preferred stock and its affiliates, by virtue of their ownership of such Series B preferred stock to cast a majority of the votes on matters submitted to the stockholders or to
own a majority of the voting stock of PVH upon their conversion of their shares of the Series B preferred stock). 

        (B)  "Continuing
Director" means any director of PVH on the date hereof and any director of PVH whose election to the Board of Directors of PVH was recommended or approved by
at least three-
fourths of the directors of PVH serving at the time of such recommendation or approval and in all events shall exclude any director who was elected as a result of the solicitation of proxies by any
Person other than the Board of Directors of PVH. 

        (C)  "Successor
Board" means a Board of Directors of PVH at least three-quarters of which is composed of Continuing Directors. 

        (D)  "Good
Reason" means 

5

 

        (1)   a
material reduction in the Executive's duties without his consent; 

        (2)   a
reduction of the Executive's Base Salary by more than 10% or the elimination of all Plans (without a commensurate increase in Base Salary or replacement by new Plans)
or the reduction of the compensation under the Plans (including any new or replacement Plans) such that the Executive's potential total compensation
(i.e., Base Salary, cash bonuses, stock awards, stock options and other compensation) is reduced by more than 10% of his potential total compensation
(assuming all performance criteria are satisfied and awards are paid at their maximum level); provided, however, that with respect to stock awards,
stock option grants and other non-cash compensation the value ascribed thereto should be consistent with the basis of the Company's practices
(e.g., option grant size based on position versus option grant given on Black-Scholes or other valuation basis); 

        (3)   a
material reduction relative to all other senior executives in the medical, life, disability and other benefits made available to the Executive pursuant to
Section 2(c); 

        (4)   a
material diminution relative to all other senior executives in the Executive's status or working conditions or any other action that impairs substantially the
Executive's status relative to all other senior executives; and 

        (5)   the
Company requiring the Executive to be based anywhere outside of a 75 mile radius of New York, New York, except for travel, and visits to Company offices and
facilities worldwide, reasonably required to attend to the Company's business, and other than in connection with a relocation by the Company of the facility in which the Executive works or a
relocation by the Company of the Executive's business unit. 

        (E)  "Parachute
Indemnity Amount" shall mean the amount determined with respect to the Executive as follows: 

        (1)   There
shall first be determined, after giving effect to the payment of the Executive's Primary Benefit (as hereinafter defined) and all other compensation and benefits
paid to the Executive under any plans of or agreements with the Company, but not to the Executive's Secondary Benefit, the aggregate of the Executive's "excess parachute" payments within the
contemplation of section 280G(b)(1) of the Internal Revenue Code of 1986, as amended. 

        (2)   There
shall then be determined the amount of the aggregate taxes imposed upon such "excess parachute payments" by the provisions of section 4999(a) of the
Internal Revenue Code of 1986, as amended. 

        (3)   The
amount determined in accordance with the provisions of clause (2) shall then be multiplied by the fraction the numerator of which shall be one and the
denominator of which shall be one minus the Executive's Effective Marginal Tax Rate with respect to the calendar year in which his employment by the Company shall terminate. 

        (ii)   Upon
the voluntary termination of employment with the Company by the Executive for Good Reason within two years after the occurrence of a Change in Control, or upon the
involuntary termination of employment with the Company of the Executive for any reason other than death, disability or Cause within two years after the occurrence of a Change in Control, PVH (or the
then-former PVH subsidiary employing the Executive), or the consolidated, surviving or transferee Person in the event of a consolidation, merger or sale of assets, shall pay to the
Executive, in a lump sum immediately subsequent to the date of such termination, (A) the portion of the Base Salary for periods prior to the effective date of 

6

 

termination
accrued but unpaid (if any), (B) all unreimbursed expenses (if any), subject to Section 2(d) and (C) an aggregate amount equal to the sum of (x) (the "Primary
Benefit") equal to the product of (1) two and (2) the average annual cash compensation, including salary and bonuses, paid to and/or accrued with respect to the Executive during the
two-year period preceding the date of such termination, or such portion of said period as the Executive shall have been employed by the Company, and (y) an amount (the "Secondary
Benefit") equal to the Executive's Parachute Indemnity Amount. Upon the voluntary termination of employment with the Company for Good Reason by the Executive within two years after the occurrence of a
Change in Control, or upon the involuntary termination of employment with the Company of the Executive for any reason other than death, disability or Cause within two years after the occurrence of a
Change in Control, PVH (or the then-former PVH subsidiary employing the Executive), or the consolidated, surviving or transferee Person in the event of a consolidation, merger or sale of
assets, shall also provide to the Executive, for a period of two consecutive years commencing on the date of such termination of employment, medical, dental, life and disability insurance coverage for
the Executive and the members of his family which is not less favorable to the Executive than the group medical, dental, life and disability insurance coverage carried by the Company for the Executive
and the members of his family either immediately prior to such termination of employment or on the occurrence of such Change in Control, whichever is greater; provided,
however, that the obligations set forth in this sentence shall terminate to the extent the Executive obtains comparable medical, dental, life and disability insurance coverage
from any other employer during such two-year period, but the Executive shall not have any obligation to seek or accept employment during such two-year period, whether or not
any such employment would provide comparable medical, dental, life and disability insurance coverage. The Executive shall not be required to mitigate the amount of any payment provided for in this
Section 3(g)(ii) by seeking employment or otherwise, nor shall the amount of any payment provided for herein be reduced by any compensation or retirement benefits heretofore or hereafter
earned by the Executive as the result of employment by any other Person, except as provided in the proviso to the immediately preceding sentence. For
the avoidance of doubt, the amounts payable under clause (C) of this Section 3(g)(ii) as severance shall be in lieu of any amounts payable under the Company's severance policy and
the Executive hereby waives any and all rights thereunder. 

        4.    Effect of Termination.    The amounts paid to the Executive pursuant to Section 3(b), 3(c) or 3(g)(ii),
as applicable, following termination of his employment shall be in full and complete satisfaction of the Executive's rights under this Agreement and any other claims he may have with respect to his
employment by the Company and the termination thereof, other than as expressly provided in Section 2(b). Such amounts shall constitute liquidated damages with respect to any and all such rights
and claims. In consideration of the Executive's receipt thereof, the Executive shall, in advance of, and as a condition to, the payment thereof, execute a release in favor of the Company,
substantially in the form of Exhibit A hereto. Pursuant to said release, the Company shall be released and discharged from any and all liability
to the Executive in connection with this Agreement and otherwise in connection
with the Executive's employment with the Company and the termination thereof, including, without limitation, any claims arising under federal, state or local labor, employment and employment
discrimination laws, but excluding claims with respect to any Plan. Notwithstanding the foregoing, nothing herein shall be construed to release the Company from its obligations to indemnify the
Executive (as set forth in Section 7(h)). 

        5.    Restrictive Covenants.    

        (a)    Confidentiality.    The Executive recognizes that any knowledge and information of any type whatsoever of a
confidential nature relating to the business of the Company, including, without limitation, all types of trade secrets, vendor and customer lists and information, employee 

7

 

lists
and information, information regarding product development, marketing plans, management organization information, operating policies and manuals, sourcing data, performance results, business
plans, financial records, and other financial, commercial, business and technical information (collectively, "Confidential Information"), must be protected as confidential, not copied, disclosed or
used, other than for the benefit of the Company, at any time. The Executive further agrees that at any time during the Employment Period or thereafter he will not divulge to anyone (other than the
Company or any Person employed or designated by the Company), publish or make use of any Confidential Information without the prior written consent of the Company, except as (and only to the extent)
required by an order of a court having competent jurisdiction or under subpoena from an appropriate government agency and then only after providing the Company with the opportunity to prevent such
disclosure or to receive confidential treatment for the Confidential Information required to be disclosed. The Executive further agrees that following the termination of the Employment Period for
whatever reason, (i) the Company shall keep all tangible property assigned to the Executive or prepared by the Executive and (ii) the Executive shall not misappropriate or infringe upon
the Confidential Information of the Company (including the recreation or reconstruction of Confidential Information from memory). 

        (b)    Non-Interference.    The Executive acknowledges that information regarding the Company's business
and financial relations with its vendors and customers is Confidential Information and proprietary to the Company and that any interference with such relations based directly or indirectly on the use
of such information would cause irreparable damage to the Company. The Executive acknowledges that by virtue of his employment with the Company, he has gained or may gain knowledge of such information
concerning the Company's vendors and customers (respectively "Vendor Information" or "Customer Information"), and that he would inevitably have to draw on this Vendor Information and Customer
Information and on other Confidential Information if he were to solicit or service the Company's vendors or customers on behalf of a competing business enterprise. Accordingly, and subject to the
immediately following sentence, the Executive agrees that during the Employment Period and for a period of 18 months following the termination thereof, other than by reason of a termination by
the Company without Cause or by the Executive for Good Reason, the Executive will not, on behalf of himself or any other Person, other than the Company, directly or indirectly do business with,
solicit the business of, or perform any services for any actual vendor or customer of the Company, any Person that has been a vendor or customer of the Company within the
12-month period preceding such termination or any actively solicited prospective vendor or customer as to whom or which the Executive provided any services or as to whom or which the
Executive has knowledge of Vendor Information, Customer Information or Confidential Information. The foregoing restrictive covenant shall only apply to business activities engaged in by the Executive
on behalf of himself or any other Person that are directly competitive with those of the operating divisions of the Company in which the Executive has worked in terms of channel(s) of distribution,
types of products, gender for which the products have been designed and similarity of price range. In addition, the Executive agrees that, during the Employment Period and such 18-month
period thereafter, he will not, directly or indirectly, seek to encourage or induce any such vendor or customer to cease doing business with, or lessen its business with, the Company, or otherwise
interfere with or damage (or attempt to interfere with or damage) any of the Company's relationships with its vendors and customers, except in the ordinary course of the Company's business. 

        (c)    Non-Solicitation.    The Executive agrees that during the Employment Period and for a period of
18 months following the termination thereof for any reason, he will not hire or solicit to hire, whether on his own behalf or on behalf of any other Person (other than the Company), any
employee of the Company or any individual who had left the employ of the Company within 12 months of the termination of the Executive's employment with the Company. In addition, during the
Employment Period and such 18-month period thereafter, the Executive will not, 

8

 

directly
or indirectly, encourage or induce any employee of the Company to leave the Company's employ, except in the ordinary course of the Company's business. 

        (d)    Public Comment.    The Executive, during the Employment Period and at all times thereafter, shall not make any
derogatory comment concerning the Company or any of its current or former directors, officers, stockholders or employees. Similarly, the senior management of the Company shall not make any derogatory
comment concerning the Executive. 

        (e)    Blue Pencilling.    If any of the restrictions on competitive or other activities contained in this
Section 5 shall for any reason be held by a court of competent jurisdiction to be excessively broad as to duration, geographical scope, activity or subject, such restrictions shall be construed
so as thereafter to be limited or reduced to be enforceable to the extent compatible with the applicable law; it being understood that by the execution of this Agreement, (i) the parties hereto
regard such restrictions as reasonable and compatible with their respective rights and (ii) the Executive acknowledges and agrees that the restrictions will not prevent him from obtaining
gainful employment subsequent to the termination of his employment. The existence of any claim or cause of action by the Executive against the Company shall not constitute a defense to the enforcement
by the Company of the foregoing restrictive covenants, but such claim or cause of action shall be determined separately. 

        (f)    Injunctive Relief.    The Executive acknowledges and agrees that the covenants and obligations of the Executive
set forth in this Section 5 relate to special, unique and extraordinary services rendered by the Executive to the Company and that a violation of any of the terms of such covenants and
obligations
will cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, the Executive agrees that the Company shall be entitled to seek an injunction, restraining
order or other temporary or permanent equitable relief (without the requirement to post bond) restraining the Executive from committing any violation of the covenants and obligations contained herein.
These injunctive remedies are cumulative and are in addition to any other rights and remedies the Company may have at law or in equity. 

        6.    Work for Hire.    The Executive agrees that all marketing, operating and training ideas, sourcing data,
processes and materials, including all inventions, discoveries, improvements, enhancements, written materials and development related to the business of the Company ("Proprietary Materials") to which
the Executive may have access or that the Executive may develop or conceive while employed by the Company shall be considered works made for hire for the Company and prepared within the scope of
employment and shall belong exclusively to the Company. Any Proprietary Materials developed by the Executive that, under applicable law, may not be considered works made for hire, are hereby assigned
to the Company without the need for any further consideration, and the Executive agrees to take such further action, including executing such instruments and documents as the Company may reasonably
request, to evidence such assignment. 

        7.    Miscellaneous.    

        (a)    Assignment.    This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, legatees, executors, administrators, legal representatives, successors and assigns. Notwithstanding anything in the foregoing to the contrary, the Executive may not assign any of his
rights or obligations under this Agreement without first obtaining the written consent of the Company. The Company may assign this Agreement in connection with a sale of all or substantially all of
its assets. The merger or consolidation of the Company into or with any other Person or any other transaction involving a change of control of the Company shall not constitute an assignment of this
Agreement by the Company. 

        (b)    Survival.    The provisions of Sections 3, 4, 5, 6 and 7 shall survive the termination of this Agreement
pursuant to Section 3. 

9

 

        (c)    Notices.    Any notices to be given hereunder shall be in writing and delivered personally or sent by
registered or certified mail, return receipt requested, postage prepaid as follows: 

If
to the Executive, addressed to the Executive at the address then shown in the Executive's employment records 

If
to the Company at: 

Phillips-Van
Heusen Corporation

200 Madison Avenue

New York, New York 10016

Attention: Chairman 

With
a copy to: 

Phillips-Van
Heusen Corporation

200 Madison Avenue

New York, New York 10016

Attention: Vice President—Human Resources 

Any
party may change the address to which notices are to be sent by giving notice of such change of address to the other party in the manner provided above for giving notice. 

        (d)    Governing Law.    This Agreement shall be governed by, and construed and enforced in accordance with, the laws
of the State of New York, without regard to the principles thereof relating to the conflict of laws. 

        (e)    Consent to Jurisdiction.    Any judicial proceeding brought against the Executive with respect to this
Agreement may be brought in any court of competent jurisdiction in the Borough of Manhattan in the City and State of New York and, by execution and delivery of this Agreement, the Executive 

        (i)    accepts,
generally and unconditionally, the nonexclusive jurisdiction of such courts and any related appellate courts, and irrevocably agrees to be bound by any final
judgment (after exhausting all appeals therefrom or after all time periods for such appeals have expired) rendered thereby in connection with this Agreement and 

        (ii)   irrevocably
waives any objection the Executive may now or hereafter have as to the venue of any such suit, action or proceeding brought in such a court or that such
court is an inconvenient forum. 

        (f)    Severability.    The invalidity of any one or more provisions of this Agreement or any part thereof shall not
affect the validity of any other provision of this Agreement or part thereof; and in the event that one or more provisions contained herein shall be held to be invalid, the Agreement shall be reformed
to make such provisions enforceable. 

        (g)    Waiver.    The Company, in its sole discretion, may waive any of the requirements imposed on the Executive by
this Agreement. The Company, however, reserves the right to deny any similar waiver in the future. Each such waiver must be express and in writing and there will be no waiver by conduct. Pursuit by
the Company of any available remedy, either in law or equity, or any action of any kind, does not constitute waiver of any other remedy or action. Such remedies and actions are cumulative and not
exclusive. 

        (h)    Indemnification.    The Company shall indemnify the Executive and hold the Executive harmless from and against
any claim, loss or cause of action arising from or out of the Executive's performance as an officer, director or employee of the Company or in any other capacity, including any fiduciary capacity, in
which the Executive serves at the request of the Company to the maximum extent permitted by applicable law; provided, however, that the Executive shall
not be entitled to indemnification hereunder with respect to any expense, loss, liability or damage which 

10

 

was
caused by the Executive's own gross negligence, willful misconduct or reckless disregard of his duties hereunder. The Company shall pay any and all reasonable legal fees incurred by the Executive
in the defense of any such claim on a current basis, provided that the Executive agrees in writing to reimburse the Company for any fees that it is determined the Executive is not entitled to have
paid by the Company. The Company shall have the right to select counsel reasonably acceptable to the Executive to defend such claim and to have the same counsel represent the Company and its officers
and directors unless there is a material conflict of interest between the Company and the Executive, in which case the Executive may select and retain his own counsel at the Company's expense. The
Executive shall not settle any action or claim against the Executive without the prior written consent of the Company, except at the Executive's sole cost and expense. 

        (i)    Section Headings.    The section headings contained in this Agreement are for reference purposes only and shall
not in any way affect the meaning or interpretation of this Agreement. 

        (j)    Taxes.    Any payments provided for hereunder shall be reduced by any amounts required to be withheld by the
Company, and any benefits provided for hereunder shall be subject to taxation if and to the extent provided, from time to time under applicable Federal, State or local employment or income tax laws or
similar statutes or other provisions of law then in effect. 

        (k)    Waiver of Jury Trial.    The Company and the Executive hereby waive, as against the other, trial by jury in any
judicial proceeding to which they are both parties involving, directly or indirectly, any matter in any way arising out of, related to or connected with this Agreement. 

        (l)    Entire Agreement.    This Agreement contains the entire understanding, and cancels and supersedes all prior
agreements, including any agreement in principle or oral statement, letter of intent, statement of understanding or guidelines of the parties hereto with respect to the subject matter hereof.
Notwithstanding the foregoing, this Agreement does not cancel or supersede the Plans or the plans referred to in Section l(c). This Agreement may be amended, supplemented or otherwise modified
only by a written document executed by each of the parties hereto or their respective successors or assigns. The Executive acknowledges that he is entering into this Agreement of his own free will and
accord with no duress, and that he has read this Agreement and understands it and its legal consequences. 

        (m)    Counterparts.    This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument. 

        IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the day and year first above written. 

	 
	 	 
	 	 
	 	 

	 	 	CALVIN KLEIN, INC.
	

 	
 	

By:	
 	

/s/  BRUCE J. KLATSKY      

	 	 	 	 	Name:	 	Bruce J. Klatsky
	 	 	 	 	Title:	 	Chairman and Chief Executive Officer
	

 	
 	

/s/  PAUL THOMAS MURRY      
 Paul Thomas Murry

11

  

EXHIBIT A  

 
 

RELEASE    
    

        TO ALL TO WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW THAT PAUL THOMAS MURRY (the "Releasor"), on behalf
of himself and his heirs, executors, administrators and legal representatives, in consideration of the payments set forth in Section [3(b)] [3(c)]
[3(g)(ii)] of the Employment Agreement between the Releasor and Calvin Klein, Inc., dated as of January 1, 2004 (as the same may have been heretofore amended, the
"Agreement") and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, hereby irrevocably, unconditionally, generally and forever releases and discharges
Calvin Klein, Inc. (together with its current and former affiliates, including, without limitation, its parent corporation, Phillips-Van Heusen Corporation, the "Company"), each of
its current and former officers, directors, employees, agents, representatives and advisors and their respective heirs, executors, administrators, legal representatives, receivers, affiliates,
beneficial owners, successors and assigns (collectively, the "Releasees"), from, and hereby waives and settles, any and all, actions, causes of action, suits, debts, promises, damages, or any
liability, claims or demands, known or unknown and of any nature whatsoever and which the Releasor ever had, now has or hereafter can, shall or may have, for, upon, or by reason of any matter, cause
or thing whatsoever from the beginning of the world to the date of this Release arising directly or indirectly pursuant to or out of his employment with the Company or the termination of such
employment (collectively, "Claims"), including, without limitation, any Claims (i) arising under any federal, state, local or other statutes, orders, laws, ordinances, regulations or the like
that relate to the employment relationship and/or specifically that prohibit discrimination based upon age, race, religion, gender, national origin, disability, sexual orientation or any other
unlawful bases, including, without limitation, the Age Discrimination in Employment Act of 1967, as amended, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, as
amended, the Civil Rights Acts of 1866 and 1871, as amended, the Americans with Disabilities Act of 1990, as amended, the New Jersey Law Against Discrimination, as amended, the New York State and New
York City Human Rights Laws, as amended, the laws of the States of New York and New Jersey, the City of New York and Somerset County, New Jersey relating to discrimination, as amended, and any and all
applicable rules and regulations promulgated pursuant to or concerning any of the foregoing statutes; (ii) arising under or pursuant to any contract, express or implied, written or oral,
including, without limitation, the Agreement; (iii) for wrongful dismissal or termination of employment; (iv) for tort, tortious or harassing conduct, infliction of mental or emotional
distress, fraud, libel or slander; and (v) for damages, including, without limitation, punitive or compensatory damages or for attorneys' fees, expenses, costs, wages, injunctive or equitable
relief. This Release shall not apply to any
claim that the Releasor may have for a breach of Section [3(b)] [3(c)] [3(g)(ii)], 5(d) or 7(h) of the Agreement or any plan or
program of the type referred to in Sections 2(b) and 2(c) of the Agreement in which the Releasor was a participant. 

        The
Releasor agrees not to file, assert or commence any Claims against any Releasee with any federal, state or local court or any administrative or regulatory agency or body. 

        The
Releasor represents and warrants that there has been no assignment or other transfer of any interest in any Claim which the Releasor may have against the Releasees, or any of them,
and the Releasor agrees to indemnify and hold the Releasees, and each of them, harmless from any Claims, or other liability, demands, damages, costs, expenses and attorneys' fees incurred by the
Releasees, or any of them, as a result of any person asserting any such assignment or transfer. It is the intention of the parties that this indemnity does not require payment as a condition precedent
to recovery by the Releasees against the Releasor under this indemnity. 

A-1

 

        The
Releasor agrees that if he hereafter commences, joins in, or in any manner seeks relief through any suit arising out of, based upon, or relating to any Claim released hereunder, or
in any manner asserts against the Releasees, or any of them, any Claim released hereunder, then the Releasor shall pay to the Releasees, and each of them, in addition to any other damages caused to
the Releasees thereby, all attorneys' fees incurred by the Releasees in defending or otherwise responding to said suit or Claim. 

        The
Releasor hereby waives any right to, and agrees not to, seek reinstatement of his employment with the Company or any Releasee. The Releasor acknowledges that the amounts to be paid
to him under Section [3(b)] [3(c)] [3(g)(ii)] of the Agreement include benefits, monetary or otherwise, which the Releasor has
not earned or accrued, or to which he is not already entitled. 

        Releasor
acknowledges that he was advised by the Company to consult with his attorney concerning the waivers contained in this Release, that he has consulted with counsel, and that the
waivers Releasor has made herein are knowing, conscious and with full appreciation that he is forever foreclosed from pursuing any of the rights so waived. 

        The
Releasor has a period of 21 days from the date on which a copy of this Release has been delivered to him to consider whether to sign it. In addition, in the event that
Releasor elects to sign and return to Phillips-Van Heusen Corporation a copy of this Release, Releasor has a period of
seven days (the "Revocation Period") following the date of such return to revoke this Release, which revocation must be in writing and delivered to Phillips-Van Heusen Corporation, 200
Madison Avenue, New York, New York 10016, Attention: General Counsel, within the Revocation Period. This Release, and the Releasor's right to receive the amounts paid to him under Section
[3(b)] [3(c)] [3(g)(ii)], shall not be effective or enforceable until the expiration of the Revocation Period without the
Releasor's exercise of his right of revocation. 

        This
Release shall not be amended, supplemented or otherwise modified in any way except in a writing signed by the Releasor and Phillips-Van Heusen Corporation. 

        This
Release shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without reference to its principles of conflicts of law. 

        IN WITNESS WHEREOF, the Releasor has caused this Release to be executed as
of                        , 20    . 

	 	 	
 Paul Thomas Murry
	SWORN TO AND SUBSCRIBED

BEFORE ME THIS            DAY OF

                        , 20    .	 	 
	

 Notary Public	
 	

 

A-2

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