Document:

<PAGE>   1
                                                                  EXHIBIT 10.45

                              TERMINATION OF LEASE

         THIS TERMINATION OF LEASE ("Termination") is made and entered into
this 3rd day of January, 2000, by and between Baytech Associates, a California
general partnership (the "Baytech"), and Verilink Corporation, a Delaware
corporation (the "Verilink").

                                   RECITALS:

         A.    Baytech and Verilink are parties to that certain Lease dated
February 27, 1986 as amended by First Amendment to Lease dated as of January
22, 1987, Second Amendment to Lease dated April 30, 1996, and Third Amendment
to Lease (the "Baytech Drive Lease"), for the real property located at 145
Baytech Drive, San Jose, California, including the building, additions,
enlargements and improvements located thereon (the "Baytech Drive Property").

         B.    Baytech and Verilink are parties to that certain Sublease dated
August ___, 1999 (the "Nortech Drive Lease"), for the real property located at
161 Nortech Drive, San Jose, California, including the building, additions,
enlargements and improvements located thereon (the "Nortech Drive Property").
The Baytech Drive Lease and the Nortech Drive Lease shall be referred to
together herein as the "Leases". The Baytech Drive Property and the Nortech
Drive Property shall be referred to together herein as the "Leased Property".

         C.    Verilink advanced certain funds to Baytech as evidenced by that
certain Promissory Note dated February 9, 1999, in the original principal
amount of $500,000.00 from Baytech in favor of Verilink (the "Promissory
Note").

         D.    Baytech and Verilink desire to terminate the Leases on the terms
and conditions set forth below.

                                   AGREEMENT:

         1.    TERMINATION DATE. Subject to the payment by Verilink of the
Termination Fee, as hereinafter defined, the Leases shall be terminated and
cancelled on December 31, 1999 (the "Termination Date").

         2.    TERMINATION FEE. Verilink shall pay to Baytech the sum of One
Million One Hundred Eight-Nine Thousand One Hundred Eighty Dollars
($1,189,180.00) on the Termination Date. Concurrently with payment of the
Termination Fee, Verilink shall return the original Promissory Note to Baytech
marked paid.

         3.    TERMINATION OF VERILINK'S OBLIGATIONS. All of Verilink's
obligations under the Leases, including the obligations to pay base rent,
additional rent, and the costs of utilities, taxes and insurance shall continue
to the Termination Date. Except as otherwise specified in this Termination of
Lease, all of Verilink's obligations under the Leases shall terminate on the
Termination Date. On the Termination Date Verilink shall fully remove itself
and all of its personal property, including without limitation, all inventory,
equipment and supplies owned by Verilink, and Verilink shall on such date leave
the Nortech Drive Property broom clean and in good condition and repair
reasonable wear and tear excepted. The Baytech Drive Property shall be
surrendered in accordance with the terms and conditions of Paragraph 14 of the
Baytech

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Drive Lease. Verilink shall repair all damage caused by removal of any of its
property from both the Nortech Drive Property and the Baytech Drive Property
and Verilink shall remove all signs and repair all damage to original
condition. Nothing herein shall relieve Baytech or Verilink from any of their
respective obligations under the Leases to indemnify each other as to matters
arising prior to the Termination Date, and all such obligations shall survive
the termination of the Leases.

         4.    TERMINATION OF BAYTECH'S OBLIGATIONS. Except as provided in
Paragraph 3 above, all of Baytech's obligations under the Leases shall
terminate upon the Termination Date.

         5.    WARRANTIES AND REPRESENTATIONS.

         (a)   Baytech hereby warrants and represents to Verilink, and Verilink
hereby warrants and represents to Baytech, that it has the power and authority
to enter into and carry out the terms and provisions of this Agreement, and
that no consent or approval of any third party is required to accomplish the
same.

         (b)   Verilink hereby warrants and represents to Baytech that Verilink
has not previously granted any other party any right to occupy the Leased
Property or any portion thereof, by means of a lease or otherwise, and Verilink
has not assigned, transferred or otherwise encumbered Verilink's interest in
the Leases or any portion thereof.

         (c)   Baytech hereby warrants and represents to Verilink, and Verilink
hereby warrants and represents to Baytech, that it is the sole and lawful owner
of all right, title and interest, in and to all of the Released Matters (as
hereinafter defined) and that it has not heretofore voluntarily, by operation
of law or otherwise, assigned or transferred to any person whomsoever any
Released Matter or any part or portion thereof.

         6.    TERMINATION AND MUTUAL GENERAL RELEASE.

         (a)   As of the Termination Date, provided that Verilink has fully and
timely performed all of its obligations under this Agreement, Verilink and
Baytech shall be deemed to have no further rights or obligations under the
Lease, except as provided in Paragraph 3 above. As of the Effective Date and
except with respect to the obligations created by, acknowledged, or arising out
of this Agreement, Baytech, on the one hand, and Verilink, on the other hand,
do hereby for themselves and their respective legal successors and assigns,
release and absolutely and forever discharge each other and their respective
shareholders, officers, directors, partners, employees, agents, real estate
brokers, attorneys, legal successors and assigns, of and from any and all
claims, demands, damages, debts, liabilities, accounts, reckonings,
obligations, costs, expenses, liens, actions and causes of action of every kind
and nature whatsoever, whether now known or unknown, suspected or unsuspected
which either now has, owns or holds or at any time heretofore ever had, owned
or held or could, shall or may hereafter have, own or hold against the other
based upon or arising out of any matter, cause, fact, thing, act or omission
whatsoever occurring or existing at any time to and including the date hereof,
and relating in any way to the Leases, and/or the Leased Property (all of which
are hereinafter referred to as and included within the "Released Matters"). The
Released Matters shall not include any indemnification under the terms of the
Leases concerning any cause of action which is covered

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by such indemnification and which may have arisen prior to the Termination
Date, nor shall it release Verilink from its obligation to surrender possession
of the Leased Property in accordance with the terms of this Agreement and
otherwise as required by the terms of the Leases. It is the intention of the
parties in executing this Agreement and in paying and receiving the
consideration called for by this Agreement that this Agreement shall be
effective as a full and final accord and satisfaction and mutual general
release of and from all Released Matters.

         (b)   In furtherance of the intentions set forth herein, each of the
parties acknowledges that it is familiar with Section 1542 of the Civil Code of
the State of California which provides as follows:

       "A general release does not extend to claims which the
       creditor does not know or suspect to exist in his favor at
       the time of executing the release, which if known by him must
       have materially affected his settlement with the debtor."

Each of the parties waives and relinquishes any right or benefit which it has
or may have under Section 1542 of the Civil Code of the State of California or
any similar provision of the statutory or nonstatutory law of any other
jurisdiction, to the full extent that it may lawfully waive all such rights and
benefits pertaining to the subject matter of this Agreement. In connection with
such waiver and relinquishment, each of the parties acknowledges that it is
aware that it or its attorneys or accountants may hereafter discover claims or
facts in addition to or different from those which it now knows or believes to
exist with respect to the subject matter of this Agreement or the other party
hereto, but that it is its intention hereby fully, finally and forever to
settle and release all of the Released Matters, whether known or unknown,
suspected or unsuspected, which now exist, may exist or heretofore have existed
between Baytech, on the one hand, and Verilink, on the other hand, relating in
any way to the Leases and/or the Leased Property, except as otherwise expressly
provided herein. In furtherance of this intention, the releases herein given
shall be and remain in effect as full and complete mutual releases
notwithstanding the discovery or existence of any such additional or different
claim or fact.

         7.    MISCELLANEOUS.

         (a)   BINDING EFFECT. This Agreement shall be binding on and inure to
the benefit of the parties and their heirs, personal representative, successors
and, assigns.

         (b)   GOVERNING LAW. This Agreement shall be governed by and construed
in accordance with the laws of the State of California without regard to its
conflict of laws principles.

         (c)   ENTIRE AGREEMENT AND MODIFICATION. This Agreement contains the
entire agreement between the parties hereto and supersedes all prior and
contemporaneous representations and statements between the parties, whether
written or oral. Each party hereto warrants and represents to the other party
that this Agreement is the entire agreement between the parties hereto
concerning the subject matter hereof. This Agreement may not be modified except
in a writing signed by all parties.

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         (d)   FURTHER DOCUMENTS. Each party agrees to promptly execute,
acknowledge and deliver any and all further documents and instruments necessary
or property to effectuate the purpose of this Agreement.

         (e)   TIME OF ESSENCE. Time is of the essence in the performance of
all provisions of this Agreement.

         (f)   COUNTERPARTS. This Agreement may be executed in two or more
counterparts, which when taken together shall constitute one and the same
instrument. The parties contemplate that they may be executing counterparts of
the Termination transmitted by facsimile and agree and intend that a signature
by facsimile machine shall bind the party so signing with the same effect as
though the signature were an original signature.

         (g)   ATTORNEYS FEES. If either party hereto fails to perform any of
its obligations under this Agreement or if a dispute arises between the parties
hereto concerning the meaning or interpretation of any provision of this
Agreement, then the defaulting party or the party not prevailing in such
dispute shall pay any and all costs and expenses incurred by the other party on
account of such default and/or in enforcing or establishing its rights
hereunder, including, without limitation, court costs and attorneys' fees and
disbursements. Any such attorneys' fees and other expenses incurred by either
party in enforcing a judgment in its favor under this Agreement shall be
recoverable separately from and in addition to any other amount included in
such judgment, and such attorneys' fees obligation is intended to be severable
from the other provisions of this Agreement and to survive and not be merged
into any such judgment.

         IN WITNESS WHEREOF, the parties have executed this Termination as of
the day and year first written above.

<TABLE>
<S>                                                <C>
Baytech Associates, a California general           Verilink Corporation, a Delaware
partnership                                        corporation

By: /s/ Leigh S. Belden                            By: /s/ C. W. Smith
   ------------------------------                     -----------------------------------

Its: General Partner                               Its: VP and Corporate Controller
                                                       ----------------------------------
</TABLE>

                                       4<PAGE>   1

                                                                    Exhibit 4(k)

                              RUSSELL CORPORATION

                       2000 EMPLOYEE STOCK PURCHASE PLAN

                               TABLE OF CONTENTS

<TABLE>

<S>                                                                               <C>
ARTICLE I - BACKGROUND.........................................................   1

         1.1  Establishment of the Plan .......................................   1
         1.2  Applicability of the Plan .......................................   1
         1.3  Purpose .........................................................   1

ARTICLE II - DEFINITIONS.......................................................   1

         2.1  Administrator ...................................................   1
         2.2  Board ...........................................................   1
         2.3  Code ............................................................   1
         2.4  Committee .......................................................   1
         2.5  Common Stock ....................................................   2
         2.6  Compensation ....................................................   2
         2.7  Contribution Account ............................................   2
         2.8  Corporation .....................................................   2
         2.9  Direct Registration System ......................................   2
        2.10  Effective Date ..................................................   2
        2.11  Eligible Employee ...............................................   2
        2.12  Employee ........................................................   2
        2.13  Employer ........................................................   2
        2.14  Fair Market Value ...............................................   2
        2.15  Offering Date ...................................................   3
        2.16  Offering Period .................................................   3
        2.17  Option ..........................................................   3
        2.18  Participant .....................................................   3
        2.19  Plan ............................................................   3
        2.20  Purchase Date ...................................................   3
        2.21  Purchase Price ..................................................   3
        2.22  Request Form ....................................................   3
        2.23  Stock Account ...................................................   3
        2.24  Subsidiary ......................................................   3
        2.25  Trading Date ....................................................   3

ARTICLE III - ELIGIBILITY AND PARTICIPATION....................................   4

         3.1  Eligibility .....................................................   4
         3.2  Initial Participation ...........................................   4
</TABLE>

<PAGE>   2

<TABLE>

<S>                                                                              <C>
         3.3  Leave of Absence ................................................   4

ARTICLE IV - STOCK AVAILABLE...................................................   5

         4.1  In General ......................................................   5
         4.2  Adjustment in Event of Changes in Capitalization ................   5
         4.3  Dissolution, Liquidation, or Reorganization .....................   5

ARTICLE V. - OPTION PROVISIONS.................................................   6

         5.1  Purchase Price ..................................................   6
         5.2  Calendar Year $25,000 Limit .....................................   6
         5.3  Offering Period Limit ...........................................   6

ARTICLE VI - PURCHASING COMMON STOCK...........................................   6

         6.1  Participant's Contribution Account ..............................   6
         6.2  Payroll Deductions, Lump Sum Cash Payments; Dividends ...........   7
         6.3  Discontinuance ..................................................   7
         6.4  Leave of Absence; Transfer to Ineligible Status .................   8
         6.5  Automatic Exercise ..............................................   8
         6.6  Listing, Registration, and Qualification of Shares ..............   9
         6.7  Restrictions on Transfer ........................................   9

ARTICLE VII - WITHDRAWALS, DISTRIBUTIONS.......................................   9

         7.1  Discontinuance of Deductions; Leave of Absence; Transfer
              to Ineligible Status ............................................   9
         7.2  In-Service Withdrawals ..........................................   9
         7.3  Termination of Employment for Reasons Other Than Death ..........  10
         7.4  Death ...........................................................  10
         7.5  Registration ....................................................  10

ARTICLE VIII - AMENDMENT AND TERMINATION.......................................  10

         8.1  Amendment........................................................  10
         8.2  Termination......................................................  11

ARTICLE IX - MISCELLANEOUS.....................................................  11

         9.1  Shareholder Approval ............................................  11
         9.1  No Employment Rights ............................................  11
         9.2  Tax Withholding .................................................  11
         9.3  Rights Not Transferable .........................................  12
         9.4  No Repurchase of Stock by Corporation ...........................  12
         9.5  Governing Law ...................................................  12
         9.6  Shareholder Approval; Registration ..............................  12
</TABLE>

                                     - ii -
<PAGE>   3

                              RUSSELL CORPORATION
                       2000 EMPLOYEE STOCK PURCHASE PLAN

                                   ARTICLE I
                                   BACKGROUND

         1.1   ESTABLISHMENT OF THE PLAN. Russell Corporation (the
"Corporation") hereby establishes a stock purchase plan to be known as the
"Russell Corporation 2000 Employee Stock Purchase Plan" (the "Plan"), as set
forth in this document. The Plan is intended to be a qualified employee stock
purchase plan within the meaning of Section 423 of the Internal Revenue Code of
1986, as amended, and the regulations and rulings thereunder.

         1.2   APPLICABILITY OF THE PLAN. The provisions of this Plan are
applicable only to certain individuals who, on or after February 1, 2000, are
employees of the Corporation and its subsidiaries participating in the Plan.
The Committee shall indicate from time to time which of its subsidiaries, if
any, are participating in the Plan.

         1.3   PURPOSE. The purpose of the Plan is to enhance the proprietary
interest among the employees of the Corporation and its participating
subsidiaries through ownership of Common Stock of the Corporation.

                                   ARTICLE II
                                  DEFINITIONS

         Whenever capitalized in this document, the following terms shall have
the respective meanings set forth below.

         2.1   ADMINISTRATOR. Administrator shall mean the person or persons
(who may be officers or employees of the Corporation) selected by the Committee
to operate the Plan, perform day-to-day administration of the Plan, and
maintain records of the Plan.

         2.2   BOARD. Board shall mean the Board of Directors of the
Corporation.

         2.3   CODE. Code shall mean the Internal Revenue Code of 1986, as
amended from time to time, and the regulations thereunder.

         2.4   COMMITTEE. Committee shall mean a committee which consists of
members of the Board and which has been designated by the Board to have the
general responsibility for the administration of the Plan. Unless otherwise
designated by the Board, the Management Development and Compensation Committee
of the Board of Directors of the Corporation shall serve as the Committee
administering the Plan. Subject to the express provisions of the Plan, the
Committee shall have plenary authority in its sole

<PAGE>   4

and absolute discretion to interpret and construe any and all provisions of the
Plan, to adopt rules and regulations for administering the Plan, and to make
all other determinations necessary or advisable for administering the Plan. The
Committee's determinations on the foregoing matters shall be conclusive and
binding upon all persons.

         2.5   COMMON STOCK.  Common Stock shall mean the common stock, par
value $.01, of the Corporation.

         2.6   COMPENSATION. Compensation shall mean, for any Participant, for
any Offering Period, the Participant's gross base wages for the respective
period, subject to appropriate adjustments that would exclude items such as
bonuses, overtime pay, non-cash compensation and reimbursement of moving,
travel, trade or business expenses.

         2.7   CONTRIBUTION ACCOUNT. Contribution Account shall mean the
bookkeeping account established by the Administrator on behalf of each
Participant, which shall be credited with the amounts deducted from the
Participant's Compensation or lump sum cash payments made pursuant to Article
VI. The Administrator shall establish a separate Contribution Account for each
Participant for each Offering Period.

         2.8   CORPORATION. Corporation shall mean Russell Corporation, an
Alabama corporation.

         2.9   DIRECT REGISTRATION SYSTEM. Direct Registration System shall
mean a direct registration system approved by the Securities and Exchange
Commission and by the New York Stock Exchange, Inc. or any securities exchange
on which the Common Stock is then listed, whereby shares of Common Stock may be
registered in the holder's name in book-entry form on the books of the
Corporation.

         2.10  EFFECTIVE DATE. Effective Date shall mean the effective date of
the Plan, which shall be the later of (i) March 1, 2000, or (ii) the effective
date of the Corporation's registration statement on Form S-8 filed under the
Securities Act of 1933, as amended, covering the shares to be issued under the
Plan.

         2.11  ELIGIBLE EMPLOYEE.  An Employee eligible to participate in the
Plan pursuant to Section 3.1.

         2.12  EMPLOYEE. Employee shall mean an individual employed by an
Employer who meets the employment relationship described in Treasury Regulation
Sections 1.423-2(b) and Section 1.421-7(h).

         2.13  EMPLOYER. Employer shall mean the Corporation and any Subsidiary
designated by the Committee as an employer participating in the Plan.

         2.14  FAIR MARKET VALUE. Fair Market Value of a share of Common Stock,
as of any designated date, shall mean the closing sales price of the Common
Stock on the

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<PAGE>   5

New York Stock Exchange on such date or on the last previous date on which such
stock was traded.

         2.15  OFFERING DATE. Offering Date shall mean the first Trading Date of
each Offering Period.

         2.16  OFFERING PERIOD. Offering Period shall mean the quarterly periods
beginning January 1, April 1, July 1 and October 1, respectively, of each year
during which offers to purchase Common Stock are outstanding under the Plan;
provided, however, that the initial Offering Period shall be the period
beginning on the Effective Date and ending on June 30, 2000. No payroll
deductions shall be taken until the Effective Date.

         2.17  OPTION. Option shall mean the option to purchase Common Stock
granted under the Plan on each Offering Date.

         2.18  PARTICIPANT. Participant shall mean any Eligible Employee who has
elected to participate in the Plan under Section 3.2.

         2.19  PLAN. Plan shall mean the Russell Corporation 2000 Employee Stock
Purchase Plan, as amended and in effect from time to time.

         2.20  PURCHASE DATE. Purchase Date shall mean the last Trading Date of
each Offering Period.

         2.21  PURCHASE PRICE. Purchase Price shall mean the purchase price of
Common Stock determined under Section 5.1.

         2.22  REQUEST FORM. Request Form shall mean an Employee's authorization
either in writing on a form approved by the Administrator or through electronic
communication approved by the Administrator which specifies the Employee's
payroll deduction or lump sum cash payments in accordance with Section 6.2, and
contains such other terms and provisions as may be required by the
Administrator.

         2.23  STOCK ACCOUNT. Stock Account shall mean the account established
by the Administrator on behalf of each Participant, which shall be credited
with shares of Common Stock purchased pursuant to the Plan and dividends
thereon until distributed in accordance with the terms of the Plan.

         2.24  SUBSIDIARY. Subsidiary shall mean any present or future
corporation which is a "subsidiary corporation" of the Corporation as defined
in Code Section 424(f).

         2.25  TRADING DATE. Trading Date shall mean a date on which shares of
Common Stock are traded on a national securities exchange (such as the New York
Stock Exchange), the Nasdaq National Market or in the over-the-counter market.

                                     - 3 -
<PAGE>   6

         Except when otherwise indicated by the context, the definition of any
term herein in the singular may also include the plural.

                                  ARTICLE III
                         ELIGIBILITY AND PARTICIPATION

         3.1   ELIGIBILITY. Each Employee who is an Employee regularly scheduled
to work at least 20 hours each week and at least five months each calendar year
shall be eligible to participate in the Plan as of the later of:

         (a)   the Offering Date immediately following the Employee's last date
of hire by an Employer; or

         (b)   the Effective Date.

         On each Offering Date, Options will automatically be granted to all
Employees then eligible to participate in the Plan; provided, however, that no
Employee shall be granted an Option for an Offering Period if, immediately
after the grant, the Employee would own stock, and/or hold outstanding options
to purchase stock, possessing five percent or more of the total combined voting
power or value of all classes of stock of the Corporation or any Subsidiary.
For purposes of this Section, the attribution rules of Code Section 424(d)
shall apply in determining stock ownership of any Employee. If an Employee is
granted an Option for an Offering Period and such Employee does not participate
in the Plan for such Offering Period, such Option will be deemed never to have
been granted for purposes of applying the $25,000 annual limitation described
in Section 5.2.

         3.2   INITIAL PARTICIPATION. An Eligible Employee having been granted
an Option under Section 3.1 may submit a Request Form to the Administrator to
participate in the Plan for an Offering Period. The Request Form shall
authorize a regular payroll deduction from the Employee's Compensation for the
Offering Period, or shall notify the Administrator that the Participant shall
make a lump sum cash payment (including personal or certified checks) for the
Offering Period, or shall both authorize a payroll deduction and notify the
Administrator of a lump sum cash payment for the Offering Period, subject to
the limits and procedures described in Article VI. A Participant's Request Form
authorizing a regular payroll deduction shall remain effective from Offering
Period to Offering Period until amended or canceled under Section 6.3. A
Participant's Request Form authorizing a lump sum cash payment shall be valid
only for the Offering Period to which it relates.

         3.3   LEAVE OF ABSENCE. For purposes of Section 3.1, an individual on a
leave of absence from an Employer shall be deemed to be an Employee for the
first 90 days of such leave. For purposes of this Plan, such individual's
employment with the Employer shall be deemed to terminate at the close of
business on the 90th day of the leave, unless the individual has returned to
regular employment with an Employer before the close of

                                     - 4 -
<PAGE>   7

business on such 90th day. Termination of any individual's leave of absence by
an Employer, other than on account of a return to employment with an Employer,
shall be deemed to terminate an individual's employment with the Employer for
all purposes of the Plan.

                                   ARTICLE IV
                                STOCK AVAILABLE

         4.1   IN GENERAL. Subject to the adjustments in Sections 4.2 and 4.3,
an aggregate of 800,000 shares of Common Stock shall be available for purchase
by Participants pursuant to the provisions of the Plan. These shares may be
authorized and unissued shares or may be shares issued and subsequently
acquired by the Corporation. If an Option under the Plan expires or terminates
for any reason without having been exercised in whole or part, the shares
subject to such Option that are not purchased shall again be available for
subsequent Option grants under the Plan. If the total number of shares of
Common Stock for which Options are exercised on any Purchase Date exceeds the
maximum number of shares then available under the Plan, the Committee shall
make a pro rata allocation of the shares available in as nearly a uniform
manner as shall be practicable and as it shall determine to be equitable; and
the balance of the cash credited to Participants' Contribution Accounts shall
be distributed to the Participants as soon as practicable.

         4.2   ADJUSTMENT IN EVENT OF CHANGES IN CAPITALIZATION. In the event of
a stock dividend, stock split or combination of shares, recapitalization or
other change in the Corporation's capitalization, or other distribution with
respect to holders of the Corporation's Common Stock other than normal cash
dividends, an automatic adjustment shall be made in the number and kind of
shares as to which outstanding Options or portions thereof then unexercised
shall be exercisable and in the available shares set forth in Section 4.1, so
that the proportionate interest of the Participants shall be maintained as
before the occurrence of such event. This adjustment in outstanding Options
shall be made without change in the total price applicable to the unexercised
portion of such Options and with a corresponding adjustment in the Purchase
Price per share; provided, however, that in no event shall any adjustment be
made that would cause any Option to fail to qualify as an option pursuant to an
employee stock purchase plan within the meaning of Section 423 of the Code.

         4.3   DISSOLUTION, LIQUIDATION, OR REORGANIZATION. Upon the dissolution
or liquidation of the Corporation, or upon a reorganization, merger, or
consolidation of the Corporation with one or more corporations in which the
Corporation is not the surviving corporation, or upon a sale of substantially
all of the property or stock of the Corporation to another corporation, the
holder of each Option then outstanding under the Plan shall be entitled to
receive at the next Purchase Date upon the exercise of such Option for each
share as to which such Option shall be exercised, as nearly as reasonably may
be determined, the cash, securities, or property which a holder of one share of
the Common Stock was entitled to receive upon and at the time of such
transaction. The Committee

                                     - 5 -
<PAGE>   8

shall take such steps in connection with these transactions as the Committee
deems necessary or appropriate to assure that the provisions of this Section
shall thereafter be applicable, as nearly as reasonably may be determined, in
relation to the cash, securities, or property which the holder of the Option
may thereafter be entitled to receive. In lieu of the foregoing, the Committee
may terminate the Plan in accordance with Section 8.2.

                                   ARTICLE V
                               OPTION PROVISIONS

         5.1   PURCHASE PRICE. The Purchase Price of a share of Common Stock
purchased for a Participant pursuant to each exercise of an Option shall be the
lesser of:

         (a)   85 percent of the Fair Market Value of a share of Common Stock on
the Offering Date; or

         (b)   85 percent of the Fair Market Value of a share of Common Stock on
the Purchase Date.

         5.2   CALENDAR YEAR $25,000 LIMIT. Notwithstanding anything else
contained herein, no Employee may be granted an Option for any Offering Period
which permits such Employee's rights to purchase Common Stock under this Plan
and any other qualified employee stock purchase plan (within the meaning of
Code Section 423) of the Corporation and its Subsidiaries to accrue at a rate
which exceeds $25,000 of Fair Market Value of such Common Stock for each
calendar year in which an Option is outstanding at any time. For purposes of
this Section, Fair Market Value shall be determined as of the Offering Date.

         5.3   OFFERING PERIOD LIMIT. Notwithstanding anything else contained
herein, the maximum number of shares of Common Stock that an Eligible Employee
may purchase in any Offering Period is 1,000 shares.

                                   ARTICLE VI
                            PURCHASING COMMON STOCK

         6.1   PARTICIPANT'S CONTRIBUTION ACCOUNT. The Administrator shall
establish a book account in the name of each Participant for each Offering
Period. As discussed in Section 6.2 below, a Participant's payroll deductions
and his or her lump sum cash payments shall be credited to the Participant's
Contribution Account, without interest, until such cash is withdrawn,
distributed, or used to purchase Common Stock as described below.

         During such time, if any, as the Corporation participates in a Direct
Registration System, shares of Common Stock acquired upon exercise of an Option
shall be directly registered in the name of the Participant. If the Corporation
does not participate in a Direct Registration System, then until distribution
is requested by a Participant pursuant to

                                     - 6 -
<PAGE>   9

Article VII, stock certificates evidencing the Participant's shares of Common
Stock acquired upon exercise of an Option shall be held by the Corporation as
the nominee for the Participant. These shares shall be credited to the
Participant's Stock Account. Certificates shall be held by the Corporation as
nominee for Participants solely as a matter of convenience. A Participant shall
have all ownership rights as to the shares credited to his or her Stock
Account, and the Corporation shall have no ownership or other rights of any
kind with respect to any such certificates or the shares represented thereby.

         All cash received or held by the Corporation under the Plan may be
used by the Corporation for any corporate purpose. The Corporation shall not be
obligated to segregate any assets held under the Plan.

         6.2   PAYROLL DEDUCTIONS, LUMP SUM CASH PAYMENTS; DIVIDENDS.

         (a)   Payroll Deductions. By submitting a Request Form at any time
before an Offering Period in accordance with rules adopted by the Committee, an
Eligible Employee may authorize a payroll deduction to purchase Common Stock
under the Plan for the Offering Period. The payroll deduction shall be
effective on the first pay period during the Offering Period commencing after
receipt of the Request Form by the Administrator. The payroll deduction shall
be in any whole percentage up to a maximum of ten percent (10%) of such
Employee's Compensation payable each pay period, and at any other time an
element of Compensation is payable. A Participant's payroll deduction shall not
be less than one percent (1%) of such Employee's Compensation payable each
payroll period.

         (b)   Lump Sum Cash Payments. In lieu of, or in addition to, the
payroll deductions in subsection (a), an Employee eligible to participate in
the Plan under Section 3.1 may, by submitting a Request Form no later than the
last day of the calendar week ending before the applicable Purchase Date in
accordance with rules adopted by the Administrator, notify the Administrator
that the Participant shall make a lump sum cash payment to purchase Common
Stock under the Plan for the Offering Period. In no event shall the combined
total payroll deductions and lump sum cash payments exceed 10 percent (10%) of
the Participant's Compensation paid during the Offering Period and during any
prior Offering Period in the same calendar year. Any lump sum cash payments
under this subsection must be received by the Administrator by the last day of
the calendar week ending before the applicable Purchase Date. If the
Participant fails to remit the lump sum cash payment by the applicable date,
the Participant's Request Form with respect to such lump sum cash payment shall
be void. A Participant may submit a Request Form to make a lump sum cash
payment only once each Offering Period.

         (c)   Dividends. Cash dividends paid on Common Stock which is credited
to a Participant's Stock Account as of the dividend payment date shall be
credited to the Participant's Stock Account and paid to the Participant as soon
as practicable.

         6.3   DISCONTINUANCE. A Participant may discontinue his or her payroll
deductions for an Offering Period by filing a new Request Form with the
Administrator.

                                     - 7 -
<PAGE>   10

This discontinuance shall be effective on the first pay period commencing at
least 30 days after receipt of the Request Form by the Administrator. A
Participant who discontinues his or her payroll deductions for an Offering
Period may not make a subsequent lump sum contribution during such Offering
Period or resume participation in the Plan until the following Offering Period.

         Any amount held in the Participant's Contribution Account for an
Offering Period after the effective date of the discontinuance of his or her
payroll deductions will either be refunded or used to purchase Common Stock in
accordance with Section 7.1.

         6.4   LEAVE OF ABSENCE; TRANSFER TO INELIGIBLE STATUS. If a Participant
either begins a leave of absence, is transferred to employment with a
Subsidiary not participating in the Plan, or remains employed with an Employer
but is no longer eligible to participate in the Plan, the Participant shall
cease to be eligible for payroll deductions or lump sum cash payments to his or
her Contribution Account pursuant to Section 6.2. The cash standing to the
credit of the Participant's Contribution Account shall become subject to the
provisions of Section 7.1.

         If the Participant returns from the leave of absence before being
deemed to have ceased employment with the Employer under Section 3.3, or again
becomes eligible to participate in the Plan, the Request Form, if any, in
effect immediately before the leave of absence or disqualifying change in
employment status shall be deemed void and the Participant must again complete
a new Request Form to resume participation in the Plan.

         6.5   AUTOMATIC EXERCISE. Unless the cash credited to a Participant's
Contribution Account is withdrawn or distributed as provided in Article VII,
his or her Option shall be deemed to have been exercised automatically on each
Purchase Date, for the purchase of the number of full shares of Common Stock
which the cash credited to his or her Contribution Account at that time will
purchase at the Purchase Price. If there is a cash balance remaining in the
Participant's Contribution Account at the end of an Offering Period
representing the exercise price for a fractional share of Common Stock, such
balance may be retained in the Participant's Contribution Account for the next
Offering Period, unless the Participant requests that it be refunded, without
interest. Any other cash balance remaining in the Participant's Contribution
Account at the end of an Offering Period shall be refunded to the Participant,
without interest. The amount of cash that may be used to purchase shares of
Common Stock may not exceed the Compensation restrictions set forth in
Section 6.2.

         Except as provided in the preceding paragraph, if the cash credited to
a Participant's Contribution Account on the Purchase Date exceeds the
applicable Compensation restrictions of Section 6.2 or exceeds the amount
necessary to purchase the maximum number of shares of Common Stock available
during the Offering Period, such excess cash shall be refunded to the
Participant. Except as provided in the preceding paragraph, the excess cash may
not be used to purchase shares of Common Stock nor retained in the
Participant's Contribution Account for a future Offering Period.

                                     - 8 -
<PAGE>   11

         Each Participant shall receive a statement on an annual basis
indicating the number of shares credited to his or her Stock Account, if any,
under the Plan.

         6.6   LISTING, REGISTRATION, AND QUALIFICATION OF SHARES. The granting
of Options for, and the sale and delivery of, Common Stock under the Plan shall
be subject to the effecting by the Corporation of any listing, registration, or
qualification of the shares subject to that Option upon any securities exchange
or under any federal or state law, or the obtaining of the consent or approval
of any governmental regulatory body deemed necessary or desirable for the
issuance or purchase of the shares covered.

         6.7   RESTRICTIONS ON TRANSFER. By participating in the Plan, each
Participant hereby agrees that he or she will not sell or otherwise transfer
(other than by will or the laws of descent and distribution) any shares of
Common Stock acquired under the Plan for a period of 12 months following the
Purchase Date on which such shares were acquired.

                                  ARTICLE VII
                           WITHDRAWALS; DISTRIBUTIONS

         7.1   DISCONTINUANCE OF DEDUCTIONS; LEAVE OF ABSENCE; TRANSFER TO
INELIGIBLE STATUS. In the event of a Participant's complete discontinuance of
payroll deductions under Section 6.3 or a Participant's leave of absence or
transfer to an ineligible status under Section 6.4, the cash balance then
standing to the credit of the Participant's Contribution Account shall be--

         (a)   returned to the Participant, in cash, without interest, as soon
as practicable, upon the Participant's written request received by the
Administrator at least 30 days before the next Purchase Date; or

         (b)   held under the Plan and used to purchase Common Stock for the
Participant under the automatic exercise provisions of Section 6.5.

         7.2   IN-SERVICE WITHDRAWALS. During such time, if any, as the
Corporation participates in a Direct Registration System, shares of Common
Stock acquired upon exercise of an Option shall be directly registered in the
name of the Participant and the Participant may withdraw certificates in
accordance with the applicable terms and conditions of such Direct Registration
System. If the Corporation does not participate in a Direct Registration
System, (i) a Participant may, while an Employee of the Corporation or any
Subsidiary, withdraw certificates for some or all of the shares of Common Stock
credited to his or her Stock Account at any time, upon 30 days' written notice
to the Administrator, and (ii) each Participant shall be permitted only one
withdrawal under this Section during each Offering Period. If a Participant
requests a distribution of only a portion of the shares of Common Stock
credited to his or her Stock Account, the Administrator will distribute the
oldest securities held in the Participant's Stock Account first, using a first
in-first out methodology. The Administrator may at any time distribute

                                     - 9 -
<PAGE>   12

certificates for some or all of the shares of Common Stock credited to a
Participant's Stock Account, whether or not the Participant so requests.

         7.3   TERMINATION OF EMPLOYMENT FOR REASONS OTHER THAN DEATH. If a
Participant terminates employment with the Corporation and the Subsidiaries for
reasons other than death, the cash balance in the Participant's Contribution
Account shall be returned to the Participant in cash, without interest, as soon
as practicable. Certificates for the shares of Common Stock credited to his or
her Stock Account shall be distributed to the Participant as soon as
practicable, unless the Corporation then participates in a Direct Registration
System, in which case, the Participant shall be entitled to evidence of
ownership of such shares in such form as the terms and conditions of such
Direct Registration System permit.

         7.4   DEATH. In the event a Participant dies, the cash balance in his
or her Contribution Account shall be distributed to the Participant's estate,
in cash, without interest, as soon as practicable. Certificates for the shares
of Common Stock credited to the Participant's Stock Account shall be
distributed to the estate as soon as practicable, unless the Corporation then
participates in a Direct Registration System, in which case, the estate shall
be entitled to evidence of ownership of such shares in such form as the terms
and conditions of such Direct Registration System permit.

         7.5   REGISTRATION. Whether represented in certificate form or by
direct registration pursuant to a Direct Registration System, shares of Common
Stock acquired upon exercise of an Option shall be directly registered in the
name of the Participant or, if the Participant so indicates on the Request
Form, (a) in the Participant's name jointly with a member of the Participant's
family, with the right of survivorship, (b) in the name of a custodian for the
Participant (in the event the Participant is under a legal disability to have
stock issued in the Participant's name), or (c) in a manner giving effect to
the status of such shares as community property. No other names may be included
in the Common Stock registration. The Corporation shall pay all issue or
transfer taxes with respect to the issuance or transfer of shares of such
Common Stock, as well as all fees and expenses necessarily incurred by the
Corporation in connection with such issuance or transfer.

                                  ARTICLE VIII
                           AMENDMENT AND TERMINATION

         8.1   AMENDMENT. The Committee shall have the right to amend or modify
the Plan, in full or in part, at any time and from time to time; provided,
however, that no amendment or modification shall:

         (a)   affect any right or obligation with respect to any grant
previously made, unless required by law, or

         (b)   unless previously approved by the stockholders of the
Corporation, where such approval is necessary to satisfy the Code, the rules of
any stock exchange on which

                                    - 10 -
<PAGE>   13

the Corporation's Common Stock is listed, or the requirements necessary to meet
any exemption from the application of federal securities laws:

               (1) in any manner materially affect the eligibility requirements
          set forth in Sections 3.1 and 3.3, or change the definition of
          Employer as set forth in Section 2.13,

               (2) increase the number of shares of Common Stock subject to any
          options issued to Participants (except as provided in Sections 4.2
          and 4.3), or

               (3) materially increase the benefits to Participants under the
          Plan.

         8.2   TERMINATION. The Committee may terminate the Plan at any time in
its sole and absolute discretion. The Plan shall be terminated by the Committee
if at any time the number of shares of Common Stock authorized for purposes of
the Plan is not sufficient to meet all purchase requirements, except as
specified in Section 4.1.

         Upon termination of the Plan, the Administrator shall give notice
thereof to Participants, shall terminate all payroll deductions and shall no
longer accept additional lump sum cash payments from Participants. Cash
balances then credited to Participants' Contribution Accounts shall be
distributed as soon as practicable, without interest.

                                   ARTICLE IX
                                 MISCELLANEOUS

         9.1   SHAREHOLDER APPROVAL. The Plan shall be approved and ratified by
the stockholders of the Corporation, not later than 12 months after adoption of
the Plan by the Board of Directors of the Corporation, pursuant to Treasury
regulation Section 1.423-2(c). If for any reason such approval is not given by
such date, the Plan shall be null and void, and all payroll deductions to the
Plan shall cease. The cash balances and Common Stock credited to Participants'
accounts shall be promptly distributed to them; and any Common Stock
certificates issued and delivered to Participants prior to such date shall
remain the property of the Participants.

         9.2   NO EMPLOYMENT RIGHTS. Neither the establishment of the Plan, nor
the grant of any Options thereunder, nor the exercise thereof shall be deemed
to give to any Employee the right to be retained in the employ of the
Corporation or any Subsidiary or to interfere with the right of the Corporation
or any Subsidiary to discharge any Employee or otherwise modify the employment
relationship at any time.

         9.3   TAX WITHHOLDING. The Administrator may make appropriate
provisions for withholding of federal, state, and local income taxes, and any
other taxes, from a Participant's Compensation to the extent the Administrator
deems such withholding to be legally required.

                                    - 11 -
<PAGE>   14

         9.4   RIGHTS NOT TRANSFERABLE. Rights and Options granted under this
Plan are not transferable by the Participant other than by will or by the laws
of descent and distribution and are exercisable only by the Participant during
his or her lifetime.

         9.5   NO REPURCHASE OF STOCK BY CORPORATION. The Corporation is under
no obligation to repurchase from any Participant any shares of Common Stock
acquired under the Plan.

         9.6   GOVERNING LAW. The Plan shall be governed by and construed in
accordance with the laws of the State of Alabama except to the extent such laws
are preempted by the laws of the United States.

         9.7   SHAREHOLDER APPROVAL; REGISTRATION. The Plan was adopted by the
Board of Directors of the Corporation on January 18, 2000 to be effective as of
the Effective Date, provided that no payroll deductions may begin until a
registration statement on Form S-8 filed under the Securities Act of 1933, as
amended, covering the shares to be issued under the Plan, has become effective.
The Plan is subject to approval by the stockholders of the Corporation within
12 months of approval by the Board of Directors.

                          * * * * * * * * * * * * * *
The foregoing is hereby acknowledged as being the Russell Corporation 2000
Employee Stock Purchase Plan as adopted by the Board of Directors of the
Corporation on January 18, 2000.

                                    Russell Corporation

                                    By:
                                         -----------------------------------

                                    Its:
                                         -----------------------------------

                                    - 12 -

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