Document:

HBI-2013.12.28 EX-10.11

Exhibit 10.11
HANESBRANDS INC. 
EXECUTIVE DEFERRED COMPENSATION PLAN
(As Amended and Restated Effective November 1, 2013)

CERTIFICATE
I hereby certify that the attached document is the official version of the Hanesbrands Inc. Executive Deferred Compensation Plan as amended and restated effective November 1, 2013.
Dated this 23rd day of December , 2013.
HANESBRANDS INC.
By  /s/ Virginia Piekarski     
Its  Member, Employee Benefits Administrative Committee    

Section 1

Introduction
1.1    The Plan and Its Effective Date.  The Hanesbrands Inc. Executive Deferred Compensation Plan was established as of January 1, 2006 and was subsequently amended and restated.  The Plan is hereby amended and restated again, effective November 1, 2013.
1.2    Purpose.  
		
	(a)
	The Company has established this Plan to allow Eligible Employees to defer compensation as described herein.  The Plan is intended to be a top-hat plan described in Section 201(2) of ERISA.  

		
	(b)
	Amounts deferred under the Plan on and after the Effective Date (and amounts described in Paragraph 5 of Supplement I to the Plan) are subject to the provisions of Section 409A of the Code; accordingly, as applied to those amounts, the Plan shall at all times be interpreted and administered so that it is consistent with such Code section notwithstanding any provision of the Plan to the contrary.  

1.3    Administration.  The Plan shall be administered by the Committee.  The Committee shall have the powers set forth in the Plan and the complete discretionary power to interpret its provisions.  Any decisions of the Committee shall be final and binding on all persons with regard to the Plan. 
1.4    Plan Year.  The Plan shall be administered on the basis of the Plan Year.

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Section 2    
Glossary of Terms
2.1    “Annual Base Salary” means the regular rate of compensation to be paid to the Eligible Employee for services rendered during the Plan Year while an Eligible Employee, excluding elective deferrals under Code Section 125, severance or termination payments, commissions, foreign service payments, payments for consulting services and such other unusual or extraordinary payments as the Committee may determine.  
2.2    “Annual Bonus” means an Eligible Employee’s bonus for a year due under an annual bonus plan or any other short-term incentive plan of the Company or an Employer.
2.3    “Balance Calculation Date” means the date a Participant’s Deferral Account is valued for purposes of making a distribution from such Participant’s Deferral Account.  For a distribution payable on a Distribution Date, the Balance Calculation Date is the last business day of the month preceding the Distribution Date; for distributions payable due to a Participant’s Separation from Service or pursuant to Sections 5.2 and 5.3, the Balance Calculation Date is the last business day of the month in which the Participant has a Separation from Service, is determined to be totally disabled or dies, as the case may be.
2.4    “Beneficiary” means the individual(s) or entity designated by a Participant to receive the balance of the Participant’s Deferral Account in the event of the Participant’s death prior to the payment of the Participant’s entire Deferral Account.  To be effective, any beneficiary designation shall be filed in such manner as prescribed by the Committee.  A Participant may revoke an existing beneficiary designation by filing another Beneficiary designation in such manner as prescribed by the Committee.  The latest beneficiary designation received by the Committee shall be controlling.  If no Beneficiary is named by a Participant or if he survives all of his named Beneficiaries, the Deferral Account shall be paid in the following order of precedence:
		
	(a)
	the Participant’s spouse (either opposite-sex or same-sex);  

		
	(b)
	the Participant’s children (including adopted children), per stirpes; 

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	(c)
	the Participant’s beneficiary as designated by the Participant under the applicable life insurance plan sponsored by the Company or the Employer; or

		
	(d)
	the Participant’s estate.

2.5    “Code” means the Internal Revenue Code of 1986, as amended.
2.6    “Committee” means the Employee Benefits Administrative Committee of the Company.
2.7    “Company” means Hanesbrands Inc.
2.8    “Deferral” means the amount deferred pursuant to a Deferral Election and, as the context warrants, includes an “Employer Deferral.”
2.9    “Deferral Account” means the bookkeeping account established in the name of the Participant to hold all amounts deferred pursuant to the Participant’s Deferral Elections or pursuant to an Employer Deferral.  As described in Supplement I to this Plan, separate rules apply to Transferred Participants’ Grandfathered Deferrals.  
2.10     “Deferral Election” means a Participant’s irrevocable election to defer receipt of a Long-Term Incentive Payment, an Annual Bonus, and/or Annual Base Salary for a Plan Year.
2.11     “Distribution Date” means the specified date on which an Eligible Employee elects to have a Deferral paid or begin to be paid, pursuant to a Deferral Election.
2.12    “Effective Date” means the effective date of the Plan, January 1, 2006.
2.13    “Eligible Employee” means each executive of the Company or an Employer who is identified as eligible by the Committee.
2.14    “Employer” means any subsidiary or affiliate of the Company incorporated under the laws of any state in the United States that has adopted the Plan with the consent of the Committee.

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2.15    “Employer Deferral” means an amount credited to a Participant’s Deferral Account by an Employer.
2.16    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
2.17     “Interest Account” means the Investment Fund under which interest is credited to a Participant’s Deferral Account as specified in subsection 4.2(b).
2.18    “Investment Fund or Investment Funds” means the notional fund(s) or other investment vehicle(s) designated pursuant to Section 4.2.
2.19    “Long-Term Incentive Payment” means any payment due with respect to restricted stock units granted under the terms of the Stock Plan.
2.20    “Market Value” means the closing price of common stock of the Company on the applicable day on the New York Stock Exchange Composite Transaction Tape. 
2.21    “Participant” means any Eligible Employee who makes a Deferral Election or has a Deferral Account under the Plan.
2.22    “Plan” means the Hanesbrands Inc. Executive Deferred Compensation Plan.
2.23    “Plan Year” means the calendar year.
2.24    “Re-Deferral Election” means a Participant’s irrevocable election to extend a Distribution Date.
2.25    “Separation from Service” means a Participant’s termination of employment due to retirement or otherwise, as defined in Treasury regulations section 1.409A-1(h). 
2.26    “Stock Equivalent Account” means the Investment Fund under which all or a portion of a Participant’s Deferral Account is treated as if it is invested in common stock equivalents. 

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2.27    “Stock Plan” means the Hanesbrands Inc. Omnibus Incentive Plan (as amended from time to time) or any successor thereto that provides for the issuance to Participants of common stock of the Company.
2.28    “Top-50 Employee” means an employee described in the Company’s Procedures for Determining Top-50 Employees under Code Section 409A, as amended from time to time. 
2.29    “Trust” means the grantor Trust or Trusts, if any, that the Company or an Employer may maintain to hold assets to be used for payment of benefits under the Plan. 
2.30    “Unforeseeable Financial Emergency” means a severe financial hardship to the Participant resulting from (a) an illness or accident of the Participant or of a dependent of the Participant; (b) loss of the Participant’s property due to casualty; or (c) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant as determined by the Committee.
2.31    “Valuation Date” means any business day on which a Participant’s Deferral Account is adjusted to reflect Deferrals, transfers between Investment Funds, distributions, notional gains or losses, and expenses.  

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Section 3    
Participation and Deferral Elections
3.1    Participation.  Subject to the conditions and limitations of the Plan, any Eligible Employee who makes a Deferral Election as described in Section 3.2 shall become a Participant in the Plan and shall remain a Participant until the entire balance of his Deferral Account is distributed to him.
3.2    Rules for Deferral Elections.  Any Eligible Employee may make a Deferral Election for a Plan Year in accordance with the rules set forth below.
		
	(a)
	Eligibility.  An Eligible Employee shall be eligible to make a Deferral Election only if he is an active, regular, full-time employee on the date such election is made.

		
	(b)
	Deferral Amounts.  Under the Plan, for each Plan Year, an Eligible Employee may make no more than one Deferral Election for each of the Eligible Employee’s Long-Term Incentive Payments, Annual Bonus, Annual Base Salary and other payments in the amounts set forth below:

		
	(i)
	All or any portion of the Eligible Employee’s Annual Base Salary.  

		
	(ii)
	All or any portion not less than 25 percent of the Eligible Employee’s Annual Bonus.  

		
	(iii)
	The Eligible Employee’s Long-Term Incentive Payment in such increments and subject to such limitations and restrictions as the Committee may establish.  Tranches of restricted stock units or other awards granted under the Stock Plan on a single date that vest on different dates may be treated as separate Long-Term Incentive Payments.

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	(iv)
	With respect to any other bonuses and incentive payments under any plan or arrangement established by the Company or an Employer as the Committee may designate as compensation eligible for deferral under this Plan, in such increments and subject to such limitations and restrictions as the Committee may establish.

		
	(c)
	Timing and Other Requirements for Deferral Elections.  All Deferral Elections must be made in such form as the Committee may prescribe and must be received by the Committee no later than the date specified by the Committee.  

		
	(i)
	With respect to deferrals of Annual Base Salary, the date specified by the Committee generally may be no later than the end of the calendar year preceding the calendar year in which the Annual Base Salary is anticipated to be paid.  

		
	(ii)
	With respect to the deferral of an Annual Bonus, the date specified by the Committee generally may be no later than the end of the calendar year preceding the beginning of the measurement period for such Annual Bonus; provided, however, that if the Committee determines that such Annual Bonus qualifies as “performance-based compensation” (as defined in Code Section 409A(4)(B)(iii) and the regulations thereunder), such Deferral Election may be made no later than six months before the end of the measurement period.  

		
	(iii)
	With respect to the initial deferral of a Long-Term Incentive Payment, the date specified by the Committee generally may be no later than the date that is 30 days after the date of grant and no later than 12 months prior to the earliest date on which such Long-Term Incentive Payment will become vested; provided, however, that:  (A) if an initial deferral of a Long-Term Incentive Payment is not 

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completed within the time frames specified above, then a Re-Deferral Election may be elected to the extent permitted by subsection 3.2(i) below, and (B) if the Committee determines that such Long-Term Incentive Payment qualifies as “performance-based compensation” (as defined above), then such Deferral Election may be made no later than six months before the end of the measurement period.  The Committee, in its complete discretion, may modify the general rules set forth above as permitted by guidance issued under Code Section 409A.  
		
	(d)
	Special Rule for Newly Eligible Employees.  Notwithstanding anything in paragraph (c) above to the contrary, in the first year in which an Eligible Employee becomes eligible to participate in the Plan, such Participant may make a Deferral Election within 30 days after the date the Participant first become eligible to participate; provided, however, that such election may only apply to compensation with respect to services to be performed subsequent to the election (with Annual Bonuses and Long-Term Incentive Payments prorated to the extent necessary to comply with regulations issued under Code Section 409A). 

		
	(e)
	Elections Generally Irrevocable.  Deferral Elections shall be irrevocable; provided, that if the Committee determines that a Participant has an Unforeseeable Financial Emergency, then the Participant’s Deferral Elections then in effect shall be revoked for the balance of the Plan Year with respect to all amounts not previously deferred; however, such Participant may make a new Deferral Election for the following Plan Year.

		
	(f)
	Investment Election.  As part of each Deferral Election, an Eligible Employee must elect the Investment Funds that shall apply to the Deferral in accordance with Section 4.2.

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	(g)
	Distribution Dates.  As part of each Deferral Election, the Eligible Employee must specify a Distribution Date, which cannot be prior to the January 1 following the first anniversary of the date the Deferral Election is made.  The Eligible Employee may also specify that payment may be made on the earlier of the Distribution Date or the Eligible Employee’s Separation from Service.  An Eligible Employee may make a different Deferral Election for each separate Deferral under the Plan.  Except as provided in subsection (i) below, an election under this subsection (g) is irrevocable and shall apply only to that portion of the Participant’s Deferral Account that is attributable to the Deferral.  

		
	(h)
	Distribution Form.  As part of each Deferral Election, an Eligible Employee must elect the form in which the Deferral will be paid in accordance with Section 5.1.  The distribution form specified may, but need not, be the same for all distribution events.  Except as provided in Section 5.1, an Eligible Employee’s election as to the method of payment shall be irrevocable.

		
	(i)
	Re-Deferrals.  A Participant may make a Re-Deferral Election; provided, that no Re-Deferral Election shall be effective unless (i) the Committee receives the election at least 12 months prior to the Distribution Date to be changed, and (ii) the new Distribution Date is on or after the fifth anniversary of the prior Distribution Date.  All Re-Deferral Elections shall be irrevocable and shall be made pursuant to such rules as the Committee may prescribe.  If an initial deferral of a Long-Term Incentive Payment is not made within the time period specified in subsection 3.2(c), then a Re-Deferral Election may be made under this subsection no later than 12 months prior to the date on which such Long-Term Incentive Payment becomes vested.  Notwithstanding any rules of the Plan to the contrary, the Committee, in its complete discretion, may modify the general redeferral rules set forth above as permitted by guidance issued under Code Section 409A.  

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	(j)
	Reduction for FICA and Income Taxes.  Notwithstanding a Participant’s Deferral Election or any Plan provision to the contrary, the Company or an Employer may reduce a Participant’s Deferrals to the extent necessary to pay applicable Social Security taxes, including the Medicare portion of such taxes, or applicable state, local or foreign income taxes, payable on Deferrals before they would otherwise be paid or made available to the Participant.

		
	(k)
	Change in Deferrals due to Change in Election under Section 125 Plan.  A change in a Participant’s Deferrals under the Plan will not be treated as an accelerated payment nor an impermissible Deferral Election, to the extent the change results solely from a change in the Participant’s election under a Code Section 125 plan maintained by the Company or an Employer.

3.3    Transfers. With the consent of the Committee and subject to such limits and in accordance with such rules as the Committee may establish in its sole discretion, a Participant who is employed by a subsidiary of the Company may elect to transfer his entire Deferral Account to a similar deferred compensation plan maintained by such subsidiary; provided, that no portion of a Participant’s Deferral Account that is attributable to a Deferral, the Distribution Date for which has or will have occurred before the scheduled transfer date, may be transferred under this provision.
3.4    Employer Deferrals.  In addition to Deferrals made pursuant to a Participant’s Deferral Election under this Section 3, an Employer may credit an Employer Deferral to a Participant’s Deferral Account.  The amount of any Employer Deferral shall be determined by the Employer in its complete discretion.  Prior to the beginning of the period in which the related services are performed with respect to an Employer Deferral, the Employer shall specify the Distribution Date, any applicable vesting requirements, and the form of payment for the Employer Deferral.  Once credited to the Participant’s Deferral Account, the Employer Deferral shall be treated the same as any other Deferral under the Plan. 

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Section 4    
Deferral Accounts
4.1    Deferral Accounts.  All amounts deferred pursuant to a Participant’s Deferral Elections under the Plan shall be allocated to the Participant’s Deferral Account in accordance with procedures established by the Committee.  The Committee shall maintain a separate subaccount under a Participant’s Deferral Account for each Deferral.    
4.2    Investment Funds.  The available Investment Funds for the notional investment of Participants’ Deferral Accounts shall include the Stock Equivalent Fund and the Interest Account, each as further described below, and such other Investment Funds designated from time to time by members of the Company’s management identified by the Committee.  The Investment Funds are for recordkeeping purposes only and do not allow Participants to direct the investment of any Company assets (including, if applicable, the assets of any Trust related to the Plan).  
		
	(e)
	Stock Equivalent Account.

		
	(i)
	Amounts to be invested in the Stock Equivalent Account shall be converted to common stock equivalents as of the applicable crediting date, based on the applicable Market Value of Company common stock.  Fractional stock equivalents shall be computed.  

		
	(ii)
	An amount equal to the number of common stock equivalents as of the record date multiplied by the dividend paid on applicable common stock on each dividend payment date shall be credited to the Participant’s Deferral Account as soon as possible after the dividend payment date and shall be notionally invested in additional common stock equivalents.  

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	(iii)
	In the event of any stock dividend, stock split, combination or exchange of securities, merger, consolidation, recapitalization, spin-off or other distribution (other than normal cash dividends) of any or all of the assets of the Company to stockholders, or any other similar change or event, adjustments shall be made with respect to the number of common stock equivalents credited to a Participant’s Deferral Account, as the Committee, in its discretion, may deem appropriate to reflect such change or event.  

		
	(f)
	Interest Account.  Under the Interest Account, interest is credited at the rate determined by the Committee from time to time; provided, however, that the rate of interest from the Effective Date through the end of the Company’s 2006 fiscal year shall be 4.775%, the rate of interest from January 1, 2007 through December 31, 2013 shall be the 5-year constant maturity Treasury note interest rate as published by the Federal Reserve in effect on the first business date of the applicable calendar year and, effective January 1, 2014, the rate of interest shall be designated from time to time by members of the Company’s management identified by the Committee, but not to exceed a rate that would be considered an above-market interest rate under applicable rules issued by the Securities and Exchange Commission.          

4.3    Investment Elections and Changes.  A Participant may elect from among the Investment Funds for the notional investment of his Deferral Account from time to time in accordance with procedures established by the Committee and the following:  
		
	(a)
	Except as provided in subsection (b) below with respect to Long-Term Incentive Payments, if the Participant fails to make an investment election with respect to a Deferral, the Deferral shall be deemed to be invested in the Investment Fund identified by the Committee.

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	(b)
	Any Deferral attributable to a Long-Term Incentive Payment in the form of common stock, restricted or otherwise, shall automatically be deemed to be invested in the Stock Equivalent Account and shall remain so invested for a minimum period of one year after such Deferral is credited under the Plan; thereafter, the Participant may make an investment election with respect to such Deferral in accordance with subsection (c) below.

		
	(c)
	Subject to subsection (b) above, a Participant may elect to transfer all or a part of his notional interest in an Investment Fund to one or more of the other available Investment Funds.  Any such transfer shall be made in accordance with procedures established by the Committee. 

4.4    Adjustment of Accounts.  Pursuant to rules established by the Committee and applied on a uniform basis, Participants’ Deferral Accounts shall be adjusted on each Valuation Date specified by the Committee, to reflect the value of the various Investment Funds as of such date, including adjustments to reflect any Deferrals, notional transfers between Investment Funds, and notional gains, losses, expenses, appreciation, or depreciation with respect to such Deferral Accounts since the previous Valuation Date.  The value of an Investment Fund at any Valuation Date shall be based on the fair market value of the Investment Fund as determined in accordance with procedures established by the Committee; the value of the Stock Equivalent Fund shall be based on the Market Value as of the applicable date.
4.5    Vesting.  Unless a different rule is specified for Employer Deferrals under Section 3.4, a Participant shall be fully vested at all times in the balance of his Deferral Account.

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Section 5    
Payment of Benefits
5.1    Time and Method of Payment Under the Plan.
		
	(g)
	Distribution Options.  Payment of a Participant’s Deferral made under the Plan shall be made in a single lump sum or in substantially equal annual installments over a period not exceeding ten years as elected by the Participant in the Deferral Election.   If installment payments are elected, then except as provided in Section 5.4, the amount to be paid to the Participant as of an applicable payment date shall be determined by dividing the Participant’s Deferral Account balance as of the applicable Balance Calculation Date by the number of remaining installment payments.  If a Participant fails to elect a method of payment, such payment shall be made in a single lump sum.  Notwithstanding any provision of the Plan or a Participant’s Deferral Election, if a Participant’s distribution event is his Separation from Service, then payment shall be made in a single lump sum.

		
	(h)
	Time When Payments Begin.  If a Participant’s Deferral is payable in a single lump sum, the payment shall be made within the 60-day period following the applicable Balance Calculation Date.  If a Participant’s Deferral is payable in installment payments, then the Participant’s Deferral shall be paid in substantially equal annual installments commencing with the initial Balance Calculation Date and continuing on subsequent anniversaries of the initial Balance Calculation Date; provided that, if the Participant’s installments commenced before November 1, 2013, then the remaining installment payments shall be made as of each subsequent January 1st (based on the preceding December 31st Deferral Account balance) over the period elected by the Participant in the 

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Deferral Election.  Notwithstanding any other provision of the Plan to the contrary: (i) distributions to be made to a Top-50 Employee upon his Separation from Service shall not be made before the date that is six months after the Top-50 Employee’s Separation from Service; and (ii) if any applicable payment period begins in one Plan Year and ends in the following Plan Year, the Participant shall not have the right to designate the year of the payment.
		
	(i)
	Changing Distribution Method.  After the original Deferral Election, a Participant may elect to change the method of payment for a Deferral; provided, that such election shall be treated as a Re-Deferral Election.  Installment payments shall be treated as a single payment for purposes of making a Re-Deferral Election, and the first scheduled installment will be the measuring standard for purposes of determining whether a Re-Deferral Election complies with the requirements of subsection 3.2(i) above.

		
	(j)
	Special Rule for Small Amounts.  Notwithstanding any election by the Participant regarding the timing and manner of payment of his Deferrals, upon a Participant’s Separation from Service, if the total value of the Participant’s Deferral Account (excluding Grandfathered Deferrals described in Supplement I to this Plan, and determined as of the last business day of the month in which the Participant’s Separation from Service occurs) is less than $25,000, then the Participant’s Deferral Account shall be distributed in a lump sum within 60 days after the month in which the Participant’s Separation from Service occurs.  Pursuant to subsection 5.1(b) above, a six-month delay shall be required for any such distribution to a Top-50 Employee.  

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5.2    Payment Upon Total Disability.  In the event a Participant becomes totally disabled before all amounts credited to his Deferral Account have been paid, payment of the Participant’s Deferral Account shall be made in a lump sum within the 60-day period following the applicable Balance Calculation Date; provided that, if a Participant who is a Top-50 Employee incurs a Separation from Service and then becomes totally disabled, payment may not be made under this Section 5.2 before the end of the six-month period following the Participant’s Separation from Service and if the aforementioned 60-day period begins in one Plan Year and ends in the following Plan Year, the Participant shall not have the right to designate the year of the payment.  A Participant will be considered to be totally disabled if the Participant (a) is determined to be unable to engage in any substantially gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (b) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Participant’s Employer.   
5.3    Payment Upon Death of a Participant.  In the event a Participant dies before all amounts credited to his Deferral Account have been paid, payment of the Participant’s Deferral Account shall be made to the Participant’s Beneficiary in a single lump sum payment within the 60-day period after the applicable Balance Calculation Date; provided that, if such 60-day period begins in one Plan Year and ends in the following Plan Year, the Participant’s Beneficiary shall not have the right to designate the year of the payment . 
5.4    Form of Payment.  The distribution of that portion of a Participant’s Deferral Account deemed to be invested in an Investment Fund other than the Stock Equivalent Account shall be made in cash.  The distribution of that portion of a Participant’s Deferral Account deemed to be invested in the Stock Equivalent Account, less applicable withholding, shall be distributed in whole shares of Company common stock with fractional shares credited to federal income taxes withheld.  The number of shares of applicable Company common stock to be paid to a Participant as of any applicable payment date or event shall be equal to the number of common stock equivalents accumulated in the Stock Equivalent Account on the applicable 

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Balance Calculation Date divided by the total of the payments to be made.  Notwithstanding the foregoing, any portion of a Deferral deemed to be invested in the Stock Equivalent Account shall be distributed under the Stock Plan
5.5    Unforeseeable Financial Emergency.  If the Committee determines that a Participant has incurred an Unforeseeable Financial Emergency, the Participant may withdraw in cash and/or stock the portion of the balance of his Deferral Account needed to satisfy the Unforeseeable Financial Emergency, to the extent that the Unforeseeable Financial Emergency may not be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship, or by cessation of Deferrals under the Plan.  A withdrawal on account of an Unforeseeable Financial Emergency shall be paid within the 60-day period following the date on which the withdrawal is approved by the Committee. 
5.6    Withholding of Taxes.  The Company shall withhold any applicable Federal, state or local income, employment or other tax from payments due under the Plan.  

Section 6    
Miscellaneous
6.1    Funding.  Benefits payable under the Plan to any Participant shall be paid directly by the Participant’s Employer (including the Company if the Participant is employed by the Company).  The Company and the Employers shall not be required to fund or otherwise segregate assets to be used for payment of benefits under the Plan.  Notwithstanding the foregoing, the Company and the Employers, in the discretion of the Committee, may maintain one or more Trusts; provided that, in no event shall the Company or an Employer make a contribution or deposit to a Trust during a “restricted period” as defined in Code Section 409A(b)(3).  The assets of any such Trusts with respect to benefits payable to the employees of each Employer shall remain the assets of such Employer subject to the claims of its general creditors.  Any payments by a Trust of benefits provided to a Participant under the Plan shall be considered 

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payment by the Company or the Employer and shall discharge the Company or the Employer of any further liability under the Plan for such payments.
6.2    Account Statements.  As soon as practical after the end of each calendar year (or after such additional date or dates as the Committee, in its discretion, may designate), each Participant shall be provided with a statement of the balance of his Deferral Account hereunder as of the last day of such calendar year (or as of such other dates as the Committee, in its discretion, may designate).
6.3    Employment Rights.  Establishment of the Plan shall not be construed to give any Eligible Employee the right to be retained in the Company’s service or to any benefits not specifically provided by the Plan.
6.4    Interests Not Transferable.  No benefit payable at any time under the Plan shall be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment, or other legal process, or encumbrance of any kind, except (a) as provided for under the sections of a Company plan or agreement that state the Company’s authority to demand repayment of amounts owed to the Company pursuant to those sections, (b) as required for purposes of withholding of any tax under the laws of the United States or any state or locality, or (c) pursuant to a court-approved property settlement agreement issued incident to the Participant’s divorce.  Any attempt to alienate, sell, transfer, assign, pledge or otherwise encumber any such benefits, whether currently or thereafter payable, shall be void.  No person shall, in any manner, be liable for or subject to the debts or liabilities of any person entitled to such benefits.  If any person shall attempt to, or shall alienate, sell, transfer, assign, pledge or otherwise encumber his benefits under the Plan, or if by any reason of his bankruptcy or other event happening at any time, such benefits would devolve upon any other person or would not be enjoyed by the person entitled thereto under the Plan, then the Committee, in its discretion, may terminate the interest in any such benefits of the person entitled thereto under the Plan and hold or apply them for or to the benefit of such person entitled thereto under the Plan or his spouse, children or other dependents, or any of them, in such manner as the Committee may deem proper.  

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6.5    Forfeitures and Unclaimed Amounts.  Unclaimed amounts shall consist of the amounts of the Deferral Account of a Participant that are not distributed because of the Committee’s inability, after a reasonable search, to locate a Participant or his Beneficiary, as applicable, by the later of the end of the Plan Year in which the Participant’s Distribution Date, Separation from Service, or death occurs, or the end of the 90-day period following said Distribution Date, Separation from Service, or death.  Unclaimed amounts shall be forfeited at the end of such period.  These forfeitures will reduce the obligations of the Company under the Plan, and the Participant or Beneficiary, as applicable, shall have no further right to his Deferral Account.  
6.6    Controlling Law, Venue. The law of North Carolina, without regard to any state’s choice of law principles, shall be controlling in all matters relating to the Plan to the extent not preempted by ERISA.  Any legal action related to the Plan shall be brought only in a federal or state court located in North Carolina. 
6.7    Gender and Number.  Words in the masculine gender shall include the feminine, and the plural shall include the singular and the singular shall include the plural.
6.8    Action by the Company.  Except as otherwise specifically provided herein, any action required of or permitted by the Company under the Plan shall be by resolution of the Board of Directors of the Company or by action of any member of the Committee or person(s) authorized by resolution of the Board of Directors of the Company.
Section 7    
Employer Participation
Any subsidiary or affiliate of the Company incorporated under the laws of any state in the United States may, with the approval of the Committee and under such terms and conditions as the Committee may prescribe, adopt the Plan.  The Committee may amend the Plan as necessary or desirable to reflect the adoption of the Plan by an Employer; provided, however, that an adopting Employer shall not have the authority to amend or terminate the Plan under Section 8.

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Section 8    
Amendment and Termination
The Company intends the Plan to be permanent, but reserves the right at any time by action of its Board of Directors to modify, amend or terminate the Plan; provided, however, that any amendment or termination of the Plan shall not reduce or eliminate any Deferral Account accrued through the date of such amendment or termination.  Upon termination of the Plan, the Committee may provide that, notwithstanding the Distribution Date or form selected by each Participant, all Deferral Accounts will be distributed on a date and in a form selected by the Committee.  
The Committee shall have the authority to adopt amendments to the Plan as set forth in resolutions of the Compensation Committee of the Board of Directors of the Company.  The Committee shall provide notice of amendments it adopts to the Compensation Committee of the Board of Directors of the Company on a timely basis.
Any amendment or termination of the Plan shall comply with the restrictions of Code Section 409A to the extent applicable.  Specifically, no amendment or termination of the Plan may accelerate a scheduled payment unless permitted by Treasury regulations section 1.409A-3(j)(4), nor may any amendment permit a subsequent deferral unless such amendment complies with the requirements of Treasury regulations section 1.409A-2(b).

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SUPPLEMENT I 
TO 
HANESBRANDS INC. 
EXECUTIVE DEFERRED COMPENSATION PLAN

Liabilities Transferred From  
Sara Lee Corporation  
Executive Deferred Compensation Plan
		
	1.
	Background.  In connection with the establishment of the Company, Sara Lee Corporation (“Sara Lee”) and the Company caused the liabilities under the Sara Lee Corporation Executive Deferred Compensation Plan (the “Sara Lee Plan”) attributable to current and former employees of the Company (and of the Company’s predecessor, the Branded Apparel division of Sara Lee) to be transferred to the Plan.  Current and former employees described in the immediately preceding sentence are described herein as “Transferred Participants.”  

		
	2.
	Transfer, Effect of Transfer.  Effective on January 1, 2006 (the “Transfer Date”), the liabilities/account balances of the Sara Lee Plan attributable to the Transferred Participants were transferred to the Company, to be held and administered in accordance with the terms of the Plan, as amended; provided, that any elections made under the Sara Lee Plan shall remain in effect under the Plan, and beneficiary designations made under the Sara Lee Plan shall remain in effect until changed in accordance with Section 2.4 of the Plan.  The Plan is the successor to the Sara Lee Plan with regard to Transferred Participants. 

		
	3.
	Special Rules for Grandfathered Deferrals.  Any deferrals made by a Transferred Participant under the Sara Lee Plan prior to January 1, 2005 (“Grandfathered Deferrals”) shall be subject to the rules set forth below.

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	(a)
	Previously Elected Distribution Dates.  As part of each Deferral Election, the Transferred Participant was required to specify a Distribution Date for the Grandfathered Deferral, which may differ for various Grandfathered Deferrals.  Except as provided below, each Distribution Date is irrevocable and shall apply only to that portion of the Transferred Participant’s Deferral Account, which is attributable to that Grandfathered Deferral.

		
	(b)
	Previously Elected Distribution Form.  As part of each Deferral Election, a Transferred Participant was required to elect the form in which the Grandfathered Deferral will be paid beginning on the selected Distribution Date as either (i) a single lump sum or (ii) substantially equal annual installments over a period not exceeding ten years.  If a Transferred Participant’s Grandfathered Deferral is payable in a single lump sum, the payment shall be made within the 60-day period following the applicable Balance Calculation Date.  If a Transferred Participant’s Grandfathered Deferral is payable in installment payments, then payments shall be made in substantially equal annual installments commencing in the month following the initial Balance Calculation Date and continuing on subsequent anniversaries of the initial Balance Calculation Date; provided that, if the Participant’s installments commenced before November 1, 2013, then the remaining installment payments shall be made as of each subsequent January 1 (based on the preceding December 31st Grandfathered Deferral Account balance) over the period elected by the Transferred Participant in the Deferral Election.  Except as provided below, a Transferred Participant’s election as to the time and method of payment shall be irrevocable.  

		
	(c)
	Re-Deferral Elections for Grandfathered Amounts.  A Transferred Participant may make a Re-Deferral Election with respect to Grandfathered Deferrals; provided, that no Re-Deferral Election shall be effective unless (i) the Committee receives the election prior to the 

I-2    

December 1 of the calendar year preceding the calendar year in which the Distribution Date to be changed occurs, and (ii) the new Distribution Date is at least 12 months after the prior Distribution Date.  All Re-Deferral Elections must be made pursuant to such rules as the Committee may prescribe. 
		
	(d)
	Change in Method of Payment of Grandfathered Deferrals.  A Transferred Participant may make a one-time election to change the method of payment elected by the Transferred Participant; provided, that such election shall not be effective unless the election to change the method of payment is received by the Committee prior to the December 1 of the calendar year preceding the calendar year in which the Distribution Date specified in the original Deferral Election occurs.  All such elections must be made pursuant to such rules as the Committee may prescribe.

		
	(e)
	Unforeseeable Financial Emergency.  If the Committee determines that a Participant has incurred an Unforeseeable Financial Emergency, the Participant may withdraw in cash and/or stock the portion of the balance of his Deferral Account needed to satisfy the Unforeseeable Financial Emergency, to the extent that the Unforeseeable Financial Emergency may not be relieved through reimbursement or compensation by insurance or otherwise, or by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not itself cause severe financial hardship.  A withdrawal on account of an Unforeseeable Financial Emergency shall be paid as soon as possible following the date on which the withdrawal is approved. 

		
	(f)
	Early Withdrawal with Penalty.  Notwithstanding the other provisions of the Plan and this Supplement to the contrary, a Transferred Participant may request a withdrawal from his Grandfathered Deferrals, pro rata, by filing a request with the Committee in such form as the Committee may prescribe.  Any withdrawal under this provision will be charged with a 10 

I-3    

percent early withdrawal penalty, which will be withheld from the amount withdrawn and forfeited.
		
	(g)
	Disability.  In the event a Transferred Participant becomes totally disabled (as defined above) before all Grandfathered Deferrals have been paid, payment of the Transferred Participant’s Grandfathered Deferrals shall be made or commence at the time and in the form of payment elected by the disabled Transferred Participant; provided, that the disabled Transferred Participant requests payment in writing within 180 days of becoming disabled.  If such a request is not made, the disabled Transferred Participant’s Grandfathered Deferrals will be paid pursuant to the Deferral Elections and the normal provisions of the Plan.  

		
	(h)
	Death.  In the event a Transferred Participant dies before all Grandfathered Deferrals have been paid, payment of the Transferred Participant’s Grandfathered Deferrals shall be made or shall commence in at the time and in the form of payment elected by the Transferred Participant’s Beneficiary or the executor/executrix of the Transferred Participant’s estate; provided, that the request is made in writing within 180 days of the Transferred Participant’s death.  If such a request is not made, the deceased Transferred Participant’s Grandfathered Deferrals will be paid pursuant to the Deferral Elections and the normal provisions of the Plan. 

		
	(i)
	Small Amounts.  Notwithstanding any election by the Transferred Participant regarding the timing and manner of payment of his Grandfathered Deferrals, upon a Participant’s retirement or other termination of employment, if the total value of the Transferred Participant’s Grandfathered Deferrals (determined as of the end of the month in which the Participant retires or otherwise terminates his employment) is less than $10,000, then the Transferred Participant’s Grandfathered Deferrals shall be distributed in a lump sum as soon as practicable thereafter.  

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	4.
	Liberty Fabrics Plan Transfer.  Effective June 30, 2002, the account balances of certain participants in the Liberty Fabrics, Inc. Nonqualified Deferred Compensation Plan (the “Liberty Plan”) were transferred to and became subject to the provisions of the Sara Lee Plan.  Those balances in the Sara Lee Plan were transferred to the Plan as part of the transfers described in this Supplement and shall be treated as separate Grandfathered Deferrals under the Plan.  Accordingly, each Liberty Plan participant has specified a Distribution Date, method of payment, and investment alternative with respect to such transferred account balance.  However, notwithstanding anything contained in the Plan to the contrary, a Liberty Plan participant may not make a one-time election to change the method of payment under Paragraph 3 above with respect to his transferred account balance.

		
	5.
	Rules for Non-Grandfathered Amounts.  Amounts transferred from the Sara Lee Plan that were deferred on or after January 1, 2005 shall be subject to the rules described in the Plan rather than under Paragraph 3 of this Supplement.

		
	6.
	General.  Except as expressly provided to the contrary in this Supplement, Transferred Participants will be subject to the terms and conditions of the Plan, as amended from time to time.  The terms expressly defined in this Supplement shall supersede any conflicting terms of the Plan.  All other defined terms used in this Supplement shall have the same meanings assigned to them by the Plan.

I-5HBI-2013.12.28 EX-10.17

        

Exhibit 10.17

SEVERANCE/CHANGE IN CONTROL AGREEMENT
THIS SEVERANCE/CHANGE IN CONTROL AGREEMENT (the “Agreement”), is made and entered into this ____ day of ________________, by and between Hanesbrands Inc., a Maryland corporation (the “Company”), and _________________ (“Executive”).
WHEREAS, Executive is an employee of Company, Company desires to foster the continuous employment of Executive and has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of Executive to his duties free from distractions which could arise in anticipation of an involuntary termination of employment or a Change in Control of Company;
NOW, THEREFORE, in consideration of the mutual agreements herein set forth, Company and Executive agree as follows:
1.Term and Nature of Agreement.  This Agreement shall commence on the date it is fully executed (“Execution Date”) by all parties and shall continue in effect unless the Company gives at least eighteen (18) months prior written notice that this Agreement will not be renewed.  In the event of such notice, this Agreement will expire on the next anniversary of the Execution Date that is at least eighteen (18) months after the date of such notice.  Notwithstanding the foregoing, if a Change in Control occurs during any term of this Agreement, the term of this Agreement shall be extended automatically for a period of twenty-four (24) months after the end of the month in which the Change in Control occurs.  Except to the extent otherwise provided, the parties intend for this Agreement to be construed and enforced as an unfunded welfare benefit plan under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), including without limitation the jurisdictional provisions of ERISA.
2.Involuntary Termination Benefits.  Executive shall be eligible for severance benefits upon an involuntary termination of employment under the terms and conditions specified in this section 2.
		
	(a)
	Eligibility for Severance. 

		
	(i)
	Eligible Terminations.  Subject to subparagraph (a)(ii) below, Executive shall be eligible for severance payments and benefits under this section 2 if his employment terminates under one of the following circumstances:

		
	(A)
	Executive’s employment is terminated involuntarily without Cause (defined in subparagraph 2(a)(ii)(A)); or 

		
	(B)
	Executive terminates his or her employment at the request of Company.

		
	(ii)
	Ineligible Terminations.  Notwithstanding subparagraph (a)(i) next above, Executive shall not be eligible for any severance payments or benefits under 

        

this section 2  if his employment  terminates under any of the following circumstances:
		
	(A)
	A termination for Cause.  For purposes of this Agreement, “Cause” means Executive has been convicted of (or pled guilty or no contest to) a felony or any crime involving fraud, embezzlement, theft, misrepresentation of financial impropriety; has willfully engaged in misconduct resulting in material harm to Company; has willfully failed to substantially perform duties after written notice; or is in willful violation of Company policies resulting in material harm to Company;

		
	(B)
	A termination as the result of Disability.  For purposes of this Agreement “Disability” shall mean a determination under Company’s disability plan covering Executive that Executive is disabled;

		
	(C)
	A termination due to death;

		
	(D)
	A termination due to Retirement.  For purposes of this Agreement “Retirement” shall mean Executive’s voluntary termination of employment on or after Executive’s attainment of the normal retirement age as defined in the Hanesbrands Inc. Pension and Retirement Plan (the “Retirement Plan”);

		
	(E)
	A voluntary termination of employment other than at the request of Company;

		
	(F)
	A termination following which Executive is immediately offered and accepts new employment with Company, or becomes a non-executive member of the Board;

		
	(G)
	The transfer of Executive’s employment to a subsidiary or affiliate of Company with his consent;

		
	(H)
	A termination of employment that qualifies Executive to receive severance payments or benefits under section 3 below following a Change in Control; or

		
	(I)
	Any other termination of employment under circumstances not described in subparagraph 2(a)(i).

		
	(iii)
	Characterization of Termination.  The characterization of Executive’s termination shall be made by the Committee (as defined in section 5 below) which determination shall be final and binding.

		
	(iv)
	Termination Date.  For purposes of this section 2, Executive’s “Termination Date” shall mean the date specified in the separation and release agreement described under section 2(e) below.

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	(b)
	Severance Benefits Payable.  If Executive is terminated under circumstances described in subparagraph 2(a)(i), and not described in subparagraph 2(a)(ii), then in lieu of any benefits payable under any other severance plan of the Company of any type and in consideration of the separation and release agreement and the covenants contained herein, the following shall apply:

		
	(i)
	Executive shall be entitled to receive his Base Salary (the “Salary Portion of Severance”) during the “Severance Period,” payable as provided in section 2(c).  The “Severance Period” shall mean the number of months determined by multiplying the number of Executive’s full years of employment with Company or any subsidiary or affiliate of Company (including periods of employment with Sara Lee Corporation) by two; provided, however, that in no event shall the Severance Period be less than twelve months or more than twenty-four months.  “Base Salary” shall mean the annual salary in effect for Executive immediately prior to his Termination Date.  At the discretion of the Committee, Executive may receive an additional salary portion in an amount equal to as much as 100% of Executive’s target bonus under the Annual Incentive Plan.  

		
	(ii)
	Executive shall receive a pro-rata amount (determined based upon the number of days from the first day of the Company’s current fiscal year to Executive’s Termination Date divided by the total number of days in the applicable performance period and based on actual performance and achievement of any performance goals) of:

		
	(A)
	The annual incentive, if any, payable under the Annual Incentive Plan in effect with respect to the fiscal year or Short Year in which the Termination Date occurs based on actual fiscal year performance (the “Annual Incentive Portion of Severance”).  “Annual Incentive Plan” means the Hanesbrands Inc. annual incentive plan in which Executive participates as of the Termination Date; and 

		
	(B)
	The long-term incentive payable under the Omnibus Plan in effect on Executive’s Termination Date for any performance period or cycle that is at least fifty (50) percent completed prior to Executive’s Termination Date and which relates to the period of his service prior to his Termination Date.  The “Omnibus Plan” means the Hanesbrands Inc. Omnibus Incentive Plan of 2006, as amended from time to time, and any successor plan or plans.  The long-term incentive described in this section (“Long-Term Cash Incentive Plan”) includes cash long-term incentives, but does not include stock options, RSUs, or other equity awards.

Such amounts shall be payable as provided in section 2(c).  Treatment of stock options, RSUs, or other equity awards shall be determined pursuant to the Executive’s award agreement(s).  Executive shall not be eligible for any new Annual Incentive Plan grants, Long-Term Cash Incentive Plan grants, or any other grants of stock options, RSUs, or other equity awards under the Omnibus Plan during the Severance Period.

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	(iii)
	Beginning on his Termination Date, Executive shall be eligible to elect continued coverage under the group medical and dental plan available to similarly situated senior executives.  If Executive elects continuation coverage for medical coverage, dental coverage or both, he shall pay the entire COBRA premium charged for such continuation coverage during the Severance Period; provided, however, that during the Severance Period Company shall reimburse Executive for that portion of the COBRA premium paid that exceeds the amount payable by an active executive of Company for similar coverage, as adjusted from time to time.  Such reimbursement shall be made to Executive on the 20th day of each calendar month during the Severance Period, or within ten (10) business days thereafter.  The amount eligible for reimbursement under this subparagraph in any calendar year shall not affect any amounts eligible for reimbursement to be provided in any other calendar year.  In addition, Executive’s right to reimbursement hereunder shall not be subject to liquidation or exchange for any other benefit.  Executive’s right to COBRA continuation coverage under any such group health plan shall be reduced by the number of months of medical and dental coverage otherwise provided pursuant to this subparagraph.  The premium charged for any continuation coverage after the end of the Severance Period shall be entirely at Executive’s expense and shall be the actuarially determined cost of the continuation coverage as determined by an actuary selected by the Company (in accordance with the requirements under COBRA, to the extent applicable).  Executive shall not be entitled to reimbursement of any portion of the premium charged for such coverage after the end of the Severance Period.  Executive’s COBRA continuation coverage shall terminate in accordance with the COBRA continuation of coverage provisions under Company’s group medical and dental plans.  If Executive is eligible for early retirement under the terms of the Retirement Plan (or would become eligible if the Severance Period is considered as employment), then, after exhausting any COBRA continuation coverage under the group medical plan, Executive may elect to participate in any retiree medical plan available to similarly situated senior executives in accordance with the terms and conditions of  such plan in effect on and after Executive’s Termination Date; provided, that such retiree medical coverage shall not be available to Executive unless he or she elects such coverage within thirty (30) days following his Termination Date.  The premium charged for such retiree medical coverage may be different (greater) than the premium charged an active employee for similar coverage;

		
	(iv)
	Except as otherwise provided herein or in the applicable plan, participation in all other Company plans available to similarly situated senior executives including but not limited to, qualified pension plans, stock purchase plans, matching grant programs, 401(k) plans and ESOPs, personal accident insurance, travel accident insurance, short and long term disability insurance, and accidental death and dismemberment insurance, shall cease on Executive’s Termination Date.  During the Severance 

-4-

Period, Company shall continue to maintain life insurance covering Executive under Company’s Executive Life Insurance Plan in accordance with its terms.  If Executive is eligible for early retirement or becomes eligible for early retirement during the Severance Period, then Company will continue to pay the premiums (or prepay the entire premium) so that Executive has a paid-up life insurance benefit equal to his annual salary on his Termination Date.
		
	(c)
	Payment of Severance.  Subject to section 15:

		
	(i)
	Salary Portion.  The Salary Portion of Severance shall be paid as follows:  

		
	(A)
	That portion of the Salary Portion of Severance that exceeds the “Separation Pay Limit,” if any, shall be paid to Executive in a lump sum payment as soon as practicable following the Termination Date, but in no event later than the fifteenth day of the third month after the date of the termination of Executive’s employment.  The “Separation Pay Limit” shall mean two (2) times the lesser of (1) the sum of Executive’s annualized compensation based upon the annual rate of pay for services provided to Company for the calendar year immediately preceding the calendar year in which the Termination Date occurs (adjusted for any increase during that calendar year that was expected to continue indefinitely if Executive had not terminated employment); and (2) the maximum dollar amount of compensation that may be taken into account under a tax-qualified retirement plan under Code Section 401(a)(17) for the year in which the Termination Date occurs.  The payment to be made to Executive pursuant to this subparagraph (A) is intended to be exempt from Code Section 409A (as defined in section 15) under the exemption found in Regulation Section 1.409A-(b)(4) for short-term deferrals.

		
	(B)
	The remaining portion of the Salary Portion of Severance shall be paid during the Severance Period in accordance with Company’s payroll schedule, unless the Committee shall elect to pay the remaining Salary Portion of Severance in a lump sum payment or a combination of regular payments and a lump sum payment.  Any lump sum payment shall be paid to Executive as soon as practicable following the Termination Date, but in no event later than the fifteenth day of the third month after the date of the termination of Executive’s employment.  Notwithstanding the foregoing, in no event shall such remaining portion of the Salary Portion of Severance be paid to Executive later than December 31 of the second calendar year following the calendar year in which Executive’s Termination Date occurs.  The payment(s) to be made to Executive pursuant to this subparagraph (B) are intended to be exempt from Code Section 409A (as defined in section 15) under the exemption found in Regulation Section 1.409A-1(b)(9)(iii) for separation pay plans (i.e., the so-called “two times” pay exemption).

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	(ii)
	Incentive Portion. The Annual Incentive Portion of Severance, if any, shall be paid in cash on the same date the active participants under the Annual Incentive Plan are paid.  The Long-Term Cash Incentive Plan payout, if any, shall be paid in the same form and on the same date the active participants under the Omnibus Plan are paid.  

		
	(iii)
	Withholding.  All payments hereunder shall be reduced by such amount as Company (or any subsidiary or affiliate of Company) may be required under all applicable federal, state, local or other laws or regulations to withhold or pay over with respect to such payment.

		
	(d)
	Termination of Benefits.  Notwithstanding any provisions in this Agreement to the contrary, all rights to receive or continue to receive severance payments and benefits under this section 2 shall cease on the earliest of: (i) the date Executive breaches any of the covenants in the separation and release agreement described in section 2(e); or (ii) the date Executive becomes reemployed by Company or any of its subsidiaries or affiliates.

		
	(e)
	Separation and Release Agreement.  No benefits under this section 2 shall be payable to Executive unless Executive and Company have executed a separation and release agreement within forty-five (45) days following the Termination Date and the payment of severance benefits under this section 2 shall be subject to the terms and conditions of the separation and release agreement.

		
	(f)
	Death of Executive.  In the event that Executive shall die prior to the payment in full of any benefits described above as payable to Executive for Involuntary Termination, payments of such benefits shall cease on the date of Executive’s death.  

3.Change in Control Benefits.  
		
	(a)
	Eligibility for Change in Control Benefits.

		
	(i)
	Eligible Terminations.  If (A) within three (3) months preceding a Change in Control, the Executive’s employment is terminated by the Company at the request of a third party in contemplation of a Change in Control, (B) within twenty-four (24) months following a Change in Control, Executive’s employment is terminated by Company other than on account of Executive’s death, disability or retirement and other than for Cause, or (C) within twenty-four (24) months following a Change in Control Executive voluntarily terminates his employment for Good Reason, Executive shall be entitled to the Change in Control benefits as described in section 3(b) below.

		
	(ii)
	Good Reason.  For purposes of this section 3, “Good Reason” means the occurrence of any one or more of the following (without Executive’s written consent after a Change in Control):

		
	(A)
	A material adverse change in Executive’s duties or responsibilities;

		
	(B)
	A reduction in Executive’s annual base salary except any reduction of not more than ten (10) percent;

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	(C)
	A material reduction in Executive’s level of participation in any of Company’s short- and/or long-term incentive compensation plans, or employee benefit or retirement plans, policies, practices or arrangements in which Executive participates except for any reduction applicable to all senior executives;

		
	(D)
	The failure of any successor to Company to assume and agree to perform this Agreement; or 

		
	(E)
	Company’s requiring Executive to be based at an office location which is at least fifty (50) miles from his or her office location at the time of the Change in Control.

The existence of Good Reason shall not be affected by Executive’s temporary incapacity due to physical or mental illness not constituting a Disability.  Executive’s retirement shall constitute a waiver of his or her rights with respect to any circumstance constituting Good Reason.  Executive’s continued employment shall not constitute a waiver of his or her rights with respect to any circumstances which may constitute Good Reason; provided, however, that Executive may not rely on any particular action or event described in clause (A) through (E) above as a basis for terminating his employment for Good Reason unless he delivers a Notice of Termination based on that action or event within ninety (90) days after its occurrence and Company has failed to correct the circumstances cited by Executive as constituting Good Reason within thirty (30) days of receiving the Notice of Termination.
		
	(iii)
	Change in Control.  For purposes of this Agreement, a “Change in Control” will occur:

		
	(A)
	Upon the acquisition by any individual, entity or group, including any Person (as defined in the United States Securities Exchange Act of 1934, as amended (the “Exchange Act”)), of beneficial ownership (as defined in Rule 13d‐3 promulgated under the Exchange Act), directly or indirectly, of twenty (20) percent or more of the combined voting power of the then outstanding capital stock of Company that by its terms may be voted on all matters submitted to stockholders of Company generally (“Voting Stock”); provided, however, that the following acquisitions shall not constitute a Change in Control:

		
	1)
	Any acquisition directly from Company (excluding any acquisition resulting from the exercise of a conversion or exchange privilege in respect of outstanding convertible or exchangeable securities unless such outstanding convertible or exchangeable securities were acquired directly from Company);

		
	2)
	Any acquisition by Company;

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	3)
	Any acquisition by an employee benefit plan (or related trust) sponsored or maintained by Company or any corporation controlled by Company; or

		
	4)
	Any acquisition by any corporation pursuant to a reorganization, merger or consolidation involving Company, if, immediately after such reorganization, merger or consolidation, each of the conditions described in clauses (1), (2) and (3) of subparagraph 3(a)(iii)(B) below shall be satisfied; and provided further that, for purposes of clause (2) immediately above, if (i) any Person (other than Company or any employee benefit plan (or related trust) sponsored or maintained by Company or any corporation controlled by Company) shall become the beneficial owner of twenty (20) percent or more of the Voting Stock by reason of an acquisition of Voting Stock by Company, and (ii) such Person shall, after such acquisition by Company, become the beneficial owner of any additional shares of the Voting Stock and such beneficial ownership is publicly announced, then such additional beneficial ownership shall constitute a Change in Control; or

		
	(B)
	Upon the consummation of a reorganization, merger or consolidation of Company, or a sale, lease, exchange or other transfer of all or substantially all of the assets of Company; excluding, however, any such reorganization, merger, consolidation, sale, lease, exchange or other transfer with respect to which, immediately after consummation of such transaction:

		
	1)
	All or substantially all of the beneficial owners of the Voting Stock of Company outstanding immediately prior to such transaction continue to beneficially own, directly or indirectly (either by remaining outstanding or by being converted into voting securities of the entity resulting from such transaction), more than fifty (50) percent of the combined voting power of the voting securities of the entity resulting from such transaction (including, without limitation, Company or an entity which as a result of such transaction owns Company or all or substantially all of Company's property or assets, directly or indirectly) (the “Resulting Entity”) outstanding immediately after such transaction, in substantially the same proportions relative to each other as their ownership immediately prior to such transaction; and

		
	2)
	No Person (other than any Person that beneficially owned, immediately prior to such reorganization, merger, consolidation, sale or other disposition, directly or indirectly, Voting Stock representing twenty (20) percent or more of the combined voting power of Company's then outstanding 

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securities) beneficially owns, directly or indirectly, twenty (20) percent or more of the combined voting power of the then outstanding securities of the Resulting Entity; and

		
	3)
	At least a majority of the members of the board of directors of the entity resulting from such transaction were members of the board of directors of Company (the “Board”) at the time of the execution of the initial agreement or action of the Board authorizing such reorganization, merger, consolidation, sale or other disposition; or 

		
	(C)
	Upon the consummation of a plan of complete liquidation or dissolution of Company; or

		
	(D)
	When the Initial Directors cease for any reason to constitute at least a majority of the Board.  For this purpose, an “Initial Director” shall mean those individuals serving as the directors of Company as of the date of this Agreement; provided, however, that any individual who becomes a director of Company at or after the first annual meeting of stockholders of Company whose election, or nomination for election by the Company’s stockholders, was approved by the vote of at least a majority of the Initial Directors then comprising the Board (or by the nominating committee of the Board, if such committee is comprised of Initial Directors and has such authority) shall be deemed to have been an Initial Director; and provided further, that no individual shall be deemed to be an Initial Director if such individual initially was elected as a director of Company as a result of: (1) an actual or threatened solicitation by a Person (other than the Board) made for the purpose of opposing a solicitation by the Board with respect to the election or removal of directors; or (2) any other actual or threatened solicitation of proxies or consents by or on behalf of any Person (other than the Board).

		
	(iv)
	Termination Date.  For purposes of this section 3, “Termination Date” shall mean the date specified in the Notice of Termination as the date on which the conditions giving rise to Executive’s termination were first met.  

		
	(b)
	Change in Control Benefits.  In the event Executive becomes entitled to receive benefits under this section 3, the following shall apply:

		
	(i)
	In consideration of Executive’s covenants hereunder, Executive shall be entitled to receive the following amounts, payable as provided in section 3(j):

		
	(A)
	A lump sum payment equal to the unpaid portion of Executive’s annual Base Salary and vacation accrued through the Termination Date;

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	(B)
	A lump sum payment equal to Executive’s prorated Annual Incentive Plan payment (as determined in accordance with subparagraph 2(b)(ii)(A) above);

		
	(C)
	A lump sum payment equal to Executive’s prorated Long-Term Cash Incentive Plan payment (as determined in accordance with subparagraph 2(b)(ii)(B) above); and

		
	(D)
	A lump sum payment equal to two times the sum of (1) Executive’s annual Base Salary; and (2) the greater of (i) Executive’s target annual incentive (as defined in the Annual Incentive Plan) for the year in which the Change in Control occurs and (ii) Executive’s average annual incentive calculated over the three (3) fiscal years immediately preceding the year in which the Change in Control occurs; and (3) an amount equal to the Company matching contribution to the defined contribution plan in which Executive is participating at the Termination Date (currently 4%).

Treatment of stock options, RSUs, or other equity awards shall be determined pursuant to the Executive’s award agreement(s).  Executive shall not be eligible for any new Annual Incentive Plan grants, Long-Term Cash Incentive Plan grants, or any other grants of stock options, RSUs, or other equity awards under the Omnibus Plan with respect to the CIC Severance Period as defined immediately below.
		
	(ii)
	For a period of 24 months following Executive’s Termination Date (the “CIC Severance Period”), Executive shall have the right to elect continuation of the life insurance, personal accident insurance, travel accident insurance and accidental death and dismemberment insurance coverages which insurance coverages shall be provided at the same levels and the same costs in effect immediately prior to the Change in Control. Beginning on his Termination Date, Executive shall be eligible to elect continued coverage under the group medical and dental plan available to similarly situated senior executives.  If Executive elects continuation coverage for medical coverage, dental coverage or both, he shall pay the entire COBRA premium charged for such continuation coverage during the CIC Severance Period; provided, however, that during the CIC Severance Period, Company shall reimburse Executive for that portion of the COBRA premium paid that exceeds the amount payable by an active executive of Company for similar coverage, as adjusted from time to time.  Such reimbursement shall be made to Executive on the 20th day of each calendar month during the CIC Severance Period, or within ten (10) business days thereafter.  The amount eligible for reimbursement under this subparagraph in any calendar year shall not affect any amounts eligible for reimbursement to be provided in any other calendar year.  In addition, Executive’s right to reimbursement hereunder shall not be subject to liquidation or exchange for any other benefit.  Executive’s right to COBRA continuation coverage under any such group health plan shall be reduced by the number of months of coverage otherwise provided pursuant to this subparagraph.  The premium charged for any continuation coverage after the 

-10-

end of the CIC Severance Period shall be entirely at Executive’s expense and shall be the actuarially determined cost of the continuation coverage as determined by an actuary selected by the Company (in accordance with the requirements under COBRA, to the extent applicable).  Executive shall not be entitled to reimbursement of any portion of the premium charged for such coverage after the end of the CIC Severance Period.  Executive’s COBRA continuation coverage shall terminate in accordance with the COBRA continuation of coverage provisions under Company’s group medical and dental plans.  If Executive is eligible for early retirement under the terms of the Retirement Plan (or would become eligible if the CIC Severance Period is considered as employment), then, after exhausting any COBRA continuation coverage under the group medical plan, Executive may elect to participate in any retiree medical plan available to similarly situated senior executives in accordance with the terms and conditions of such plan in effect on and after Executive’s Termination Date; provided, that such retiree medical coverage shall not be available to Executive unless he or she elects such coverage within thirty (30) days following his Termination Date.  The premium charged for such retiree medical coverage may be different from the premium charged an active employee for similar coverage; 
		
	(iii)
	If the aggregate benefits accrued by Executive as of the Termination Date under the savings and retirement plans sponsored by Company are not fully vested pursuant to the terms of the applicable plan(s), the difference between the benefits Executive is entitled to receive under such plans and the benefits he would have received had he been fully vested will be provided to Executive under the Hanesbrands Inc. Supplemental Employee Retirement Plan (the “Supplemental Plan”).  In addition, for purposes of determining Executive’s benefits under the Supplemental Plan and Executive’s right to post-retirement medical benefits under Company’s retiree medical plan, additional years of age and service credits equivalent to the length of the CIC Severance Period shall be included.  However, Executive will not be eligible to begin receiving any retirement benefits under any such plans until the date he or she would otherwise be eligible to begin receiving benefits under such plans;

		
	(iv)
	Except as otherwise provided herein or in the applicable plan, participation in all other plans of Company or any subsidiary or affiliate of Company available to similarly situated Executives of Company, shall cease on Executive’s Termination Date.  

		
	(c)
	Termination for Disability.  If Executive’s employment is terminated due to Disability following a Change in Control, Executive shall receive his Base Salary through the Termination Date, at which time his benefits shall be determined in accordance with Company’s disability, retirement, insurance and other applicable plans and programs then in effect, and Executive shall not be entitled to any other benefits provided by this Agreement.

		
	(d)
	Termination for Retirement or Death.  If Executive’s employment is terminated by reason of his retirement or death following a Change in Control, Executive’s benefits shall be determined in accordance with Company’s retirement, survivor’s 

-11-

benefits, insurance, and other applicable programs then in effect, and Executive shall not be entitled to any other benefits provided by this Agreement.
		
	(e)
	Termination for Cause, or Other Than for Good Reason or Retirement.  If Executive’s employment is terminated either by Company for Cause, or voluntarily by Executive (other than for Retirement or Good Reason) following a Change in Control, Company shall pay Executive his full Base Salary and accrued vacation through the Termination Date, at the rate then in effect, plus all other amounts to which such Executive is entitled under any compensation plans of Company, at the time such payments are due, and Company shall have no further obligations to such Executive under this Agreement.

		
	(f)
	Separation and Release Agreement.  No benefits under this section 3 shall be payable to Executive unless Executive and Company have executed a “Separation and Release Agreement” (in substantially the form attached hereto as Exhibit A) within forty-five (45) days following the Termination Date and the payment of change in control benefits under this section 3 shall be subject to the terms and conditions of the Separation and Release Agreement.

		
	(g)
	Deferred Compensation.  All amounts previously deferred by or accrued to the benefit of Executive under any nonqualified deferred compensation plan sponsored by Company (including, without limitation, any vested amounts deferred under incentive plans), together with any accrued earnings thereon, shall be paid in accordance with the terms of such plan following Executive’s termination.

		
	(h)
	Notice of Termination.  Any termination of employment under this section 3 by Company or by Executive for Good Reason shall be communicated by a written notice which shall indicate the specific Change in Control termination provision relied upon, and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated (a “Notice of Termination”).

		
	(i)
	Termination of Benefits.  All rights to receive or continue to receive severance payments and benefits pursuant to this section 3 by reason of a Change in Control shall cease on the date Executive becomes reemployed by Company or any of its subsidiaries or affiliates.

		
	(j)
	Form and Timing of Benefits.  Subject to the provisions of this section 3 and to section 15, the Change in Control benefits described herein shall be paid to Executive in cash in a single lump sum payment as soon as practicable following the Termination Date, but in no event later than the fifteenth day of the third month after the date of the Executive’s termination of employment.  The Change in Control benefits payable to Executive pursuant to this subparagraph (j) are intended to be exempt from Code Section 409A (as defined in section 15) under the exemption found in Regulation Section 1.409A-(b)(4) for short-term deferrals.

		
	(k)
	Excise Tax Adjustment.  Subject to the limitation below, in the event that Executive becomes entitled to any payment or benefit under this section 3 (such benefits together with any other payments or benefits payable under any other agreement 

-12-

with, or plan or policy of, Company are referred to in the aggregate as the “Total Payments”), if all or any part of the Total Payments will, as determined by Company, be subject to the tax (the “Excise Tax”) imposed by Code Section 4999 (or any similar tax that may hereafter be imposed), then such payment shall be either: (i) provided to Executive in full, or (ii) provided to Executive to such lesser extent as would result in no portion of such payment being subject to such Excise Tax, whichever of the foregoing amounts, when taking into account applicable federal, state, local and foreign income and employment taxes, such Excise Tax, and any other applicable taxes, results in the receipt by Executive, on an after-tax basis, of the greatest amount of the payment, notwithstanding that all or some portion of such payment may be taxable under such Excise Tax.  To the extent such payment needs to be reduced pursuant to the preceding sentence, reductions shall come from taxable amounts before non-taxable amounts and beginning with the payments otherwise scheduled to occur soonest.  Executive agrees to cooperate fully with Company to determine the benefits applicable under this section.  For purposes of determining whether any of the Total Payments will be subject to the Excise Tax, and the amounts of such Excise Tax, the following shall apply:
		
	(i)
	Any other payments or benefits received or to be received by Executive in connection with a Change in Control or Executive’s termination of employment (whether pursuant to the terms of this Agreement or any other plan, policy, arrangement or agreement with Company, or with any Person whose actions result in a Change in Control or any Person affiliated with Company or such Persons) shall be treated as “parachute payments” within the meaning of Code Section 280G(b)(2), and all “excess parachute payments” within the meaning of Code Section 280G(b)(1) shall be treated as subject to the Excise Tax, unless in the opinion of Company’s tax counsel as supported by Company’s independent auditors and acceptable to Executive, such other payments or benefits (in whole or in part) do not constitute parachute payments, or unless such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered within the meaning of Code Section 280G(b)(4) in excess of the base amount within the meaning of Code Section 280G(b)(3), or are otherwise not subject to the Excise Tax;

		
	(ii)
	The value of any noncash benefits or any deferred payment or benefit shall be determined by Company’s independent auditors in accordance with the principles of Code Sections 280G(d)(3) and (4); 

		
	(iii)
	Executive shall be deemed to pay federal income taxes at the highest marginal rate of federal income taxation, and state and local income taxes at the highest marginal rate of taxation in the state and locality of Executive’s residence on the Termination Date, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes; and

		
	(iv)
	In the event the Internal Revenue Service adjusts any item included in Company’s computations under this section 3(k) so that Executive did not receive the full net benefit intended under the provisions of this section 3(k), Company shall reimburse Executive for the full amount necessary to make 

-13-

Executive whole as determined by the Committee.  Any such payment shall be treated for Section 409A purposes as a payment separate from the payment made pursuant to this subparagraph (k) immediately following Executive’s termination of employment and shall be made by Company to Executive within twenty (20) days of the date he remits the additional taxes as a result of such adjustment; provided, however, that no such payment shall be made following the calendar year after the calendar year in which such adjustment was made by the Internal Revenue Service.
		
	(l)
	Company’s Payment Obligation.  Subject to the provisions of section 4, Company’s obligation to make the payments and the arrangements provided in this section 3 shall be absolute and unconditional, and shall not be affected by any circumstances, including, without limitation, any offset, counterclaim, recoupment, defense, or other right which Company may have against Executive or anyone else.  All amounts payable by Company under this section 3 shall be paid without notice or demand and each and every payment made by Company shall be final, and Company shall not seek to recover all or any part of such payment from Executive or from whomsoever may be entitled thereto, for any reason except as provided in section 3(k) above or in section 4.

		
	(m)
	Other Employment.  Executive shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under this section 3, and the obtaining of any such other employment shall in no event result in any reduction of Company’s obligations to make the payments and arrangements required to be made under this section 3, except to the extent otherwise specifically provided in this Agreement.

		
	(n)
	Payment of Legal Fees and Expenses.  To the extent permitted by law, Company shall reimburse Executive for all reasonable legal fees, costs of litigation or arbitration, prejudgment or pre-award interest, and other expenses incurred in good faith by Executive as a result of Company’s refusal to provide benefits under this section 3, or as a result of Company contesting the validity, enforceability or interpretation of the provisions of this section 3, or as the result of any conflict (including conflicts related to the calculation of parachute payments or the characterization of Executive’s termination) between Executive and Company; provided that the conflict or dispute is resolved in Executive’s favor and Executive acts in good faith in pursuing his rights under this section 3.  Such reimbursement shall be made within thirty (30) days following final resolution, in favor of Executive, of the conflict or dispute giving rise to such fees and expenses.  In no event shall Executive be entitled to receive the reimbursements provided for in this subparagraph if he acts in bad faith or pursues a claim without merit, or if he fails to prevail in any action instituted by him or Company.

		
	(o)
	Arbitration for Change in Control Benefits. Any dispute or controversy arising under or in connection with the benefits provided under this section 3 shall promptly and expeditiously be submitted to arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association in effect at the time of such arbitration proceeding utilizing a panel of three (3) arbitrators sitting in a location selected by Executive within fifty (50) miles from the location of his 

-14-

employment with Company.  Judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.  The costs and expenses of both parties, including, without limitation, attorneys’ fees shall be borne by Company.  Pending the resolution of any such dispute, controversy or claim, Executive (and his beneficiaries) shall, except to the extent that the arbitrator otherwise expressly provides, continue to receive all payments and benefits due under this section 3.
4.Remedies.  In the event of any actual or threatened breach of the provisions of this Agreement or any separation and release agreement, the party who claims such breach or threatened breach shall give the other party written notice and, except in the case of a breach which is not susceptible to being cured, ten calendar days in which to cure.  In the event of a breach of any provision of this Agreement or any separation and release agreement by Executive, (i) Executive shall reimburse Company: the full amount of any payments made under section 2(b)(i), (ii), or (iii) or section 3(b)(i) of this Agreement (as the case may be), (ii) Company shall have the right, in addition to and without waiving any other rights to monetary damages or other relief that may be available to Company at law or in equity, to immediately discontinue any remaining payments due under subparagraph 2(b)(i), (ii) or (iii) or subparagraph 3(b)(i) of this Agreement (as the case may be) including but not limited to any remaining Salary Portion of Severance payments, and (iii) the Severance Period or the CIC Severance Period (as the case may be) shall thereupon cease, provided that Executive’s obligations under, if applicable, any separation and release agreement shall continue in full force and effect in accordance with their terms for the entire duration of the Severance Period or CIC Severance Period as applicable.  In addition, Executive acknowledges that Company will suffer irreparable injury in the event of a breach or violation or threatened breach or violation of the provisions of this Agreement or any separation and release agreement and agrees that in the event of an actual or threatened breach or violation of such provisions, in addition to the other remedies or rights available to under this Agreement or otherwise, Company shall be awarded injunctive relief in the federal or state courts located in North Carolina to prohibit any such violation or breach or threatened violation or breach, without necessity of posting any bond or security.
5.Committee.  Except as specifically provided herein, this Agreement shall be administered by the Compensation and Benefits Committee of the Board (the “Committee”).  The Committee may delegate any administrative duties, including, without limitation, duties with respect to the processing, review, investigation, approval and payment of severance/Change in Control benefits, to designated individuals or committees. 
6.Claims Procedure.  If Executive believes that he is entitled to receive severance benefits under this Agreement, he may file a claim in writing with the Committee within ninety (90) days after the date such Executive believes he or she should have received such benefits.  No later than ninety (90) days after the receipt of the claim, the Committee shall either allow or deny the claim in writing.  A denial of a claim, in whole or in part, shall be written in a manner calculated to be understood by Executive and shall include the specific reason or reasons for the denial; specific reference to the pertinent provisions of this Agreement on which the denial is based; a description of any additional material or information necessary for Executive to perfect the claim and an explanation of why such material or information is necessary; and an explanation of the claim review procedure.  Executive (or his duly authorized representative) may within sixty 60 days after receipt of the denial of his claim request a review upon written application to the Committee; review pertinent documents; and submit issues and comments in writing.  The Committee shall notify Executive of its decision on review within sixty (60) days after receipt of a request for review unless special 

-15-

circumstances require an extension of time for processing, in which case a decision shall be rendered as soon as possible, but not later than one-hundred twenty (120) days after receipt of a request for review.  Notice of the decision on review shall be in writing.  The Committee’s decision on review shall be final and binding on Executive and any successor in interest.  If Executive subsequently wishes to file a claim under Section 502(a) of ERISA, any legal action must be filed within ninety (90) days of the Committee’s final decision.  Executive must exhaust the claims procedure provided in this section 6 before filing a claim under ERISA with respect to any benefits provided under section 2 of this Agreement.
7.Notices. Any notice required or permitted to be given under this Agreement shall be sufficient if in writing and either delivered in person or sent by first class, certified or registered mail, postage prepaid, if to Company at Company’s principal place of business, and if to Executive, at his home address most recently filed with Company, or to such other address as either party shall have designated in writing to the other party.
8.Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina without regard to any state’s conflict of law principles.
9.Severability and Construction. If any provision of this Agreement is declared void or unenforceable or against public policy, such provision shall be deemed severable and severed from this Agreement and the balance of this Agreement shall remain in full force and effect.  If a court of competent jurisdiction determines that any restriction in this Agreement is overbroad or unreasonable under the circumstances, such restriction shall be modified or revised by such court to include the maximum reasonable restriction allowed by law.
10.Waiver. Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such term, covenant or condition.
11.Entire Agreement Modifications. This Agreement (including all exhibits hereto) constitutes the entire agreement of the parties with respect to the subject matter hereof and supersede all prior agreements, oral and written, between the parties hereto with respect to the subject matter hereof.  In the event of any inconsistency between any provision of this Agreement and any provision of any plan, employee handbook, personnel manual, program, policy, arrangement or agreement of Company or any of its subsidiaries or affiliates, the provisions of this Agreement shall control.  This Agreement may be modified or amended only by an instrument in writing signed by both parties.  Each of the parties hereto has relied on his or its own judgment in entering into this Agreement. 
12.Withholding. All payments made to Executive pursuant to this Agreement will be subject to withholding of employment taxes and other lawful deductions, as applicable.
13.Survivorship. Except as otherwise set forth in this Agreement, to the extent necessary to carry out the intentions of the parties hereunder the respective rights and obligations of the parties hereunder shall survive any termination of Executive’s employment.
14.Successors and Assigns. This Agreement shall bind and shall inure to the benefit of Company and any and all of its successors and assigns. This Agreement is personal to Executive and shall not be assignable by Executive.  Company may assign this Agreement to any entity which (i) purchases all or substantially all of the assets of Company or (ii) is a direct or indirect successor (whether by merger, sale of stock or transfer of assets) of Company.  Any such assignment shall be 

-16-

valid so long as the entity which succeeds to Company expressly assumes Company’s obligations hereunder and complies with its terms.
15.Compliance with Code Section 409A.  To the extent applicable, it is intended that the payment of benefits described in this Agreement comply with Code Section 409A and all guidance or regulations thereunder ("Section 409A"), including compliance with all applicable exemptions from Section 409A (e.g., the short-term deferral exception and the  "two times" pay exemption applicable to severance payments). This Agreement will at all times be construed in a manner to comply with Section 409A and should any provision be found not in compliance with Section 409A, Executive hereby agrees to any changes to the terms of this  Agreement deemed necessary and required by legal counsel for Company to achieve compliance with Section 409A, including any applicable exemptions.  By signing a copy of this Agreement, Executive  irrevocably waives any objections he may have to any changes that may be required by Section 409A.  In no event will any payment that becomes payable pursuant to this Agreement that is considered "deferred compensation" within the meaning of Section 409A, if any, and does not satisfy any of the applicable exemptions under Section 409A, be accelerated in violation of Section 409A. If Executive is a "specified employee" as defined in Section 409A, any payment that becomes payable pursuant to this Agreement that is considered "deferred compensation" within the meaning of Section 409A and does not satisfy any of the applicable exemptions under Section 409A may not be made before the date that is six months after Executive’s separation from service (or death, if earlier). To the extent Executive becomes subject to the six-month delay rule, all payments that would have been made to Executive during the six months following his separation from service that are not otherwise exempt from Section 409A, if any, will be accumulated and paid to Executive during the seventh month following his separation from service, and any remaining payments due will be made in their ordinary course as described in this Agreement.  Company will notify Executive should he become subject to the six month delay rule.

IN WITNESS WHEREOF, Company and Executive have duly executed and delivered this Agreement as of the day and year first above written.

	
					
	EXECUTIVE:
	 
	 
	HANESBRANDS INC.

	 
	 
	 
	 
	 

	Signature:
	 
	 
	By:
	 

	 
	 
	 
	 
	 

	 
	 
	 
	Title:
	 

-17-

Exhibit A
MODEL FORM
SEPARATION AND RELEASE AGREEMENT
Hanesbrands Inc.(the “Company”) and ________________ (the “Executive”) enter into this Separation and Release Agreement which was received by Executive on the ___ day of _______, 20__, signed by Executive on the ___ day of _______, 20__, and is effective on the ___ day of ________, 20__ (the “Effective Date”).  The Effective Date shall be no less than 7 days after the date signed by Executive.
W I T N E S S E T H:
WHEREAS, Executive has been employed by the Company as a ______________; and
WHEREAS, Executive’s employment with the Company is terminated as of ______, 20__ (the “Termination Date”); and
WHEREAS, pursuant to that certain Severance/Change in Control Agreement between Company and Executive dated _________, 20__ (the “Change in Control Agreement”), upon a termination of Executive’s employment that satisfies the conditions specified in the Change in Control Agreement, Executive is entitled to the benefits described in the Change in Control Agreement provided Executive executes a separation and release agreement acceptable to Company; and
WHEREAS, this separation and release agreement (the “Agreement”) is intended to satisfy the requirements of the Change in Control Agreement and to form a part of the Change in Control Agreement in such a manner that all the rights, duties and obligations arising between Executive and Company, including, but in no way limited to, any rights, duties and obligations that have arisen or might arise out of or are in any way related to Executive’s employment with the Company and the conclusion of that employment are settled herein through the joinder of the Change in Control Agreement with this Agreement.
NOW, THEREFORE, in consideration of the obligations of the parties under the Change in Control Agreement and the additional covenants and mutual promises herein contained, it is further agreed as follows:
1.    Termination Date.  Executive agrees to resign Executive’s employment and all appointments Executive holds with Company, and its subsidiaries and affiliates, on the Termination Date.  Executive understands and agrees that Executive’s employment with the Company will conclude on the close of business on the Termination Date.
2.    Termination Benefits.  Executive and Company agree that Executive shall receive the benefits described in the Change in Control Agreement, less all applicable withholding taxes and other customary payroll deductions, provided in the Change in Control Agreement. 
3.    Receipt of Other Compensation.  Executive acknowledges and agrees that, other than as specifically set forth in the Change in Control Agreement or this Agreement, following the 

Termination Date, Executive is not and will not be due any compensation, including, but not limited to, compensation for unpaid salary (except for amounts unpaid and owing for Executive’s employment with Company, its subsidiaries or affiliates prior to the Termination Date), unpaid bonus, severance and accrued or unused vacation time or vacation pay from the Company or any of its subsidiaries or affiliates.  Except as provided herein or in the Change in Control Agreement, Executive will not be eligible to participate in any of the benefit plans of the Company after Executive’s Termination Date.  However, Executive will be entitled to receive benefits which are vested and accrued prior to the Termination Date pursuant to the employee benefit plans of the Company.  Any participation by Executive (if any) in any of the compensation or benefit plans of the Company as of and after the Termination Date shall be subject to and determined in accordance with the terms and conditions of such plans, except as otherwise expressly set forth in the Change in Control Agreement or this Agreement.  
4.    Continuing Cooperation.  Following the Termination Date, Executive agrees to cooperate with all reasonable requests for information made by or on behalf of Company with respect to the operations, practices and policies of the Company.  In connection with any such requests, the Company shall reimburse Executive for all out-of-pocket expenses reasonably and necessarily incurred in responding to such request(s).
5.    Executive’s Representation and Warranty.  Executive hereby represents and warrants that, during Executive’s period of employment with the Company, Executive did not willfully or negligently breach Executive’s duties as an employee or officer of the Company, did not commit fraud, embezzlement, or any other similar dishonest conduct, and did not violate the Company’s business standards.
6.    Non-Solicitation and Non-Compete.  In consideration of the benefits provided under this Agreement and in the Change in Control Agreement, Executive agrees that during Executive’s employment and for the duration of the applicable Severance Period as determined pursuant to the terms of the Change in Control Agreement, Executive will not, without the prior written consent of Company, either alone or in association with others, solicit for employment or assist or encourage the solicitation for employment, any employee of Company, or any of its subsidiaries or affiliates; will not, without the prior written consent of Company, solicit any customer of Company, or any of its subsidiaries or affiliates, to induce or attempt to induce such person or entity to cease or reduce doing business with Company, or any of its subsidiaries or affiliates, or interfere with the relationship between Company and any such customer; and will not, without the prior written consent of Company, directly or indirectly counsel, advise, perform services for, or be employed by, or otherwise engage or participate in any Competing Business (regardless of whether Executive receives compensation of any kind).  For purposes of this Agreement, a “Competing Business” shall mean any commercial activity which competes or is reasonably likely to compete with any business that the Company conducts, or demonstrably anticipates conducting, as of Executive’s Termination Date.
7.    Confidentiality.  At all times after the Effective Date, Executive will maintain the confidentiality of all information in whatever form concerning Company or any of its subsidiaries or affiliates relating to its or their businesses, customers, finances, strategic or other plans, marketing, employees, trade practices, trade secrets, know-how or other matters which are not generally known outside Company or any of its subsidiaries or affiliates, and Executive will not, directly or indirectly, make any disclosure thereof to anyone, or make any use thereof, on Executive’s own behalf or on 

19A-

behalf of any third party, unless specifically requested by or agreed to in writing by an executive officer of Company.  In addition, Executive agrees that Executive will not disclose the existence or terms of this Agreement to any third parties with the exception of Executive’s accountants, attorneys, or spouse, and shall ensure that none of them discloses such existence or terms to any other person, except as required to comply with law.  Executive will promptly return to Company all reports, files, memoranda, records, computer equipment and software, credit cards, cardkey passes, door and file keys, computer access codes or disks and instructional manuals, and other physical or personal property which Executive received or prepared or helped prepare in connection with Executive’s employment and Executive will not retain any copies, duplicates, reproductions or excerpts thereof.  The obligations of this paragraph 7 shall survive the expiration of this Agreement.
8.    Non-Disparagement.  At all times after the Effective Date, Executive will not disparage or criticize, orally or in writing, the business, products, policies, decisions, directors, officers or employees of Company or any of its subsidiaries or affiliates to any person.  Company also agrees that none of its executive officers will disparage or criticize Executive to any person or entity.  The obligations of this paragraph 8 shall survive the expiration of this Agreement.
9.    Breach of Agreement.  Any actual or threatened breach of this Agreement will be handled as provided in the Change in Control Agreement.
		
	10.
	Release.

		
	(a)
	Executive on behalf of Executive, Executive’s heirs, executors, administrators and assigns, does hereby knowingly and voluntarily release, acquit and forever discharge Company and any of its subsidiaries, affiliates, successors, assigns and past, present and future directors, officers, employees, trustees and shareholders (the “Released Parties”) from and against any and all complaints, claims, cross-claims, third-party claims, counterclaims, contribution claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses of any nature whatsoever, known or unknown, suspected or unsuspected, foreseen or unforeseen, matured or unmatured, which, at any time up to and including the date on which Executive signs this Agreement, exists, have existed, or may arise from any matter whatsoever occurring, including, but not limited to, any claims arising out of or in any way related to Executive’s employment with Company or its subsidiaries or affiliates and the conclusion thereof, which Executive, or any of Executive’s heirs, executors, administrators, assigns, affiliates, and agents ever had, now has or at any time hereafter may have, own or hold against any of the Released Parties based on any matter existing on or before the date on which Executive signs this Agreement.  Executive acknowledges that in exchange for this release, Company is providing Executive with total consideration, financial or otherwise, which exceeds what Executive would have been given without the release.  By executing this Agreement, Executive is waiving, without limitation, all claims (except for the filing of a charge with an administrative agency) against the Released Parties arising under federal, state and local labor and antidiscrimination laws, any employment related claims under the employee Retirement Income Security Act of 1974, as amended, and any other restriction on the right to terminate employment, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act of 1990, as amended, and the North 

20A-

Carolina Equal Employment Practices Act, as amended.  Nothing herein shall release any party from any obligation under this Agreement.  Executive acknowledges and agrees that this release and the covenant not to sue set forth in paragraph (c) below are essential and material terms of this Agreement and that, without such release and covenant not to sue, no agreement would have been reached by the parties and no benefits under the Change in Control Agreement would have been paid.  Executive understands and acknowledges the significance and consequences of this release and this Agreement.
		
	(b)
	EXECUTIVE SPECIFICALLY WAIVES AND RELEASES THE RELEASED PARTIES FROM ALL CLAIMS EXECUTIVE MAY HAVE AS OF THE DATE EXECUTIVE SIGNS THIS AGREEMENT REGARDING CLAIMS OR RIGHTS ARISING UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, AS AMENDED, 29 U.S.C. § 621 (“ADEA”).  EXECUTIVE FURTHER AGREES: (i) THAT EXECUTIVE’S WAIVER OF RIGHTS UNDER THIS RELEASE IS KNOWING AND VOLUNTARY AND IN COMPLIANCE WITH THE OLDER WORKERS BENEFIT PROTECTION ACT OF 1990; (ii) THAT EXECUTIVE UNDERSTANDS THE TERMS OF THIS RELEASE; (iii) THAT EXECUTIVE’S WAIVER OF RIGHTS IN THIS RELEASE IS IN EXCHANGE FOR CONSIDERATION THAT WOULD NOT OTHERWISE BE OWING TO EXECUTIVE PURSUANT TO ANY PREEXISTING OBLIGATION OF ANY KIND HAD EXECUTIVE NOT SIGNED THIS RELEASE; (iv) THAT EXECUTIVE HEREBY IS AND HAS BEEN ADVISED IN WRITING BY COMPANY TO CONSULT WITH AN ATTORNEY PRIOR TO EXECUTING THIS RELEASE; (v) THAT COMPANY HAS GIVEN EXECUTIVE A PERIOD OF AT LEAST FORTY-FIVE (45) DAYS WITHIN WHICH TO CONSIDER THIS RELEASE; (vi) THAT EXECUTIVE REALIZES THAT FOLLOWING EXECUTIVE’S EXECUTION OF THIS RELEASE, EXECUTIVE HAS SEVEN (7) DAYS IN WHICH TO REVOKE THIS RELEASE BY WRITTEN NOTICE TO THE UNDERSIGNED, AND (vii) THAT THIS ENTIRE AGREEMENT SHALL BE VOID AND OF NO FORCE AND EFFECT IF EXECUTIVE CHOOSES TO SO REVOKE, AND IF EXECUTIVE CHOOSES NOT TO SO REVOKE, THAT THIS AGREEMENT AND RELEASE THEN BECOME EFFECTIVE AND ENFORCEABLE UPON THE EIGHTH DAY AFTER EXECUTIVE SIGNS THIS AGREEMENT.

		
	(c)
	To the maximum extent permitted by law, Executive covenants not to sue or to institute or cause to be instituted any action in any federal, state, or local agency or court against any of the Released Parties, including, but not limited to, any of the claims released this Agreement.  Notwithstanding the foregoing, nothing herein shall prevent Executive or any of the Released Parties from filing a charge with an administrative agency, from instituting any action required to enforce the terms of this Agreement, or from challenging the validity of this Agreement.  In addition, nothing herein shall be construed to prevent Executive from enforcing any rights Executive may have to recover vested benefits under the Employee Retirement Income Security Act of 1974, as amended.

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	(d)
	Executive represents and warrants that:  (i) Executive has not filed or initiated any legal, equitable, administrative, or other proceeding(s) against any of the Released Parties; (ii) no such proceeding(s) have been initiated against any of the Released Parties on Executive’s behalf; (iii) Executive is the sole owner of the actual or alleged claims, demands, rights, causes of action, and other matters that are released in this paragraph 10; (iv) the same have not been transferred or assigned or caused to be transferred or assigned to any other person, firm, corporation or other legal entity; and (v) Executive has the full right and power to grant, execute, and deliver the releases, undertakings, and agreements contained in this Agreement.

		
	(e)
	The consideration offered herein is accepted by Executive as being in full accord, satisfaction, compromise and settlement of any and all claims or potential claims, and Executive expressly agrees that Executive is not entitled to and shall not receive any further payments, benefits, or other compensation or recovery of any kind from Company or any of the other Released Parties.  Executive further agrees that in the event of any further proceedings whatsoever based upon any matter released herein, Company and each of the other Released Parties shall have no further monetary or other obligation of any kind to Executive, including without limitation any obligation for any costs, expenses and attorneys’ fees incurred by or on behalf of Executive.

11.    Executive’s Understanding.  Executive acknowledges by signing this Agreement that Executive has read and understands this document, that Executive has conferred with or had opportunity to confer with Executive’s attorney regarding the terms and meaning of this Agreement, that Executive has had sufficient time to consider the terms provided for in this Agreement, that no representations or inducements have been made to Executive except as set forth in this Agreement, and that Executive has signed the same KNOWINGLY AND VOLUNTARILY.
12.    Non-Reliance.  Executive represents to Company and Company represents to Executive that in executing this Agreement they do not rely and have not relied upon any representation or statement not set forth herein made by the other or by any of the other’s agents, representatives or attorneys with regard to the subject matter, basis or effect of this Agreement, or otherwise.
13.    Severability of Provisions.  In the event that any one or more of the provisions of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby.  Moreover, if any one or more of the provisions contained in this Agreement are held to be excessively broad as to duration, scope, activity or subject, such provisions will be construed by limiting and reducing them so as to be enforceable to the maximum extent compatible with applicable law.
14.    Non-Admission of Liability.  Executive agrees that neither this Agreement nor the performance by the parties hereunder constitutes an admission by any of the Released Parties of any violation of any federal, state, or local law, regulation, common law, breach of any contract, or any other wrongdoing of any type.
15.    Assignability.  The rights and benefits under this Agreement are personal to Executive and such rights and benefits shall not be subject to assignment, alienation or transfer, except to the extent such rights and benefits are lawfully available to the estate or beneficiaries of 

22A-

Executive upon death.  Company may assign this Agreement to any parent, affiliate or subsidiary or any entity which at any time whether by merger, purchase, or otherwise acquires all or substantially all of the assets, stock or business of Company.
16.    Choice of Law.  This Agreement shall be constructed and interpreted in accordance with the internal laws of the State of North Carolina without regard to any state’s conflict of law principles.  
17.    Entire Agreement.  This Agreement, together with the Change in Control Agreement, sets forth all the terms and conditions with respect to compensation, remuneration of payments and benefits due Executive from Company and supersedes and replaces any and all other agreements or understandings Executive may have or may have had with respect thereto.  This Agreement may not be modified or amended except in writing and signed by both Executive and an authorized representative of Company.  
18.    Notice.  Any notice to be given hereunder shall be in writing and shall be deemed given when mailed by certified mail, return receipt requested, addressed as follows:
To Executive at:
[add address]
To the Company at:
Hanesbrands Inc.
Attention:  General Counsel  
1000 East Hanes Mill Road
Winston-Salem, NC  27105

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

	
					
	EXECUTIVE:
	 
	 
	HANESBRANDS INC.

	 
	 
	 
	 
	 

	Signature:
	 
	 
	By:
	 

	 
	 
	 
	 
	 

	 
	 
	 
	Title:
	 

23A-

Exhibit B
Schedule of Parties to Severance/Change in Control Agreement

	
			
	Name
	 
	Date of Agreement

	Richard D. Moss
	 
	November 3, 2011

	Elizabeth L. Burger
	 
	August 22, 2013

	Michael E. Faircloth
	 
	August 21, 2013

	John T. Marsh
	 
	August 22, 2013

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