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                                                                   EXHIBIT 10(n)

                DESCRIPTION OF SUPPLEMENTAL LIFE INSURANCE PLANS

Vice Presidents of Liz Claiborne, Inc. (the "Company") receive universal life
insurance policies which provide coverage equal to two times annual base salary.
The Company pays the premiums on each policy during the employment period,
enabling the employee to have a portable life insurance policy with a minimal
cash surrender value.<PAGE>   1

                                                                   EXHIBIT 10(t)

         AMENDED AND RESTATED LIZ CLAIBORNE SEC.162(m) CASH BONUS PLAN

1. Definitions.
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     The following terms have the meanings indicated unless a different meaning
is clearly required by the context:

     1.1 "Board of Directors" means the Board of Directors of the Company.

     1.2 "Code" means the Internal Revenue Code of 1986, as amended.

     1.3 "Committee" means the Compensation Committee of the Board of Directors
or a subcommittee thereof. The Committee at all times shall be composed of at
least two directors of Liz Claiborne, Inc., each of whom shall be "outside
directors" within the meaning of sec.162(m) of the Code.

     1.4 "Company" means Liz Claiborne, Inc. and its consolidated subsidiaries
and affiliates.

     1.5 "Executive Officer" has the meaning set forth in Rule 3b-7 promulgated
under the Securities Exchange Act of 1934, as amended.

     1.6 "Participant" means an individual who participates in the Plan pursuant
to Section 3.1.

2. Purpose.
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     The purpose of the Plan is to provide annual incentives to certain senior
executive officers in a manner designed to reinforce the Company's performance
goals; to strengthen the Company's "pay for performance" ethic by linking a
significant portion of participants' compensation to the achievement of such
goals; and to continue to attract, motivate and retain high performing
executives on a competitive basis, while seeking to preserve for the benefit, to
the extent practicable, a tax deduction by the Company for payments of incentive
compensation to such executives through payment of qualified "performance-based"
compensation within the meaning of sec.162(m)(4)(C) of the Code.

3. Participation.
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     3.1 An individual shall be a Participant in the Plan for a fiscal year of
the Company if he or she (a) is an Executive Officer of Liz Claiborne, Inc. on
the first day of such year or becomes an Executive Officer of Liz Claiborne,
Inc. during such year by virtue of being hired or promoted and (b) has a base
salary in excess of $500,000 per year or is reasonably expected by the Committee
to have compensation for such year in excess of $1.0 million; provided, however,
that if the Committee determines, in its discretion, prior to the ninety-first
day (91st) day of such fiscal year, that it would be in the best interests of
the Company and its stockholders for one or more otherwise eligible Executive
Officers not to be a participant for such year, such person shall not be a
Participant for such year and the Committee may in its discretion establish
alternative incentive compensation arrangements for such person; provided,
however, no individual who is so excluded as a Participant for a fiscal year
shall have any entitlement to participate in any such alternative incentive
compensation arrangement.

     3.2 An individual who is a Participant in the Plan for a fiscal year shall
not participate for such fiscal year in the Company's regular annual bonus
program.

4. Performance Goals.
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     4.1 Prior to the ninety-first (91st) day of each fiscal year of the
Company, the Committee shall set one or more objective performance goals for
each Participant for such year. Such goals shall be expressed in terms of (a)
one or more corporate or divisional earnings-based measures (which may be based
on the following: net income, operating income, cash flow, residual income, or
any combination thereof) and/or (b) one or more
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corporate or divisional sales-based measures. Each such goal may be expressed on
an absolute and/or relative basis, may employ comparisons with past performance
of the Company (including one or more divisions) and/or the current or past
performance of other companies, and in the case of earnings-based measures, may
employ comparisons to capital, stockholders' equity and shares outstanding.

     4.2 Except as otherwise provided herein, the measures used in performance
goals set under the Plan shall be determined in accordance with generally
accepted accounting principles ("GAAP") and in a manner consistent with the
methods used in the Company's regular reports on Forms 10-K and 10-Q, without
regard to any of the following unless otherwise determined by the Committee
consistent with the requirements of sec.162(m)(4)(C) and the regulations
thereunder:

          (a) all items of gain, loss or expense for the fiscal year that are
     related to special, unusual or non-recurring items, events or circumstances
     affecting the Company or the financial statements of the Company;

          (b) all items of gain, loss or expense for the fiscal year that are
     related to (i) the disposal of a business or discontinued operations or
     (ii) the operations of any business acquired by Company during the fiscal
     year; and

          (c) all items of gain, loss or expense for the fiscal year that are
     related to changes in accounting principles or to changes in applicable law
     or regulations.

     4.3 To the extent any objective performance goals are expressed using any
earnings or sales-based measures that require deviations from GAAP, such
deviations shall be at the discretion of the Committee.

5. Bonus Awards.
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     5.1 At the time that annual performance goals are set for Participants, the
Committee shall establish a maximum award opportunity for each Participant for
the year that is related to the Participant's base salary at the start of the
year by a formula that takes account of the degree of achievement of the goals
set for the Participant; provided, however, that the Committee shall have
absolute discretion to reduce the actual bonus payment that would otherwise be
payable to any Participant on the basis of achievement of performance goals.

     5.2 The maximum award paid to a Participant in respect of a particular
fiscal year shall in no event exceed $2.0 million.

     5.3 Bonuses determined under the Plan shall be paid to Participants in cash
at such time as bonuses are generally paid to other Executive Officers;
provided, however, that no such payment shall be made until the Committee has
certified (in the manner prescribed under applicable regulations under
sec.162(m) of the Code) that the performance goals and any other material terms
related to the award were in fact satisfied; and provided further that the
timing of any such payment may be deferred pursuant to an agreement between the
Company and a Participant or under Section 7.6 hereof.

     5.4 In the event of the death of a Participant prior to any payment
otherwise required pursuant to Section 5.3, such payment shall be made to the
representative of the Participant's estate.

     5.5 In the event of the death, disability, retirement or other termination
of employment of a Participant during a fiscal year, the Committee shall, in its
discretion, have the power to award to such Participant (or the representative
of the Participant's estate) an equitably prorated portion of the bonus which
otherwise would have been earned by such Participant.

     5.6 The right of a Participant or of any other person to any payment under
the Plan shall not be assigned, transferred, pledged or encumbered in any manner
and any attempted assignment, transfer, pledge or encumbrance shall be null and
void and of no force or effect.
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6. Administrative Provisions.
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     6.1 The Plan shall be administered by the Committee. The Committee shall
have full, exclusive and final authority in all determinations and decisions
affecting the Plan and Participants, including sole authority to interpret and
construe any provision of the Plan, to adopt such rules and regulations for
administering the Plan as it may deem necessary or appropriate in the
circumstances, and to make any other determination it deems necessary or
appropriate for the administration of the Plan. Decisions of the Committee shall
be final and binding on all parties. All expenses of the Plan shall be borne by
the Company.

     6.2 No member of the Committee shall be liable for any action, omission, or
determination relating to the Plan, and the Company shall indemnify and hold
harmless each member of the Committee and each other director or employee of the
Company or its affiliates to whom any duty or power relating to the
administration or interpretation of the Plan has been delegated against any cost
or expense (including counsel fees, which fees shall be paid as incurred) or
liability (including any sum paid in settlement of a claim with the approval of
the Committee) arising out of or in connection with any action, omission or
determination relating to the Plan, unless, in each case, such action, omission
or determination was taken or made by such member, director or employee in bad
faith and without reasonable belief that it was in the best interests of the
Company.

7. Miscellaneous.
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     7.1 The Plan was initially adopted by the Board of Directors on March 9,
1994, subject to stockholder approval (which was obtained on May 12, 1994), and
took effect beginning with the fiscal year of the Company starting January 1,
1995. The Plan was amended and restated as of March 3, 1999, and, pursuant to
the requirements necessary for awards under the Plan to constitute qualified
performance-based compensation under sec.162(m) of the Code, the Plan, as so
amended and restated, is being resubmitted for stockholder approval in 1999,
with effect for payments otherwise payable in respect of fiscal years of the
Company after the Company's 1999 fiscal year. No amount will be awarded
hereunder in respect of any fiscal year after the 1999 fiscal year unless the
Plan, as amended and restated, is approved by the Company's stockholders at
their 1999 annual meeting. No bonus will be payable hereunder in respect of any
fiscal year beginning after December 30, 2004.

     7.2 The Board of Directors may at any time amend the Plan in any fashion or
terminate or suspend the Plan; provided that no amendment shall be made which
would cause bonuses payable under the Plan to fail to qualify for the exemption
from the limitations of sec.162(m) of the Code provided in sec.162(m)(4)(C) of
the Code. Upon any such termination, all rights of a Participant with respect to
any fiscal year that has not ended on or prior to the effective date of such
termination shall become null and void.

     7.3 The Plan shall be governed by and construed in accordance with the
internal laws of the State of New York applicable to contracts made, and to be
wholly performed, within such State, without regard to principles of choice of
laws.

     7.4 All amounts required to be paid under the Plan shall be subject to any
required Federal, state, local and other applicable withholdings or deductions.

     7.5 Nothing contained in the Plan shall confer upon any Participant or any
other person any right with respect to the continuation of employment by the
Company or interfere in any way with the right of the Company at any time to
terminate such employment or to increase or decrease the compensation payable to
the Participant from the rate in effect at the commencement of a fiscal year or
to otherwise modify the terms of such Participant's employment. No person shall
have any claim or right to participate in or receive any award under the Plan
for any particular fiscal year.

     7.6 Notwithstanding any other provision hereunder, if and to the extent
that the Committee determines the Company's Federal tax deduction in respect of
an award hereunder may be limited as a result of sec.162(m) of the Code, the
Committee may delay such payment as provided below. In the event the Committee
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determines to delay the payment of a bonus or any portion thereof hereunder, the
Committee shall credit the amount of the award so delayed to a book account. The
amount so credited to the book account shall be adjusted to reflect gains and
losses that would have resulted from the investment of such amount in any
investment vehicle or vehicles selected by the Committee. Part or all of the
amount credited to the Participant's account hereunder shall be paid to the
Participant at such time or times as shall be determined by the Committee, if
and to the extent the Committee determines that the Company's deduction for any
such payment will not be reduced by sec.162(m) of the Code. Notwithstanding the
foregoing, the entire balance credited to the Participant's book account shall
be paid to the Participant within 90 days after the Participant ceases to be a
"covered employee" within the meaning of sec.162(m) of the Code. The Participant
shall have no rights in respect of such book account and the amount credited
thereto shall not be transferrable by the Participant other than by will or laws
of descent and distribution; any book account created hereunder shall represent
only an unfunded unsecured promise by the Company to pay the amount credited
thereto to the Participant in the future.

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