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EXHIBIT 10.2

EXECUTION VERSION

FIRST AMENDMENT

TO CREDIT AND GUARANTY AGREEMENT

THIS FIRST AMENDMENT TO CREDIT AND GUARANTY AGREEMENT (this “Amendment”) is dated as of July 26, 2010 and is entered into by and among Phillips Van-Heusen Corporation, a Delaware corporation (the “U.S. Borrower’’), and the Lenders party hereto, and is made with reference to that certain CREDIT AND GUARANTY AGREEMENT dated as of May 6, 2010 (the “Credit Agreement”) by and among the Borrower, the subsidiaries of the U.S. Borrower named therein, the Lenders, the Administrative Agent, and the other Agents named therein.  Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement after giving effect to this Amendment.

RECITALS

WHEREAS, the Loan Parties have requested that Lenders holding Revolving Commitments and the Required Lenders agree to amend certain provisions of the Credit Agreement as provided for herein; and

WHEREAS, the Lenders holding Revolving Commitments and the Required Lenders are willing to agree to such amendment relating to the Credit Agreement.

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

SECTION I.     AMENDMENTS TO CREDIT AGREEMENT

1.1

Amendments to Section 1: Definitions.

(a)   The definition of “Adjusted Eurocurrency Rate” set forth in Section 1.01 of the Credit Agreement is hereby amended by adding the following sentence at the end thereof:  “Notwithstanding the foregoing, with respect to any determination of the Adjusted Eurocurrency Rate with respect to Revolving Loans, the Adjusted Eurocurrency Rate shall be determined without giving effect to the rate floor set forth in clause (I) above.”  

(b)   The definition of “Base Rate” set forth in Section 1.01 of the Credit Agreement is hereby amended by adding the following sentence at the end thereof:  “Notwithstanding the foregoing, with respect to any determination of the Base Rate with respect to Revolving Loans and Swing Line Loans, the Base Rate shall be determined without giving effect to the rate floor set forth in clause (iii) above.”

(c)   The definition of “Interest Payment Date” set forth in Section 1.01 of the Credit Agreement is hereby amended by inserting the phrase “or any Canadian Prime Rate Loan (including any Canadian Swing Line Loan)” immediately after the phrase “(including any Swing Line Loan)” in clause (i) therein.

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SECTION II.     CONDITIONS TO EFFECTIVENESS

This Amendment shall become effective as of the date hereof upon the receipt by the Administrative Agent of a counterpart signature page of this Amendment duly executed by the (a) U.S. Borrower, (b) each of the Lenders holding Revolving Commitments and (c) such additional Lenders that, together with the Lenders described in the foregoing clause (b), constitute the Required Lenders (the date of satisfaction of such conditions being referred to herein as the “Effective Date”).  

SECTION III.   ÞÞÞ MISCELLANEOUS

A.     Reference to and Effect on the Credit Agreement and the Other Loan Documents. 

(i)     On and after the Effective Date, each reference in the Credit Agreement to “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof”, “therein” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this Amendment.

(ii)     Except as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.  This Amendment shall be a “Loan Document” for purposes of the definition thereof in the Credit Agreement.  

(iii)     Except as specifically provided by this Amendment, the execution, delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any Agent or Lender under, the Credit Agreement or any of the other Loan Documents.

B.     Headings.  Section and Subsection headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect.

C.     Applicable Law.  THIS AMENDMENT AND THE RIGHTS AND OB­LIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

D.     Counterparts.  This Amendment may be executed in any number of counter­parts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

U.S. BORROWER:

PHILLIPS VAN-HEUSEN CORPORATION

By:  /s/ Pamela N. Hootkin                                  

Name:  Pamela N. Hootkin

Title:  SVP Treasurer

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	BARCLAYS BANK PLC,

	 
	as Administrative Agent

	 
	 

	 
	 

	 
	 

	 
	by:  /s/ Diane Rolfe                             

	 
	name:  DIANE ROLFE

	 
	title:    DIRECTOR

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	BARCLAYS BANK PLC,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:  /s/ Diane Rolfe                             

	 
	name:  DIANE ROLFE

	 
	title:    DIRECTOR

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	DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       [NOT READABLE]                                          

	 
	name:  [NOT READABLE]

	 
	title:    [NOT READABLE]

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Crèdit Agricole Corporate & Investment Bank,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Rod Hurst                                           

	 
	name:  Rod Hurst

	 
	title:    Managing Director

	 
	 

	 
	by:       /s/ Gina Harth-Cryde                                           

	 
	name:  Gina Harth-Cryde

	 
	title:    Managing Director

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	DBS Bank Ltd., Los Angeles Agency

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ James McWalters                                            

	 
	name:  James McWalters

	 
	title:    General Manager

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	ABN AMRO BANK N.V.,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       [NOT READABLE]                                   

	 
	name:  [NOT READABLE]

	 
	title:    [NOT READABLE]

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	Caja de Ahorros y Monte de Picdad de Madrid

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Juan Pablo Hernadez de la Merced          

	 
	name:  Juan Pablo Hernadez de la Merced

	 
	title:    Director – North American Corporate Banking

	 
	 

	 
	by:       /s/ Manuel Nuñez Fernandez                        

	 
	name:  Manuel Nuñez Fernandez

	 
	title:    General Manager

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	CRÉDIT INDUSTRIEL ET COMMERCIAL,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ BrianO’Leary                                            

	 
	name:  Brian O’Leary

	 
	title:    Managing Director

	 
	 

	 
	by:       /s/ Marcus Edward                                         

	 
	name:  Marcus Edward

	 
	title:    Managing Director

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	PNC Bank N.A.,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Leslie Turkington                                

	 
	name:  Leslie Turkington

	 
	title:    Vice President

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	JPMORGAN CHASE BANK, N.A.,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ James A. Knight                                     

	 
	name:  James A. Knight

	 
	title:    Vice President

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	Bank Leumi USA

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Joung Hee Hong                                            

	 
	name:  Joung Hee Hong

	 
	title:    First Vice President

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	State Bank of India

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Ashok Gulla                                            

	 
	name:  Ashok Gulla

	 
	title:    VP Head (Credit)

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	Bank of America, N.A.

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Thomas Kainamura                                            

	 
	name:  Thomas Kainamura

	 
	title:    Vice President

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	Deutsche Bank AG, New York Branch

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Mary Kay Coyle                                            

	 
	name:  Mary Kay Coyle

	 
	title:    Managing Director

	 
	 

	 
	by:       /s/ Marguerite Sutton                                         

	 
	name:  Marguerite Sutton

	 
	title:    Director

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	TORONTO DOMINION (NEW YORK) LLC,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Jackie Barrett                                          

	 
	name:  Jackie Barrett

	 
	title:    Authorized Signatory

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	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Shaheen Malik                                                    

	 
	name:  Shaheen Malik

	 
	title:    Vice President

	 
	 

	 
	by:       /s/ Kevin Buddhdew                                                

	 
	name:  Kevin Buddhdew

	 
	title:    Associate

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	Sumitomo Mitsui Banking Corporation,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Yasuhiko Imai                                                    

	 
	name:  Yasuhiko Imai

	 
	title:    Senior Vice President

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	General Electric Capital Corporation,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Marie G. Mollo                                               

	 
	name:  Marie G. Mollo

	 
	title:    Duly Authorized Signatory

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	Israel Discount Bank of New York

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ George Commander                                           

	 
	name:  George Commander

	 
	title:    Senior Vice President

	 
	 

	 
	by:       /s/ Esther Lainis                                           

	 
	name:  Esther Lainis

	 
	title:    First Vice President

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	Sun Trust Bank,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ E. Donald Besch, Jr.                                     

	 
	name:  E. DONALD BESCH, JR.

	 
	title:    MANAGING DIRECTOR

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	THE BANK OF NOVA SCOTIA

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Todd Meller                                     

	 
	name:  Todd Meller

	 
	title:    Managing Director

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	HSBC Bank USA, N.A.,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Darren Pinsker                                     

	 
	name:  Darren Pinsker

	 
	title:    Senior Vice President

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	Mediobanca International (Luxembourg) S.A.,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Luca Maccari – /s/Peter Gerrard                      

	 
	name:  Luca Maccari – Peter Gerrard

	 
	title:    Managing Director

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	ICBC (LONDON) LIMITED,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       [NOT READABLE]              

	 
	name:  [NOT READABLE]

	 
	title:    [NOT READABLE]

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	Compass Bank

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Ramon Garcia                                     

	 
	name:  Ramon Garcia

	 
	title:    Vice President

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	ROYAL BANK OF CANADA,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ G. David Cole                                     

	 
	name:  G. DAVID COLE

	 
	title:    AUTHORIZED SIGNATORY

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	Fortis Flexi III Senior Secured Bank Loan Fund Mogliano, with BNP Paribas Investment Partners Netherlands N.A. acting as Investment Manager

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Ralf van Baast                                     

	 
	name:  Ralf van Baast

	 
	title:    Portfolio Manager

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	Global Credit Return Fund N.V. (in relation to the series

	 
	2009-1 Notes),

By: BNP Paribas Investment Partners Netherlands N.V.

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Ralf van Baast                                     

	 
	name:  Ralf van Baast

	 
	title:    Portfolio Manager

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	RAYMOND JAMES BANK, FSB

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Mark E. Moody                                  

	 
	name:  Mark E. Moody

	 
	title:    Senior Vice President

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	U.S. Bank National Association

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Blake Malia                                          

	 
	name:  Blake Malia

	 
	title:    Vice President

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	Eaton Vance CDO VII PLC

	 
	By: Eaton Vance Management

	 
	as Interim Investment Advisor,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	Eaton Vance CDO VIII, Ltd.

	 
	By: Eaton Vance Management

	 
	As Investment Advisor

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	Eaton Vance CDO IX Ltd.

	 
	By: Eaton Vance Management

	 
	as Investment Advisor

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	Eaton Vance CDO X PLC

	 
	By: Eaton Vance Management

	 
	As Investment Advisor

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	EATON VANCE SENIOR

	 
	FLOATING-RATE TRUST

	 
	By:  EATON VANCE MANAGEMENT

	 
	        AS INVESTMENT ADVISOR

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	EATON VANCE FLOATING-RATE

	 
	INCOME TRUST

	 
	By:  EATON VANCE MANAGEMENT

	 
	        AS INVESTMENT ADVISOR

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	Eaton Vance Medallion

	 
	Floating-Rate Income Portfolio

	 
	By:  Eaton Vance Management

	 
	        As Investment Advisor,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	EATON VANCE SENIOR INCOME TRUST

	 
	By:  EATON VANCE MANAGEMENT

	 
	        AS INVESTMENT ADVISOR,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	EATON VANCE INSTITUTIONAL SENIOR LAW FUND

	 
	By:  EATON VANCE MANAGEMENT

	 
	        AS INVESTMENT ADVISOR

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

 NY\1657796.5

		
	 
	EATON VANCE

	 
	LIMITED DURATION INCOME FUND

	 
	By:  EATON VANCE MANAGEMENT

	 
	        AS INVESTMENT ADVISOR

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	GRAYSON & CO

	 
	BY:  BOSTON MANAGEMENT AND RESEARCH

	 
	        AS INVESTMENT ADVISOR

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	INNOVATION TRUST 2009

	 
	By:  EATON VANCE MANAGEMENT

	 
	        AS INVESTMENT ADVISOR

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	MET INVESTORS SERIES TRUST

	 
	MET/EATON VANCE FLOATING RATE PORTFOLIO

	 
	BY EATON VANCE MANAGEMENT

	 
	      AS INVESTMENT SUB-ADVISOR

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	PACIFIC SELECT FUND

	 
	FLOATING-RATE LOAN PORTFOLIO

	 
	By:  EATON VANCE MANAGEMENT

	 
	        AS INVESTMENT ADVISOR,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	RIVERSOURCE VARIABLE SERIES TRUST-

	 
	VARIABLE PORTFOLIO

	 
	EATON VANCE FLOATING RATE INCOME FUND

	 
	By:  EATON VANCE MANAGEMENT

	 
	        AS INVESTMENT ADVISOR

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	SENIOR DEBT PORTFOLIO

	 
	By:  Boston Management and Research

	 
	        as Investment Advisor

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Craig P. Russ                                     

	 
	name:  Craig P. Russ

	 
	title:    Vice President

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	Avenue CLO II, Ltd.

	 
	Avenue CLO III, Ltd.,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Sriram Balakrishnan                                 

	 
	name:  Sriram Balakrishnan

	 
	title:    Portfolio Manager

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	Del Mar CLO 1, Ltd

	 
	By: Caywood-Scholl Capital Management

	 
	As Collateral Manager

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Tom Saake                                  

	 
	name:  Tom Saake

	 
	title:    Managing Director

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	ALM Loan Funding 2010-1, Ltd.

	 
	as Lender

	 
	 

	 
	By: Apollo Credit Management, LLC, its collateral

	 
	manager

	 
	 

	 
	 

	 
	by:       /s/ Joseph Moroney                                      

	 
	name:  JOSEPH MORONEY

	 
	title:    Authorized Signatory

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	ALM LOAN FUNDING 2010-2 LLC,

	 
	as Lender

	 
	 

	 
	By: Apollo Credit Management, LLC, as Portfolio

	 
	      Manager

	 
	 

	 
	 

	 
	by:       /s/ Joseph Moroney                                      

	 
	name:  JOSEPH MORONEY

	 
	title:    Vice President

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	GE Capital Financial Inc.,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Alison P. Trapp                                      

	 
	name:  Alison P. Trapp

	 
	title:    Duly Authorized Signatory

 NY\1657796.5

			
	Ariel Reinsurance Company Ltd.

	 

	BlackRock Senior High Income Fund, Inc.

	 

	BlackRock Defined Opportunity Credit Trust

	 

	BlackRock Limited Duration Income Trust

	 

	BlackRock Senior Income Series

	 

	BlackRock Senior Income Series II

	 

	BlackRock Senior Income Series IV

	 

	BlackRock Senior Income Series V Limited

	 

	BlackRock Debt Strategies Fund, Inc.

	 

	BlackRock Diversified Income Strategies Fund, Inc.

	 

	BlackRock Floating Rate Income Strategies Fund, Inc.

	 

	BlackRock Floating Rate Income Strategies Fund II, Inc.

	 

	BlackRock Global Investment Series: Income Strategies Portfolio

	 

	Master Senior Floating Rate LLC

	 

	Missouri State Employees’ Retirement System

	 

	BlackRock Senior Floating Rate Portfolio

	 

	BlackRock Floating Rate Income Trust

	 

	 
	 

	 
	as Lender

	 
	 

	 
	 

	 
	by:       /s/ Ann Marie Smith                          

	 
	name:  Ann Marie Smith

	 
	title:    Authorized Signatory

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	LightPoint CLO III, Ltd.,

	 
	as Lender

	 
	By Neuberger Berman Fixed Income LLC as collateral

	 
	manager

	 
	 

	 
	 

	 
	by:       /s/ Colin Donlan                                      

	 
	name:  Colin Donlan

	 
	title:    Authorized Signatory

 NY\1657796.5

		
	 
	LightPoint CLO IV, Ltd.,

	 
	as Lender

	 
	By Neuberger Berman Fixed Income LLC as collateral

	 
	manager

	 
	 

	 
	 

	 
	by:       /s/ Colin Donlan                                      

	 
	name:  Colin Donlan

	 
	title:    Authorized Signatory

 NY\1657796.5

		
	 
	LightPoint CLO V, Ltd.,

	 
	as Lender

	 
	By Neuberger Berman Fixed Income LLC as collateral

	 
	manager

	 
	 

	 
	 

	 
	by:       /s/ Colin Donlan                                      

	 
	name:  Colin Donlan

	 
	title:    Authorized Signatory

 NY\1657796.5

		
	 
	LightPoint CLO VII, Ltd.,

	 
	as Lender

	 
	By Neuberger Berman Fixed Income LLC as collateral

	 
	manager

	 
	 

	 
	 

	 
	by:       /s/ Colin Donlan                                      

	 
	name:  Colin Donlan

	 
	title:    Authorized Signatory

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	LightPoint Pan-European CLO 2006 Plc.,

	 
	as Lender

	 
	By Neuberger Berman Fixed Income LLC as collateral

	 
	manager

	 
	 

	 
	 

	 
	by:       /s/ Colin Donlan                                      

	 
	name:  Colin Donlan

	 
	title:    Authorized Signatory

 NY\1657796.5

		
	 
	LightPoint Pan-European CLO 2007-1 Plc.,

	 
	as Lender

	 
	By Neuberger Berman Fixed Income LLC as collateral

	 
	manager

	 
	 

	 
	 

	 
	by:       /s/ Colin Donlan                                      

	 
	name:  Colin Donlan

	 
	title:    Authorized Signatory

 NY\1657796.5

		
	 
	Marquette US/European CLO, Plc.,

	 
	as Lender

	 
	By Neuberger Berman Fixed Income LLC as collateral

	 
	manager

	 
	 

	 
	 

	 
	by:       /s/ Colin Donlan                                      

	 
	name:  Colin Donlan

	 
	title:    Authorized Signatory

 NY\1657796.5

		
	 
	Neuberger Berman – Floating Rate Income Fund,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Colin Donlan                                      

	 
	name:  Colin Donlan

	 
	title:    Authorized Signatory

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	QUEEN STREET CLO 1 BV

	 
	QUEEN STREET CLO 2 BV

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Ujjaual Desai                                      

	 
	name:  UJJAUAL DESAI

	 
	title:    Managing Partner

	 
	            Indicus Advisors

 NY\1657796.5

		
	 
	[NOT READABLE]

	 
	Axa Investment Managers Paris S.A. on behalf of the

	 
	funds it manages:

	 
	 

	 
	Ø Confluent 5 Limited

	 
	Ø Matignon Derivatives Loans

	 
	Ø Matignon Leveraged Loans Limited

	 
	Ø Stichting Depositary APG Fixed Income Credits Pool

	 
	Ø AXA IM European Loan Limited

	 
	 

	 
	as Lenders

	 
	 

	 
	 

 NY\1657796.5

		
	 
	NAVIGATOR CDO 2005, LTD., as a Lender

	 
	 

	 
	By:  GE Asset Management Inc., as Collateral Manager

	 
	 

	 
	 

	 
	         By: /s/ John Campos                                      

	 
	         Name:  John Campos

	 
	         Title:    Authorized Signatory

	 
	 

	 
	 

	 
	GENERAL ELECTRIC PENSION TRUST, as a Lender

	 
	 

	 
	By:  GE Capital Debt Advisors, LLC, as Investment Advisor

	 
	 

	 
	 

	 
	         By: /s/ John Campos                                      

	 
	         Name:  John Campos

	 
	         Title:    Authorized Signatory

 NY\1657796.5

		
	 
	AIB Debt Management Limited

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Roisin O’Connell                                      

	 
	name:  Roisin O’Connell

	 
	title:    Vice President

	 
	            Investment Advisor to

	 
	            AIB Debt Management, Limited

	 
	 

	 
	by:       /s/ Shreya Shah                                             

	 
	name:  Shreya Shah

	 
	title:    Vice President

	 
	            Investment Advisor to

	 
	            AIB Debt Management, Limited

 NY\1657796.5

		
	 
	APIDOS CDO I,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Gretchen Bergstresser                                     

	 
	name:  Gretchen Bergstresser

	 
	title:    Senior Portfolio Manager

 NY\1657796.5

		
	 
	APIDOS CDO II,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Gretchen Bergstresser                                     

	 
	name:  Gretchen Bergstresser

	 
	title:    Senior Portfolio Manager

 NY\1657796.5

		
	 
	APIDOS CDO III,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Gretchen Bergstresser                                     

	 
	name:  Gretchen Bergstresser

	 
	title:    Senior Portfolio Manager

 NY\1657796.5

		
	 
	APIDOS CDO IV,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Gretchen Bergstresser                                     

	 
	name:  Gretchen Bergstresser

	 
	title:    Senior Portfolio Manager

 NY\1657796.5

		
	 
	APIDOS CDO V,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Gretchen Bergstresser                                     

	 
	name:  Gretchen Bergstresser

	 
	title:    Senior Portfolio Manager

 NY\1657796.5

		
	 
	APIDOS CDO Quattro,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Gretchen Bergstresser                                     

	 
	name:  Gretchen Bergstresser

	 
	title:    Senior Portfolio Manager

 NY\1657796.5

		
	 
	APIDOS CDO Cinco,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Gretchen Bergstresser                                     

	 
	name:  Gretchen Bergstresser

	 
	title:    Senior Portfolio Manager

 NY\1657796.5

		
	 
	ACA CLO 2006-1,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Gretchen Bergstresser                                     

	 
	name:  Gretchen Bergstresser

	 
	title:    Senior Portfolio Manager

 NY\1657796.5

		
	 
	LeverageSource III S.A.R.L.,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Stephen Gloria                                     

	 
	name:  Stephen Gloria

	 
	title:    Authorized Signatory

 NY\1657796.5

		
	 
	Denali Capital LLC, managing member of

	 
	DC Funding Partners LLC, portfolio manager for

	 
	DENALI CAPITAL CLO IV, LTD.

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Kelli C. Marti                                     

	 
	name:  Kelli C. Marti

	 
	title:    Senior Vice President

 NY\1657796.5

		
	 
	Denali Capital LLC, managing member of

	 
	DC Funding Partners LLC, portfolio manager for

	 
	DENALI CAPITAL CLO V, LTD.

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Kelli C. Marti                                     

	 
	name:  Kelli C. Marti

	 
	title:    Senior Vice President

 NY\1657796.5

		
	 
	Denali Capital LLC, managing member of

	 
	DC Funding Partners LLC, portfolio manager for

	 
	DENALI CAPITAL CLO VI, LTD.

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Kelli C. Marti                                     

	 
	name:  Kelli C. Marti

	 
	title:    Senior Vice President

 NY\1657796.5

		
	 
	Denali Capital LLC, managing member of

	 
	DC Funding Partners LLC, portfolio manager for

	 
	DENALI CAPITAL CLO VII, LTD.

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Kelli C. Marti                                     

	 
	name:  Kelli C. Marti

	 
	title:    Senior Vice President

 NY\1657796.5

		
	 
	Denali Capital LLC, managing member of

	 
	DC Funding Partners LLC, Collateral Manager for

	 
	Spring Road CLO 2007-1, LTD.

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	by:       /s/ Kelli C. Marti                                     

	 
	name:  Kelli C. Marti

	 
	title:    Senior Vice President

 NY\1657796.5

			
	 
	ARES IIIR/IVR CLO LTD.

	 
	ARES VR CLO LTD.

	 
	ARES X CLO LTD.

	 
	ARES XII CLO LTD.

	 
	Ares NF CLO XIII Ltd

	 
	Ares NF CLO XIV Ltd

	 
	Ares NF CLO XF Ltd

	 
	CONFLUENT 2 LIMITED

	 
	ARES ENHANCED CREDIT OPPORTUNITIES FUND LTD.

	 
	AREX ENHANCED LOAN INVESTMENT STRATEGY IR LTD.

	 
	FUTURE FUND BOARD OF GUARDIANS

	 
	ARES INSTITUTIONAL LOAN FUND B.V.

	 
	ARES EURO CLO I.B.V.

	 
	ARES EUROPEAN CLO II B.V., as Lenders

	 
	 

	 
	 

	ARES IIIR/IVR CLO LTD.

	 

	 
	 

	BY: ARES CLO MANAGEMENT IIIR/IVR, L.P., ITS ASSET MANAGER

	 

	 
	 

	          BY: ARES CLO GP IIIR/IVR, LLC, ITS GENERAL PARTNER

	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

	 
	 

	 
	 

	 
	 

	ARES VR CLO LTD.

	 

	 
	 

	BY: ARES CLO MANAGEMENT VR, L.P., ITS INVESTMENT MANAGER

	 

	 
	 

	          BY: ARES CLO GP VR, LLC, ITS GENERAL PARTNER

	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

 NY\1657796.5

		
	ARES X CLO LTD.

	 

	 
	 

	BY: ARES CLO MANAGEMENT X, L.P., ITS INVESTMENT MANAGER

	 

	 
	 

	          BY: ARES CLO GP X, LLC, ITS GENERAL PARTNER

	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

	 
	 

	 
	 

	 
	 

	ARES XII CLO LTD.

	 

	 
	 

	BY: ARES CLO MANAGEMENT XII, L.P., ITS ASSET MANAGER

	 

	 
	 

	          BY: ARES CLO GP XII, LLC, ITS GENERAL PARTNER

	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

	 
	 

	 
	 

	 
	 

	Ares NF CLO XIII Ltd

	 

	 
	 

	By: Ares NF CLO XIII Management, L.P., its collateral manager

	 

	 
	 

	By: Ares NF CLO XIII, Management LLC, its general partner

	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

 NY\1657796.5

		
	Ares NF CLO XIV Ltd

	 

	 
	 

	By: Ares NF CLO XIV Management, L.P., its collateral manager

	 

	 
	 

	By: Ares NF CLO XIV, Management LLC, its general partner

	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

	 
	 

	 
	 

	 
	 

	Ares NF CLO XV Ltd

	 

	 
	 

	By: Ares NF CLO XV Management, L.P., its collateral manager

	 

	 
	 

	By: Ares NF CLO XV, Management LLC, its general partner

	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

	 
	 

	 
	 

	 
	 

	CONFLUENT 2 LIMITED

	 

	 
	 

	BY:  ARES PRIVATE ACCOUNT MANAGEMENT I, L.P., AS SUB-MANAGER

	 

	 
	 

	        BY:  ARES PRIVATE ACCOUNT MANAGEMENT I GP, LLC, ITS 

	 

	                 GENERAL PARTNER

	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

 NY\1657796.5

		
	ARES ENHANCED CREDIT OPPORTUNITIES FUND LTD.

	 

	 
	 

	BY:  ARES ENHANCED CREDIT OPPORTUNITIES FUND MANAGEMENT, 

	 

	         L.P., ITS MANAGER

	 

	 
	 

	        BY:  ARES ENHANCED CREDIT OPPORUNITIES FUND MANAGEMENT

	 

	                 GP, LLC, AS GENERAL PARTNER

	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

	 
	 

	 
	 

	 
	 

	ARES ENHANCED INVESTMENT STRATEGY IR LTD.

	 

	 
	 

	BY:  ARES ENHANCED LOAN MANAGEMENT IR, L.P., AS PORTFOLIO

	 

	         MANAGER

	 

	 
	 

	        BY:  ARES ENHANCED LOAN IR GP, LLC, ITS GENERAL PARTNER

	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

	 
	 

	 
	 

	 
	 

	FUTURE FUND BOARD OF GUARDIANS

	 

	 
	 

	BY:  ARES ENHANCED LOAN INVESTMENT STRATEGY ADVISOR IV, L.P.,

	 

	         ITS INVESTMENT MANAGER (ON BEHALF OF THE ELIS IV SUB 

	 

	         ACCOUNT)

	 

	 
	 

	        BY:  ARES ENHANCED LOAN INVESTMENT STRATEGY ADVISOR IV 

	 

	                 GP, LLC, ITS GENERAL PARTNER

	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

 NY\1657796.5

		
	GLOBAL LOAN OPPORTUNITY FUND B.V.

	 

	 
	 

	BY:  ARES MANAGEMENT LIMITED, ITS PORTFOLIO MANAGER

	 

	 
	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

	 
	 

	 
	 

	 
	 

	ARES INSTITUTIONAL LOAN FUND B.V.

	 

	 
	 

	BY:  ARES MANAGEMENT LIMITED, AS MANAGER

	 

	 
	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

	 
	 

	 
	 

	 
	 

	ARES EURO CLO I B.V.

	 

	 
	 

	BY:  ARES MANAGEMENT LIMITED, ITS MANAGER

	 

	 
	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

	 
	 

	 
	 

 NY\1657796.5

		
	ARES EUROPEAN CLO II B.V.

	 

	 
	 

	BY:  ARES MANAGEMENT LIMITED, ITS MANAGER

	 

	 
	 

	 
	 

	 
	 

	By:        /s/ Americo Cascella                                     

	 

	Name:   Americo Cascella

	 

	Title:     Vice President

	 

 NY\1657796.5

		
	 
	ERSTE GROUP BANK AG,

	 
	as Lender

	 
	 

	 
	 

	 
	 

	 
	By:       /s/ Paul Judicke                                     

	 
	name:  Paul Judicke

	 
	title:    Director

	 
	 

	 
	 

	 
	 

	 
	By:       /s/ Bryan Lynch                                   

	 
	name:  Bryan Lynch

	 
	title:    Executive Director

 NY\1657796.5Converted by EDGARwiz

  EXHIBIT 10.3
 PHILLIPS-VAN HEUSEN CORPORATION
 2006 STOCK INCENTIVE PLAN
 RESTRICTED STOCK UNIT AWARD AGREEMENT
 (Director) 

 NOTICE OF RESTRICTED STOCK UNIT AWARD
 Phillips-Van Heusen Corporation (the “Company”) grants to the Grantee named below, in accordance with the terms of the Phillips-Van Heusen Corporation 2006 Stock Incentive Plan (the “Plan”) and this restricted stock unit agreement (this “Agreement”), the number of restricted stock units (the “Restricted Stock Units” or the “Award”) provided as follows:
 

 	 	
	 GRANTEE
	  

	 RESTRICTED STOCK UNITS GRANTED
	  

	 DATE OF GRANT
	  

	 VESTING SCHEDULE
	 Restricted Stock Units will vest in full on the first anniversary of the date of grant, subject to the Grantee’s continued service as a director of the Company.

 

 AGREEMENT
 

 1.
 Grant of Award.  The Company hereby grants to the Grantee the Restricted Stock Units, subject to the terms, definitions and provisions of the Plan and this Agreement.  All terms, provisions, and conditions applicable to the Restricted Stock Units set forth in the Plan and not set forth herein are incorporated by reference.  To the extent any provision hereof is inconsistent with a provision of the Plan the provisions of the Plan will govern.  All capitalized terms that are used in this Agreement and not otherwise defined herein shall have the meanings ascribed to them in the Plan. 
 

 2.
 Vesting and Settlement of Award.
 

 a.
 Right to Award.  This Award shall vest in accordance with the vesting schedule set forth above (the “Vesting Schedule”) and with the applicable provisions of the Plan and this Agreement.  
  
 b.
 Settlement of Award.  Except as otherwise validly elected by the Grantee on a form prescribed by the Company for such elections and timely filed with the Company, the vested portion of this Award shall be settled as soon as practicable following the vesting date set forth in the Vesting Schedule, but in no event later than March 15 of the year following the year in which the Award vests.  Notwithstanding anything in the foregoing to the contrary, the Award may vest and be payable upon termination of service as provided in Paragraph 3 or upon a Change in Control as provided in Paragraph 4.
 

 The Company may require the Grantee to furnish or execute such documents as the Company shall reasonably deem necessary (i) to evidence such settlement and (ii) to comply with or satisfy the requirements of the Securities Act of 1933, as amended, the Exchange Act or any Applicable Laws.
 

 c.
 Method of Settlement.  The Company shall deliver to the Grantee one Share for each vested Restricted Stock Unit.  Share certificates shall be issued in the name of the Grantee (or of the person or persons to whom such Restricted Stock Units were transferred in accordance with Paragraph 5 of this Agreement).
 

 d.
 Dividend Equivalents.  If a cash Dividend is declared on the Shares, the Grantee shall be credited with a Dividend Equivalent in an amount of cash equal to the number of Restricted Stock Units held by the Grantee as of the dividend record date, multiplied by the amount of the cash dividend paid per Share.  Such Dividend Equivalent shall be paid if and when the underlying Restricted Stock Units are settled.  If a Share Dividend is declared on the Shares, the Grantee shall be 
 

 Effective 6/24/10
 

 

 
     
 

 credited with a Dividend Equivalent in an amount of Shares equal to the number of Restricted Stock Units held by the Grantee as of the dividend record date, multiplied by the amount of the Share dividend distributed per Share.  Such Dividend Equivalent shall be settled if and when the underlying Restricted Stock Units are settled, rounded down to the nearest whole share.  Dividend Equivalents shall not accrue interest prior to the date of payment or settlement, as applicable.  
 

 3.
 Termination of Service.  In the event the Grantee’s service with the Company and its Subsidiaries is terminated prior to the vesting date set forth in the Vesting Schedule due to the Grantee’s death, the Award shall become 100% vested on the date of the Grantee’s death and shall be settled on the 31st day following the date of the Grantee’s death, or as soon as practicable after such 31st day, but in no event later than December 31st of the calendar year in which such 31st day occurs.
 

 When the Grantee’s service with the Company and its Subsidiaries terminates (except when due to death), this Award shall be forfeited immediately with respect to the number of Restricted Stock Units for which the Award is not yet vested.  If the Grantee dies after termination of service, but before the settlement of the Award, all or part of this Award may be settled by payment to the personal representative of the Grantee or by any person who has acquired this Award directly from the Grantee but only to the extent that the Award was vested upon termination of the Grantee’s service. 
 

 4.
 Settlement on Change in Control.  Notwithstanding anything herein to the contrary, upon a Change in Control, the Award shall become 100% vested and non-forfeitable and shall be settled within 30 days following such Change in Control.
 

 5.
 Transferability of Award.
   
 The Award may not be transferred, pledged, assigned, or otherwise disposed of, except (i) by will or the laws of descent and distribution or (ii) for no consideration, subject to such rules and conditions as may be established by the Committee, to a member or members of the Grantee’s Immediate Family.  For purposes of this Award Agreement, the Grantee’s “Immediate Family” means the Grantee’s children, stepchildren, grandchildren, parents, stepparents, grandparents, spouse, former spouse, siblings, nieces, nephews, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships or any person sharing the Grantee’s household (other than a tenant or employee). 
 

 6.
 Miscellaneous Provisions.  
 

 a.
 Rights as a Stockholder.  Neither the Grantee nor the Grantee’s representative shall have any rights as a stockholder with respect to any Shares subject to this Award, except as provided in Paragraph 2(d), until the Award has vested and Share certificates, if any, have been issued to the Grantee, transferee or representative, as the case may be.  
 

 b.
 Regulatory Compliance and Listing.  The issuance or delivery of any certificates representing Shares issuable pursuant to this Agreement may be postponed by the Committee for such period as may be required to comply with any applicable requirements under the federal or state securities laws, any applicable listing requirements of the New York Stock Exchange, and any applicable requirements under any other Applicable Law, and the Company shall not be obligated to deliver any such Shares to the Grantee if either delivery thereof would constitute a violation of any provision of any law or of any regulation of any governmental authority or the New York Stock Exchange.  The Company shall not be liable to the Grantee for any damages relating to any delays in issuing the certificates to the Grantee, any loss of the certificates, or any mistakes or errors in the issuance of the certificates or the certificates themselves.
 

 c.
 Choice of Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive law of another jurisdiction.  
 

 d.
 Modification or Amendment.  This Agreement may only be modified or amended by written agreement executed by the parties hereto; provided, however, that the adjustments permitted 
 

 2
 

 

 
     
 

 pursuant to Section 16 and Section 18(b) of the Plan may be made without such written agreement. 
 

 e.
 Severability.  In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if such illegal or invalid provision had not been included.
 

 f.
 References to Plan.  All references to the Plan shall be deemed references to the Plan as may be amended.
 

 g.
 Headings.  The captions used in this Agreement are inserted for convenience and shall not be deemed a part of this Award for construction or interpretation.
 

 h.
 Interpretation.  Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or by the Company forthwith to the Board or the Committee, which shall review such dispute at its next regular meeting.  The resolution of such dispute by the Board or the Committee shall be final and binding on all persons.  
 

 i.
 Section 409A of the Code.  The provisions of this Agreement and any payments made herein are intended to comply with, and should be interpreted consistent with, the requirements of Section 409A of the Code, and any related regulations or other effective guidance promulgated thereunder by the U.S. Department of the Treasury or the Internal Revenue Service. 
 

 j.
 Signature in Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
 [signatures on following page]
 PHILLIPS-VAN HEUSEN CORPORATION
 

 

  
 By: ______________________________
  
 Name: 
 Title:
 

 

 The Grantee represents that s/he is familiar with the terms and provisions thereof, and hereby accepts this Agreement subject to all of the terms and provisions thereof.  The Grantee has reviewed the Plan and this Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Agreement and fully understands all provisions of this Agreement.  The Grantee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan or this Agreement.  
 

 

 Dated:______________________________   Signed:___________________________________
  
 Grantee
  
 

 

 3

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