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PHILLIPS-VAN HEUSEN CORPORATION 2006 STOCK INCENTIVE PLAN RESTRICTED STOCK UNIT AWARD AGREEMENT

Shareholder Agreement

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This Shareholder Agreement involves

PHILLIPS-VAN HEUSEN CORPORATION

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Title: PHILLIPS-VAN HEUSEN CORPORATION 2006 STOCK INCENTIVE PLAN RESTRICTED STOCK UNIT AWARD AGREEMENT
Governing Law: New York     Date: 7/3/2008
Industry: Apparel/Accessories     Sector: Consumer Cyclical

PHILLIPS-VAN HEUSEN CORPORATION 2006 STOCK INCENTIVE PLAN RESTRICTED STOCK UNIT AWARD AGREEMENT, Parties: phillips-van heusen corporation
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EXHIBIT 10.2

 

PHILLIPS-VAN HEUSEN CORPORATION

2006 STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

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

 

Allen Sirkin

 

 

 

 

 

 

 

 

 

RESTRICTED STOCK UNITS GRANTED

 

13,510

 

 

 

 

 

 

 

 

 

DATE OF GRANT

 

July 1, 2008

 

 

 

 

 

 

 

 

 

VESTING SCHEDULE

 

Restricted Stock Units will vest in two
installments on the following dates, subject
to the Grantee being employed by the
Company on each such date:

 

 

 

 

 

 

 

 

 

Vesting Date

 

Restricted Stock 
Units Vesting

 

 

 

 

 

 

 

 

 

July 1, 2011

 

6,755

 

 

 

 

 

 

 

 

 

July 1, 2012

 

6,755

 

 

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 .  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; provided , however , that if the Grantee shall be or become eligible for Retirement at any time following the date of grant (as set forth above) and prior to the vesting date(s) set forth in the Vesting Schedule, then upon the vesting of any portion of this Award, the vested portion shall be settled on the fifth business day following the applicable vesting date in the Vesting Schedule or as soon as practicable after such fifth business day, but in no event later than December 31 st of the calendar year in which such fifth business day occurs.  Notwithstanding anything in the foregoing to the contrary, the Award may vest and be payable upon termination of employment as provided in Paragraph 3.

 



 

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, Section 409A of the Code or any Applicable Laws.

 

c.                Method of Settlement .  The Company shall deliver to the Grantee one Share for each vested Restricted Stock Unit, less any Shares withheld in accordance with Paragraph 2(e) of this Agreement.  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 4 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 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.

 

e.                Taxes Pursuant to Section 14 of the Plan, the Company shall have the power and the right to deduct or withhold, or require the Grantee to remit to the Company, an amount sufficient to satisfy any applicable tax withholding requirements applicable to this Award.  The Company may condition the delivery of Shares upon the Grantee’s satisfaction of such withholding obligations. To the extent permitted by the Committee, the Grantee may elect to satisfy all or part of such withholding requirement by tendering previously-owned Shares or by having the Company withhold Shares having a Fair Market Value equal to the minimum statutory tax withholding rate that could be imposed on the transaction (or such other rate that will not result in a negative accounting impact).  Such e




 
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