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:
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GRANTEE
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Allen Sirkin
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RESTRICTED STOCK UNITS GRANTED
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13,510
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DATE OF GRANT
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July 1,
2008
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VESTING SCHEDULE
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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:
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Vesting Date
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Restricted Stock
Units Vesting
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July 1,
2011
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6,755
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July 1,
2012
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6,755
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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