June 28, 2000
PERSONAL & CONFIDENTIAL
-------------------------
Mr. W.F. Garrett
Delta Mills Marketing Company, Inc.
1071 Avenue of the Americas
New York, NY 10018
Dear Bill:
As the Board covered with you at its meeting on March 15, 2000, you are being
awarded a special bonus of $1,000,000 to be paid as follows:
$100,000 Upon completion of the spin-off.
$150,000 October 22, 2000
$150,000 October 22, 2001
$150,000 October 22, 2002
$150,000 October 22, 2003
$150,000 October 22, 2004
$150,000 October 22, 2005
If there is a change of control of the Company (or you do not accept a position
with the purchaser) or in the event of your death or disability during this
time, then any remaining balance will be paid to you or your estate. If you
leave or are terminated for cause, you will forfeit any future payments.
Bill, as Dr. Kane told you, this bonus is being awarded to show the Board's
appreciation for your service and to give you an additional incentive to
continue managing the Company as well as you have in the past. I'm sending a
copy of this to Bill Hardman so that he can handle the annual payments.
Thanks for everything, and best of luck.
Sincerely yours,
/s/ Erwin
E. Erwin Maddrey, II
President & CEO
EEM:hw
Cc: Mr. W.H. Hardman, Jr.
Dr. J.F. Kane, Chairman, Compensation Committee
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