X0202 4 2007-05-17 0 0000352363 CLAIBORNE LIZ INC LIZ 0001191525 CARP DANIEL A 343 STATE ST ROCHESTER NY 146500211 1 0 0 0 Phantom Stock 2007-05-17 4 A 0 29 A Common Stock, par value $1 per share 29 856 D This Form is being filed for purposes of reporting the Issuer's credit to Reporting Person of Phantom Stock pursuant to Reporting Person's election to defer receipt of cash compensation for Board and Board Committee retention and meeting fees under the Issuer's Outside Directors' Deferral Plan (the "Plan"). The Phantom Stock represents the amount of the cash fees credited to the Reporting Person as of the date recorded on Issuer's records. Pursuant to the Plan, Participants may choose any month and year at least three years after the date of deferral for the Distribution of the Shares. The Phantom Shares are convertible to Common Stock on a one-for-one basis. Nicholas Rubino, as attorney-in-fact 2007-05-21