X0101 4 2003-06-19 0000086346 SALANT CORP SLNT 0001167512 SETOLA MICHAEL J 1 1 0 0 Chairman and CEO Common Stock 2003-06-19 4 J 0 21591 9.3691 D 0 D Options 1.640 2003-06-19 2003-06-19 4 J 0 37500 7.729 D 2003-06-19 2011-11-29 Common Stock 37500 0 D Options 4.125 2003-06-19 2003-06-19 4 J 0 277777 5.244 D 2003-06-19 2009-10-08 Common Stock 277777 0 D In connection with the merger agreement by and among the Issuer, Perry Ellis International, Inc. ("Perry Ellis") and Connor Acquisition Corp., a wholly owned subsidiary of Perry Ellis, dated February 3, 2003 ("Merger Agreement"), each outstanding share of common stock of the issuer was converted into the right to receive an amount of cash and Perry Ellis common stock equal to an aggregate of $9.3691. In connection with the Merger Agreement, the reporting person agreed to surrender for cancellation all of his options in exchange for the right to receive an amount of cash and Perry Ellis common stock equal to the excess value of $9.3691 over the application exercise price for each share of Salant common stock subject to his outstanding options. This option consideration was delivered pursuant to the Merger Agreement and paid in the form of Perry Ellis common stock and cash. On the date of issuance, one-third of the reporting person's options were immediately exercisable and the remainder became exercisable equally over the next two years, however, purpusant to an agreement and release entered into by the reporting person under the terms of the Merger Agreement, the vesting of all then-unvested options was accelerated so that such options were fully vested and exercisable upon the closing of the transactions contemplated by the Merger Agreement. Michael J Setola 2003-06-19