Delta Mills Marketing Company, Inc. Special Bonus Award Letter to W.F. Garrett

Summary

Delta Mills Marketing Company, Inc. is awarding W.F. Garrett a special $1,000,000 bonus, paid in installments from the completion of a company spin-off through October 22, 2005. If there is a change of control, or if Mr. Garrett dies or becomes disabled, any unpaid balance will be paid to him or his estate. If he leaves the company or is terminated for cause, future payments are forfeited. This bonus recognizes his service and aims to incentivize continued management.

EX-10.14 7 0007.txt 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