STOCK PURCHASE AGREEMENT


           THIS STOCK PURCHASE  AGREEMENT  (this  "Agreement")  made and entered
into July 11,  2002 is made by and among  SALANT  CORPORATION  (the  "Company"),
DEUTSCHE BANK TRUST COMPANY AMERICAS, as Master Trustee of the Hughes Retirement
Plans Trust (the "Seller"), and Hughes Investment Management Company ("HIMCO").

           WHEREAS,  HIMCO has the  authority  to invest  certain  assets of the
Hughes  Retirement  Plans Trust (the "Hughes  Trust"),  including  the Purchased
Shares (defined below);

           WHEREAS,  the  Seller is a directed  trustee of the Hughes  Trust and
acts solely at the direction of HIMCO as to the Purchased Shares;

           WHEREAS,  HIMCO  desires to cause the Seller to sell to the  Company,
and the Company  desires to purchase from the Seller,  certain  shares of common
stock,  par value $1.00 per share, of the Company  ("Common Stock") on the terms
and conditions set forth in this Agreement;

           WHEREAS, prior to entering into this Agreement, HIMCO and the Company
shall have entered into a confidentiality  agreement,  dated as of July 11, 2002
(the "Confidentiality Agreement", together with this Agreement, the "Transaction
Documents");

           NOW,  THEREFORE,   in  consideration  of  the  premises,   covenants,
representations,  warranties and mutual agreements herein set forth, the parties
hereto agree as follows:

                                    ARTICLE I

                                Purchase and Sale

              1.01 Purchase and Sale. At the Closing,  the Company hereby agrees
to  purchase  from the  Seller,  and the  Seller  hereby  agrees  to sell to the
Company, 1,118,942 shares of Common Stock (the "Purchased Shares") at a purchase
price of $2.50 per share for an  aggregate  purchase  price of  $2,797,355  (the
"Purchase Price").

              1.02  Closing.  The  closing  of  the  purchase  and  sale  of the
Purchased Shares contemplated by this Agreement (the "Closing") shall take place
on a day mutually agreed to by HIMCO and the Company,  but no later than by 2 pm
(eastern time) July 17, 2002, provided, however, that HIMCO, the Seller, and the
Company  shall have  executed and  delivered  this  Agreement no later than 5 pm
(eastern time) July 15, 2002.

              1.03 Payment of Purchase Price;  Delivery of Purchased  Shares. On
the Closing date (i) the Company  shall  transfer  the Purchase  Price to Mellon
Investor Services  (together with its affiliates,  "Mellon") and instruct Mellon
to input a Receive Versus Payment ("RVP") transaction for settlement through its
Depository Trust Company ("DTC") Account #954 (the "Mellon Account"); (ii) HIMCO
shall direct the Seller to input a Deliver  Versus Payment  ("DVP")  transaction
for  settlement  through the  Seller's  DTC Account  #903;  and (iii) upon DTC's
receipt of both the DVP and the RVP, DTC shall  deposit the Purchase  Price into
the Seller's DTC account and simultaneously transfer the Purchased Shares to the
Mellon Account.

                                   ARTICLE II

                  Representations and Warranties of the Seller

              The Seller  represents  and warrants to the Company as of the date
hereof and as of the date of Closing.

              2.01 Authority;  Authorization;  No Conflicts, Etc. The Seller has
all requisite  corporate power and authority to enter into this Agreement.  This
Agreement  constitutes  the legal,  valid and binding  obligation of the Seller,
enforceable in accordance with its terms,  except as such  enforceability may be
limited by  applicable  bankruptcy,  insolvency,  reorganization,  moratorium or
similar laws  affecting the  enforcement of creditors'  rights  generally and by
general  principles of equity.  The execution,  delivery and  performance by the
Seller of this  Agreement  will not violate  any  provision  of any law,  order,
judgment or decree  applicable to the Seller,  or conflict with any agreement to
which the Seller is a party. No consents, or authorizations of third parties are
needed  for  the  performance  by the  Seller  of  its  obligations  under  this
Agreement.

              2.02  Ownership  of the  Shares.  The Seller has full title to the
Purchased Shares to be sold by it pursuant to this Agreement, and such Purchased
Shares are validly issued,  fully paid and  nonassessable.  Upon consummation of
the  transactions  contemplated by this Agreement,  the Company will obtain full
title  to  all of  the  Purchased  Shares,  free  and  clear  of  any  liens  or
encumbrances, and with no defects of title whatsoever.

              2.03  No Brokers or Finders.  Neither the Seller,  nor any of its
officers,  directors,  employees or  stockholders  has  employed  any  broker or
finder in connection with the transaction contemplated by this Agreement.

              2.04  Relationship to HIMCO.  The Seller is a directed  trustee of
the Hughes Trust and acts solely at the  direction of HIMCO as to the  Purchased
Shares.


                                   ARTICLE III

                     Representations and Warranties of HIMCO

              HIMCO represents and warrants to the Company as of the date hereof
and as of the date of Closing.

              3.01 Authority;  Authorization;  No Conflicts,  Etc. HIMCO has all
requisite corporate power and authority to enter into the Transaction Documents.
The Transaction  Documents constitute the legal, valid and binding obligation of
HIMCO,  enforceable in accordance with its terms,  except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization,  moratorium
or similar laws affecting the enforcement of creditors'  rights generally and by
general principles of equity.  The execution,  delivery and performance by HIMCO
of the  Transaction  Documents will not violate any provision of any law, order,
judgment or decree  applicable to HIMCO, or conflict with any agreement to which
HIMCO is a party. No consents, or authorizations of third parties are needed for
the performance by HIMCO of its obligations under the Transaction Documents.

              3.02    No Brokers or Finders.  Neither  HIMCO,  nor any of its
officers, directors, employees or stockholders has employed any broker or finder
in connection with the transaction contemplated by this Agreement.

              3.03 Relationship to Seller. HIMCO has the authority to direct the
Seller to sell the  Purchased  Shares.  The Seller is a directed  trustee of the
Hughes  Trust and acts  solely  at the  direction  of HIMCO as to the  Purchased
Shares.

                                   ARTICLE IV

                  Representations and Warranties of the Company

              4.01 Authority;  Authorization; No Conflicts, Etc. The Company has
all  requisite  corporate  power and  authority  to enter  into the  Transaction
Documents.  The Transaction  Documents  constitute the legal,  valid and binding
obligation of the Company, enforceable in accordance with their terms, except as
such  enforceability  may  be  limited  by  applicable  bankruptcy,  insolvency,
reorganization,   moratorium  or  similar  laws  affecting  the  enforcement  of
creditors' rights generally and by general  principles of equity. The execution,
delivery and  performance by the Company of the  Transaction  Documents will not
violate any provision of any law,  order,  judgment or decree  applicable to the
Company,  or conflict  with any  agreement  to which the Company is a party.  No
consents,  or  authorizations of third parties are needed for the performance by
the Company of its obligations under the Transaction Documents.

                                    ARTICLE V

                                  Miscellaneous

                  5.01 Entire Agreement. The Transaction Documents represent the
entire  agreement of the Company and HIMCO,  and this  Agreement  represents the
entire  agreement  of the Company and Seller  and, in each case,  supersede  all
prior agreements and understandings,  relating to the subject matter hereof, and
the  terms  of  such  agreements  may  not  be  modified,  amended,  altered  or
supplemented except by an agreement in writing signed by the parties hereto.

                  5.02   Binding Effect; Assignment. This  Agreement shall inure
to the benefit of, and be binding  upon, the parties hereto and their successors
and  assigns.  Neither party  may  assign  its  rights,  duties  or  obligations
hereunder in whole or in part.

                  5.03   Counterparts.   This   Agreement  may  be  executed  in
counterparts,  each of which shall be deemed to be an original, but all of which
taken  together shall  constitute  one and the same  document,  provided that, a
facsimile  signature shall be considered due execution and shall be binding upon
the signatory thereto with the same force and effect as if the signature were an
original, not a facsimile signature.

                  5.04  Amendment  and Waiver.  No amendment  of this  Agreement
shall be binding  unless the same shall be in writing  and duly  executed by the
parties  hereto.  No waiver of any of the provisions of this Agreement  shall be
deemed to or shall constitute a waiver of any other provision hereof (whether or
not similar).

                  5.05 Governing  Law;  Construction.  This  Agreement  shall be
governed by, and construed in accordance with, the laws of the State of New York
regardless of the laws that might otherwise  govern under principles of conflict
of laws applicable thereto.







IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date
first written above.

                        SALANT CORPORATION


                        By: /s/ Michael J. Setola
                                Name: Michael J. Setola
                                Title: CEO


                        DEUTSCHE BANK TRUST COMPANY AMERICAS, as Master Trustee
                        of the Hughes Retirement Plans Trust


                        By: /s/ James F. Shanley
                                Name: James F. Shanley
                                Title: Vice President


                        HUGHES INVESTMENT MANAGEMENT COMPANY


                        By: /s/ G. M. Watry
                                Name: G. M. Watry
                                Title: Portfolio Manager