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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001047469-04-024246.txt : 20040727
<SEC-HEADER>0001047469-04-024246.hdr.sgml : 20040727
<ACCEPTANCE-DATETIME>20040726145639
ACCESSION NUMBER:		0001047469-04-024246
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040726
FILED AS OF DATE:		20040726

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GILDAN ACTIVEWEAR INC
		CENTRAL INDEX KEY:			0001061894
		STANDARD INDUSTRIAL CLASSIFICATION:	APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1003

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14830
		FILM NUMBER:		04930757

	BUSINESS ADDRESS:	
		STREET 1:		725 MONTEE DE LIESSE
		STREET 2:		VILLE SAINT LAURENT
		CITY:			QUEBEC CANADA
		STATE:			A8
		ZIP:			00000
		BUSINESS PHONE:		5147352023

	MAIL ADDRESS:	
		STREET 1:		725 MONTEE DE LIESSE
		STREET 2:		ST LAURENT QUE
		CITY:			CANADA
		STATE:			A8
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>a2140742z6-k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04MTL1154_1">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>

<P><FONT SIZE=2>
<hr noshade width=100% align=left size=4>
<hr noshade width=100% align=left size=1> </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, DC 20549  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=5><B>Form&nbsp;6-K  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or&nbsp;15d-16 of<BR>
the Securities Exchange Act of 1934  </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>For the month of: July, 2004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="RIGHT"><FONT SIZE=2>Commission File Number: 1-14830</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=5><B>GILDAN ACTIVEWEAR&nbsp;INC.  </B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="282">
<P ALIGN="CENTER"><FONT SIZE=2><I>(Translation of Registrant's name into English)</I></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>725 Mont&eacute;e de Liesse<BR>
Ville Saint-Laurent, Qu&eacute;bec<BR>
Canada H4T&nbsp;1P5</B></FONT></P>

<HR NOSHADE ALIGN="CENTER" WIDTH="282">
<P ALIGN="CENTER"><FONT SIZE=2>(</FONT><FONT
SIZE=2><I>Address of Principal Executive Offices</I></FONT><FONT SIZE=2>) </FONT></P>

<P><FONT SIZE=2>Indicate
by check mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form&nbsp;40-F: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2>Form&nbsp;20-F</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2>Form&nbsp;40-F</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>Indicate
by check mark if the registrant is submitting the Form&nbsp;6-K in paper as permitted by<BR>
Regulation&nbsp;S-T Rule&nbsp;101(b)(1): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>

<P><FONT SIZE=2>Indicate
by check mark if the registrant is submitting the form&nbsp;6-K in paper as permitted by<BR>
Regulation&nbsp;S-T Rule&nbsp;101(b)(7): <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>

<P><FONT SIZE=2>Indicate
by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to
Rule&nbsp;12g3-2(b) under the Securities Exchange Act of 1934: </FONT></P>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2>Yes</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT></FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2>No</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%"><FONT SIZE=2><FONT FACE="WINGDINGS">&#253;</FONT></FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->


<P><FONT SIZE=2>If
"Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule&nbsp;12g3-2(b):&nbsp;N/A </FONT></P>

<P><FONT SIZE=2><hr
noshade width=100% align=left size=1>
<hr noshade width=100% align=left size=4> </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg1154_incorporation_by_reference"> </A>
<A NAME="toc_bg1154_1"> </A>
<BR></FONT><FONT SIZE=2><B>INCORPORATION BY REFERENCE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>The
Registrant's Long Term Incentive Plan effective June&nbsp;24, 1998, amended on December&nbsp;3, 2003 and on May&nbsp;4, 2004 (Exhibit&nbsp;1 of Form&nbsp;6-K (Commission File
No.&nbsp;1-14830) furnished to the Commission July 26, 2004) is incorporated by reference into the Registrant's registration statement on Form&nbsp;S-8
(No.&nbsp;333-36880). </FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=2,EFW="2140742",CP="GILDAN ACTIVEWEAR INC.",DN="1",CHK=666986,FOLIO='blank',FILE='DISK009:[04MTL4.04MTL1154]BG1154A.;6',USER='RMCIVOR',CD='26-JUL-2004;13:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bi1154_signatures"> </A>
<A NAME="toc_bi1154_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to&nbsp;the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. </FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>GILDAN ACTIVEWEAR&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2> Date: July 23, 2004</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="50%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ST&Eacute;PHANE LEMAY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Name: St&eacute;phane Lemay<BR>
Title: Vice-President, Public and Legal Affairs<BR></FONT>
</TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bk1154_exhibit"> </A>
<A NAME="toc_bk1154_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT    <BR>    </B></FONT></P>

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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="91%" ALIGN="LEFT"><FONT SIZE=1><B>Description of Exhibit<BR> </B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>1</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="91%"><FONT SIZE=2>Gildan Activewear&nbsp;Inc. Long Term Incentive Plan, effective June&nbsp;24, 1998, amended on December&nbsp;3, 2003 and on May&nbsp;4, 2004</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04MTL1154_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg1154_1">INCORPORATION BY REFERENCE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bi1154_1">SIGNATURES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bk1154_1">EXHIBIT</A></FONT><BR>
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<!-- TOCEXISTFLAG -->
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>a2140742zex-1.htm
<DESCRIPTION>EXHIBIT 1
<TEXT>
<HTML>
<HEAD>

</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
<BR>
<FONT SIZE=3 ><A HREF="#04MTL1154_2">QuickLinks</A></FONT>
<font size=3> -- Click here to rapidly navigate through this document</font>
<!-- TOC_END -->
<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT 1  </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="90%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ca1154_gildan_activewear_inc._long_term_incentive_plan"> </A>
<A NAME="toc_ca1154_1"> </A>
<BR></FONT><FONT SIZE=4><B>GILDAN ACTIVEWEAR&nbsp;INC.<BR>  <BR>    LONG TERM INCENTIVE PLAN  <BR>  </B></FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cc1154_table_of_contents"> </A>
<A NAME="toc_cc1154_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="92%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="95%"><FONT SIZE=2>SECTION 1&nbsp;&#151;&nbsp;BACKGROUND; PURPOSES OF THE PLAN</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="95%"><FONT SIZE=2>SECTION 2&nbsp;&#151;&nbsp;DEFINITIONS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="95%"><FONT SIZE=2>SECTION 3&nbsp;&#151;&nbsp;GENERAL PROVISIONS OF THE PLAN</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>4</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="95%"><FONT SIZE=2>SECTION 4&nbsp;&#151;&nbsp;GRANT OF OPTIONS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>6</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="95%"><FONT SIZE=2>SECTION 5&nbsp;&#151;&nbsp;EXERCISE OF OPTIONS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>9</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="95%"><FONT SIZE=2>SECTION 6&nbsp;&#151;&nbsp;GRANT OF AWARDS</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="95%"><FONT SIZE=2>SECTION 7&nbsp;&#151;&nbsp;ADJUSTMENT TO SHARES</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="95%"><FONT SIZE=2>SECTION 8&nbsp;&#151;&nbsp;EFFECTIVE DATE</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>14</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="95%"><FONT SIZE=2>SCHEDULE A&nbsp;&#151;&nbsp;DEFINITION OF "CHANGE OF CONTROL"</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>15</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="95%"><FONT SIZE=2>SCHEDULE B&nbsp;&#151;&nbsp;FORM OF OPTION AGREEMENT</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>17</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="95%"><FONT SIZE=2>SCHEDULE C&nbsp;&#151;&nbsp;FORM OF AWARD AGREEMENT</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%" ALIGN="RIGHT"><FONT SIZE=2>18</FONT></TD>
</TR>
</TABLE>
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<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P><FONT SIZE=2><A
NAME="page_da1154_1_1"> </A> </FONT> <FONT SIZE=2><B><U>SECTION 1&nbsp;&#151;&nbsp;BACKGROUND; PURPOSES OF THE PLAN</U>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.1</FONT></DT><DD><FONT SIZE=2><U>Background</U>
</FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
GILDAN Stock Option Plan which became effective June&nbsp;24, 1998 has been amended on December&nbsp;3, 2003 to (i)&nbsp;change the name of the said plan to "Long Term Incentive Plan of
GILDAN", and (ii)&nbsp;allow the board of directors to grant, in addition to the options originally provided for under the plan, restricted share units to its officers, key employees and
non-employee directors in accordance with the terms and conditions further described herein. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.2</FONT></DT><DD><FONT SIZE=2><U>Purposes</U>
</FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
purposes of the Long Term Incentive Plan of GILDAN are to assist and encourage officers, employees and non-employee directors of GILDAN ACTIVEWEAR&nbsp;INC. (the "Corporation") to
work towards and participate in the growth and development of the Corporation and to assist the Corporation in attracting, retaining and motivating its officers, key employees and
non-employee directors. </FONT></P>

</UL>

<P><FONT SIZE=2><B><U>SECTION 2&nbsp;&#151;&nbsp;DEFINITIONS</U>  </B></FONT></P>

<P><FONT SIZE=2>For
the purposes of this Plan, the following terms shall have the following meanings: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.1</FONT></DT><DD><FONT SIZE=2>"Award"
means the RSUs granted to an Eligible Participant under the Plan on an Award Date, evidenced by an Award Agreement and subject to the terms and conditions of the Plan and the
Award Agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.2</FONT></DT><DD><FONT SIZE=2>"Award
Agreement" means an agreement, substantially in the form of the agreement set out in Schedule&nbsp;C to&nbsp;this Plan, entered into by an Eligible Participant and the
Corporation pursuant to which an Award is granted to the Eligible Participant in accordance with the Plan, and containing such additional terms and conditions not inconsistent with the Plan as the
Board shall deem desirable;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.3</FONT></DT><DD><FONT SIZE=2>"Award
Date" means the date on which an Award is granted, which date may be on or, if determined by the Board at the time of grant, after the date that the Board resolves to grant the
Award;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.4</FONT></DT><DD><FONT SIZE=2>"Board"
means the board of directors of the Corporation; </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da1154_1_2"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.5</FONT></DT><DD><FONT SIZE=2>"Change
of Control" has the meaning set forth in Schedule&nbsp;A hereto;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.6</FONT></DT><DD><FONT SIZE=2>"Corporation"
means GILDAN ACTIVEWEAR&nbsp;INC. and its subsidiaries;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.7</FONT></DT><DD><FONT SIZE=2>"Early
Vesting Date" has the meaning attributed thereto in section&nbsp;6.4 hereto;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.8</FONT></DT><DD><FONT SIZE=2>"Eligible
Participant" means any officer, key employee or non-employee director of the Corporation designated by the Board as eligible to participate in the Plan;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.9</FONT></DT><DD><FONT SIZE=2>"Exercise
Price" means the price per Share at which Shares may be subscribed for by an Optionee pursuant to a particular Option Agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.10</FONT></DT><DD><FONT SIZE=2>"Expiry
Date" means the date on which an Option expires pursuant to the Option Agreement relating to that Option;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.11</FONT></DT><DD><FONT SIZE=2>"GILDAN
Market Value" means the higher of the closing price of the Shares on either the Toronto Stock Exchange or the New&nbsp;York Stock Exchange on the date preceding the date of
calculation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.12</FONT></DT><DD><FONT SIZE=2>"Grant
Date" means the date on which an Option is granted, which date may be on or, if determined by the Board at the time of grant, after the date that the Board resolves to grant
the Option;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.13</FONT></DT><DD><FONT SIZE=2>"Notice
of Exercise" means a notice in the form prescribed by the Company from time to time, from an Optionee to the Corporation, or any third party appointed by the Board for the
purpose of processing such notices under the Plan, giving notice of the exercise or partial exercise of an Option previously granted to the Optionee;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.14</FONT></DT><DD><FONT SIZE=2>"Option"
means an option to subscribe Shares granted to an Eligible Participant pursuant to the terms of the Plan;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.15</FONT></DT><DD><FONT SIZE=2>"Option
Agreement" means an agreement, substantially in the form of the agreement set out in Schedule&nbsp;B to&nbsp;this Plan, between the Corporation and an Eligible
Participant setting out the terms of an Option granted to the Eligible Participant;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.16</FONT></DT><DD><FONT SIZE=2>"Optioned
Shares" means the Shares that may be subscribed for by an Optionee pursuant to a particular Option Agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.17</FONT></DT><DD><FONT SIZE=2>"Optionee"
means an Eligible Participant to whom an Option has been granted; </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da1154_1_3"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.18</FONT></DT><DD><FONT SIZE=2>"Permanent
Disability" shall mean incapacity due to a physical or mental illness which is determined by the Corporation to cause a permanent impairment in the ability of the Eligible
Participant to perform his or her duties as employee;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.19</FONT></DT><DD><FONT SIZE=2>"Outstanding
Issue" shall have the meaning, if any, set forth under the rules and policies of the Toronto Stock Exchange or any other stock exchanges upon which the Shares are then
listed relating to Share Compensation Arrangements based however, on a deemed conversion of all Class&nbsp;B Multiple Voting Shares of the Corporation then issued and outstanding;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.20</FONT></DT><DD><FONT SIZE=2>"Plan"
means the Long Term Incentive Plan of GILDAN, as amended;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.21</FONT></DT><DD><FONT SIZE=2>"Restricted
Share Unit" or "RSU" means the right of an Eligible Participant to whom a grant of such unit is made to receive a Share on the Vesting Date (or Early Vesting Date, as the
case may be) upon the attainment of specified performance objectives, if any, as determined by the Board in accordance with section&nbsp;6.1, unless such unit expires prior to its Vesting Date;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.22</FONT></DT><DD><FONT SIZE=2>"RSU
Holder" means an Eligible Participant to whom an Award has been granted;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.23</FONT></DT><DD><FONT SIZE=2>"RSU
Shares" means the Shares that an RSU Holder may receive pursuant to a particular Award Agreement, it being understood that such Shares are to be issued from treasury;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.24</FONT></DT><DD><FONT SIZE=2>"Share
Compensation Arrangement" means any stock option, stock option plan, employee stock purchase plan, share unit plan or any other compensation or incentive mechanism involving
the issuance or potential issuance of Shares;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.25</FONT></DT><DD><FONT SIZE=2>"Shares"
means Class&nbsp;A Subordinate Voting Shares of the Corporation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.26</FONT></DT><DD><FONT SIZE=2>"Total
Shares" has the meaning attributed thereto in section&nbsp;3.3 hereto;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.27</FONT></DT><DD><FONT SIZE=2>"Vesting
Date" means, in respect of an Award, the date when the Award is fully vested as determined by the Board in accordance with section&nbsp;6.1; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.28</FONT></DT><DD><FONT SIZE=2>"Vesting
Period" means in respect of an Award, the period between the Award Date of such Award and the Vesting Date of such Award. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da1154_1_4"> </A>

<P><FONT SIZE=2><B><U>SECTION 3&nbsp;&#151;&nbsp;GENERAL PROVISIONS OF THE PLAN</U>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.1</FONT></DT><DD><FONT SIZE=2><U>Administration</U>
</FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
Plan will be administered by the Board or, if determined by the Board, by a compensation or human resources committee of the Board consisting of not less than three directors, all of whom shall be
"outside" and "independent" directors within the meaning of the regulations on corporate governance applicable to the Corporation. If a committee is appointed to administer the Plan, all reference in
this Plan to the Board will be deemed to be references to the committee, with the exception that if a committee is appointed, pursuant to this section, to administer the Plan, approval of the Board as
to the number of Options or Awards granted and the number of Shares subject to such Options or Awards will be required, and the Board shall retain ultimate authority in connection with all decisions
made by the committee in the administration of the Plan. </FONT></P>


<P><FONT SIZE=2>The
Board may appoint one or more third parties to perform such administrative duties under the Plan as the Board may delegate from time to time, including all record keeping activities as well as the
processing of Notices of Exercise. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.2</FONT></DT><DD><FONT SIZE=2><U>Interpretation</U>
</FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
Board or committee, as the case may be, has full and complete authority to interpret the Plan and to prescribe such rules and regulations and make such determinations as it deems necessary or
desirable for the administration of the Plan and all such interpretations, determinations or other actions taken by the Board (or committee, as the case may be) shall be final and binding on the
Corporation and each Eligible Participant and conclusive for all purposes thereunder. </FONT></P>

<P><FONT SIZE=2>Words
denoting the singular number include the plural and vice versa and words denoting the masculine include the feminine. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.3</FONT></DT><DD><FONT SIZE=2><U>Shares
Reserved for the Plan</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Subject
to adjustment under section&nbsp;7 and&nbsp;any applicable limitations set forth at paragraph&nbsp;3.8, the maximum number of Shares that are issuable under the Plan shall not exceed
2,768,888 Shares (the "Total Shares"). Of the Total Shares, 2,652,554 Shares are currently reserved for issuance pursuant to the exercise of Options and the balance, namely 116,334 Shares, shall be
reserved for issuance upon the vesting of Awards. Any Shares subject to Options that expire or terminate in accordance with the terms of the Plan without having been exercised and any Awards that
expire without vesting, may be made subject to a further Option or Award, as the case may be. Should further Shares become so available under the Plan, the Board has the discretionary authority to
allocate a higher number of Shares to be reserved for issuance upon the vesting of the Awards or upon the exercise of Options, as the case may be, the whole without increasing the amount of Total
Shares. Notwithstanding the foregoing, the maximum number of Shares which can be reserved for issuance upon vesting of RSUs under the Plan shall at no time exceed 300,000 Shares. No fractional Shares
may be issued under the Plan. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da1154_1_5"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.4</FONT></DT><DD><FONT SIZE=2><U>Eligibility</U>
</FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Subject
to the limitations set forth at section&nbsp;3.8, Options and/or Awards may be granted by the Board to any Eligible Participant, except that H. Gregory Chamandy, Glenn J. Chamandy and Edwin
B. Tisch shall not be eligible to receive RSUs under the Plan. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.5</FONT></DT><DD><FONT SIZE=2><U>Non-Exclusivity</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Nothing
contained in this Plan will prevent the Board from adopting other or additional Share Compensation Arrangements, subject to obtaining the prior approval of applicable regulatory authorities,
including those stock exchanges upon which the Shares are then listed or any other approvals as may be required in the circumstances. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.6</FONT></DT><DD><FONT SIZE=2><U>Amendment
of Plan, Options or Awards</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
Board may amend, suspend or terminate the Plan, any Option or any Award granted thereunder at any time, provided that no such amendment, suspension or termination may: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>be
made without obtaining any required regulatory approval, including of the stock exchanges upon which the Shares are then listed or, if requested by such regulatory authority, any
shareholder approval;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>in
the case of Options, alter or impair any rights of an Optionee under Options previously granted without the consent or the deemed consent of the Optionee; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>in
the case of Awards, alter or impair any rights of a RSU Holder under Awards previously granted without the consent or the deemed consent of the RSU Holder. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da1154_1_6"> </A>
<UL>
<UL>
</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.7</FONT></DT><DD><FONT SIZE=2><U>Compliance
with Laws and Stock Exchange Rules</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
Plan, the grant and exercise of Options under the Plan, the grant and vesting of Awards under the Plan and the issuance of Shares on exercise of Options or vesting of Awards, as the case may be,
will be subject to all applicable federal, provincial and foreign laws, as well as all applicable policies, rules and regulations of any stock exchanges on which the Shares are listed for trading,
including requirements as to listing of the Shares on such stock exchanges. Shares issued to Optionees pursuant to the exercise of Options and Shares issued to RSU Holders pursuant to the vesting of
Awards may be subject to limitation on sale or resale under applicable securities laws. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.8</FONT></DT><DD><FONT SIZE=2><U>Quantitative
Limitations</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Notwithstanding
anything to the contrary herein provided, (i)&nbsp;the maximum number of Shares that may be reserved for issuance to any one person, whether pursuant to the exercise of Options or
pursuant to the vesting of Awards granted under the Plan, as well as under any other Share Compensation Arrangements, shall not exceed 5% of the Outstanding Issue at the time of grant; (ii)&nbsp;the
total number of Shares reserved for issuance to insiders under the Plan, whether pursuant to the exercise of Options or pursuant to the vesting of Awards, as well as under any other Share Compensation
Arrangements shall not, unless shareholder approval is obtained, exceed 10% of the Outstanding Issue; and (iii)&nbsp;the number of Shares which may be issued under the Plan, whether pursuant to the
exercise of Options or the vesting of Awards, as well as under any other Share Compensation Arrangements, in a one-year period shall not exceed (a)&nbsp;10% of the Outstanding Issue, in
the case of Shares issued to insiders, or (b)&nbsp;5% of the Outstanding Issue, in the case of Shares issued to any one insider and his/her associates. </FONT></P>

</UL>

<P><FONT SIZE=2><B><U>SECTION 4&nbsp;&#151;&nbsp;GRANT OF OPTIONS</U>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.1</FONT></DT><DD><FONT SIZE=2><U>Grant
of Options</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
Board shall from time to time, at its entire discretion, designate the Eligible Participants to whom a grant of Options shall be made, the number of Shares covered by such Options, and the Grant
Date. The Board shall further have discretion to establish, within the restrictions set forth in the Plan, the time of exercise, Expiry Dates, exercise price and other particulars applicable to an
Option granted hereunder. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da1154_1_7"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.2</FONT></DT><DD><FONT SIZE=2><U>Option
Agreement</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Upon
the grant of an Option, the Corporation will deliver to the Eligible Participant selected to receive same, an Option Agreement dated as of the Grant Date, containing the terms of the Option and
executed by the Corporation, and upon delivery to the Corporation of the Option Agreement executed by the Eligible Participant in question, the Eligible Participant in question will be an Optionee
under the Plan and have the right to purchase the Optioned Shares on the terms set out in the Option Agreement and in the Plan. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.3</FONT></DT><DD><FONT SIZE=2><U>Exercise
Price</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
Exercise Price for an Option will be determined by the Board at the time of grant and will not be less than the GILDAN Market Value at the Grant Date. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.4</FONT></DT><DD><FONT SIZE=2><U>Time
of Exercise</U>
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Unless
the Board otherwise determines, but provided that (i)&nbsp;no Option may be exercised in whole prior to the second anniversary of the Grant Date and (ii)&nbsp;that the term
of an Option will not exceed ten years, an Option may be exercised by an Optionee as follows:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>on
and after the second anniversary of the Grant Date, as to 33<SUP>1</SUP>/<SMALL>3</SMALL>% of the Optioned Shares or any part thereof;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>on
and after the third anniversary of the Grant Date, as to an additional 33<SUP>1</SUP>/<SMALL>3</SMALL>% of the Optioned Shares or any part thereof; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>on
and after the fourth anniversary of the Grant Date, as to the remaining 33<SUP>1</SUP>/<SMALL>3</SMALL>% of the Optioned Shares or any part thereof.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Upon
the occurrence of transactions that would result in a Change of Control, all Options become exercisable as of the date of the Change of Control, unless otherwise determined by
the Board prior to the occurrence of the Change of Control.
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.5</FONT></DT><DD><FONT SIZE=2><U>Expiry
Date</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
Expiry Date of an Option will be determined by the Board at the time of grant, subject however to a maximum term of ten years from the Grant Date and will be subject to the provisions of
section&nbsp;4.6 relating to early expiry. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_dc1154_1_8"> </A> </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.6</FONT></DT><DD><FONT SIZE=2><U>Early
Expiry of Options</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Unless
otherwise determined by the Board at or after the time of grant, and subject to the maximum term referred to at section&nbsp;4.5 hereof: </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Options
will expire immediately upon the Optionee ceasing to be an Eligible Participant as a result of being dismissed from his office or employment for cause;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Options
will expire before its Expiry Date in the following events and manner:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>if
an Optionee resigns his office or employment, the portion of any Option held by such Optionee that is exercisable at the date of resignation may be exercised by the
Optionee during the period ending sixty days after the date of resignation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>if
an Optionee is dismissed without cause, the portion of any Option held by such Optionee that is exercisable at the date of dismissal or termination may be exercised
by the Optionee during the period ending sixty days after the date of dismissal or termination;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>if
an Optionee dies or his employment with the Corporation is terminated due to Permanent Disability, the portion of any Option held by such Optionee that would be
exercisable at the date of the death of the Optionee or of termination may be exercised by the Optionee or the legal personal representative of the Optionee, as the case may be, during the period
ending twelve months after the death of the Optionee or after the date of termination;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>if
an Optionee attains the normal retirement age established by the Corporation from time to time, and unless the Board otherwise decides, the portion of any Option
held by such Optionee that would be exercisable at the date of retirement may be exercised by the Optionee during the period ending twelve months after the date of retirement; and
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>the
portion of any Option which is not exercisable at the time of the occurrence of an event contemplated at (a)&nbsp;or (b)&nbsp;above shall be immediately forfeited. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
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<A NAME="page_dc1154_1_9"> </A>
<UL>
<UL>
</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.7</FONT></DT><DD><FONT SIZE=2><U>Non-Assignable</U>
</FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Except
as provided in section&nbsp;4.6(b)(iii), an Option may be exercised only by the Optionee and will not be assignable. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.8</FONT></DT><DD><FONT SIZE=2><U>No
Implied Rights</U>
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>An
Optionee will only have rights as a shareholder of the Corporation with respect to those of the Optioned Shares that the Optionee has acquired through the exercise of an Option in
accordance with its terms.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Nothing
in this Plan or in any Option Agreement will confer or be construed as conferring on an Optionee any right to remain as an officer, key employee or non-employee
director of the Corporation, or on an Eligible Participant the right to be granted Options or Awards hereunder. </FONT></DD></DL>
</DD></DL>

<P><FONT SIZE=2><B><U>SECTION 5&nbsp;&#151;&nbsp;EXERCISE OF OPTIONS</U>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.1</FONT></DT><DD><FONT SIZE=2><U>Manner
of Exercise</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>An
Optionee who wishes to exercise an Option may do so by delivering the following to the Corporation, or to a third party appointed or designated by the Company for that purpose under the Plan, on or
before the Expiry Date of the Option; </FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>a
completed Notice of Exercise; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>if
applicable, a cheque or bank draft in Canadian funds payable to the Corporation, or to the third party mentioned above, for the aggregate Exercise Price for the Optioned Shares
being acquired. </FONT></DD></DL>

<P><FONT SIZE=2>If
pursuant to section&nbsp;4.6(b)(iii), the Option may be exercised by the legal personal representative of the Optionee, such representative, in addition to delivering to the Corporation, or to
the third party mentioned above, the Notice of Exercise and, if applicable, the cheque or bank draft described above, shall also be required to deliver to the Corporation, or such third party,
sufficient and satisfactory evidence of their status. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

<HR NOSHADE>
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<A NAME="page_dc1154_1_10"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.2</FONT></DT><DD><FONT SIZE=2><U>Delivery
of Share Certificate</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Not
later than five business days after receipt of the Notice of Exercise and payment in full for the Optioned Shares being acquired, the Corporation will direct its transfer agent to issue a
certificate in the name of the Optionee (or, if deceased, his estate) for the number of Optioned Shares purchased by the Optionee (or his estate), which will be issued as fully paid and
non-assessable Shares. </FONT></P>

</UL>

<P><FONT SIZE=2><B><U>SECTION 6&nbsp;&#151;&nbsp;GRANT OF AWARDS</U>  </B></FONT></P>

<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.1</FONT></DT><DD><FONT SIZE=2><U>Grant
of Awards</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
Board shall from time to time designate the Eligible Participants to whom a grant of RSUs shall be made and shall determine the number of RSUs granted under the Award. The Board shall further have
discretion to establish at the time of grant, within the restrictions set forth in the Plan, the Award Date, the Vesting Date, the performance objectives which must be attained for the Award to vest,
if any, and other particulars applicable to an Award granted hereunder. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.2</FONT></DT><DD><FONT SIZE=2><U>Award
Agreement</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Upon
the grant of an Award, the Corporation will deliver to the Eligible Participant selected to receive same an Award Agreement dated as of the Award Date, containing the terms of the Award and
executed by the Corporation, and upon delivery to the Corporation of the Award Agreement executed by the Eligible Participant in question, the Eligible Participant in question will be an RSU Holder
under the Plan and, subject to vesting, have the right to receive the RSU Shares on the terms set out in the Award Agreement and in the Plan. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.3</FONT></DT><DD><FONT SIZE=2><U>Vesting
Date</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>The
Vesting Date of an Award will be determined by the Board at the time of grant, subject however to a maximum term of ten years from the Award Date and will be subject to the provisions of
section&nbsp;6.4 relating to early vesting or expiry. </FONT></P>

<P><FONT SIZE=2>Upon
the occurrence of transactions that would result in a Change of Control, any Award, whether or not vesting is subject to the attainment of performance objectives, shall vest as of the date of the
Change of Control, unless otherwise determined by the Board prior to the occurrence of the Change of Control. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=3,SEQ=12,EFW="2140742",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=135991,FOLIO='10',FILE='DISK009:[04MTL4.04MTL1154]DC1154A.;16',USER='RMCIVOR',CD='26-JUL-2004;13:38' -->
<A NAME="page_dc1154_1_11"> </A>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.4</FONT></DT><DD><FONT SIZE=2><U>Early
Vesting or Expiry of Awards</U>
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Unless
otherwise determined by the Board at or after the time of grant, and subject to the maximum term referred to at section&nbsp;6.3 hereof:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>Where
vesting of an Award is subject to the attainment of performance objectives, such Award, or part thereof, shall expire on the Vesting Date if such performance
objectives have not been attained, the whole in accordance with the terms and conditions of the applicable Award Agreement.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>Any
Award, whether or not subject to the attainment of performance objectives, shall expire immediately upon the RSU Holder thereof ceasing to be an Eligible
Participant as a result of being dismissed from his office or employment for cause.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>Where
vesting of an Award is not subject to the attainment of performance objectives, such Award shall vest before its Vesting Date or expire, as the case may be, in
the following events and manner:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>if
an RSU Holder resigns his office or employment, the Award held by such RSU Holder shall expire immediately on the date of resignation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>if
an RSU Holder is dismissed without cause, the Award held by such RSU Holder shall vest immediately on the date of dismissal in accordance with section&nbsp;6.4(b);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>if
an RSU Holder dies or his employment with the Corporation is terminated due to Permanent Disability, the Award held by such RSU Holder shall vest immediately on the date of the
death of the RSU Holder or on the date of termination, as the case may be, in accordance with section&nbsp;6.4(b); and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>if
an RSU Holder attains the normal retirement age established by the Corporation from time to time, the Award held by such RSU Holder shall vest immediately on the date of retirement
in accordance with section&nbsp;6.4(b).
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iv)</FONT></DT><DD><FONT SIZE=2>Any
Award for which the vesting is subject to the attainment of a performance objective and which has not vested at the time of the occurrence of an event contemplated
in section&nbsp;6.4(a)(iii)(1) to&nbsp;(4) above shall expire immediately upon the occurrence of such event. </FONT></DD></DL>
</DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=4,SEQ=13,EFW="2140742",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=545995,FOLIO='11',FILE='DISK009:[04MTL4.04MTL1154]DC1154A.;16',USER='RMCIVOR',CD='26-JUL-2004;13:38' -->
<A NAME="page_dc1154_1_12"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>In
the case of the occurrence of an event contemplated in sections&nbsp;6.4(a)(iii)(2), (3) and&nbsp;(4) or in the case of a Change of Control, and notwithstanding anything to the
contrary herein provided, the RSU Holder (or, if deceased, his legal representative) of such early vesting Award shall be entitled to receive, on the date of the death of the RSU Holder, the date of
termination due to Permanent Disability, the date of retirement or the date of the Change of Control, as the case may be (each an "Early Vesting Date"), the number of Shares equal to: </FONT></DD></DL>
</UL>
<BR>

<!-- User-specified TAGGED TABLE -->
<DIV ALIGN="CENTER"><TABLE WIDTH="57%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="37%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>The&nbsp;number&nbsp;of&nbsp;RSU&nbsp;Shares<BR>
underlying the Award</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="4%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
X</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="52%" ALIGN="CENTER"><FONT SIZE=2>Number of days elapsed between the<BR>
Award Date of the Award and the<BR>
Early Vesting Date</FONT><HR NOSHADE><FONT SIZE=2> Number of days in the Vesting Period<BR>
of such Award</FONT></TD>
</TR>
</TABLE></DIV>
<!-- end of user-specified TAGGED TABLE -->

<UL>
<UL>

<P><FONT SIZE=2>unless
otherwise determined by the Board at or after the time of the grant. </FONT></P>

</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.5</FONT></DT><DD><FONT SIZE=2><U>Non-Assignable</U>
</FONT></DD></DL>
<UL>

<P><FONT SIZE=2>An
Award will not be assignable. Notwithstanding the foregoing, in the case where an RSU Holder dies and the vesting of his Award is accelerated in the manner set forth in
section&nbsp;6.4(a)(iii)(3), his legal representative shall have the rights of such RSU Holder under the Plan and the Award Agreement. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.6</FONT></DT><DD><FONT SIZE=2><U>No
Implied Rights</U>
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>An
RSU Holder will only have rights as a shareholder of the Corporation with respect to those of the RSUs Shares, if any, that the RSU Holder has received upon the vesting of an Award
in accordance with its terms.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>Nothing
in this Plan or in any Award Agreement will confer or be construed as conferring on an RSU Holder any right to remain as an officer, key employee or non-employee
director of the Corporation, or an Eligible Participant the right to be granted Options or Awards hereunder. </FONT></DD></DL>
</DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=5,SEQ=14,EFW="2140742",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=596003,FOLIO='12',FILE='DISK009:[04MTL4.04MTL1154]DC1154A.;16',USER='RMCIVOR',CD='26-JUL-2004;13:38' -->
<A NAME="page_dc1154_1_13"> </A>
<UL>
<UL>
</UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>6.7</FONT></DT><DD><FONT SIZE=2><U>Vesting
of the Award</U> </FONT></DD></DL>
<UL>

<P><FONT SIZE=2>Unless
an Award has expired in accordance with sections&nbsp;6.4(a)(i), (ii), (iii)(1), (iii)(2) and (iv), the Corporation shall not later than five business days after the Vesting Date (or after
the Early Vesting Date, as the case may be), issue from treasury the number of RSU Shares represented by such vested Award (or the number of Shares determined in accordance with section&nbsp;6.4(b),
as the case may be) and direct its transfer agent to issue a certificate in the name of the RSU Holder of such vested Award (or, if deceased, his legal representative) for the number of the RSU Shares
above mentioned which will be issued as fully paid and non-assessable Shares. </FONT></P>

</UL>

<P><FONT SIZE=2><B><U>SECTION 7&nbsp;&#151;&nbsp;ADJUSTMENT TO SHARES</U>  </B></FONT></P>

<P><FONT SIZE=2>The
number of Shares delivered to an Optionee upon the exercise of an Option, or to an RSU Holder upon the vesting of an Award, will be adjusted in the following events and manner, subject to the
requirements of applicable regulatory authorities, including the stock exchanges on which the Shares are then listed, and to the right of the Board to make such other or additional adjustments as are
appropriate in the circumstances: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>upon
(i)&nbsp;a subdivision of the Shares into a greater number of Shares, (ii)&nbsp;a consolidation of the Shares into a lesser number of Shares or (iii)&nbsp;the issue of a
stock dividend to holders of the Shares, the Corporation will deliver upon the exercise of an Option or upon vesting of an Award, as the case may be, in addition to or in lieu of the number of
Optioned Shares in respect of which the right to purchase is being exercised or the number of RSU Shares underlying an Award, as the case may be, and without the Optionee or the RSU Holder making
payment therefore, such greater or lesser number of Shares as would have resulted from the subdivision, consolidation or stock dividend if the Optioned Shares or the RSU Shares, as the case may be,
had been issued and outstanding at the relevant time;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>upon
a capital reorganization, reclassification or change of the Shares, a consolidation, an amalgamation, arrangement or other form of business combination of the Corporation with
another corporation or a sale, lease or exchange of all or substantially all of the property of the Corporation, the Corporation will deliver upon the exercise of an Option or upon vesting of an
Award, as the case may be, in lieu of the number of Optioned Shares in respect of which the right to purchase is being exercised or the RSU Shares underlying an Award, as the case may be, the kind and
amount of shares or other securities or property as would have resulted from such event if the Optioned Shares or the RSU Shares, as the case may be, had been issued and outstanding at the relevant
time. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=6,SEQ=15,EFW="2140742",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=451698,FOLIO='13',FILE='DISK009:[04MTL4.04MTL1154]DC1154A.;16',USER='RMCIVOR',CD='26-JUL-2004;13:38' -->
<A NAME="page_dc1154_1_14"> </A>
<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2>Comparable
and corresponding adjustments as set forth above will be made to the number and kind of Shares authorized for issuance under the Plan, regardless of whether such Shares are covered by
Options or Awards at the relevant time. An adjustment will take effect at the time of the event giving rise to the adjustment, and the adjustments provided for in this section are cumulative. </FONT></P>


<P><FONT SIZE=2>The
Corporation will not be required to issue fractional Shares or other securities under the Plan and any fractional interest in a Share or other security that would otherwise be delivered upon
exercise of an Option or upon vesting of an Award will be cancelled without payment therefore. </FONT></P>

<P><FONT SIZE=2><B><U>SECTION 8&nbsp;&#151;&nbsp;EFFECTIVE DATE</U>  </B></FONT></P>

<P><FONT SIZE=2>The
Plan came into effect on June&nbsp;24, 1998 and was amended, subject to shareholder and regulatory approval on December&nbsp;3, 2003 as well as on May&nbsp;4, 2004. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=7,SEQ=16,EFW="2140742",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=401445,FOLIO='14',FILE='DISK009:[04MTL4.04MTL1154]DC1154A.;16',USER='RMCIVOR',CD='26-JUL-2004;13:38' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fa1154_1_15"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fa1154_schedule_a__#151;_definition_of__change_of_control_"> </A>
<A NAME="toc_fa1154_1"> </A>
<BR></FONT><FONT SIZE=2><B><U>SCHEDULE A&nbsp;&#151;&nbsp;DEFINITION OF "CHANGE OF CONTROL"</U>  <BR>    </B></FONT></P>


<P><FONT SIZE=2>For
purposes of this Plan, a "Change of Control" shall mean a change in control of the Corporation of a nature that would be required to be reported, whether or not the Corporation is then subject to
such reporting requirement, <U>provided that</U>, without limitation, a Change in Control shall be deemed to have occurred if: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>any
individual, partnership, firm, corporation, association, trust, unincorporated organization or other entity, or any syndicate or group deemed to be a person, becomes the
"beneficial owner", directly or indirectly, of securities of the Corporation representing twenty (20)&nbsp;percent or more of the combined voting power of the Corporation's then outstanding
securities entitled to vote in the election of directors of the Corporation (the "Corporation Voting Securities"); <U>provided, however</U>, that any acquisition of Corporation
Voting Securities by the Corporation or any of its subsidiaries, or any employee benefit plan (or related trust) of the Corporation or its subsidiaries, or any corporation with respect to which,
following such acquisition, substantially all of the combined voting power of the then outstanding voting securities of such Corporation entitled to vote generally in the election of directors is then
beneficially owned, directly or indirectly, by the individuals and entities who were the beneficial owners of Corporation Voting Securities immediately prior to such acquisition in substantially the
same proportion as their ownership immediately prior to such acquisition, shall not constitute a Change in Control;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>individuals
who, on the date of implementation of the Plan, constitute the Board and any new directors whose appointment by the Board or whose nomination for election by the
Corporation's shareholders was approved by a vote of at least three-quarters (<SUP>3</SUP>/<SMALL>4</SMALL>) of the directors then still in office who either were directors on the date of implementation of the
Plan or whose appointment or nomination for election was previously so approved cease for any reason to constitute a majority of the members of the Board;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>assets
of the Corporation representing fifty (50)&nbsp;percent or more of the net book value of the assets of the Corporation determined as of the date of the audited financial
statements of the Corporation then most recently published, are sold, liquidated or distributed; or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=17,EFW="2140742",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=893837,FOLIO='15',FILE='DISK009:[04MTL4.04MTL1154]FA1154A.;4',USER='RMCIVOR',CD='26-JUL-2004;13:38' -->
<A NAME="page_fa1154_1_16"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>ten
(10)&nbsp;percent or more of the value of the assets of the Corporation or the voting securities of the Corporation are about to be transferred or have been transferred because
of any taking, seizure or defeasance as a result of, or in connection with (i)&nbsp;nationalization, expropriation, confiscation, coercion, force or duress or other similar action or (ii)&nbsp;the
imposition of a confiscatory tax, assessment or other governmental charge or levy. The value of the assets of the Corporation shall be determined as of the date of the audited financial statements of
the Corporation most recently published prior to the date of the transfer. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>A
Change in Control shall also be deemed to occur as of the date the Corporation executes an agreement which, if carried out, would result in the occurrence of a Change in Control as described above. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=18,EFW="2140742",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=726371,FOLIO='16',FILE='DISK009:[04MTL4.04MTL1154]FA1154A.;4',USER='RMCIVOR',CD='26-JUL-2004;13:38' -->
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fc1154_1_17"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fc1154_schedule_b__#151;_form_of_option_agreement"> </A>
<A NAME="toc_fc1154_1"> </A>
<BR></FONT><FONT SIZE=2><B><U>SCHEDULE B&nbsp;&#151;&nbsp;FORM OF OPTION AGREEMENT</U>  <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>LONG TERM INCENTIVE PLAN<BR>
OPTION AGREEMENT  </B></FONT></P>

<P><FONT SIZE=2>This
Option Agreement is entered into between GILDAN ACTIVEWEAR&nbsp;INC. (the "Corporation") and the Optionee named below pursuant to the Long Term Incentive Plan of the Corporation (the "Plan"), a
copy of which is attached hereto, and confirms that: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U> (the "Grant Date");
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
(the "Optionee");
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>was
granted a non-assignable option to<BR>
purchase
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;Shares (the "Optioned Shares") of the Corporation, in
accordance with the terms of the Plan;

<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>at
a price (the "Exercise Price") of $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> per
Share: and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>for
a maximum term expiring at 5:00&nbsp;P.M., Eastern Time <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the "Expiry Date"); </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>all
on the terms and subject to the conditions set out in the Plan. By signing this agreement, the Optionee acknowledges that he or she has read and understands the Plan, and agrees to be bound
thereby. </FONT></P>

<P><FONT SIZE=2>This
Agreement and all related documents have been drawn up in the English language at the specific request of the parties hereto. La pr&eacute;sente entente, ainsi que tout autre document y
aff&eacute;rent, ont &eacute;t&eacute; r&eacute;dig&eacute;s en langue anglaise &agrave; la demande expresse des parties. </FONT></P>

<P><FONT SIZE=2>IN
WITNESS WHEREOF the Corporation and the Optionee have executed this Option Agreement as of<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="33%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="10%"><BR><FONT SIZE=2> By:</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="84%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="84%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><BR><FONT SIZE=2> By:</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="84%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="84%"><HR NOSHADE></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><BR><HR NOSHADE><FONT SIZE=2> Name of Optionee</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><BR><HR NOSHADE><FONT SIZE=2> Signature of Optionee</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=1,SEQ=19,EFW="2140742",CP="GILDAN ACTIVEWEAR INC.",DN="2",CHK=100970,FOLIO='17',FILE='DISK009:[04MTL4.04MTL1154]FC1154A.;9',USER='RMCIVOR',CD='26-JUL-2004;13:38' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="page_fe1154_1_18"> </A> </FONT></P>

<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="fe1154_schedule_c__#151;_form_of_award_agreement"> </A>
<A NAME="toc_fe1154_1"> </A>
<BR></FONT><FONT SIZE=2><B><U>SCHEDULE C&nbsp;&#151;&nbsp;FORM OF AWARD AGREEMENT</U>  <BR>    </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>LONG TERM INCENTIVE PLAN<BR>
AWARD AGREEMENT  </B></FONT></P>

<P><FONT SIZE=2>This
Award Agreement is entered into between GILDAN ACTIVEWEAR&nbsp;INC. (the "Corporation") and the RSU Holder named below pursuant to the Long Term Incentive Plan of the Corporation (the "Plan"),
a copy of which is attached hereto, and confirms that: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>1.</FONT></DT><DD><FONT SIZE=2>on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U> (the "Award Date");
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>2.</FONT></DT><DD><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
(the "RSU Holder");
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>3.</FONT></DT><DD><FONT SIZE=2>was
granted
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U> non-assignable restricted share units (the "Award");
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>4.</FONT></DT><DD><FONT SIZE=2>vesting
of the Award shall: </FONT></DD></DL>
</UL>
<UL>
<UL>

<P><FONT SIZE=2><FONT FACE="WINGDINGS">&#111;</FONT>
not be subject to the attainment of performance objectives; or </FONT></P>

<P><FONT SIZE=2>
<FONT FACE="WINGDINGS">&#111;</FONT> be subject to the attainment of the following performance objectives: </FONT></P>

<P><FONT SIZE=2>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
 </FONT></P>

<P><FONT
SIZE=2><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>;
</FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>5.</FONT></DT><DD><FONT SIZE=2>the
Award shall vest at 5:00&nbsp;P.M., Eastern Time
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;</U> (the "Vesting Date");
 </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>all
on the terms and subject to the conditions set out in the Plan. By signing this agreement, the RSU Holder acknowledges that he or she has read and understands the Plan, and agrees to be bound
thereby. </FONT></P>

<P><FONT SIZE=2>This
Agreement and all related documents have been drawn up in the English language at the specific request of the parties hereto. La pr&eacute;sente entente, ainsi que tout autre document y
aff&eacute;rent, ont &eacute;t&eacute; r&eacute;dig&eacute;s en langue anglaise &agrave; la demande expresse des parties. </FONT></P>

<P><FONT SIZE=2>IN
WITNESS WHEREOF the Corporation and the RSU Holder have executed this Award Agreement as of <BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </FONT></P>

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<TD WIDTH="4%"><BR><FONT SIZE=2> By:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="31%"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
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<TD WIDTH="4%"><BR><FONT SIZE=2> By:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="31%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="4%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="31%"><HR NOSHADE></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><BR><HR NOSHADE><FONT SIZE=2> Name of RSU Holder</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=3><BR><HR NOSHADE><FONT SIZE=2> Signature of RSU Holder</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="61%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<BR>
<P><br><A NAME="04MTL1154_2">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ca1154_1">GILDAN ACTIVEWEAR INC. LONG TERM INCENTIVE PLAN</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cc1154_1">TABLE OF CONTENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fa1154_1">SCHEDULE A &#151; DEFINITION OF "CHANGE OF CONTROL"</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fc1154_1">SCHEDULE B &#151; FORM OF OPTION AGREEMENT</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_fe1154_1">SCHEDULE C &#151; FORM OF AWARD AGREEMENT</A></FONT><BR>
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