SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 4, 2008
Coach, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 1-16153 52-2242751
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(State of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
516 West 34th Street, New York, NY 10001
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(Address of principal executive offices) (Zip Code)
(212) 594-1850
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(Registrant's telephone number, including area code)
Item 1.01: Entry into a Material Definitive Agreement.
On July 4, 2008, Coach, Inc. ("Coach" or the "Company") entered into a
Transition Employment Agreement (the "Agreement") with Keith Monda, a Director
of the Company who retired from his position as Coach's President and Chief
Operating Officer on the same day. Simultaneously with entering into the
Agreement, Mr. Monda's existing employment agreement with the Company was
terminated.
Mr. Monda's Agreement provides that he will remain as a part-time employee
of the Company from July 4, 2008 until August 31, 2009. Mr. Monda will receive a
salary for his services (beginning July 4, 2008) of $14,819 per month. Under his
agreement, Mr. Monda will not receive a cash bonus or any new equity
compensation awards. Because Mr. Monda met the age and service criteria for
retirement under the Company's retirement policy, his existing unvested equity
awards (other than those awarded pursuant to his employment agreement, which
were cancelled upon his retirement) will continue to vest and remain exercisable
in accordance with their original terms.
Mr. Monda will also remain eligible for Company-provided benefits during
the period of his part-time employment. These benefits include the Company's
group medical, dental, vision and executive life insurance plans and his leased
automobile.
Mr. Monda's Agreement contains certain standard restrictive covenants,
including obligations not to compete with the Company or solicit any Company
employee to leave his/her employment, through August 10, 2010.
Item 5.02: Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
On July 5, 2008, Jerry Stritzke, an Executive Officer of Coach, Inc.,
formally assumed the position of the Company's President and Chief Operating
Officer, following Mr. Monda's retirement from that position on July 4.
As previously reported in Coach's Current Report on Form 8-K filed with the
Commission on March 12, 2008, Mr. Stritzke joined Coach as an executive officer
in March 2008 with the intention of assuming the position of President and Chief
Operating Officer upon Mr. Monda's retirement. Mr. Monda, who had served with
the Company since June 1998, will remain as a member of Coach's Board of
Directors.
SIGNATURE
Pursuant to 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 hereunto duly authorized.
Dated: July 10, 2008
COACH, INC.
By: /s/ Todd Kahn
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Todd Kahn
Senior Vice President, General
Counsel and Secretary