Employment Agreement AmendmentEmployment Agreement Amendment |
|
|
You are currently viewing: This Employment Agreement Amendment involves
COACH INC. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
|
|
|
Search Employment Agreement Amendment by:
March 11, 2008 Mr. Reed Krakoff 37 Beekman Place New York, NY 10022
|
Re: |
Employment Agreement Amendment |
Dear Reed: This Letter Agreement confirms the understanding reached between you and Coach, Inc., a Maryland corporation (the Company), regarding the terms of your continued employment with the Company. This Letter Agreement constitutes an amendment to that certain Employment Agreement by and between you and the Company dated as of June 1, 2003 (the 2003 Employment Agreement), as subsequently amended by that certain Letter Agreement between you and the Company dated August 22, 2005 (the 2005 Letter Agreement and, collectively with the 2003 Employment Agreement, the Employment Agreement). Capitalized terms used in this Letter Agreement and not defined herein shall have the meaning given such terms in the Employment Agreement.
|
|
1. |
Employment Agreement Term. You and the Company acknowledge and agree that, notwithstanding anything to the contrary in the Employment Agreement, the Initial Term shall end on June 28, 2014 unless earlier terminated as provided in Section 6 of the 2003 Employment Agreement. |
|
|
2. |
Annual Base Salary. Effective as of June 29, 2008, your Annual Base Salary shall be payable at a rate of $2,500,000 per year, which rate of Annual Base Salary shall increase by not less than 5% as of the first day of each fiscal year of the Company commencing on or after June 27, 2009 during the Term. |
|
|
3. |
Annual Bonus. With respect to each fiscal year of the Company commencing on and after June 29, 2008 during the Term, your Maximum Bonus shall be equal to at least 200% of your Annual Base Salary. Such Annual Bonus shall be paid at the time bonuses are paid generally under the Bonus Plan but, in any event, no later than 90 days after the end of the applicable Contract Year. |
|
|
4. |
Contract Extension Bonuses. During the Term, in addition to any other Annual Bonuses, Retention Bonuses or other bonuses that may be payable to you pursuant to the 2003 Employment Agreement or the 2005 Letter Agreement, subject to the terms and conditions set forth below you shall be eligible to receive the following supplemental bonuses: |
|
|
(a) |
Extension Signing Bonus: Subject to your continued employment with the Company, as provided below (i) through June 28, 2008, you shall be paid a supplemental bonus in the amount of $3,500,000; (ii) through June 26, 2009, you shall be paid a supplemental bonus in the amount of $3,500,000; (iii) through July 3, 2010, you shall be paid a supplemental bonus in the amount of $3,000,000. Such amounts shall be paid within 45 days following each of the specified dates. If, prior to July 2, 2011, you are terminated by the Company for Cause or resign your employment with the Company other than for Good Reason you shall repay to the Company the full amount of all of the Extension Signing Bonuses previously paid to you pursuant to this Section 4(a). If, during the period beginning on July 3, 2011 and ending on June 28, 2014, you are terminated by the Company for Cause or resign your employment with the Company other than for Good Reason you shall repay to the Company an amount equal to the product of (x) $10 million and (y) the ratio of (i) the number of days that have expired between July 3, 2011 and the date of your termination of employment and (ii) 1092. Notwithstanding the above, if your employment with the Company is terminated by the Company without Cause or you resign your employment for Good Reason (including, without limitation, separation from employment due to a Change in Control) prior to June 28, 2014, the Company shall pay you the full amount of each Extension Signing Bonus set forth in this paragraph (to the extent not already paid) at 
|
