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MarketScreener Homepage  >  Equities  >  Nyse  >  Tapestry Inc    TPR

TAPESTRY INC (TPR)
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TAPESTRY, INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

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08/10/2018 | 10:38pm CET

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(c) On August 9, 2018 the Board of Directors (the "Board") of Tapestry, Inc. ("Tapestry" or the "Company") appointed Brian Satenstein, 39, the Company's current Vice President & Assistant Controller, as the Company's new Vice President, Controller and the principal accounting officer of the Company, effective August 17, 2018. Mr. Satenstein has served in his current position since March 2018. Prior to that, Mr. Satenstein served in various roles within the Company since July 2014, including more recently, Controller at Stuart Weitzman from 2016 through March 2018. From 2007 through 2014, he held accounting and finance positions of increasing responsibility at Ralph Lauren Corporation. Mr. Satenstein began his career at KPMG LLP in 2001 through 2007, and is a Certified Public Accountant.

Mr. Satenstein's annual base salary is $285,000 per year, with a target bonus opportunity pursuant to Tapestry's Performance-Based Annual Incentive Plan equal to 40% of his base salary (with payment ranging from 0 - 200% of target subject to performance). The actual amount of this bonus will be based on Tapestry's attaining pre-set financial or other operating criteria determined by the Human Resources Committee (the "Committee") of the Board in accordance with the terms of the Performance-Based Annual Incentive Plan. All of his salary and bonus are subject to his continued employment with the Company through the time that such salary and bonus would normally be paid.

In 2018, Mr. Satenstein will receive an annual equity grant, which may be granted in a mix of different equity vehicles, which may include stock options and/or restricted stock units. The actual grant value and any such equity grant will be based on his position, performance, time in job and other criteria as the Committee determines, in its discretion, provided that the actual grant value in 2018 will be no less than $200,000.

There are no family relationships between Mr. Satenstein and any director or executive officer of the Company and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

(e) On August 9, 2018 the Board, on the recommendation of the Committee, approved the Tapestry, Inc. 2018 Performance-Based Annual Incentive Plan (the "2018 AIP"). The 2018 AIP, which is based on and replaces the Coach, Inc. 2013 Performance-Based Annual Incentive Plan, reflects the repeal of the performance-based compensation exception under Section 162(m) of the Internal Revenue Code of 1986, as amended.

The 2018 AIP is an annual incentive plan pursuant to which the Company's executive officers and other eligible employees may earn cash bonuses tied to the achievement of performance goals. The Committee establishes the performance goals and administers the 2018 AIP with respect to the Company's executive officers. Under the 2018 AIP, the maximum bonus payable to any one participant for any fiscal year performance period is $6,000,000. The Board may amend or terminate the 2018 AIP at any time in its discretion.

The description of the 2018 AIP is qualified in its entirety by reference to the full text of the 2018 AIP, filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

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Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1 Tapestry, Inc. 2018 Performance-Based Annual Incentive Plan

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© Edgar Online, source Glimpses

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