Coach 2002 Annual Report Download - page 114

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(f) Expenses. The Company shall reimburse the
Executive for all reasonable and necessary expenses incurred by the
Executive in connection with the performance of the Executive's duties
as an employee of the Company. Such reimbursement is subject to the
submission to the Company by the Executive of appropriate documentation
and/or vouchers in accordance with the customary procedures of the
Company for expense reimbursement, as such procedures may be revised by
the Company from time to time.
(g) Vacations. The Executive shall be entitled
to paid vacation in accordance with the Company's vacation policy as in
effect from time to time. However, in no event shall the Executive be
entitled to less than four weeks vacation per Contract Year. The
Executive shall also be entitled to paid holidays and personal days in
accordance with the Company's practice with respect to same as in
effect from time to time (but in no event shall the Executive be
entitled to fewer than two personal days per Contract Year).
(h) Automobile. During the Term, the Company
shall provide the Executive with a Company-leased automobile in
accordance with the Company's applicable policies and procedures.
(i) Retirement Eligibility. The Company
acknowledges and agrees that, as of the Effective Date, the Executive
shall have attained at least age 55 and been credited with at least 10
years of service under the applicable retirement plans of the Company
(and its predecessor) and that the Executive shall be eligible for
retirement ("Retirement") under such retirement plans upon any
voluntary departure by the Executive from employment with the Company
following the Effective Date and shall be treated as retired for
purposes of all benefit and equity plans and programs (other than for
purposes of the Retention Options and Retention RSUs (unless otherwise
provided in the Retention Stock Option Agreement or Retention RSU
Agreement)). This Agreement shall not impair any rights that the
Executive may have with respect to the treatment of any Options or RSUs
upon the Executive's Retirement under any Option or RSU agreement or
other retirement arrangement entered into prior to the Effective Date.
8
6. Termination. The Executive's employment hereunder may
be terminated by the Company, on the one hand, or the Executive, on the other
hand, as applicable, without any breach of this Agreement only under the
following circumstances:
(a) Terminations
(i) Death. The Executive's employment
hereunder shall terminate upon his death.
(ii) Disability. In the event of the
Executive's Disability, the Company may give the Executive
written notice of its intention to terminate the Executive's
employment. In such event, the Executive's employment with the
Company shall terminate effective on the 14th day after
delivery of such notice, provided that within the 14 days
after such delivery, the Executive shall not have returned to
full-time performance of his duties.
(iii) Cause. The Board may, with the
approval of two-thirds of the Continuing Directors after a
meeting (of which the Executive is provided with at least 10
days prior written notice of the intent of the meeting and the