Coach 2002 Annual Report Download - page 126

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Exhibit 10.21
EMPLOYMENT AGREEMENT
THIS AGREEMENT, effective as of June 1, 2003 (the "Effective
Date"), is made by and between Coach, Inc., a Maryland corporation (the
"Company"), and Reed Krakoff (the "Executive").
RECITALS:
A. It is the desire of the Company to assure itself of
the services of the Executive by engaging the Executive as its President and
Executive Creative Director.
B. The Executive desires to commit himself to serve the
Company on the terms herein provided.
NOW, THEREFORE, in consideration of the foregoing and of the
respective covenants and agreements set forth below, the parties hereto agree as
follows:
1. Certain Definitions
(a) "Affiliate" shall mean with respect to any
Person, any other Person directly or indirectly, through one or more
intermediaries, controlling, controlled by, or under common control
with, such Person. For purposes of this Section 1(a), "control" shall
have the meaning given such term under Rule 405 of the Securities Act
of 1933, as amended.
(b) "Annual Base Salary" shall have the meaning
set forth in Section 5(a).
(c) "Annual Bonus" shall have the meaning set
forth in Section 5(b).
(d) "Board" shall mean the Board of Directors of
the Company.
(e) The Company shall have "Cause" to terminate
the Executive's employment upon (i) the Executive's failure to attempt
in good faith to substantially perform the duties as President and
Executive Creative Director (other than any such failure resulting from
the Executive's physical or mental incapacity) which is not remedied
within 30 days after receipt of written notice from the Company
specifying such failure; (ii) the Executive's failure to attempt in
good faith to carry out, or comply with, in any material respect any
lawful and reasonable directive of the Board, which is not remedied
within 30 days after receipt of written notice from the Company
specifying such failure; (iii) the Executive's commission at any time
of any act or omission that results in, or may reasonably be expected
to result in, a conviction, plea of no contest, or imposition of
unadjudicated probation for any felony (or any other crime involving
fraud, embezzlement, material misconduct or misappropriation having a
material adverse impact on the Company); (iv) the Executive's unlawful
use (including being under the influence) or possession of illegal
drugs on the Company's premises or while performing the Executive's
duties and responsibilities; or (v) the Executive's willful commission
at any time of any act of fraud, embezzlement, misappropriation,
misconduct, or breach of
fiduciary duty against the Company (or any predecessor thereto or
successor thereof), having a material adverse impact on the Company.