Coach 2002 Annual Report Download - page 132

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July 1, 2007, the Executive shall be paid a supplemental bonus
in the amount of $1,500,000; and (E) through July 1, 2008, the
Executive shall be paid a supplemental bonus in the amount of
$1,500,000.
(ii) With respect to the Contract Year
ending on June 30, 2007, the Executive shall be eligible to
receive an additional bonus under the Bonus Plan or otherwise
in the maximum amount of $1,500,000 on the basis of the
Company's attainment of objective financial or other operating
criteria established by the Committee in its sole discretion
and in accordance with Code Section 162(m) and the regulations
promulgated thereunder, such additional bonus to be paid at
the time bonuses under the Bonus Plan are paid generally but,
in any event, no later than 90 days after the end of the
applicable Contract Year.
(iii) With respect to the Contract Year
ending on June 30, 2008, the Executive shall be eligible to
receive an additional bonus under the Bonus Plan or otherwise
in the maximum amount of $2,500,000 on the basis of the
Company's attainment of objective financial or other operating
criteria established by the Committee in its sole discretion
and in accordance with Code Section 162(m) and the regulations
promulgated thereunder, such additional bonus to be paid at
the time bonuses under the Bonus Plan are paid generally but,
in any event, no later than 90 days after the end of the
applicable Contract Year.
7
(e) Stock Options
(i) During the Term, the Executive
shall be eligible to be granted Options at such time(s) and in
such amount(s) as may be determined by the Committee in its
sole discretion; provided, that the Executive shall be granted
such Options in accordance with the Company's customary past
practice unless the Committee determines in its good faith
discretion that the amount or timing of such Option grants
shall be revised based upon the Executive's performance.
(ii) In addition to any Options granted
in accordance with subsection (i), as of July 1, 2003 the
Executive shall be granted a non-qualified stock option (the
"Retention Options") to purchase 200,000 shares of Common
Stock, pursuant to the terms and conditions of the Stock
Incentive Plan and a written Retention Stock Option Agreement
to be entered into by and between the Company and Executive as
of the date hereof in substantially the form attached hereto
as Exhibit A (the "Retention Stock Option Agreement"). The
Retention Options shall have an exercise price equal to the
fair market value per share of Common Stock as of July 1, 2003
and shall have a term of 10 years. The Retention Options shall
become exercisable in three cumulative installments as
follows: (A) the first installment shall consist of 25% of the
shares of Common Stock covered by the Retention Options and
shall become vested and exercisable on July 1, 2006; (B) the
second installment shall consist of 25% of the shares of
Common Stock covered by the Retention Options and shall become
vested and exercisable on July 1, 2007; and (C) the third
installment shall consist of 50% of the shares of Common Stock
covered by the Retention Options and shall become exercisable
on July 1, 2008; provided, that, except as otherwise provided
in Section 7 or in the Retention Stock Option Agreement, no
portion of the Retention Options not then exercisable shall