Coach 2004 Annual Report Download - page 118

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EXHIBIT 10.24
August 22, 2005
Mr. Reed Krakoff
157 East 61st Street
New York, NY 10021
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 "Employment Agreement"), which is attached
hereto as Exhibit A. 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 July 1, 2011 unless earlier terminated
as provided in Section 6 of the Employment Agreement.
2. Annual Base Salary. Effective as of September 1, 2005, your
Annual Base Salary shall be payable at a rate of no less than $2,000,000 per
year, subject to annual increases as approved by the Committee.
3. Annual Bonus. With respect to each Fiscal Year commencing on and
after July 1, 2005, your Maximum Bonus shall be equal to at least 150% of your
Annual Base Salary.
4. Contract Extension Bonuses. During the Term, in addition to any
other Annual Bonuses or Retention Bonuses that may be paid to you, subject to
the terms and conditions set forth below you shall be eligible to receive the
following supplemental bonuses:
(a) Subject to your continued employment with the Company (i)
through July 1, 2009, you shall be paid a supplemental bonus in the amount
of $1,095,000; (ii) through July 1, 2010, you shall be paid a supplemental
bonus in the amount of $1,095,000; (iii) through July 1, 2011, you shall
be paid a supplemental bonus in the amount of $2,190,000.
(b) With respect to the Contract Year ending on June 30, 2009, you
shall be eligible to receive an additional bonus under the Bonus Plan or
otherwise in the maximum amount of $1,867,500 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.
(c) With respect to the Contract Year ending on June 30, 2010, you
shall be eligible to receive an additional bonus under the Bonus Plan or
otherwise in the maximum amount of $1,867,500 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