Document:

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                                                                   Exhibit 10.11

                                   COACH, INC.
                      EXECUTIVE DEFERRED COMPENSATION PLAN
                    (Amended and Restated as of May 2, 2002)

                                    ARTICLE I
                                  INTRODUCTION

                  1.1 The Plan and Its Effective Date. The Coach, Inc. Executive
Deferred Compensation Plan was originally established as of June 1, 2000 (the
"Effective Date"). In furtherance of the purposes of said plan and in order to
amend said plan in certain respects, the plan has been amended and restated in
its entirety, effective as of May 2, 2002. Such amendment and restatement
constitutes a complete amendment, restatement and continuation of the Coach,
Inc. Executive Deferred Compensation Plan (as amended and restated, the "Plan").

                  1.2 Purpose. The Plan is established by Coach, Inc., a
Maryland corporation (the "Company"), to enable Eligible Employees (as defined
in Section 2.1) to defer future compensation from the Company or an Employer (as
defined in Section 6) and to permit such employees to elect to transfer all
amounts deferred and not yet paid under the Sara Lee Corporation Executive
Deferred Compensation Plan (the "Prior Plan") to the Plan. To the extent that an
Eligible Employee elects a transfer of all amounts deferred and not yet paid
under the Prior Plan to the Plan, the provisions of the Plan amend and supercede
the provisions of the Prior Plan; provided, that elections and beneficiary
designations made by such Eligible Employee under the Prior Plan shall remain in
effect under the Plan, except as specifically provided in subsection 2.2(i)
below. The Plan is intended to be a top-hat plan described in Section 201(2) of
the Employee Retirement Income Security Act of 1974 ("ERISA").

                  1.3 Administration. The Plan shall be administered by the
Company's Board of Directors (the "Board") or such committee or subcommittee of
the Board to whom the Board may delegate its authority to administer the Plan
(the Board, or such committee or subcommittee shall be referred to herein as the
"Administrator"). Unless otherwise determined by the Board, the Administrator
shall be the Compensation and Employee Benefits Committee of the Board. The
Administrator shall have the powers set forth in the Plan and the power to
interpret its provisions. Any decisions of the Administrator shall be final and
binding on all persons with regard to the Plan. The Administrator may delegate
its authority hereunder to any officer or officers of the Company as it may deem
appropriate.

                  1.4 Plan Year. The Plan shall be administered on the basis of
the calendar year (the "Plan Year"). The first Plan Year shall be a short Plan
Year beginning on the Effective Date and ending on the next following December
31st.

                                   ARTICLE II
                      PARTICIPATION AND DEFERRAL ELECTIONS

                  2.1 Eligibility and Participation. Subject to the conditions
and limitations of the Plan, all officers and other key employees of the Company
designated by the Administrator shall be eligible to participate in the Plan
("Eligible Employees"). Any Eligible Employee who makes a Deferral Election as
described in Section 2.2 below shall become a participant in the
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Plan ("Participant") and shall remain a Participant until the entire balance of
his Deferral Account (defined in Section 3.1 below) is distributed to him.

                  2.2 Rules for Deferral Elections. Any Eligible Employee may
make irrevocable elections to defer receipt of the amounts described in Section
2.3 below (each such election shall be referred to as a "Deferral Election" and
the amount deferred pursuant to such an election the "Deferral") for a Plan Year
in accordance with the rules set forth below.

                  (a) An Eligible Employee shall be eligible to make a Deferral
Election only if he is an active, regular, full-time employee of an Employer on
the date such election is made.

                  (b) For each Plan Year, an Eligible Employee may make no more
than one Deferral Election for the Eligible Employee's Annual Bonus and such
number of Deferral Elections with respect to the Eligible Employee's Annual Base
Salary as the Administrator may prescribe.

                  (c) Subject to the following, all Deferral Elections must be
made in such manner as the Administrator may prescribe and must be received by
the Administrator or its delegate no later than the date specified by the
Administrator:

                           (i) In no event will the date specified by the
Administrator with respect to an Eligible Employee's Annual Bonus be later than:
(A) for the first Plan Year, the thirtieth (30th) day following the Effective
Date, (B) for each Plan Year thereafter (other than the Plan Year in which an
individual first becomes an Eligible Employee), the end of the Plan Year
preceding the Plan Year in which the Annual Bonus is anticipated to be paid, or
(C) for the Plan Year in which an individual first becomes an Eligible Employee,
the thirtieth (30th) day following the date such individual first becomes an
Eligible Employee.

                           (ii) Any Deferral Election with respect to an
Eligible Employee's Annual Base Salary shall only apply to that portion of the
Eligible Employee's Annual Base Salary remaining to be earned for service during
the Plan Year after the date the Deferral Election is made.

                  (d) As part of each Deferral Election, the Eligible Employee
must specify the date on which the Deferral will be paid (the "Distribution
Date"). The Distribution Dates specified in an Eligible Employee's Deferral
Elections may, but need not necessarily, be the same for all Deferrals. Except
as provided in subsection (f) and Section 4.12 below, each Distribution Date is
irrevocable and shall apply only to that portion of the Participant's Deferral
Account which is attributable to the Deferral.

                  (e) The Distribution Date selected by an Eligible Employee
shall not be earlier than the January 1 immediately following the first
anniversary of the date on which the Deferral Election is made.

                  (f) A Participant may make an irrevocable election to extend a
Distribution Date (a "Re-Deferral Election"); provided, that no Re-Deferral
Election shall be effective unless (i) the Administrator receives the election
prior to the December 1 of the Plan Year preceding the Plan Year in which the
Distribution Date to be changed occurs, and (ii) the new Distribution Date is
not earlier than the January 1 immediately following the first anniversary of
the date the

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Re-Deferral Election is made. All Re-Deferral Elections must be made in such
manner and pursuant to such rules as the Administrator may prescribe.

                  (g) As part of each Deferral Election, an Eligible Employee
must elect the manner in which the Deferral will be paid beginning on the
selected Distribution Date. The Deferral may be paid in a single lump sum or in
substantially equal annual installments over a period not exceeding ten (10)
years as provided under Section 4.1. Except as provided in Section 4.1, an
Eligible Employee's election as to the manner of payment shall be irrevocable.
If the Participant elects an installment method of payment the Distribution Date
must be as of January 1.

                  (h) A Deferral Election shall be irrevocable; provided, that
if the Administrator determines that a Participant has an Unforeseeable
Financial Emergency (as defined in Section 4.7), then the Participant's Deferral
Elections then in effect shall be revoked with respect to all amounts not
previously deferred.

                  (i) Any Eligible Employee who was a participant in the Prior
Plan on the Effective Date may elect to transfer his or her Prior Plan Deferral
Account to the Plan at such time and in accordance with such rules as may be
established by the Administrator. Amounts transferred under this subsection
shall be subject to the Deferral Election and any beneficiary designation made
under the Prior Plan and shall be treated as a separate Deferral for all
purposes of this Plan.

                  2.3 Amounts Deferred. An Eligible Employee may make a Deferral
Election to defer receipt of the following amounts:

                  (a) All or any portion of the Eligible Employee's annual bonus
for a year due under an annual bonus plan or any other short-term incentive plan
of the Company or an Employer (an "Annual Bonus").

                  (b) All or any portion of the Eligible Employee's Annual Base
Salary. "Annual Base Salary" shall mean the regular rate of compensation to be
paid to the Eligible Employee for services rendered during the Plan Year
excluding severance or termination payments, commissions, foreign service
payments, payments for consulting services and such other unusual or
extraordinary payments as the Administrator may determine.

                  (c) Such other bonuses and incentive payments (including
without limitation the award or vesting of any Restricted Stock Units or similar
awards) under any plan or arrangement established by the Company or an Employer
as the Administrator may designate as compensation eligible for deferral under
this Plan in such increments and subject to such limitations and restrictions as
the Administrator may establish.

                                   ARTICLE III
                                DEFERRAL ACCOUNTS

                  3.1 Deferral Accounts. All amounts deferred pursuant to a
Participant's Deferral Elections under the Plan shall be allocated to a
bookkeeping account in the name of the Participant ("Deferral Account") and the
Administrator shall maintain a separate subaccount under a Participant's
Deferral Account for each Deferral. Deferrals shall be credited to the

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Deferral Account as of the Deferral Crediting Date coinciding with or next
following the date on which, in the absence of a Deferral Election, the
Participant would otherwise have received the Deferral. A "Deferral Crediting
Date" shall mean (1) in the case of deferrals of annual or other periodic bonus
payments, the business day on which such bonus payments are made, and (2) in the
case of deferrals of all other types of payments, the business day coinciding
with or next following the 15th day of each calendar month and the business day
coinciding with or next following the last day of each calendar month.

                  3.2 Investment of Deferral Account.

                  (a) Pre-Initial Public Offering. Prior to the date of the
Company's initial public offering (the "IPO Date"), interest will be credited to
the Participant's Deferral Account as of (i) each business day coinciding with
or next following the last day of each month and (ii) the business day
immediately preceding the IPO Date. The rate of interest to be credited shall be
equal to 7.5 percent, compounded annually.

                  (b) Post-Initial Public Offering. On and after the IPO Date,
the Participant must make an investment election at the time of each Deferral
Election. The investment election must be made in writing on such forms and
pursuant to such rules as the Administrator may prescribe, subject to paragraph
3.3, and shall designate the portion of the Deferral which is to be treated as
invested in each investment alternative. The two investment alternatives shall
be as follows:

                           (i) Stock Equivalent Account. Under the Stock
Equivalent Account, the Participant's Deferral Account shall be invested in
"Deferred Stock Units" under which each Deferred Stock Unit represents the right
to receive one share of Coach, Inc. common stock, par value $0.01 per share
("Common Stock"), on the Distribution Date (subject to Sections 4.1, 4.11 and
4.12 below). The number of Coach, Inc. Deferred Stock Units to be credited to
the Participant's Deferral Account and appropriate subaccounts on each Deferral
Crediting Date shall be determined by dividing the Deferral to be "invested" on
that date by the average of the high and low quotes of a share of Common Stock
on the applicable day on the New York Stock Exchange Composite Transaction Tape
("Market Value"). Fractional Deferred Stock Units will be computed to two
decimal places. On any Common Stock dividend record date, an amount equal to the
number of Deferred Stock Units held as of such dividend record date multiplied
by the dividend paid on Common Stock on the applicable dividend payment date
shall either (A) be credited to the Participant's Deferral Account and
appropriate subaccount as of the March 31st, June 30th, September 30th or
December 31st coincident with or next following the dividend payment date and
"invested" in additional Deferred Stock Units as though such dividend credits
were a Deferral or (B) at the election of the Participant at such time and in
accordance with such rules as established by the Administrator, be paid in cash
to the Participant as of the March 31st, June 30th, September 30th or December
31st coincident with or next following the dividend payment date. In the event
of any stock dividend, stock split, combination or exchange of securities,
merger, consolidation, recapitalization, spin-off or other distribution (other
than normal cash dividends) of any or all of the assets of the Company to
stockholders, or any other similar change or event effected without receipt of
consideration, such proportionate adjustments, if any, as the Administrator in
its discretion may deem appropriate to reflect such change or event shall be
made with respect to the number of Deferred Stock Units credited to a
Participant's Deferral Account. Subject to Sections 4.1 and 4.11, the number of
shares of Common Stock to be paid to a Participant on a Distribution Date shall
be equal to the number of

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Deferred Stock Units accumulated in the Deferral Account on such date divided by
the total of the payments to be made. Deferred Stock Units shall not have voting
rights.

                           (ii) Interest Account. Under the Interest Account,
interest will be credited to the Participant's Deferral Account as of the
business day coinciding with or next following each June 30 and December 31 (a
"Valuation Date") and on the date the final payment of a Deferral is to be made
based on the balance in the Participant's Deferral Account "invested" in the
Interest Account on the Valuation Date or such final payment date. The rate of
interest to be credited for a Plan Year will be set at the beginning of each
Plan Year based upon the U.S. Prime Rate in effect as of such date as reported
in the Wall Street Journal or such other source as may be designated by the
Administrator. If installment payments are elected, the amount to be paid to the
Participant on a Distribution Date shall be determined as follows: the amount of
the principal payment of each installment shall be determined by dividing the
current principal balance by the number of remaining installment payments and
the amount of the interest payment shall be determined by dividing the current
interest balance by the number of remaining installment payments. All payments
from the Interest Account shall be made in cash.

                  3.3 Investment Elections and Changes. A Participant's
investment election shall be subject to the following rules:

                  (a) If the Participant fails to make an investment election
with respect to a Deferral, the Deferral shall be deemed to be invested in the
Interest Account.

                  (b) All investments in the Stock Equivalent Account shall be
irrevocable, except as otherwise provided in Section 4.12.

                  (c) A Participant may elect to transfer amounts invested in
the Interest Account to the Stock Equivalent Account as of any Valuation Date by
filing an investment change election with the Administrator prior to the
Valuation Date the change is to become effective. The amount elected to be
transferred to the Stock Equivalent Account shall be treated as invested in
Deferred Stock Units as of the Valuation Date and the number of Deferred Stock
Units to be credited to the Participant's Deferral Account and appropriate
subaccounts as of the Valuation Date shall be determined by dividing the amount
to be transferred by the Market Value on such Valuation Date.

                  (d) Until invested as of the Deferral Crediting Date in either
the Interest Account or Stock Equivalent Account, a Participant's Deferral shall
be credited with interest in such amount, if any, as the Administrator may
determine.

                  3.4 Vesting. A Participant shall be fully vested at all times
in the balance of his Deferral Account.

                                   ARTICLE IV
                               PAYMENT OF BENEFITS

                  4.1 Time and Method of Payment. Payment of a Participant's
Deferral shall be made in a single lump sum or shall commence in installments as
elected by the Participant in the Deferral Election. A Participant may make a
one-time election after the original Deferral Election to change the method of
payment elected by the Participant; provided, that such election

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shall not be effective unless the election to change the method of payment is
received by the Administrator prior to the December 1 of the Plan Year preceding
the Plan Year in which the Distribution Date specified in the original Deferral
Election occurs. If a Participant's Deferral Account is payable in a single lump
sum, the payment shall be made as soon as practicable following the Distribution
Date but not later than thirty (30) days following the Distribution Date. If a
Participant's Deferral is payable in installment payments, then the
Participant's Deferral shall be paid in annual installments of substantially
equal shares over the period as elected by the Participant in the Deferral
Election commencing as soon as practicable following the Distribution Date but
not later than thirty (30) days following the Distribution Date.

                  4.2 Payment Upon Total Disability. In the event a Participant
becomes totally disabled before all amounts credited to his Deferral Account
have been paid, payment of the Participant's Deferral Account shall be made or
shall commence in the method of payment elected by the disabled Participant;
provided, that the disabled Participant requests payment in writing within
one-hundred eighty (180) days of becoming disabled. If such a request is not
made, the disabled Participant's Deferrals will be paid pursuant to the Deferral
Elections and the normal provisions of the Plan. A Participant will be
considered to be totally disabled for purposes of the Plan if the Participant is
determined to be totally disabled under the Company's disability plan applicable
to the Participant.

                  4.3 Payment Upon Retirement or Other Termination of
Employment. In the event the Participant retires or otherwise terminates
employment with the Company for any reason before the entire balance in the
Participant's Deferral Account has been paid, the Participant's Deferral Account
shall continue to be maintained for the benefit of the Participant and Deferrals
shall be paid pursuant to the Deferral Elections and the normal provisions of
the Plan; provided, that a Participant's Deferral Election may provide for the
immediate payment of the Participant's Deferral Account upon his retirement or
other termination of employment.

                  4.4 Payment Upon Death of a Participant. In the event a
Participant dies before all amounts credited to his Deferral Account have been
paid, payment of the Participant's Deferral Account shall be made or shall
commence in the method of payment elected by the Participant's Beneficiary (as
defined in Section 4.5) or the Executor/Executrix of the Participant's estate;
provided, that the request is made in writing within one-hundred eighty (180)
days of the Participant's death. If such a request is not made, the deceased
Participant's Deferrals will be paid pursuant to the Deferral Elections and the
normal provisions of the Plan.

                  4.5 Beneficiary. Each Participant shall designate one or more
individuals or entities (collectively, the "Beneficiary") to receive the balance
of the Participant's Deferral Account in the event of the Participant's death
prior to the payment of his entire Deferral Account. To be effective, any
Beneficiary designation shall be filed in writing with the Administrator. A
Participant may revoke an existing Beneficiary designation by filing another
written Beneficiary designation with the Administrator. The latest Beneficiary
designation received by the Administrator shall be controlling. If no
Beneficiary is named by a Participant or if he survives all of his named
Beneficiaries, the Deferral Account shall be paid in the following order of
precedence:

                  (a) the Participant's spouse;

                  (b) the Participant's children (including adopted children),
per stirpes; or

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                  (c) the Participant's estate.

                  4.6 Form of Payment. The payment of a portion of a Deferral
deemed to be invested in the Investment Account shall be made in cash. The
distribution of that portion of a Deferral deemed to be invested in the Stock
Equivalent Account shall be distributed in whole shares of Common Stock with
fractional shares credited to federal income taxes withheld.

                  4.7 Unforeseeable Financial Emergency. If the Administrator or
its designee determines that a Participant has incurred an Unforeseeable
Financial Emergency (as defined below), the Participant may withdraw in cash
and/or stock the portion of the balance of his Deferral Account needed to
satisfy the Unforeseeable Financial Emergency, to the extent that the
Unforeseeable Financial Emergency may not be relieved through reimbursement or
compensation by insurance or otherwise or by liquidation of the Participant's
assets, to the extent the liquidation of such assets would not itself cause
severe financial hardship. An "Unforeseeable Financial Emergency" is a severe
financial hardship to the Participant resulting from (a) a sudden and unexpected
illness or accident of the Participant or of a dependent of the Participant; (b)
loss of the Participant's property due to casualty; (c) the involuntary
termination of the Participant's employment by the Company which, in the
Administrator's good faith judgment, would necessitate or make advisable the
availability of all of the Participant's assets, or (d) such other similar
extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant as determined by the Administrator. A
withdrawal on account of an Unforeseeable Financial Emergency shall be paid as
soon as possible following the date on which the withdrawal is approved.

                  4.8 Early Withdrawal with Penalty. Notwithstanding the other
provisions of the Plan to the contrary, a Participant may request a withdrawal
from his Deferral Account by filing a request with the Administrator or its
designee in writing. Payment will be made to the Participant within thirty (30)
days of the approval of such a request. Any amount withdrawn under this
provision will be charged with a ten (10) percent early withdrawal penalty which
will be withheld from the amount withdrawn and forfeited as provided in Section
5.5.

                  4.9 Withholding of Taxes. The Company shall withhold any
applicable minimum statutory Federal, state or local income tax from payments
due under the Plan. The Company shall also withhold Social Security taxes,
including the Medicare portion of such taxes, and any other employment taxes as
necessary to comply with applicable laws.

                  4.10 Small Amounts. Notwithstanding any election by the
Participant regarding the timing and manner of payment of his Deferrals, in the
event of a Participant's retirement or other termination of employment, the
Employer may elect to pay the Participant a lump sum distribution of the entire
value of the Participant's Deferral Account; provided, that the value is less
than ten-thousand dollars ($10,000) determined as of the Valuation Date
coinciding with or immediately following the Participant's termination of
employment.

                  4.11 Payment Upon Bankruptcy Liquidation. Notwithstanding
anything contained in the Plan to the contrary, in the event that the Company is
liquidated in bankruptcy, (a) no distributions from the Plan shall be made in
shares of Common Stock and (b) distributions to a Participant shall be made in
cash in an amount determined by multiplying each Deferred

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Stock Unit in the Participant's Deferral Account by the Market Value of Common
Stock on the date such Deferred Stock Unit was first credited to the
Participant's Deferral Account.

                  4.12 Change of Control.

                  (a) Notwithstanding anything contained in the Plan to the
contrary, immediately prior to any Change of Control (as defined below):

                           (i) Each Participant may elect to transfer amounts
invested in the Stock Equivalent Account to the Interest Account as of the
effective time of the Change of Control by filing an investment change election
with the Administrator prior to the date the Change of Control is to become
effective. The amount to be credited to the Participant's Interest Account as of
the effective time of the Change of Control shall be determined by multiplying
the number of Deferred Stock Units to be transferred by the Market Value upon
the Change of Control. For purposes of the foregoing, Market Value shall be
equal to the consideration paid for a share of Common Stock in connection with
the Change of Control, as determined by the Administrator.

                           (ii) In addition, each Participant's Distribution
Date shall be accelerated to be the earlier to occur of (A) the Distribution
Date specified in the Participant's Deferral Election or (B) the first business
day of the first calendar year following the occurrence of the Change in
Control.

                           The phrase "immediately prior to any Change of
Control" shall be understood to mean sufficiently in advance of a Change of
Control to permit Participants to take all steps reasonably necessary to receive
full payment of each Participant's Deferral and to deal with the shares
underlying all Deferred Stock Units so that all Deferred Stock Units and shares
issuable with respect thereto may be treated in the same manner as the shares of
stock of other shareholders in connection with the Change of Control.

                  (b) A "Change of Control" shall occur when:

                           (i) A "Person" (which term, when used in this Section
4.12, shall have the meaning it has when it is used in Section 13(d) of the
Securities Exchange Act of 1934 (the "Exchange Act"), but shall not include the
Company, any underwriter temporarily holding securities pursuant to an offering
of such securities, any trustee or other fiduciary holding securities under an
employee benefit plan of the Company, or any corporation owned, directly or
indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of Voting Stock (as defined below) of the
Company) is or becomes, without the prior consent of a majority of the
Continuing Directors (as defined below), the Beneficial Owner (as defined in
Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of
Voting Stock (as defined below) representing twenty percent (20%) or more of the
combined voting power of the Company's then outstanding securities; or

                           (ii) The stockholders of the Company approve and the
Company consummates a reorganization, merger or consolidation of the Company or
the Company sells, or otherwise disposes of, all or substantially all of the
Company's property and assets, or the Company liquidates or dissolves (other
than a reorganization, merger, consolidation or sale which would result in all
or substantially all of the beneficial owners of the Voting Stock of the

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Company outstanding immediately prior thereto continuing to beneficially own,
directly or indirectly (either by remaining outstanding or by being converted
into voting securities of the resulting entity), more than fifty percent (50%)
of the combined voting power of the voting securities of the Company or such
entity resulting from the transaction (including, without limitation, an entity
which as a result of such transaction owns the Company or all or substantially
all of the Company's property or assets, directly or indirectly) outstanding
immediately after such transaction in substantially the same proportions
relative to each other as their ownership immediately prior to such
transaction); or

                           (iii) The individuals who are Continuing Directors of
the Company (as defined below) cease for any reason to constitute at least a
majority of the Board of the Company.

                           (iv) For purposes of this Section 4.12, (A) the term
"Continuing Director" means (I) any member of the Board who is a member of the
Board immediately after the issuance of any class of securities of the Company
that are required to be registered under Section 12 of the Exchange Act, or (II)
any person who subsequently becomes a member of the Board whose nomination for
election or election to the Board is recommended by a majority of the Continuing
Directors and (B) the term "Voting Stock" means all capital stock of the Company
which by its terms may be voted on all matters submitted to stockholders of the
Company generally.

                  (c) Immediately upon the consummation of a Change in Control,
the Company shall, or shall cause any acquirer or successor to, deposit into an
irrevocable grantor trust (the "Rabbi Trust") an amount of cash equal to the
then aggregate value of the Deferral Accounts. The trustee of the Rabbi Trust
and the terms and conditions of the agreement of trust establishing the Rabbi
Trust shall be determined by the Company prior to the consummation of the Change
in Control; provided, however, that the Rabbi Trust shall provide for the
distribution of its assets to Participants in accordance with the terms of this
Plan; provided, further, that the Rabbi Trust shall meet the requirements of
Revenue Procedure 92-64, 1992-2 C.B. 422, issued by the Internal Revenue
Service, such that Participants will not incur tax liability in connection with
the establishment of, or deposit of any assets in, the Rabbi Trust. From time to
time, the Company shall make such additional contributions to the Rabbi Trust as
the Administrator shall determine are necessary or appropriate in order to
continue to fully fund the Deferral Accounts of all Participants.

                                    ARTICLE V
                                  MISCELLANEOUS

                  5.1 Funding. Benefits payable under the Plan to any
Participant shall be paid directly by the Participant's Employer (including the
Company if the Participant is employed by the Company). The Company and the
Employers shall not be required to fund, or otherwise segregate assets to be
used for payment of benefits under the Plan.

                  5.2 Account Statements. As soon as practical after the end of
each Plan Year (or after such additional date or dates as the Administrator, in
its discretion, may designate), each Participant shall be provided with a
statement of the balance of his Deferral Account hereunder

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as of the last day of such Plan Year (or as of such other dates as the
Administrator, in its discretion, may designate).

                  5.3 No Employment Rights. Establishment of the Plan shall not
be construed to give any Eligible Employee the right to be retained in the
Company's service or to any benefits not specifically provided by the Plan.

                  5.4 Interests Not Transferable. Except as (a) provided under
(i) Section 4.9 or (ii) an agreement between a Participant and the Company, or
(b) required for purposes of withholding of any tax under the laws of the United
States or any state or locality, no benefit payable at any time under the Plan
shall be subject in any manner to alienation, sale, transfer, assignment,
pledge, attachment, or other legal process, or encumbrance of any kind. Any
attempt to alienate, sell, transfer, assign, pledge or otherwise encumber any
such benefits, whether currently or thereafter payable, shall be void. No person
shall, in any manner, be liable for or subject to the debts or liabilities of
any person entitled to such benefits. If any person shall attempt to, or shall
alienate, sell, transfer, assign, pledge or otherwise encumber his benefits
under the Plan, or if by any reason of his bankruptcy or other event happening
at any time, such benefits would devolve upon any other person or would not be
enjoyed by the person entitled thereto under the Plan, then the Administrator,
in its discretion, may terminate the interest in any such benefits of the person
entitled thereto under the Plan and hold or apply them for or to the benefit of
such person entitled thereto under the Plan or his spouse, children or other
dependents, or any of them, in such manner as the Administrator may deem proper.

                  5.5 Forfeitures and Unclaimed Amounts. Unclaimed amounts shall
consist of the amounts of the Deferral Account of a Participant that are not
distributed because of the Administrator's inability, after a reasonable search,
to locate a Participant or his Beneficiary, as applicable, within a period of
two (2) years after the date upon which the payment of any benefits becomes due
and the amount by which a Participant's Account is reduced under Section 4.8.
Unclaimed amounts shall be forfeited at the end of such two-year period. These
forfeitures will reduce the obligations of the Company under the Plan and the
Participant or Beneficiary, as applicable, shall have no further right to his
Deferral Account unless the Administrator determines otherwise in a particular
case.

                  5.6 Controlling Law. The law of the State of Maryland, except
its law with respect to choice of law, shall be controlling in all matters
relating to the Plan to the extent not preempted by ERISA.

                  5.7 Gender and Number. Words in the masculine gender shall
include the feminine, and the plural shall include the singular and the singular
shall include the plural.

                  5.8 Action by the Company. Except as otherwise specifically
provided herein, any action required of or permitted by the Company under the
Plan shall be by resolution of the Board of Directors of the Company or by
action of any committee or subcommittee of the Board or other person(s)
authorized by resolution of the Board.

                  5.9 Assumption of Plan. The Company shall require any
successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the
Company, whether pursuant to a Change in Control or otherwise, to expressly
assume and agree to perform the obligations under this Plan in the same

                                      -10-
<PAGE>
manner and to the same extent that the Company would be required to perform if
no such succession had taken place.

                                   ARTICLE VI
                             EMPLOYER PARTICIPATION

                  Any subsidiary or affiliate of the Company incorporated under
the laws of any state in the United States (an "Employer") may, with the
approval of the Administrator and under such terms and conditions as the
Administrator may prescribe, adopt the corresponding portions of the Plan. The
Administrator may amend the Plan as necessary or desirable to reflect the
adoption of the Plan by an Employer; provided, however, that an adopting
Employer shall not have the authority to amend or terminate the Plan under
Article VII.

                                   ARTICLE VII
                            AMENDMENT AND TERMINATION

                  The Company intends the Plan to be permanent, but reserves the
right at any time by action of its Board of Directors to modify, amend or
terminate the Plan; provided, however, that any amendment or termination of the
Plan shall not reduce or eliminate any Deferral Account accrued through the date
of such amendment or termination. The Administrator shall have the same
authority to adopt amendments to the Plan as the Board of Directors of the
Company in the following circumstances:

                  (a) to adopt amendments to the Plan which the Administrator
determines are necessary or desirable for the Plan to comply with or to obtain
benefits or advantages under the provisions of applicable law, regulations or
rulings or requirements of the Internal Revenue Service or other governmental or
administrative agency or changes in such law, regulations, rulings or
requirements; and

                  (b) to adopt any other procedural or cosmetic amendment that
the Administrator determines to be necessary or desirable that does not
materially change benefits to Participants or their Beneficiaries or materially
increase the Company's or adopting Employers' obligations under the Plan.

                                   * * * * *

                  I hereby certify that the Plan was originally established
effective as of June 1, 2000. I hereby certify that the Plan, as amended and
restated in its entirety, was approved by the Board of Directors of Coach, Inc.,
effective as of May 2, 2002.

                  Executed on this second day of May, 2002.

                                                     /s/ Carole P. Sadler
                                                     ---------------------------
                                                     Carole P. Sadler, Secretary

                                      -11-<PAGE>

                                                                   Exhibit 10.14

              COACH, INC. NON-QUALIFIED DEFERRED COMPENSATION PLAN
                              FOR OUTSIDE DIRECTORS
                    (Amended and Restated as of May 2, 2002)

         The Coach, Inc. Non-Qualified Deferred Compensation Plan for Outside
Directors was originally approved by the Board of Directors (the "Board") of
Coach, Inc., a Maryland corporation (the "Company"), on June 23, 2000, and was
originally approved by the stockholders of the Company on June 29, 2000. In
furtherance of the purposes of said plan and in order to amend said plan in
certain respects, the plan has been amended and restated in its entirety,
effective as of May 2, 2002. This amendment and restatement constitutes a
complete amendment, restatement and continuation of the Coach, Inc.
Non-Qualified Deferred Compensation Plan for Outside Directors (as amended and
restated, the "Plan").

         SECTION 1. PARTICIPATION.

         (a) A member of the Board who is not an employee of the Company may
elect to defer the compensation that he or she earns for services as a director
that he or she has not elected to receive in a form other than cash ("Annual
Cash Retainer") which would otherwise be payable for each fiscal year quarter
(or other payment period established by the Company) ("Retainer Payment
Quarter") but for such director's election to participate in the Plan.

         (b) The deferred Annual Cash Retainer ("Deferred Compensation") shall
be paid on such future date (the "Distribution Date") or dates and in such
manner as a director who elects to participate in the Plan ("Participating
Director") shall elect in a written Deferred Compensation Agreement in such
form, consistent with the terms of the Plan, as shall be provided by the Board
or its delegate ("Deferred Compensation Agreement"); provided, however, that no
Deferred Compensation shall be paid in the same calendar year in which any
portion of the Annual Cash Retainer representing the Deferred Compensation is
earned. Any election to defer all or any portion of the Annual Cash Retainer
shall be applicable to all future Annual Cash Retainer fees earned until the
election is revoked by the Participating Director pursuant to Section 4 hereof.

         SECTION 2. ADMINISTRATION. The Plan shall be administered by the Board.
The Board may delegate certain administrative authority to a committee or
subcommittee of the Board or to one or more employees of the Company, but shall
retain the ultimate responsibility for the interpretation of, and amendments to,
the Plan. Members of the Board shall not be liable for any of their actions or
determinations made in good faith with respect to the administration of the
Plan. Except to the extent superseded by the laws of the United States, the laws
of the State of Maryland, without regard to its conflict of laws principles,
shall govern in all matters relating to the Plan.

         SECTION 3. ESTABLISHMENT AND MAINTENANCE OF DEFERRAL ACCOUNTS.
<PAGE>
         (a) The Company shall establish and maintain a separate Deferred
Compensation account ("Deferral Account") for each Participating Director which,
except as otherwise may be provided pursuant to Section 6, shall be a
bookkeeping account. Deferred Compensation shall be credited to the Deferral
Account as of the business day coinciding with or next following the 15th day of
each calendar month or the business day coinciding with or next following the
last day of each calendar month, in each case coincident with or next following
the date the retainer fees would otherwise have been paid to the Participating
Director ("Credit Dates").

         (b) Each Participating Director must make an investment election at the
time such Participating Director elects to defer compensation pursuant to
Section 1. The Participating Director shall, pursuant to the applicable Deferred
Compensation Agreement, designate the portion of the Deferred Compensation which
is to be treated as invested in each investment alternative. The two investment
alternatives shall be as follows:

            (i) Stock Equivalent Account. Under the Stock Equivalent Account,
the Participating Director's Deferral Account shall be invested in "Deferred
Stock Units" under which each Deferred Stock Unit represents the right to
receive one share of Coach, Inc. common stock, par value $0.01 per share
("Common Stock"), on the Distribution Date (subject to Section 5(a)). The number
of Coach, Inc. Deferred Stock Units to be credited to the Participating
Director's Deferral Account and appropriate subaccounts on each Credit Date
shall be determined by dividing the Deferred Compensation to be "invested" on
that date by the average of the high and low quotes of a share of Common Stock
on the applicable day on the New York Stock Exchange Composite Transaction Tape
("Market Value"). Fractional Deferred Stock Units will be computed to two
decimal places. On any Common Stock dividend record date, an amount equal to the
number of Deferred Stock Units held as of such dividend record date multiplied
by the dividend paid on Common Stock on the applicable dividend payment date
shall either (A) be credited to the Participating Director's Deferral Account
and appropriate subaccount as of the March 31st, June 30th, September 30th or
December 31st coincident with or next following the dividend payment date and
"invested" in additional Deferred Stock Units as though such dividend credits
were Deferred Compensation or (B) at the election of the Participating Director
at such time and in accordance with such rules as established by the Board, be
paid in cash to the Participating Director as of the March 31st, June 30th,
September 30th or December 31st coincident with or next following the dividend
payment date. In the event of any stock dividend, stock split, combination or
exchange of securities, merger, consolidation, recapitalization, spin-off or
other distribution (other than normal cash dividends) of any or all of the
assets of the Company to stockholders, or any other similar change or event
effected without receipt of consideration, such proportionate adjustments, if
any, as the Board in its discretion may deem appropriate to reflect such change
or event shall be made with respect to the number of Deferred Stock Units
credited to a Participating Director's Deferral Account. Subject to Section
5(a), the number of shares of Common Stock to be paid to a Participating
Director on a Distribution Date shall be equal to the number of Deferred Stock
Units accumulated in

                                      -2-
<PAGE>
the Deferral Account on such date divided by the total of the payments to be
made. Deferred Stock Units shall not have voting rights.

            (ii) Interest Account. Under the Interest Account, interest will be
credited to the Participating Director's Deferral Account as of the business day
coinciding with or next following each June 30 and December 31 (a "Valuation
Date") and on the date the final payment of Deferred Compensation is to be made
based on the balance in the Participating Director's Deferral Account "invested"
in the Interest Account on the Valuation Date or such final payment date. The
rate of interest to be credited for a Plan Year (as defined in Section 4) will
be set at the beginning of each calendar year based upon the U.S. Prime Rate in
effect as of such date as reported in the Wall Street Journal or such other
source as may be designated by the Board. If installment payments are elected,
the amount to be paid to the Participating Director on a Distribution Date shall
be determined as follows: the amount of the principal payment of each
installment shall be determined by dividing the current principal balance by the
number of remaining installment payments and the amount of the interest payment
shall be determined by dividing the current interest balance by the number of
remaining installment payments. All payments from the Interest Account shall be
made in cash.

         (c) A Participating Director's investment election shall be subject to
the following rules:

            (i) If the Participating Director fails to make an investment
election with respect to Deferred Compensation, the Deferred Compensation shall
be deemed to be invested in the Interest Account.

            (ii) All investments in the Stock Equivalent Account shall be
irrevocable.

            (iii) A Participating Director may elect to transfer amounts
invested in the Interest Account to the Stock Equivalent Account as of any
Valuation Date by filing an investment change election with the Board prior to
the Valuation Date the change is to become effective. The amount elect to be
transferred to the Stock Equivalent Account shall be treated as invested in
Deferred Stock Units as of the Valuation Date and the number of Deferred Stock
Units to be credited to the Participating Director's Deferral Account and
appropriate subaccounts as of the Valuation Date shall be determined by dividing
the amount to be transferred by the Market Value on such Valuation Date.

            (iv) Until invested as of the Credit Date in either the Interest
Account or Stock Equivalent Account, a Participating Director's Deferred
Compensation shall be credited with interest in such amount as the Board may
determine.

         (d) A Participating Director may elect to re-defer balances of existing
Deferred Compensation accounts. A re-deferral shall be effected by executing and
delivering an election form at least six months prior to the original payment
date and

                                      -3-
<PAGE>
provided further that such re-deferral is not within the same tax year as the
original deferral payment date.

         SECTION 4. REVOCATION OF ELECTION. A Participating Director may elect
to revoke the election to defer his or her Annual Cash Retainer by written
notice delivered to the Secretary of the Company at least seven (7) business
days prior to the date the retainer fees would otherwise have been paid to the
Participating Director ("Revocation Notice"). The revocation shall become
effective at the beginning of the next immediate Retainer Payment Quarter and
shall be applicable only to Annual Cash Retainer fees earned after the effective
date of the Revocation Notice, and, thereafter, the Participating Director shall
not be entitled to defer any future Annual Cash Retainer fees for the remaining
portion of the Plan Year in which the Revocation Notice is delivered. "Plan
Year" means the twelve-month period beginning on November 1 and ending on
October 31.

         SECTION 5. PAYMENTS OF DEFERRED COMPENSATION.

         (a) As specified in the Deferred Compensation Agreement, a
Participating Director may elect to receive payments of Deferred Compensation
either (i) in a lump sum payment as of the Distribution Date or (ii) in annual
installments over a period not to exceed ten (10) years commencing as of the
Distribution Date. If the Participating Director elects an installment method of
payment the Distribution Date must be as of January 1.

         (b) The Deferral Account shall continue to be maintained for the
benefit of the Participating Director and paid in accordance with the Deferred
Compensation Agreement in the event that the Participating Director's service as
a director shall terminate prior to all of the outstanding balance in the
Deferral Account being paid out.

         (c) If a Participating Director shall die while an active director of
the Company prior to all the payments being made from the Deferral Account, the
unpaid balance of the Deferral Account shall be paid on the thirtieth (30th) day
after the date the Secretary of the Company has been duly notified of his or her
death to either of the Participating Director's estate or to his or her
designated beneficiary or beneficiaries, as designated in the Deferred
Compensation Agreement, or in the absence of such designation, to his or her
personal representative. Such death payment shall be made in a single lump sum,
irrespective of the time and manner of payment specified in the Deferred
Compensation Agreement.

         SECTION 6. UNFUNDED OBLIGATION OF THE COMPANY. Deferral Account
balances shall constitute general contractual obligations of the Company to the
Participating Directors. The Company shall not segregate assets, create any
security interest or encumber its assets in order to provide for or fund the
payment of any Deferral Account balances.

                                      -4-
<PAGE>
         SECTION 7. NON-ASSIGNABILITY. The rights and benefits of a
Participating Director under the Plan are personal and cannot be pledged,
transferred or assigned except by designation of a beneficiary (or
beneficiaries), by will or the laws of descent and distribution.

         SECTION 8. CHANGE OF CONTROL.

         (a) Notwithstanding anything contained in the Plan to the contrary,
immediately prior to any Change of Control (as defined below):

            (i) Each Participating Director may elect to transfer amounts
invested in the Stock Equivalent Account to the Interest Account as of the
effective time of the Change of Control by filing an investment change election
with the Administrator prior to the date the Change of Control is to become
effective. The amount to be credited to the Participating Director's Interest
Account as of the effective time of the Change of Control shall be determined by
multiplying the number of Deferred Stock Units to be transferred by the Market
Value upon the Change of Control. For purposes of the foregoing, Market Value
shall be equal to the consideration paid for a share of Common Stock in
connection with the Change of Control, as determined by the Administrator.

            (ii) In addition, each Participating Director's Distribution Date
shall be accelerated to be the earlier to occur of (A) the Distribution Date
specified in the Participating Director's investment election or (B) the first
business day of the first calendar year following the occurrence of the Change
in Control.

            The phrase "immediately prior to any Change of Control" shall be
understood to mean sufficiently in advance of a Change of Control to permit
Participating Directors to take all steps reasonably necessary to receive full
payment of each Participating Director's Deferral Account and to deal with the
shares underlying all Deferred Stock Units so that all Deferred Stock Units and
shares issuable with respect thereto may be treated in the same manner as the
shares of stock of other shareholders in connection with the Change of Control.

         (b) A "Change of Control" shall occur when:

            (i) A "Person" (which term, when used in this Section 8, shall have
the meaning it has when it is used in Section 13(d) of the Securities Exchange
Act of 1934 (the "Exchange Act"), but shall not include the Company, any
underwriter temporarily holding securities pursuant to an offering of such
securities, any trustee or other fiduciary holding securities under an employee
benefit plan of the Company, or any corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as
their ownership of Voting Stock (as defined below) of the Company) is or
becomes, without the prior consent of a majority of the Continuing Directors (as
defined below), the Beneficial Owner (as defined in Rule 13d-3 promulgated under
the Exchange Act), directly or indirectly, of Voting Stock (as defined

                                      -5-
<PAGE>
below) representing twenty percent (20%) or more of the combined voting power of
the Company's then outstanding securities; or

            (ii) The stockholders of the Company approve and the Company
consummates a reorganization, merger or consolidation of the Company or the
Company sells, or otherwise disposes of, all or substantially all of the
Company's property and assets, or the Company liquidates or dissolves (other
than a reorganization, merger, consolidation or sale which would result in all
or substantially all of the beneficial owners of the Voting Stock of the Company
outstanding immediately prior thereto continuing to beneficially own, directly
or indirectly (either by remaining outstanding or by being converted into voting
securities of the resulting entity), more than fifty percent (50%) of the
combined voting power of the voting securities of the Company or such entity
resulting from the transaction (including, without limitation, an entity which
as a result of such transaction owns the Company or all or substantially all of
the Company's property or assets, directly or indirectly) outstanding
immediately after such transaction in substantially the same proportions
relative to each other as their ownership immediately prior to such
transaction); or

            (iii) The individuals who are Continuing Directors of the Company
(as defined below) cease for any reason to constitute at least a majority of the
Board of the Company.

            (iv) For purposes of this Section 8, (A) the term "Continuing
Director" means (I) any member of the Board who is a member of the Board
immediately after the issuance of any class of securities of the Company that
are required to be registered under Section 12 of the Exchange Act, or (II) any
person who subsequently becomes a member of the Board whose nomination for
election or election to the Board is recommended by a majority of the Continuing
Directors and (B) the term "Voting Stock" means all capital stock of the Company
which by its terms may be voted on all matters submitted to stockholders of the
Company generally.

          (c) Immediately upon the consummation of a Change in Control, the
Company shall, or shall cause any acquirer or successor to, deposit into an
irrevocable grantor trust (the "Rabbi Trust") an amount of cash equal to the
then aggregate value of the Deferral Accounts. The trustee of the Rabbi Trust
and the terms and conditions of the agreement of trust establishing the Rabbi
Trust shall be determined by the Company prior to the consummation of the Change
in Control; provided, however, that the Rabbi Trust shall provide for the
distribution of its assets to Participating Directors in accordance with the
terms of this Plan; provided, further, that the Rabbi Trust shall meet the
requirements of Revenue Procedure 92-64, 1992-2 C.B. 422, issued by the Internal
Revenue Service, such that Participating Directors will not incur tax liability
in connection with the establishment of, or deposit of any assets in, the Rabbi
Trust. From time to time, the Company shall make such additional contributions
to the Rabbi Trust as the Board shall determine are necessary or appropriate in
order to continue to fully fund the Deferral Accounts of all Participating
Directors.

                                      -6-
<PAGE>
         SECTION 9. ASSUMPTION OF PLAN. The Company shall require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all of the business and/or assets of the Company, whether
pursuant to a Change in Control or otherwise, to expressly assume and agree to
perform the obligations under this Plan in the same manner and to the same
extent that the Company would be required to perform if no such succession had
taken place.

         SECTION 10. AMENDMENTS. Any substantive amendment to the Plan shall be
approved by the Board. No amendment shall be made which would adversely affect
the tax status of the Deferred Compensation accumulated in the Deferral
Accounts.

         SECTION 11. EFFECTIVE DATE; TERMINATION. The Plan originally became
effective on June 29, 2000. The Board may terminate the Plan at any time;
provided that, such termination shall not affect the rights of Participating
Directors that have accrued under the Plan prior to such termination. In the
event of a termination, the payment schedule specified in the Deferred
Compensation Agreement or under the terms of the Plan shall continue to be
followed.

                                 * * * * *

         I hereby certify that the Plan was originally approved by the Board of
Directors of Coach, Inc. on June 23, 2000 and was originally approved by the
stockholders of Coach, Inc. on June 29, 2000.

         I hereby certify that the Plan, as amended and restated in its
entirety, was approved by the by the Board of Directors of Coach, Inc.,
effective as of May 2, 2002.

                    Executed on this second day of May, 2002.

                                                       /s/ Carole P. Sadler
                                                       --------------------
                                                       Carole P. Sadler
                                                       Secretary

                                      -7-

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