SEC Contract Filing

Filing Date: 2020-11-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>2
<FILENAME>exhibit105q12021.htm
<DESCRIPTION>EX-10.5
<TEXT>
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<title>Document</title></head><body><div id="ic780525c65ab45ae950d8255df56ce0b_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">EXHIBIT 10.5</font></div></div><div style="text-align:center;text-indent:-9pt"><img alt="image_01a.jpg" src="image_01a.jpg" style="height:90px;width:209px"></div><div style="text-align:center;text-indent:-9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">October 24, 2020</font></div><div style="text-align:center;text-indent:-9pt"><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Joanne Crevoiserat</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Dear Joanne,</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">It is with great pleasure that I confirm our offer to appoint you as Chief Executive Officer of Tapestry, Inc. (&#8220;Tapestry&#8221; or the &#8220;Company&#8221;), reporting to the Board of Directors of Tapestry. Upon effectiveness of the appointment, you will continue to be a member of Tapestry&#8217;s Executive Committee. You will continue to be considered an &#8220;officer&#8221; under Section 16 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), as well as an &#8220;Executive Officer&#8221; of Tapestry pursuant to Rule 3b-7 of the Exchange Act.</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Reference is hereby made to your employment letter dated as of June 17, 2019 in connection with your appointment as the Company&#8217;s Chief Financial Officer (the &#8220;2019 Letter Agreement&#8221;) and your letter dated June 20, 2020 in connection with your appointment as Interim Chief Executive Officer (the &#8220;Interim CEO Letter Agreement&#8221; and, together with the 2019 Letter Agreement, the &#8220;Prior Letter Agreements&#8221;). This letter details your base salary, bonus opportunity, annual equity opportunity, appointment compensation and other benefits. It also lays out the conditions of your continued employment with Tapestry and supersedes the Prior Letter Agreements, except to the extent expressly set forth herein or set forth in the applicable equity award agreements granted prior to the Effective Date (defined below). </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">If you accept our offer, you will start in your new role effective October 27, 2020 (the &#8220;Effective Date&#8221;).</font></div><div><font><br></font></div><div><font><br></font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:8.84pt">Base Salary</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">$1,300,000</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">per annum, which will immediately be reduced by 20% to $1,040,000 annually, consistent with the Company-wide salary reductions in effect during fiscal year 2021 for so long as such reductions are in effect.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Your salary will be paid in accordance with the Company&#8217;s payroll practices, currently bi-weekly, which are subject to change from time-to-time at the discretion of the Company, and will be paid less withholding and deductions authorized under applicable law. </font></div><div><font><br></font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Performance reviews are typically conducted at the end of our fiscal year, which presently runs from approximately July 1 through June 30. Any merit increases for which you may be eligible </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">would be determined at that time, and would take effect in September. You will next be eligible for a merit increase in September 2021.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%"> </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="c