TRANSITION EMPLOYMENT AGREEMENT
This Transition Employment Agreement (hereafter this “ Agreement ”), dated as of July 4, 2008,
is hereby entered into by and between Keith Monda (the “ Executive ”), and Coach, Inc., a Maryland
corporation (together with its subsidiaries and affiliates, the “ Company ”).
WHEREAS, the Executive has been an employee of the Company prior to the execution of this
agreement but has informed the Company of his intention to leave his full-time employment with the Company;
WHEREAS, the Company wishes to engage the Executive on a part-time basis and to ensure
that the Executive adheres to certain restrictive covenants in his employee stock option agreements and to extend
the scope and duration of these covenants in exchange for additional consideration to the Executive;
THEREFORE, in exchange for the good and valuable consideration set forth herein, the
adequacy of which is specifically acknowledged, the Executive and Company hereby agree as follows:
1.
Transition of Employment .
(a)
The Executive shall resign his full-time employment with the Company, effective July 4,
2008 (the “ Transition Date ”). Effective as of the end of business on the Transition Date, Executive’s
status shall convert to that of a part-time employee, and he shall no longer serve as an Executive Officer
of the Company. Notwithstanding anything contained herein to the contrary, after the Transition Date, the
Executive shall remain a Director of the Board of Directors of Coach (the “ Board ”). The Executive,
however, will not be deemed an Outside Director and shall not receive additional compensation for such
service to the Board. From the Transition Date until August 31, 2009 (the “ Term ”), the Executive’s
employment with the Company shall be governed by this Agreement. The Executive’s job duties shall
consist of consulting on an as-needed basis to Lew Frankfort, Coach’s Chairman and Chief Executive
Officer, or such other corporate officer(s) as Mr. Frankf