SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 3, 2006
Coach, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 1-16153 52-2242751
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(State of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
516 West 34th Street, New York, NY 10001
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(Address of principal executive offices) (Zip Code)
(212) 594-1850
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(Registrant's telephone number, including area code)
Item 8.01. Other Events.
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Rule 10b5-1 Trading Plan
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On November 3, 2006, Lew Frankfort, the Chairman and Chief Executive
Officer of Coach, Inc., entered into a trading plan with Goldman, Sachs & Co.
Pursuant to this plan, Goldman, Sachs will undertake to sell approximately
682,000 of Mr. Frankfort's shares of Coach common stock at specified intervals.
This trading plan is intended to comply with Rule 10b5-1 of the Securities
Exchange Act of 1934, as amended, and complies with Coach's insider trading
policy.
Under the trading plan, Mr. Frankfort will sell pre-determined numbers of
these shares at market prices between November 2006 and February 2007. These
sales will be timed to follow Coach's regular earnings announcements for the
first and second quarters of Coach's fiscal year 2007 (ending on September 30
and December 30, 2006, respectively), subject to certain minimum prices,
reflecting Mr. Frankfort's continued confidence in the Company's outlook. The
trading plan expires on February 27, 2007 unless terminated earlier under
certain conditions.
The purpose of Mr. Frankfort's trading plan is to diversify a portion of
his assets in an orderly manner, while still maintaining his outright Coach
stock ownership over time through option exercises. Following Mr. Frankfort's
exercise and the sales of shares under the new trading plan, Mr. Frankfort
expects his ownership level to remain at the levels shown below, further
reflecting his positive outlook for the company's prospects:
o approximately 3.5 million shares of Coach common stock;
o options to purchase approximately 6.9 million shares of Coach common
stock; and
o approximately 259,000 restricted stock units.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: November 3, 2006
COACH, INC.
By: /s/ Carole P. Sadler
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Carole P. Sadler
Senior Vice President, General Counsel
and Secretary