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): February 9, 2007
Coach, Inc.
(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
(Address of principal executive offices) (Zip Code)
(212) 594-1850
(Registrant's telephone number, including area code)
Item 8.01. Other Events.
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Rule 10b5-1 Trading Plan
On February 9, 2007, 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 500,000 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 March and May 2007, subject to
certain minimum prices. The May 2007 sales will be timed to follow Coach's
regular earnings announcement for the third quarter of Coach's fiscal year 2007
(ending on March 31, 2007), reflecting Mr. Frankfort's continued confidence in
the Company's outlook. The trading plan expires on May 21, 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 sales of shares under the new trading plan and an existing trading
plan entered into in November 2006, 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 2.8 million shares of Coach common stock;
o options to purchase approximately 6.9 million shares of Coach common stock;
and
o approximately 260,000 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: February 12, 2007
COACH, INC.
By: /s/ Carole P. Sadler
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Carole P. Sadler
Senior Vice President, General Counsel
and Secretary