Tapestry, Inc. (NYSE: TPR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously announced in a Current Report on Form 8-K filed on November 6, 2018 with the U.S. Securities and Exchange Commission (the “SEC”), Kevin Wills, the Chief Financial Officer of Tapestry, Inc. (the “Company”), notified the Company that he would be resigning. Mr. Wills’ last day with the Company will be February 8, 2019 (the “Separation Date”).
On December 6, 2018, the Human Resources Committee of the Company’s Board of Directors (the "Committee") determined that, provided Mr. Wills executes a separation and release agreement with the Company (the “Separation Agreement”), the second tranche of the restricted stock units granted to Mr. Wills on March 6, 2017 (the “March 2017 RSUs”) will remain eligible to pro rata vest through the Separation Date on March 6, 2019, in accordance with the terms and conditions of the award agreement. The terms and conditions of the March 2017 RSUs are disclosed in the Company's Proxy Statement filed with the Securities and Exchange Commission on September 29, 2017, under "Compensation Discussion and Analysis-Fiscal Year 2017 Compensation-Long Term Incentive Plan." All of Mr. Wills’ other unvested outstanding restricted stock units, performance restricted stock units and stock options shall be automatically forfeited on the Separation Date. to the Separation Agreement, Mr. Wills will also be required to repay to the Company a gross amount of $500,000, which is a portion of the sign-on cash bonus he received upon his appointment to Chief Financial Officer.
Although the foregoing constitutes a summary of the material terms of the Separation Agreement, it does not constitute a complete summary of all terms of the Separation Agreement, which will be filed as an exhibit to the Company’s next quarterly report on Form 10-Q.