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KATE SPADE : & CO : Change in Directors or Principal Officers (form 8-K)

05/27/2014 | 05:18pm US/Eastern

ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

Kate Spade & Company (the "Company") is reporting the departure of Robert Vill, Senior Vice President - Finance and Treasurer, effective May 30, 2014 (the "Separation Date") his separation being without cause due to restructuring activities related to the sale of the Juicy Couture intellectual property and related assets and the sale of Lucky Brand Dungarees, Inc.Mr. Vill will provide limited consulting services to the Company for a period of time following his departure.

As provided in the existing executive severance agreement entered into between the Company and Mr. Vill in 2012 with respect to a termination without cause, Mr. Vill will receive cash payments totaling $1,110,000, representing two times his base salary and target bonus, and continued medical and executive life insurance coverage for six months from the Separation Date. Consistent with Company policy for treatment of stock awards scheduled to vest within 90 days of an employee's termination without cause, vesting of 1,656 unvested stock options, with an exercise price of $21.20, which are scheduled to vest on June 3, 2014, will be accelerated to the Separation Date:

On May 20, 2014, the Compensation Committee of the Company's Board of Directors (the "Committee") further approved non-accelerated continued vesting of the following unvested stock options, on the original schedule on various future dates in 2014, 2015 and 2016:

- 5,000 options granted as of September 1, 2011 with an exercise price of $5.06

- 6,250 options granted as of March 1, 2012 with an exercise price of $11.10

- 4,969 options granted as of June 3, 2013 with an exercise price of $21.20

As a condition to all of the payments, benefits and options treatment provided by Company, Mr. Vill and the Company will execute a mutual general release of claims.

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