Business Context and Reporting Period
This Form 8-K Current Report was filed by Tapestry, Inc. on August 31, 2021. The report primarily addresses corporate governance changes, specifically the expansion of the Board of Directors and the appointment of a new director.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on personnel and governance rather than financial performance data.
Material Changes
- Board Expansion: The Board of Directors increased its size to eleven members.
- New Director Appointment: Johanna "Hanneke" W. Faber was elected as a director, effective August 31, 2021.
Compensatory Arrangements and Governance
In connection with Ms. Faber's appointment, the following compensation arrangements were established in accordance with standard non-employee director policies:
- Annual Cash Retainer: $90,000.
- Annual Equity Award: Grant date fair market value of $150,000, awarded on the date of the annual meeting of stockholders. This award consists of 50% stock options and 50% restricted stock units (RSUs), vesting in full one year from the grant date.
- Initial Equity Award: A one-time grant with a fair market value of $150,000 issued on August 31, 2021. This also consists of 50% stock options and 50% RSUs, vesting on the one-year anniversary of the grant date.
The filing states there are no undisclosed arrangements or understandings regarding Ms. Faber's selection.
Investor Verification Checklist
- Verify the total number of Board members is now eleven.
- Confirm the vesting schedule for Ms. Faber's equity awards (one year from grant date).
- Review the attached press release (Exhibit 99.1) for additional context on the appointment.
- Note that this filing contains no financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.