Tapestry, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Tapestry, Inc. on April 14, 2020. The report discloses a corporate governance change involving the Board of Directors.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. This report focuses exclusively on the appointment of a new director and associated compensation.
Material Changes
On April 14, 2020, the Board of Directors increased its size to eight members and elected John P. Bilbrey as a director, effective immediately.
Management Commentary and Compensation Details
In connection with his appointment, Mr. Bilbrey received the following compensation arrangements:
- Annual Cash Retainer: $90,000.
- Initial Equity Award (April 14, 2020): Grant date fair market value of $150,000, split 50% stock options and 50% restricted stock units. Vests one year from the grant date.
- Annual Equity Grant: Grant date fair market value of $150,000 to be made on the date of the annual meeting of stockholders, split 50% stock options and 50% restricted stock units. Vests one year from the grant date.
The filing states there are no other arrangements or understandings regarding Mr. Bilbrey's selection and no other transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the effective date of John P. Bilbrey's directorship (April 14, 2020).
- Confirm the total initial equity grant value ($150,000) and vesting schedule (one year).
- Review the attached Press Release (Exhibit 99.1) for additional biographical details on the new director.
- Note that this filing contains no financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.