Form 4: Tapestry Inc. Executive Kahn Todd Reports Changes in Beneficial Ownership
SEC Form 4 Filing
CEO and Brand President of Coach, Todd Kahn, reports the disposal of shares to cover tax obligations related to vesting restricted stock units.
Summary
- On August 23, 2024, Todd Kahn, CEO and Brand President of Coach (a subsidiary of Tapestry, Inc.), reported changes in beneficial ownership of Tapestry, Inc. stock.
- Kahn disposed of 1,328 shares of common stock at a price of $41.66 to cover taxes related to the vesting of restricted stock units.
- Additionally, 11,416 shares were disposed of at the same price to cover taxes related to the vesting of performance restricted stock units, for which performance measures were certified on August 21, 2023.
- Following these transactions, Kahn directly owns 213,156 shares of Tapestry, Inc. common stock.
Sentiment
Score: 6
Explanation: The document is a standard SEC filing related to stock transactions for tax purposes, indicating a neutral sentiment.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies like Tapestry, Inc.
Comparison to Industry Standards
- Executive compensation practices, including the use of restricted stock units and performance-based equity, are common across the retail and apparel industry.
- Companies like LVMH, Kering, and Capri Holdings also utilize similar equity-based compensation plans for their executives.
- The vesting schedules and performance metrics associated with these plans vary based on company-specific goals and industry benchmarks.
Stakeholder Impact
- The transactions have a minimal direct impact on shareholders, as they relate to executive compensation and tax obligations.
- The filing provides transparency regarding executive stock ownership, which can be of interest to investors.
Key Dates
| Date | Description |
|---|---|
| 08/21/2023 | Performance measures were certified for performance restricted stock units. |
| 08/23/2021 | Date of grant of the award for performance restricted stock units. |
| 08/23/2024 | Date of the reported transactions (disposal of shares). |
| 08/26/2024 | Date of signature on the Form 4 filing. |
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