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FOSL > SEC Filings for FOSL > Form 8-K on 13-Nov-2012All Recent SEC Filings

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Form 8-K for FOSSIL INC


Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

The Board of Directors (the "Board") of Fossil, Inc. (the "Company") has appointed Dennis R. Secor to serve as Executive Vice President, Chief Financial Officer and Treasurer of the Company, effective December 10, 2012. Mr. Secor will report directly to the Chief Executive Officer, Mr. Kosta N. Kartsotis.

As previously announced, Mike L. Kovar, our current Executive Vice President, Chief Financial Officer and Treasurer, will retire from the Company in March 2013. Effective with the appointment of Mr. Secor on December 10, 2012, Mr. Kovar will resign as Chief Financial Officer and Treasurer and assist Mr. Secor as he transitions into his new role with the Company.

Mr. Secor, age 50, has served as Senior Vice President and Chief Financial Officer for Guess?, Inc. since July 2006. Guess? designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, footwear and other fashion accessories. Prior to joining Guess?, Mr. Secor served as Vice President and Chief Financial Officer for Electronic Arts (Canada), Inc. from August 2004 until July 2006. Electronic Arts develops, markets, publishes, and distributes game software content and services for video game consoles, personal computers, mobile phones, tablets and electronic readers, and the Internet.

Mr. Secor will be an at-will employee of the Company. In connection with the appointment of Mr. Secor, the Board has approved a base salary of $500,000. Mr. Secor will receive a sign on bonus of $200,000. On January 15, 2013, Mr. Secor will receive (i) a grant of restricted stock units pursuant to the Company's 2008 Long Term Incentive Plan (the "2008 Plan") equal to the number of shares of the Company's common stock having an aggregate fair market value of $306,250 on January 15, 2013 and (ii) stock appreciation rights settled in common stock of the Company pursuant to the 2008 Plan, with a strike price equal to the fair market value of the common stock on January 15, 2013 and having a Black-Scholes value of $306,250. One-third of each award will vest annually on January 15 in each of 2014, 2015 and 2016, provided that Mr. Secor is continuously employed by the Company through each such anniversary date. Mr. Secor will also be eligible to receive reimbursement for up to $275,000 in relocation expenses in connection with his move from California to the Dallas, Texas area.

Mr. Secor is not a party to any transaction described in Item 404(a) of Regulation S-K involving the Company or any of its subsidiaries.

On November 8, 2012, the Company issued a press release announcing the appointment of Mr. Secor. A copy of the press release is attached as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release, dated November 8, 2012, announcing the appointment of Dennis R. Secor.

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