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     <!-- Filing Type:    8-K                                -->
     <!-- Client Name:    Warnaco Group Inc                  -->
     <!-- Project Name:   NY15133                            -->
     <TITLE>Form 8K </TITLE>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> UNITED
STATES <BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549 </FONT></H1></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><B>FORM 8-K</B></FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Current Report
<BR>Pursuant to Section 13 or 15(d) of<BR>
The Securities Exchange Act of 1934</B>  </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date
of Report (Date of earliest event reported):&nbsp;&nbsp;<!-- DATE -->September 14, 2005 </FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><!-- Name of Registrant --><U>The Warnaco Group, Inc.</U></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact name of Registrant as specified in its charter)</FONT></TD></TR>
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<TD WIDTH="33%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><!-- State-->Delaware</FONT></TD>
<TD WIDTH="34%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><!-- File No.-->001-10857</FONT></TD>
<TD WIDTH="33%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><!-- Irs No.-->95-4032739</FONT></TD>
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<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(State or other jurisdiction <BR>of incorporation)</font></td>
<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(Commission File Number) </FONT></TD>
<TD ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>(IRS Employer<BR> Identification No.) </FONT></TD>
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     <TD WIDTH="70%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><!-- ADDRESS -->&nbsp;501 Seventh Avenue, New York, New York</FONT></TD>
     <TD WIDTH="10%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><!-- ZIP CODE -->&nbsp;&nbsp;&nbsp;&nbsp;10018</FONT></TD></TR>
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     <TD ALIGN="Left"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of principal executive offices)</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Zip Code)</FONT></TD></TR>
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     <TD WIDTH="49%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Registrant's telephone number, including area code:</FONT></TD>
     <TD WIDTH="31%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;(212) 287-8000</FONT></TD>
     <TD WIDTH="20%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><!-- TELEPHONE NO. --></FONT></TD></TR>
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     <TD>&nbsp;</TD>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;<!-- FORMER NAME OR ADDRESS --></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Former name or former address, if changed since last report) </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (<I>see</I> General
Instruction A.2. below): </FONT></TD></TR></TABLE><BR>

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 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD>
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 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></TD>
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 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
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 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) </FONT></TD>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 1.01</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Entry into a Material Definitive Agreement.</U>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
September 12, 2005, The Warnaco Group, Inc. (the &#147;Registrant&#148;) appointed
Elizabeth Wood to the position of Senior Vice President, Human Resources of the Registrant
and entered into an employment agreement with Ms. Wood (the &#147;Agreement&#148;). The
initial term of the Agreement is two years commencing on September 12, 2005, subject to
automatic one-year renewals unless notice of non-renewal is given at least 120 days prior
to the date on which the term would otherwise expire. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Agreement provides for an initial annual base salary of $300,000 and a target bonus
opportunity equal to 50% of base salary. In addition to participation in employee benefits
and perquisites programs applicable to the Registrant&#146;s senior executives generally,
pursuant to the Agreement the Registrant granted Ms. Wood 11,500 shares of restricted
common stock of the Registrant and an option to purchase 34,500 shares of the
Registrant&#146;s common stock. The equity grants were made under and subject to the terms
and conditions of the Registrant&#146;s 2005 Stock Incentive Plan. Assuming continued
employment, these equity grants will vest 1/3 on the first, second and third anniversaries
of Ms. Wood&#146;s commencement date. Commencing with fiscal year 2006, assuming continued
employment, Ms. Wood will be entitled to a supplemental annual award equal to a certain
percentage of her prior year&#146;s total cash compensation (base salary and earned annual
bonus) (&#147;Supplemental Award&#148;), with the first award pro-rated to reflect four
months of service in fiscal year 2005. Such percentage shall be 8% if Ms. Wood is less
than age 50, 10% if she is at least age 50 but not age 60, and 13% if she is age 60 or
greater, in each case, measured as of the end of the fiscal year in which the award is
made. Each Supplemental Award will be granted 50% in restricted stock (&#147;Career
Shares&#148;) and 50% in the form of a credit to a bookkeeping account on the
Registrant&#146;s books (&#147;Notional Account&#148;). Amounts credited to the Notional
Account will be credited (or debited) with the deemed positive (or negative) return based
on the investment alternatives approved by the Registrant for this purpose under its
401(k) plan and selected in advance by Ms. Wood to apply to such account. The Career
Shares will vest 50% on the earlier of Ms. Wood&#146;s 62nd birthday or 15 years of
vesting service (<I>i.e.</I>, any service as an executive officer of the Registrant) and
100% on the earliest of Ms. Wood&#146;s 65th birthday, 20 years of vesting service or the
10th anniversary of the grant date. The Notional Account will vest 50% on the earlier of
Ms. Wood&#146;s 62nd birthday or five years of vesting service, and 100% on the earlier of
Ms. Wood&#146;s 65th birthday or 10 years of vesting service. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Ms. Wood&#146;s employment terminates upon her death or Disability (as defined in the
Agreement), she (or her legal representative or estate, as the case may be) will be
entitled to (i) a pro-rata bonus for the year of termination, (ii) immediate vesting of
50% of any unvested restricted shares (other than Career Shares) and (iii) immediate
vesting of 50% of any unvested Supplemental Award. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Ms. Wood&#146;s employment is terminated by the Registrant without Cause or by Ms. Wood
for Good Reason (each term as defined in the Agreement) and such termination is not upon
or within one year following a Change in Control (as defined in the Agreement), or if the
Registrant provides a notice of non-renewal of the Agreement and terminates Ms.
Wood&#146;s employment at the end of the term, Ms. Wood will be entitled to (i) payment of
annual base salary as salary continuation for the remaining term of the Agreement (but in
no event less than 12 months), (ii) immediate vesting of 50% of any unvested restricted
shares (other than Career Shares), (iii) 12 months or the option term, if shorter, to
exercise any vested stock options and (iv) continued participation in welfare benefit
plans until the earlier of the end of the term (but in no event less than 12 months) or
the date she obtains equivalent coverage from subsequent employment. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
Ms. Wood&#146;s employment is terminated by the Registrant without Cause or by Ms. Wood
for Good Reason upon or within one year following a Change in Control, she will be
entitled to (i) payment in a lump sum of an amount equal to two times base salary plus
target bonus, (ii) a pro-rata target bonus for the year of termination, (iii) immediate
vesting of all outstanding equity awards (other than Career Shares) and any previously
granted Supplemental Award, with any stock options remaining exercisable for 24 months or
the option term, whichever is shorter, and (iv) continued participation in welfare benefit
plans until the earlier of 24 months from the date of termination and the date she obtains
equivalent coverage from subsequent employment. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Agreement, Ms. Wood is bound by a perpetual confidentiality covenant and is prohibited
from competing with the Registrant both during employment and for 12 months thereafter.
Additionally, during employment and for 18 months thereafter, Ms. Wood is prohibited from
soliciting or hiring employees of the Registrant and its affiliates and from soliciting
their clients. If any payments, benefits or entitlements provided to Ms. Wood under the
Agreement or otherwise are subject to federal excise tax as excess parachute payments and
Ms. Wood would be in a better position on an after-tax basis, such payments, benefits or
entitlements will be reduced such that no federal excise tax will apply. </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of the Agreement is attached to this report as Exhibit 10.1 and is incorporated
herein by reference. The description of the Agreement is qualified in its entirety by
reference to the Agreement. </FONT></TD></TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01</FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<U>Financial Statements and Exhibits</U>.</FONT></TD>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit No.</U> </FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U> </FONT></TD>
</TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 10.1 </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Employment Agreement, dated as of September 12, 2005, by and
between The Warnaco Group, Inc. and Elizabeth Wood </FONT></TD>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURE </FONT></H1></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></TD></TR>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
    <TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">THE WARNACO GROUP, INC.</FONT></TD>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date: </FONT></TD>
    <TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE-->September 14, 2005 </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="43%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;/s/ Jay A. Galluzzo<!-- NAME --> </FONT></TD>
  </TR>
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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>&nbsp; </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
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    <TD WIDTH="57%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name:</FONT></TD>
    <TD WIDTH="35%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><!-- NAME -->Jay A. Galluzzo</FONT></TD>
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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title:</FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><!-- TITLE-->
Senior Vice President, General Counsel and Secretary</FONT></TD></TR>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT
INDEX </FONT></H1></TD></TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibit No.</U> </FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Description</U> </FONT></TD>
</TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=70%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
</TR>
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<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 10.1 </FONT></TD>
<TD WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Employment Agreement, dated as of September 12, 2005, by and
between The Warnaco Group, Inc. and Elizabeth Wood </FONT></TD>
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{"company-data": {"conformed-name": "WARNACO GROUP INC /DE/", "cik": "0000801351", "assigned-sic": "2340", "irs-number": "954032739", "state-of-incorporation": "DE", "fiscal-year-end": "0103"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10857", "film-number": "051084984"}, "business-address": {"street1": "90 PARK AVE", "street2": "26TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10016", "phone": "2126611300"}, "mail-address": {"street1": "90 PARK AVENUE", "street2": "26TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10016"}, "former-company": {"former-conformed-name": "W ACQUISITION CORP /DE/", "date-changed": "19861117"}}
Form 8K
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported):
September 14, 2005
The Warnaco Group, Inc.
(Exact name of Registrant as specified in its charter)
Delaware
001-10857
95-4032739
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
501 Seventh Avenue, New York, New York
10018
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(212) 287-8000
(Former name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (
see
General
Instruction A.2. below):
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement.
On
September 12, 2005, The Warnaco Group, Inc. (the "Registrant") appointed
Elizabeth Wood to the position of Senior Vice President, Human Resources of the Registrant
and entered into an employment agreement with Ms. Wood (the "Agreement"). The
initial term of the Agreement is two years commencing on September 12, 2005, subject to
automatic one-year renewals unless notice of non-renewal is given at least 120 days prior
to the date on which the term would otherwise expire.
The
Agreement provides for an initial annual base salary of $300,000 and a target bonus
opportunity equal to 50% of base salary. In addition to participation in employee benefits
and perquisites programs applicable to the Registrant's senior executives generally,
pursuant to the Agreement the Registrant granted Ms. Wood 11,500 shares of restricted
common stock of the Registrant and an option to purchase 34,500 shares of the
Registrant's common stock. The equity grants were made under and subject to the terms
and conditions of the Registrant's 2005 Stock Incentive Plan. Assuming continued
employment, these equity grants will vest 1/3 on the first, second and third anniversaries
of Ms. Wood's commencement date. Commencing with fiscal year 2006, assuming continued
employment, Ms. Wood will be entitled to a supplemental annual award equal to a certain
percentage of her prior year's total cash compensation (base salary and earned annual
bonus) ("Supplemental Award"), with the first award pro-rated to reflect four
months of service in fiscal year 2005. Such percentage shall be 8% if Ms. Wood is less
than age 50, 10% if she is at least age 50 but not age 60, and 13% if she is age 60 or
greater, in each case, measured as of the end of the fiscal year in which the award is
made. Each Supplemental Award will be granted 50% in restricted stock ("Career
Shares") and 50% in the form of a credit to a bookkeeping account on the
Registrant's books ("Notional Account"). Amounts credited to the Notional
Account will be credited (or debited) with the deemed positive (or negative) return based
on the investment alternatives approved by the Registrant for this purpose under its
401(k) plan and selected in advance by Ms. Wood to apply to such account. The Career
Shares will vest 50% on the earlier of Ms. Wood's 62nd birthday or 15 years of
vesting service (
i.e.
, any service as an executive officer of the Registrant) and
100% on the earliest of Ms. Wood's 65th birthday, 20 years of vesting service or the
10th anniversary of the grant date. The Notional Account will vest 50% on the earlier of
Ms. Wood's 62nd birthday or five years of vesting service, and 100% on the earlier of
Ms. Wood's 65th birthday or 10 years of vesting service.
If
Ms. Wood's employment terminates upon her death or Disability (as defined in the
Agreement), she (or her legal representative or estate, as the case may be) will be
entitled to (i) a pro-rata bonus for the year of termination, (ii) immediate vesting of
50% of any unvested restricted shares (other than Career Shares) and (iii) immediate
vesting of 50% of any unvested Supplemental Award.
If
Ms. Wood's employment is terminated by the Registrant without Cause or by Ms. Wood
for Good Reason (each term as defined in the Agreement) and such termination is not upon
or within one year following a Change in Control (as defined in the Agreement), or if the
Registrant provides a notice of non-renewal of the Agreement and terminates Ms.
Wood's employment at the end of the term, Ms. Wood will be entitled to (i) payment of
annual base salary as salary continuation for the remaining term of the Agreement (but in
no event less than 12 months), (ii) immediate vesting of 50% of any unvested restricted
shares (other than Career Shares), (iii) 12 months or the option term, if shorter, to
exercise any vested stock options and (iv) continued participation in welfare benefit
plans until the earlier of the end of the term (but in no event less than 12 months) or
the date she obtains equivalent coverage from subsequent employment.
If
Ms. Wood's employment is terminated by the Registrant without Cause or by Ms. Wood
for Good Reason upon or within one year following a Change in Control, she will be
entitled to (i) payment in a lump sum of an amount equal to two times base salary plus
target bonus, (ii) a pro-rata target bonus for the year of termination, (iii) immediate
vesting of all outstanding equity awards (other than Career Shares) and any previously
granted Supplemental Award, with any stock options remaining exercisable for 24 months or
the option term, whichever is shorter, and (iv) continued participation in welfare benefit
plans until the earlier of 24 months from the date of termination and the date she obtains
equivalent coverage from subsequent employment.
Under
the Agreement, Ms. Wood is bound by a perpetual confidentiality covenant and is prohibited
from competing with the Registrant both during employment and for 12 months thereafter.
Additionally, during employment and for 18 months thereafter, Ms. Wood is prohibited from
soliciting or hiring employees of the Registrant and its affiliates and from soliciting
their clients. If any payments, benefits or entitlements provided to Ms. Wood under the
Agreement or otherwise are subject to federal excise tax as excess parachute payments and
Ms. Wood would be in a better position on an after-tax basis, such payments, benefits or
entitlements will be reduced such that no federal excise tax will apply.
A
copy of the Agreement is attached to this report as Exhibit 10.1 and is incorporated
herein by reference. The description of the Agreement is qualified in its entirety by
reference to the Agreement.
Item 9.01
Financial Statements and Exhibits
.
Exhibit No.
Description
Exhibit 10.1
Employment Agreement, dated as of September 12, 2005, by and
between The Warnaco Group, Inc. and Elizabeth Wood
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE WARNACO GROUP, INC.
Date:
September 14, 2005
By:
/s/ Jay A. Galluzzo
Name:
Jay A. Galluzzo
Title:
Senior Vice President, General Counsel and Secretary
EXHIBIT
INDEX
Exhibit No.
Description
Exhibit 10.1
Employment Agreement, dated as of September 12, 2005, by and
between The Warnaco Group, Inc. and Elizabeth Wood