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     <!-- Filing Type:    8-K                                                                 -->
     <!-- Client Name:    Warnaco                                                            -->
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     <TITLE>8K Form</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 WIDTH="45%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date of Report (Date of earliest event reported):&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="55%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><!-- DATE -->April 6, 2005 </FONT></TD>
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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"><!-- Name of Registrant -->The Warnaco Group, Inc.</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 -->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 -->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 (see General
Instruction A.2. below): </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
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 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></TD>
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<TD WIDTH=4%><font face="wingdings"> &#168; </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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<TD WIDTH=4%><font face="wingdings"> &#168; </font></TD>
<TD WIDTH=96%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) </FONT></TD>
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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
April 6, 2005, the Registrant entered into an Employment Agreement (the
&#147;Agreement&#148;) with Dwight Meyer which provides for Mr. Meyer&#146;s employment as
President, Global Sourcing, of the Registrant. The initial term of the Agreement will
begin on April 20, 2005 (the &#147;commencement date&#148;), and end on April 20, 2008,
subject to automatic one-year renewals unless notice of termination is given at least 120
days prior to the date on which the term would otherwise expire. During the term of the
Agreement, Mr. Meyer&#146;s base salary will be $600,000, to be reviewed annually by the
Registrant&#146;s Compensation Committee in consultation with the Registrant&#146;s Chief
Executive Officer and may be increased based on such review. Mr. Meyer will also be
eligible for an annual target bonus under the applicable Registrant bonus plan of 70% of
his base salary, provided that for fiscal year 2005, Mr. Meyer&#146;s annual bonus will
total no less than $250,000. In addition to participation in employee benefits and
perquisites programs applicable to the Registrant&#146;s senior executives generally, the
Agreement provides for the grant to Mr. Meyer of an award of 25,000 shares of restricted
common stock of the Registrant (the &#147;initial restricted stock award&#148;) and an
option to purchase 75,000 shares of the common stock of the Registrant (the &#147;initial
option&#148; and, together with the initial restricted stock award, the &#147;initial
equity awards&#148;). Each of the initial equity awards is to be granted under the
Registrant&#146;s newly adopted 2005 Stock Incentive Plan (the &#147;2005 Plan&#148;),
subject to approval of the 2005 Plan by the Registrant&#146;s stockholders at its 2005
annual stockholders meeting. If the 2005 Plan is not approved by the Registrant&#146;s
stockholders, the initial equity awards will be granted under the Registrant&#146;s 2003
Stock Incentive Plan. The initial equity awards will be subject to the terms and
conditions of the applicable equity plan and award agreements, provided that each of the
awards will vest with respect to one-third of the shares covered thereby on each of the
first three anniversaries of the commencement date. </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 that if Mr. Meyer&#146;s employment is terminated because of his death
or &#147;disability&#148; (as defined in the Agreement), he (or his estate or
representative, if applicable) will be entitled to his accrued salary and benefits and (i)
a pro-rata bonus for the year in which such termination occurs, payable when bonuses are
payable to other Registrant executives (if such termination occurs during fiscal year
2005, the amount of such pro-rata bonus will be no less than $250,000); (ii) vesting of
50% of that portion of the initial restricted stock award that is unvested as of the date
of such termination; and (iii) full vesting of the initial option, with the initial option
remaining exercisable for 12 months following such termination. If Mr. Meyer&#146;s
employment is terminated without &#147;cause&#148; (as defined in the Agreement) by the
Registrant (other than because of Mr. Meyer&#146;s death or disability) or if he resigns
for &#147;good reason&#148; (as defined in the Agreement), he will be entitled to his
accrued salary and benefits and (i) continuation of his base salary through the end of the
term of the Agreement, but in no event for fewer than 12 months; (ii) a pro-rata bonus for
the year in which such termination occurs, payable when bonuses are payable to other
Registrant executives (if such termination occurs during fiscal year 2005, the amount of
such pro-rata bonus will be no less than $250,000); (iii) immediate vesting of that
portion of the initial restricted stock award that would have become vested had he been
employed on the vesting date immediately following the date of such termination; (iv)
continued exercisability of the then-vested portion of the initial option for two years
following such termination; and (v) continued participation in the Company&#146;s medical
and dental plans until the end of the term of the Agreement, but in no event for fewer
than 12 months, subject to earlier termination if he receives equivalent coverage from a
successor employer. If, within one year following a &#147;change in control&#148; (as
defined in the Agreement), Mr. Meyer&#146;s employment is terminated without cause by the
Registrant (other than because of Mr. Meyer&#146;s death or disability) or he resigns for
good reason, he will be entitled to the payments and benefits described in the immediately
preceding sentence, except that (i) the payment of continuing base salary will be made in
a lump sum; and (ii) the initial equity awards will fully vest, with the initial option
remaining exercisable for six months following the date of such termination. If the
Registrant provides notice to Mr. Meyer that the term of the Agreement will not be renewed
and that the termination of his employment would constitute a termination of employment
without cause, Mr. Meyer will be entitled to his accrued salary and benefits and (i)
payment of his base salary for 12 months; (ii) continued exercisability of the then-vested
portion of the initial option for nine months following the date of such termination; and
(iii) continued participation in the Company&#146;s medical and dental plans for six
months. If Mr. Meyer&#146;s employment is terminated for cause by the Registrant or if he
resigns without good reason, he will be entitled to his accrued salary and benefits only,
and any unvested portion of the initial equity awards will be immediately forfeited. </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 that if, after taking into account the 20% golden parachute excise tax
that may be applied to Mr. Meyer&#146;s payments and benefits under the Agreement or any
other agreement, plan or program of the Registrant, Mr. Meyer&#146;s net benefits would be
less than the net benefits he would have received had he been paid his &#147;safe
harbor&#148; amount under the Internal Revenue Code&#146;s so-called &#147;golden
parachute rules,&#148; the Registrant will reduce such payments and benefits so that the
total change in control-related payments and benefits paid to Mr. Meyer will not exceed
his safe harbor amount. </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 that Mr. Meyer will be required to execute, and not revoke, a release
of clams in a form acceptable to the Registrant in order to receive severance compensation
if Mr. Meyer&#146;s employment is terminated without cause by the Registrant (other than
because of his death or disability) or by Mr. Meyer for good reason, or if the term of the
Agreement is not renewed and Mr. Meyer is entitled to severance payments. Under the
Agreement, Mr. Meyer is bound by a perpetual confidentiality covenant and is prohibited
from competing with the Registrant both during employment and for 12 months following
termination of employment. Additionally, for 18 months following termination of employment
he is prohibited from soliciting or hiring key employees of the Registrant and its
affiliates and from soliciting their customers. </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>
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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 April 6, 2005, by and between
The Warnaco Group, Inc. and Dwight Meyer
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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-->April 8, 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>
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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<BR>
Counsel and Secretary

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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT INDEX</FONT></TD></TR>
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<TD WIDTH=8%><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=8%><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=8%><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>
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Employment Agreement, dated as of April 6, 2005, by and between
The Warnaco Group, Inc. and Dwight Meyer
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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": "05742201"}, "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"}}
8K Form
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):
April 6, 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
April 6, 2005, the Registrant entered into an Employment Agreement (the
"Agreement") with Dwight Meyer which provides for Mr. Meyer's employment as
President, Global Sourcing, of the Registrant. The initial term of the Agreement will
begin on April 20, 2005 (the "commencement date"), and end on April 20, 2008,
subject to automatic one-year renewals unless notice of termination is given at least 120
days prior to the date on which the term would otherwise expire. During the term of the
Agreement, Mr. Meyer's base salary will be $600,000, to be reviewed annually by the
Registrant's Compensation Committee in consultation with the Registrant's Chief
Executive Officer and may be increased based on such review. Mr. Meyer will also be
eligible for an annual target bonus under the applicable Registrant bonus plan of 70% of
his base salary, provided that for fiscal year 2005, Mr. Meyer's annual bonus will
total no less than $250,000. In addition to participation in employee benefits and
perquisites programs applicable to the Registrant's senior executives generally, the
Agreement provides for the grant to Mr. Meyer of an award of 25,000 shares of restricted
common stock of the Registrant (the "initial restricted stock award") and an
option to purchase 75,000 shares of the common stock of the Registrant (the "initial
option" and, together with the initial restricted stock award, the "initial
equity awards"). Each of the initial equity awards is to be granted under the
Registrant's newly adopted 2005 Stock Incentive Plan (the "2005 Plan"),
subject to approval of the 2005 Plan by the Registrant's stockholders at its 2005
annual stockholders meeting. If the 2005 Plan is not approved by the Registrant's
stockholders, the initial equity awards will be granted under the Registrant's 2003
Stock Incentive Plan. The initial equity awards will be subject to the terms and
conditions of the applicable equity plan and award agreements, provided that each of the
awards will vest with respect to one-third of the shares covered thereby on each of the
first three anniversaries of the commencement date.
The
Agreement provides that if Mr. Meyer's employment is terminated because of his death
or "disability" (as defined in the Agreement), he (or his estate or
representative, if applicable) will be entitled to his accrued salary and benefits and (i)
a pro-rata bonus for the year in which such termination occurs, payable when bonuses are
payable to other Registrant executives (if such termination occurs during fiscal year
2005, the amount of such pro-rata bonus will be no less than $250,000); (ii) vesting of
50% of that portion of the initial restricted stock award that is unvested as of the date
of such termination; and (iii) full vesting of the initial option, with the initial option
remaining exercisable for 12 months following such termination. If Mr. Meyer's
employment is terminated without "cause" (as defined in the Agreement) by the
Registrant (other than because of Mr. Meyer's death or disability) or if he resigns
for "good reason" (as defined in the Agreement), he will be entitled to his
accrued salary and benefits and (i) continuation of his base salary through the end of the
term of the Agreement, but in no event for fewer than 12 months; (ii) a pro-rata bonus for
the year in which such termination occurs, payable when bonuses are payable to other
Registrant executives (if such termination occurs during fiscal year 2005, the amount of
such pro-rata bonus will be no less than $250,000); (iii) immediate vesting of that
portion of the initial restricted stock award that would have become vested had he been
employed on the vesting date immediately following the date of such termination; (iv)
continued exercisability of the then-vested portion of the initial option for two years
following such termination; and (v) continued participation in the Company's medical
and dental plans until the end of the term of the Agreement, but in no event for fewer
than 12 months, subject to earlier termination if he receives equivalent coverage from a
successor employer. If, within one year following a "change in control" (as
defined in the Agreement), Mr. Meyer's employment is terminated without cause by the
Registrant (other than because of Mr. Meyer's death or disability) or he resigns for
good reason, he will be entitled to the payments and benefits described in the immediately
preceding sentence, except that (i) the payment of continuing base salary will be made in
a lump sum; and (ii) the initial equity awards will fully vest, with the initial option
remaining exercisable for six months following the date of such termination. If the
Registrant provides notice to Mr. Meyer that the term of the Agreement will not be renewed
and that the termination of his employment would constitute a termination of employment
without cause, Mr. Meyer will be entitled to his accrued salary and benefits and (i)
payment of his base salary for 12 months; (ii) continued exercisability of the then-vested
portion of the initial option for nine months following the date of such termination; and
(iii) continued participation in the Company's medical and dental plans for six
months. If Mr. Meyer's employment is terminated for cause by the Registrant or if he
resigns without good reason, he will be entitled to his accrued salary and benefits only,
and any unvested portion of the initial equity awards will be immediately forfeited.
The
Agreement provides that if, after taking into account the 20% golden parachute excise tax
that may be applied to Mr. Meyer's payments and benefits under the Agreement or any
other agreement, plan or program of the Registrant, Mr. Meyer's net benefits would be
less than the net benefits he would have received had he been paid his "safe
harbor" amount under the Internal Revenue Code's so-called "golden
parachute rules," the Registrant will reduce such payments and benefits so that the
total change in control-related payments and benefits paid to Mr. Meyer will not exceed
his safe harbor amount.
The
Agreement provides that Mr. Meyer will be required to execute, and not revoke, a release
of clams in a form acceptable to the Registrant in order to receive severance compensation
if Mr. Meyer's employment is terminated without cause by the Registrant (other than
because of his death or disability) or by Mr. Meyer for good reason, or if the term of the
Agreement is not renewed and Mr. Meyer is entitled to severance payments. Under the
Agreement, Mr. Meyer is bound by a perpetual confidentiality covenant and is prohibited
from competing with the Registrant both during employment and for 12 months following
termination of employment. Additionally, for 18 months following termination of employment
he is prohibited from soliciting or hiring key employees of the Registrant and its
affiliates and from soliciting their customers.
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 April 6, 2005, by and between
The Warnaco Group, Inc. and Dwight Meyer
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:
April 8, 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 April 6, 2005, by and between
The Warnaco Group, Inc. and Dwight Meyer