Fossil director using shares as collateral

By Lisa Kerner

Charlotte, N.C., March 25 - Tom Kartsotis, a director of Fossil Inc., sold 200,000 shares of the company's stock on March 19 for $15.87 each, according to a schedule 13D/A filed with the Securities and Exchange Commission on Wednesday.

Kartsotis, as a party to a Feb. 26 commercial pledge agreement with JPMorgan Chase Bank, NA, pledged 2,666,667 shares of Fossil's common stock to secure, among other things, a revolving line of credit being extended by the bank.

An additional 813,144 shares held by Kartsotis are pledged as collateral to secure a margin loan for the benefit of his brother, Kosta N. Kartsotis, the filing said.

Tom Kartsotis is also a party to a sales plan intended to satisfy the requirements of rule 10b5-1 under the Exchange Act to sell up to 2.5 million Fossil shares.

According to the filing, Tom Kartsotis beneficially owns 9,206,751 shares, or 13.5%, of the Richardson, Texas, watches and fashion accessories company.

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