Andrew J. McLean - Apr 1, 2024 Form 4 Insider Report for LANDS' END, INC. (LE)

Role
Chief Executive Officer, Director
Signature
/s/ Peter L. Gray as attorney-in-fact for Andrew J. McLean
Stock symbol
LE
Transactions as of
Apr 1, 2024
Transactions value $
$0
Form type
4
Date filed
4/3/2024, 04:06 PM
Previous filing
Nov 2, 2023
Next filing
Jun 18, 2024

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction LE Restricted Stock Units Award $0 +89.1K +38.04% $0.00 323K Apr 1, 2024 Common Stock 89.1K $0.00 Direct F1, F2, F3
transaction LE Performance Rights Award $0 +44.6K $0.00 44.6K Apr 1, 2024 Common Stock 44.6K Direct F4, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of common stock upon satisfaction of the vesting conditions.
F2 These are time-based RSUs that will vest, subject to satisfaction of vesting conditions including a continuous business relationship, in three annual installments on April 1, 2025 (25%), April 1, 2026 (25%) and April 1, 2027 (50%).
F3 Of the total number of RSUs, 36,885 RSUs will vest on June 14, 2024, 36,885 RSUs will vest on June 14, 2025, and 73,770 RSUs will vest on June 14, 2026; 28,908 RSUs will vest on November 1, 2024 and 57,817 RSUs will vest on November 1, 2025; and 22,281 RSUs will vest on April 1, 2025, 22,281 RSUs will vest on April 1, 2026, and 44,562 RSUs will vest on April 1, 2027; subject in each case to the satisfaction of vesting conditions, including as applicable, maintaining continued employment or a continuous business relationship.
F4 Each performance right represents a contingent right to receive one share of issuer common stock subject to certification of performance following fiscal year 2026. The performance rights vest up to 100% of the listed target number of shares upon issuer common stock achieving a specified average per share closing stock price over a specified number of trading days, and subject to the satisfaction of other vesting conditions, including maintaining a continuous business relationship with the issuer through the payment date.
F5 No later than 90 days following the completion of the audit for issuer's fiscal year ending January 29, 2027, the Compensation Committee of the Board of Directors of the issuer shall determine achievement of performance goals in its sole discretion and the date upon which the Compensation Committee determines such performance shall be the applicable vesting date.