LANDS’ END, INC. (NASDAQ:LE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Directors (the Compensation Committee) of Lands End, Inc. (the
Company) approved the 2017 performance goals, measures,
definitions, awards and other particulars under the Lands Inc.
Long-Term Incentive Program, as amended and restated (the LTIP)
(together with the LTIP, the 2017 LTIP) and Restricted Stock Unit
awards (the 2017 RSU Awards) under the Lands End, Inc. 2014 Stock
Plan, as amended and restated (the Stock Plan).
officer who is named in the summary compensation table of the proxy
statement for the Companys 2017 Annual Meeting were granted an
award under the 2017 LTIP and a 2017 RSU Award. These executive
officers are: Jerome S. Griffith, Chief Executive Officer and
President; James F. Gooch, Executive Vice President, Chief
Operating Officer, Chief Financial Officer and Treasurer; Joseph M.
Boitano, Executive Vice President, Chief Merchandising and Design
Officer; Rebecca L. Gebhardt, Executive Vice President, Chief
Marketing Officer; and Kelly Ritchie, Senior Vice President,
Employee and Customer Services.
the complete text of the applicable documents.
structure (LTI) for fiscal year 2017: awards under the 2017 LTIP
and the 2017 RSU Awards. The 2017 LTIP is intended as a
performance-based incentive program and the 2017 RSU Awards are a
time-based incentive program.
base salary for Mr. Griffith and 50% of base salary for each of Mr.
Gooch, Mr. Boitano, Ms. Gebhardt and Ms. Ritchie, with 50% of each
officers LTI target opportunity awarded under the 2017 LTIP and 50%
of each officers LTI target opportunity awarded in the form of the
2017 RSU Awards.
at the discretion of the Compensation Committee, shares of the
Company’s common stock in lieu of cash, or a combination of cash
and shares, upon the achievement of certain performance goals for
each year in a three-year period and/or for the cumulative
three-year period (with each year and the cumulative period
representing 25% of the target opportunity). The performance period
for the 2017 LTIP is fiscal years 2017 through 2019. Opportunities
for participants under the 2017 LTIP are based solely on a
specified adjusted EBITDA performance measure. The Compensation
Committee determined threshold, target and maximum goals for the
performance measure under the 2017 LTIP.
a payout at 10% of the target opportunity and a target level of
performance will generate a payout at 50% of the target
opportunity. The maximum incentive opportunity under the 2017 LTIP
is 200% of the participants target award amount.
participants no later than the date that is the 15th day of the
third month following fiscal year 2019, provided that the
participant is actively employed by us on the payment date (unless
otherwise prohibited by law, and except as otherwise provided in
the LTIP in the event of a participant’s death or disability).
participants overall LTI target opportunity, based on the value of
the participants 2017 RSU Award on the grant date of May 1, 2017.
Each Restricted Stock Unit represents a contingent right to receive
one share of the Companys common stock upon satisfaction of the
vesting conditions. The 2017 RSU Awards will vest in installments
on May 1, 2018 (25%), May 1, 2019 (25%) and May 1, 2020 (50%),
subject to satisfaction of vesting conditions, including continued
employment.
compensation recovery provisions. The relevant provisions provide
that the Company will seek reimbursement from participating
executives if the Companys financial statements or approved
financial measures are subject to restatement due to error or
misconduct, to the extent permitted by law. The amount reimbursable
would generally be the difference between the amount paid to the
participant under the award and the amount that would have been
paid had the award been calculated based on the financial
statements or performance measures as restated.
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Exhibit No.
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Description
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10.1
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2017 Additional Definition Under Lands End, Inc.
Long-Term Incentive Program (As Amended and Restated) |
About LANDS’ END, INC. (NASDAQ:LE)
Lands’ End, Inc. (Lands’ End) is a multi-channel retailer of casual clothing, accessories and footwear, as well as home products. The Company operates through two segments: Direct and Retail. The Company offers products through catalogs, online at www.landsend.com. The Direct segment sells products through the Company’s e-commerce Websites, international Websites and direct mail catalogs. The Retail segment sells products and services through Lands’ End Shops at Sears across the United States, the Company’s standalone Lands’ End Inlet stores and international shop-in-shops. The Company’s product categories include Apparel and Non-apparel. The Non-apparel category offers accessories, footwear and home goods. The Company provides embroidery, monogramming, gift wrapping, shipping and other services. In addition, the Company offers sheets and pillowcases, duvet covers and comforters, blankets and throws, mattress pads, towels, rugs and mats, school uniforms and shower curtains. LANDS’ END, INC. (NASDAQ:LE) Recent Trading Information
LANDS’ END, INC. (NASDAQ:LE) closed its last trading session down -0.15 at 21.10 with 49,529 shares trading hands.