LE · Lands' End, Inc.

Summary

On March 5, 2026, the Board of Directors of Lands' End, Inc. approved transaction success bonuses for three executives—Andrew J. McLean, Bernard McCracken, and Peter L. Gray—contingent on the closing of the previously announced transaction with WH Topco, L.P. (d/b/a WHP Global). The bonuses are structured as retention payments payable in installments through December 31, 2027.

Key takeaways

• The Board approved transaction success bonuses on March 5, 2026 for Andrew J. McLean, Bernard McCracken, and Peter L. Gray.
• Andrew J. McLean will receive a bonus equal to 2 times his annual base salary.
• Bernard McCracken and Peter L. Gray will each receive a bonus equal to 1.5 times their annual base salaries.
• Bonuses are contingent on the closing of the Transaction with WH Topco, L.P. (d/b/a WHP Global).
• Payment structure: 50% at closing, 25% on the one-year anniversary of closing, and 25% on December 31, 2027.
• Payment is subject to continued employment through the applicable dates or termination without 'cause' or for 'good reason'.