EXECUTIVE SEVERANCE AGREEMENTExecutive Severance Agreement • March 31st, 2017 • Lands' End, Inc. • Retail-family clothing stores • Wisconsin
This Executive Severance Agreement (“Agreement”) is made as of the 5th day of August, 2014, between Lands’ End, Inc., a Delaware corporation (together with its successors, assigns and Affiliates, the “Company”), and Becky Gebhardt (“Executive”).
EXECUTIVE SEVERANCE AGREEMENTExecutive Severance Agreement • March 31st, 2017 • Lands' End, Inc. • Retail-family clothing stores • Wisconsin
This Executive Severance Agreement (“Agreement”) is made effective as of the 19th day of December, 2016 (the “Effective Date”), between Lands’ End, Inc., a Delaware corporation (together with its successors, assigns and Affiliates, the “Company”), and Jerome S. Griffith (“Executive”).
SIGN-ON RESTRICTED STOCK UNIT AGREEMENTRestricted Stock Unit Agreement • March 31st, 2017 • Lands' End, Inc. • Retail-family clothing stores • Wisconsin
WHEREAS, the Company desires to (i) induce the Grantee with an incentive to become and remain an employee of the Company and (ii) increase the Grantee’s interest in the success of the Company by granting restricted stock units (the “Restricted Stock Units”) payable in the form of shares of common stock of the Company to the Grantee; and
Effective as of December 19, 2016 Jerome S. Griffith VIA EMAILLands' End, Inc. • March 31st, 2017 • Retail-family clothing stores
We are pleased to extend to you our offer to join Lands' End, Inc. ("Lands’'End") as its Chief Executive Officer and President, reporting directly to the Board of Directors of Lands' End (the "Board"), contingent on our mutual execution of this letter agreement and your Executive Severance Agreement (as defined below) and your commencement of employment on March 6, 2017 (your "Start Date"). Upon your Start Date, you will have all of the duties, responsibilities and authority of the chief executive officer of a publicly traded company of similar size, including all employees reporting to you or your designee. You will be appointed to the Board effective on your Start Date and will be nominated for re‑election to the Board each time your term as director is scheduled to expire.
Effective as of March 29, 2017 Dear Jim:Lands' End, Inc. • March 31st, 2017 • Retail-family clothing stores
Upon your execution of this letter agreement, you will be entitled to receive a one-time special retention bonus of $312,500 (“Retention Bonus”) from Lands’ End, Inc. (the “Company”). The Retention Bonus will be paid in cash on or about April 16, 2017 (subject to withholding and payroll taxes). If your employment with the Company terminates prior February 2, 2018, you will be required to repay the full amount of the Retention Bonus, including any taxes withheld, to the maximum extent permitted by law, unless such termination is (a) by the Company other than for Cause (as defined in your Executive Severance Agreement with the Company, dated as of January 27, 2016 (the “ESA”)), (b) by you for Good Reason (as defined in the ESA) or (c) due to your death or Disability (as defined in the ESA). Such repayment must be made to the Company within thirty (30) days of your last day as an employee of the Company.
