Promotion and Compensation Agreement for Rebecca Gebhardt as EVP, Chief Marketing Officer at Lands' End

Contract Categories: Human Resources › Employment Agreements
Summary

This letter confirms Rebecca Gebhardt's promotion to Executive Vice President and Chief Marketing Officer at Lands' End, effective June 11, 2016. She will report to Federica Marchionni and receive an annual base salary of $400,000, paid bi-weekly. Her annual target bonus increases to 65% of her base salary, with the bonus prorated based on the promotion date. She will continue to participate in the company's Long-term Incentive program, with a target incentive equal to her base salary. The agreement outlines her new compensation and reporting structure.

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EX-10.38 11 a20170127exhibit1038gebhar.htm EXHIBIT 10.38 Exhibit
Exhibit 10.38

June 16, 2016

Rebecca Gebhardt
[Address Omitted]


Dear Becky,

We are pleased to confirm the details of your promotion to EVP, Chief Marketing Officer. In this role, you will report to Federica Marchionni. We all believe the future of Lands' End will provide us with many opportunities for growth and the company is well positioned for continued success.

The following outlines changes to your compensation package:

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Effective June 11, 2016.

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Annual base salary of $400,000 paid in bi-weekly payments.

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Your annual target bonus incentive opportunity will increase to 65% of your base salary. The portion of the bonus target paid each year is based on your performance and the company’s fiscal results. The current AIP target opportunity will be prorated from the beginning of FY16 through the day before the promotion date at your prior salary. The new AIP target will be prorated from the promotion date through the end of FY16 at the increased salary.

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Continued participation in the Lands’ End Long-term Incentive program (“LTI”). Your target incentive opportunity under the LTI will remain at 100% of your base salary.

Becky, we all think highly of you and believe there will be continued opportunity to leverage your knowledge, experience, and leadership as we pursue our vision of becoming a global lifestyle brand.

Sincerely,
Kelly Ritchie
SVP, Employee and Customer Services    

/s/Rebecca L. Gebhardt__________    
Rebecca L. Gebhardt