Lands’ End, Inc. 2017 Additional Definition Under Annual Incentive Plan (As Amended and Restated)

Summary

This document defines how Lands’ End, Inc. calculates its Corporate Post-Incentive Adjusted EBITDA for its Annual Incentive Plan. It outlines adjustments to earnings before interest, taxes, depreciation, and amortization (EBITDA) for certain events, such as currency fluctuations, large legal settlements, changes in laws or accounting, asset impairments, business sales or acquisitions, restructuring costs, lease losses, and extraordinary items. The Compensation Committee may adjust performance targets or results based on these factors to determine incentive payouts for the performance period.

EX-10.1 2 exhibit101additionaldefini.htm EXHIBIT 10.1 Exhibit


Exhibit 10.1

2017 Additional Definition
Under
Lands’ End, Inc. Annual Incentive Plan
(As Amended and Restated)

Corporate Post-Incentive Adjusted EBITDA

Earnings before interest, taxes, depreciation and amortization for the Performance Period computed as operating income appearing on the Company’s statement of operations for the applicable reporting period, adjusted for depreciation, amortization, gains/(losses) on sales of assets. In addition, in determining AIP financial goal achievement, the Compensation Committee shall adjust either the performance target or actual results to reflect the following occurrences affecting the Company during the performance period:

the effects of currency fluctuations in comparison to plan currency rates

gains or losses from litigation, claim judgments, or regulatory proceedings including product recalls or legal and insurance settlements that, in each case, individually exceed $500,000

the effect of changes in laws, regulations, or accounting principles, methods or estimates
write down or impairment of assets

the gain or loss from the sale or discontinuance of a business segment, division, or unit, and the planned, unrealized Corporate Post-Incentive Adjusted EBITDA for this business segment, division, or unit

results from an unplanned acquired business and costs related to the unplanned acquisition

restructuring and workforce severance costs pursuant to a plan approved by the board and CEO

the impact of the unplanned termination or loss of store leases

extraordinary items as defined by accounting principles generally accepted in the United States (GAAP)