Additional Definition of Corporate Post-Incentive EBITDA Under Lands’ End, Inc. Long-Term Incentive Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This document defines how Corporate Post-Incentive EBITDA is calculated for Lands’ End, Inc.’s Long-Term Incentive Plan. It specifies that EBITDA is based on operating income, adjusted for certain items like depreciation, amortization, asset sales, and other significant events such as currency fluctuations, legal settlements, changes in laws, asset impairments, business sales, acquisitions, restructuring, lease losses, and extraordinary items. The Compensation Committee may adjust performance targets or results to account for these factors when determining if financial goals are met.

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EX-2.10.2 3 a1022016additionaldefiniti.htm EXHIBIT 2.10.2 Exhibit


Exhibit 10.2

2016 Additional Definition
Under
Lands’ End, Inc. Long-Term Incentive Plan
(As Amended and Restated)

Corporate Post-Incentive 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 LTIP 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 EBITDA for this business segment, division, or unit
•
results from an unplanned acquired business and costs related to the unplanned acquisition
•
restructuring and 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)