Ralph Lauren Corporation Performance Share Unit (PSU) Equity Award Notification

Summary

This agreement notifies the recipient of a Performance Share Unit (PSU) equity award from Ralph Lauren Corporation under its 2010 Long-Term Incentive Plan. The award vests after the end of Fiscal 2022, depending on the company’s cumulative earnings per share performance from Fiscal 2020 to 2022. The number of shares earned is based on performance goals, with no payout for results below the threshold. Vesting is subject to certification by the Compensation and Organizational Development Committee and may occur in June or at another time.

EX-10.3 3 rl-20190629x10qex103.htm EXHIBIT 10.3 Exhibit

EXHIBIT 10.3

[NAME] - Equity Award Notification

[DATE] Performance Share Units (PSU) Award

Target Grant Value: $[_____]

Number of Shares: Based on [DATE]



Award Type	Number of Shares
PSUs	[_____]

Note: The terms of the [DATE] One-Time Equity Award are in accordance with the terms and conditions of the Ralph Lauren Corporation 2010 Long-Term Incentive Plan as well as with the terms and conditions of executive’s employment agreement date [DATE].

Information concerning goals is strictly confidential

PSUs:


•	Vest after end of Fiscal 2022 based on achievement of cumulative performance during Fiscal 2020-2022 as certified by the Compensation and Organizational Development Committee based on performance goal and payout range shown below:



Performance Level	% of Goal Achieved	FY20-FY22 Cumulative Earnings Per Share Goal	% of Target Award Earned
Threshold	90%	$[ ]	50%
Target	100%	$[ ]	100%
Maximum	110%	$[ ]	200%

PSU vesting is interpolated for performance between 90% - 110% of Target. Vesting typically occurs in June, but may be earlier or later. No payout will be earned for performance below Threshold.