tm261580-1_nonfiling - none

tm261580-1_nonfiling - none - 17.4160746s

TABLE OF CONTENTS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐

Preliminary Proxy Statement

☐

Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒

Definitive Proxy Statement

☐

Definitive Additional Materials

☐

Soliciting Material under §240.14a-12

LANDS’ END, INC.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

☒

No fee required

☐

Fee paid previously with preliminary materials

☐

Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

TABLE OF CONTENTS

March 27, 2026

To our Stockholders:

I am pleased to invite you to attend the 2026 Annual Meeting of Stockholders (the “Annual Meeting”) of Lands’ End, Inc. (the “Company” or “Lands’ End”) on Thursday, May 7, 2026. The meeting will begin at 9:00 a.m. (Central Time) at the Gary C. Comer Activity Center, 3 Lands’ End Lane, Dodgeville, Wisconsin 53595.

Whether or not you plan to attend the Annual Meeting in person, please read the Proxy Statement and vote your shares. Instructions for Internet and telephone voting are included in your Notice of Internet Availability of Proxy Materials or proxy card (if you received your materials by mail).

An admission ticket (or other acceptable proof of stock ownership) and a form of government-issued photo identification (such as a valid driver’s license or passport) will be required for admission to the Annual Meeting. Only stockholders who own Lands’ End common stock as of the close of business on March 10, 2026, will be entitled to attend the Annual Meeting.

If your Lands’ End shares are held in a bank or brokerage account, you can attend the Annual Meeting if you bring your Notice of Internet Availability of Proxy Materials or a recent bank or brokerage statement showing you owned shares of Lands’ End common stock on March 10, 2026. You may also contact your bank or broker to obtain a written legal proxy.

Registration will begin at 8:15 a.m. and seating will begin at 8:30 a.m. Use of cameras, recording devices, and other electronic devices will not be permitted at the Annual Meeting.

Sincerely,

[MISSING IMAGE: sg_andrewjmclean-bw.jpg]

Andrew J. McLean
Chief Executive Officer

LANDS’ END, INC. 5 LANDS’ END LANE DODGEVILLE, WISCONSIN 53595

TABLE OF CONTENTS

Lands’ End, Inc.
5 Lands’ End Lane
Dodgeville, Wisconsin 53595

Notice of 2026 Annual Meeting of Stockholders

Date:

May 7, 2026

Time:

9:00 a.m. Central Time

Place:

Gary C. Comer Activity Center
3 Lands’ End Lane
Dodgeville, Wisconsin 53595

Please attend the 2026 Annual Meeting of Stockholders (the “Annual Meeting”) of Lands’ End, Inc. (the “Company,” “Lands’ End,” “our company,” “we,” or “our”) to:

Elect to Lands’ End’s Board of Directors the following seven nominees presented by the Board of Directors: Robert Galvin, Gordon Hartogensis, Elizabeth Leykum, Josephine Linden, John T. McClain, Andrew J. McLean, and Alicia Parker;

Vote on a non-binding advisory resolution to approve the compensation of our named executive officers;

Ratify the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for fiscal year 2026; and

Consider any other business that may properly come before the Annual Meeting or any adjournments or postponements of the Annual Meeting.

The record date for determining stockholders entitled to notice of, and to vote at, the Annual Meeting is March 10, 2026. Only stockholders of record at the close of business on that date can vote at, or will be eligible to attend, the Annual Meeting.

On or about March 27, 2026 we began mailing a Notice of Internet Availability of Proxy Materials (the “Notice”) to all stockholders of record as of March 10, 2026 and posted our proxy materials on the website referenced in the Notice (www.proxyvote.com). As more fully described in the Notice, stockholders may choose to access our proxy materials on the website referred to in the Notice or may request a printed set of our proxy materials. In addition, the Notice and website provide information regarding how you may request to receive proxy materials in printed form by mail or electronically by email on an ongoing basis. For those who previously requested printed proxy materials or electronic materials on an ongoing basis, you will receive those materials as you requested.

It is important that your shares are represented at the Annual Meeting. You may vote your shares (1) in person at the Annual Meeting, (2) by telephone, (3) through the Internet, or (4) by completing and mailing a proxy card if you receive your proxy materials by mail. Specific instructions for voting by telephone or through the Internet (including voting deadlines) are included in the Notice and in the proxy card. If you attend and vote at the Annual Meeting, your vote at the Annual Meeting will replace any earlier vote.

By Order of the Board of Directors.

Peter L. Gray
President, Lands’ End Licensing, Chief Administrative
Officer, General Counsel and Secretary

March 27, 2026

TABLE OF CONTENTS

PROXY STATEMENT

The accompanying proxy is being solicited on behalf of the Lands’ End, Inc. (the “Company,” “Lands’ End,” “our company,” “we,” “our,” or “us”) Board of Directors (the “Board”) for use at the Annual Meeting of Stockholders to be held on May 7, 2026 (the “Annual Meeting”). On or about March 27, 2026, the Company began mailing to stockholders a Notice of Internet Availability of the Proxy Materials containing instructions on how to access proxy materials via the Internet and how to vote online (www.proxyvote.com). Stockholders who did not receive the Notice will continue to receive a paper or electronic copy of the proxy materials, which the Company also began sending on or about March 27, 2026.

Important Notice Regarding the Availability of Proxy
Materials for the 2026 Annual Meeting of Stockholders

The Company’s Proxy Statement for the 2026 Annual Meeting of Stockholders and the Annual
Report on Form 10-K for the fiscal year ended January 30, 2026 are available at www.proxyvote.com.

TABLE OF CONTENTS

	QUESTIONS AND ANSWERS					1
	CORPORATE GOVERNANCE					5
	ITEM 1. ELECTION OF DIRECTORS					6
	COMPENSATION OF DIRECTORS					15
	BENEFICIAL OWNERSHIP OF THE COMPANY’S COMMON STOCK					17
	EXECUTIVE COMPENSATION					19
	ITEM 2. ADVISORY VOTE TO APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS					50
	ITEM 3. RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM					51
	CERTAIN RELATIONSHIPS AND TRANSACTIONS					54
	OTHER INFORMATION					54

TABLE OF CONTENTS

QUESTIONS AND ANSWERS

Why is Lands’ End distributing this Proxy Statement?

Our Board of Directors is soliciting proxies for use at the Lands’ End, Inc. 2026 Annual Meeting (the “Annual Meeting”) to be held on Thursday, May 7, 2026, at 9:00 a.m. Central Time, at the Gary C. Comer Activity Center, 3 Lands’ End Lane, Dodgeville, Wisconsin 53595. In order to solicit your proxy, we must furnish you with this Proxy Statement, which contains information about the matters to be voted upon at the Annual Meeting.

What information is contained in these materials?

The information included in this proxy statement relates to the proposals to be considered and voted on at the Annual Meeting, the voting process, the compensation of the directors and our most highly paid executive officers, and other required information. Our Form 10-K for fiscal year 2025 is available to review with this proxy statement. We are mailing the Notice of 2026 Annual Meeting of Stockholders and instructions on how to access the proxy statement (or, for those who request it, a hard copy of this proxy statement and the enclosed form of proxy) to our stockholders on or about March 27, 2026.

Why did I receive a one-page notice in the mail regarding the Internet availability of proxy materials instead of a full set of proxy materials?

In accordance with rules and regulations adopted by the Securities and Exchange Commission (“SEC”), instead of mailing a printed copy of our proxy materials to each stockholder, we are furnishing proxy materials, including this Proxy Statement and the Annual Report on Form 10-K, by providing access to such documents on the Internet. Most stockholders will not receive printed copies of the proxy materials unless they request them. Instead, a Notice of Internet Availability of Proxy Materials (the “Notice”) has been sent to most of our stockholders instructing them as to how to access and review the proxy materials on the Internet. The Notice also provides instructions as to how you may submit your proxy on the Internet. If you would like to receive a paper or email copy of our proxy materials, please follow the instructions for requesting such materials in the Notice.

What will stockholders be asked to do at the Annual Meeting?

At the Annual Meeting, our stockholders will be asked to:

•

elect to Lands’ End’s Board of Directors the following seven nominees presented by the Board of Directors: Robert Galvin, Gordon Hartogensis, Elizabeth Leykum, Josephine Linden, John T. McClain, Andrew J. McLean, and Alicia Parker;

•

vote on a non-binding advisory resolution to approve the compensation of our named executive officers (as identified under “Executive Compensation”);

•

ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for fiscal year 2026; and

•

consider any other business that may properly come before the Annual Meeting or any adjournments or postponements of the Annual Meeting.

What does it mean to vote by proxy?

It means that you give someone else the right to vote your shares in accordance with your instructions. In this way, you ensure that your vote will be counted even if you are unable to attend the Annual Meeting. If you give your proxy but do not include specific instructions on how to vote, the individuals named as proxies will vote your shares as follows:

•

FOR the election of all seven of the Board of Directors’ nominees for election to the Board of Directors;

TABLE OF CONTENTS

•

FOR the approval, on a non-binding advisory basis, of the compensation of our named executive officers as described in this Proxy Statement; and

•

FOR the ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for fiscal year 2026.

Who is entitled to vote?

Only holders of our common stock at the close of business on March 10, 2026 (the “Record Date”) are entitled to vote at the Annual Meeting. Each outstanding share of common stock is entitled to one vote. There were 30,679,890 shares of our common stock outstanding on the Record Date.

How do I cast my vote?

If you hold your shares directly in your own name, you are a “registered stockholder” and can complete and submit a proxy through the Internet, by telephone or by mail (if you received your proxy materials by mail) or vote in person at the Annual Meeting. If your shares are held in the name of a broker or other nominee, you are a “street-name stockholder” and will receive instructions from your broker or other nominee describing how to vote your shares.

How do I vote by telephone or through the Internet?

If you are a registered stockholder, you may vote by telephone or through the Internet following the instructions in the Notice or in the proxy card. If you are a street-name stockholder, your broker or other nominee will provide information for you to use in directing your broker or nominee how to vote your shares.

Who will count the vote?

A representative of Broadridge Financial Solutions, Inc., an independent tabulator, will count the vote and act as the inspector of election.

Can I change my vote after I have voted?

A subsequent vote by any means will change your prior vote. For example, if you voted by telephone, a subsequent Internet vote will change your vote. If you are a registered stockholder and wish to change your vote by mail, you may do so by requesting, in writing, a proxy card from the Secretary of the Company at Lands’ End, Inc., Legal Department, 5 Lands’ End Lane, Dodgeville, Wisconsin 53595, Attention: Secretary. The last vote timely received prior to the Annual Meeting will be the one counted. If you are a registered stockholder, you may also change your vote by voting in person at the Annual Meeting. Street- name stockholders wishing to change their votes must contact the broker or nominee directly (the holder of record). If you are a street-name stockholder, you are not the record holder of your shares, and while you are welcome to attend the Annual Meeting, you will not be permitted to vote unless you obtain a signed proxy from your bank, broker or other nominee.

Can I revoke a proxy?

Yes, registered stockholders may revoke a properly executed proxy at any time before it is exercised by submitting a letter addressed to and received by the Secretary at the address listed in the answer to the previous question, or by voting in person at the meeting. If you are a street-name stockholder, you must contact your broker or other nominee for instructions on how to revoke your voting instructions for your shares.

What does it mean if I receive more than one Notice, proxy or voting instruction card?

It means your shares are registered differently or are in more than one account. For all Notices you receive, please enter your vote by Internet for each control number you have been assigned. If you received paper copies of proxy materials, please complete, sign and mail all proxy and voting instruction cards you receive. We encourage you to register all your accounts in the same name and address.

TABLE OF CONTENTS

Registered stockholders may contact our transfer agent, Computershare Trust Company, N.A., at P.O. Box 43006, Providence RI 02940-3078 (1-866-627-2096). Street-name stockholders holding shares through a broker or other nominee should contact their broker or nominee and request consolidation of their accounts.

What is a quorum?

A majority of the outstanding shares entitled to vote, being present or represented by proxy at the Annual Meeting, constitutes a quorum. A quorum is necessary to conduct the Annual Meeting.

How many votes are needed to approve each of the proposals?

Item 1: The director nominees will be elected by a plurality of the votes cast by the shares of common stock entitled to vote at the Annual Meeting and present in person or represented by proxy. This means that the seven nominees who receive the most affirmative votes will be elected as directors.

Item 2: Approval of the compensation of our named executive officers on a non-binding advisory basis requires the affirmative vote of a majority of those shares present in person or represented by proxy at the Annual Meeting and entitled to vote on the proposal.

Item 3: Ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm requires the affirmative vote of a majority of those shares present in person or represented by proxy at the Annual Meeting and entitled to vote on the proposal.

What is the effect of an abstention?

The shares of a stockholder who abstains from voting on a matter will be counted for purposes of determining whether a quorum is present at the Annual Meeting so long as the stockholder is present in person or represented by proxy. With regard to the election of directors, votes may be cast in favor or withheld, and votes that are withheld will have no effect. On all other matters, abstentions may be specified. An abstention from voting on a matter by a stockholder present in person or represented by proxy at the Annual Meeting has the same legal effect as a vote “against” all other proposals.

How will votes be counted on shares held through brokers?

If you are a street-name stockholder and do not provide your broker with voting instructions, your shares may constitute “broker non-votes.” Generally, broker non-votes occur on a matter when a broker is not permitted to vote on that matter without instructions from the beneficial owner and instructions are not given. Brokers are not entitled to vote on the election of directors, or the advisory proposal to approve the compensation of our named executive officers, unless the brokers receive voting instructions from the beneficial owner. Broker non-votes will be treated as shares present for the purpose of determining the presence of a quorum for the transaction of business at the Annual Meeting. In tabulating the voting result for any particular proposal, shares that constitute broker non-votes are not considered present and entitled to vote on that proposal. Brokers will be permitted to vote without voting instructions on the ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm. Thus, broker non-votes will not affect the outcome of any matter being voted on at the Annual Meeting, assuming that a quorum is obtained.

Is cumulative voting permitted for the elections of directors?

No, you may not cumulate your votes for the election of directors.

Who may attend the Annual Meeting?

Any stockholder as of the Record Date may attend.

If you plan to attend the meeting, you will be required to present an admission ticket (or other acceptable proof of stock ownership) and a form of government-issued photo identification (such as a valid driver’s license or passport). If you plan to attend the meeting, we strongly urge you to notify us

TABLE OF CONTENTS

in advance by accessing www.proxyvote.com and following the instructions provided to attend the meeting (you will need the 16 digit number included on your proxy card, voting instruction form or Notice).

The following documents will be accepted as an admission ticket for those stockholders as of the Record Date who choose to attend the Annual Meeting:

•

If you received a Notice and will not be requesting a printed copy of the proxy materials, you may use your Notice as your admission ticket.

•

If your Lands’ End shares are registered in your name and you received your proxy materials by mail, you may use the admission ticket attached to your proxy card at the Annual Meeting.

•

Will the meeting be held in person or virtually?

We intend to hold our Annual Meeting in person. In the event it is not possible to hold our Annual Meeting in person, we will announce alternative arrangements for the meeting as promptly as practicable, which may include holding the meeting solely by means of remote communication which would allow stockholders to participate virtually. Please monitor our investor relations website at http://investors.landsend.com for updated information. If you are planning to attend our meeting, please check the website one week prior to the meeting date. We encourage you to vote your shares prior to the Annual Meeting even if you plan to attend in person.

Can I access future annual meeting materials through the Internet rather than receiving them by mail?

Yes. Registered stockholders can sign up for electronic delivery at www.proxyvote.com. If you vote through the Internet, you can also sign up for electronic delivery. Just follow the instructions that appear after you finish voting. You will receive an e-mail next year containing links to our Annual Report on Form 10-K and the Proxy Statement for our 2027 annual meeting. Street-name stockholders may also have the opportunity to receive copies of these documents electronically. Please check the information provided in the proxy materials mailed to you by your broker or other nominee regarding the availability of this service. This procedure reduces the printing costs and fees we incur in connection with the solicitation of proxies.

What is “householding”?

Lands’ End has adopted a procedure called “householding,” which has been approved by the SEC. Under this procedure, registered stockholders who have the same address and last name and do not receive proxy materials electronically will receive a single Notice or set of proxy materials, unless one or more of these stockholders notifies us that they wish to continue receiving individual copies. Stockholders who participate in householding will continue to receive separate proxy cards. This procedure can result in savings to Lands’ End by reducing printing and postage costs.

If your household received a single Notice of Annual Meeting of Stockholders or, if applicable, a single set of proxy materials this year, but you would prefer to receive your own copy, please contact Broadridge Householding Department, by calling their toll-free number, 1-866-540-7095 or by writing to: Broadridge, Householding Department, 51 Mercedes Way, Edgewood, NY 11717. You will be removed from the householding program within 30 days of receipt of your instructions at which time you will then be sent separate copies of the documents.

Registered stockholders who share the same address, currently receive multiple copies of proxy materials, and wish to receive only one copy of these materials per household in the future may contact Broadridge Financial Solutions at the Householding Department address or telephone number listed above. Street-name stockholders should contact their broker or other nominee to request information about householding.

TABLE OF CONTENTS

CORPORATE GOVERNANCE

Corporate Governance Practices

The Lands’ End Board of Directors is committed to effective corporate governance. The Board has approved and adopted Corporate Governance Guidelines that provide the framework for Lands’ End’s governance. The Nominating and Corporate Governance Committee of the Board reviews and assesses the Corporate Governance Guidelines annually and recommends changes to the Board as appropriate. The Corporate Governance Guidelines, along with the charters of Board committees, our Director Compensation Policy, our Code of Conduct and our Board of Directors Code of Conduct are available on our website at www.landsend.com, under the heading “Investor Relations” and then “Corporate Governance.”

Among other things, the Corporate Governance Guidelines provide that:

•

Independent directors will meet regularly in executive session in conjunction with regularly scheduled Board meetings.

•

Executive sessions of the independent directors will occur at least twice a year as determined by the independent directors.

•

The Board and each of its committees has the power to engage, at the Company’s expense, independent legal, financial, and other advisors as deemed necessary, without consulting or obtaining the approval of the Company’s officers in advance.

•

The Board will conduct annual self-evaluations to assess whether it and its committees are functioning effectively.

Director Independence

Based on the review and recommendation by the Nominating and Corporate Governance Committee, the Board analyzed the independence of each director. In making its independence determinations, the Board considers transactions, relationships and arrangements, if any, between Lands’ End and entities with which directors are associated as executive officers, directors and trustees. When these transactions, relationships and arrangements exist, they are in the ordinary course of business and are of a type customary for a company like Lands’ End.

As a result of this review, the Board affirmatively determined that the following director nominees meet the standards of independence under the applicable Nasdaq Stock Market listing rules, including that each member is free of any relationship that would interfere with their individual exercise of independent judgment:

Robert Galvin
Gordon Hartogensis
Elizabeth Leykum
Josephine Linden
John T. McClain
Alicia Parker

The Board also has determined that each member of the Audit Committee meets additional, heightened independence criteria applicable to audit committee members under the Nasdaq Stock Market listing rules and SEC Rule 10A-3, and each of Elizabeth Leykum, Josephine Linden, and John T. McClain is an “audit committee financial expert” as defined in Item 407(d)(5) of Regulation S-K promulgated by the SEC.

The Board also has determined that all members of the Compensation Committee and of the Nominating and Corporate Governance Committee meet independence criteria applicable to such committee members under the Nasdaq Stock Market listing rules.

TABLE OF CONTENTS

ITEM 1. ELECTION OF DIRECTORS

Item 1 is the election of seven nominees to our Board: Robert Galvin, Gordon Hartogensis, Elizabeth Leykum, Josephine Linden, John T. McClain, Andrew J. McLean, and Alicia Parker. Each of the nominees is a current member of the Board. If elected, each nominee will hold office until the next annual meeting or until their successor is elected and qualified, or earlier death, resignation, disqualification or removal.

The persons named in the proxy card (the “proxies”) will vote FOR the election of all of the nominees listed below, unless otherwise instructed. You may not vote for a greater number of persons than the number of nominees named in this Proxy Statement. The Board expects all nominees to be available for election. If any nominee should become unavailable to serve as a director for any reason prior to the Annual Meeting, the Board may substitute another person as a nominee. In that case, your shares will be voted for that other person.

THE BOARD RECOMMENDS THAT YOU VOTE
“FOR” ELECTION OF THE SEVEN NOMINEES FOR DIRECTOR

The biographies of each of the nominees below contains information regarding the person’s service as a director, business experience, education, public company director positions held currently or at any time during the last five years, information regarding involvement in certain legal or administrative proceedings, if applicable, and the experiences, qualifications, attributes or skills that caused the Board to determine that the person should serve as a director for the Company.

Alicia Parker, 49, joined the Board in May 2024. Since 2021 she has served as Chief Marketing Officer of Tishman Speyer, a leading international real estate owner, developer, operator and investment manager. Previously she served as Vice President, Brand & Consumer Marketing of Casper Sleep from 2020 to 2021, and as Director of Sales and Marketing of the Peninsula Hotels from 2017 to 2020. Prior to that she served as Senior Director, Marketing from 2013 to 2017, and Global Brand & Program Director from 2012 to 2013, for Ralph Lauren. She also served as Senior Vice President, Marketing and Business Strategy of Agenda from 2011 to 2012, and as Group Account Director of RDA from 2007 to 2011. She also worked in public relations from 2006 to 2007 at Warner Bros. Records and served as a Brand Marketing Consultant and Producer from 2004 to 2006. She served as Manager, Global Partner Network from 2001 to 2004, and Associate/Associate Manager from 1998 to 2000 for Strategic Management Group, Inc. Ms. Parker brings to the Board an extensive and dynamic understanding of marketing, brand development and sales, from both her in-house and agency experience in a variety of industries.

Robert Galvin, 66, joined the Board in May 2014. Since October 2018, he has served as Chief Executive Officer of Iconix International, formerly Iconix Brand Group, Inc., a leading brand management company, which Mr. Galvin also served as a member of the board of directors from October 2018 to August 2021 and he also previously held the title of President. From January 2014 to October 2018, he was the principal of Galvin Consulting, which he founded in January 2014. Mr. Galvin served as the Chief Executive Officer of Elie Tahari, a leading global designer lifestyle brand, from January to November 2013. Prior to that, he served as the President of Camuto Group, a leading global women’s fashion footwear company from April 2007 to January 2012. Mr. Galvin previously served as the Chief Operating Officer of Sport Brands International, a global wholesale and retail athletic branded company from 2003 until April 2007. He previously held leadership roles at Kurt Salmon Associates, York International and Nine West Group Inc. Mr. Galvin served as a member of the board of directors of Big 5 Sporting Goods Corporation from July 2015 to October 2018, bebe stores, inc. from November 2014 to September 2018, Cherokee Inc. (now Apex Global Brands Inc.) from June 2012 to October 2018 and Trans World Entertainment Corporation from June 2018 to October 2018. Mr. Galvin has a B.S. in Accounting from Fairfield University and a M.B.A. from New York University, Stern School of Business. Mr. Galvin brings an extensive knowledge of the apparel industry and management experience, gained through his service as Chief Executive Officer and through numerous senior executive positions at several apparel companies for more than 25 years.

Gordon Hartogensis, 55, joined the Board in January 2025. He served as Director of the Pension Benefit Guaranty Corporation (PBGC) from May 2019 to April 2024. He was an angel investor and advisor to startup technology companies from September 2011 to May 2019. He founded Auric Technology and served as its Chief Executive Officer from January 2004 to August 2011. He also served as Senior Vice

TABLE OF CONTENTS

President of Aspen Technology from June 2000 to June 2002, and as Chief Operating Officer, Chief Technology Officer and Partner of Petrolsoft Corporation from August 1993 to June 2000. He received an M.S. in Technology Management from Columbia University and a B.S. in Computer Science from Stanford University. Mr. Hartogensis brings to the Board extensive operational, strategic and financial expertise leading and advising governmental agencies, startup companies and large corporations and extensive experience in cybersecurity, digital and ecommerce matters.

Elizabeth Leykum, 47, joined the Board in March 2014. She has served as founder of Serenade Capital LLC, an investment firm, since May 2016. From October 2013 to April 2016, she served as a founding principal of HEG Capital LLC, a Connecticut-registered investment advisory firm. Prior to joining HEG Capital, Ms. Leykum was, from June 2012 to September 2013, a Vice President at Rand Group, an investment management services firm. From July 2004 until June 2012, she was a Vice President of ESL Investments, Inc. From 2000 to 2002, Ms. Leykum worked in the Principal Investment Area at Goldman, Sachs & Co. She served as a member of the board for IES Holdings, Inc. from April 2021 to September 2024 and since May 2021 she has served as a member and Chair of the board of Valaris Ltd. She graduated Phi Beta Kappa, magna cum laude from Harvard College and received an M.B.A with distinction from Harvard Business School. She received a certificate from HBS Online for AI Essentials for Business in 2024 and MIT Sloan for Cybersecurity for Non-Technical Executives in 2023. Through her work in investment management, she brings to the Board a strong ability to analyze, assess, and oversee corporate and financial performance.

Josephine Linden, 74, joined the Board in March 2014 and has served as Chair of the Board since October 2014. She founded and has been the managing member and principal of Linden Global Strategies LLC, a New York-based SEC registered investment management firm working with sophisticated U.S. and international clients, since September 2011. From September 2010 to July 2011, she held an Adjunct Professor position in the Finance department of Columbia Business School. In November 2008, Mrs. Linden retired from Goldman, Sachs & Co. as a Partner and Managing Director after having been with the firm for more than 25 years, where she held a variety of roles, including Managing Director and Regional Manager of the New York office for Private Wealth Management, head of Global Equities Compliance, and an Advisor to GSJBWere, Australia. She currently serves on the Investment Committee of the Collegiate School in New York, New York, where she previously served as Treasurer and as a trustee, sat on the executive committee, and served as Chair of its Finance, Audit and Nominating Committees. She previously acted as Financial Advisor to The Prince of Wales Foundation. Mrs. Linden has also served as a non-executive director of E&P Financial Group Limited (formerly Evans Dixon Limited) since May 2018, and as a director of Trine II Acquisition Corp. from November 2021 to April 2023, and serves on the Investment Committee of the Freedom Together Foundation. She received an M.B.A. from the University of Chicago, with a specialization in Finance, and a B.A. from the University of Sydney. In September 2022, Mrs. Linden was appointed an Honorary Member in the General Division of the Order of Australia for her significant service to the Australia-United States bilateral relationship, the international finance sector, and the professional development of Australia. Mrs. Linden brings extensive knowledge of capital markets and other financial matters to the Board from her 25-year career with Goldman Sachs.

John T. McClain, 65, joined the Board in May 2014. Since February 2019, he has served as Executive Vice President and Chief Financial Officer of Iconix International, formerly Iconix Brand Group, Inc., a leading brand management company. From November 2015 to September 2016, he served as Chief Financial Officer of Lindblad Expeditions Holdings, Inc., a global provider of expedition cruises and adventure travel experiences. Mr. McClain served as the Chief Financial Officer of The Jones Group Inc., a leading global designer, marketer and wholesaler of over 25 brands, from July 2007 until the sale of the company to Sycamore Partners in April 2014. From April 2014 to August 2014, he continued to provide Senior Advisor services related to financial operations to The Jones Group Inc. Prior to that, Mr. McClain held a number of roles at Avis Budget Group, Inc., formerly Cendant Corporation. He joined Cendant Corporation in September 1999, serving as the Senior Vice President, Finance & Corporate Controller until 2006. From 2006 to 2007, Mr. McClain served as the Chief Accounting Officer of Avis and Chief Operating Officer of Cendant Finance Holdings. Mr. McClain previously held leadership roles at Sirius Satellite Radio Inc. and ITT Corporation. Mr. McClain has served as a trustee of Seritage Growth Properties, a real estate investment trust, since June 2015. He previously served on the board of Nine West Holdings from April 2014 until October 2015. Mr. McClain holds a B.S degree in accounting from Lehigh University. Mr. McClain brings over 25 years of executive financial experience, serving at high-level capacities for the retail and consumer sectors.

TABLE OF CONTENTS

Andrew J. McLean, 57, has served as the Chief Executive Officer since January 28, 2023. He joined Lands’ End as Chief Executive Officer-Designate and member of the Board of Directors in November 2022. Prior to joining the Company, he served at American Eagle Outfitters, Inc., the parent of the American Eagle and Aerie brands, from October 2016 to September 2022, in the roles of President, International from August 2022 to September 2022, Executive Vice President, Chief Commercial Officer from April 2017 to August 2022, and Executive Vice President, International from October 2016 to April 2017. Mr. McLean served Urban Outfitters, Inc. as Chief Operating Officer and Head of International from 2014 to October 2016, and as Chief Operating Officer from 2008 to 2014. Mr. McLean held various positions at Liz Claiborne, Inc., including President, Outlet Division, from 2003 to 2008, as well as, various positions at Gap, Inc. from 2000 to 2003. Mr. McLean began his career as a strategy consultant with AT Kearney. Outside of his professional commitments, Mr. McLean serves on the board of trustees at Cambridge in America. Mr. McLean received his Bachelor’s degree in Engineering from the University of Manchester, a Master’s degree in Engineering Management from the University of Cambridge and an MBA from Harvard Business School. Mr. McLean brings to the Board extensive operational and strategic expertise and over 20 years of retail experience leading organizational growth for several Fortune 500 and start-up companies. Mr. McLean has a proven track record in the areas of global brand delivery and international strategy, marketing and customer experience.

The Nominating and Corporate Governance Committee of our Board is responsible for reviewing the qualifications and independence of members of the Board and its various committees on a periodic basis, as well as the composition of the Board as a whole. This assessment includes members’ qualification as independent, as well as consideration of skills and experience in relation to the needs of the Board. New director nominees are recommended to the Board by the Nominating and Corporate Governance Committee. The ultimate responsibility for selection of director nominees resides with the Board.

Corporate Citizenship

The Board believes that diversity promotes innovation and is integral to honoring Lands’ End’s commitment to “Take care of the customer, take care of the employee and the rest will take care of itself.” We believe the Board exhibits the diversity we foster within our employees. The Board and the Nominating and Governance Committee believe that it is important that our directors represent diverse viewpoints. Of the current seven members of the Board, three directors are female. While the Company does not have a formal Board diversity policy, the Board considers diversity as a factor, but not an overweighted or deciding factor, including diversity of racial, ethnic, gender and socio-economic background and diversity of thought and opinion, in identifying director nominees. The Nominating and Corporate Governance Committee discusses Board composition, including the diversity of the Board, annually.

ESG Oversight

The Nominating and Corporate Governance Committee of the Board of Directors oversees Environmental, Social and Governance (ESG) through reviewing with management the Company’s ESG strategies, initiatives and policies. In addition, the Board and its committees review and discuss with management matters related to human capital management, including Lands’ End’s commitments and progress on employee engagement, compensation and benefits, business conduct and compliance, and executive succession planning.

Sustainability Initiatives

Lands’ End is working towards improving its sustainable footprint through key practices like waste reduction, purchasing recycled consumables and corporate partnerships. Lands’ End hopes to inspire customers and other corporations to increase sustainability awareness and initiatives.

We have a focus on raising awareness and educating our employees on reducing our internal use of consumables and natural resources. In addition, we have a broad range of recycling and waste management initiatives at our corporate office and distribution centers. We also focus on efficient water and energy management programs.

TABLE OF CONTENTS

Lands’ End also participates in industry educational workshops and initiatives. We have formed strategic relationships with organizations like the Sustainable Apparel Coalition and the National Forest Foundation, through which we have funded the planting of over 1.5 million trees. These alliances, which respectively operate globally, nationally, and locally, allow us to engage at a variety of levels.

Human Capital

Since our founding in 1963, Lands’ End has recognized that our people are a critical asset. People, the individuals we employ, the customers we serve, and their families, are the heart of our company. We are committed to creating an inspiring culture that is welcoming for all who work and shop with us. Our founder, Gary Comer set the foundation with this quote, “The really important thing that makes Lands’ End what it has become is people. You, me, everyone around us. It is what we do as people that makes this a great place to come to work.”

We employ approximately 3,900 employees: approximately 3,600 employees in the United States and approximately 300 employees outside the United States. The U.S. workforce consists of approximately 47% part-time employees, 35% full-time hourly employees and 18% full-time salaried employees. With the seasonal nature of school uniforms and the fourth quarter holiday shopping season, approximately 1,500 additional, flexible, part-time employees are hired in the U.S. to support our embroidery and distribution operations. For an additional discussion about Human Capital, please see Part I, Item 1. Business “Human Capital Management” in our Annual Report on Form 10-K for the fiscal year ended January 30, 2026.

Global Compliance Program

Lands’ End is committed to conducting business with a high standard of business ethics, a regard for human rights and in compliance with all applicable laws. Moreover, we expect our product vendors to maintain similar standards in our entire supply chain, including but not limited to raw materials, fabric and trim suppliers, employee recruitment services as well as any secondary processing facilities whether owned, leased or contracted. We maintain a robust compliance program and hold our vendors to high ethical standards. Lands’ End has a long-standing Code of Conduct for our supply chain partners which prohibits the use of forced labor, modern slavery or human trafficking within our supply chain anywhere in the world. Lands’ End, in response to crisis in the Xinjiang Uyghur Autonomous Region, removed suppliers who could not demonstrate compliance with our policies, and we require that for any fabric produced in China all cotton used be 100% sourced outside of China from certified sources. The Global Compliance Program Requirements and the related processes, policies and procedures set forth certain basic and fundamental requirements that all domestic and international vendors must satisfy as a condition of doing business with Lands’ End. The requirements are developed based on local and national laws, International Labour Organization (ILO) conventions and benchmarked against industry protocols. Lands’ End utilizes an independent auditor to conduct factory inspections to ensure compliance with our Code of Conduct and our Global Compliance Program. We maintain an Ethics Hotline for reporting of suspected violations of our Code of Conduct and our policies by vendors, employees or customers. We also require posters to be placed in all factories with reporting information for suspected violations.

Attendance

The Board met 18 times during fiscal year 2025. All of the directors attended over 75% of the total number of meetings of the Board and meetings of the committees on which they served. Our Corporate Governance Guidelines provide that directors are expected to attend the Annual Meetings of Stockholders, and typically all directors are in attendance.

TABLE OF CONTENTS

Committees of the Board

The Board has standing Audit, Compensation, and Nominating and Corporate Governance committees. The table below reflects the current membership of each committee and the number of meetings held by each committee during fiscal year 2025.

	Audit	Nominating and Corporate Governance	Compensation
Josephine Linden*
Robert Galvin
Gordon Hartogensis
Elizabeth Leykum
Andrew J. McLean
John T. McClain
Alicia Parker
Number of Meetings	6	2	2

Member

Committee Chair

Chair of the Board

Each committee operates under a written charter. The charters are available at the “Corporate Governance” page in the “Investor Relations” section of www.landsend.com under the heading “Corporate Governance Documents.” The principal functions of each Committee are summarized below.

Audit Committee

•

Responsible for the compensation and oversight of the work of the independent registered public accounting firm in connection with the annual audit report

•

Hires the independent registered public accounting firm to perform the annual audit

•

Reviews the Company’s annual and quarterly financial statements, including disclosures made in management’s discussion and analysis of results of operations and financial condition

•

Reviews the reports prepared by the independent registered public accounting firm and management’s responses thereto, and discusses significant findings of the audit

•

Pre-approves audit and permitted non-audit services performed by the independent registered public accounting firm

•

Responsible for oversight of risks and exposures associated with financial matters, the Company’s enterprise risk management framework, including data protection and cybersecurity risk, and the steps management has taken to monitor and control risks and exposures

•

Reviews management’s plan for establishing and maintaining internal controls

•

Reviews the internal audit department’s responsibilities, budget and staffing

•

Discusses with the Company’s General Counsel matters that involve the Company’s compliance and ethics policies

•

Reviews and approves related party transactions.

TABLE OF CONTENTS

Compensation Committee

•

Evaluates the Chief Executive Officer’s performance in light of corporate goals and objectives

•

Reviews and approves the base salaries, annual incentive opportunities and cash- and equity-based awards and opportunities for our senior executives reporting to the CEO and equity awards for other Section 16 officers

•

Reviews and approves employment agreements, severance arrangements, change-in-control agreements and change-in-control provisions affecting any elements of compensation and benefits for our senior executives

•

Approves compensation plans and programs for our senior executives

•

Approves special or supplemental compensation and benefits for senior executives, including supplemental retirement benefits and the perquisites provided to them during and after employment

•

Receives periodic reports on our compensation programs as they affect all employees

•

Develops policies for the recovery or clawback of compensation, monitors compliance and determines the manner of recovery pursuant to such policies.

Nominating and Corporate Governance Committee

•

Reports annually to the Board with an assessment of the performance of the Board

•

Recommends to the Board new director nominees

•

In concert with the Compensation Committee, reviews annually succession planning recommendations for the Company’s senior executives

•

Recommends to the Board director compensation and benefits

•

Reviews and reassesses the adequacy of our Corporate Governance Guidelines

•

Oversees Environmental, Social and Governance (ESG) strategies, initiatives and policies.

Special Committee of the Board

In addition to the standing Audit, Compensation, and Nominating and Corporate Governance committees, on August 4, 2025, the Board established a Special Committee of the Board (the “Special Committee”) in connection with the strategic alternatives process announced by the Board on March 7, 2025 (the “Strategic Alternatives Process”) which, as described in the Company’s Solicitation/Recommendation Statement on Schedule 14D-9, operated during August and September 2025. The Special Committee was established with respect to the consideration of a prospective transaction and was comprised of independent directors who were determined to be disinterested and independent with respect to such transaction. The Board delegated to the Special Committee exclusive power and authority to negotiate (or oversee the negotiation of) and to reject any potential go-private transaction. The Special Committee did not have a written charter. The members of the Special Committee were Josephine Linden (Chair), Gordon Hartogensis and Alicia Parker (and initially Robert Galvin, who resigned from the Special Committee prior to its first meeting). The Special Committee met six (6) times in fiscal 2025.

Communications with the Board

Our Board has adopted a policy and process for stockholders to communicate with the Board or an individual director. Stockholders may communicate with the Board collectively, or with any of its individual non-employee directors, by writing to Lands’ End, Inc. Board of Directors, c/o Secretary, Lands’ End, Inc., Legal Department, 5 Lands’ End Lane, Dodgeville, Wisconsin 53595. The Secretary has discretion to determine whether stockholder communications are proper for submission to the intended recipient. Examples of stockholder communications that would be considered presumptively inappropriate for submission include the following: communications regarding personal solicitations; spam and other junk mail; new product suggestions; resumes and other job inquiries; business solicitations or advertisements; communications that are unduly hostile, threatening, illegal, or similarly unsuitable; and communications that are frivolous in nature.

TABLE OF CONTENTS

Board Leadership Structure

We currently separate the roles of Chief Executive Officer and Chair of the Board. Our Chief Executive Officer is responsible for the day-to-day leadership and performance of the Company, while the Chair of the Board provides guidance to our Chief Executive Officer and senior management and sets the agenda for and presides over our Board meetings. In carrying out her responsibilities, the Chair preserves the distinction between management and oversight, maintaining the responsibility of management to develop corporate strategy and the responsibility of the Board to review and express its views on corporate strategy and management’s execution of that strategy.

The Board’s Role in Risk Oversight

Consistent with our leadership structure, our Chief Executive Officer and other members of senior management are responsible for the identification, assessment, and management of risks that could affect the Company and the Board provides oversight in connection with these efforts. We do not believe that the Board’s role in risk oversight has an effect on the Company’s leadership structure. The Board’s oversight is conducted primarily through committees of the Board, as disclosed in the descriptions of the responsibilities of the Audit Committee and the Compensation Committee above and in the charters of such committees.

The Audit Committee is responsible for oversight of (1) risks and exposures associated with financial matters, particularly financial reporting, tax, accounting, disclosure, internal control over financial reporting, and credit and liquidity matters; (2) the Company’s enterprise risk management framework, including data protection and cybersecurity risk; and (3) the steps management has taken to monitor and control risks and exposures, including the Company’s risk assessment and risk management policies and strategies and programs and policies relating to legal compliance.

The Compensation Committee evaluates whether the risks arising from the Company’s compensation policies and practices for its employees would be reasonably likely to have a material adverse effect on the Company and has received management’s determination that our programs do not create risk that is reasonably likely to have a material adverse effect on the Company.

The Board has retained responsibility for general oversight of risks. The Board satisfies this responsibility through full reports by each committee chair regarding the committee’s considerations and actions, as well as through regular reports directly from officers responsible for oversight of particular risks within the Company, including our Chief Financial Officer, our General Counsel, our Chief Technology Officer and our most senior internal audit and information security professionals.

Nomination of Director Candidates

Directors may be nominated by the Board or by stockholders in accordance with our Bylaws. The Nominating and Corporate Governance Committee will, when it deems appropriate, actively seek individuals qualified to become Board members, and will solicit input on director candidates from a variety of sources, including current directors. The Committee will evaluate a candidate’s qualifications and review all proposed nominees for the Board, including those proposed by stockholders, in accordance with its charter and our Corporate Governance Guidelines. This will include a review of the person’s qualifications and independence as well as consideration of diversity, age, skills, education and experience in the context of the needs of the Board. The Committee has the ability to retain a third party to assist in the nomination process.

Director nominees recommended by the Nominating and Corporate Governance Committee are expected to be committed to representing the long-term interests of our stockholders. The Committee believes that it is important to align the interests of directors with those of our stockholders. Generally, each non-employee director is required to acquire a number of shares of our common stock in an amount that, at cost, is equal to the amount of the director’s annual retainer in effect on the date when the director first becomes a member of the Board. Non-employee directors must meet this requirement by the third anniversary of that date unless, due to employment or legal restrictions, he or she is unable to acquire our common stock. As of January 30, 2026, all non-employee directors were in compliance with this requirement. Board members should possess a high degree of integrity and have broad knowledge, experience and

TABLE OF CONTENTS

mature judgment. In addition to a meaningful economic commitment to our company as expressed in share ownership, directors and nominees should have predominately business backgrounds, have experience at policy-making levels in business and/or technology, and bring a diverse set of business and life experiences and perspectives to the Board.

Mr. McLean’s employment letter with the Company provides for his appointment to the Board and provides that while he is Chief Executive Officer, he will be nominated for reelection to the Board each time his term as director is scheduled to expire. In addition, under his executive severance agreement with the Company, a termination of employment by Mr. McLean is for “Good Reason” if, among other events, at any time that ESL Investments, Inc. and its affiliate entities beneficially own more than 20% of the Company’s shares entitled to vote for directors, they, in whole or in part, vote against his reelection to the Board while Mr. McLean is serving as the Company’s Chief Executive Officer.

A Lands’ End stockholder can nominate a candidate for election to the Board by complying with the nomination procedures in our Bylaws, which provide that for an election to be held at an annual meeting of stockholders, nomination by a stockholder must be made by notice in writing delivered to the Company not later than the 90th day, and not earlier than the 120th day, prior to the first anniversary of the preceding year’s annual meeting. If the date of the subject annual meeting is more than 30 days before or more than 70 days after the first anniversary of the preceding year’s annual meeting, notice by the stockholder must be delivered not earlier than the 120th day prior to the annual meeting and not later than the later of the 90th day prior to the annual meeting or the 10th day following the day on which public announcement of the date of such annual meeting is first made by the Company. For an election to be held at a special meeting of stockholders, the stockholder’s notice in writing must be delivered to the Company not earlier than the 120th day prior to the special meeting and not later than the later of the 90th day prior to the special meeting or the 10th day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at the special meeting.

A stockholder’s written notice to the Secretary described in the preceding paragraph must be delivered to Lands’ End, Inc., Legal Department, 5 Lands’ End Lane, Dodgeville, Wisconsin 53595, Attention: Secretary. Any stockholder of record or beneficial owner of common stock proposing such a nomination must be a stockholder of record on the date of the giving of such notice and on the record date for the determination of stockholders entitled to notice of and to vote at the meeting of stockholders and comply with the applicable notice procedures set forth in the Company’s Bylaws, including setting forth the following in the written notice: (i) the name and address of the stockholder; (ii) the number of shares of capital stock of the Company owned beneficially and of record by the stockholder; (iii) a description of any agreement, arrangement or understanding with respect to the nomination between or among the stockholder, any of its affiliates or associates, each nominee and any others acting in concert with any of the foregoing; (iv) a description of any agreement, arrangement or understanding that has been entered into as of the date of the stockholder’s notice by, or on behalf of, the stockholder, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, the stockholder with respect to securities of the Company; (v) a representation that the stockholder is a holder of record of stock of the Company entitled to vote at the meeting and intends to appear in person or by proxy at the meeting to propose each nomination; (vi) a representation whether the stockholder intends or is part of a group that intends (a) to deliver a proxy statement and/or form of proxy to holders of at least 67% of the Company’s outstanding capital stock entitled to vote on the election of directors and/or (b) otherwise to solicit proxies or votes from stockholders in support of each nomination; (vii) the name, age and business address of each nominee proposed in the notice; (viii) all information that would be required to be set forth in a Schedule 13D filed pursuant to Rule 13d-1(a) or an amendment pursuant to Rule 13d-2(a) if such a statement were required to be filed under the Exchange Act and the rules and regulations promulgated thereunder by the stockholder and/or any beneficial owner, any of their respective affiliates or associates, and any others acting in concert with any of the foregoing; and (ix) all information concerning the stockholder and each nominee required to be disclosed in proxy solicitations for director elections under the proxy rules of the SEC; and (x) the written consent of each nominee to serve as a director if so elected.

TABLE OF CONTENTS

The Company may require any proposed nominee to furnish such other information as the Company may reasonably require to determine the eligibility of the nominee to serve as a director, including a written questionnaire with respect to the background and qualifications of such nominee. The chair of any annual meeting or special meeting of stockholders may refuse to acknowledge the nomination of any person not made in compliance with the foregoing procedures. In addition to satisfying the foregoing requirements under the Company’s Bylaws, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than Lands’ End’s nominees must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than March 8, 2027, and must provide reasonable evidence that they have complied with the requirements of Rule 14a-19 of the Exchange Act. Any decision to include information regarding a proposed nominee in the Company’s proxy solicitation materials will be made in accordance with the Company’s Bylaws and applicable law.

TABLE OF CONTENTS

COMPENSATION OF DIRECTORS

Our Director Compensation Policy provides for an annual cash retainer for serving as a non-employee director of the Company, for serving as Board Chair, and for serving as the chair or member of committees as follows:

	Cash Compensation(1)
Board Member		$	100,000
Board Chair		$	30,000
Audit Committee Chair		$	20,000
Audit Committee Member (Non-Chair)		$	12,500
Compensation Committee Chair		$	15,000
Compensation Committee Member (Non-Chair)		$	10,000
All Other Standing Committee Chairs		$	10,000
All Other Standing Committee Members (Non-Chairs)		$	7,500

(1)

Assumes service for a full fiscal year; directors who serve for less than the full fiscal year are entitled to receive a pro-rata portion of the applicable payment.

In addition, the Director Compensation Policy provides that our non-employee directors may elect annually to receive all or a portion of their retainer in the form of shares of Lands’ End common stock. Non-employee directors also receive an annual Lands’ End gift card in the amount of $10,000 (pro-rata where directors are elected after the annual meeting of stockholders), as well as a discount on the purchase of Lands’ End merchandise under a program available to all Lands’ End employees. Upon the approval on a case-by-case basis of the Nominating and Corporate Governance Committee, a non-employee director may participate in health care programs of the Company on a basis no less favorable than senior executives of the Company. No non-employee directors currently participate in this benefit. The Nominating and Corporate Governance Committee conducts regular reviews of Board compensation, and considers publicly available board compensation data and best market practices.

Board Compensation in Connection with Strategic Alternatives Review

In April 2025, the Board approved the following additional payments to Board members in connection with the Strategic Alternatives Process, over and above amounts due under the Director Compensation Policy: (i) Board members received payments of $1,000 for each non-regularly scheduled virtual ad hoc meeting under one hour and $2,000 for each special Board meeting beyond the four regularly scheduled quarterly meetings; and (ii) members of the Special Committee received $2,000 per Special Committee meeting. In November 2025, in consideration for her substantial dedication of time and efforts as a Board member during the Company’s consideration of strategic alternatives, the Board approved the payment to Mrs. Linden of an additional amount equal to $250,000.

The following table shows information concerning the compensation earned in fiscal year 2025 by each non-employee director who served on the Board during fiscal year.

Name	Fees Earned or Paid in Cash($)(a)			Stock Awards ($)(a)(b)			Gift Card($)(a)			Strategic Alternatives Compensation(c)			Total(d)
Josephine Linden, Chair		$	160,000		$	0		$	10,000		$	277,000		$	447,000
Robert Galvin		$	61,273		$	61,227		$	10,000		$	12,000		$	144,500
Gordon Hartogensis		$	19		$	122,481		$	10,000		$	27,000		$	159,500
Elizabeth Leykum		$	132,500		$	0		$	10,000		$	15,000		$	157,500
John T. McClain		$	120,000		$	0		$	10,000		$	15,000		$	145,000
Alicia Parker		$	80,653		$	26,847		$	10,000		$	26,000		$	143,500

(a)

Pursuant to Director Compensation Policy

TABLE OF CONTENTS

(b)

Amount represents portion of retainer that the director elected to receive in shares of Lands’ End common stock, based on the aggregate grant date fair value computed in accordance with FASB ASC Topic 718.

(c)

Amounts earned by the director pursuant to Board Compensation in Connection with Strategic Alternatives Review above.

(d)

The amounts in this column do not include amounts attributable to the discount on Lands’ End merchandise that are available generally to all Lands’ End employees and non-employee directors. The Company also reimbursed Board members for certain telecommunications and computing expenses relating to their services as directors during fiscal year 2025.

TABLE OF CONTENTS

BENEFICIAL OWNERSHIP OF THE COMPANY’S COMMON STOCK

The following table sets forth certain information regarding beneficial ownership of our common stock as of March 25, 2026 for (1) each person known to us to be the beneficial owner of more than 5% of our common stock; (2) each named executive officer; (3) each of our current directors and nominees; and (4) all of our executive officers and directors as a group.

Shares of Common Stock
Beneficially Owned

Name of Beneficial Owner(1)

Number

Percent of Common
Stock Outstanding

Martin Christopher(2)

12,080

Robert Galvin

39,027

Peter L. Gray(3)

206,315

Gordon Hartogensis

9,894

Elizabeth Leykum

12,299

Josephine Linden

45,817

Kym Maas(4)

22,707

John T. McClain

11,054

Bernard McCracken(5)

49,349

Andrew J. McLean(6)

244,918

Alicia Parker

3,796

Directors and executive officers as a group (11 persons)

657,256(4)

2.1%

Greater than 5% Stockholders:

ESL Investments, Inc. and related entities, as a group(7)

17,116,376(8)

55.6%

FMZ Strategies LLC(9)

2,892,776

9.4%

Represents less than 1% of outstanding common stock.

(1)

Unless otherwise noted below, the address of each beneficial owner listed in the table is c/o Lands’ End, Inc., 5 Lands’ End Lane, Dodgeville, Wisconsin 53595. We have determined beneficial ownership in accordance with the rules of the SEC, which provide that beneficial ownership includes any shares over which the individual has sole or shared voting power or investment power and also any shares which the individual has the right to acquire within 60 days after March 25, 2026, through the exercise of a stock option or vesting of a restricted stock unit (“RSU”) or any other right. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that all the persons and entities named in the table above have sole voting and investment power with respect to all shares of common stock that they beneficially own. We have based our calculation of the percentage ownership on 30,794,873 shares of common stock outstanding as of March 25, 2026.

(2)

Includes 5,106 time-based RSUs vesting April 1, 2026, subject to vesting conditions.

(3)

Includes 49,017 vested stock options and 6,565 time-based RSUs vesting April 1, 2026, subject to vesting conditions.

(4)

Includes 3,758 time-based RSUs vesting April 1, 2026, subject to vesting conditions.

(5)

Includes 5,106 time-based RSUs vesting April 1, 2026, subject to vesting conditions.

(6)

Includes 22,281 time-based RSUs vesting April 1, 2026, subject to vesting conditions.

(7)

Beneficial ownership and other information contained herein and in Footnote 8, is based on Amendment No. 30 to Schedule 13D reporting ownership as of January 26, 2026 filed by Edward S. Lampert, ESL Investments, Inc. (“ESL”), ESL Partners, L.P. (“Partners”), and RBS Partners, L.P. (“RBS”). RBS is the general partner of, and may be deemed to indirectly beneficially own securities beneficially owned by, Partners. ESL is the general partner of, and may be deemed to indirectly beneficially own securities beneficially owned by, RBS. Mr. Lampert is the Chairman, Chief Executive Officer and Director of, and

TABLE OF CONTENTS

may be deemed to indirectly beneficially own securities beneficially owned by, ESL. The address of ESL Investments, Inc. and related entities is c/o ESL Investments, Inc. and related entities, as a group, 1170 Kane Concourse, Suite 200, Bay Harbor Islands, Florida 33154.

(8)

Mr. Lampert possesses sole voting power and sole dispositive power as to 17,116,376 shares, inclusive of 3,791 shares of common stock held by The Nicholas Floyd Lampert 2015 Trust and 3,791 shares of common stock held by The Nina Rose Lampert 2015 Trust; ESL possesses sole voting power and sole dispositive power as to 1,946 shares; Partners possesses sole voting power and sole dispositive power as to 1,946 shares; and RBS possesses sole voting power and sole dispositive power as to 1,946 shares.

(9)

Beneficial ownership is based on the FMZ Strategies LLC Amendment No. 1 to Schedule 13G reporting ownership as of September 30, 2025. FMZ Strategies LLC disclosed shared voting power and shared dispositive power as to 2,892,776 shares. FMZ Strategies LLC is owned and managed by AJD Siblings Corporation, a Delaware corporation and Frank Zarabi is the CEO. The address of FMZ Strategies LLC is 5553-B Bandini Blvd., Bell, CA 90201.

Restrictions related to Equity Transactions; Insider Trading Policy

The Company has adopted an Insider Trading Policy, designed to promote compliance with insider trading laws, rules and regulations, as well as applicable exchange listing standards. The policy is applicable to the Company’s officers, employees, members of the Board of Directors and other designated persons with access to Company material nonpublic information, as well as to family members residing with them and any entities or family members whose transactions in the Company’s securities are directed by or subject to their influence and control. The Insider Trading Policy prohibits the trading of Company securities on the basis of material, nonpublic information and establishes regular blackout periods wherein certain designated persons are prohibited from trading in Company securities. It also prohibits engaging in, among other things, short sale transactions and hedging transactions with respect to Company securities, including through the use of financial instruments such as prepaid variable forwards, equity swaps, collars and private exchange funds, and prohibits holding Company securities in a margin account or otherwise pledging Company securities as collateral for a loan.

TABLE OF CONTENTS

EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

Introduction

This Compensation Discussion and Analysis provides information to assist you in understanding the fiscal year 2025 compensation of the executive officers identified in the Summary Compensation Table, whom we refer to as our “named executive officers.” Our named executive officers for fiscal year 2025 are:

•

Andrew J. McLean, Chief Executive Officer

•

Bernard McCracken, Chief Financial Officer

•

Peter L. Gray, President, Lands’ End Licensing, Chief Administrative Officer and General Counsel

•

Martin Christopher, Executive Vice President, Chief Technology Officer

•

Kym Maas, President, Lands’ End Consumer and Chief Creative Officer

Ms. Maas became an executive officer in May 2025 and Mr. Christopher became an executive officer in May 2024.

Executive Summary

Fiscal year 2025 was a year of development and growth for Lands’ End with the implementation and execution of core strategies designed to drive a more profitable business. For the full fiscal year, we delivered Gross Merchandise Value growth of low single digits, gross margin improvement of 80 basis points to 49%, and Adjusted EBITDA of $102 million, a year-over-year increase of 10%.

Our financial results reflected our ongoing efforts to drive improved profitability, generate elevated brand awareness through enhanced marketing strategies, and provide our customers with innovative solutions for life’s every journey. We grew our profitability and achieved inventory efficiencies each quarter and benefited from our go-to-market strategy designed for more focused promotions around key holidays and commercial moments to maximize their impact. We made great strides in further building our brand and positioning Lands’ End to succeed going forward. We continued to seek a greater share of the organic conversation on social media and increase our cultural relevancy, evidenced by a 9% increase in new customer acquisition in fiscal year 2025.

Our annual incentive plan for fiscal year 2025 paid out at 103% of target. Our long-term performance-based awards for the fiscal 2023 through 2025 period yielded a payout of 53% of target.

In addition, during fiscal year 2025 our Board undertook a review of strategic alternatives, and in connection with such review the Board put in place certain compensation elements to encourage retention of key personnel, including the named executive officers, during the pendency of this review. The review of strategic alternatives resulted in the January 26, 2026 announcement by the Company and WHP Global, a leading brand management firm, that they had entered into an agreement to form a new joint venture, pursuant to the Membership Interest Purchase Agreement by and among the Company, Lands’ End Direct Merchants, Inc., WH Borrower, LLC, WH Topco, L.P., and LEWHP LLC, dated January 26, 2026 (the “Joint Venture Transaction”).

Executive Compensation Philosophy and Objectives

The Compensation Committee believes that our long-term success is directly related to our ability to attract, motivate and retain highly talented executives who are committed to our mission, results and cultural beliefs. The Compensation Committee has developed a compensation philosophy for our senior executives designed to pay-for-performance. Accordingly, the total compensation packages provided to our named executive officers generally include both annual and long-term incentive opportunities that are linked to performance measures or are otherwise “at risk” due to Lands’ End stock price fluctuations and potential for forfeiture. For fiscal year 2025 approximately 80% of our CEO’s target compensation was considered at

TABLE OF CONTENTS

risk, and approximately 65% of our other named executive officers’ target compensation was considered at risk based on financial and stock price performance measures or the possibility of forfeiture.

	ELEMENTS OF COMPENSATION — CEO			ELEMENTS OF COMPENSATION — OTHER NAMED EXECUTIVE OFFICERS

Our compensation packages are designed in large measure to motivate and encourage executives to drive performance and achieve superior results for the Company and its stockholders. They also reflect other important considerations, such as the value of the position in the marketplace, levels of job responsibility, individual performance and the need to attract and retain top executive talent. The Compensation Committee grants equity-based incentives to align management’s interests with stockholders’ interests.

While the Compensation Committee seeks to utilize compensation and benefit arrangements that reflect the pay-for-performance compensation philosophy, it recognizes that from time to time it may be appropriate for the Company to provide additional inducements, such as sign-on awards, retention awards and/or special incentives, to recruit, retain, reward and motivate highly qualified executives. In fiscal year 2025, in recognition for his performance as Chief Financial Officer since his appointment in September 2023, the Compensation Committee granted to Bernard McCracken, in addition to the annual compensation, Time-Based RSUs with a grant date fair value of $500,000 (based on closing price), which is not reflected in the above calculations of compensation at risk vs. not at risk or the below calculations of annual vs. long-term. The Retention Awards to the named executive officers, discussed in Strategic Alternatives Process and Retention Awards below, are also in addition to annual compensation and are also not reflected in the above discussion of elements of compensation at risk vs. not at risk or the below discussion of annual vs. long-term compensation. Compensation agreements are discussed in “Employment Arrangements” below.

Executive Compensation Program: Key Elements

The key elements of our compensation program for our executives include base salary, annual cash incentive opportunities, long-term performance-based incentive opportunities and long-term time-based equity awards.

Annual Compensation

•

Base Salary — Base salary is the fixed element of each executive’s cash compensation, and provides executives with an appropriate level of financial certainty.

•

Annual Incentive Plan — Our annual incentive program seeks to motivate executives by providing opportunities to earn annual cash awards that are at risk and based on achievement of annual financial objectives established by the Compensation Committee.

Long-Term Compensation

•

Long-Term Performance-Based Awards — Our long-term incentive programs are designed to motivate executives to focus on long-term Company performance through awards that are at risk and based on multi-year performance periods, and to reinforce accountability by linking executive

TABLE OF CONTENTS

compensation to achievement of performance goals. These programs seek to align our executives’ compensation with our strategic direction and initiatives, which the Compensation Committee believes will result in increased returns to our stockholders. These awards have taken the form of either equity or cash in the past several years.

•

Long-Term Time-Based Awards — Our long-term incentive programs also include time-based awards of equity that are at risk. The multi-year vesting requirements of time-based awards are designed to promote retention and encourage executive officers to adopt longer-term approaches to our business. Time-based equity compensation also provides alignment with our stockholders, as value received will be consistent with return to our stockholders.

There is no pre-established policy or target for the allocation between annual and long-term incentive compensation. Instead, the Compensation Committee takes a holistic approach to executive compensation and the balance of the compensation elements for each executive individually. For fiscal year 2025, approximately 45% of our CEO’s target compensation and approximately 61% of our other named executive officers’ target compensation was annual in nature, while approximately 55% of our CEO’s target compensation and approximately 39% of our other named executive officers’ target compensation was long-term in nature. Performance-based awards were utilized for 60% of our CEO’s and other named executive officers’ long-term compensation.

	ANNUAL VS. LONG-TERM COMPENSATION — CEO			ANNUAL VS. LONG-TERM COMPENSATION — OTHER NAMED EXECUTIVE OFFICERS

SEC Form DEF 14A filed by Lands' End Inc.