Analyst Summary
- Lands’ End and CFO Bernard McCracken entered into an Amended and Restated Executive Severance Agreement on March 11, 2025.
- The agreement supersedes the previous Executive Severance Agreement dated September 14, 2023.
- The agreement details severance benefits if Mr. McCracken’s employment is terminated by the Company without ’cause’ or by Mr. McCracken for ‘good reason’.
- Severance benefits include a pro-rata bonus for the fiscal year if termination occurs in the last six months, salary continuation (base salary plus average of prior two years’ bonus) paid over 12 months (or 24 months under specific change in control circumstances), continued health insurance coverage, and 12 months of outplacement services.
- The agreement includes non-competition, non-solicitation, non-disparagement, and confidentiality covenants.
- Mr. McCracken is not entitled to any ‘golden parachute’ excise tax gross-up payments under the Agreement.