McLean Andrew J. 4

What Happened

• Andrew J. McLean, CEO of Lands' End (LE), exercised stock options on January 26, 2026. He acquired 84,041 shares at an exercise price of $10.81 per share (total nominal exercise value ≈ $908,483).
• To satisfy exercise price and tax withholding obligations, 60,242 shares were withheld/forfeited (reported as dispositions) — 31,350 shares withheld at $17.54 (≈ $549,973) and 28,892 shares withheld at $20.00 (≈ $577,840). After withholding, the net shares delivered to McLean were 23,799 shares.
• These were net (cashless) exercises rather than open‑market purchases or outright sales.

Key Details

• Transaction date: January 26, 2026; Form 4 filed January 28, 2026 (timely under the 2‑business‑day rule).
• Exercises: 42,020 shares @ $10.81 (value reported $454,236) and 42,021 shares @ $10.81 (value reported $454,247) — total 84,041 shares acquired.
• Withholding (tax/exercise payment): 31,350 shares @ $17.54 (reported $549,973) and 28,892 shares @ $20.00 (reported $577,840) — total 60,242 shares withheld.
• Net new shares retained by McLean after withholding: 23,799 shares.
• Footnotes: (1) Transaction was a net exercise of stock options. (2) Shares were withheld by the issuer to satisfy exercise price and tax withholding. (3) The option award was granted Nov 1, 2022 and fully vested by Nov 1, 2025 (vesting schedule: 25% 11/1/23, 25% 11/1/24, 50% 11/1/25).
• Shares owned after the transaction: not specified in the provided filing excerpt.

Context

• This was an options exercise recorded as code M (exercise/conversion) with F indicating shares withheld for tax/payment. A net or cashless exercise is common: the executive exercises options and instructs the issuer to withhold some shares to cover costs and taxes rather than pay cash.
• Such transactions are routine for option vesting and tax obligations and do not by themselves indicate a buy/sell view on the company's stock.