McLean Andrew J. 4

What Happened
Andrew J. McLean, CEO of Lands' End, received a grant of 125,103 restricted stock units (RSUs) reported for the period ending 2026-03-23. On 2026-03-24, 26,984 of those RSUs were converted/exercised into shares (recorded as derivative exercise at $0 exercise price). To satisfy tax withholding on the vesting/conversion, 12,683 shares were withheld by the issuer at $12.56 per share, generating $159,298 in withholding value. The RSU grant itself carries no immediate cash cost to the executive (exercise price $0) — it is an award that converts to shares subject to vesting conditions.

Key Details

• Transaction dates: grant reported 2026-03-23; conversion/exercise and withholding recorded 2026-03-24; Form 4 filed 2026-03-25 (appears timely).
• Share counts and prices: 125,103 RSUs granted (A); 26,984 RSUs converted/exercised (M) at $0 exercise price; 12,683 shares withheld for taxes (F) at $12.56/share = $159,298.
• Shares owned after transaction: not specified in the provided filing summary.
• Relevant footnotes:
  • F1: Each RSU entitles the holder to one share upon satisfaction of vesting conditions.
  • F2: Shares withheld by the issuer to satisfy the reporting person's tax withholding obligation.
  • F3–F5: The RSUs vest in multiple time-based tranches (various dates in 2026–2029); specific tranche amounts and vesting dates are detailed in the filing (e.g., 73,770 RSUs vest 6/14/2026; others vest 4/1/2026, 3/24/2027, 3/23/2027–3/23/2029, etc.), all subject to continued service.
• Transaction codes in the filing: A = award/grant, M = exercise/conversion of a derivative, F = tax withholding.

Context
RSU grants are compensation awards (not open-market purchases) and are common for executives; they become shares only after vesting conditions are met. The withholding of 12,683 shares to cover taxes is a routine settlement step and not the same as an open-market sale. No evidence in this filing of voluntary share sales by McLean beyond the withholding to satisfy tax obligations.