Lands' End (LE) CEO net exercises options and withholds shares

Rhea-AI Filing Summary

McLean Andrew J., the Chief Executive Officer and a director of Lands' End, Inc., reported multiple stock option exercises and related share withholdings on January 26, 2026. He exercised employee stock options covering 42,020 and 42,021 shares of common stock at an exercise price of $10.81 per share on a net exercise basis.

To cover the option exercise price and tax withholding, the issuer withheld and the reporting person forfeited 31,350 shares at $17.543 per share and 28,892 shares at $20 per share. Following these transactions, McLean directly held 145,925 shares of Lands' End common stock. He also continued to directly hold stock options for 126,061 and 84,040 shares, each with a $10.81 exercise price and expiring on November 1, 2032.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

McLean Andrew J.

(Last) (First) (Middle)

5 LANDS' END LANE

(Street)

DODGEVILLE WI 53595

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LANDS' END, INC. [ LE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/26/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/26/2026		M		42,020(1)	A	$10.81	164,146	D
Common Stock	01/26/2026		F		31,350(2)	D	$17.543	132,796	D
Common Stock	01/26/2026		M		42,021(1)	A	$10.81	174,817	D
Common Stock	01/26/2026		F		28,892(2)	D	$20	145,925	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$10.81	01/26/2026		M			42,020	(3)	11/01/2032	Common Stock	42,020	$0	126,061	D
Employee Stock Option (right to buy)	$10.81	01/26/2026		M			42,021	(3)	11/01/2032	Common Stock	42,021	$0	84,040	D

Explanation of Responses:

1. On January 26, 2026, the reporting person exercised stock options on a net exercise basis.

2. Shares withheld by the issuer and forfeited by the reporting person upon net exercise of stock options, to satisfy the payment of the exercise price and tax withholding in connection with the exercise.

3. This stock option award was granted on November 1, 2022, with vesting in three installments on November 1, 2023 (25%), November 1, 2024 (25%) and November 1, 2025 (50%).

	/s/ Peter L. Gray as attorney-in-fact for Andrew J. McLean	01/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Lands' End (LE) CEO Andrew J. McLean report?

Andrew J. McLean reported exercising employee stock options on a net exercise basis. On January 26, 2026, he converted options into common stock and had shares withheld by the issuer to cover the exercise price and related tax withholding obligations connected with these option exercises.

How many Lands' End (LE) options did the CEO exercise and at what price?

The CEO exercised stock options covering 42,020 and 42,021 shares of Lands' End common stock. Each option tranche had an exercise price of $10.81 per share, and the transactions were reported as occurring on January 26, 2026, under transaction code M for option exercises.

How many Lands' End (LE) shares were withheld for taxes and exercise costs?

The issuer withheld 31,350 shares at $17.543 per share and 28,892 shares at $20 per share. These shares were forfeited by the reporting person to satisfy the stock option exercise price and associated tax withholding arising from the net exercise transactions.

What is Andrew J. McLean’s Lands' End (LE) common stock holding after the Form 4?

After the reported transactions, Andrew J. McLean directly beneficially owned 145,925 shares of Lands' End common stock. This figure reflects both the stock option exercises and the shares withheld by the issuer to cover option exercise costs and related tax obligations.

What Lands' End (LE) stock options does the CEO still hold after exercising?

Following the transactions, the CEO continued to hold employee stock options for 126,061 and 84,040 shares of Lands' End common stock. Both option positions have a $10.81 exercise price and an expiration date of November 1, 2032, with vesting previously completed in three installments.

What does “net exercise basis” mean in the CEO’s Lands' End (LE) Form 4?

Net exercise basis means options are exercised and some resulting shares are withheld instead of paying cash. In this case, shares were withheld by the issuer and forfeited by the reporting person to cover the exercise price and the tax withholding tied to the option exercise.