Document:

EX-10.22

 Exhibit 10.22 

LANDS’ END, INC.  

CASH LONG-TERM INCENTIVE PLAN 

SECTION 1 
 GENERAL

 1.1. General. The Lands’ End, Inc. Cash Long-Term Incentive Plan (“Cash LTI Plan”) is a time-based
incentive plan. The Cash LTI Plan is designed to motivate the executive leadership of Lands’ End, Inc. (“Company”) and the participating Subsidiaries. Awards under the Cash LTI Plan are designed to constitute a percentage of a
Participant’s overall long-term incentive opportunity. The intent is that, beginning with the 2013 Fiscal Year, a Participant’s long-term incentive opportunity shall be constituted by a Cash LTI Award (as defined in Section 3.1) and a
Target Incentive Award as defined under the Lands’ End, Inc. Long-Term Incentive Plan (“LTIP”) with respect to a particular Fiscal Year. The Cash LITP Plan is hereby effective as of the Effective Time as defined in the Separation and
Distribution Agreement by and between Sears Holdings Corporation (“Sears Holdings”) and the Company (“Effective Date”). For purposes of this document, the Effective Date shall also refer to the effective date of time-based cash
long-term incentive approved for future Fiscal Years (as defined in Section 8) by the Compensation Committee under the Cash LTI Plan. 

1.2. Operation, Administration, and Definitions. The operation and administration of the Cash LTI Plan, including the Awards
made under the Cash LTI Plan, shall be subject to the provisions of Section 6 (relating to operation and administration). Capitalized terms in the Cash LTI Plan shall be defined as set forth in the Cash LTI Plan (including as defined in
Section 8). 
 SECTION 2 

PARTICIPATION 
 2.1.
Eligible Employee. Except as provided herein, “Eligible Employee” means as to any Service Period an employee of the Company or a participating Subsidiary who is designated by the Compensation Committee or Senior Corporate
Compensation Executive as eligible to participate in a Cash LTI Plan as of such Service Period. The Senior Corporate Compensation Executive shall make eligibility determinations under this Section 2 with respect to all Eligible Employees other
than those who are Executives for whom compensation matters are under the purview of the Compensation Committee (as defined in Section 8), and the Compensation Committee shall make eligibility determinations with respect to all Executives. Once
designated as eligible to participant, an Eligible Employee shall become a “Participant” in the applicable Cash LTI Plan. 
 2.2.
New Hires and Promotions to Eligible Employee Status. The Compensation Committee or Senior Corporate Compensation Executive, as applicable, may designate as Participants those employees whom the Compensation Committee or Senior
Corporate Compensation Executive, as applicable, determines have been newly hired or promoted into the group of Eligible Employees identified in subsection 2.1 above. The Award of any Participant who was hired or promoted after the first day of the
Service Period (as described in subsection 3.2) shall be subject to a fraction, the numerator of which is the number of full days remaining in the Service Period beginning with the Participant’s date of hire or promotion, as applicable, and the
denominator is the number of full days in the Service Period. 

 Lands’ End, Inc. 

Cash Long-Term Incentive Plan 
  

 2.3. Demotions from Eligible Employee Status. If a Participant is demoted below
a position of divisional vice president (or equivalent), as of the date of such demotion, the individual will no longer be a Participant, will be deemed to have forfeited any unvested portion of his or her Award, and will receive no Cash LTI Plan
distribution under Section 4. 
 2.4. Other Changes in Status 

(a) If a Participant is promoted or transferred after the Effective Date of the Cash LTI Plan for a particular Service Period,
the Compensation Committee or Senior Corporate Compensation Executive, as applicable, may make a second Cash LTI Award (as defined in subsection 3.1) to such individual and the total amount payable to such individual shall be based on a pro-ration,
whereby the Cash LTI Award for the new position will apply to the remainder of the Service Period and the Cash LTI Award for the immediately preceding long-term incentive-eligible position, if applicable, will apply to the portion of the Service
Period immediately preceding the effective date of the promotion. 
 (b) If a Participant is demoted after the Effective Date
of the Cash LTI Plan for a particular Service Period, but is still an Eligible Employee, the Compensation Committee or Senior Corporate Compensation Executive, as applicable, may make a second Cash LTIP Award to such individual and the total Award
for such an individual shall be based on a pro-ration, whereby the Cash LTIP Award for the new position will apply only to the remainder of the Service Period and the Cash LTIP Award for the immediately preceding position will apply only to the
portion of the Service Period immediately preceding the effective date of the demotion, and in either case an Award will only be paid if the Participant remains employed through the vesting date (as defined in Section 4.1). 

SECTION 3 
 CASH LTI
PLAN AWARDS 
 3.1. Cash LTI Plan Awards. As of and after the applicable Effective Date, the Compensation Committee or
Senior Corporate Compensation Executive, as applicable, may award “Cash LTI Plan Awards”, with respect to a Service Period, to each Participant designated by the Compensation Committee or Senior Corporate Compensation Executive, as
applicable, in an amount determined by the applicable entity in its sole discretion. The Senior Corporate Compensation Executive shall make the determinations referred to in this Section 3 with respect to all Participants other than those who
are Executives for whom compensation matters are under the purview of the Compensation Committee. A Cash LTI Award shall, at the date of grant, consist of a commitment by the Company to distribute, at the time specified in, a designated cash amount,
subject to Section 4 below. 
 3.2. Service Period. The “Service Period” refers to the applicable Fiscal Years
(as defined in Section 9) as determined by the Compensation Committee with respect to which an Award may be granted under the Cash LTI Plan. The Compensation Committee shall determine the Fiscal Years that shall constitute the Service Period
for each cash long-term incentive established under the Cash LTI Plan; provided that, in the case of an employee who is newly hired or promoted into the group of Eligible Employees after the Effective Date, the Service Period shall be such shorter
period as established by the Compensation Committee or Senior Corporate Compensation Executive, if applicable. 

  
 2 

 Lands’ End, Inc. 

Cash Long-Term Incentive Plan 
  

 3.3. Additional Requirements. All Cash LTI Awards awarded under the Cash LTIP
Plan are subject to the provisions of Sections 4, 5 and 6. 
 SECTION 4 

VESTING AND DISTRIBUTION 

4.1. Time of Vesting. Subject to Sections 5 and 6, a Participant shall become vested in his or her Cash LTI award with respect
to a Service Period as of the April 1st following the end of the Service Period, provided that the Participant is employed as of such date (the “vesting date”). 

4.2. Time and Form of Payment. A Cash LTI Award shall be satisfied by a distribution in a single, lump sum cash payment as soon
as administratively feasible after the vesting date, but in no case later than the date that is the 15th day of the third month following the last day of the relevant Service Period.
Notwithstanding anything herein to the contrary, such distributions shall be made no later than required by Code Section 409A to avoid treatment of the Cash LTI Plan as a deferred compensation plan under Code Section 409A. 

SECTION 5 

TERMINATION OF EMPLOYMENT 

The effect of termination of employment on a Participant’s right to receive a Cash LTI Award depends on the reason for the termination,
as described below. 
 5.1. Termination of Employment. 

(a) Voluntary Termination or Involuntary Termination. In the event that a Participant (i) voluntarily terminates
employment (for any reason other than due to permanent and total disability, as defined in the Company’s long-term disability program, regardless of whether the Participant is covered by such program) or (ii) is involuntarily terminated
for any reason (other than death) prior to the vesting date (as defined in subsection 4.1 above) of his or her Award, such Participant shall forfeit all of his or her Award. 

(b) Disability. In the event that, prior to the vesting date (as defined in subsection 4.1 above) of his or her
Award, a Participant suffers a permanent and total disability (as defined in the Company’s long term disability program, regardless of whether the Participant is covered by such program) while employed by the Company or a Subsidiary, resulting
in termination or retirement, subject to Section 6 below, such individual shall be entitled to receive the Cash LTI Award that would otherwise be payable to the Participant under subsection 3.1 above, pro-rated through the date of termination
in accordance with subsection 5.2 below; provided, however, that in no event shall a Participant receive any payment hereunder unless as of his or her date of termination, the Participant had been employed by one or more of the Company or a
Subsidiary, for at least twelve (12) months of the Service Period applicable to such individual. 

  
 3 

 Lands’ End, Inc. 

Cash Long-Term Incentive Plan 
  

 (c) Death. In the event that a Participant dies while employed
by the Company or a Subsidiary and prior to the vesting date for his or her Award, his or her Cash LTI Award shall be pro-rated through the date of death, in accordance with subsection 5.2 below, and, subject to Section 6 below, his or her
estate shall be entitled to receive a Cash LTI Award, equal to his or her prorated Award and payable in cash; provided, however, that in no event shall a payment be made with respect to a deceased Participant hereunder unless as of his or her date
of death, the Participant had been employed by one or more of the Company or a Subsidiary, for at least twelve (12) months of the Service Period applicable to such individual. 

5.2. Pro-rations. Any pro-ration of a Cash LTI Award under this Section 5 shall be based on a fraction, the numerator of
which is the number of full months during the Service Period in which the Participant was a Participant in the Cash LTI Plan, and the denominator of which is the full number of months in the Service Period, as adjusted in Section 2, if
applicable. 
 SECTION 6 

OPERATION AND ADMINISTRATION 

6.1. Compensation Committee and Senior Corporate Compensation Executive. The authority to control and manage the operation and
administration of the Cash LTI Plan shall be vested in the Compensation Committee and the Senior Corporate Compensation Executive, as provided herein. 

(a) Compensation Committee. Notwithstanding subsection (b) immediately below, the Compensation Committee: 

(i) Shall approve the Cash LTI Awards for Participants who are Executives under its purview; 

(ii) With respect to Participants who are Executives, shall have the authority and discretion to establish the terms,
conditions, restrictions, and other provisions of such Awards, and (subject to the restrictions imposed by Section 7) to amend, cancel, or suspend Awards; 

(iii) May make additional changes that it deems appropriate for the effective administration of the Cash LTI Plan; and 

(iv) Shall be responsible for all other duties and responsibilities allocated to the Compensation Committee under the terms and
conditions of the Cash LTI Plan. 
 (b) Senior Corporate Compensation Executive. Except as provided in subsection
(a) immediately above, the Senior Corporate Compensation Executive: 
 (i) Shall determine the Cash LTI Awards for
Participants other than Executives under the purview of the Compensation Committee; 
 (ii) Notwithstanding subsection
(a) above, shall have the authority and discretion to establish the terms, conditions, restrictions, and other provisions of such Awards, and (subject to the restrictions imposed by Section 7) to amend, cancel, or suspend Awards; 

  
 4 

 Lands’ End, Inc. 

Cash Long-Term Incentive Plan 
  

 (iii) Shall have the authority to control and manage the operation and
administration of the Cash LTI Plan with respect to all Participants, subject to the direction of the Compensation Committee with respect to Executives, except as otherwise provided in this Cash LTI Plan; 

(iv) Shall be responsible for the day-to-day administration of the Cash LTI Plan except as otherwise provided in this Cash LTI
Plan; and 
 (v) Shall be responsible for all other duties and responsibilities allocated to the Senior Corporate
Compensation Executive under the terms and conditions of the Cash LTI Plan. 
 (c) The Compensation Committee and the Senior
Corporate Compensation Executive, as appropriate, shall have the authority and discretion to interpret the Cash LTI Plan, to establish, amend, and rescind any rules and regulations relating to the Cash LTI Plan and to make all other determinations
that may be necessary or advisable for the administration of the Cash LTI Plan. 
 (d) Any determinations by the Compensation
Committee or the Senior Corporate Compensation Executive, as applicable, regarding this Cash LTI Plan are binding on the applicable Participants. 

6.2. Delegation by Compensation Committee. Except to the extent prohibited by applicable law or the applicable rules of a
securities exchange or similar entity, the Compensation Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any person
or persons selected by it. The Compensation Committee may revoke any such allocation or delegation at any time. 
 6.3. Tax
Withholding. All distributions under the Cash LTI Plan are subject to withholding of all applicable taxes. 
 6.4. Settlement
of Awards. The obligation to make payments and distributions with respect to Awards shall be satisfied through cash payments. Satisfaction of any such obligations under an Award, which is sometimes referred to as the “settlement”
of the Award, may be subject to such conditions, restrictions and contingencies as the Compensation Committee or Senior Corporate Compensation Executive, as applicable, shall determine. Each Subsidiary shall be liable for payment of an Award due
under the Cash LTI Plan with respect to any Participant to the extent that such benefits are attributable to the services rendered for that Subsidiary by the Participant. Any disputes relating to liability of a Subsidiary for payment of an Award
shall be resolved by the Compensation Committee or Senior Corporate Compensation Executive, as applicable. 
 6.5.
Transferability. Except as otherwise provided by the Compensation Committee, Awards under the Cash LTI Plan are not transferable except as designated by the Participant by will or by the laws of descent and distribution (including
Awards originally determined by the Senior Corporate Compensation Executive). 

  
 5 

 Lands’ End, Inc. 

Cash Long-Term Incentive Plan 
  

 6.6. Agreement with Company. Any Award under the Cash LTI Plan shall be subject
to such terms and conditions, not inconsistent with the Cash LTI Plan, as the Compensation Committee or Senior Corporate Compensation Executive, as applicable, shall, in its sole discretion, prescribe. The terms and conditions of any Award to any
Participant shall be reflected in such form of written (including electronic) document as is determined by the Compensation Committee. A copy of such document shall be provided to the Participant, and the Compensation Committee or Senior Corporate
Compensation Executive, as applicable, may, but need not, require that the Participant sign a copy of such document. Such document is referred to as an “Award Agreement” regardless of whether any Participant signature is required. 

6.7. Action by Company or Subsidiary. Any action required or permitted to be taken under the Cash LTI Plan by the Company or any
Subsidiary, if any, of the foregoing shall be by resolution of its board of directors, or by action of one or more members of the board of directors of such company (including a committee of the board) who are duly authorized to act for such board
with respect to the applicable action, or (except to the extent prohibited by applicable law or applicable rules of any securities exchange or similar entity) by a duly authorized officer of such company. 

6.8. Gender and Number. Where the context admits, words in any gender shall include any other gender, words in the singular
shall include the plural and the plural shall include the singular. 
 6.9. Limitation of Implied Rights. 

(a) Neither a Participant nor any other person shall, by reason of participation in the Cash LTI Plan, acquire any right in or
title to any assets, funds or property of the Company or any Subsidiary whatsoever, including, without limitation, any specific funds, assets, or other property which the Company or any Subsidiary, in its sole discretion, may set aside in
anticipation of a liability under the Cash LTI Plan. A Participant shall have only a contractual right to the cash payable under the Cash LTI Plan, unsecured by any assets of the Company or any Subsidiary, and nothing contained in the Cash LTI Plan
shall constitute a guarantee that the assets of the Company or any Subsidiary shall be sufficient to pay any benefits to any person. 

(b) The Cash LTI Plan does not constitute a contract of employment, and selection as a Participant shall not give any
participating employee the right to be retained in the employ of the Company or any Subsidiary, nor any right or claim to any benefit under the Cash LTI Plan, unless such right or claim has specifically accrued under the terms of the Cash LTI Plan.
Except as otherwise provided in the Cash LTI Plan, no Award under the Cash LTI Plan shall confer upon the holder thereof any rights as a shareholder of the Company prior to the date on which the individual fulfills all conditions for receipt of such
rights. 
 6.10. Evidence. Evidence required of anyone under the Cash LTI Plan may be by certificate, affidavit, document or
other information, which the person charged with acting on such evidence considers pertinent and reliable, and which has been signed, made or presented by the proper party or parties. 

  
 6 

 Lands’ End, Inc. 

Cash Long-Term Incentive Plan 
  

 6.11. Information to be Furnished to the Compensation Committee or Senior Corporate
Compensation Executive. The Company and the Subsidiaries shall furnish the Compensation Committee or Senior Corporate Compensation Executive, as applicable, with such data and information as it determines may be required for it to discharge
its duties. The records of the Company and the Subsidiaries, as to an employee’s or Participant’s employment, termination of employment, leave of absence, reemployment, and compensation shall be conclusive on all persons unless determined
to be incorrect. Participants and other persons entitled to benefits under the Cash LTI Plan must furnish the Compensation Committee or Senior Corporate Compensation Executive, as applicable, such evidence, data or information as such entity
considers desirable to carry out the terms of the Cash LTI Plan, subject to any applicable privacy laws. 
 6.12. Governing
Law. The Cash LTI Plan will be governed under the internal laws of the state of Wisconsin without regard to principles of conflicts of laws. The state and federal courts located in the state of Wisconsin shall have exclusive jurisdiction in
any action, lawsuit or proceeding based on or arising out of the Cash LTI Plan. 
 6.13. Severability. If any provision(s) of
the Cash LTI Plan shall be found invalid, illegal, or unenforceable, in whole or in part, then such provision(s) shall be modified or restricted so as to effectuate as nearly as possible in a valid and enforceable way the provisions hereof, or shall
be deemed excised from the Cash LTI Plan, as the case may require, and the Cash LTI Plan shall be construed and enforced to the maximum extent permitted by law, as if such provision(s) had been originally incorporated herein as so modified or
restricted or as if such provision(s) had not been originally incorporated herein, as the case may be. 
 SECTION 7 

AMENDMENT AND TERMINATION 

The Board or Compensation Committee may, at any time, amend or terminate the Cash LTI Plan, or any Award, provided that no amendment or
termination may, in the absence of written consent to the change by the affected Participant (or, if the Participant is not then living, the affected beneficiary), adversely affect the rights of any Participant or beneficiary under any Award granted
under the Cash LTI Plan prior to the date such amendment is adopted by the Board or the Compensation Committee, if applicable. No amendment shall be made that would cause the Cash LTI Plan not to comply with the requirements of any applicable law or
rule of any applicable securities exchange or similar entity, or cause Participants to experience adverse tax consequences under Code Section 409A. The Cash LTI Plan and any Award thereunder may be amended without Participant consent to the
extent that the Compensation Committee determines such amendment necessary to cause the Cash LTI Plan or Award to comply with any applicable law or rule of any applicable securities exchange or similar entity, or to prevent adverse tax consequences
under Code Section 409A for Participants. 

  
 7 

 Lands’ End, Inc. 

Cash Long-Term Incentive Plan 
  

 SECTION 8 

DEFINED TERMS 
 8.1.
Each capitalized term in the Cash LTI Plan is defined where it first appears herein or in this Section 8. In addition to the terms previously defined previously in the Cash LTI Plan, the following definitions shall apply: 

(a) Award. The term “Award” or “Awards” means any Cash LTI Award(s). 

(b) Board. The term “Board” means the Board of Directors of the Company. 

(c) Code. The term “Code” means the Internal Revenue Code of 1986, as amended. A reference to any provision of
the Code shall include reference to any successor provision of the Code (and the regulations issued thereunder). 
 (d)
Compensation Committee. The term “Compensation Committee” refers to the Compensation Committee of the Board of Directors of Lands’ End, Inc. 

(e) Executive. The term “Executive” refers to any employee of the Company or a participating Subsidiary who
holds a position of senior vice president or higher of Lands’ End, Inc. (not of any subsidiary or affiliate) or any employee who is an officer under Section 16(b) of the Securities and Exchange Act of 1934 with respect to Lands’ End,
Inc. 
 (f) Fiscal Year. The capitalized term “Fiscal Year” refers to the fiscal year of the Company. 

(g) Senior Corporate Compensation Executive. The term “Senior Corporate Compensation Executive” refers to the
Senior Vice President and President, Talent and Human Capital Services (or equivalent), or if he or she has explicitly delegated his or her duties with respect to the Cash LTI Plan, as provided herein, then the Senior Corporate Compensation
Executive shall refer to such authorized representative to whom the duties of administering the Cash LTI Plan have been delegated. 

(h) Subsidiary. The term “Subsidiary” or “Subsidiaries” refers to any company during any period in
which it is a “subsidiary corporation” (as that term is defined in Section 424(f) of the Code) with respect to the Company. 

SECTION 9 
 EXPIRATION
OF CASH LTI PLAN 
 A payment obligation under the Cash LTI Plan with respect to a specific Service Period shall expire, subject to
earlier termination pursuant to Section 7, on the date on which all Cash LTI Awards (if any) for the Service Period are paid in full or would have been payable in accordance with the provisions of the Cash LTI Plan with respect to such Service
Period. 

  
 8EX-10.23

 Exhibit 10.23 

LANDS’ END, INC. 

2014 STOCK PLAN 
 SECTION 1.
BACKGROUND AND PURPOSE 
 The name of this Plan is the Lands’ End, Inc. 2014 Stock Plan. The purpose of this Plan is to
promote the interests of the Company and its Subsidiaries through grants to Eligible Individuals of Restricted Stock, Stock Units, Other Stock-Based Awards, Options, and Stock Appreciation Rights in order (1) to attract and retain the services
of Eligible Individuals, (2) to provide an additional incentive to each Eligible Individual to work to increase the value of Stock and (3) to provide each Eligible Individual with a stake in the future of the Company which corresponds to
the stake of each Company stockholder. 
 SECTION 2. DEFINITIONS 

Each term set forth in this Section 2 shall have the meaning set forth opposite such term for purposes of this Plan and, for purposes of
such definitions, the singular shall include the plural and the plural shall include the singular. 
 2.1. Board shall mean the Board
of Directors of the Company. 
 2.2. Code shall mean the Internal Revenue Code of 1986, as amended. 

2.3. Committee shall mean the Compensation Committee of the Board to which the responsibility to administer this Plan is delegated by
the Board and which shall consist of at least two members of the Board, each of whom shall be a “non-employee director” (within the meaning of Rule 16b-3 under the Exchange Act) and each of whom shall be an “outside director” for
purposes of Code Section 162(m). 
 2.4. Company shall mean Lands’ End, Inc., a Delaware corporation, and any successor to
such corporation. 
 2.5. Employee shall mean any individual employed by the Company or a Subsidiary on the payroll records thereof.
An Employee shall not include any individual during any period he or she is classified or treated by the Company (or any Subsidiary) as an independent contractor or any employee of an employment or temporary agency or firm, without regard to whether
such individual is subsequently determined to have been or is subsequently retroactively reclassified as a common-law employee of the Company or any Subsidiary during such period. 

2.6. Eligible Individual shall mean an Employee, Non-Employee Director or other individual performing advisory or consulting services
for the Company or a Subsidiary, as determined and designated by the Committee. An award may be granted to an Eligible Individual, in connection with hiring, retention or otherwise, prior to the date the Employee, Non-Employee Director or service
provider first performs service for the Company or the Subsidiaries, provided 

  

 
such award shall not become vested prior to the date the Employee, Non-Employee Director or other service provider first performs such service. Notwithstanding the above, for purposes of ISOs,
Eligible Individual shall be limited to an Employee of the Company or a Subsidiary, as determined and designated by the Committee. 
 2.7.
Exchange Act shall mean the Securities Exchange Act of 1934, as amended. 
 2.8. Fair Market Value shall mean, for any given
date, the fair market value of the Stock as of such date, as determined by the Committee on a basis consistently applied based on actual transactions in Stock on the exchange on which the Stock generally has the greatest trading volume. 

2.9. ISO shall mean an Option granted under Section 8 to purchase Stock and evidenced by an Option Agreement which provides that
the Option is intended to satisfy the requirements for an incentive stock option under Code Section 422. 
 2.10. NQO shall mean
an Option granted under Section 8 to purchase Stock and evidenced by an Option Agreement which provides that the Option shall not be treated as an incentive stock option under Code Section 422. 

2.11. Non-Employee Director shall mean a member of the Board who is not an Employee of the Company or a Subsidiary. 

2.12. Option shall mean an ISO or a NQO. 

2.13. Option Agreement shall mean the written agreement or instrument which sets forth the terms of an Option granted to an Eligible
Individual under this Plan. 
 2.14. Option Price shall mean the price which shall be paid to purchase one share of Stock upon the
exercise of an Option granted under this Plan. 
 2.15. Other Stock-Based Award shall mean a grant under Section 7 to an
Eligible Individual of Stock or other type of equity-based or equity-related award not otherwise described by the terms of this Plan, including without limitation, the grant or offer for sale of unrestricted Stock or the grant of Stock in settlement
of an award under the Lands’ End, Inc. Umbrella Incentive Program, as amended and restated from time to time, and any incentive program thereunder, in such amounts and subject to such terms and conditions, as the Committee shall determine. 

2.16. Performance Period shall mean the period selected by the Committee during which performance is measured for purpose of
determining the extent to which an award of SARs, Options, Restricted Stock, Stock Units or Other Stock-Based Awards has been earned. 

2.17. Plan shall mean this Lands’ End, Inc. 2014 Stock Plan, as amended from time to time. 

2.18. Restricted Stock shall mean Stock granted to an Eligible Individual pursuant to Section 7. 

  
 2 

 2.19. SAR Agreement shall mean the written agreement or instrument which sets forth the
terms of a SAR granted to an Eligible Individual under this Plan. 
 2.20. SAR Share Value shall mean the figure which is set forth
in each SAR Agreement and which is no less than the Fair Market Value of a share of Stock on the date the related SAR is granted. 
 2.21.
Stock shall mean the common stock of the Company, par value $0.01 per share. 
 2.22. Stock Agreement shall mean the written
agreement or instrument which sets forth the terms of a Restricted Stock, Stock Unit or Other Stock-Based Award grant to an Eligible Individual under this Plan. 

2.23. Stock Appreciation Right or SAR shall mean a right which is granted pursuant to the terms of Section 8 to the appreciation
in the Fair Market Value of a share of Stock in excess of the SAR Share Value for such a share. 
 2.24. Stock Unit shall mean a
right granted to an Eligible Individual pursuant to Section 7 to receive a payment in cash or shares based on the Fair Market Value of the number of shares of Stock described in such grant. 

2.25. Subsidiary shall mean any corporation which is a subsidiary corporation (within the meaning of Code Section 424(f)) of the
Company. 
 SECTION 3. SHARES RESERVED UNDER PLAN 

3.1. Shares. There shall be reserved for issuance under this Plan 1,000,000 shares of Stock; which limit also shall be the maximum
number of shares that may be issued pursuant to ISOs under Section 8. 
 3.2. Share Counting. The shares of Stock described in
Section 3.1 shall be reserved to the extent that the Company deems appropriate from authorized but unissued shares of Stock and from shares of Stock which have been reacquired by the Company. Shares of Stock covered by an award under the Plan
shall only be counted as used to the extent they are actually issued. Furthermore, any shares of Stock issued pursuant to a Restricted Stock or Other Stock-Based Award grant which are forfeited or cancelled thereafter shall again become available
for issuance under this Plan. The net number of shares of Stock issued under a Stock Unit or Other Stock-Based Award, if applicable, shall not again become available under Section 3.1 for issuance under this Plan. If a Stock Unit or Other
Stock-Based Award is forfeited or settled in cash, the related shares of Stock shall again become available for issuance under this Plan. The net number of shares of Stock issued under an Option or SAR, to the extent it is exercised, shall not again
become available under Section 3.1 for issuance under this Plan. If an Option or SAR is forfeited or settled in cash, if applicable, the related shares of Stock shall again become available for issuance under this Plan. Any shares of Stock
which are (a) tendered to the Company to pay the Option Price of an Option, (b) tendered to the Company in satisfaction of any condition to a grant of Restricted Stock or Other Stock-Based Award, or (c) used to satisfy a withholding
obligation under Section 14.4, shall again become available under Section 3.1 for issuance under this Plan. 

  
 3 

 3.3. Use of Proceeds. The proceeds which the Company receives from the sale of any shares
of Stock under this Plan shall be used for general corporate purposes and shall be added to the general funds of the Company. 
 3.4.
Substitute Awards. Awards may be granted under the Plan from time to time in substitution for stock options and other awards held by employees or directors of other entities who are about to become Employees, whose employer is about to become
an affiliate as the result of a merger or consolidation of the Company with another corporation, or the acquisition by the Company of substantially all the assets of another corporation, or the acquisition by the Company of at least fifty percent
(50%) of the issued and outstanding stock of another corporation as the result of which such other corporation will become a Subsidiary. The terms and conditions of the substitute awards so granted may vary from the terms and conditions set
forth in the Plan to such extent as the Committee at the time of grant may deem appropriate to conform, in whole or in part, to the provisions of the award in substitution for which they are granted. If shares of Stock are issued under the Plan with
respect to a substitute award granted under this Section 3.4, as described above, to the extent permitted by applicable law and exchange rules, such shares of Stock will not count against the maximum number of shares of Stock reserved for
issuance under the Plan, as set forth in Section 3.1. 
 SECTION 4. EFFECTIVE DATE 

Subject to the stockholders of the Company (acting at a duly called meeting of such stockholders) approving the adoption of this Plan, this
Plan shall become effective on the Effective Time as defined in the Separation and Distribution Agreement by and between Sears Holdings Corporation and the Company. 

SECTION 5. PLAN ADMINISTRATION 

5.1. Authority of Committee. The Plan shall be administered by the Committee. Except as limited by law, or by the Certificate of
Incorporation or By-Laws of the Company, and subject to the provisions of this Plan, the Committee shall have full power, authority, and sole and exclusive discretion to construe, interpret and administer this Plan, including without limitation, the
power and authority to make determinations relating to Plan grants and correct mistakes in Stock, Option, or SAR Agreements, and to take such other action in the administration and operation of this Plan as the Committee deems equitable under the
circumstances. The Committee, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective. In addition, the
Committee shall have full and exclusive power to adopt such rules, regulations and guidelines for carrying out the Plan as it may deem necessary or proper, all of which power shall be executed in the best interests of the Company and in keeping with
the objectives of the Plan. This power includes, but is not limited to, selecting award recipients and establishing all award terms and conditions. 

  
 4 

 5.2. Amendment of Awards. The Committee, in its sole discretion, may amend any outstanding
award at any time in any manner not inconsistent with the terms of the Plan, provided that no outstanding, vested award may be amended without the grantee’s consent if the amendment would have a materially adverse effect on the grantee’s
rights under the award. Notwithstanding the foregoing, the Committee, in its sole discretion, may amend an award if it determines such amendment is necessary or advisable for the Company to comply with applicable law (including Code
Section 409A), regulation, rule, or accounting standard. 
 5.3. Delegation. To the extent permitted by applicable law, the
Committee may delegate its authority as identified herein to one or more officers of the Company or members of the Board, including without limitation the authority to approve grants to Eligible Individuals other than any of the Company’s
officers. To the extent that the Committee delegates its authority to make grants as provided by this Section 5.3, all references in the Plan to the Committee’s authority to make grants and determinations with respect thereto shall be
deemed to include the Committee’s delegate(s). In addition, the Committee may delegate to one or more of its members, officers of the Company or agents or advisors such administrative duties or powers as it may deem advisable. Any such delegate
shall serve at the pleasure of, and may be removed at any time by, the Committee. 
 5.4. Decisions Binding. In making any
determination or in taking or not taking any action under the Plan, the Committee or its delegate(s) may obtain and may rely on the advice of experts, including Employees of and professional advisors to the Company. Any action taken by, or inaction
of, the Committee or its delegate(s) relating to or pursuant to the Plan shall be within the absolute discretion of the Committee or its delegate. Such action or inaction of the Committee or its delegate(s) shall be conclusive and binding on the
Company, on each affected Eligible Individual and on each other person directly or indirectly affected by such action. 
 SECTION 6.
ELIGIBILITY 
 Eligible Individuals shall be eligible for the grant of awards under this Plan. 

SECTION 7. RESTRICTED STOCK, STOCK UNITS AND OTHER STOCK-BASED AWARDS 

7.1. Committee Action. 

(a) General. The Committee acting in its absolute discretion shall have the right to grant Restricted Stock, Stock Units
and Other Stock-Based Awards to Eligible Individuals from time to time. 
 (b) Limitations: 

(1) Other than Non-Employee Directors. Except as provided herein and subject to subsection (b)(2) immediately below, no
Restricted Stock, Stock Unit or Other Stock-Based Award grants in any combination may be made to an Eligible Individual in any calendar year with respect to more than 250,000 shares of Stock. 

  
 5 

 
Each grant of Restricted Stock, Stock Units and Other Stock-Based Awards shall be evidenced by a Stock Agreement. Notwithstanding the foregoing, separate and in addition to the above limit, no
more than 250,000 shares of Stock may be awarded to any Eligible Individual in any calendar year with respect to Stock that is granted in settlement of an award under the Lands’ End, Inc. Umbrella Incentive Program (or any incentive program
established thereunder). 
 (2) Non-Employee Directors. Notwithstanding subsection (b)(1) immediately above, no
Restricted Stock, Stock Unit and Other Stock-Based Award grants in any combination may be made to a Non-Employee Director in any calendar year with respect to more than $250,000 in aggregate value at grant date(s). Each grant of Restricted Stock,
Stock Units and Other Stock-Based Awards to a Non-Employee Director shall be evidenced by a Stock Agreement. 
 7.2. Forfeiture
Conditions. The Committee may make a Restricted Stock, Stock Unit or Other Stock-Based Award grant subject to one or more employment, performance or other forfeiture conditions which the Committee acting in its absolute discretion deems
appropriate under the circumstances, and the related Stock Agreement shall set forth each such forfeiture condition and the deadline for satisfying each such forfeiture condition. Any Restricted Stock or Other Stock-Based Award issued hereunder may
be evidenced in such manner, as the Committee, in its sole discretion, shall deem appropriate, including without limitation, book entry registration or issuance of a stock certificate or certificates. In the event any physical stock certificate is
issued in respect of Restricted Stock or Other Stock-Based Award granted under the Plan, such certificates shall be registered in the name of the Eligible Individual, shall bear an appropriate legend referring to the terms, conditions and
restrictions applicable to the award, and shall be held by the Company as escrow agent until the restrictions on such award have lapsed. 

7.3. Rights Under Awards. 

(a) Cash Dividends. Each Stock Agreement which evidences a Restricted Stock or Other Stock-Based Award grant shall state
whether the Eligible Individual shall have a right to receive any cash dividends which are paid after any shares of Restricted Stock or Other Stock-Based Award are issued to him or her and before the first day that the Eligible Individual’s
interest in such Stock is forfeited. If such a Stock Agreement provides that an Eligible Individual has no right to receive a cash dividend when paid, such agreement shall set forth the conditions, if any, under which the Eligible Individual will be
eligible to receive one, or more than one, payment in the future to compensate the Eligible Individual for the fact that he or she had no right to receive any cash dividends on his or her Restricted Stock or Other Stock-Based Award when such
dividends were paid. If such a Stock Agreement calls for any such payments to be made, the Company shall make such payments from the Company’s general assets, and the Eligible Individual shall be no more than a general and unsecured creditor of
the Company with respect to such payments. Unless otherwise set forth in the Stock Agreement which evidences a Stock Unit grant, if a cash dividend is paid on the shares of Stock described in a Stock Unit grant, such cash dividend shall be treated
as reinvested in shares of Stock and shall increase the number of shares of Stock described in such Stock Unit grant. 

  
 6 

 (b) Stock and Other Dividends. Unless otherwise provided in the related
Stock Agreement, and subject to such rules as the Committee shall adopt with respect to each dividend, if a Stock dividend is declared on a share of Restricted Stock or Other Stock-Based Award, such Stock dividend shall be treated as part of the
grant of the related Restricted Stock or Other Stock-Based Award, and an Eligible Individual’s interest in such Stock dividend shall be forfeited or shall become nonforfeitable at the same time as the Stock with respect to which the Stock
dividend was paid is forfeited or becomes nonforfeitable. Unless otherwise set forth in the Stock Agreement which evidences a Stock Unit grant, and subject to such rules as the Committee shall adopt with respect to each dividend, if a Stock dividend
is declared on any shares of Stock described in a Stock Unit grant, such dividend shall increase the number of shares of Stock described in such Stock Unit grant. If a dividend is paid on a share of Restricted Stock or Other Stock-Based Award or on
a share of Stock described in a Stock Unit grant other than in cash or Stock, the disposition of such dividend with respect to such Restricted Stock or Other Stock-Based Award grant and the treatment of such dividend with respect to such Stock Unit
grant shall be effected in accordance with the terms of the related Stock Agreement or such rules as the Committee shall adopt with respect to each such dividend. 

(c) Voting Rights. An Eligible Individual shall have the right to vote shares of Restricted Stock or Other Stock-Based
Award unless otherwise provided in the related Stock Agreement. An Eligible Individual receiving a Stock Unit grant shall not possess any voting rights with respect to such Stock Units. 

(d) Effect of Termination. In the discretion of the Committee, a Stock Agreement may provide for vesting, payment, or
other applicable terms after the Eligible Individual ceases to be employed or provide services to the Company or Subsidiary for any reason whatsoever, including death or disability. 

(e) Nontransferability. No Restricted Stock or Other Stock-Based Award grant and no shares issued pursuant to a
Restricted Stock or Other Stock-Based Award grant shall be transferable by an Eligible Individual other than by will or by the laws of descent and distribution before an Eligible Individual’s interest in such shares have become completely
nonforfeitable, and no interests in a Stock Unit grant shall be transferable other than by will or the laws of descent and distribution, except as otherwise provided in the related Stock Agreement. 

(f) Creditor Status. An Eligible Individual to whom a Stock Unit is granted shall be no more than a general and
unsecured creditor of the Company with respect to any payment due under such grant. 
 7.4. Satisfaction of Forfeiture Conditions. A
share of Stock shall cease to be Restricted Stock or Other Stock-Based Award at such time as an Eligible Individual’s interest in such Stock becomes nonforfeitable under this Plan and the terms of the related Stock Agreement. Upon vesting of a
Stock Unit, the Eligible Individual shall receive payment in cash or Stock in accordance with the terms of the related Stock Agreement. 

  
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 SECTION 8. OPTIONS AND SARs 

8.1. Options. The Committee acting in its absolute discretion shall have the right to grant Options to purchase shares of Stock to
Eligible Individuals from time to time, and Options may be granted for any reason the Committee deems appropriate under the circumstances. Each grant of an Option shall be evidenced by an Option Agreement, and each Option Agreement shall set forth
whether the Option is an ISO or a NQO and shall set forth such other terms and conditions, including without limitation any performance-based vesting conditions or forfeiture provisions, of such grant, as the Committee acting in its absolute
discretion deems consistent with the terms of this Plan. 
 8.2. ISO Rules. Notwithstanding anything in this Plan to the contrary, no
term of this Plan relating to ISOs shall be interpreted, amended or altered, nor shall any discretion or authority granted under the Plan be so exercised, so as to disqualify the Plan or any ISO under Code Section 422. The aggregate Fair Market
Value of ISOs granted to an Eligible Individual under this Plan and incentive stock options granted to such Eligible Individual under any other stock option plan adopted by the Company or a Subsidiary which first become exercisable in any calendar
year shall not exceed $100,000. Such Fair Market Value figure shall be determined by the Committee on the date the ISO or other incentive stock option is granted, and the Committee shall interpret and administer the limitation set forth in this
Section 8.2 in accordance with Code Section 422(d). 
 8.3. Option Price, Exercise Period and No Dividend Equivalents. 

(a) Option Price. The Option Price for each share of Stock subject to an Option shall be no less than the Fair Market
Value of a share of Stock on the date the Option is granted. The Option Price shall be payable in full upon the exercise of any Option. Except in accordance with the provisions of Section 12, the Committee shall not, absent the approval of the
Company’s stockholders, take any action, whether through amendment, cancellation, replacement grants, exchanges or any other means, to directly or indirectly reduce the Option Price of any outstanding Option. 

(b) Exercise Period. Each Option granted under this Plan shall be exercisable in whole or in part at such time or times
as set forth in the related Option Agreement, but no Option Agreement shall make an Option exercisable before the date such Option is granted or on or after the date which is the tenth anniversary of the date such Option is granted. In the
discretion of the Committee, an Option Agreement may provide for the exercise of an Option after the Eligible Individual ceases to be employed or provide services to the Company or a Subsidiary for any reason whatsoever, including death or
disability. 
 (c) No Dividend Equivalents. In no event shall any Option or Option Agreement granted under the Plan
include any right to receive dividend equivalents with respect to such award. 

  
 8 

 8.4. Method of Exercise. 

(a) Committee Rules. An Option may be exercised as provided in this Section 8.4 pursuant to procedures (including,
without limitation, procedures restricting the frequency or method of exercise) as shall be established by the Committee or its delegate from time to time for the exercise of Options. 

(b) Notice and Payment. An Option shall be exercised by delivering to the Committee or its delegate during the period in
which such Option is exercisable, (1) written notice of exercise in a form acceptable to the Committee indicating the specific number of shares of Stock subject to the Option which are being exercised and (2) payment in full of the Option
Price for such specific number of shares. An Option Agreement, at the discretion of the Committee, may provide for the payment of the Option Price by any of the following means: 

(1) in cash, electronic funds transfer or a check acceptable to the Committee; 

(2) in Stock which has been held by the Eligible Individual for a period acceptable to the Committee and which Stock is
otherwise acceptable to the Committee, provided that the Committee may impose whatever restrictions it deems necessary or desirable with respect to such method of payment; 

(3) through a broker-facilitated cashless exercise procedure acceptable to the Committee; or 

(4) in any combination of the methods described in this Section 8.4(b) which is acceptable to the Committee. 

Any payment made in Stock shall be treated as equal to the Fair Market Value of such Stock on the date the properly endorsed stock certificate
for such Stock is delivered to the Committee (or to its delegate) or, if payment is effected through a certification of ownership of Stock in lieu of a stock certificate, on the date the Option is exercised. 

(c) Restrictions. The Committee may from time to time establish procedures for restricting the exercise of Options on
any given date as the result of excessive volume of exercise requests or any other problem in the established system for processing Option exercise requests or for any other reason the Committee or its delegate deems appropriate or necessary. 

  
 9 

 8.5. SARs. 

(a) SARs and SAR Share Value. 

(1) The Committee acting in its absolute discretion may grant an Eligible Individual a SAR which will give the Eligible
Individual the right to the appreciation in one, or more than one, share of Stock, and any such appreciation shall be measured from the related SAR Share Value; provided, however, in no event shall the SAR Share Value be less than the Fair Market
Value of a share of Stock on the date such SAR is granted. The Committee shall have the right to make any such grant subject to such additional terms, including without limitation any performance-based vesting conditions or forfeiture provisions, as
the Committee deems appropriate and such terms shall be set forth in the related SAR Agreement. 
 (2) Each SAR granted under
this Plan shall be exercisable in whole or in part at such time or times as set forth in the related SAR Agreement, but no SAR Agreement shall make a SAR exercisable before the date such SAR is granted or on or after the date which is the tenth
anniversary of the date such SAR is granted. In the discretion of the Committee, a SAR Agreement may provide for the exercise of a SAR after the Eligible Individual ceases to be employed or provide services to the Company or Subsidiary for any
reason whatsoever, including death or disability. 
 (3) Except in accordance with the provisions of Section 12, the
Committee shall not, absent the approval of the Company’s stockholders, take any action, whether through amendment, cancellation, replacement grants, exchanges or any other means, to directly or indirectly reduce the SAR Share Value of any
outstanding SAR. 
 (b) Procedure. The exercise of a SAR shall be effected by the delivery of the related SAR
Agreement to the Committee together with a statement signed by the Eligible Individual which specifies the number of shares of Stock as to which the Eligible Individual exercises his or her SAR. 

(c) Payment. An Eligible Individual who exercises his or her SAR will receive a payment in cash or in Stock, or in a
combination of cash and Stock, equal in amount to the product of (i) the number of shares of Stock with respect to which the SAR is exercised multiplied by (ii) the excess of the Fair Market Value of a share of Stock on the exercise date
over the applicable SAR Share Value. The Committee acting in its absolute discretion shall determine the form of such payment. Any cash payment shall be made from the Company’s general assets, and an Eligible Individual shall be no more than a
general and unsecured creditor of the Company with respect to such payment. 
 (d) No Dividend Equivalents. In no
event shall any SAR or SAR Agreement granted under the Plan include any right to receive dividend equivalents with respect to such award. 

8.6. Nontransferability. Except to the extent the Committee deems permissible and consistent with the best interests of the Company, no
Option or SAR shall be transferable by an Eligible Individual other than by will or by the laws of descent and distribution, and any grant by the 

  
 10 

 
Committee of a request by an Eligible Individual for any transfer (other than a transfer by will or by the laws of descent and distribution) of an Option or SAR shall be conditioned on the
transfer not being made for value or consideration. Any such Option or SAR granted under this Plan shall be exercisable during an Eligible Individual’s lifetime, as the case may be, only by (subject to the first sentence in this
Section 8.6) the Eligible Individual, provided that in the event an Eligible Individual is incapacitated and unable to exercise such Eligible Individual’s Option or SAR, such Eligible Individual’s legal guardian or legal
representative whom the Committee deems appropriate based on all applicable facts and circumstances presented to the Committee may exercise such Eligible Individual’s Option or SAR, in accordance with the provisions of this Plan and the
applicable Option or SAR Agreement. The person or persons to whom an Option or SAR is transferred by will or by the laws of descent and distribution (or pursuant to the first sentence of this Section 8.6) thereafter shall be treated as the
Eligible Individual under this Plan. 
 8.7. Share Limitations. 

(a) Other than Non-Employee Directors. Subject to subsection (b) immediately below, an Eligible Individual may not be
granted in any calendar year Options, or SARs, or one or more Options and SARs in any combination which in the aggregate relate to more than 500,000 shares of Stock. 

(b) Non-Employee Directors. Notwithstanding subsection (a) immediately above, a Non-Employee Director may not be
granted in any calendar year Options, or SARs, or one or more Options and SARs in any combination which in the aggregate relate to more than $250,000 in aggregate value at grant date(s), based on the accounting value as recognized by the Company.

 SECTION 9. PERFORMANCE-BASED AWARDS 

9.1 Establishment of Performance Goals. If, at the time of grant, the Committee intends an award to qualify as “performance based
compensation” within the meaning of Code Section 162(m)(4), the Committee must establish in writing, objective performance goals for the applicable Performance Period no later than ninety (90) days after the Performance Period begins
(but in no event after twenty-five percent (25%) of the Performance Period has elapsed), and while the outcome as to the performance goals is substantially uncertain. Such performance goals established by the Committee may be with respect to
corporate performance, operating group or sub-group performance, individual company performance, other group or individual performance, or division performance, and shall be based on one or more of the criteria described in Section 9.2. 

9.2 Performance Measures. A performance goal may be based on any one or more or any combination (in any relative proportion) of the
following: share price, market share, cash flow, revenue, revenue growth, earnings per share, operating earnings per share, operating earnings, earnings before interest, taxes, depreciation and amortization, return on equity, return on assets,
return on capital, return on investment, net income, net income per share, economic value added, market value added, store sales growth, customer and member growth, maintenance and satisfaction performance goals and employee opinion survey results
measured by an independent firm, and 

  
 11 

 
strategic business objectives, consisting of one or more objectives based on meeting specific cost or profit targets or margins, business expansion goals and goals relating to acquisitions or
divestitures. Each goal, with respect to a performance period, may be expressed on an absolute and/or relative basis, may be based on the Company as a whole or on any one or more business units of the Company, or its Subsidiaries, and may be based
on or otherwise employ comparisons based on internal targets, the past performance of the Company or of any one or more business units of the Company or its Subsidiaries, and/or the past or current performance of other companies, or an index. 

9.3 Certification of Performance. A Participant otherwise entitled to receive an award intended to meet the requirements of
performance-based compensation under Code Section 162(m) and the regulations thereunder for any Performance Period shall not receive a settlement of the award until the Committee has determined that the applicable performance goal(s) have been
attained. To the extent that the Committee exercises discretion in making the determination required by this subsection, such exercise of discretion may not result in an increase in the amount of the payment with respect to such award. 

9.4 Extraordinary Items. In establishing any performance goals, the Committee may, no later than the date such performance goals are
established in accordance with Section 9.1, provide for the exclusion of the effects of the following items, to the extent identified in the audited financial statements of the Company, including footnotes, or in the Management Discussion and
Analysis of Financial Condition and Results of Operations accompanying such financial statements: (a) asset write-downs; (b) litigation or claim judgments or settlements; (c) extraordinary, unusual, and/or nonrecurring items of gain
or loss; (d) gains or losses on acquisitions or divestitures or store closings; (e) domestic pension expenses; (f) noncapital, purchase accounting items; (g) changes in tax or accounting principles, regulations or laws;
(h) mergers or acquisitions; (i) integration costs disclosed as merger related; (j) accruals for reorganization or restructuring programs; (k) investment income or loss; (l) foreign exchange gains and losses; and
(m) tax valuation allowances and/or tax claim judgment or settlements. To the extent the exclusion of any item affects awards intended to constitute performance-based compensation under Code Section 162(m), such exclusion shall be
specified in a manner that satisfies the requirements of Code Section 162(m) and the regulations thereunder, including without limitation the requirement that performance goals be objectively determinable. 

SECTION 10. SECURITIES REGISTRATION 

For Stock issued pursuant to this Plan, the Company at its expense shall take such action as it deems necessary or appropriate to register the
original issuance of such Stock to an Eligible Individual under the Securities Act of 1933, as amended, or under any other applicable securities laws or to qualify such Stock for an exemption under any such laws prior to the issuance of such Stock
to an Eligible Individual; however, the Company shall have no obligation whatsoever to take any such action in connection with the transfer, resale or other disposition of such Stock by an Eligible Individual. 

  
 12 

 SECTION 11. LIFE OF PLAN 

No award shall be granted under this Plan on or after the earlier of: (a) the tenth
(10th) anniversary of the date the Company adopts this Plan, in which event this Plan otherwise thereafter shall continue in effect until all Options and SARs have been exercised in full or
no longer are exercisable and all Restricted Stock, Stock Unit and Other Stock-Based Award grants under this Plan have been forfeited or the forfeiture conditions on the related Stock or cash payments have been satisfied in full, or (b) the
date on which all of the Stock reserved under Section 3 has been issued or is no longer available for use under this Plan and all cash payments due under any Stock Unit grants have been paid or forfeited, in which event this Plan also shall
terminate on such date. 
 SECTION 12. ADJUSTMENT 

12.1. Corporate Transactions. The Committee shall make equitable adjustments to reflect any corporate transaction, which may include
(a) adjusting the number, kind or class (or any combination thereof) of shares of Stock reserved under Section 3, the grant limitations described in Section 7.1(b) and Section 8.7, the number, kind or class (or any combination
thereof) of shares of Stock subject to Options and SARs granted under this Plan and the applicable Option Price and SAR Share Value as well as the number, kind or class of shares of Stock subject to Restricted Stock, Stock Unit and Other Stock-Based
Award grants under this Plan, (b) replacing outstanding awards with other awards of comparable value, (c) cancelling outstanding awards in return for a cash payment, and (d) any other adjustments that the Committee determines to be
equitable. For purposes of this paragraph a corporate transaction includes without limitation any dividend (other than a cash dividend that is not an extraordinary cash dividend) or other distribution (whether in the form of cash, Stock, securities
of a subsidiary of the Company, other securities or other property), recapitalization, stock split, reverse stock split, combination of shares, reorganization, merger, consolidation, acquisition, split-up, spin-off, combination, repurchase or
exchange of Stock or other securities of the Company, issuance of warrants or other rights to purchase Stock or other securities of the Company, or other similar corporate transaction. Notwithstanding anything in this paragraph to the contrary, an
adjustment to an Option or SAR under this paragraph shall be made in a manner that will not result in the grant of a new Option or SAR under Code Section 409A or cause the Option or SAR to fail to be exempt from Code Section 409A. 

12.2. General. If any adjustment under this Section 12 would create a fractional share of Stock or a right to acquire a fractional
share of Stock, such fractional share shall be disregarded and the number of shares of Stock reserved under this Plan and the number subject to any grant shall be the next lower number of shares of Stock, rounding all fractions downward. Any
adjustment made under this Section 12 by the Committee shall be conclusive and binding on all affected persons. 
 SECTION 13. AMENDMENT OR
TERMINATION 
 The Board or the Committee may at any time in its sole discretion, for any reason whatsoever, terminate or suspend the
Plan, and from time to time may amend or modify the Plan; provided that without the approval of stockholders of the Company, no amendment or modification to the Plan may materially modify the Plan in any way that would require stockholder approval

  
 13 

 
under any regulatory requirement that the Committee determines to be applicable, including without limitation, the rules of any exchange. No amendment, modification, suspension or termination of
the Plan shall have a materially adverse effect on any vested and outstanding award on the date of such amendment, modification, suspension or termination, without the written consent of the affected grantee. Notwithstanding the foregoing, no
Eligible Individual consent shall be needed for an amendment, modification, or termination of the Plan if the Committee determines such amendment, modification, or termination is necessary or advisable for the Company to comply with applicable law
(including Code Section 409A), regulation, rule, or accounting standard. Suspension or termination of the Plan shall not affect the Committee’s ability to exercise the powers granted to it with respect to awards under this Plan prior to
the date of such suspension or termination. 
 SECTION 14. MISCELLANEOUS 

14.1. Stockholder Rights. No Eligible Individual shall have any rights as a stockholder of the Company as a result of the grant of an
Option or SAR under this Plan or his or her exercise of such Option or SAR pending the actual delivery of any Stock subject to such Option or SAR to such Eligible Individual. Except as otherwise provided in this Plan, an Eligible Individual’s
rights as a stockholder in the shares of Stock related to a Restricted Stock or Other Stock-Based Award grant shall be set forth in the related Stock Agreement. 

14.2. No Contract of Employment or Contract for Services. The grant of an award to an Eligible Individual under this Plan shall not
constitute a contract of employment or contract for the performance of services or an agreement to continue his or her status as an Eligible Individual and shall not confer on an Eligible Individual any rights in addition to those rights, if any,
expressly set forth in any Stock, Option or SAR Agreement. 
 14.3. Coordination with Corporate Policies. Shares of Stock and cash
acquired by an Eligible Individual under this Plan shall be subject to share retention, forfeiture, and clawback policies established by the Company in accordance with the terms of such policies. 

14.4. Withholding. The exercise of any Option or SAR granted under this Plan and the acceptance of a Restricted Stock, Stock Unit or
Other Stock-Based Award grant shall constitute an Eligible Individual’s full and complete consent to whatever action the Committee deems necessary to satisfy the minimum tax withholding requirements, if any, which the Committee acting in its
discretion deems applicable. Subject to applicable law, the Committee, in its discretion, shall have the right to condition the delivery of any shares of Stock (or other benefit) under the Plan on the satisfaction of an Eligible Individual’s
applicable withholding obligation and shall have the right to satisfy such tax withholding requirements, if any: (a) through cash payment by the Eligible Individual; (b) with the Committee’s consent, through the surrender of shares of
Stock which the Eligible Individual already owns (provided, however, that to the extent shares of Stock described in this subsection (b) are used to satisfy more than the minimum statutory withholding obligation, then, except as otherwise
provided by the Committee, payments made with shares of Stock in accordance with this subsection (b) shall be limited to shares of Stock held by the Eligible Individual for not less than six (6) months prior to the payment date); or
(c) through the surrender of shares of Stock to which the Eligible Individual is otherwise entitled under the Plan; provided, however, that such shares of Stock under this subsection (c) may be used to satisfy not more than the
Company’s minimum statutory withholding obligation. 

  
 14 

 14.5 Compliance with Code Section 409A. To the extent that amounts payable under this
Plan are subject to Code Section 409A, the Plan is intended to comply with Code Section 409A and official guidance issued thereunder. Notwithstanding anything herein to the contrary, the Plan shall be interpreted, operated and administered
in a manner consistent with this intention. 
 14.6 Requirements of Law. The granting of awards and the issuance of Stock under the
Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

14.7 Indemnification. Each person who is or shall have been a member of the Committee and each delegate of such Committee shall
be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which
he or she may be made a party or in which he or she may be involved in by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s
approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided that the Company is given an opportunity, at its own expense, to handle and defend the same before he or she
undertakes to handle and defend it personally. Such foregoing right of indemnification shall not apply in circumstances involving such person’s bad faith or willful misconduct. The foregoing right of indemnification shall not be exclusive and
shall be independent of any other rights of indemnification to which such persons may be entitled under the Company’s Articles of Incorporation or By-laws, by contract, as a matter of law, or otherwise. 

14.8 Headings and Captions. The headings and captions here are provided for reference and convenience only, shall not be considered
part of this Plan, and shall not be employed in the construction of this Plan. 
 14.9 Governing Law. This Plan shall be governed
under the internal laws of the state of Wisconsin without regard to principles of conflicts of laws, to the extent not superseded by federal law. The state and federal courts located in the state of Wisconsin shall have exclusive
jurisdiction in any action, lawsuit or proceeding based on or arising out of the Plan. 
 14.10 Invalid Provisions. In the event any
provision of this Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of this Plan, and this Plan shall be construed and enforced as if the illegal or invalid provision had not been
included. 
 14.11 Conflicts. In the event of a conflict between the terms of this Plan and any Stock, Option or SAR Agreement, the
terms of the Plan shall prevail. 
 14.12 Successors. All obligations of the Company under the Plan with respect to awards granted
hereunder shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the
Company. 

  
 15 

 14.13 Deferral of Awards. The Committee may, in a Stock Agreement or otherwise, establish
procedures for the deferral of Stock or cash deliverable upon settlement, vesting or other events with respect to Restricted Stock, Stock Units or Other Stock-Based Awards. Notwithstanding anything herein to the contrary, in no event will any
deferral of Stock or any other payment with respect to any award granted under the Plan be allowed if the Committee determines, in its sole discretion, that the deferral would result in the imposition of the additional tax under Code
Section 409A. 
 14.14 Employees in Foreign Jurisdictions. Notwithstanding any provision of this Plan to the contrary, in order
to achieve the purposes of this Plan or to comply with provisions of the laws in countries outside the United Sates in which the Company operates or has Employees, the Committee, in its sole discretion, shall have the power and authority to
(i) determine which Eligible Individuals (if any) employed by the Company outside the United States should participate in the Plan, (ii) modify the terms and conditions of any awards made to such Eligible Individuals, and
(iii) establish sub-plans and other award terms, conditions and procedures to the extent such actions may be necessary or advisable to comply with provisions of the laws in such countries outside the United States in order to assure the
lawfulness, validity and effectiveness of awards granted under this Plan. 

  
 16

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