LANDS' END, INC. — Director's Dealing 2020

May 12, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LANDS' END, INC. (LE)
CIK: 0000799288
Period of Report: 2020-05-08

Reporting Person: GRAY PETER L (EVP, CAO, GC & Corp. Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-08	Common Stock	M	5681	$0.00	Acquired	36151	Direct
2020-05-08	Common Stock	F	1818	$7.73	Disposed	34333	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-05-08	Restricted Stock Units	$0.00	M	5681	Disposed		Common Stock (5681)	Direct

Footnotes

F1: Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of common stock upon satisfaction of the vesting conditions.

F2: Represents shares surrendered to the issuer for payment of the reporting person's tax withholding obligation incurred in connection with the vesting of RSUs on May 8, 2020.

F3: This RSU award was granted on May 8, 2017, with vesting in four installments on May 8, 2018 (25%), May 8, 2019 (25%), May 8, 2020 (25%) and May 8, 2021 (25%).

F4: Of the total number of RSUs, 5,709 RSUs will vest on March 26, 2021; 5,684 RSUs will vest on May 8, 2021; 4,394 RSUs will vest on March 25, 2021; 8,789 RSUs will vest on March 25, 2022; and 30,777 RSUs will vest in three annual installments on March 19, 2021 (25%), March 19, 2022 (25%) and March 19, 2023 (50%); subject in each case to the satisfaction of vesting conditions, including continued employment.