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| EXHIBIT 10.7 |
| LANDS’ END, INC. |
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| NONQUALIFIED STOCK OPTION AGREEMENT |
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| Name of Grantee: |
| ______________________ | (the “Grantee”) |
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| No. of Nonqualified Stock Options: |
| ______________________ |
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| Per Share Exercise Price of Nonqualified Stock Options: |
| $_____________________ |
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| Grant Date: |
| ______________________ | (the “Grant Date”) |
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WHEREAS, the Grantee is currently an employee of Lands’ End, Inc., a Delaware corporation (the “Company” and together with its Subsidiaries, “Lands’ End”);
WHEREAS, the Company desires to (i) induce the Grantee with an incentive to become and remain in a continuous Business Relationship (defined below) with Lands’ End and (ii) increase the Grantee’s interest in the success of the Company by granting nonqualified stock options (the “Options”) covering shares of common stock of the Company to the Grantee; and
WHEREAS, the issuance of the Options is made pursuant to the Lands’ End, Inc. [INSERT PLAN NAME HERE] (as amended and/or restated from time to time, the “Plan”) and made subject to the terms and conditions of this Lands’ End, Inc. Stock Option Agreement (this “Agreement”).
NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as follows:
$_______, which is the Fair Market Value of a Share on the Grant Date.
Vesting Date |
| Percentage of Option Vested |
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Notwithstanding the foregoing, with respect to any Grantee who is party to a severance agreement or other employment agreement with Lands’ End as of the date of Grantee’s termination of employment, “Cause,” as used in this Section 3(d) shall have the same meaning as such term is defined in such severance or employment agreement.
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right to vote the shares underlying the Options until the Options have been exercised in accordance with the provisions of this Agreement and the Plan, the Grantee has paid the full aggregate Exercise Price for the number of Shares in respect of which the Option was exercised and made arrangements acceptable to the Company for the payment of applicable withholding taxes and the Company has issued and delivered the Shares to the Grantee.
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of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same agreement. The headings of sections and subsections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of this Agreement. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Wisconsin.
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reorganizations, or other changes in the Company’s capital structure or its business, or any merger or consolidation of the Company, or any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred, or prior preference stocks whose rights are superior to or affect the Shares or the rights thereof or which are convertible into or exchangeable for Shares, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of the assets or business of the Company, or any other corporate act or proceeding, whether of a similar character or otherwise. In such event, any adjustment shall be made in accordance with Section 12 of the Plan.
THIS AGREEMENT SHALL BE NULL AND VOID AND UNENFORCEABLE BY THE GRANTEE UNLESS SIGNED AND DELIVERED TO THE COMPANY NOT LATER THAN THIRTY (30) DAYS SUBSEQUENT TO THE GRANT DATE.
BY SIGNING THIS AGREEMENT, THE GRANTEE IS HEREBY CONSENTING TO THE PROCESSING AND TRANSFER OF THE GRANTEE’S PERSONAL DATA BY THE COMPANY TO THE EXTENT NECESSARY TO ADMINISTER AND PROCESS THE AWARDS GRANTED UNDER THIS AGREEMENT.
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IN WITNESS WHEREOF, the Company and the Grantee have executed this Nonqualified Stock Option Agreement as of the date first above written.
COMPANY | |
LANDS’ END, INC. | |
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By: |
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| Name: |
| Title: |
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GRANTEE | |
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By: |
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| Name: |
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