Bath & Body Works, Inc. announced on September 21, 2026, that its Human Capital and Compensation Committee granted a performance stock unit (PSU) award to Chief Executive Officer Daniel Heaf. The award has a target value of $10 million, which corresponds to 591,366 shares of the company’s common stock.
The PSU Award is designed to incentivize Mr. Heaf to execute the company’s long-term strategy and create sustained shareholder value. The award is contingent upon the achievement of four specific stock price performance hurdles over a four-year performance period. The company’s common stock must achieve an average closing price of $40, $60, $80, or $100 over any 60 consecutive trading days during the period to earn 75%, 100%, 150%, or 200% of the target number of PSUs, respectively.
Any PSUs earned will vest on the fourth anniversary of the grant date, subject to Mr. Heaf’s continued employment through that date. Additionally, the number of PSUs earned will generally be reduced by 50% if the company’s total shareholder return falls below the 55th percentile relative to the companies comprising the S&P 1500 Consumer Discretionary Distribution & Retail Index at the end of the four-year period.
