Bath & Body Works, Inc. — Form 8-K
Filed September 23, 2026 · analyzed by the 8-K Agent
8-K
— Neutral
significance 28/100
What the filing says
On September 21, 2026, Bath & Body Works granted Daniel Heaf 591,366 performance share units (PSUs) at target, vesting September 20, 2030. The award has four stock price hurdles: $40 (75% of target), $60 (100% target), $80 (150%), and $100 (200% maximum). Vesting is also subject to a relative TSR governor that reduces awards by 50% if company TSR ranks below 55th percentile among S&P 1500 Consumer Discretionary Retail Index peers.
Why this rating
Executive equity grant: routine compensation. ~$35–59M value at grant (591K shares × $60 midpoint), ~0.6–1% of $5.8B market cap. Standard four-year performance PSU with typical vesting conditions and clawback provisions. Not material to business trajectory.
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