Lindsey Christen
Camping World HoldingsAbout Lindsey Christen
Lindsey J. Christen is Chief Administrative and Legal Officer and Secretary at Camping World Holdings, Inc. and CWGS, LLC; she is 44 and has served in senior legal roles at the company since 2008, including General Counsel and Secretary since June 2020 . She holds a J.D. from Brooklyn Law School (2007) and a B.A. from Villanova University . Her amended employment agreement effective July 1, 2024 runs through May 1, 2028, with base salary of $300,000 and target annual bonus of $600,000 . Company performance context: fiscal 2024 consolidated Adjusted EBITDA was $178.8 million versus a $371.4 million budget, with Christen paid her full $600,000 bonus per agreement terms .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Camping World, Inc. / FreedomRoads, LLC | Corporate Counsel | 2008–2011 | Corporate legal support across operations |
| CWI, Inc.; FreedomRoads, LLC; Good Sam Enterprises, LLC | Assistant General Counsel | 2011–2020 | Expanded compliance, contracts, and legal risk management |
| Camping World Holdings, Inc. | Senior Vice President & General Counsel | 2020–2022 | Led company legal function; Secretary role since June 2020 |
| Camping World Holdings, Inc. / CWGS, LLC | Executive Vice President & General Counsel | 2022–2023 | Executive leadership of legal, governance, and regulatory matters |
| Camping World Holdings, Inc. / CWGS, LLC | Chief Administrative & Legal Officer; Secretary | 2023–present | Enterprise-wide legal and administrative oversight; corporate governance |
External Roles
Filings reviewed identify only internal roles at CWH/CWGS entities; no external board or public company roles are disclosed for Ms. Christen in the documents reviewed .
Fixed Compensation
| Year | Base Salary ($) | Perquisites Detail | All Other Compensation ($) |
|---|---|---|---|
| 2024 | 300,000 | Company-owned car; company covers insurance, registration, taxes and maintenance; tax gross-up on imputed income | 48,252 (includes personal use of company car $27,871 and tax gross-up $20,381) |
| 2023 | 300,000 | Company-provided benefits and perquisites per policy | 39,421 |
Performance Compensation
Annual Cash Incentive
| Year | Target Bonus ($) | Actual Payout ($) | Metric | Notes |
|---|---|---|---|---|
| 2024 | 600,000 | 600,000 | Performance objectives determined by Company | Prorated target framework effective July 1, 2024; payout settled post-year review |
| 2023 | 600,000 | 600,000 | Performance objectives determined by Company | Annual incentive per employment agreement |
Equity Awards and Vesting
| Grant Date | Instrument | Shares (#) | Grant-Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| 07/06/2023 | RSU | 30,000 | 660,984 | Not explicitly specified in proxy; RSU terms follow plan |
| Effective 07/01/2024; accounting grant date 06/10/2024 | RSU | 100,000 | 1,758,860 | Vests in five equal installments on the first five anniversaries of August 15, 2024, subject to continued employment |
2024 RSU Vesting Schedule (100,000 total)
| Vest Date | Shares (#) |
|---|---|
| Aug 15, 2025 | 20,000 |
| Aug 15, 2026 | 20,000 |
| Aug 15, 2027 | 20,000 |
| Aug 15, 2028 | 20,000 |
| Aug 15, 2029 | 20,000 |
Equity Ownership & Alignment
Beneficial Ownership
| As of Record Date | Class A Shares Beneficially Owned (#) | Ownership % |
|---|---|---|
| March 21, 2025 | 40,933 | * (<1%) |
| March 21, 2024 | 30,348 | * (<1%) |
Awards Held Under 2016 Plan (Aggregate since plan inception to Feb 28, 2025)
| Instrument | Quantity |
|---|---|
| Options | 2,250 |
| RSUs | 215,250 |
| PSUs | — |
- Stock ownership guidelines: executives must hold ≥3x base salary in Class A shares and/or CWGS, LLC interests; expected to meet levels within five years of becoming subject to the policy .
- Anti-hedging and pledging: insider trading policy prohibits hedging, short sales, and pledges by employees and directors .
- No pledges are disclosed for Ms. Christen; note that a pledge exists at ML Acquisition for CEO-related holdings, not applicable to Ms. Christen .
Employment Terms
| Element | Key Terms |
|---|---|
| Agreement Term | Amended effective July 1, 2024; ends May 1, 2028 |
| Role | Chief Administrative and Legal Officer and Secretary of CWH and CWGS, LLC |
| Base Salary | $300,000 |
| Target Bonus | $600,000; performance objectives determined by Company |
| Death/Disability | Prior-year unpaid bonus; prorated target bonus for year of termination; immediate RSU acceleration |
| Without Cause or Material Default (resignation after uncured default) | Prior-year unpaid bonus; prorated target bonus; immediate RSU acceleration; 18 months COBRA if elected; severance equal to 1x base salary + 1x target bonus, paid over one year |
| Change-in-Control Equity | RSUs accelerate upon death/disability or if terminated by Company without cause during 12 months following a change in control |
| Potential Payments Table (2025) | Severance $900,000; Incentive Compensation $240,000; Equity Acceleration $3,056,600; totals vary by scenario; COBRA not elected |
| Potential Payments Table (2024) | Severance $900,000; Incentive Compensation $240,000; Equity Acceleration $1,680,640; totals vary by scenario; COBRA not elected |
| Clawback Policy | Effective Oct 2, 2023; applies to incentive compensation upon qualifying restatements; 2024 correction required no recovery |
Investment Implications
- Pay-for-performance alignment: Christen’s cash incentive is a fixed-dollar target ($600k) based on company-set objectives rather than formulaic Adjusted EBITDA, introducing discretion risk; nonetheless, she earned 100% of target in 2024 despite a significant EBITDA shortfall versus budget ($178.8m vs $371.4m), which could be viewed as a retention emphasis over pure performance linkage .
- Insider selling pressure: 100,000 RSUs from 2024 vest 20,000 each August 15 from 2025–2029, creating predictable settlement events that may coincide with potential selling activity around vest dates .
- Severance/change-in-control economics: Moderate severance (1x salary + 1x target bonus) and RSU acceleration on death/disability and double-trigger post-change-in-control help retention but create transaction-related acceleration exposure; overall severance structure is not excessive versus typical mid-cap norms .
- Equity alignment: Beneficial ownership remains modest (<1%); adherence to 3x salary ownership guideline within five years is expected, which should improve alignment over time; anti-hedging/pledging policy reduces misalignment risks, and no pledges are disclosed for Christen .
- Governance and risk: Comprehensive clawback policy is in place; perquisites include company car and tax gross-ups, which some investors view unfavorably, but amounts are small; absence of disclosed related-party transactions tied to Christen reduces conflict risk .