EXHIBIT 10.4

[SEARS HOLDINGS LETTERHEAD]

J. DAVID WORKS

Senior Vice President, Talent and Human Capital Services

March 17, 2010

Mr. Michael D.
Collins

Dear Mike,

I am pleased
to tell you that the Compensation Committee of Sears Holdings Board of Directors has approved the following compensation package for you as you continue in the role of Senior Vice President and Chief Financial Officer. Your new compensation package
was approved retroactive to January 31, 2010, the first day of SHCs 2010 fiscal year.

The key elements of your new compensation
package are as follows:



| |  |  | Annual base salary at a rate of $700,000.
| | - |  | -----------------------------------------



| |  |  | Participation in the Sears Holdings Corporation Annual Incentive Plan. Your annual incentive opportunity will increase to ninety percent
(90%) of your base salary. Your incentive under the 2010 Annual Incentive Plan (2010 AIP) will be prorated based on the amount of time at each compensation level (base salary and annual incentive target) through
January 29, 2011, the last day of SHC's 2010 fiscal year. Any annual incentive payable with respect to a fiscal year will be paid by April 15 of the following fiscal year, provided that you are actively employed at the payment
date.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The table below summarizes the changes in your compensation

|         |  |                                 |  |             |         |   |                 |    |   |                  |   |           |  
|-------- |  | ------------------------------- |  | ----------- | ------- | - | --------------- | -- | - | ---------------- | - | --------- | -
|         |  | Title                           |  | Base Salary |         |   | TargetIncentive |    |   | TotalTarget Cash |  
|Current  |  | SVP and Chief Financial Officer |  | $           | 600,000 |   |                 | 75 | % |                  | $ | 1,050,000 |  
|New      |  | SVP and Chief Financial Officer |  | $           | 700,000 |   |                 | 90 | % |                  | $ | 1,330,000 |  
|Increase |  |                                 |  |             | 16.7    | % |                 |    |   |                  |   | 26.7      | %

In addition to the above, you also
received a grant of restricted stock valued at $500,000 under the Sears Holdings Corporation 2006 Stock Plan. The number of restricted shares granted (4,950) was determined using the market closing price ($101.01 per share) of Sears Holdings
shares on March 9, 2010, the grant date. The restricted shares granted will be scheduled to vest in full on the third anniversary of the grant date, subject to the restrictions set forth under the 2006 Stock Plan and the Restricted Stock Award
Agreement.

If you need additional information or clarification, please call. Please sign below and return this letter.

Sincerely,



|                  
|------------------
|/s/ J. David Works
|J. David Works    



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|                       |  |        
|---------------------- |  | -------
|Accepted:              |  |        
|                       | 
|/s/ Michael D. Collins |  | 3/24/10
|Michael D. Collins     |  | Date