Document:

Lease Acquisition Agreement McKenzie & Dunn County, North Dakota Subject Leases

 Exhibit 10.21 
 McKenzie & Dunn Counties, ND 
 LEASE ACQUISITION
AGREEMENT 
 This Lease Acquisition Agreement (the “Agreement”), dated as of January 24, 2011 (the
“Effective Time), is between Arkoma Bakken, LLC, a Texas limited liability company, whose address is 203 E. Interstate 30, Rockwall, TX 75087 (“Arkoma LLC”), Larry T. Long, as Trustee for Long Properties
Trust, whose address is P.O. Box 1700, Kilgore, TX 75663 (the “Trust”), and Reynolds Drilling Co., Inc., a
                     corporation, whose address is 416 Travis, Suite 806, Shreveport, LA 71101 (“Reynolds”) (Arkoma LLC, the
Trust, and Reynolds are each sometimes referred to herein as a “Seller” and are sometimes collectively referred to herein as “Sellers”) and GMX Resources, Inc., an Oklahoma corporation, whose address is One
Benham Place, Suite 600, 9400 North Broadway, Oklahoma City, Oklahoma 73114 (“Buyer”). Sellers and Buyer are sometimes referred to herein as a “Party” or the “Parties.” 

RECITALS 
 A. Arkoma LLC owns record title for the benefit of Sellers to certain rights and interests in, to and under the leasehold estates created by the oil and gas leases described in Exhibit A
attached hereto, which cover approximately 7,613.293363 net mineral acres in McKenzie and Dunn Counties, North Dakota. The respective working interests of the Sellers in and to the Leases, whether owned beneficially or of record, are set out in
Exhibit B. 
 B. The Trust and Reynolds are the owners of beneficial interests in and to the Leases, and prior to
Closing, as defined herein, Arkoma LLC will deliver assignments to the Trust and Reynolds of their respective interests in the Leases, as such shares set forth in Exhibit B. 

C. Each Seller desires to sell and convey to Buyer and Buyer desires to purchase and acquire from Sellers an undivided 87.5% of
Sellers’ working interest in and to the Leases. 
 NOW THEREFORE, in consideration of the mutual promises contained herein
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Sellers agree as follows: 
 ARTICLE 1 
 PURCHASE AND SALE 

1.1 Purchase and Sale. Subject to the terms and conditions of this Agreement, Buyer agrees to purchase from Sellers and Sellers
agree to sell, assign and deliver to Buyer, the following (the “Assets”), for the consideration specified in Article 2. 
 1.2 Assets. “Assets” shall mean the following: 
 (a) An
undivided eighty-seven and one-half percent (87.5%) of Sellers’ interest in and to the oil and gas leases described in Exhibit A (the “Leases”); 

(b) An undivided 87.5% of Sellers’ interest in and to all unitization, pooling and communitization agreements, declarations, orders,
and the units created thereby relating to the Leases and to the production of oil, gas and other hydrocarbons (“Hydrocarbons”), if any, attributable to said properties and interests, and all surface leases, permits, rights-of-way,
easements and other surface rights agreements used or held by Sellers in connection with the exploration, drilling, production, gathering, treatment, processing, storing, sale or disposal of Hydrocarbons or produced water from the Leases; and

 (c) To the extent transferable and in Sellers’ possession, copies of all of
Sellers’ land records, lease records, contract files, title records (including abstracts of title, title opinions and memoranda, title curative documents, broker run sheets and landowner contact information) and other records relating to the
items described in Sections 1.2(a) and 1.2(b), but excluding any information covered by the attorney-client or attorney work-product privilege (other than title opinions) or confidentiality restrictions that prevent their disclosure to Buyer;
provided that Sellers will, at Buyer’s request, but at no cost or expense to Sellers, request waivers of such confidentiality restrictions (the “Records”). 

ARTICLE 2 

PURCHASE PRICE 
 2.1 Purchase Price. 
 (a) Subject to adjustment as provided herein, the
purchase price for the Assets shall be Thirty One Million Three Hundred Forty Two Thousand Nine Hundred Seventy Seven Dollars ($31,342,977.00) (the “Purchase Price”). The Purchase Price shall be apportioned among the Sellers as set
forth on Exhibit B. 
 (b) The Purchase Price shall be paid as follows: (i) at Closing, Buyer shall pay to
Sellers, by wire transfer of immediately available funds, an amount equal to 33.333% of the Purchase Price (the “Closing Cash Consideration”); and (ii) at Closing, Buyer shall deliver to Sellers the number of shares of common
stock of Buyer, par value $0.001 per share, (the “Common Stock”) which is equal to 66.667% of the Purchase Price divided by the Share Price, as defined below (the “Stock Consideration”). As used herein, the
“Share Price” of the Common Stock means the volume weighted average closing price of the ordinary shares of the Common Stock as traded on the New York Stock Exchange (“NYSE”) during the fifteen (15) trading
days immediately prior to and including date three trading days prior to the Closing Date; provided, in the event such calculated price is less than $5.50, the Share Price shall be $5.50, and in the event such calculated price is more than
$6.50, the Share Price shall be $6.50. 
 (c) Certain Definitions: 

(i) As used herein, “Net Acres” with respect to a Lease shall mean (A) the undivided interest owned in the
leasehold estate created by the applicable Lease, multiplied by (B) the number of gross acres covered by the Lease, multiplied by (C) the lessor’s percentage interest in the oil and gas mineral fee estate in the land
covered by the Lease. 
 (ii) “Allocated Value” with respect to a Lease shall mean an amount equal to the
“Per Acre Price” with respect to such Lease, as set out below, multiplied by 87.5% multiplied by the number of Net Acres set forth in Exhibit A for such Lease. 

  
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 (iii) The “Per Acre Price” with respect to a Lease shall be determined
based on the royalty share reserved by the lessor thereunder, as set out in the chart below: 
  

					
	 Lessor’s Royalty Fraction
	  	Per Acre Price	 
	 Lessor’s royalty is 1/8 or less
	  	$	5133	  
	 Lessor’s royalty is greater than 1/8 and is less than or equal to 1/6
	  	$	4781	  
	 Lessor’s royalty is greater than 1/6 and is less than or equal to 18%
	  	$	4668	  
	 Lessor’s royalty is greater than 18% and is less than or equal to 3/16
	  	$	4605	  
	 Lessor’s royalty is 1/5 or greater
	  	$	4500	  

 ARTICLE 3

 BUYER’S INSPECTION 
 3.1 Access to Records. Until Closing, Sellers will make available to Buyer and its representatives at Sellers’ office or at the applicable office of its lease brokers and during Sellers’
or such broker’s normal business hours, the Records in Sellers’ or such lease brokers’ possession or control relating to the Assets for the purpose of permitting Buyer to perform its due diligence review. For the purposes hereof,
“Records” are defined as all of the files and documents in Sellers’ possession, authority or control relating to the Assets, including lease schedules, lease copies, ownership reports, lease purchase reports, broker notes, plats,
title reports and any other information used or obtained by Sellers with regard to such Asset. 
 3.2 No Representation or
Warranty. Except as set forth in this Agreement, Sellers make no representation or warranty as to the accuracy or completeness of the Records. Buyer agrees that any conclusions drawn from such Records shall be the result of its own independent
review and judgment. 

  
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 ARTICLE 4 
 TITLE DEFECTS 
 4.1 Defensible Title. The term
“Defensible Title” with respect to a Lease means such title of Sellers (which may be held of record in the name of Sellers or in the name of one of Sellers’ lease brokers or agents so long as such lease brokers or agents assign
the Leases held by them to Sellers at or prior to Closing) in and to the Leases that, subject to and except for Permitted Encumbrances: (i) results in Sellers owning that number of Net Acres with respect to the Lease equal to the number of Net
Acres for the Lease set forth in Exhibit A, (ii) entitles Sellers to not less than the Represented NRI, as defined herein; and (iii) is free and clear of liens, security interests, encumbrances, claims, lis pendens, and any
other defects, other than Permitted Encumbrances. 
 The respective working interests of the Sellers in the Leases are as
follows: 
  

			
	 Seller
	  	Working Interest
	 Arkoma Bakken, LLC
	  	0.40
	 Long Properties Trust
	  	0.40
	 Reynolds Drilling Co., Inc
	  	0.20
	 Total:
	  	1.00

 As used herein, the
“Represented NRI” with respect to a Lease shall mean an amount equal to the difference between 100% and the Lessor’s Royalty for such Lease, as shown on Exhibit A. 

4.2 Permitted Encumbrances. The term “Permitted Encumbrances” shall mean: 

(a) lessors’ royalties; provided the net cumulative effect of such burdens does not operate to reduce the NRI, on a Lease-by-Lease
basis, below the Represented NRI with respect to such Lease; 
 (b) all rights to consent by, required notices to, filings with,
or other actions by federal, state or local governmental bodies, in connection with the conveyance of the applicable Lease if the same are customarily sought after Closing; 
 (c) rights of reassignment contained in any agreement providing for reassignment upon the surrender or expiration of any Leases; 
 (d) easements, rights-of-way, servitudes, permits, surface leases and other rights with respect to surface operations, on, over or in respect of any of the Leases or any restriction on access thereto that
do not materially interfere with the operation of the affected Lease; 
 (e) liens created under deeds of trust, mortgages and
similar instruments by the lessor under a Lease covering the lessor’s surface and mineral interests in the land covered thereby which would customarily be accepted in taking oil and gas leases or purchasing undeveloped oil and gas leases and
for which the lessee would customarily seek a subordination of such lien to the oil and gas leasehold estate prior to conducting drilling activities on the lease; 
 (f) liens for taxes or assessments not yet due and delinquent or, if delinquent, that are being contested in good faith in the normal course of business; 

  
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 (g) such Title Defects as Buyer has waived; and 

(h) minor defects and irregularities in title or other restrictions that are of the nature customarily accepted by prudent purchasers of
oil and gas properties and do not materially affect the value of any Lease encumbered thereby or materially impair the ability of the lessee to use any such property in its operations; provided the effect thereof does not operate to reduce the net
revenue interest in such Lease below the Represented NRI with respect to such Lease. 
 4.3 Title Defect. The term
“Title Defect” means with respect to a Lease any lien, encumbrance, adverse claim, default, expiration, failure, defect in or objection to real property title, other than Permitted Encumbrances, that alone or in combination with
other defects renders Sellers’ title to the Lease less than Defensible Title. 
 4.4 Defect Value. “Defect
Value” means with respect to a Lease the amount by which the value of the applicable Lease has been reduced by a Title Defect. The Defect Value shall be determined by the Parties in good faith taking into account all relevant factors,
including without limitation, the following: 
 (a) If the Title Defect is a lien or encumbrance on the Asset, the Defect Value
shall be the cost of removing such lien or encumbrance, not to exceed the Allocated Value of the affected Lease. 
 (b) If the
Title Defect is an actual reduction in NRI below the Represented NRI with respect to the affected Lease, the Defect Value shall be, at Buyer’s option, an amount equal to the difference between the Per Acre Price based on the Represented NRI for
such Lease and the Per Acre Price based on the actual NRI for such Lease; multiplied by the Net Acres for the Lease, as set forth in Exhibit A. Alternatively, for an Asset with an actual NRI that is below the Represented NRI,
Buyer shall have the right to deem such Asset an Unresolved Title Dispute and exclude such Asset from Closing. 
 (c) If the
Title Defect is such that the actual Net Acres covered by the Lease is less than the number of Net Acres set forth in Exhibit A for such Lease, the Defect Value shall be an amount equal to such difference in Net Acres multiplied by
the Per Acre Price for such Lease. Provided, however, if the Title Defect is such that the actual Net Acres covered by the Lease is less than 50% of the number of Net Acres set forth in Exhibit A for such Lease, the Buyer shall
have the right to deem such Asset an Unresolved Title Dispute and exclude such Asset from Closing. 
 4.5 Notice of Title
Defects. On or before February 25, 2011 (the “Defect Notice Date”), Buyer shall deliver to Sellers a written notice of Title Defects describing in reasonable detail (i) the Title Defect, (ii) the basis of the
Title Defect and (iii) Buyer’s good faith estimate of the reduction in the Lease’s Allocated Value caused by the Title Defect (“Title Defect Value”). The failure of Buyer to timely notify Sellers of a Title Defect
(other than a Title Defect arising by, through or under Sellers or their affiliates or their respective agents) on or before the Defect Notice Date shall be deemed a waiver by Buyer of such Title Defect. 

4.6 Defect Adjustments. If an Asset is affected by an undisputed Title Defect and the Parties have agreed upon the Defect Value
attributable thereto, the Purchase Price will be reduced by the Defect Value attributable thereto unless Sellers cure the Title Defect on or before 5:00 p.m. Central Time three (3) days before Closing. 

  
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 4.7 Unresolved Title Disputes. If, by the Closing Date, the Parties have not resolved
any dispute regarding (i) the existence and scope of a Title Defect, (ii) the amount of the Defect Value, or (iii) the adequacy of Sellers’ Title Defect curative materials (each such matter, together with the matters described in
the last sentence of Section 4.4(b) and the last sentence of Section 4.4(c), an “Unresolved Title Dispute”), then, unless waived by Buyer, the affected Leases shall be excluded from the Assets delivered at Closing, and the
Purchase Price payable at Closing shall be reduced by an amount equal to the aggregate Allocated Values of the excluded Leases (the “Excluded Leases”). For a period of ninety (90) days following the Closing Date (or such longer
period of time to which the Parties may mutually agree in writing) (the “Cure Period”), Sellers shall have the right, but not the obligation, to continue attempting to cure the Title Defects with respect to the Excluded Leases. If
Sellers reasonably cure a Title Defect within the Cure Period, or Buyer notifies Sellers that it waives such Title Defect, then, within thirty (30) days after obtaining such title curative, Sellers shall assign to Buyer an undivided 87.5%
working interest in the affected Excluded Lease(s), subject to and in accordance with the terms hereof, and Buyer shall pay Sellers the amount by which the Purchase Price was reduced due to the relevant Title Defect, such amount to be paid 1/3 in
cash, and 2/3 in Common Stock, in accordance with Section 2.1(b). If a Title Defect is neither cured to Buyer’s reasonable satisfaction nor waived by Buyer prior to the expiration of the Cure Period then the Excluded Lease(s) affected
thereby shall be retained by Sellers and neither Buyer nor Sellers shall have any further obligation to the other Party with respect thereto. 
 4.8 Consents. Prior to Closing, Sellers shall use reasonable efforts to obtain all required consents to assignment of the Assets. If Buyer discovers properties for which consents to assign are
applicable during the course of Buyer’s due diligence activities, Buyer shall notify Sellers immediately and Sellers shall use reasonable efforts to obtain such consents prior to Closing. Except for consents and approvals which are customarily
obtained post-Closing (including without limitation federal, state, or other governmental approvals), if a consent to assign any Asset has not been obtained as of the Closing Date, then at Buyer’s election, the affected Asset(s) shall be
(a) conveyed to Buyer and the respective consents obtained by Buyer post-Closing and Buyer shall assume the risk of not obtaining such consents (provided that after Closing Sellers shall continue to cooperate with Buyer to obtain such consent),
(b) retained by Sellers and the Purchase Price shall be reduced by the Allocated Value of such Asset, or (c) at the option of Buyer, held by Sellers on behalf of Buyer for a three (3) month period of time to obtain any consent to
assign, and if such consent is not obtained within such time period then Sellers shall retain such Asset and refund Buyer the Allocated Value attributed thereto. 
 4.9 Purchase Price Adjustments; Settlement Statement. The aggregate amount of any adjustment of the Purchase Price pursuant to Sections 4.6, 4.7, 4.8, and 4.11, and any other adjustments permitted
elsewhere in this Agreement or agreed to by the Parties (collectively, “Purchase Price Adjustments”) shall be applied as follows: (i) the Stock Consideration shall be adjusted by an amount equal to the aggregate Purchase Price
Adjustment multiplied by 2/3; and (ii) the Closing Cash Consideration shall be adjusted by an amount equal to the aggregate Purchase Price Adjustment multiplied by 1/3. The aggregate adjustment of the Purchase Price shall be borne
by each Seller in proportion to the respective share of the Purchase Price allocated to such Seller, as shown on Exhibit B; provided, however, that if a downward adjustment to the Purchase Price is made with respect to a Title
Defect that arises by, through or under one or more, but not all, of the Sellers, the reduction in the Purchase Price shall be borne by the Sellers under or through whom the Title Defect arose. At least two (2) business days prior to Closing,
Sellers shall deliver to Buyer a settlement statement (“Settlement Statement”) setting out all Purchase Price Adjustments, determined as provided herein. 

  
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 4.10 Subrogation of Warranties. Sellers shall grant to Buyer, its successors and
assigns, full power and right of substitution and subrogation in and to all covenants, indemnities and warranties (including warranties of title) given or made by preceding owners, vendors, or others with respect to the Assets. 

4.11 Title Benefit. The term “Title Benefit” with respect to a Lease means such title of Sellers (which may be
held of record in the name of Sellers or in the name of one of Sellers’ lease brokers or agents so long as such lease brokers or agents assign the Leases held by them to Sellers at or prior to Closing) in and to the Lease that results in
(i) Sellers owning greater than the number of Net Acres for the Lease set forth in Exhibit A (an “Acreage Increase”); or (ii) Sellers owning greater than the Represented NRI with respect to such Lease (an
“NRI Increase”). On or before the Defect Notice Date, each of Buyer and Sellers shall notify the other Party in writing of any Title Benefit discovered on or before such date. Sellers shall be entitled to an upward adjustment to the
Purchase Price with respect to each such Title Benefit equal to (a) in the case of an Acreage Increase, the amount by which Sellers’ actual Net Acres with respect to the affected Lease exceeds the Net Acres attributed to such Lease in
Exhibit A, multiplied by the Per Acre Price for such Lease; and (b) in the case of an NRI Increase, an amount equal to the difference between the Per Acre Price based on the Represented NRI for such Lease and the Per Acre
Price based on the actual NRI for such Lease; multiplied by the Net Acres for the Lease, as set forth in Exhibit A. 
 ARTICLE 5 
 SELLERS’ REPRESENTATIONS AND WARRANTIES

 Each Seller makes the following representations and warranties to Buyer as of the date of the Agreement and again as of
the Closing Date: 
 5.1 Status. Such Seller is a corporation, limited liability or trust, as the case may be, duly
organized, validly existing and in good standing under the laws of the State of its organization or formation. 
 5.2
Power. Such Seller has all requisite power and authority to carry on its business as presently conducted. The execution and delivery of this Agreement and the agreements and instruments contemplated hereby by such Seller does not, and the
fulfillment of and compliance with the terms and conditions hereof and thereof will not violate, or be in conflict with, any material provision of such Seller’s governing documents, or any material provision of any agreement or instrument to
which such Seller is a party or by which it is bound, or any judgment, decree, order, statute, rule or regulation applicable to such Seller. 
 5.3 Authorization and Enforceability. This Agreement constitutes, and the other agreements and instruments to be executed by such Seller in accordance with this Agreement will constitute, such
Seller’s legal, valid and binding obligation, enforceable in accordance with its terms, subject, however, to the effects of bankruptcy, insolvency, reorganization, moratorium and other laws for the protection of creditors, as well as to general
principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law. 
 5.4
Title; No Liens. Except for (i) assignments among Sellers to be made prior to Closing, and (ii) encumbrances arising pursuant to that certain Letter of Agreement, dated June 1, 2009, between the Trust and Arkoma LLC, on the one
hand, and Eco Resources, LP, on the other hand (the “Eco Resources Letter Agreement”), such Seller has not assigned or conveyed to any other 

  
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person or otherwise encumbered any of its interest in the Assets. Except for the Permitted Encumbrances, the Assets will be conveyed to Buyer at Closing free and clear of all liens and
encumbrances arising by, through or under such Seller but not otherwise (provided that failure to make a delay rental or similar payment to extend a Lease shall not constitute a breach of this Section 5.4, but shall constitute a Title Defect).

 5.5 Liability for Brokers’ Fees. Such Seller has not incurred any liability, contingent or otherwise, for
brokers’ or finders’ fees relating to the transactions contemplated by this Agreement for which Buyer shall have any responsibility whatsoever. 
 5.6 No Bankruptcy. There are no bankruptcy proceedings pending, being contemplated by or, threatened against such Seller. 
 5.7 Litigation. Except for the matters disclosed in Schedule 5.7 (the “Existing Litigation”), there are no actions or suits pending against such Seller with respect to the Assets
and, to such Seller’s knowledge, there is no proceeding, claim or investigation pending or threatened with respect to the Assets. 
 5.8 Lease Status/Rentals. Such Seller has not received a written notice of any request or demand for payments, adjustments of payments or performance pursuant to obligations under the Leases that
is still outstanding. Such Seller has not received a written notice of default with respect to the payment or calculation of rentals that has not been cured. Such Seller is not in breach or default with respect to any obligation under any of the
Leases. Each of the Leases is valid and existing, in full force and effect, enforceable in accordance with its terms and has not terminated or expired as to any interest covered thereby, in whole or in part. All rentals, royalties, overriding
royalties and other burdens based upon or measured by the ownership of the Leases or the production of hydrocarbons therefrom that are due and owing have been fully and timely paid. Exhibit C sets forth a complete and accurate schedule
of due dates for rental payments due under the Leases. 
 5.9 Accuracy of the Records. Sellers make no representations
regarding the accuracy or completeness of any of the Records; provided, however, such Seller does represent that (i) the Records include all of the files, or copies thereof, that Seller has used in the ordinary course of operating and
owning the Leases, (ii) Seller has made, or prior to Closing will make, all Records in its possession available to Buyer and (iii) Seller has not intentionally withheld any of the Records from Buyer. 

5.10 Compliance With Laws. Such Seller has not received written notice from any governmental agency that such Seller’s
ownership or operation of the Assets is in violation of any applicable federal, state and local laws, including environmental laws, in any material respect. 
 5.11 No Operations. Sellers have not conducted oil and gas exploration, development or production operations on the Leases, or any lands pooled or unitized therewith. 

5.12 Preferential Rights to Purchase. None of the Assets is subject to any preferential right or option to purchase in favor of
any third party. 
 5.13. Consents. Except as set forth on Exhibit D, no consent or approval of any third
party is necessary for the assignment of any of the Assets, except for governmental consents customarily obtained post-Closing. 

  
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 5.14. Contract Obligations. Exhibit E identifies all contracts
burdening the Assets. Such Seller is not, nor to such Seller’s knowledge is any third party, in default in any material respect under any such contract. 
 5.15 Accredited Investor. Such Seller is an “accredited investor,” as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the
“Securities Act”). Such Seller understands that Buyer will rely upon the exemptions provided by the Securities Act, Section 4(2) and/or Regulation D thereunder and various state securities laws and will rely on the representations and
warranties of such Seller contained herein for purposes of such determination. Such Seller is acquiring Common Stock for its own account and not with a view to, or for the offer or sale in connection with, any distribution thereof. Such Seller
acknowledges that the shares of Common Stock have not been registered under the Securities Act, or any state securities laws, that the shares of Common Stock may not be transferred or sold except pursuant to a registration statement filed in
accordance with the Securities Act or pursuant to any applicable exemption therefrom under the Securities Act and state securities laws, and that the certificate representing the Purchase Price will bear a restricted legend to the same effect.

 5.16. Sophisticated Investor. Such Seller has such knowledge of Buyer and its business and such experience in
financial and business matters to enable it to evaluate the merits and risks of an investment in Common Stock. Such Seller has made an informed investment decision with respect to the shares of Common Stock to be acquired pursuant to this Agreement.
Such Seller understands that there can be no assurance as to the federal or state tax result of an investment in Common Stock. Such Seller understands that no state or federal governmental authority has made any finding or determination relating to
the fairness of an investment in Common Stock and no state or federal governmental authority has recommended or endorsed or will recommend or endorse an investment in Common Stock. Such Seller is able to bear the risks of an investment in the Common
Stock, including the risks set forth in Buyer’s risk factors included in Item 1A of its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. 

ARTICLE 6 

BUYER’S REPRESENTATIONS AND WARRANTIES 
 Buyer makes the following representations and warranties as of the Closing Date: 

6.1 Organization and Standing. Buyer is an Oklahoma corporation duly organized, validly existing and in good standing under the
laws of Oklahoma and is duly qualified to carry on its business in the State(s) where the Leases are located. 
 6.2
Power. Buyer has all requisite power and authority to carry on its business as presently conducted. The execution and delivery of this Agreement does not, and the fulfillment of and compliance with the terms and conditions hereof will not, as
of the Closing Date, violate, or be in conflict with, any material provision of Buyer’s governing documents, or any material provision of any agreement or instrument to which Buyer is a party or by which it is bound, or any judgment, decree,
order, statute, rule or regulation applicable to Buyer. 

  
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 6.3 Authorization and Enforceability. This Agreement constitutes Buyer’s legal,
valid and binding obligation, enforceable in accordance with its terms, subject, however, to the effects of bankruptcy, insolvency, reorganization, moratorium and other laws for the protection of creditors, as well as to general principles of
equity, regardless whether such enforceability is considered in a proceeding in equity or at law. 
 6.4 Liability for
Brokers’ Fees. Buyer has not incurred any liability, contingent or otherwise, for brokers’ or finders’ fees relating to the transactions contemplated by this Agreement for which Sellers shall have any responsibility whatsoever.

 6.5 Buyer’s Evaluation. Buyer is an experienced and knowledgeable investor in the oil and gas business. Buyer has
been advised by and has relied solely upon its own expertise in legal, tax and other professional counsel concerning the transaction contemplated by this Agreement, the Assets and the value thereof. 

6.6 Qualified to Hold Leases. Buyer is eligible under all applicable laws and regulations to own the Assets, including, without
limitation, any state or federal Leases. 
 6.7 Capitalization. 

(a) The authorized capital stock of Buyer consists of 100,000,000 shares of Common Stock, and 10,000,000 shares of preferred stock, par
value $.001 per share, of which 6,000,000 shares are designated Series B Cumulative Preferred Stock, and 25,000 are designated Series A Junior Participating Preferred Stock, par value $.001 per share. As of January 11, 2011, there were issued
and outstanding 31,283,353 shares of Common Stock, 2,041,169 shares of Series B Cumulative Preferred Stock and no shares of Series A Junior Participating Preferred Stock. The issued and outstanding shares of Common Stock and Series B Cumulative
Preferred Stock have been duly authorized and validly issued and are fully paid and non-assessable and were not issued in violation of any preemptive, preferential purchase or other similar rights of any person. 

(b) Upon delivery of the shares of Common Stock as a portion of the Purchase Price to Sellers as provided in this Agreement, Sellers will
acquire good and valid title thereto, and such shares of Common Stock will be validly issued, fully paid and non-assessable. 

(c). No consent, approval, waiver or authorization of any governmental entity or any other person is required for Buyer to execute and
deliver this Agreement or to perform its obligations hereunder, other than the approval by the NYSE of a supplemental listing application with respect to the Stock Consideration. 

ARTICLE 7 

COVENANTS AND AGREEMENTS 
 7.1 Covenants and Agreements of Sellers. Sellers covenant and agree with Buyer that, except with the prior written consent of Buyer, which consent shall not be unreasonably withheld, conditioned or
delayed, during the period from the date of execution hereof until the Closing Date, Sellers shall not (i) commit to drill any wells on the Lands or conduct any oil and gas exploration, development or production operations on the Leases, or any
lands pooled or unitized therewith, (ii) release or abandon any part of the Assets; (iii) sell, transfer, assign, convey or otherwise dispose of any of the Assets, or any interest therein, except for assignments among the Sellers;
(iv) enter into any farmout agreement, farmin agreement or any other contract affecting the Assets; (v) modify or terminate any Lease; or (vi) create any lien, security interest or encumbrance on the Assets, the oil or gas
attributable to the Assets, or the proceeds thereof. 

  
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 7.2 Government Approval. If any approval or consent by any federal, state or local or
governmental authority is required to vest Defensible Title to any of the Assets in Buyer at Closing, Sellers shall use reasonable commercial efforts, as requested in writing by Buyer, to assist Buyer in obtaining all such required approvals or
consents at Buyer’s expense. 
 ARTICLE 8 
 CONDITIONS PRECEDENT TO CLOSING 
 8.1 Sellers’
Conditions. The obligations of Sellers at the Closing are subject, at the option of Sellers, to the satisfaction or waiver at or prior to the Closing of the following conditions precedent: 

(a) All representations and warranties of Buyer contained in this Agreement shall be true and correct in all material respects on and as
of the Closing, and Buyer shall have performed and satisfied all covenants and agreements required by this Agreement to be performed and satisfied by Buyer at or prior to the Closing in all material respects; 

(b) Buyer stands ready, willing and able to Close with Sellers; and 

(c) No suit, action or other proceedings shall be pending before any court or governmental entity in which it is sought by a person or
entity other than the Parties hereto or any of their affiliates, officers, directors, or employees to restrain, enjoin or otherwise prohibit the consummation of the transactions contemplated by this Agreement, or to obtain damages in connection with
the transactions contemplated herein. 
 8.2 Buyer’s Conditions. The obligations of Buyer at the Closing are
subject, at the option of Buyer, to the satisfaction or waiver at or prior to Closing of the following conditions precedent: 

(a) All representations and warranties of Sellers contained in this Agreement shall be true and correct in all material respects on and
as of the Closing, and Sellers shall have performed and satisfied all covenants and agreements required by this Agreement to be performed and satisfied by Sellers at or prior to the Closing in all material respects; 

(b) Sellers stand ready, willing and able to Close with Buyer; 
 (c) No suit, action or other proceedings shall be pending before any court or governmental entity in which it is sought by a person or entity other than the Parties hereto or any of their affiliates,
officers, directors, or employees to restrain, enjoin or otherwise prohibit the consummation of the transactions contemplated by this Agreement, or to obtain damages in connection with the transactions contemplated herein; and 

(d) Any encumbrances on the Assets arising under or in connection with the Eco Resources Letter Agreement or the Existing Litigation
shall have been released to Buyer’s reasonable satisfaction. 

  
 11 

 ARTICLE 9 
 RIGHT OF TERMINATION 
 9.1 Termination. This Agreement may be terminated in
accordance with the following provisions: 
 (a) by Sellers if the conditions set forth in Section 8.1 are not satisfied,
through no fault of Sellers, or waived by Sellers in writing, as of Closing; or 
 (b) by Buyer if the conditions set forth in
Section 8.2 are not satisfied, through no fault of Buyer, or waived by Buyer in writing, as of Closing. 
 9.2
Liabilities Upon Termination. 
 (a) Buyer’s Default. If Closing does not occur because Buyer wrongfully fails
to tender performance at Closing or otherwise materially breaches this Agreement prior to Closing, and if Sellers are not in material default under this Agreement and are ready, willing and able to Close, Seller shall, as Seller’s exclusive
remedies, elect either (i) specific performance; or (ii) actual damages in the maximum amount of three percent (3%) of the Purchase Price, plus, in each case, Sellers’ costs of collection, including reasonable attorneys’
fees and expenses. Buyer’s failure to close shall not be considered wrongful if Buyer’s conditions under Section 8.2 are not satisfied through no fault of Buyer and are not waived by Buyer. 

(b) Sellers’ Default. If Closing does not occur because Sellers wrongfully fail to tender performance at Closing or otherwise
materially breaches this Agreement prior to Closing, and Buyer is not in material default under this Agreement and is ready, willing and able to Close, Buyer shall, as Buyer’s exclusive remedies, elect either (i) specific performance; or
(ii) actual damages in the maximum amount of three percent (3%) of the Purchase Price, plus, in each case, Buyer’s costs of collection, including reasonable attorneys’ fees and expenses. Sellers’ failure to close shall not
be considered wrongful if (i) Sellers’ conditions under Section 8.1 are not satisfied through no fault of Sellers and are not waived by Sellers. 
 (c) Other Termination. If Sellers and Buyer agree to terminate this Agreement, each Party shall release the other Party from any and all liability for termination of this Agreement. 

ARTICLE 10 

CLOSING 
 10.1 Closing. The “Closing” of the transaction contemplated hereby shall be held on March 11, 2011, or such other date as the Parties may agree. The date the Closing actually
occurs is referred to herein as the “Closing Date.” 
 10.2 Closing Obligations. At Closing, the
following events shall occur, each being a condition precedent to the others and each being deemed to have occurred simultaneously with the others: 
 (a) Assignment and Conveyance. Sellers and Buyer shall execute, acknowledge and deliver to Buyer (i) an Assignment, Bill of Sale and Conveyance of the Assets, except for any Leases which shall
not be conveyed at Closing pursuant to Section 4.7 or Section 4.8, substantially in the form of Exhibit F; and (ii) such other assignments, bills of sale, or deeds necessary to transfer the Assets to Buyer including
without limitation federal and state forms of assignment. 

  
 12 

 (b) Settlement Statement. Sellers and Buyer shall execute the Settlement Statement.

 (c) Purchase Price. Buyer shall deliver to each Seller (i) its Share, as set out in Exhibit B, of
the Closing Cash Consideration, as set out in the Settlement Statement, by wire transfer in immediately available funds, according to the wire instructions provided by such Seller; and (ii) a certificate representing its Share, as set out in
Exhibit B, of the Stock Consideration, in each case as adjusted as provided herein; 
 (d) Non-Foreign
Status. Each Seller shall execute and deliver to Buyer an affidavit of non-foreign status and no requirement for withholding under Section 1445 of the Code. 
 (e) Sellers’ Certificate. Each Seller shall execute and deliver to Buyer a certificate certifying that all representations and warranties of such Seller contained in this Agreement are true
and correct in all material respects on and as of the Closing Date, and that such Seller has performed and satisfied all covenants and agreements required by this Agreement to be performed and satisfied by such Seller at or prior to the Closing in
all material respects. 
 (f) Buyer’s Certificate. Buyer shall execute and deliver to Sellers a certificate
certifying that all representations and warranties of Buyer contained in this Agreement are true and correct in all material respects on and as of the Closing Date, and that Buyer has performed and satisfied all covenants and agreements required by
this Agreement to be performed and satisfied by Buyer at or prior to the Closing in all material respects. 
 (e)
Possession. Sellers shall deliver to Buyer possession of the Assets. 
 (f). Stockholder and Registration Rights
Agreement. The Parties shall execute and deliver a Stockholder and Registration Rights Agreement in substantially the form of Exhibit G attached hereto. 
 (g) Joint Operating Agreement. The Parties shall execute a joint operating agreement, substantially in the form of Exhibit H attached hereto or such other form to which the
Parties may agree, covering the Leases, in which Buyer shall be designated as operator. 
 ARTICLE 11 

POST-CLOSING OBLIGATIONS 
 11.1 Records. Sellers shall make the originals of the Records available for pick-up by Buyer within ten (10) business days after the Closing Date. Sellers may retain copies of the Records and
Sellers shall have the right to review and copy the Records during standard business hours upon reasonable notice for so long as Buyer retains the Records. 
 11.2 Transfer Taxes and Recording Fees. Buyer shall pay all sales, transfer, use or similar taxes , if any, occasioned by the sale or transfer of the Assets and all documentary, transfer, filing,
licensing, and recording fees required in connection with the processing, filing, licensing or recording of any assignments, titles or bills of sale. 

  
 13 

 11.3 Further Assurances. From time to time after Closing, Sellers and Buyer shall
each execute, acknowledge and deliver to the other such further instruments and take such other action as may be reasonably requested in order to accomplish more effectively the purposes of the transactions contemplated by this Agreement, including
assurances that Sellers and Buyer are financially capable of performing any indemnification required hereunder. 
 ARTICLE 12

 ASSUMPTION AND RETENTION OF OBLIGATIONS AND 

INDEMNIFICATION; DISCLAIMERS 
 12.1 Buyer’s Assumption of Liabilities and Obligations. Upon Closing, Buyer shall assume and pay, perform, fulfill and discharge all claims, costs, expenses, liabilities and obligations
relating to the ownership or operation of the Assets (including those arising under environmental laws and all plugging and abandonment obligations) attributable to periods on or after the Effective Time (the “Assumed Liabilities”).
Sellers stipulate that no surface locations, drilling or production operations have been initiated on the Assets by Sellers. 

12.2 Indemnification. 
 (a) Losses. “Losses” shall mean any actual losses, costs, expenses (including court costs, reasonable fees and expenses of attorneys, technical experts and expert witnesses and the
cost of investigation), liabilities, damages, demands, suits, claims, and sanctions of every kind and character (including civil fines) arising from, related to or reasonably incident to matters indemnified against; excluding however any special,
consequential, punitive or exemplary damages, loss of profits incurred by a Party hereto or Loss incurred as a result of the indemnified party indemnifying a third party, except to the extent the indemnified party suffers such damages to a third
party (other than as a result of the indemnified party’s indemnification of such third party). 
 (b) Sellers’
Indemnification of Buyer. If the Closing occurs, each Seller shall defend, indemnify, and save and hold harmless Buyer, its officers, directors, employees and agents, from and against all Losses which arise directly or indirectly from or in
connection with (i) any breach by such Seller of this Agreement; (ii) the Eco Resources Letter Agreement or the litigation disclosed in Schedule 5.7 (collectively, “Existing Litigation Losses”), or (iii) any breach by
such Seller, prior to the Closing Date, of the Leases; provided, however, such Seller shall have no liability to Buyer for any claim by Buyer for breach of Sections 5.7, 5.8, 5.9, 5.10, 5.11, 5.12, 5.13 or 5.14 that is not made within six
(6) months after the Closing Date. As provided in Section 13.17 herein, the obligations of the entities comprising Seller are several, not joint and collective, and in no event shall any Seller be liable to indemnify Buyer hereunder from
any Losses arising from a breach by any other Seller of this Agreement or the Leases. Notwithstanding any other provision hereof, (i) in no event shall Buyer be entitled to indemnification from a Seller hereunder from Losses which, in the
aggregate, exceed such Seller’s portion of the Purchase Price, as adjusted as provided herein; and (ii) except with respect to Existing Litigation Losses, Buyer shall not be entitled to indemnification from Sellers unless the aggregate
amount of Losses covered by this Section 12.2(b) exceeds $200,000.00 (the “Indemnity Threshold”), such amount being a threshold, not a deductible; provided that Existing Litigation Losses shall not be subject to the
Indemnity Threshold. 
 (c) Buyer’s Indemnification of Sellers. If the Closing occurs, Buyer shall defend,
indemnify, and save and hold harmless Sellers, their officers, directors, employees and agents, from and against all Losses which arise directly or indirectly from or in connection with (i) the Assumed Liabilities, and (ii) any breach by
Buyer of this Agreement. 

  
 14 

 12.3 No Insurance; Subrogation. The indemnifications provided in this Article 12
shall not be construed as a form of insurance. Buyer and Sellers hereby waive for themselves, their successors or assigns, including, without limitation, any insurers, any rights to subrogation for Losses for which each of them is respectively
liable or against which each respectively indemnifies the other, and, if required by applicable policies, Buyer and Sellers shall obtain waiver of such subrogation from its respective insurers. 

12.4 Reservation as to Non-Parties. Nothing herein is intended to limit or otherwise waive any recourse Buyer or Sellers may have
against any non-party for any obligations or liabilities that may be incurred with respect to the Assets. 
 ARTICLE 13

 MISCELLANEOUS 
 13.1 Exhibits. The Exhibits to this Agreement are hereby incorporated in this Agreement by reference and constitute a part of this Agreement. 

13.2 Expenses. Except as otherwise specifically provided, all fees, costs and expenses incurred by Buyer or Sellers in negotiating
this Agreement or in consummating the transactions contemplated by this Agreement shall be paid by the Party incurring the same, including, without limitation, engineering, land, title, legal and accounting fees, costs and expenses. 

13.3 Notices. All notices and communications required or permitted under this Agreement shall be in writing and addressed as set
forth below. Any communication or delivery hereunder shall be deemed to have been duly made and the receiving Party charged with notice (i) if personally delivered, when received, (ii) if sent by facsimile transmission, when received,
(iii) if mailed, five business days after mailing, certified mail, return receipt requested, or (iv) if sent by overnight courier, one day after sending. All notices shall be addressed as follows: 

If to Sellers: 
 Arkoma Bakken, LLC 
 203 E. Interstate 30 

Rockwall, TX 75087-5402 
 Attn: Mark S. Kelldorf 
 Telephone: (972) 771-6000 

Fax: (972) 771-5888 
 With Copies to: 
 J. Benjamin Warren, Jr. 

Ayres, Warren, Shelton & Williams 
 14th Floor,
Regions Tower 
 333 Texas Street 
 Shreveport, LA 71101 
 Telephone: (318) 227-3322 

Fax: (318) 227-3980 
 Email: benwarren@awsw-law.com 

  
 15 

 Long Properties Trust 

301 E. Main Street 
 Kilgore, TX 75662 
 Attn: Larry T. Long 

Telephone: (903) 988-3440 
 Fax: (903) 986-3919 
 Reynolds Drilling Co., Inc. 

416 Travis Street 

Midsouth Towers, Suite 806 
 Shreveport, LA 71101-5502 
 Attn: T. Pat Reynolds 

Telephone: (318) 227-0118 
 Fax: (318) 864-9952 
 If to Buyer: 

GMX Resources, Inc. 
 One Benham Place, Suite 600 
 9400 North Broadway 

Oklahoma City, OK 73114 
 Attention: Gary D. Jackson 
 Telephone: (405) 600-0711 

Fax: (405) 600-0600 
 E-mail: gjackson@GMXRresources.com 
 With copies to: 

Andrews Kurth LLP 
 600 Travis, Suite 4200 
 Houston, TX 77002 

Attention: Cheryl S. Phillips 
 Telephone: (713) 220-4200 
 Fax: (713) 220-4285 

Email: cphillips@andrewskurth.com 
 Any Party may, by written notice so delivered to the other Parties, change the address or individual to which delivery shall thereafter be made. 

13.4 Amendments. Except for waivers specifically provided for in this Agreement, this Agreement may not be amended nor any rights
hereunder waived except by an instrument in writing signed by the Party to be charged with such amendment or waiver and delivered by such Party to the Party claiming the benefit of such amendment or waiver. 

  
 16 

 13.5 Headings. The headings of the Articles and Sections of this Agreement are for
guidance and convenience of reference only and shall not limit or otherwise affect any of the terms or provisions of this Agreement. 
 13.6 Counterparts/Fax Signatures. This Agreement may be executed by Buyer and Sellers in any number of counterparts, each of which shall be deemed an original instrument, but all of which together
shall constitute but one and the same instrument. Fax or .pdf signatures shall be considered binding. 
 13.7 References.
References made in this Agreement, including use of a pronoun, shall be deemed to include where applicable, masculine, feminine, singular or plural, individuals or entities. As used in this Agreement, “person” shall mean any natural
person, corporation, partnership, trust, limited liability company, court, agency, government, board, commission, estate or other entity or authority. 
 13.8 Governing Law; Wavier of Jury Trial. This Agreement and the transactions contemplated hereby and any arbitration or dispute resolution conducted pursuant hereto shall be construed in
accordance with, and governed by, the laws of the State of Texas, without regard to its conflicts of laws rules; provided, however, the laws of the State where the Leases are located shall control this Agreement and the Assignment with
respect to conveyance matters and other real property matters necessarily subject to the laws of the State where the Leases are located. EACH OF THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT AND ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES ENTERING INTO THIS AGREEMENT. 
 13.9 Entire Agreement. This Agreement constitutes the entire understanding among the Parties with respect to the subject matter hereof, superseding all negotiations, prior discussions and prior
agreements and understandings relating to such subject matter. 
 13.10 Binding Effect. This Agreement shall be binding
upon, and shall inure to the benefit of, the Parties hereto, and their respective successors and assigns. 
 13.11
Survival. The representations, warranties, indemnities and covenants contained in this Agreement shall survive Closing indefinitely, provided that the representations and warranties contained in Sections 5.7, 5.8, 5.9, 5.10, 5.11, 5.12, 5.13,
5.14 and 6.7 shall terminate six (6) months after the Closing Date. 
 13.12 No Third-Party Beneficiaries. This
Agreement is intended only to benefit the Parties hereto and their respective permitted successors and assigns. 
 13.13
Waiver. The waiver or failure of any Party to enforce any provision of this Agreement shall not be construed or operate as a waiver of any further breach of such provision or of any other provision of this Agreement. 

  
 17 

 13.14 Limitation on Damages. The Parties hereto expressly waive any and all rights to
consequential, special, incidental, punitive or exemplary damages, or loss of profits resulting from any breach of this Agreement. 
 13.15 Severability. It is the intent of the Parties that the provisions contained in this Agreement shall be severable. Should any provisions, in whole or in part, be held invalid as a matter of
law, such holding shall not affect the other portions of this Agreement, and such portions that are not invalid shall be given effect without the invalid portion. 
 13.16 Announcements. Except as and to the extent required by law, neither Buyer nor Sellers will make, directly or indirectly, any public comment, statement, or communication with respect to, or
otherwise disclose or permit the disclosure of the existence of discussions regarding, a transaction between the Parties or any of the terms, conditions, or other aspects of this Agreement or the transaction contemplated thereby, without the prior
written consent of the other; provided, however, if a Party is required to make such public announcement or statement by law or under the rules and regulations of the New York Stock Exchange (or other public stock exchange of similar
reputation and standing) on which the shares of such Party or any of its Affiliates are listed, then the same may be made without the approval of the other Party. The opinion of counsel of the Party making such announcement or statement shall be
conclusive evidence of such requirement by law or rules or regulations. 
 13.17 Individually Bound. Notwithstanding
anything contained herein to the contrary, this Agreement will be binding and effective between buyer and each signatory Seller Party, as to such Party’s respective ownership interest in the Assets, whether or not each entity comprising Seller
executes this Agreement or a counterpart hereof. Further, notwithstanding anything contained herein to the contrary, in the event less than all entities comprising Seller fail to execute this Agreement or a counterpart hereof, Seller’s
representations, warranties and indemnification made herein shall be deemed several, and not joint or collective. It is specifically agreed to and understood that each Seller entity shall be responsible for only its ownership share of the
obligations and representations made in this Agreement. 
 [signatures on next page] 

  
 18 

 IN WITNESS WHEREOF the Parties have executed this Agreement effective as of the Effective
Time. 
  

			
	SELLERS:
	
	Arkoma Bakken, LLC, a Texas limited liability company
		
	By:	 	            /s/ Mark S.
Kelldorf

			
		
	Name:	 	       Mark S.
Kelldorf

			
		
	Title:	 	         Managing
Member

			
	
	Larry T. Long, as Trustee of the Long Properties Trust
		
	By:	 	         /s/ Larry T. Long, Trustee

		 	        Larry T. Long, Trustee
	
	Reynolds Drilling Co., Inc.
		
	By:	 	             /s/ Terry Pat
Reynolds

			
		
	Name:	 	       Terry Pat
Reynolds

			
		
	Title:	 	
          
President

			
	
	BUYER:
	
	GMX RESOURCES INC.
		
	By:	 	             /s/ Ken Kenworthy,
Jr.

			
		
	Name:	 	       Ken Kenworthy,
Jr.

			
		
	Title:	 	         CEO

  
 19Form of Executive Severance Agreement

 Exhibit 10.28 
 EXECUTIVE SEVERANCE AGREEMENT 
 By this Executive Severance Agreement dated
and effective as of                     , 20    (“Agreement”), Sears Holdings Corporation and its
affiliates and subsidiaries (“Sears”), and [                    ] (“Executive”), intending to be legally bound, and
for good and valuable consideration, agree as follows: 
 1. Effect of Severance. 

(a) Severance Benefits. If Executive is involuntarily terminated without “Cause” or Executive voluntarily
terminates Executive’s employment for “Good Reason” (as such terms are defined in Section 2 below), Executive shall be entitled to the benefits described in subsection (i), (ii) and (iii) below (collectively referred to
herein as “Severance Benefits”). Executive shall not be entitled to the Severance Benefits if Executive’s employment terminates for any other reason, including due to death or “Disability” (as defined in Section 2
below). Executive shall also not be entitled to Severance Benefits if Executive does not meet all of the other requirements under this Agreement, including under subsection 4(g). 

i. Continuation of Salary. 

1. Sears or the appropriate “Sears Affiliate” (as defined in Section 2 below) shall pay Executive cash
severance equal to Executive’s annual base salary rate as of the date Executive’s employment terminates (“Date of Termination”). Subject to subsection (a)(i)(2) below, payment of such amount (“Salary Continuation”)
shall commence on Executive’s “Separation from Service” (as defined in Section 2 below) and shall be paid in substantially equal installments on each regular salary payroll date for a period of twelve (12) months following
Date of Termination (“Salary Continuation Period”), except as otherwise provided in this Agreement. 

Notwithstanding the foregoing, the Sears or Sears Affiliate obligations under this subsection (a)(i)(1) shall be reduced
on a dollar-for-dollar basis (but not below zero), by the amount, if any, of fees, salary or wages that Executive earns from a subsequent employer (including those arising from self-employment) during the Salary Continuation Period. For avoidance of
doubt, Executive shall not be obligated to seek affirmatively or accept an employment, contractor, consulting or other arrangement in order to mitigate Salary Continuation. Further, to the extent Executive does not execute and timely submit the
General Release and Waiver (in accordance with subsection 4(g) below) by the deadline specified therein, Salary Continuation payments shall terminate and forever lapse, and Executive shall be required to reimburse Sears for any portion of the Salary
Continuation paid during the Salary Continuation Period. 

 2. Notwithstanding anything in this subsection (a)(i) to the contrary, if
the Salary Continuation payable to Executive in accordance with subsection (a)(i)(1) above during the first six (6) months after Executive’s Separation from Service would exceed the “Section 409A Threshold” and if as of the date
of the Separation from Service Executive is a “Specified Employee” (as such terms are defined in Section 2 below), then, payment shall be made to Executive on each regular salary payroll date during the first six (6) months of
the Salary Continuation Period until the aggregate amount received equals the Section 409A Threshold. Any portion of the Salary Continuation in excess of the Section 409A Threshold that would otherwise be paid during such first six
(6) months or any portion of the Salary Continuation that is otherwise subject to Section 409A, shall instead be paid to Executive in a lump sum payment on the date that is six (6) months and one (1) day after the date of
Executive’s Separation from Service. 
 3. All Salary Continuation payments (described under this
subsection (a)(i)) will terminate and forever lapse if Executive is employed by a “Sears Competitor” or “Sears Vendor” (as such terms are defined in subsection 4(c)(ii) and 4(d)(ii) herein, respectively) during the Salary
Continuation Period or in the event of Executive’s breach (in accordance with Section 10 below), and Executive shall be required to reimburse Sears for any portion of the Salary Continuation paid during the Salary Continuation Period.

 ii. Continuation of Benefits. 

1. During the Salary Continuation Period, Executive will be entitled to participate in all benefit
plans and programs (except as specified in this subsection (a)(ii)), as an active associate, in which Executive was eligible to participate on the Date of Termination (subject to the terms and conditions and continued availability of such plans and
programs); provided, however, that Executive will not be eligible to participate in the long-term disability plan (as of the 15th day following the Date of Termination), health care flexible spending account (except on an after-tax basis and only
through the earlier of the end of Salary Continuation Period or the calendar year in which the Separation from Service occurs), Sears paid life insurance and the Sears Holdings 401(k) Savings Plan (or any other defined contribution plan sponsored by
Sears or a Sears Affiliate) during the Salary Continuation Period. Executive and Executive’s eligible dependents shall be entitled to continue to participate, as active participants, in Sears medical and dental plans (subject to the terms and
conditions and continued availability of such plans) during the Salary Continuation Period. 
 2. If Executive
does not timely execute and submit the General Release and Waiver (in accordance with subsection 4(g) herein) by the deadline specified therein, Executive shall be required to reimburse Sears for the portion of the cost for the benefits referred to

  

					
		 	2	  	    /    /20    

 
under subsection (a)(ii)(1) immediately above paid by Sears during the Salary Continuation Period, and Executive shall instead be eligible for COBRA continuation coverage under the Sears medical
and dental plans as of Executive’s Date of Termination. 
 3. Subject to subsection (a)(ii)(4) immediately
below, in the event Executive provides services to another employer and is covered by such employer’s health benefits plan or program, the medical and dental benefits provided by Sears hereunder shall be secondary to such employer’s health
benefits plan or program in accordance with the terms of the Sears health benefit plans. 
 4. All of the
benefits described in this subsection (a)(ii) will terminate and forever lapse if Executive is employed by a Sears Competitor or Sears Vendor during the Salary Continuation Period or in the event of Executive’s breach (in accordance with
Section 10 below), and Executive shall be required to reimburse Sears for any portion of the cost for the benefits referred to under subsection (a)(ii)(1) immediately above paid by Sears during the Salary Continuation Period, and Executive
shall instead be eligible for COBRA continuation coverage under the Sears medical and dental plans as of Executive’s Severance from Service date. 
 iii. Outplacement. As of Executive’s Separation from Service, Executive will be immediately eligible for reasonable outplacement services at the expense of Sears or the appropriate Sears
Affiliate. Sears and Executive will mutually agree on which outplacement firm, among current vendors used by Sears, will provide these services. Such services will be provided for up to twelve (12) months from the Separation from Service or
until employment is obtained, whichever occurs first. Outplacement benefits described in this subsection (a)(iii) will terminate and forever lapse if Executive is employed by a Sears Competitor or Sears Vendor or in the event of Executive’s
breach (in accordance with Section 10 below). 
 iv. Other. 

1 In addition to the foregoing Severance Benefits, a lump sum payment will be made to Executive within ten
(10) business days following the Date of Termination in an amount equal to the sum of any base salary and any vacation benefits that have accrued through the Date of Termination to the extent not already paid. No vacation will accrue during the
Salary Continuation Period. 
 2. Notwithstanding the foregoing and anything herein to the contrary, in the
event of Executive’s death during the Salary Continuation Period, any unpaid portion of the Salary Continuation payable in accordance with subsection (a)(i) above shall be paid in a lump sum, within sixty (60) days of death (and no later
than amounts would have been paid absent death), to Executive’s estate, and any eligible dependents who are covered dependents as of the date of death shall incur a qualifying event under COBRA as a result of such death. 

  

					
		 	3	  	    /    /20    

 (b) Impact of Termination on Certain Other Plans/Programs.

 i. Annual Incentive Plan. Upon Executive’s Date of Termination, Executive’s entitlement to
any award under the applicable annual incentive plan (“AIP”) sponsored by Sears, shall be determined in accordance with the terms and conditions of the AIP document regarding termination of employment. 

ii. Long-Term Incentive Program(s). Upon Executive’s Date of Termination, Executive’s entitlement to any
award granted to Executive under a long-term incentive program (“LTIP”) sponsored by Sears, shall be determined in accordance with the terms and conditions of the award letter and the LTIP document regarding termination of employment.

 iii. Stock Plan. Upon Executive’s Date of Termination, Executive’s entitlement to any
unvested options, restricted stock or other equity award granted to Executive under a stock plan sponsored by Sears shall be determined in accordance with the terms and conditions of the applicable award agreement and the stock plan document
regarding termination of employment. 
 (c) Post-Termination Forfeiture of Severance Benefits. If Sears
determines after Executive’s Date of Termination that Executive engaged in activity during employment with Sears that Sears determines constituted Cause, Executive shall immediately cease to be eligible for Severance Benefits and shall be
required to reimburse Sears for any portion of the Salary Continuation paid to Executive and for the cost of other Severance Benefits received by Executive during the Salary Continuation Period. 

2. Definitions. For purposes of this Agreement, each capitalized term in this Agreement is either defined in the section, exhibit
or appendix in which it first appears or in this Section 2. The following capitalized terms shall have the definitions as set forth below: 
 (a) “Cause” shall mean (i) a material breach by Executive (other than a breach resulting from Executive’s incapacity due to a Disability) of Executive’s duties and
responsibilities which breach is demonstrably willful and deliberate on Executive’s part, is committed in bad faith or without reasonable belief that such breach is in the best interests of Sears or the Sears Affiliates and is not remedied in a
reasonable period of time after receipt of written notice from Sears specifying such breach; (ii) the commission by Executive of a felony involving moral turpitude; or (iii) dishonesty or willful misconduct in connection with
Executive’s employment. 
 (b) “Disability” shall mean disability as defined under the
Sears long-term disability plan (regardless of whether the Executive is a participant under such plan). 
 (c)
“Good Reason” shall mean, without Executive’s written consent, (i) a reduction of more than ten percent (10%) in the sum of Executive’s annual base salary and target AIP bonus from those in effect as of the date
of this Agreement; (ii)

  

					
		 	4	  	    /    /20    

 
Executive’s mandatory relocation to an office more than fifty (50) miles from the primary location at which Executive is required to perform Executive’s duties immediately prior to
the date of this Agreement; or (iii) any other action or inaction that constitutes a material breach of the terms of this Agreement, including failure of a successor company to assume or fulfill the obligations under this Agreement. In
each case, Executive must provide Sears with written notice of the facts giving rise to a claim that “Good Reason” exists for purposes of this Agreement, within thirty (30) days of the initial existence of such Good Reason
event, and Sears shall have a right to remedy such event within sixty (60) days after receipt of Executive’s written notice (“the sixty (60) day period”). If Sears remedies the Good Reason event within
the sixty (60) day period, the Good Reason event (and Executive’s right to receive any benefit under this Agreement on account of termination of employment for Good Reason) shall cease to exist. If Sears does not remedy the Good
Reason event within the sixty (60) day period, and Executive does not incur a termination of employment within thirty (30) days following the earlier of: (y) the date Sears notifies Executive that it does not intend to remedy the
Good Reason or does not agree that there has been a Good Reason event, or (z) the expiration of the sixty (60) day period, the Good Reason event (or any claim of Good Reason) shall cease to exist. Notwithstanding the
foregoing, if Executive fails to provide written notice to Sears of the facts giving rise to a claim of Good Reason within thirty (30) days of the initial existence of such Good Reason event, the Good Reason event (and
Executive’s right to receive any benefit under this Agreement on account of termination of employment for Good Reason) shall cease to exist as of the thirty-first (31st) day following the later of its occurrence or Executive’s knowledge thereof. 

(d) “Sears Affiliate” shall mean any person with whom Sears is considered to be a single employer under
Code Section 414 (b) and all persons with whom Sears would be considered a single employer under Code Section 414 (c), substituting “50%” for the “80%” standard that would otherwise apply. 

(e) “Section 409A Threshold” shall mean an amount equal to two times the lesser of
(i) Executive’s base salary for services provided to Sears and any Sears Affiliate as an employee for the calendar year preceding the calendar year in which Executive has a Separation from Service; or (ii) the maximum amount that may
be taken into account under a qualified plan in accordance with Code Section 401(a)(17) for the calendar year in which the Executive has a Separation from Service. In all events, this amount shall be limited to the amount specified under
Treasury Regulation Section 1.409A-1(b)(9)(iii)(A) or any successor thereto. 
 (f) “Separation from
Service” shall mean a “separation from service” with Sears (including any Sears Affiliate) within the meaning of Code Section 409A (and regulations issued thereunder). Notwithstanding anything herein to the contrary, the fact
that Executive is treated as having incurred a Separation from Service under Code Section 409A and the terms of this Agreement shall not be determinative, or in any way affect the analysis, of whether Executive has retired, terminated
employment, separated from service, incurred a severance from employment or become entitled to a distribution, under the terms of any retirement plan (including pension plans and 401(k) savings plans) maintained by Sears (including by a Sears
Affiliate). 

  

					
		 	5	  	    /    /20    

 (g) “Specified Employee” shall mean a “specified
employee” under Code Section 409A (and regulations issued thereunder), which shall be determined in accordance with the provisions of Supplement A to the Supplemental Retirement Income Plan (as amended and restated effective
January 1, 2008). 
 3. Intellectual Property Rights. Executive acknowledges that Executive’s development, work
or research on any and all inventions or expressions of ideas, that may or may not be eligible for patent, copyright, trademark or trade secret protection, hereafter made or conceived solely or jointly within the scope of employment at Sears or any
Sears Affiliate, provided such invention or expression of an idea relates to the business of Sears or any Sears Affiliate, or relates to actual or demonstrably anticipated research or development of Sears or any Sears Affiliate, or results from any
work performed by Executive for or on behalf of Sears or any Sears Affiliate, are hereby assigned to Sears, including Executive’s entire rights, title and interest. Executive will promptly disclose such invention or expression of an idea to
Executive’s management and will, upon request, promptly execute a specific written assignment of title to Sears. If Executive currently holds any inventions or expressions of an idea, regardless of whether they were published or filed with the
U.S. Patent and Trademark Office or the U.S. Copyright Office, or is under contract to not so assign, Executive will list them on the last page of this Agreement. 
 4. Protective Covenants. Executive acknowledges that this Agreement provides for additional consideration beyond what Sears or any Sears Affiliate is otherwise obligated to pay. In consideration of
the opportunity for the Severance Benefits, and other good and valuable consideration, Executive agrees to the following: 
 (a) Non-Disclosure of Sears Confidential Information. Executive acknowledges and agrees to be bound by the following, whether or not Executive receives any Severance Benefits under this Agreement:

 i. Non-Disclosure. 

1. Executive will not, during the term of Executive’s employment with Sears or any Sears Affiliate or thereafter,
and other than in the performance of his duties and obligations during his employment with Sears or as required by law or legal process, and except as Sears may otherwise consent or direct in writing, reveal or disclose, sell, use, lecture upon or
publish any “Sears Confidential Information” (as defined in subsection 4(a)(ii) below) until such time as the information becomes publicly known other than as a result of its disclosure, directly or indirectly, by Executive; and

 2. Executive understands that if Executive possesses any proprietary information of another person or company
as a result of prior employment or otherwise, Sears expects and requires that Executive will honor any and all legal obligations that Executive has to that person or company with respect to proprietary information, and Executive will refrain from
any unauthorized use or disclosure of such information. 
 ii. Sears Confidential Information. For
purposes of this Agreement, “Sears Confidential Information” means trade secrets and non-public information 

  

					
		 	6	  	    /    /20    

 
which Sears or any Sears Affiliate designates as being confidential or which, under the circumstances, should be treated as confidential, including, without limitation, any information received
in confidence or developed by Sears or any Sears Affiliate, its long and short term goals, vendor and supply agreements, databases, methods, programs, techniques, business information, financial information, marketing and business plans, proprietary
software, personnel information and files, client information, pricing, and other information relating to the business of Sears or any Sears Affiliate that is not known generally to the public or in the industry. 

iii. Return of Sears Property. All documents and other property that relate to the business of Sears or any Sears
Affiliate are the exclusive property of Sears, even if Executive authored or created them. Executive agrees to return all such documents and tangible property to Sears upon termination of employment or at such earlier time as Sears may request
Executive to do so. 
 iv. Conflict of Interest. During Executive’s employment with Sears or any
Sears Affiliate and during any Salary Continuation Period, except as may be approved in writing by Sears, neither Executive nor members of Executive’s immediate family (which shall refer to Executive, any spouse or any child) will have
financial investments or other interests or relationships with Sears’ or any Sears Affiliate’s customers, suppliers or competitors which might impair Executive’s independence of judgment on behalf of the Company. Also during
Executive’s employment with Sears or any Sears Affiliate and during any Salary Continuation Period, Executive agrees further not to engage in any activity in competition with Sears or any Sears Affiliate and will avoid any outside activity that
could adversely affect the independence and objectivity of Executive’s judgment, interfere with the timely and effective performance of Executive’s duties and responsibilities to Sears or any Sears Affiliate, discredit Sears or any Sears
Affiliate or otherwise conflict with the best interests of Sears or any Sears Affiliate. 
 (b)
Non-Solicitation of Employees. During Executive’s employment with Sears or any Sears Affiliate and for twelve (12) months following Executives’ Date of Termination, whether or not Executive receives any Severance Benefits under
this Agreement, Executive will not, directly or indirectly, solicit or encourage any person to leave her/his employment with Sears or any Sears Affiliate or assist in any way with the hiring of any Sears or any Sears Affiliate employee by any future
employer or other entity. 
 (c) Non-Competition. Executive acknowledges that as a result of
Executive’s position at Sears or any Sears Affiliate, Executive has learned or developed, or will learn or develop, Sears Confidential Information and that use or disclosure of Sears Confidential Information is likely to occur if Executive were
to render advice or services to any Sears Competitor. 
 i. Therefore, for twelve (12) months following
Executive’s Date of Termination, whether or not Executive receives any Severance Benefits under this Agreement, Executive will not, directly or indirectly, aid, assist, participate 

  

					
		 	7	  	    /    /20    

 
in, consult with, render services for, accept a position with, become employed by, or otherwise enter into any relationship with (other than having a passive ownership interest in or being a
customer of) any Sears Competitor. 
 ii. For purposes of this Agreement, “Sears Competitor” means:

 1. Those companies listed on Appendix A, each of which Executive acknowledges is a Sears Competitor,
whether or not it falls within the categories in subsection (ii)(2) immediately below, and further acknowledges that this is not an exclusive list of Sears Competitors and is not intended to limit the generality of subsection (ii)(2) immediately
below; and 
 2. Any party (A) engaged in any retail business (whether in a department store, specialty
store, discount store, direct marketing, or electronic commerce or other business format), that consists of selling furniture, appliances, electronics, hardware, lawn/garden, auto parts, food/consumables, toys, seasonal, apparel and/or pharmacy
products, or providing home improvement, product repair and/or home services, with combined annual revenue in excess of $1 billion, or (B) a party engaged in any other line of business, in which Sears (including any Sears Affiliate) has
commenced business prior to the end of Executive’s employment, having annual gross sales in that line of business in excess of $100 million. 
 iii. Executive acknowledges that Sears shall have the right to propose modifications to Appendix A periodically to include (1) emergent Competitors in Sears existing lines of business and
(2) Competitors in lines of business that are new for Sears, in each case, with the prior written consent of Executive, which consent shall not be unreasonably withheld. 

iv. Executive further acknowledges that Sears (or Sears Affiliates) does business throughout the United States, Puerto
Rico, U.S. Virgin Islands, Guam and Canada and that this non-compete provision applies in any state or province (as applicable) of the United States, Puerto Rico, U.S. Virgin Islands, Guam and Canada, in which Sears does business. 

(d) Restriction on Post-Employment Affiliation with Sears Vendors. Executive acknowledges that as a result of
Executive’s position at Sears or any Sears Affiliate, Executive has learned or developed, or will learn or develop, Sears Confidential Information and that use or disclosure of Sears Confidential Information is likely to occur if Executive were
to render advice or services to any “Sears Vendor” (as defined herein). 
 i. Therefore, for twelve
(12) months from Executive’s Date of Termination, whether or not Executive receives any Severance Benefits under this Agreement, Executive will not, directly or indirectly, aid, assist, participate in, consult with, render services for,
accept a position with, become employed by, or otherwise enter into any relationship with (other than having a passive ownership interest in or being a customer of) any Sears Vendor. 

  

					
		 	8	  	    /    /20    

 ii. For purposes of this Agreement, “Sears Vendor” means, the
vendors, if any, listed in Appendix A as well as any vendor with combined annual gross sales of services or merchandise to Sears in excess of $200 million. 

(e) Compliance with Protective Covenants. Executive will provide Sears with such information as Sears may from time
to time reasonably request to determine Executive’s compliance with this Section 4. Executive authorizes Sears to contact Executive’s future employers and other entities with which Executive has any business relationship to determine
Executive’s compliance with this Agreement or to communicate the contents of this Agreement to such employers and entities. Executive releases Sears, Sears Affiliates, their agents and employees, from all liability for any damage arising from
any such contacts or communications. 
 (f) Necessity and Reasonableness. Executive agrees that the
restrictions set forth herein are necessary to prevent the use and disclosure of Sears Confidential Information and to otherwise protect the legitimate business interests of Sears and Sears Affiliates. Executive further agrees and acknowledges that
the provisions of this Agreement are reasonable. 
 (g) General Release and Waiver. Upon Executive’s
Date of Termination (whether initiated by Sears or Executive in accordance with subsection 1(a) above) potentially entitling Executive to Severance Benefits, Executive will execute a binding general release and waiver of claims in a form to be
provided by Sears (“General Release and Waiver”), which is incorporated by reference under this Agreement. This General Release and Waiver will be in a form substantially similar to the attached sample. If the General Release and Waiver is
not signed within the time required by the waiver or is signed but subsequently revoked, Executive will not continue to receive any Severance Benefits otherwise payable under subsection 1(a) above. Further, Executive shall be obligated to reimburse
Sears for any portion of (i) the Salary Continuation paid during the Salary Continuation Period under subsection (1)(a)(i) herein, and (ii) the cost for the benefits provided during the Salary Continuation Period under subsection
(1)(a)(ii) herein. A sample of this General Release and Waiver is provided as Exhibit A to this Agreement. 
 (h) Exception Request. Notwithstanding the foregoing, Executive may request a waiver or a specific exception to the non-competition provisions of this Agreement by written request to the Senior
Vice President and President, Talent & Human Capital Services or Senior Vice President, General Counsel and Corporate Secretary (or the equivalent) of Sears. Such a request will be given reasonable consideration and may be granted, in whole
or in part, or denied at Sears’ absolute discretion. 
 5. Irreparable Harm. Executive acknowledges that irreparable
harm would result from any breach by Executive of the provisions of this Agreement, including without limitation subsections 4(a), 4(b), 4(c) and 4(d), and that monetary damages alone would not provide adequate relief for any such breach.
Accordingly, if Executive breaches or threatens to breach this Agreement, Executive consents to injunctive relief in favor of Sears without the necessity of Sears posting a bond. Moreover, any award of injunctive relief shall not preclude Sears from
seeking or recovering any lawful compensatory damages which may have resulted from a breach of this Agreement, including a forfeiture of any future payments and a return of any payments and benefits already received by Executive. 

  

					
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 6. Non-Disparagement. Executive will not take any actions that would reasonably be
expected to be detrimental to the interests of Sears or any Sears Affiliate, nor make derogatory statements, either written or oral to any third party, or otherwise publicly disparage Sears or any Sears Affiliate, its products, services, or present
or former employees, officers or directors, and will not authorize others to make derogatory or disparaging statements on Executive’s behalf. This provision does not and is not intended to preclude Executive from entering into any relationship
with a Sears Competitor or Sears Vendor after such relationship is permissible under subsection 4(c) or 4(d), respectively, nor does it preclude Executive from providing truthful testimony in response to legal process or governmental inquiry.

 7. Cooperation. Executive agrees, without receiving additional compensation, to fully and completely cooperate with
Sears, both during and after the period of employment with Sears or any Sears Affiliate (including any Salary Continuation Period), with respect to matters that relate to Executive’s period of employment, in all investigations, potential
litigation or litigation in which Sears is involved or may become involved other than any such investigations, potential litigation or litigation between Sears and Executive. Sears will reimburse Executive for reasonable travel and out-of-pocket
expenses incurred in connection with any such investigations, potential litigation or litigation. 
 8. Future Enforcement or
Remedy. Any waiver, or failure to seek enforcement or remedy for any breach or suspected breach, of any provision of this Agreement by Sears or Executive in any instance shall not be deemed a waiver of such provision in the future. 

9. Acting as Witness. Executive agrees that both during and after the period of employment with Sears or any Sears Affiliate
(including any Salary Continuation Period), Executive will not voluntarily act as a witness, consultant or expert for any person or party in any action against or involving Sears or any Sears Affiliate or corporate relative of Sears, unless subject
to judicial enforcement to appear as a fact witness only. 
 10. Breach by Executive. In the event of a breach by
Executive of any of the provisions of this Agreement, including without limitation the non-competition provisions (Section 4) and the non-disparagement provision (Section 6) of this Agreement, the obligation of Sears or any Sears Affiliate to pay
Salary Continuation or to provide other Severance Benefits under this Agreement will immediately cease and any Salary Continuation payments already received and the value of any other Severance Benefits already received will be returned by Executive
to Sears. Further, Executive agrees that Sears shall be entitled to recovery of its attorneys’ fees and other associated costs incurred as a result of any attempt to redress a breach by Executive or to enforce its rights and protect its
interests under the Agreement. 
 11. Severability. If any provision(s) of this Agreement shall be found invalid,
illegal, or unenforceable, in whole or in part, then such provision(s) shall be modified or restricted so as to effectuate as nearly as possible in a valid and enforceable way the provisions hereof, or shall be deemed excised from this Agreement, as
the case may require, and this Agreement shall be construed and enforced to the maximum extent permitted by law, as if such provision(s) had been originally incorporated herein as so modified or restricted or as if such provision(s) had not been
originally incorporated herein, as the case may be. 

  

					
		 	10	  	    /    /20    

 12. Governing Law. This Agreement will be governed under the internal laws of the
state of Illinois without regard to principles of conflicts of laws. Executive agrees that the state and federal courts located in the state of Illinois shall have exclusive jurisdiction in any action, lawsuit or proceeding based on or arising out
of this Agreement, and Executive hereby: (a) submits to the personal jurisdiction of such courts; (b) consents to the service of process in connection with any action, suit, or proceeding against Executive; and (c) waives any other
requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction, venue or service of process. 
 13. Right to Jury. Executive agrees to waive any right to a jury trial on any claim contending that this Agreement or the General Release and Waiver is illegal or unenforceable in whole or in part,
and Executive agrees to try any claims brought in a court or tribunal without use of a jury or advisory jury. Further, should any claim arising out of Executive’s employment, termination of employment or Salary Continuation Period (if any) be
found by a court or tribunal of competent jurisdiction to not be released by the General Release and Waiver, Executive agrees to try such claim to the court or tribunal without use of a jury or advisory jury. 

14. Employment-at-Will. This Agreement does not constitute a contract of employment, and Executive acknowledges that
Executive’s employment with Sears or any Sears Affiliate is terminable “at-will” by either party with or without cause and with or without notice. 
 15. Other Plans, Programs, Policies and Practices. If any provision of this Agreement conflicts with any other plan, programs, policy, practice or other Sears document, then the provisions of this
Agreement will control, except as otherwise precluded by law. Executive shall not be eligible for any benefits under the Sears Holdings Corporation Master Transition Pay Plan or the Kmart Corporation Master Severance Pay Plan or any successor
severance plan or program. 
 16. Entire Agreement. This Agreement, including any exhibits or appendices hereto, contains
and comprises the entire understanding and agreement between Executive and Sears (including any Sears Affiliate) and fully supersedes any and all prior agreements or understandings between Executive and Sears with respect to the subject matter
contained herein, and may be amended only by a writing signed by the Chief Executive Officer, Senior Vice President and President, Talent & Human Capital Services or Senior Vice President, General Counsel and Corporate Secretary (or
equivalent) of Sears. 
 17. Confidentiality. Executive agrees that the existence and terms of the Agreement, including
any compensation paid to Executive, and discussions with Sears (including any Sears Affiliate) regarding this Agreement, shall be considered confidential and shall not be disclosed or communicated in any manner except: (a) as required by law or
legal process; (b) to Executive’s spouse or domestic partner, or (c) to Executive’s financial/legal advisors, all of whom shall agree to keep such information confidential. 

18. Tax Withholding. Any compensation paid or provided to Executive under this Agreement shall be subject to any applicable
federal, state or local income and employment tax withholding requirements. 

  

					
		 	11	  	    /    /20    

 19. Notices. All notices and other communications hereunder shall be in writing and
shall be given by hand delivery to the other parties or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

					
	
If to the Executive:   At the most recent address on file at 
Sears.

		
	 If to Sears:
	  	     Sears Holdings Corporation

		  	     3333 Beverly Road

		  	     Hoffman Estates, Illinois 60179
	 	
		  	     Attention to both:
	 	 Senior Vice President and President, Talent & Human Capital Services

		  		 	 Senior Vice President, General Counsel and Corporate Secretary

20. Assignment. Sears may assign its rights under this Agreement to any successor in interest, whether by merger, consolidation,
sale of assets, or otherwise. This Agreement shall be binding whether it is between Sears and Executive or between any successor or assignee of Sears or affiliate thereof and Executive. 

21. Section 409A Compliance. To the extent that a payment or benefit under this Agreement is subject to Code
Section 409A, it is intended that this Agreement as applied to that payment or benefit comply with the requirements of Code Section 409A, and the Agreement shall be administered and interpreted consistent with this intent. 

22. Counterparts. This Agreement may be executed in one or more counterparts, which together shall constitute a valid and binding
agreement. 
 IN WITNESS WHEREOF, Executive and Sears, by its duly authorized representative, have executed this Agreement on
the dates stated below, effective as of the date first set forth above. 
  

							
	EXECUTIVE	 	 	 	SEARS HOLDINGS CORPORATION
				
	  
	 		 	BY:	 	  

	[                    ]	 		 		 	
			
	  
	 		 	  

	Date	 		 	Date	 	

  

  

					
		 	12	  	    /    /20    

 NOTICE: YOU MAY CONSIDER THIS GENERAL RELEASE AND WAIVER FOR UP TO TWENTY-ONE (21) DAYS. YOU MAY NOT
SIGN IT UNTIL ON OR AFTER YOUR LAST DAY OF WORK. IF YOU DECIDE TO SIGN IT, YOU MAY REVOKE THE GENERAL RELEASE AND WAIVER WITHIN SEVEN (7) DAYS AFTER SIGNING. ANY REVOCATION WITHIN THIS PERIOD MUST BE IMMEDIATELY SUBMITTED IN WRITING TO GENERAL
COUNSEL, SEARS HOLDINGS CORPORATION, 3333 BEVERLY ROAD, HOFFMAN ESTATES, IL 60179. YOU MAY WISH TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS DOCUMENT. 
 GENERAL RELEASE AND WAIVER 
 In consideration for the benefits that I will
receive under the attached Executive Severance Agreement, I, and any person acting by, through, or under me hereby release Sears Holdings Corporation, its current and former agents, subsidiaries, affiliates, employees, officers, stockholders,
successors, and assigns (“Sears”) from any and all claims arising out of my employment or the termination thereof. This General Release and Waiver is to be broadly construed to encompass all claims of any kind or character whatsoever,
whether known or unknown, based upon any matter occurring prior to my execution of this General Release and Waiver and including, but without limiting the generality of the foregoing, any and all claims under the Age Discrimination in Employment Act
(“ADEA”), Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1866, the Americans with Disabilities Act (“ADA”), the Employee Retirement Income Security Act (“ERISA”), the Worker
Adjustment and Retraining Notification Act (“WARN”), the Family and Medical Leave Act (“FMLA”) and any other federal, state or local constitution, statute, regulation, or ordinance, and any and all common law claims including,
but not limited to, claims for wrongful or retaliatory discharge, intentional infliction of emotional distress, negligence, defamation, invasion of privacy, and breach of contract. This General Release and Waiver does not apply to any claims or
rights that may arise after the date that I signed this General Release and Waiver. I understand that Sears is not admitting to any violation of my rights or any duty or obligation owed to me. 

Excluded from this General Release and Waiver are any claims which cannot be waived by law, including but not limited to (1) the
right to file a charge with or participate in an investigation conducted by certain government agencies, and (2) any rights or claims to benefits accrued under benefit plans maintained by Sears pursuant to ERISA. I do, however, waive my right
to any monetary recovery should any agency or other third party pursue any claims on my behalf. I represent and warrant that I have not filed any complaint, charge, or lawsuit against Sears with any governmental agency and/or any court. 

I have read this General Release and Waiver and I understand its legal and binding effect. I am acting voluntarily and of my own free
will in executing this General Release and Waiver. 
 I have had the opportunity to seek, and I was advised in writing to seek,
legal counsel prior to signing this General Release and Waiver. 
 I was given at least twenty-one (21) days to consider
signing this General Release and Waiver. Any immaterial modification of this General Release and Waiver does not restart the twenty-one (21) day consideration period. 

  
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 Return both pages of the signed General Release and Waiver 

 GENERAL RELEASE AND WAIVER (continued) 

 

 I understand that, if I sign the General Release and Waiver, I can change my mind and
revoke it within seven (7) days after signing it by notifying the General Counsel of Sears in writing at Sears Holdings Corporation, 3333 Beverly Road, Hoffman Estates, Illinois 60179. I understand that this General Release and Waiver will not
be effective until after this seven (7) day revocation period has expired. 
  

							
	Date:	 	SAMPLE ONLY - DO NOT DATE	 	Signed by:	 	SAMPLE ONLY - DO NOT SIGN
				
		 		 	Witness by:	 	SAMPLE ONLY - DO NOT SIGN

  
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 Return both pages of the signed General Release and Waiver

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