Document:

Letter from Registrant to Scott J. Freidheim

 EXHIBIT 10.33 
 [SEARS HOLDINGS LETTERHEAD] 
 February 18, 2009 
 Mr. Scott J. Freidheim 
 Dear Scott, 
 The purpose of this letter is to document the value of the cash component of the long-term special incentive award provided in your Sears Holdings employment offer letter dated November 20, 2008 (the “offer
letter”). 
 In accordance with the terms of the offer letter, you are entitled to receive a long-term special incentive award comprised of restricted
stock and cash, if applicable, totaling $3,500,000 gross (subject to satisfaction of the applicable vesting schedule). Under the restricted stock component you are to receive a restricted stock grant equal to the lesser of $3,500,000 or the dollar
value of the product of 50,000 shares times the closing price of SHC stock on the grant date, which was February 2, 2009. The cash component, if any, would equal $3,500,000 less the dollar value of the restricted shares awarded. 
 On February 3rd, a Restricted Stock Award Agreement was issued to you indicating that a total of 50,000 restricted shares of SHC stock were granted on February 2, 2009 at a price of $39.91 per share for a total grant value of $1,995,500. The shares
are scheduled to vest in four (4) equal annual installments beginning with the first anniversary of the grant date. 
 Based on the terms of your offer
letter and the determined grant date value of the restricted stock, the cash component of the long-term special incentive award is $1,504,500 (gross). The cash component is scheduled to vest in four (4) equal annual installments beginning with
the first anniversary of your date of hire which was January 5, 2009. In summary, the cash component is scheduled to vest as follows: 
  

					
	Payment Number	  	Payment Amount (gross)	  	Due Date*
	1	  	$376,125	  	January 5, 2010
	2	  	$376,125	  	January 5, 2011
	3	  	$376,125	  	January 5, 2012
	4	  	$376,125	  	January 5, 2013
	TOTAL	  	$1,504,500	  	 

 *Payments will be made as soon as administratively feasible following the applicable due date. 
 This letter, along with the Restricted Stock Award Agreement issued to you on February 3, 2009, represent a full accounting of the stock and cash components of the
long-term special incentive award provided in your offer letter. 
 Feel free to contact me if you have any questions. 
 Sincerely, 
 /s/ Karl J. Koenig 
 Karl J. KoenigRichard E. Gerstein Employment Letter dated 7/16/07

 Exhibit 10.34 
 [SEARS HOLDINGS LETTERHEAD] 
 July 16, 2007 
 Mr. Richard E. Gerstein 
 Dear Richard, 
 Congratulations on your acceptance of our offer to join Sears Holdings Corporation (SHC) as SVP, Chief Marketing Officer – Sears. You will be reporting to Maureen McGuire, EVP, Chief Marketing Officer – SHC.
Your start date is to be August 6, 2007. The terms of your offer as agreed upon are summarized below, subject to the approval of the Compensation Committee of SHC’s Board of Directors. 
 The key elements of your compensation package are as follows: 
  

	 	•	 	 Annual base salary at a rate of $480,000. 

  

	 	•	 	 2007 incentive award equal to $360,000. 

  

	 	•	 	 For fiscal years after the 2007 fiscal year, annual target incentive opportunity of 75% of your base salary. 

  

	 	•	 	 You will not be a participant in the Sears Holdings Corporation 2007 Executive Long-Term Incentive Program, covering the 2007 – 2009 performance period. It is
anticipated that SHC will have annual overlapping three year Long-Term Incentive Programs (“LTIP”) and you will be eligible to participate in these programs at 100 % of your base salary. The next LTIP program is expected to be adopted
in early 2008. Further details regarding future LTIPs will be provided to you upon implementation of such programs. 

  

	 	•	 	 You will receive a grant of restricted stock valued at $1,500,000 under the Sears Holdings 2006 Stock Plan. The number of restricted shares granted will be
determined using the market closing price of Sears Holdings shares on the grant date. The grant date will be the first business day of the month following the later of (a) the date as of when we receive your executed Executive Severance
Agreement (referred to below) and the approval of the Compensation Committee, or (b) your date of hire. The restricted shares granted will be scheduled to vest in 1/3 increments on each of the first three anniversaries of the grant.

  

	 	•	 	 You will be asked to sign an Executive Severance Agreement. Subject to the terms of such agreement, if you are involuntarily terminated from Sears, you will
receive one (1) year of salary continuation equal to base salary and target incentive at the time of termination, subject to mitigation. Under the agreement, you will be subject to non-disclosure and non-solicitation provisions and will
agree not to aid, assist or render services for any ‘Sears Competitor’ (as defined in the agreement) for one (1) year following termination of employment. Your restricted stock grant and future LTIP participation are conditioned
upon you signing the Executive Severance Agreement. 

  

	 	•	 	 You will receive a one-time sign-on bonus of $250,000 (gross), payable within thirty (30) days after your start date. You will be required to repay this amount
to the company in the event you voluntarily terminate your employment (other than for good reason as defined under your Executive Severance Agreement) with SHC or are terminated by SHC for cause (as defined under your Executive Severance Agreement)
within twelve (12) months of your date of hire. 

	 	•	 	 You are eligible to receive four (4) weeks paid vacation, which will be pro-rated during your first year of service based on your start date. Added to this,
you will qualify for six (6) paid National Holidays each year. Flexible Days will be granted after one (1) year of service. 

  

	 	•	 	 You will be eligible to participate in all employee benefit, retirement and welfare programs on a basis no less favorable than other executives at your level, in
accordance with the applicable terms, conditions and availability of those programs. 

  

	 	•	 	 Your employment is contingent upon satisfactory completion of a background check, employment authorization verification and pre-employment drug test.

 To confirm your acceptance, please sign this letter and the Executive Severance Agreement and return both documents to me via both fax
and mail. 
 Richard, we are looking forward to you joining Sears Holdings. We are excited about the important contributions you will make to the company. I
look forward to your acceptance of the terms as described herein. If you need additional information or clarification, please call. 
  

					
	Sincerely,	 		 	
			
	 /s/ Robert D. Luse
	 		 	
	Robert D. Luse	 		 	
	SVP, Human Resources	 		 	
			
	Accepted:	 		 	
			
	 /s/ Richard E. Gerstein
	 		 	7/16/07
	Richard E. Gerstein	 		 	Date

  

 2Richard E. Gerstein Employment Letter dated 9/3/08

 Exhibit 10.35 
 [SEARS HOLDINGS LETTERHEAD] 
 September 3, 2008 
 Mr. Richard E. Gerstein 
 Dear Richard, 
 We are pleased to extend to you our offer to serve as Senior Vice President, Marketing—SHC, reporting to the W. Bruce Johnson, Interim Chief Executive Officer and President. Your new position and
compensation package became effective August 30, 2008. 
 The key elements of your compensation package are as follows: 
  

	 	•	 	 Annual base salary at a rate of $550,000. 

  

	 	•	 	 Annual target incentive opportunity remains at 75% of your base salary. Your target incentive under the 2008 Annual Incentive Plan will be prorated based on the
amount of time at each compensation level (base salary and annual incentive target) through January 31, 2009, the last day of SHC’s 2008 fiscal year. The actual amount of the incentive you earn depends on how well you and the company
perform. Any annual incentive payable with respect to a fiscal year will be paid by April 15 of the following year, provided that you are actively employed at the payment date. 

 The table below summarizes the changes in your compensation 
  

														
	  	  	 Title
	  	Base Salary	 	 	Target
Incentive	 	 	Total
Target Cash	 
	 Current
	  	SVP, Chief Marketing Officer-Sears	  	$	480,000	 	 	75	%	 	$	840,000	 
	 New
	  	SVP, Marketing - SHC	  	$	550,000	 	 	75	%	 	$	962,500	 
	 Increase
	  		  	 	14.6	%	 			 	 	14.6	%

 Richard, we are excited about the important contributions you will continue to make to the company in your new
position. 
 If you need additional information or clarification, please call. 
 Sincerely, 
  

	
	 /s/ William R. Harker

	William R. HarkerLetter from Registrant to Kevin R. Holt

 Exhibit 10.36 
 [SEARS HOLDINGS LETTERHEAD] 
 February 25, 2008 
 Mr. Kevin Holt 
 Dear Kevin, 
 We are pleased to extend to you a new employment arrangement with Sears Holdings Corporation (SHC), as Executive Vice President, Store Operations and President, Store Operations Business Unit. The start date of this new arrangement will be
February 25, 2008. This letter serves as confirmation of our offer, but this offer is subject to the approval of the Compensation Committee of SHC’s Board of Directors. 
 The key elements of your compensation package are as follows: 
  

	 	•	 	 An employment term of eighteen (18) months, as defined in the enclosed Executive Employment and Severance Agreement, beginning as of February 25, 2008
(“Employment Term”). 

  

	 	•	 	 You will be required to sign the enclosed Executive Employment and Severance Agreement, which as noted above, defines your Employment Term and also sets out the
terms of your severance prior to the completion of the eighteen (18) month term. This offer, including the restricted stock grant referred to below, is conditioned upon you signing this Agreement. 

  

	 	•	 	 Annual base salary at a rate of $500,000. 

  

	 	•	 	 Among your primary responsibilities during your Employment Term will be transitioning the Store Operations to our new business model and implementing succession
planning within the Store Operations Business Unit, including the selection and hiring of a new leader for that business unit. 

  

	 	•	 	 A grant of restricted stock valued at $2,000,000 under the Sears Holdings 2006 Stock Plan. The number of restricted shares granted will be determined using the
market closing price of Sears Holdings shares on the grant date. The grant date will be the first business day of the month following the later of (a) the date upon which we receive both your executed Agreement and the approval of the Compensation
Committee or (b) March 3, 2008. The shares would be scheduled to vest in three equal installments (based upon the number of shares granted) as follows: (i) one third six (6) months following the grant date, (ii) one third twelve (12) months
following the grant date, and (iii) the final one third as of eighteen (18) months following the grant date subject to the hiring of a successor Executive Vice President, Store Operations and President, Store Operations Business Unit as a result of
you efforts described in the bullet point above. If this Employment Term is terminated by Sears other than for cause, death or disability (as defined in the Executive Employment and Severance Agreement), you will be granted salary continuation, as
specified in the Agreement and credited with service during such salary continuation period toward satisfaction of the vesting schedule described herein. 

  

	 	•	 	 The restricted stock grant referred to immediately above replaces the $750,000 restricted stock grant you received as described in your September 2, 2007 offer
letter, no part of which has yet vested. 

  

	 	•	 	 You will not be eligible for an annual target incentive opportunity under the 2008 or 2009 Annual Incentive Plans. 

	 	•	 	 As a result of this new employment arrangement, you will not be entitled to a payout of the grant you received under the Sears Holdings Corporation 2007 Executive
Long-Term Incentive Program (“2007 Executive LTIP”). You will not receive a grant under the Sears Holdings Corporation 2008 Long-Term Incentive Plan. 

  

	 	•	 	 You will be provided with mutually acceptable furnished housing in the Hoffman Estates area during this Employment Term. And, for those weeks when you are
scheduled to be in the Hoffman Estates offices for less than three consecutive days, you will be provided use of the corporate aircraft to travel from Holland, Michigan to Hoffman Estates, including local auto fare costs to the offices; provided,
that if such corporate aircraft is otherwise scheduled to be used for other corporate purposes and is not available, you shall be reimbursed for commercial travel in accordance with the company’s travel policies. You will receive a gross up in
compensation to compensate you for your tax liability for the imputed income attributable to the corporate housing and approved use of the corporate jet during this Employment Term. 

  

	 	•	 	 You are eligible to receive two (2) weeks of annual paid vacation. You also qualify for six (6) paid National Holidays each calendar year and will be eligible for
up to four (4) Personal Days per calendar year. 

  

	 	•	 	 You continue to be eligible to participate in the Sears Holdings 401(k) Savings Plan and all health and welfare programs on a basis no less favorable than other
executives at your level, in accordance with the applicable terms, conditions and availability of those programs. 

  

	 	•	 	 This offer letter, in combination with the enclosed Executive Employment and Severance Agreement, provide the terms and conditions of this new employment
arrangement and override your September 2, 2007 offer letter and September 3, 2007 Executive Severance Agreement. 

 Kevin, we are looking
forward to you taking on this new position with Sears Holdings. We are excited about the important contributions you will make to the company. I look forward to your acceptance of our offer. If you need additional information or clarification,
please call. 
 This offer will expire if not accepted within one week from the date of this letter. To accept, sign below and return this letter along with
the signed Executive Severance Agreement. 
 Sincerely, 
 /s/
William R. Harker 
 William R. Harker 
 SVP, General Counsel and
Corporate Secretary 
 Accepted: 
 /s/ Kevin Holt
                        2/25/2008 
 Kevin Holt                              Date

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