Document:

exv10wb

 

Exhibit 10(b)

Adopted August 13, 2003

2002 NON-EMPLOYEE DIRECTOR STOCK PLAN

     WHEREAS, the 2002 Non-Employee Director Stock Plan (the “Plan”) was
effective upon the approval of shareholders on May 9, 2002.

     WHEREAS, on June 30, 2003, the Securities and Exchange Commission approved
new rules proposed and adopted by the New York Stock Exchange that provide,
among other things, that if an equity-compensation plan of a listed company
contains a formula for automatic increases in the shares available or for
automatic grants pursuant to a formula, each such increase or grant will be
considered a revision requiring shareholder approval unless the plan has a term
of not more than ten years; and

     WHEREAS, the Board of Directors desires to amend the Plan to clarify that
the Plan has a term of not more than ten years.

     NOW THEREFORE, BE IT RESOLVED, that the penultimate sentence of the
PURPOSE section of the Plan be and it hereby is amended and restated in its
entirety as follows:

	 	 	 	“No grants shall be made under the Plan after the earlier of the date of
the annual meeting of the Company’s shareholders (“annual meeting”) held
in the year 2012 or May 8, 2012.”

     FURTHER RESOLVED, that the officers of the Corporation are authorized to
do or cause to be done, in the name and on behalf of the Corporation, any and
all such acts and things, and to execute, deliver and file, in the name and on
behalf of the Corporation, any and all such agreements, applications,
certificates and other documents and instruments, as any such officer may deem
necessary, advisable or appropriate to effectuate the foregoing resolution
consistent with the limitations imposed therein.exv10wc

 

Exhibit 10(c)

ACKNOWLEDGEMENT AND EXTENSION AGREEMENT

Dated as of August 19, 2003

To the Lenders parties to

The Credit Agreement

Referred to below and

Citibank N.A., as Agent

Ladies and Gentlemen:

     Reference is made to the 364-Day Credit Agreement, dated as of February
24, 2003 (the “Credit Agreement”; capitalized terms not otherwise defined in
this Acknowledgement and Extension Agreement have the same meanings as
specified in the Credit Agreement), among Sears Roebuck Acceptance Corp. (the
“Borrower”), the lenders parties thereto, Bank One, NA, as syndication agent,
Barclays Bank PLC and Bank of America, N.A., as documentation agents, Salomon
Smith Barney Inc. and Banc One Capital Markets, Inc., as joint lead arrangers
and joint bookrunners, and Citibank, N.A., as administrative agent.

     Sears, Roebuck and Co. has announced that it has contracted to sell its
Credit and Financial Products business unit (including the assets associated
with such business unit) to Citigroup (or any of its subsidiaries) (the
“Sale”). The Borrower has determined that (i) as a result of the Sale, the
aggregate Commitments under the Credit Agreement will be more than will be
required for the ongoing financing needs of the Borrower and (ii) it is
advisable to request that, effective upon consummation of the Sale, the
Termination Date be extended to May 24, 2004.

     Subject to the condition that the Required Lenders shall have executed and
returned this Acknowledgement and Extension Agreement to the Agent as provided
herein (the “Agreement Effectiveness”), the Lenders, Borrower and Citibank
N.A., as Agent, hereby agree as follows:

     (1)  Reduction of Commitment. Subject to the Agreement Effectiveness, the
Borrower hereby gives irrevocable notice, pursuant to Section 2.04(a) of the
Credit Agreement that, effective on the date that is thirty (30) days after the
date on which the Sale or substantially all of the Sale is consummated, the
respective Commitments of the Lenders shall be permanently reduced ratably in
an aggregate amount of $1,000,000,000.

     (2)  Extension of Termination Date. Notwithstanding anything in Section
2.17 of the Credit Agreement to the contrary but subject to the conditions set
forth in Section 3.02 of the Credit Agreement (taking into account the
Agreement Effectiveness), the Lenders that have duly executed and returned this
Acknowledgement and Extension Agreement irrevocably consent to the extension of
the Termination Date (as it relates solely to the Commitment (after giving
effect to the reduction contemplated above) of each such consenting Lender) to
May 24, 2004, such extension being subject to the Sale or substantially all of
the Sale being consummated. For the avoidance of doubt, Lenders that have duly
executed this Acknowledgement and Extension Agreement shall be deemed to be
Consenting Lenders pursuant to Section 2.17 of the Credit Agreement and Lenders
that have not executed this Acknowledgement and Extension Agreement shall be
deemed to be Non-Consenting Lenders thereunder and the extension of the
Termination Date shall not apply with respect to the Commitment of such
Lenders. Except as expressly provided in this paragraph (2), the provisions of
Section 2.17 shall continue to be, and shall remain, in full force and effect,
including without limitation with respect to the extension of any Termination
Date occurring after February 23, 2004. Subject to (x) the Agreement
Effectiveness
and (y) the Sale or substantially all of the Sale being consummated, the
Borrower agrees that it will not exercise the Term Loan Election before
February 24, 2004.

 

 

     (3)  Maturity Date in Case of Term Loan Election. The Borrower hereby
acknowledges and agrees that, subject to the Sale or substantially all of the
Sale being consummated, if the Term Loan Election is exercised pursuant to
Section 2.05 of the Credit Agreement, the Maturity Date shall be November 25,
2004.

     Each party executing this Acknowledgement and Extension Agreement is asked
to (i) return two counterparts hereof to Susan L. Hobart, Shearman & Sterling
LLP, 599 Lexington Avenue, New York, New York 10022 and (ii) fax a copy of the
executed Acknowledgement to Susan L. Hobart (tel. 212-848-7847; fax
646-848-7847), in each case on or before the Return Date.

     This Acknowledgement and Extension Agreement may be executed in any number
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same document. Delivery of an
executed counterpart of this Acknowledgement and Extension Agreement by
telecopier shall be effective as delivery of a manually executed counterpart
hereof.

     This Acknowledgement and Extension Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York.

Very truly yours,

	 	 	 	 	 	 	 
	SEARS ROEBUCK ACCEPTANCE CORP.	 	SEARS, ROEBUCK AND CO.
	 	 	 	 	 	 	 
	By:	 	
/s/ Keith E. Trost
	 	By:
	 	/s/ Glenn R. Richter
	 	 	

	 	 	 	

	 	 	
Name: Keith E. Trost

Title: President
	 	 	 	Name: Glenn R. Richter

Title: Senior V.P. and CFO

ACKNOWLEDGED AND AGREED AND COMMITMENT
EXTENSION APPROVED:

BANCA NAZIONALE DEL LAVORO S.p.A., NEW YORK BRANCH

	 	 	 	 	 	 	 
	By:	 	
/s/ Francesco Di Mario
	 	By:
	 	/s/ Carlo Vecchi

	 	 	

	 	 	 	

	 	 	
Name: Francesco Di Mario 

Title: Vice President
	 	 	 	Name:  Carlo Vecchi

Title: Senior Vice President

 

 

	 	 	 	 
	BANCO POPULAR DE PUERTO RICO, NEW YORK BRANCH

 	 
	By:  	/s/ Hector J. Gonzalez
	 
	 	Name:  	Hector J. Gonzalez 	 
	 	Title:  	Vice President 	 
	 
	BANK OF AMERICA, N.A.

 	 
	By:  	/s/ Kimberley A. Whitney

	 
	 	Name:  	Kimberley A. Whitney 	 
	 	Title:  	Managing Director 	 
	 
	BANK HAPOALIM.B.M.

 	 
	By:  	/s/ Marc Bosc

	 
	 	Name:  	Marc Bosc 	 
	 	Title:  	Vice President 	 
	 
	THE BANK OF NEW YORK

 	 
	By:  	/s/ Randolph E.J. Medrano

	 
	 	Name:  	Randolph E.J. Medrano 	 
	 	Title:  	Vice President 	 
	 
	THE BANK OF NOVA SCOTIA

 	 
	By:  	/s/ Nadine Bell

	 
	 	Name:  	Nadine Bell 	 
	 	Title:  	Sr. Manager 	 

 

	 	 	 	 
	BANK ONE N.A.

 	 
	By:  	/s/ Vincent R. Henchek

	 
	 	Name:  	Vincent R. Henchek 	 
	 	Title:  	Director 	 
	 
	BARCLAYS BANK PLC

 	 
	By:  	/s/ John Giannone

	 
	 	Name:  	John Giannone 	 
	 	Title:  	Director 	 
	 
	BEAR STEARNS CORPORATE LENDING INC.

 	 
	By:  	/s/ Keith C. Barnish

	 
	 	Name:  	Keith C. Barnish 	 
	 	Title:  	Executive Vice President 	 
	 
	BMO NESBITT BURNS FINANCING, INC.

 	 
	By:  	/s/ Joseph W. Linder

	 
	 	Name:  	Joseph W. Linder 	 
	 	Title:  	Vice President 	 
	 

BNP PARIBAS

	 	 	 	 	 	 	 
	By:	 	
/s/ Peter Labrie
	 	By:
	 	/s/ Rosalie Hawley

	 	 	

	 	 	 	

	 	 	
Name: Peter Labrie 

Title: Central Region Manager
	 	 	 	Name: Rosalie Hawley

Title: Director

 

	 	 	 	 	 	 	 
	CIBC
	 	 	 	 	 	 	 
	By:	 	
/s/ Dominic J. Sorresso

Name: Dominic J. Sorresso	 	 	 	 
	 	 	
Title: Executive Director	 	 	 	 
	 	 	
CIBC World Markets Corp., as Agent	 	 	 	 
	 	 	 	 	 
	CITIBANK, N.A
	 	 	 	 	 	 	 
	By:	 	
/s/ Judith Green

Name: Judith Green	 	 
	 	 	
Title: Vice President	 	 	 	 
	 
	DEUTSCHE BANK AG NEW YORK BRANCH
	 	 	 	 	 	 	 
	By:	 	
/s/ Thomas A. Foley

Name: Thomas A. Foley
	 	By:
	 	/s/ Patrick Dutilly

Name: Patrick Dutilly
	 	 	
Title: Director
	 	 	 	Title: Director
	 	 	 	 	 	 	 
	DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES
	 	 	 	 	 	 	 
	By:	 	
/s/ Deborah Carlson

Name: Deborah Carlson
	 	By:
	 	/s/ Stephen Kovach

Name: Stephen Kovach
	 	 	
Title: Director
	 	 	 	Title: Vice President
	 	 	 	 	 	 	 
	FLEET NATIONAL BANK
	 	 	 	 	 	 	 
	By:	 	
/s/ Bethany R. Halligan

Name: Bethany R. Halligan
	 	By:
	 	/s/ Stephen J. Garvin

Name: Stephen J. Garvin
	 	 	
Title: Managing Director
	 	 	 	Title: Managing Director

 

	 	 	 	 	 	 	 
	FIFTH THIRD BANK
	 	 	 	 	 	 	 
	By:	 	
/s/ Christopher D. Jones

Name: Christopher D. Jones	 	 	 	 
	 	 	
Title: Vice President	 	 	 	 
	 	 	 	 	 	 	 
	FIRST HAWAIIAN BANK
	 	 	 	 	 	 	 
	By:	 	
/s/ Charles L. Jenkins

Name: Charles L. Jenkins	 	 	 	 
	 	 	
Title: Vice President, Manager	 	 	 	 
	 	 	 	 	 	 	 
	HSBC BANK USA
	 	 	 	 	 	 	 
	By:	 	
/s/ Robert Corder

Name: Robert Corder	 	 	 	 
	 	 	
Title: First Vice President	 	 	 	 
	 	 	 	 	 	 	 
	HSH NORDBANK , NEW YORK BRANCH
	 	 	 	 	 	 	 
	By:	 	
/s/ Drew von Glahn

Name: Drew von Glahn
	 	By:
	 	 /s/ Amy Lu

Name: Amy Lu
	 	 	
Title: Senior Vice President
	 	 	 	Title: AVP
	 	 	
Head of Corporate Banking	 	 	 	 
	 	 	 	 	 	 	 
	HUNTINGTON NATIONAL BANK
	 	 	 	 	 	 	 
	By:	 	
/s/ Pamela LeRose

Name: Pamela LeRose	 	 	 	 
	 	 	
Title: Vice President	 	 	 	 

 

 

	 	 	 	 	 	 	 
	KEYBANK NATIONAL ASSOCIATION
	 	 	 	 	 	 	 
	By:	 	
/s/ David J. Wechter

Name: David J. Wechter	 	 	 	 
	 	 	
Title: Vice President	 	 	 	 
	 	 	 	 	 	 	 
	MELLON BANK, N.A
	 	 	 	 	 	 	 
	By:	 	
/s/ Mark F. Johnston

Name: Mark F. Johnston	 	 	 	 
	 	 	
Title: Vice President	 	 	 	 
	 	 	 	 	 	 	 
	MERRILL LYNCH BANK USA
	 	 	 	 	 	 	 
	By:	 	
/s/ Louis Alder

Name: Louis Alder

Title: Vice President	 	 	 	 
	 	 	 	 	 	 	 
	MORGAN STANLEY BANK
	 	 	 	 	 	 	 
	By:	 	
/s/ Jaap L. Tonckens

Name: Jaap L. Tonckens	 	 	 	 
	 	 	
Title: Vice President	 	 	 	 
	 	 	 	 	 	 	 
	NATIONAL CITY BANK
	 	 	 	 	 	 	 
	By:	 	
/s/ Brian T. Strayton

Name: Brian T. Strayton	 	 	 	 
	 	 	
Title: Vice President	 	 	 	 

 

 

	 	 	 	 	 	 	 
	THE NORTHERN TRUST COMPANY
	 	 	 	 	 	 	 
	By:	 	
/s/ Craig Smith

Name: Craig Smith	 	 	 	 
	 	 	
Title: Vice President	 	 	 	 
	 	 	 	 	 	 	 
	PNC BANK, N.A
	 	 	 	 	 	 	 
	By:	 	
/s/ Hana M. Deiter

Name: Hana M. Deiter	 	 	 	 
	 	 	
Title: Vice President	 	 	 	 
	 	 	 	 	 	 	 
	ROYAL BANK OF CANADA
	 	 	 	 	 	 	 
	By:	 	
/s/ Scott Umbs

Name: Scott Umbs	 	 	 	 
	 	 	
Title: Authorized Signatory	 	 	 	 
	 	 	 	 	 	 	 
	STATE STREET BANK AND TRUST COMPANY
	 	 	 	 	 	 	 
	By:	 	
/s/ Juan G. Sierra

Name: Juan G. Sierra	 	 	 	 
	 	 	
Title: Assistant Vice President	 	 	 	 
	 	 	 	 	 	 	 
	UBS AG, CAYMAN ISLANDS BRANCH
	 	 	 	 	 	 	 
	By:	 	
/s/ Patricia O’Kicki

Name: Patricia O’Kicki
	 	By:
	 	/s/ Luke Goldsworthy

Name: Luke Goldsworthy
	 	 	
Title: Director
	 	 	 	Title: Associate Director
	 	 	 	 	 	 	          Banking Products Services, US

 

 

	 	 	 	 	 	 	 
	U.S. BANK NATIONAL ASSOCIATION
	 	 	 	 	 	 	 
	By:	 	
/s/ John Franceschi

Name: John Franceschi	 	 	 	 
	 	 	
Title: Vice President	 	 	 	 
	 	 	 	 	 	 	 
	WACHOVIA BANK, NATIONAL ASSOCIATION
	 	 	 	 	 	 	 
	By:	 	
/s/ Beth Rue

Name: Beth Rue	 	 	 	 
	 	 	
Title: Associate	 	 	 	 
	 	 	 	 	 	 	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 	 	 	 	 	 
	By:	 	
/s/ Charles W. Reed

Name: Charles W. Reed
	 	By:
	 	/s/ Melissa F. Nachman

Name: Melissa F. Nachman
	 	 	
Title: Vice President
	 	 	 	Title: Vice President
	 	 	 	 	 	 	 
	WESTLB AG (f/k/a/ WESTDEUTSCHE LANDESBANK GIROZENTRALE), NEW YORK BRANCH
	 	 	 	 	 	 	 
	By:	 	
/s/ Salvatore Battinelli

Name: Salvatore Battinelli
	 	By:
	 	/s/ Barry Wadler

Name: Barry Wadler
	 	 	
Title: Managing Director
	 	 	 	Title: Associate Director
	 	 	 	 	 	 	 
	WILLIAM STREET COMMITMENT CORPORATION
	 	 	 	 	 	 	 
	By:	 	
/s/ Jennifer M. Hill

Name: Jennifer M. Hill

Title: Chief Financial Officer

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