Document:

exv4w4

 

Exhibit 4.4

THIRD AMENDMENT

TO THE

SEARS PUERTO RICO SAVINGS PLAN

     Pursuant to the authority reserved to the Company at Section 14, of the Sears 401(k) Savings
Plan (the “Plan”), the Plan is hereby amended, effective June 1, 2005:

     1. Subsection 1.3 is hereby revised to read as follows:

     1.3 Plan Administration, Trustee Responsibility. The authority to control and manage
the noninvestment operations of the Plan is vested in the Company, as more fully described in
subsection 13.1. Except as otherwise expressly provided herein, the Company shall have the rights,
duties and obligations of an “administrator” as that term is defined in Section 3(16)(A) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and of a “Plan Administrator”
as that term is defined in Section 414(g) of the Code. All assets of the Plan will be held,
managed and controlled by one or more trustees (the “Trustee”) acting under a “Trust” established
pursuant to a “Trust Agreement” which forms a part of the Plan. The Company may also appoint an
outside recordkeeper (“Recordkeeper”) to maintain the records of Participants’ Accounts under the
Plan and to handle other administrative matters. The Trust may participate in a Master Trust in
which event references to the Master Trustee are to the trustee of such Master Trust.

     2. Subsection 6.1 is hereby revised to read as follows:

     6.1 Investment Funds. The Investment Committee shall determine the number and type of
“Investment Funds” to be offered under the Plan, including the number of mutual funds, and the
number that are not mutual funds, and the investment style of each option, including, without
limitation, active or passive management style, growth or value investment orientation, composition
of debt and equity securities and focus on domestic or international securities, in accordance with
the provisions of subsection 13.11. The Investment Committee in its discretion may change the
number of Investment Funds offered, and the Investment Committee may, in accordance with subsection
13.11, in its discretion, change the investment strategy or categories of permitted investments of
any Investment Fund for which it is responsible without prior notice to Participants. One of the
Investment Funds shall be the “Sears Holdings Stock Fund,” which shall be invested in Sears
Holdings shares and cash or cash equivalents held for liquidity purposes, which shall be a part of
the ESOP.

     3. The reference to “the Named Fiduciary” is hereby deleted from subsection 6.3.

     4. The second and third sentences of subsection 6.5 are hereby revised to read as follows:

The percentage of assets held in each Investment Fund in cash or cash equivalents may differ from
Fund to Fund and from time to time, as considered appropriate by the Investment

 

 

Committee in accordance with subsection 13.11 in the case of all Investment Funds excluding mutual
funds and commingled funds. The rate of return of each Investment Fund will be a combination of
the short term earnings (or losses) on the cash portion of the Fund and the earnings (or losses) of
the securities or other investments in which such Fund is primarily invested, determined in
accordance with uniform rules established by the Investment Committee as the case may be.

     5. Subsection 13.8 is hereby revised to read as follows:

     13.8 Indemnification of Individuals Acting on Behalf of the Company. To the full
extent permitted by law and to the extent not covered by any applicable insurance policy, any
person acting on behalf of the Company with respect to the Plan (other than the Advisor and any
Investment Manager) will be indemnified by the Employers against any and all liabilities, losses,
costs and expenses (including legal fees and expenses) of whatsoever kind and nature which may be
imposed on, incurred by, or asserted against such person by reason of the performance of the
functions delegated to such person by the Plan Administrator if such person did not act dishonestly
or in willful violation of the law or regulation under which such liability, loss, cost or expense
arises.

     6. Subsection 13.10 is hereby revised to read as follows:

     13.10 Appointment of Investment Committee. An “Investment Committee” shall be
appointed by the Company and shall consist of not less than three individuals who shall be “named
fiduciaries,” as described in Section 402 of ERISA.

     7. Subsection 13.11 is hereby revised to read as follows:

          13.11 General Powers, Rights and Duties of the Investment Committee. Except as
otherwise specifically provided and in addition to the powers, rights and duties specifically given
to the Investment Committee elsewhere herein and in the Trust Agreement, the Investment Committee
shall have the following rights, powers and duties:

	 	(a)  	to review and approve investment policy guidelines recommended by the “Advisor”
(described at subsection 13.13);
	 
	 	(b)  	to determine the number and types of investment choices available to
Participants, consistent with the Company’s philosophy;
	 
	 	(c)  	subsequent to the determination of the number and types of investment options
to be offered, based on the advice of the Advisor, (A) to select the mutual funds
offered; and (B) to appoint the Investment Managers as defined in Section 3(38) of
ERISA (“Investment Managers”) for the options offered that are not mutual funds, all in
accordance with, and subject to the terms, conditions and limitations of subsection
6.1;
	 
	 	(d)  	to execute and direct the trustee to execute, any agreements, representations
and other documents with brokers, dealers, futures commission merchants and other

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	 	   	counterparties necessary or appropriate to facilitate investment transactions for
the Plan;
	 
	 	(e)  	to direct the Trustee to the extent required under the terms of any trust
agreement, or to appoint an Investment Manager, including, but not limited to, Sears
Investment Management Co. (“SIMCO”) with the authority to so direct the Trustee, with
respect to the acquisition, retention and disposition of Plan assets in the Sears
Holdings Stock Fund and with respect to the exercise of investment powers, authorities
and discretions relating to such assets;
	 
	 	(f)  	to furnish the Trustee, and the Company with such information as may be
required by them for any purpose related to the Plan;
	 
	 	(g)  	to adopt such rules of procedure and regulations as in the Investment
Committee’s opinion may be necessary for the proper and efficient performance of the
Committee’s duties and responsibilities;
	 
	 	(h)  	to review and monitor the performance of the Advisor, and to provide
recommendations to Sears Holdings Corporation as they deem necessary regarding the
termination and replacement of the Advisor;
	 
	 	(i)  	to appoint a Secretary, who may, but need not, be a member of the Investment
Committee, and to employ such other agents, attorneys, accountants, investment advisors
and other persons and to delegate to them and allocate among them, in writing, such
powers, rights and duties as the Investment Committee may consider necessary or
advisable to properly carry out the Investment Committee’s responsibilities, and in the
same manner to revoke such delegation and allocation; the acceptance of such written
allocation or delegation shall also be in writing; any action of the delegate or person
to whom responsibilities have been allocated shall have the same force and effect for
all purposes hereunder as if such action had been taken by the Investment Committee;
neither the Investment Committee nor any of its members shall be liable for the acts or
omissions of such delegates or persons to whom responsibilities have been allocated
except as required by law; and
	 
	 	(j)  	to appoint, terminate and replace Trustees and custodians of the Plan.

     8. Subsection 13.12 is hereby revised to read as follows:

     13.12 Manner of Action by Investment Committee. In the performance of the Investment
Committee’s duties, the following provisions shall apply where the context admits:

	 	(a)  	An Investment Committee member, by written instrument, may delegate any or all
of his rights, powers, duties or discretions to any other Committee member, with the
consent of the latter.
	 
	 	(b)  	The Investment Committee may act by meeting or by a written instrument signed
without meeting and may execute any document by signing one document or

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	 	   	concurrent documents. Actions of the Investment Committee may be communicated by
telephone by the Secretary of the Investment Committee, a majority of the members of
the Investment Committee or any member of the Investment Committee designated by a
majority of the members of the Investment Committee.
	 
	 	(c)  	An action or decision of a majority of the members of the Investment Committee
as to a matter shall be as effective as if taken or made by all members of the
Investment Committee, but, except to the extent otherwise expressly provided by law, no
member of the Investment Committee who dissents from any action or decision of the
majority of the Investment Committee shall be liable or responsible for such action.
	 
	 	(d)  	If, because of the number qualified to act, there is an even division of
opinion among the members of the Investment Committee as to any matter, a disinterested
party selected by the Investment Committee shall decide the matter and his decision
shall control.
	 
	 	(e)  	The certificate of the Secretary of the Investment Committee or of a majority
of the members of the Investment Committee that the Investment Committee has taken or
authorized any action shall be conclusive in favor of any person relying on the
certificate.

     9. Subsection 13.13 is hereby revised to read as follows:

     13.13 General Powers, Rights and Duties of the Advisor. Sears Holdings Corporation
acting through the Finance Committee of its Board of Directors shall appoint an investment advisor
(the “Advisor”). The Advisor shall have the responsibility for:

	 	(a)  	the development and recommendation to the Investment Committee of investment
policy guidelines;
	 
	 	(b)  	the development and recommendation to the Investment Committee (or approval
through the recommendation of a fund) of the investment guidelines and asset classes
for each investment option;
	 
	 	(c)  	the monitoring of the performance of Investment Managers and notifying the
Investment Committee of any material events affecting the performance of those
managers, and recommendations to the Investment Committee as to the selection,
termination and replacement of such Investment Managers, and the monitoring of the
performance of the mutual funds or commingled funds selected by the Investment
Committee, and the recommendations to the Investment Committee as to the replacement of
such funds;
	 
	 	(d)  	performing Investment Manager searches for the Investment Committee;

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	 	(e)  	the negotiation of the business and commercial terms and conditions of the
appointment of an Investment Manager for any investment option (other than a mutual
fund) offered under the Plan;
	 
	 	(f)  	ensuring (i) the proper coordination and communication among Investment
Managers, including, but not limited to, matters relating to the allocation of
responsibility among Investment Managers, and (ii) the proper coordination between
Investment Managers and the trustees of the Trusts, including with respect to
investment directions, proxy voting, securities lending;
	 
	 	(g)  	organizing meetings with the Investment Committee to discuss the performance of
the appointed Investment Managers; and
	 
	 	(h)  	such additional services as the Finance Committee or Investment Committee shall
designate.

     10. Subsection 13.15 is hereby deleted.

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Exhibit 4.13

ELEVENTH AMENDMENT

TO THE

SEARS 401(k) SAVINGS PLAN

(as Amended and Restated Effective as of January 1, 2000)

     Pursuant to the authority reserved to the Company at Section 14, of the Sears 401(k) Savings
Plan (the “Plan”), the Plan is hereby amended, effective June 1, 2005:

     1. Subsection 1.3 is hereby revised to read as follows:

     1.3 Plan Administration, Trustee Responsibility. The authority to control and manage
the noninvestment operations of the Plan is vested in the Company, as more fully described in
subsection 13.1. Except as otherwise expressly provided herein, the Company shall have the rights,
duties and obligations of an “administrator” as that term is defined in Section 3(16)(A) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and of a “Plan Administrator”
as that term is defined in Section 414(g) of the Code. All assets of the Plan will be held,
managed and controlled by one or more trustees (the “Trustee”) acting under a “Trust” established
pursuant to a “Trust Agreement” which forms a part of the Plan. The Company may also appoint an
outside recordkeeper (“Recordkeeper”) to maintain the records of Participants’ Accounts under the
Plan and to handle other administrative matters.

     3. Subsection 6.1 is hereby revised to read as follows:

     6.1 Investment Funds. The Investment Committee shall determine the number and type of
“Investment Funds” to be offered under the Plan, including the number of mutual funds, and the
number that are not mutual funds, and the investment style of each option, including, without
limitation, active or passive management style, growth or value investment orientation, composition
of debt and equity securities and focus on domestic or international securities, in accordance with
the provisions of subsection 13.11. The Investment Committee in its discretion may change the
number of Investment Funds offered, and the Investment Committee may, in accordance with subsection
13.11, in its discretion, change the investment strategy or categories of permitted investments of
any Investment Fund for which it is responsible without prior notice to Participants. One of the
Investment Funds shall be the “Sears Holdings Stock Fund,” which shall be invested in Sears
Holdings shares and cash or cash equivalents held for liquidity purposes, which shall be a part of
the ESOP.

     3. The reference to “the Named Fiduciary” is hereby deleted from subsection 6.3.

     4. The second and third sentences of subsection 6.5 are hereby revised to read as follows:

The percentage of assets held in each Investment Fund in cash or cash equivalents may differ from
Fund to Fund and from time to time, as considered appropriate by the Investment Committee in
accordance with subsection 13.11 in the case of all Investment Funds excluding mutual funds and
commingled funds. The rate of return of each Investment Fund will be a

 

 

combination of the short term earnings (or losses) on the cash portion of the Fund and the earnings
(or losses) of the securities or other investments in which such Fund is primarily invested,
determined in accordance with uniform rules established by the Investment Committee as the case may
be.

     2. Subsection 13.8 is hereby revised to read as follows:

     13.8 Indemnification of Individuals Acting on Behalf of the Company. To the full
extent permitted by law and to the extent not covered by any applicable insurance policy, any
person acting on behalf of the Company with respect to the Plan (other than the Advisor and any
Investment Manager) will be indemnified by the Employers against any and all liabilities, losses,
costs and expenses (including legal fees and expenses) of whatsoever kind and nature which may be
imposed on, incurred by, or asserted against such person by reason of the performance of the
functions delegated to such person by the Plan Administrator if such person did not act dishonestly
or in willful violation of the law or regulation under which such liability, loss, cost or expense
arises.

     2. Subsection 13.10 is hereby revised to read as follows:

     13.10 Appointment of Investment Committee. An “Investment Committee” shall be
appointed by the Company and shall consist of not less than three individuals who shall be “named
fiduciaries,” as described in Section 402 of ERISA.

     4. Subsection 13.11 is hereby revised to read as follows:

          13.11 General Powers, Rights and Duties of the Investment Committee. Except as
otherwise specifically provided and in addition to the powers, rights and duties specifically given
to the Investment Committee elsewhere herein and in the Trust Agreement, the Investment Committee
shall have the following rights, powers and duties:

	 	(a)  	to review and approve investment policy guidelines recommended by the “Advisor”
(described at subsection 13.13);
	 
	 	(b)  	to determine the number and types of investment choices available to
Participants, consistent with the Company’s philosophy;
	 
	 	(c)  	subsequent to the determination of the number and types of investment options
to be offered, based on the advice of the Advisor, (A) to select the mutual funds
offered; and (B) to appoint the Investment Managers as defined in Section 3(38) of
ERISA (“Investment Managers”) for the options offered that are not mutual funds, all in
accordance with, and subject to the terms, conditions and limitations of subsection
6.1;
	 
	 	(d)  	to execute and direct the trustee to execute, any agreements, representations
and other documents with brokers, dealers, futures commission merchants and other
counterparties necessary or appropriate to facilitate investment transactions for the
Plan;

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	 	(e)  	to direct the Trustee to the extent required under the terms of any trust
agreement, or to appoint an Investment Manager, including, but not limited to, Sears
Investment Management Co. (“SIMCO”) with the authority to so direct the Trustee, with
respect to the acquisition, retention and disposition of Plan assets in the Sears
Holdings Stock Fund portion of the ESOP and with respect to the exercise of investment
powers, authorities and discretions relating to such assets;
	 
	 	(f)  	to furnish the Trustee, and the Company with such information as may be
required by them for any purpose related to the Plan;
	 
	 	(g)  	to adopt such rules of procedure and regulations as in the Investment
Committee’s opinion may be necessary for the proper and efficient performance of the
Committee’s duties and responsibilities;
	 
	 	(h)  	to review and monitor the performance of the Advisor, and to provide
recommendations to Sears Holdings Corporation as they deem necessary regarding the
termination and replacement of the Advisor;
	 
	 	(i)  	to appoint a Secretary, who may, but need not, be a member of the Investment
Committee, and to employ such other agents, attorneys, accountants, investment advisors
and other persons and to delegate to them and allocate among them, in writing, such
powers, rights and duties as the Investment Committee may consider necessary or
advisable to properly carry out the Investment Committee’s responsibilities, and in the
same manner to revoke such delegation and allocation; the acceptance of such written
allocation or delegation shall also be in writing; any action of the delegate or person
to whom responsibilities have been allocated shall have the same force and effect for
all purposes hereunder as if such action had been taken by the Investment Committee;
neither the Investment Committee nor any of its members shall be liable for the acts or
omissions of such delegates or persons to whom responsibilities have been allocated
except as required by law; and
	 
	 	(j)  	to appoint, terminate and replace Trustees and custodians of the Plan.

     5. Subsection 13.12 is hereby revised to read as follows:

     13.12 Manner of Action by Investment Committee. In the performance of the Investment
Committee’s duties, the following provisions shall apply where the context admits:

	 	(a)  	An Investment Committee member, by written instrument, may delegate any or all
of his rights, powers, duties or discretions to any other Committee member, with the
consent of the latter.
	 
	 	(b)  	The Investment Committee may act by meeting or by a written instrument signed
without meeting and may execute any document by signing one document or concurrent
documents. Actions of the Investment Committee may be communicated by telephone by the
Secretary of the Investment Committee, a majority of the members of the Investment
Committee or any member of the

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	 	   	Investment Committee designated by a majority of the members of the Investment
Committee.
	 
	 	(c)  	An action or decision of a majority of the members of the Investment Committee
as to a matter shall be as effective as if taken or made by all members of the
Investment Committee, but, except to the extent otherwise expressly provided by law, no
member of the Investment Committee who dissents from any action or decision of the
majority of the Investment Committee shall be liable or responsible for such action.
	 
	 	(d)  	If, because of the number qualified to act, there is an even division of
opinion among the members of the Investment Committee as to any matter, a disinterested
party selected by the Investment Committee shall decide the matter and his decision
shall control.
	 
	 	(e)  	The certificate of the Secretary of the Investment Committee or of a majority
of the members of the Investment Committee that the Investment Committee has taken or
authorized any action shall be conclusive in favor of any person relying on the
certificate.

     6.     Subsection 13.13 is hereby revised to read as follows:

     13.13 General Powers, Rights and Duties of the Advisor. Sears Holdings Corporation
acting through the Finance Committee of its Board of Directors shall appoint an investment advisor
(the “Advisor”). The Advisor shall have the responsibility for:

	 	(a)  	the development and recommendation to the Investment Committee of investment
policy guidelines;
	 
	 	(b)  	the development and recommendation to the Investment Committee (or approval
through the recommendation of a fund) of the investment guidelines and asset classes
for each investment option;
	 
	 	(c)  	the monitoring of the performance of Investment Managers and notifying the
Investment Committee of any material events affecting the performance of those
managers, and recommendations to the Investment Committee as to the selection,
termination and replacement of such Investment Managers, and the monitoring of the
performance of the mutual funds or commingled funds selected by the Investment
Committee, and the recommendations to the Investment Committee as to the replacement of
such funds;
	 
	 	(d)  	performing Investment Manager searches for the Investment Committee;
	 
	 	(e)  	the negotiation of the business and commercial terms and conditions of the
appointment of an Investment Manager for any investment option (other than a mutual
fund) offered under the Plan;

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	 	(f)  	ensuring (i) the proper coordination and communication among Investment
Managers, including, but not limited to, matters relating to the allocation of
responsibility among Investment Managers, and (ii) the proper coordination between
Investment Managers and the trustees of the Trusts, including with respect to
investment directions, proxy voting, securities lending;
	 
	 	(g)  	organizing meetings with the Investment Committee to discuss the performance of
the appointed Investment Managers; and
	 
	 	(h)  	such additional services as the Finance Committee or Investment Committee shall
designate.

     8. Subsection 13.15 is hereby deleted.

-5-

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