Document:

Revised Offer Letter

 Exhibit 10.8 

 

					
	

	 	 Robert M. Lynch
 President
and CEO
 Orchard Supply Hardware
 6450
Via Del Oro
 San Jose, California 95119
	  	

 May 30, 2007 
 Thomas Carey 
 129 Zanzibar Drive 
 Aptos, CA 95003-5540 
 Dear Tom, 
 I am pleased to extend to you our revised offer to join Orchard Supply Hardware as Chief Marketing Officer, reporting to me, This letter serves as a confirmation of our offer. Some Key elements of the
offer are as follows; 
  

	 	•	 	 Your start date will be July 23rd, 2007, unless we mutually agree otherwise, 

 

	 	•	 	 Base salary at all annual rate of $320,000, paid bi-weekly and in arrears, with periodic increases based on your performance.

  

	 	•	 	 A one-time sign on bonus of $25,000 (before taxes) payable after 90 days of your start date. If you leave OSH within the first 12 months of employment,
you will be required to reimburse the company for the full amount of the sign-on bonus. 

  

	 	•	 	 You will be eligible for an annual incentive target opportunity of 40% of your annual base salary, Under our current incentive plan, the actual amount
of the incentive you earn may range from 0% to 200% depending on how well you and the company perform. Your award for this fiscal year 2007 will be prorated based on your start date. In order to receive your incentive award, you must still be
actively employed with OSH at the time incentive awards are normally paid. 

  

	 	•	 	 The Company shall recommend to the committee that administers the Company’s stock incentive plan that you be granted, as soon as approved by the
committee after your start date, three (3) separate grants of options to purchase a total of 2355 shares (785 shares in each grant) of the Company’s Class B common stock, which shares (i) have exercise prices as determined appropriate
by the committee but in no case less than the fair market value as of the grant date, and (ii) will vest in five (5) equal annual installments from the date of grant, provided that you remain continuously employed by the Company through
each applicable vesting date. In addition, in order to exercise any of the options you would be required to become a party to the Company’s stockholder agreement, 

 

	 	•	 	 You are eligible to receive 4 weeks paid vacation and 4 paid personal days annually, which will be pro-rated this fiscal year based on your start date.
Added to this, you will qualify for six paid National Holidays each year, 

  

	 	•	 	 You are eligible for relocation assistance in accordance with the Company’s standard relocation policy. The Relocation Benefits package will be
sent to you from Prudential Relocation, To receive relocation assistance, you must sign the Sears Relocation Repayment Agreement, which requires you to pay back to the company all or part of the assistance you receive in the event that you
voluntarily leave OSH within the time frames specified in the agreement. Please contact Sandy Whitehouse, Vice President-HR, at (408) 365-2698 if you have any questions regarding relocation assistance. 

 

	 	•	 	 In addition to the above, during the course of your employment, you will be entitled to participate in a variety of benefits available to salaried
associates, including medical and dental. You will also be eligible to begin participation in the 401(k) savings plan on the first day of the third month following your date of hire. The company expects to continue the benefit plans, but reserves
the right to modify, amend or terminate any or all of the plans at any time. 

  
 Carey Offer
Letter REVISED 053007, page 1 

	 	•	 	 You will be asked to sign an Executive Severance Agreement. If you are involuntarily terminated from Sears for any reason other than cause, death,
total and permanent disability, retirement or good reason (as such terms are defined in the Executive Severance Agreement), you will receive six (6) months of pay continuation, equal to your base salary at the time of termination, reduced on a
dollar-for-dollar basis (but not below zero) to the extent you earn fees, salary or wages from a subsequent employer (including those arising from self-employment) during the Salary Continuation Period. In consideration for these severance terms,
you agree not to disclose confidential information and not to solicit employees. The terms of this offer letter are conditioned upon your signing the Executive Severance Agreement. 

 

	 	•	 	 As with all our associates, your employment with the company is “at will”, not for a specific term, and you or the company may terminate the
employment relationship at any time for any reason, with or without cause or notice. You should not regard this letter, or other statements, policies or representations, as a contract of employment. 

This offer is made to you based on your representation to the Company that your acceptance of employment with the Company and your performing the
contemplated services does not and will not conflict with or result in any breach or default under any agreement, contract or arrangement which you are a party to or violate any other legal restriction, 

This offer also is contingent upon satisfactory completion of a background check, a drug test (to be taken within 48 hours of your acceptance of this
offer) and employment verification. On your first day of work, you must present documentation to establish your identity and employment eligibility to work in the United States. This documentation will be used to complete the legally required Form
1-9 for the United States Citizenship and Immigration Services. 
 We are looking forward to your joining us, I am sure you will make an
important contribution to the success of Orchard Supply Hardware. Please confirm your acceptance of this offer by signing and returning this offer letter no later than June 1, 2007 to Sandy Whitehouse by confidential fax at 254-4753 or by
PDF copy through email to Sandra.Whitehouse@osh.com. If you need additional information or clarification, please call. 
  

	
	Sincerely,
	
	 /s/ Robert M. Lynch

	Robert M. Lynch
	President and CEO
	Orchard Supply Hardware

  

									
					
	Accepted:	 	 /s/ Thomas Carey
	 		 	Date	 	5/31/2007
		 	Thomas Carey	 		 		 	

  

	cc:	Sandra C. Whitehouse, Vice President-HR, Orchard Supply Hardware 

 Deena Davalos, Director-HR Services, Orchard Supply Hardware 

  
 Carey Offer
Letter REVISED 053007, page 2Offer Letter

 Exhibit 10.9 
 

 
 May 21, 2010 
 Stephen W. Olsen 
 8457 Arima Lane 
 Wellington, Florida 33414 
 Dear Steve, 
 I am pleased to extend to you our offer to join Orchard Supply Hardware (“OSH” or “Company”) as Senior Vice President-Merchandising, reporting to me. This letter serves as a
confirmation of our offer. Some key elements of the offer arc as follows: 
  

	 	•	 	 Your start date will be determined as we mutually agree. 

 

	 	•	 	 Base salary at an annual rate of $350,000, paid bi-weekly and in arrears, with periodic increases based on your performance.

  

	 	•	 	 A one-time sign on bonus of $137,000 (before taxes) payable after 30 days of your start date. If you voluntarily leave OSH within the First 12 months
of employment, you will be required to reimburse the Company for the full amount of the sign-on bonus. 

  

	 	•	 	 You will be eligible for an annual incentive target opportunity of 50% of your annual base salary. Your award for fiscal year 2010 will be prorated
based on your actual start date and will be guaranteed at a minimum gross amount (before taxes and applicable deductions) of $125,000. Any incentive payable with respect to a fiscal year will be paid by April 15 of the following fiscal year,
provided that you are actively employed with the Company on the payment date. 

  

	 	•	 	 The Company shall recommend to the committee that administers the Company’s stock incentive plan that you be granted, as soon as approved by the
committee after your start date, three (3) separate grants of options to purchase a total of 8017 shares of the Company’s Class B common stock, subject to the terms of a Stock Option Agreement to be entered into between you and the
Company. 

  

	 	•	 	 You are eligible to receive four (4) weeks paid vacation which will be pro rated this year based on your actual start date. Added to this, you
will qualify immediately for six paid National Holidays each year and, after six months, four Personal Days each year, based on our Personal Days allocation schedule. 

 

	 	•	 	 In order to assist you in your relocation, you are eligible for a relocation lump sum in the net amount (after taxes) of $80,000 (approximately
$125,000 gross), payable to you as soon as is feasible within 30 days after your actual start date. To receive the relocation lump sum, you must sign a Relocation Repayment Agreement, which requires you to pay back to the Company all or part of the
relocation lump sum you receive in the event that you voluntarily leave OSH within the time frames specified in that agreement. Please contact Sandy Whitehouse, Vice President-HR, at (408) 365-2698 if you have any questions regarding the
relocation lump sum. 

  

	 	•	 	 In addition to the above, during the course of your employment, you will be entitled to participate in a variety of benefits available to salaried
associates, including medical, dental and long-term disability. Your benefits coverage will begin on your first day of employment provided you enroll within your eligibility period. You will also be eligible to begin participation in the 401(k)
savings plan on the first day of the third month following your date of hire. The Company expects to continue its benefit programs, but reserves the right to modify, amend or terminate any or all of the benefit programs at any time.

 orchard supply hardware • 6450 via del oro • san jose, ca 95119 • 408 281 3500

 

 
  

	 	•	 	 You will be required to sign an Executive Severance Agreement. If your employment with OSH is terminated by OSH (other than for Cause, death or
Disability) or by you for Good Reason (as such capitalized terms are defined in the Executive Severance Agreement), you will receive (a) if the termination occurs within the first twelve (12) months of employment, one (1) year of pay
continuation, or (b) if the termination occurs after the first twelve (12) months of employment, six (6) months of pay continuation, in either case equal to your base salary at the time of termination, subject to mitigation. Under the
Executive Severance Agreement, you agree, among other things, not to solicit employees for a period of one (1) year or six (6) months, depending on the timing of your termination and not to disclose confidential information. The
non-solicitation and non-disclosure provisions apply regardless of whether you are eligible for severance benefits under this agreement, and the terms of this offer letter are conditioned upon your signing this agreement.

 This offer is made to you based on your representation to the Company that your acceptance of employment with the Company
and your performing the contemplated services does not and will not conflict with or result in any breach or default under any agreement, contract or arrangement which you are a party to or violate any other legal restriction. 

This offer also is contingent upon satisfactory completion of a background check, a drug test (to be taken within 48 hours from the time the drug test is
scheduled) and employment verification. On your first day of work, you must present documentation to establish your identity and employment eligibility to work in the United States. This documentation will be used to complete the legally required
Form 1-9 for the United States Citizenship and Immigration Services. 
 We are looking forward to your joining our team. I am confident that you
will make an important contribution to the success of Orchard Supply Hardware. Please confirm your acceptance of this offer by signing and returning this offer letter no later than May 24, 2010 to Sandy Whitehouse in PDF format via email at
Sandra.Whitehouse@osh.com or via confidential fax at (408) 361-3009. If you need additional information or clarification, please call. 
 Sincerely, 
 /s/ Rob Lynch 

 
 Rob Lynch 

President and CEO 
 Orchard Supply Hardware

									
					
	Accepted:	 	 /s/ Stephen W. Olsen
	 		 	Date	 	5/21/10
		 	Stephen W. Olsen	 		 		 	

  

	cc:	Sandra C. Whitehouse, Vice President-HR, Orchard Supply Hardware 

	 	Deena Davalos, Director-HR Services, Orchard Supply Hardware 

 orchard supply hardware • 6450 via del oro • san jose, ca 95119 • 408 281 3500

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