Document:

SHLDEX1041201410K

EXHIBIT 10.41

[LETTERHEAD OF SEARS HOLDINGS]
	
		
	 
	 

	 
	 

	 
	 

	March 19, 2014    
	 

	 
	 

	 
	 

	Mr. Arun D. Arora
	 

	[Address Omitted]
	 

	 
	 

   

Dear Arun,

We are pleased to extend to you our offer to join Sears Holdings Corporation (“SHC”) as Senior Vice President and President, Home Services, reporting to the board of directors for Home Services.  Your start date is to be determined.  This letter serves as confirmation of our offer, subject to all of the contingencies listed below and subject to the approval of the Compensation Committee (“Compensation Committee”) of SHC’s Board of Directors.  

The key elements of your compensation package and the other conditions of your employment are as follows:

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

		
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	Participation in the Sears Holdings Corporation Annual Incentive Plan (“AIP”) with an annual target incentive opportunity of 100% of your base salary.  Your target incentive under the 2014 AIP will be prorated from your start date through January 31, 2015, the last day of SHC’s 2014 fiscal year.  Any incentive payable with respect to a fiscal year will be paid by April 15th of the following fiscal year, provided that you are actively employed at the payment date.  Further details regarding your 2014 AIP target award will be provided to you following your start date. 

		
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	You will be eligible to receive a Special Incentive Award with respect to each of SHC’s 2014 and 2015 fiscal years, payable by April 15th of the fiscal year following the applicable fiscal year,  provided that you are actively employed at the applicable payment date, subject to the following terms:  

		
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	2014 fiscal year: $500,000, 100% of which is subject to reduction by any amount payable to you under the 2014 AIP; and 

		
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	2015 fiscal year: $250,000, 100% of which is subject to reduction by any amount payable to you under the 2015 AIP. 

		
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	Participation in the SHC long-term incentive program (“LTI”).  Your LTI target incentive opportunity is expected to be 150% of your base salary.  However, your eligibility and the details of your participation under the 2014 LTI will be determined by the Compensation Committee in the same manner as similarly situated executives by May 2014.

Mr. Arun D. Arora
March 19, 2014 
Page 2

		
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	You will receive a one-time sign-on bonus of $700,000 (gross).  This sign-on bonus will be payable within thirty (30) days following your start date.  In the event you voluntarily terminate your employment with SHC or are terminated by SHC for misconduct or integrity issues within twenty-four (24) months of your start date, you will be required to repay the full amount of the payment paid to you, including any taxes withheld, unless prohibited by law, to SHC within thirty (30) days of your last day worked.

		
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	You will be eligible to receive an additional long-term incentive award of $700,000 (gross) (“Special LTI Award”).  This award will be payable on a graded basis, with $200,000 of the award being payable as soon as administratively feasible after the second (2nd) anniversary of your start date, and $500,000 of the award being payable as soon as administratively feasible after the third (3rd) anniversary of your start date provided you are actively employed on the applicable payment date.  In the event that your employment with the company terminates for any reason, you will not be entitled to receive any unpaid portion of the additional LTI award.  Further, in the event you voluntarily terminate your employment with SHC or are terminated by SHC for misconduct or integrity issues within twelve (12) months of a payment date, you will be required to repay to SHC any portion of the Special LTI Award paid to you within such twelve (12)-month period, which repayment will be due within thirty (30) days of your last day worked. 

		
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	You represent and warrant to SHC that (a) as of your start date with SHC, you are not subject to any obligation, written or oral, containing any non-competition provision or any other restriction (including, without limitation, any confidentiality provision) that would result in any restriction on your ability to accept and perform this or any other position with SHC or any of its affiliates and (b) you are not (i) a member of any board of directors, board of trustees or similar governing body of any for-profit, non-profit or not-for-profit entity, or (ii) a party to any agreement, written or oral, with any entity under which you would receive remuneration for your services, except as disclosed to and approved by SHC in advance of your start date.  You agree that you will not (A) become a member of any board or body described in clause (b)(i) of the preceding sentence or (B) become a party to any agreement described in clause (b)(ii) of the preceding sentence, in each case without the prior written consent of SHC, such consent not to be unreasonably withheld.  Further, you agree you will not disclose or use, in violation of an obligation of confidentiality, any information that you acquired as a result of any previous employment or otherwise.

 
		
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	You will be required to sign an Executive Severance Agreement (“Agreement”).  If your employment with SHC is terminated by SHC (other than for Cause, death or Disability) or by you for Good Reason (as such capitalized terms are defined in the Agreement), you will receive twelve (12) months of salary continuation, equal to your base salary at the time of termination, subject to mitigation.  Under the Agreement, you agree, among other things, not to disclose confidential information and for twelve (12) months following termination of employment not to solicit employees.  You also agree not to aid, assist or render services for any “Sears Competitor” or “Sears Vendor” (as such terms are defined in the Agreement) for twelve (12) months following termination of employment.  The non-disclosure, non-solicitation, non-compete and non-affiliation provisions apply regardless of whether you receive severance benefits under this Agreement.  This offer is contingent upon you signing this Agreement.  Upon signing the Agreement, you agree that the consideration you are receiving for doing so includes not only your employment with SHC but also the other compensation and benefits you will be receiving (or are eligible to receive) from SHC as outlined herein and which you would not have been offered or received (or have been eligible to receive) without your signing the Agreement.   

Mr. Arun D. Arora
March 19, 2014 
Page 3

		
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	You will be covered under and subject to the terms and conditions of the Non-Accrual Vacation Policy.   

		
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	You will be eligible to participate in all retirement, 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.

		
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	This offer also is contingent upon satisfactory completion of a background reference check, employment authorization verification and pre-employment drug test.

 
Arun, we are looking forward to you joining Sears Holdings Corporation.  We are excited about the important contributions you will make to the company and 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 your signed Executive Severance Agreement to my attention.

Sincerely,

/s/ Dean Carter

Dean Carter

Enclosures
 

Accepted: 
 

	
			
	/s/ Arun D. Arora
	 
	03/20/14

	Arun D. Arora
	 
	DateSHLDEX1042201410K

EXHIBIT 10.42

[LETTERHEAD OF SEARS HOLDINGS]                 
	
		
	 
	 

	 
	 

	 
	 

	August 1, 2014    
	 

	 
	 

	 
	 

	Mr. Arun D. Arora
	 

Addendum to Offer Letter dated March 19, 2014
Dear Arun, 

This Addendum to your employment offer letter dated March 19, 2014 (“Offer Letter”) modifies the terms of the Special Incentive Award with respect to SHC’s 2014 fiscal year, subject to approval by the Compensation Committee of SHC’s Board of Directors.

With respect to the Special Incentive Award, the Offer Letter states: 

		
	•
	You will be eligible to receive a Special Incentive Award with respect to each of SHC’s 2014 and 2015 fiscal years, payable by April 15th of the fiscal year following the applicable fiscal year,  provided that you are actively employed at the applicable payment date, subject to the following terms:  

		
	•
	2014 fiscal year: $500,000, 100% of which is subject to reduction by any amount payable to you under the 2014 AIP; and 

		
	•
	2015 fiscal year: $250,000, 100% of which is subject to reduction by any amount payable to you under the 2015 AIP. 

By this Addendum, and pertaining only to the 2014 fiscal year Special Incentive Award, we are amending the Offer Letter so the $500,000  will be payable by January 9, 2015, provided you are actively employed on such payment date.  Further, in the event you do not remain actively employed by SHC through April 15, 2015 you will be required to repay the full $500,000 (including taxes withheld), unless prohibited by law, to SHC within thirty (30) days of your last day worked.  Additionally, any amounts earned by you under SHC’s Annual Incentive Plan for fiscal year 2014 will be reduced by $500,000. 

All other provisions of the Offer Letter remain unchanged.

To acknowledge and accept the terms herein, please sign and date below and return this letter to my attention.

Sincerely, 

/s/ Dean Carter

Dean Carter 

Acknowledged and Accepted:
 
	
			
	/s/ Arun D. Arora
	 
	08/25/2014

	Arun D. Arora
	 
	Dateex10-24.htm

Exhibit 10.24

 

Second Amendment to Lease Agreement

 

 

 

This Second Amendment to Lease Agreement (“Amendment”) is dated as of February 24, 2015, and amends that certain Standard Industrial/Commercial Single-Tenant Lease –Net, dated April 21, 2008 (the “Original Lease”) by and between Surgi-Vision, Inc. (whose name has been changed to MRI Interventions, Inc.), ( Lessee”), and Shaw Investment Company, LLC (“Lessor”) as further amended by that certain Amendment dated March 26, 2012. The Original Lease concerns that certain property known as 5 Musick, Irvine, California. Initially capitalized terms used and not defined herein shall have the meanings given them in the Original Lease.

 

Lessor and Lessee now desire to amend the Lease to reflect their agreement with respect to the following:

 

The current Lease term expires on September 30, 2015. Lessee wishes to extend the term of the Lease by Three (3) Years commencing October 1, 2015 and terminating September 30, 2018.

 

 

	
October 1, 2015 through September 30, 2016 
	$	7,255.92	 
	
October 1, 2016 through September 30, 2017
	 	$	7,626.12	 
	
October 1, 2017 through September 30, 2018 
	 	$	7,996.32	 

 

 

Lessor shall, at Lessor’s sole cost provide a Tenant Improvement Allowance in the amount of Seven Thousand Five Hundred Dollars, ($7,500.00) available to Lessee upon the submittal of invoices from a licensed general contractor and Lessor’s verification of the completion of the work. Lessee shall provide Lessor or Lessor’s representative with the scope of work to be completed. Lessee shall be required to receive approval from Lessor prior to the commencement of the work. Lessor’s approval shall not be unreasonably withheld. 

 

Except as amended hereby, and in prior Amendment(s) to the Lease, the Original Lease remains in full force and effect in accordance with its terms. In the event of any conflict between the provisions of the Original Lease and the Amendment(s), the provisions of this Amendment shall control. This Second Amendment shall be governed by California law and may be executed in counterparts, and all counterparts shall constitute but one and the same document.

 

 

 

 

 

IN WITNESS WHEREOF, Lessor and Lessee have executed this Amendment as of the day first above written.

 

	
Lessor:
	
Lessee:

	
 
	
 

	
Shaw Investment Company, LLC, 
	
MRI Interventions, Inc.

	
 
	
 

	
By /s/ Charles E. Crookall           
	
By /s/ David Carlson               

	
 
	
 

	
Title Manager Date 3-10-2015          
	
Title CFO          Date 3/5/15

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