Document:

EX-10.1

 Exhibit 10.1 

TRANSITION SERVICES AGREEMENT 

Between 
 SEARS HOLDINGS
MANAGEMENT CORPORATION 
 And 

LANDS’ END, INC. 

April 4, 2014 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. SERVICES
	  	 	4	  
	 1.01
	 	Transition Services to be Provided	  	 	5	  
	 1.02
	 	Quantity and Nature of Service	  	 	5	  
	 1.03
	 	Changes in the Services	  	 	5	  
	 1.04
	 	Transition Plan	  	 	5	  
	 1.05
	 	Transition Services Shared Agreements	  	 	6	  
	 1.06
	 	Standard of Care	  	 	6	  
	 1.07
	 	Responsibility For Errors; Delays	  	 	7	  
	 1.08
	 	Good Faith Cooperation; Alternatives	  	 	7	  
	 1.09
	 	Use of Third Parties	  	 	7	  
	 1.10
	 	Assets of LE	  	 	7	  
	 1.11
	 	Ownership of Data and Other Assets	  	 	7	  
	 1.12
	 	Contact Person	  	 	7	  
	 1.13
	 	Kmart Bridgehampton	  	 	7	  
		
	 ARTICLE II. CHARGES AND PAYMENTS FOR SERVICES
	  	 	8	  
	 2.01
	 	Compensation	  	 	8	  
	 2.02
	 	Payments	  	 	8	  
	 2.03
	 	Taxes	  	 	8	  
		
	 ARTICLE III. TERMINATION
	  	 	9	  
	 3.01
	 	Termination of an Individual Service for Convenience by LE	  	 	9	  
	 3.02
	 	Termination of the Agreement	  	 	9	  
	 3.03
	 	Obligations on Termination	  	 	9	  
	 3.04
	 	Termination of an Individual Service by SHMC	  	 	9	  
		
	 ARTICLE IV. CONFIDENTIALITY
	  	 	10	  
	 4.01
	 	Confidential Information	  	 	10	  
	 4.02
	 	Treatment of Confidential Information	  	 	10	  
	 4.03
	 	Exceptions to Confidential Treatment	  	 	11	  
	 4.04
	 	Protective Arrangement	  	 	11	  
	 4.05
	 	Ownership of Information	  	 	11	  
		
	 ARTICLE V. INDEMNIFICATION; LIMITATION OF LIABILITY
	  	 	12	  
	 5.01
	 	Indemnification by LE	  	 	12	  
	 5.02
	 	Indemnification by SHMC	  	 	12	  
	 5.03
	 	Procedure	  	 	12	  
	 5.04
	 	Joint Claims	  	 	13	  
	 5.05
	 	Independent Obligation	  	 	13	  
	 5.06
	 	Limitation of Liability	  	 	13	  
		
	 ARTICLE VI. MISCELLANEOUS
	  	 	13	  
	 6.01
	 	Expenses	  	 	13	  

  
 ii 

							
	 6.02
	 	Vendor Agreements	  	 	14	  
	 6.03
	 	Computer Access	  	 	14	  
	 6.04
	 	Amendment; No Waiver	  	 	14	  
	 6.05
	 	Assignment	  	 	15	  
	 6.06
	 	Notices	  	 	15	  
	 6.07
	 	Publicity	  	 	15	  
	 6.08
	 	Survival	  	 	16	  
	 6.09
	 	No Third Party Rights	  	 	16	  
	 6.10
	 	Severability	  	 	16	  
	 6.11
	 	Entire Agreement	  	 	16	  
	 6.12
	 	Equitable Relief	  	 	16	  
	 6.13
	 	Force Majeure	  	 	16	  
	 6.14
	 	Fair Construction	  	 	17	  
	 6.15
	 	No Agency	  	 	17	  
	 6.16
	 	Construction and Interpretation	  	 	17	  
	 6.17
	 	Condition Precedent to the Effectiveness of this Agreement	  	 	17	  
	 6.18
	 	Dispute Resolution	  	 	17	  
	 6.19
	 	Governing Law; Jurisdiction	  	 	18	  
	 6.20
	 	Counterparts	  	 	20	  

 Appendices 
  

			
	APPENDIX #1	  	Glossary
		
	APPENDIX #2	  	Transition Services
		
	APPENDIX #3	  	Effective Date
		
	APPENDIX #4	  	Contact Persons
		
	APPENDIX #5	  	Shared Agreements

  
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 TRANSITION SERVICES AGREEMENT 

April 4, 2014 

This Transition Services Agreement (this “Agreement” or “TSA”) is between Sears Holdings
Management Corporation, a Delaware corporation (“SHMC”), and Lands’ End, Inc., a Delaware corporation (“LE”). SHMC and LE each are sometimes referred to as a “Party” and together
sometimes are referred to as the “Parties.” Certain terms are defined where they are first used below, while others are defined in Appendix #1 (Glossary). 

Terms and Conditions 
 For
good and valuable consideration, the receipt of which SHMC and LE acknowledge, SHMC and LE agree as follows: 
 ARTICLE I.SERVICES

 1.01 Transition Services to be Provided. During the Service Period SHMC will provide to LE the transition services
described on Appendix #2 (Transition Services) to the extent not prohibited by Applicable Law (together, the “Services”). “Service Period” means the period commencing immediately following the “Effective
Time” specified in the Separation and Distribution Agreement (the “Separation Agreement”) to be executed and delivered by LE and Sears Holdings Corporation (the date on which the Effective Time occurs, the “Effective
Date”) and continuing until 5:00 p.m. (Central Time) on the last day of the 12th full calendar month following the Effective Date. This Agreement will expire at 11:59 p.m. (Central Time)
on the last day of the Service Period, automatically and without notice. Neither party has rights to renew or extend the Service Period. The calendar day that becomes the Effective Date will be inserted on Appendix #3 (Effective Date) after
the Effective Date has occurred. Except as expressly stated on Appendix #2 (Transition Services), in the event of any conflict or inconsistency between this Agreement and Appendix #2, this Agreement will control. Unless otherwise agreed in writing
by the Parties, the Services to be provided by SHMC under this Agreement are limited to those expressly stated herein. This Agreement, and the Services, Fees and Expenses hereunder, may only be modified by a written amendment which must be signed by
both parties to be effective. LE acknowledges that modifications to this Agreement will require certain internal approvals by SHMC and therefore absent a signed written amendment; LE will not rely (and any such reliance would be unreasonable) upon
any proposed amendment or course of dealing by the parties. If either Party identifies a service that was previously provided by SHMC that is not described in included in Appendix #2, it will notify the other party’s Contact Person (as provided
for in Section 1.12), and the parties will work together to Good Faith to determine whether they wish to have such service added to this Agreement; any such addition will require a written amendment signed by both parties to be
effective. The parties will include in such an amendment, if they agree to execute one, a description of the service, the Fees (if any), and allocation of expenses (if any) for such Service. 

  
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 1.02 Quantity and Nature of Service. Except as otherwise provided in this
Agreement, there will be no change in the scope or level of, or use by, LE of Services during the Service Period (including changes requiring the hiring or training of additional employees by SHMC) without the mutual written agreement of the Parties
and adjustments, if any, to the charges for such Services. However, SHMC may make changes from time to time in the manner of performing Services (including changes to its, its Affiliates’ and its Personnel’s systems without LE’s
consent), whether the Services are provided by SHMC through its employees, through Vendors that are described on Appendix #2, or through shared contracts that are described in Appendix #5. Notwithstanding anything in this Agreement to the contrary,
SHMC will not provide any legal services or legal advice to LE. LE is not entitled to rely on SHMC for legal advice or counsel, and any advisory communications given by SHMC to LE is not to be construed as legal advice. LE will not resell any
Services, provide the Services to any joint-venture or non-wholly owned subsidiary, or otherwise use the Services in any way other than in connection with the conduct of LE’s business as it is operated on the day before the Effective Date. 

1.03 Changes in the Services. If LE desires to make changes in this Agreement to provide for different or additional Services
(each a “Service Change”) to be provided by SHMC, the parties shall comply with the following Service Change process: 
 (a)
LE shall prepare a written proposal for the Service Change including a description of the services, deliverables, and schedule, in such detail as would be needed by an unaffiliated third party contractor to develop a competent price proposal for
similar services. For special project work that is within the scope of services covered by an hourly or unit rate in Appendix #2, LE may use the hourly rate or unit rate stated in Appendix #2 in developing the proposal price. 

(b) If SHMC is willing to consider the Service Change, SHMC will send to LE a response, including any changes to the services, deliverables,
schedule and fees under this Agreement. 
 (c) All Service Change proposals and responses must be delivered by a Party’s Contact Person
to the other Party’s Contact Person. If the Parties desire, each in their sole discretion, to move forward with the Service Change the Parties will negotiate a proposed amendment documenting the Service Change, after which each party will need
to obtain all necessary internal approvals prior to signing the proposed amendment. In the absence of a signed amendment, the Parties must fulfill their obligations under this Agreement without regard to such proposed amendment. 

1.04 Transition Plan. At least quarterly, and in the event of a Stockholding Change, at least monthly, throughout the Service
Period, LE will provide SHMC with current information and reasonable assistance concerning LE’s plans for transitioning the performance of all Services to LE or its designees prior to the completion of the Service Period. SHMC will provide LE
with such information as is reasonably necessary to assist LE with such transition. 

  
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 1.05 Transition Services Shared Agreements. In addition to those activities
described in Appendix #2, the Services include SHMC allowing LE to continue to procure products and services under written contracts described in Appendix #5 (the “Shared Agreements”); provided that LE’s continued use of each
Shared Agreement is contingent upon the Vendor in such agreement not objecting to such continued use. Furthermore, notwithstanding any other provision in this Agreement, SHMC has no liability to LE or its Representatives in connection with or
resulting from the Vendor’s actions (or failures to act) under any Shared Agreement. 
 (a) SHMC shall, upon LE’s written request,
provide reasonable administrative assistance to LE as requested by LE from time to time to assist LE in placing orders, reconciling and paying invoices directly with the Vendor under the Shared Agreements; it is not expected that SHMC will serve as
LE’s order clerk or billing clerk for day-to-day transactions under the Shared Agreements. LE’s right to use the Shared Agreements will continue until the earlier of the following occurs: a) the loss of LE’s right to continue being
served under the Shared Agreement by operation of its terms (e.g., expiration or termination, changes in LE’s eligibility for service, etc.) or b) expiration of the Service Period (except as notated for extended service in Appendix #5). SHMC
and its Affiliates are not restricted in any way from terminating any Shared Agreements, in whole or in part, for cause or for convenience, nor from allowing any Shared Agreement or any part thereof to expire, nor from exercising or forgoing the
exercise of any option to extend or renew the term of any Shared Agreement or any part thereof, nor from deciding in its sole discretion whether to negotiate for extension, renewal, or changes to any Shared Agreement or any part thereof. However,
SHMC and its Affiliates will not extend any Shared Agreement that commits LE to procure goods or services from the Vendor without LE’s prior approval. SHMC is not obligated to revive or replace any terminated or expired Shared Agreement or
portion thereof. 
 (b) LE will perform as and when due, each and every one of the obligations set forth in each Shared Agreement applicable
to SHMC, to the same extent as if LE (rather than SHMC or its Affiliates, as applicable) were the party to such Shared Agreement. Without limiting the foregoing, LE shall take such actions as directed by SHMC to fulfill its obligations under the
Shared Agreements. LE represents and warrants to SHMC that (a) it has the power, capacity and authority to execute and deliver this Agreement, and to perform its obligations hereunder and under the Shared Agreements, (b) the execution and
delivery of this Agreement by it, and the performance by it of its obligations under this Agreement and the Shared Agreements does not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order,
judgment or decree to which it or any of its affiliates is a party or by which any of them is bound, and (c) upon LE’s execution and delivery of this Agreement, this Agreement will be valid and binding on LE and enforceable in accordance
with its terms. 
 1.06 Standard of Care. Except as otherwise set forth in this Agreement, SHMC does not assume any
responsibility under this Agreement other than to render the Services in Good Faith and in compliance with all Applicable Laws, without willful misconduct or gross negligence. SHMC MAKES NO OTHER GUARANTEE, REPRESENTATION, OR WARRANTY OF ANY KIND
(WHETHER EXPRESS OR IMPLIED) REGARDING ANY OF THE SERVICES PROVIDED HEREUNDER, AND EXPRESSLY DISCLAIMS ALL OTHER GUARANTEES, REPRESENTATIONS, AND WARRANTIES OF ANY NATURE WHATSOEVER, WHETHER STATUTORY, ORAL, WRITTEN, EXPRESS OR IMPLIED, INCLUDING
ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND ANY WARRANTIES ARISING FROM COURSE 

  
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OF DEALING OR USAGE OF TRADE. SUBJECT TO THE OTHER PROVISIONS OF THIS AGREEMENT, SHMC WILL ONLY BE OBLIGATED TO PROVIDE SERVICES IN A MANNER CONSISTENT WITH PAST PRACTICE (INCLUDING
PRIORITIZATION AMONG PROJECTS FOR SHMC, SHMC’S AFFILIATES, AND LE). 
 1.07 Responsibility For Errors; Delays. SHMC’s
sole responsibility to LE for errors or omissions in Services caused by SHMC will be to furnish correct information, payment or adjustment in the Services, and if such errors or omissions are solely or primarily caused by SHMC, SHMC will promptly
furnish such corrections at no additional cost or expense to LE if LE promptly advises SHMC of such error or omission. 
 1.08 Good
Faith Cooperation; Alternatives. SHMC and LE will use Good Faith efforts to cooperate with each other in all matters relating to the provision and receipt of the Services. If SHMC reasonably believes it is unable to provide any Service
because of a failure to obtain Vendor consents or because of impracticability, SHMC will notify LE promptly after SHMC becomes aware of such fact and the Parties will cooperate to determine the best alternative approach. LE shall provide such
reasonable advance notice and forecasts of Services as are requested by SHMC or its Vendor performing the Services from time to time. 
 1.09
Use of Third Parties. SHMC may use any Affiliate or any Vendor (including former Affiliates) to provide the Services, however SHMC will remain responsible at all times for the performance of Services by its Affiliate or any Vendor
under this Agreement, except as stated in Section 1.06. 
 1.10 Assets of LE. During the Service Period, (i) SHMC and
its Affiliates and Vendors may use, at no charge, all of the software and other assets, tangible and intangible, of LE (together, the “Assets”) to the extent necessary to perform the Services (but for no other purpose), and
(ii) LE will consult with SHMC prior to upgrading or replacing any of the Assets that are necessary for SHMC to provide the Services. 

1.11 Ownership of Data and Other Assets. Neither Party will acquire under this Agreement any right, title or interest in any
Asset that is owned or licensed by the other. All data provided by or on behalf of a Party to the other Party for the purpose of providing the Services will remain the property of the providing Party. To the extent the provision of any Service
involves intellectual property, including software or patented or copyrighted material, or material constituting trade secrets, neither Party will copy, modify, reverse engineer, decompile or in any way alter any of such material, or otherwise use
such material in a manner inconsistent with the terms and provisions of this Agreement, without the express written consent of the other Party. All specifications, tapes, software, programs, services, manuals, materials, and documentation developed
or provided by SHMC, its Affiliate or Vendor, and utilized in performing this Agreement, will be and remain the property of SHMC, its Affiliate or Vendor, as the case may be, and may not be sold, transferred, disseminated, or conveyed by LE to any
other entity or used other than in performance of this Agreement without the express written permission of SHMC. 
 1.12 Contact
Person. Each Party will appoint a contact person (each, a “Contact Person”) to facilitate communications and performance under this Agreement. The initial Contact Person of each Party is set forth on Appendix #4. Each
Party will have the right at any time and from time to time to replace its Contact Person by written notice to the other Party. 
 1.13
Kmart Bridgehampton. 
 (a) UTC. This Section 1.13 shall be deemed a separate “Vendor Agreement”
pursuant to the Universal Terms and Conditions (the “UTC” dated as of the Effective Date between LE and Sears, Roebuck and Co., a New York corporation (“Sears”), Kmart Corporation (“Kmart”), Sears
Brands Management Holding Corporation. The UTC, including all documents incorporated into the UTC by reference, is incorporated into this Section 1.13 by reference and only applies to this Section 1.13. This Agreement will control over
the UTC if the terms of this Agreement contradict or are inconsistent with the terms of the UTC. All capitalized terms used but not defined in this Section 1.13 will have the meaning ascribed to them in the UTC. SHMC is entering into this
Section 1.13 as the agent of Kmart. 
 (b) Service Period. The Service Period for this Section 1.13 shall end on January
31, 2015. 
 (c) Supply of Products for Kmart Bridgehampton Store. LE will sell to Kmart, at LE’s cost (i.e., the amount LE pays
its vendor for such Products), all of the “Products” that LE provides for the LE Shops (as that term is defined in that certain Retail Operations Agreement between LE and Sears) for sale in the Kmart Store located at 2044 Montauk Hwy,
Bridgehampton, NY (the “Kmart Store”). All such Products shall be deemed “Merchandise” under the UTC. LE will be responsible for maintaining inventory levels consistent with the parties’ past practices and LE will be
responsible for recommending the assortment of such Products; but Kmart is entitled to decide which Products it wants ordered on its behalf. The “F.O.B. Point” will be Kmart Store. Payment terms for Products shall be 60 days. 

(d) Royalty Payment. Kmart shall pay LE a royalty of 4.5% of Net Sales of Products sold by Kmart during the prior month (the
“Sales Royalty”). Kmart shall calculate the payments due under this Section on a monthly basis (the “Payment Period”) and shall report them within 10 business days of the end of the month and pay such royalties as
part of the weekly reconciliation under Section 2.02 (Payments). Costs incurred by Kmart in the sale or distribution of the Products have no effect on the calculation of Gross Sales or Net Sales. “Net Sales” means Gross Sales
less all returns of Products; with no other deductions of any kind (including deductions for cash discounts, freight discounts, advertising discounts or uncollectable amounts). “Gross Sales” means the total amount of sales of
Products with no deductions of any kind (including deductions for bad debts or uncollectible accounts). Gross Sales does not include separately invoiced freight and insurance charges and separately stated sales or VAT taxes collected at the time of
sale. 
 (e) LE Warranty. In addition to Kmart’ rights under the Agreement and the UTC, each Product will be covered by LE’s
customer warranty (“LE Warranty”). The LE Warranty will be identical to the warranty LE provides to its other customers on such Products. 

  
 7 

 ARTICLE II. 

CHARGES AND PAYMENTS FOR SERVICES 

2.01 Compensation. 

(a) Fees. As consideration for the provision of Services, LE will pay SHMC fees for the Services specified on Appendix #2 (the
“Fees”), payable in equal installments in advance as provided on Appendix #2. Upon termination of an individual Service, LE will pay a pro rata portion of the applicable Fee specified on Appendix #2, calculated based
on the portion of the individual Service actually performed, or expense actually incurred, through the date SHMC performs the Service. If the Fees include charges for Services performed by a Vendor and the Vendor’s fees increase during the
Service Period, then SHMC may pass through the increased charges as an increase in the Fees. 
 (b) Expenses. In addition to the Fees,
LE will reimburse SHMC for all reasonable out-of-pocket expenses actually incurred in its performance of the Services that are not included in the Fees (“Expenses”). To the extent reasonably practicable, SHMC will provide LE with
notice of such Expenses prior to incurring them. If directed by SHMC, LE will pay directly any or all Vendors providing Services to or for the benefit of LE. 

2.02 Payments. LE will pay Fees in accordance with Section 2.01(a). Unless otherwise mutually agreed in writing, all
amounts payable under this Agreement will be reconciled weekly and the Parties will after netting amounts due under the other Ancillary Agreements make payment (to the Party who is owned the net amount) by electronic transfer of immediately
available funds to a bank account designated by such Party from time to time. Monthly installments will be included the first week’s reconciliation of each month. All amounts remaining unpaid for more than 15 days after their respective due
date(s) will accrue interest as set forth in Section 14.19 (Payment Terms) of the Separation Agreement until paid in full. 
 2.03
Taxes. Fees do not include applicable taxes. LE will be responsible for the payment of all taxes payable in connection with the Services including sales, use, excise, value-added, business, service, goods and services,
consumption, withholding, and other similar taxes or duties, including taxes incurred on transactions between and among SHMC, its Affiliates, and Vendors, along with any related interest and penalties (“Transaction Taxes”). LE
will reimburse SHMC for any deficiency relating to Transaction Taxes that are LE’s responsibility under this Agreement. Notwithstanding anything in this Section 2.03 to the contrary, each Party will be responsible for its own income
and franchise taxes, employment taxes, and property taxes. The Parties will cooperate in Good Faith to minimize Transaction Taxes to the extent legally permissible. Each Party will provide to the other Party any resale exemption, multiple
points of use certificates, treaty certification and other exemption information reasonably requested by the other Party. 

  
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 ARTICLE III. 

TERMINATION 
 3.01
Termination of an Individual Service for Convenience by LE. Subject to the next sentence, LE, upon 60 days’ prior written notice to SHMC, may reduce or terminate for LE’s convenience any individual Service at the end of a LE
fiscal month. LE may not terminate an individual Service if the termination would adversely affect SHMC’s ability to perform another Service. If LE’s reduction or termination of a Service (including a Shared Agreement) results in charges
to SHMC or its Affiliate during the Term of this Agreement by a Vendor (e.g., termination charges or loss of volume discounts), LE will reimburse SHMC for such charges. 

3.02 Termination of the Agreement. 

(a) Subject to the next sentence, LE or SHMC may terminate this Agreement in the event of a material breach of this Agreement by the other
Party if the breach is curable by the breaching Party and the breaching Party fails to cure the breach within 30 days following its receipt of written notice of the breach from the non-breaching Party, or in the event of an assignment with respect
to which SHMC has not consented in accordance with Section 6.06 (Assignment). If the breach is not curable by the breaching Party, the non-breaching Party may immediately terminate this Agreement following the non-breaching Party’s
delivery of notice to the breaching Party. 
 (b) LE’s breach any of the Cross Default Agreements constitutes a breach by LE of this
Agreement (which breach may only be cured, if at all, in accordance with the express provisions of the affected Cross Default Agreement). Furthermore, if LE wrongfully terminates a Cross Default Agreement or if LE’s breach of a Cross Default
Agreement results in the SHC Entity counterparty terminating that agreement; then SHMC may also terminate this Agreement for cause. SHMC’s remedies under this Section 3.02 are in addition to and not in lieu of any and all other legal and
equitable remedies available to SHMC upon LE’s breach of this Agreement. 
 3.03 Obligations on Termination. Upon
termination of this Agreement LE will return to SHMC, as soon as reasonably practicable, all equipment or other property of SHMC, whether owned, leased, or licensed, and LE will pay all outstanding Fees for Services rendered and Expenses incurred
through the date this Agreement is terminated in accordance with its terms. 
 3.04 Termination of an Individual Service by
SHMC. If an Affiliate of SHMC that provides a Service is unwilling or unable to provide the Service and: (i) the Affiliate of SHMC does not provide a similar service to SHMC or its other Affiliates on terms that are comparable to the
terms of this Agreement, and (ii) SHMC is unable to retain a replacement Vendor to provide the Service on terms that are comparable to the terms of this Agreement, SHMC, upon providing 90-days’ prior written notice to LE, may terminate the
Service, but the termination of the Service will have no effect upon the provision of the other Services to LE. If an Affiliate or Vendor that provides a Service is unwilling or unable to allow LE to use the Service under the existing (or
comparable) terms, and SHMC is unable to retain a replacement Vendor to provide the Service on terms that are comparable to the terms of this 

  
 9 

 
Agreement, SHMC, upon providing 90-days’ prior written notice to LE, may terminate the Service, but the termination will have no effect upon the provision of the other Services to LE. If
SHMC is unable to give LE 90-days’ prior written notice to LE due to a Vendor’s refusal to allow LE to use the Service for 90 days, then SHMC will provide as much notice as possible. 

ARTICLE IV. 

CONFIDENTIALITY 
 4.01
Confidential Information. “Confidential Information” means all information, whether disclosed in oral, written, visual, electronic or other form, that (i) one Party (the “Disclosing Party”), its
Affiliates or its Personnel discloses to the other Party (the “Receiving Party”), its Affiliates or its Personnel, (ii) relates to or is disclosed in connection with this Agreement or a Party’s or a Party’s
Affiliate’s business, and (iii) is or reasonably should be understood by the Receiving Party to be confidential or proprietary to the Disclosing Party (whether or not such information is marked “Confidential” or
“Proprietary”). The Disclosing Party’s sales, pricing, costs, inventory, operations, employees, current and potential customers, financial performance and forecasts, and business plans, strategies, forecasts and analyses, as well as
information as to which the Securities and Exchange Commission has granted confidential treatment pursuant to its Rule 406 of Regulation C (the “CTR Information”), are Confidential Information. 

4.02 Treatment of Confidential Information. The Receiving Party will use Confidential Information only in connection with this
Agreement and, except as expressly permitted by this Agreement and subject to the next sentence, will not disclose any Confidential Information for three years from the date of receipt of the Confidential Information. Neither Party will disclose the
CTR Information for a period of ten years from the date or receipt. 
 (a) Limitations. The Receiving Party will (A) restrict
disclosure of the Confidential Information to its and its Affiliates’ Personnel with a need to know the Confidential Information for purposes of performing the Receiving Party’s responsibilities or exercising the Receiving Party’s
rights under this Agreement, (B) advise those Personnel of the obligation not to disclose the Confidential Information or use the Confidential Information in a manner prohibited by this Agreement, (C) copy the Confidential Information only
as necessary for those Personnel who need it for performing the Receiving Party’s responsibilities under this Agreement, and ensure that confidentiality is maintained in the copying process; and (D) protect the Confidential Information,
and require those Personnel to protect it, using the same degree of care as the Receiving Party uses with its own Confidential Information, but no less than reasonable care. 

(b) Liability for Unauthorized Use. The Receiving Party will be liable to the Disclosing Party for any unauthorized disclosure or use of
Confidential Information in violation of this Agreement by its Affiliates and any of its and its Affiliates’ current or former Personnel. 

  
 10 

 (c) Destruction. Without limiting the foregoing, when any Confidential Information is no
longer needed for the purposes contemplated by this Agreement the Receiving Party will, promptly after request of the Disclosing Party, either return such Confidential Information in tangible form (including all copies thereof and all notes,
extracts or summaries based thereon) or certify to the other Party that it has destroyed such Confidential Information (other than electronic copies residing in automatic backup systems and copies retained to the extent required by Applicable Law,
regulation or a bona fide document retention policy). 
 4.03 Exceptions to Confidential Treatment. The obligations under this
Section 4.03 do not apply to any Confidential Information that the Receiving Party can demonstrate (A) was previously known to the Receiving Party without any obligation owed to the Disclosing Party or its Affiliates to hold it in
confidence, (B) is disclosed to third parties by the Disclosing Party or its Affiliates without an obligation of confidentiality to the Disclosing Party or its Affiliate, as applicable, (C) is or becomes available to any member of the
public other than by unauthorized disclosure by the Receiving Party, its Affiliates or its or their Personnel, (D) was or is independently developed by the Receiving Party or its Affiliates or Personnel without use of the Confidential
Information, (E) legal counsel’s advice is that the Confidential Information is required to be disclosed by Applicable Law or the rules and regulations of any applicable Governmental Authority and the Receiving Party has complied with
Section 4.04 (Protective Arrangement) below, or (F) legal counsel’s advice is that the Confidential Information is required to be disclosed in response to a valid subpoena or order of a court or other governmental body of
competent jurisdiction or other valid legal process and the Receiving Party has complied with Section 4.04 (Protective Arrangement) below. 

4.04 Protective Arrangement. If the Receiving Party determines that the exceptions under Section 4.03(E) or
Section 4.03(F) apply, the Receiving Party shall give the Disclosing Party, to the extent legally permitted and reasonably practicable, prompt prior notice of such disclosure and an opportunity to contest such disclosure and shall use
commercially reasonable efforts to cooperate, at the expense of the Receiving Party, in seeking any reasonable protective arrangements requested by the Disclosing Party. In the event that such appropriate protective order or other remedy is not
obtained, the Receiving Party may furnish, or cause to be furnished, only that portion of such Confidential Information that the Receiving Party is advised by legal counsel is legally required to be disclosed and shall take commercially reasonable
steps to ensure that confidential treatment is accorded such Confidential Information. 
 4.05 Ownership of Information. Except
as otherwise provided in this Agreement, all Confidential Information provided by or on behalf of a Party (or its Affiliates) that is provided to the other Party or its Personnel shall remain the property of the disclosing entity and nothing herein
shall be construed as granting or conferring rights of license or otherwise in any such Confidential Information. 

  
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 ARTICLE V. 

INDEMNIFICATION; LIMITATION OF LIABILITY 

5.01 Indemnification by LE. LE will defend, indemnify, and hold harmless SHMC and its Affiliates and their respective
Representatives from and against any and all costs, liabilities, losses, penalties, expenses and damages (including reasonable attorneys’ fees) of every kind and nature arising from third-party claims, demands, litigation, and suits related to
or arising out of: (i) the Shared Agreements, including LE Personnel’s actions and failure or act in connection therewith (collectively, “Shared Agreement Claims”), and (ii) this Agreement (together with the Shared
Agreement Claims, “LE Claims”), except to the extent that such LE Claims are found by a final judgment or opinion of an arbitrator or a court of appropriate jurisdiction to be caused by: (i) a breach of any provision of this
Agreement by SHMC; or (ii) any negligent act or omission, or willful misconduct of SHMC, its Affiliates, or their respective Representatives in performance of this Agreement. Without limiting the foregoing in any way, SHMC may, at its sole
option, cost and expense, take control of any Shared Agreement Claim including, without limitation, the right to engage counsel of its own choice and to defend, prosecute compromise and settle any Shared Agreement Claim. 

5.02 Indemnification by SHMC. SHMC will defend, indemnify, and hold harmless LE and its Affiliates, and their respective
Representatives from and against any and all costs, liabilities, losses, penalties, expenses and damages (including reasonable attorneys’ fees) of every kind and nature arising from third-party claims, demands, litigation, and suits, that:
(i) relate to bodily injury or death of any person or damage to real and/or tangible personal property directly caused by the negligence or willful misconduct of SHMC or its Affiliates during the performance of the Services, or (ii) relate
to the intentional infringement of any copyright or trade secret by an Asset owned by SHMC or its Affiliates and used by SHMC in the performance of the Services (together, “SHMC Claims”). Notwithstanding the obligations set forth
above in this Section 5.02, SHMC will not defend or indemnify LE, its Affiliates, or their respective Representatives to the extent that such SHMC Claims are found by a final judgment or opinion of an arbitrator or a court of appropriate
jurisdiction to be caused by: (a) a breach of any provision of this Agreement by LE; (b) any negligent act or omission, or willful misconduct of LE, its Affiliates, or their respective Representatives in performance of this Agreement; or
(c) with respect to infringement claims: (I) LE’s use of the Asset in combination with any product or information not provided by SHMC; (II) LE’s distribution, marketing or use for the benefit of third parties of the Asset;
(III) LE’s use of the Asset other than as contemplated by this Agreement; or (IV) information, direction, specification or materials provided by or on behalf of LE. LE Claims and SHMC Claims are each individually referred to as a
“Claim.” 
 5.03 Procedure. In the event of a Claim, the indemnified Party will give the indemnifying Party
prompt notice in writing of the Claim; but the failure to provide such notice will not release the indemnifying Party from any of its obligations under this Article except to the extent the indemnifying Party is materially prejudiced by such
failure. Upon receipt of such notice the indemnifying Party will assume and will be entitled to control the defense of the Claim at its expense and through counsel of its choice, and will give notice of its intention to do so to the indemnified
Party within 20 business days of the receipt of such notice from the indemnified Party. The indemnifying Party will not, without the prior written consent of the indemnified Party, (i) settle or compromise any Claim or consent to the entry of
any judgment that does not include as an unconditional term thereof the delivery by the claimant or plaintiff to the indemnified Party of a written release from all liability in respect of the Claim or (ii) settle or compromise any Claim in any
manner that may adversely affect the Indemnified Party other than as a result of money damages or other monetary payments that are indemnified hereunder. The indemnified Party will have the right at its own cost and expense to employ separate
counsel and participate in the defense of any Claim. 

  
 12 

 5.04 Joint Claims. If any third-party claim, demand, litigation, or suit involves
allegations for which both Parties may assert claims for defense and indemnity from each other under this Agreement (“Mixed Claims”); then LE shall defend both Parties and their Representatives from such Mixed Claims at LE’s
sole reasonable expense, provided that SHMC may, upon written notice to LE, take control of the defense of such Mixed Claims.  
 5.05
Independent Obligation. The obligations of each Party to defend, indemnify and hold harmless, the other Parties’ Indemnified Parties under this Section are independent of each other and any other obligation of the Parties under
this Agreement. 
 5.06 Limitation of Liability. EXCEPT FOR (I) EACH PARTY’S INDEMNITY AND DEFENSE OBLIGATIONS AS SET
FORTH IN SECTIONS 5.01, 5.02, AND 5.03 AND OTHER LIABILITIES TO UNAFFILIATED THIRD PARTIES, (II) A PARTY’S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS, AND (III) BREACH OF SECTION 1.11 (OWNERSHIP OF DATA AND
OTHER ASSETS), IN NO EVENT WILL EITHER PARTY, NOR ITS AFFILIATES, CONTRACTORS OR AGENTS BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, SPECIAL, OR PUNITIVE DAMAGES, LOSSES OR EXPENSES (INCLUDING BUSINESS INTERRUPTION, LOST BUSINESS, LOST
PROFITS, LOST DATA, LOST SAVINGS, DAMAGES TO SOFTWARE OR FIRMWARE, OR COST OF PROCURING OR TRANSITIONING TO SUBSTITUTE SERVICES), REGARDLESS OF THE LEGAL THEORY UNDER WHICH SUCH LIABILITY IS ASSERTED, AND REGARDLESS OF WHETHER A PARTY HAD BEEN
ADVISED OF THE POSSIBILITY OF SUCH LIABILITY. THE SOLE LIABILITY OF SHMC AND ITS AFFILIATES FOR ERRORS AND OMISSIONS IN THE SERVICES ARE LIMITED AS PROVIDED FOR IN SECTION 1.07 ABOVE, AND FOR ALL OTHER CLAIMS IN ANY MANNER RELATED TO THIS
AGREEMENT ARE LIMITED TO THE PAYMENT OF DIRECT DAMAGES, NOT TO EXCEED (FOR ALL CLAIMS IN THE AGGREGATE) THE FEES RECEIVED BY SHMC UNDER THIS AGREEMENT DURING THE SIX MONTHS PRECEDING THE DATE SUCH CLAIM AROSE. NOTWITHSTANDING ANYTHING IN THIS
AGREEMENT TO THE CONTRARY, SHMC WILL NOT BE LIABLE FOR DAMAGES CAUSED BY SHMC’S VENDORS; HOWEVER, TO THE EXTENT PERMITTED IN A VENDOR AGREEMENT, SHMC WILL PASS THROUGH TO LE APPLICABLE RIGHTS AND REMEDIES UNDER THE RESPECTIVE VENDOR AGREEMENT.

 ARTICLE VI. 

MISCELLANEOUS 
 6.01
Expenses. In addition to the fees state herein, unless otherwise expressly stated herein, LE will reimburse SHMC for all other reasonable out-of-pocket expenses actually incurred in its performance of the Services
(“Expenses”). To the extent reasonably practicable, SHMC will provide LE with notice of such Expenses prior to incurring them. If directed by SHMC, LE will pay directly any or all Vendors providing Services to or for the benefit of
LE. The cost of all third-party Personnel used to perform the Services hereunder will be reimbursed by LE on a cost plus five percent (5%) basis. Except as otherwise provided for in this Agreement, each Party will bear its own expenses with
respect to the transactions contemplated by this Agreement. 

  
 13 

 6.02 Vendor Agreements. The Parties anticipate that SHMC will be relying upon its
and its Affiliates existing agreements with third parties (including the Shared Agreements) to provide certain of the Services described herein (“Vendor Agreements”) and that the Parties have assumed that SHMC’s and/or its
Affiliates’ Vendor under each Vendor Agreement will permit SHMC and/or its Affiliates to procure goods, services and/or license software, as applicable under such Vendor Agreement, on behalf of LE, at no additional cost, as if LE were an
affiliate of SHMC and/or its Affiliates under such Vendor Agreement, and will permit LE to procure such goods, services and/or licensed software directly from the Vendor, in the case of Shared Agreements. If: (a) SHMC’s or its
Affiliates’ costs, fees, or expenses increase under the terms of such Vendor Agreements, or (b) the Vendor demands or is entitled to additional costs, fees, or expenses now or in the future, as a result of LE receiving benefits under such
Agreement, then, in addition to all other amounts due hereunder, LE shall be liable for its proportionate share of all increased amounts under subsection (a) and all of the increased amounts under subsection (b), in each case as such amounts
are determined by SHMC in Good Faith. SHMC will notify LE once it learns of any increased amounts due under the immediately foregoing sentence, and will work with the Vendor to try to mitigate such cost increase. To the extent any such Vendor
Agreement includes early termination fees (or similar charges, “Termination Fees”), LE will be solely responsible for any such Termination Fees SHMC or its Affiliates incur as a result of the Separation of LE and/or LE ceasing to
use the Services under this Agreement. 
 6.03 Computer Access. If either Party, its Affiliates or its Personnel are given
access, whether on-site or through remote facilities, to any communications, computer, or electronic data storage systems of the other Party, its Affiliates or its Personnel (each an “Electronic Resource”), in connection with this
Agreement, then the Party on behalf of whom such access is given will ensure that its Personnel’s use of such access shall be solely limited to performance or exercise of, such Party’s duties and rights under this Agreement, and that such
Personnel will not attempt to access any Electronic Resource other than those specifically required for the performance of such duties and/or exercise of such rights. The Party given access will limit such access to those of its and its
Affiliates’ Personnel who need to have such access in connection with this Agreement, will advise the other Party in writing of the name of each of such Personnel who will be granted such access, and will strictly follow all security rules and
procedures for use of such Electronic Resources. All user identification numbers and passwords disclosed to a Party’s Personnel and any information obtained by such Party’s Personnel as a result of its access to, and use of the other
Party’s, its Affiliates’ or its Personnel’s Electronic Resources will be deemed to be, and will be treated as, Confidential Information of the Party on behalf of whom such access is granted. Each Party will reasonably cooperate with
the other Party in the investigation of any apparent unauthorized access by the other Party, its Affiliates, or its Personnel to any Electronic Resources or unauthorized release of Confidential Information. Each Party will promptly notify the other
Party of any actual or suspected unauthorized access or disclosure of any Electronic Resource of the other Party, its Affiliates, or its Personnel. 

  
 14 

 6.04 Amendment; No Waiver. The terms, covenants and conditions of this Agreement
may be amended, modified or waived only by a written instrument signed by both Parties, or in the event of a waiver, by the Party waiving such compliance. Any Party’s failure at any time to require performance of any provision will not affect
that Party’s right to enforce that or any other provision at a later date. No waiver of any condition or breach of any provision, term or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more instances will
be deemed to be or construed as a further or continuing waiver of that or any other condition or of the breach of that or another provision, term or covenant of this Agreement. 

6.05 Assignment. LE may not assign its rights or obligations under this Agreement without the prior written consent of SHMC,
which consent may be withheld in SHMC’s absolute discretion. A Stockholding Change will constitute an assignment of this Agreement by LE for which assignment SHMC’s prior written consent will be required. SHMC may freely assign its rights
and obligations under this Agreement to any of its Affiliates without the prior consent of LE; provided that any such assignment will not relieve SHMC of its obligations and liabilities hereunder. This Agreement will be binding on, and will
inure to the benefit of, the permitted successors and assigns of the Parties. 
 6.06 Notices. All notices, requests, demands,
waivers and other communications required or permitted to be given under this Agreement must be in writing and will be deemed to have been duly given (i) when delivered by hand, (ii) three (3) Business Days after it is mailed,
certified or registered mail, return receipt requested, with postage prepaid, (iii) on the same Business Day when sent by facsimile or electronic mail (return receipt requested) if the transmission is completed before 5:00 p.m. recipient’s
time, or one (1) Business Day after the facsimile or email is sent, if the transmission is completed on or after 5:00 p.m. recipient’s time or (iv) one (1) Business Day after it is sent by Express Mail, Federal Express or other
courier service specifying same day or next day delivery, as follows (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 6.07): 

 

			
	If to SHMC, to:	  	Sears Holdings Management Corporation
		  	3333 Beverly Road
		  	Hoffman Estates, Illinois 60179
		  	Attn.: Larry Meerschaert
		  	Facsimile: (847) 286-4908
		  	Email: Larry.Meerschaert@searshc.com
		
	With a copy to:	  	Sears Holdings Corporation
		  	3333 Beverly Road
		  	Hoffman Estates, Illinois 60179
		  	Attn.: General Counsel
		  	Facsimile: (847) 286-2471
		  	Email: Dane.Drobny@searshc.com

  
 15 

			
		
	If to LE, to:	  	Lands’ End, Inc.
		  	5 Lands’ End Lane
		  	Dodgeville, Wisconsin 53595
		  	Attn.: Brian Leek
		  	Facsimile: (608) 935-4470
		  	Email: Brian.Leek@landsend.com
		
	With a copy to:	  	Lands’ End
		  	5 Lands’ End Lane
		  	Dodgeville, Wisconsin 53595
		  	Attn.: General Counsel
		  	Facsimile: 608-935-6550
		  	Email: Karl.Dahlen@landsend.com

 6.07 Publicity. All publicity regarding this Agreement is subject to Section 14.5
(Public Announcements) of the Separation Agreement. 
 6.08 Survival. Each term of this Agreement that would, by its nature,
survive the termination or expiration of this Agreement will so survive, including the obligation of either Party to pay all amounts accrued hereunder and including the provisions of Section 1.05 (Transition Services Shared Agreements),
Section 1.11 (Ownership of Data and Other Assets), Article IV (Confidentiality), Article V (Indemnification; Limitation of Liability), Section 6.04 (Computer Access), Section 6.08 (Publicity),
Section 6.13 (Equitable Relief), Section 6.15 (Fair Construction), Section 6.16 (No Agency), Section 6.17 (Construction and Interpretation), Section 6.19 (Dispute Resolution), and
Section 6.20 (Governing Law; Jurisdiction) . 
 6.09 No Third Party Rights. Except for the indemnification rights
under this Agreement of any SHMC or LE indemnitee in their respective capacities as such, this Agreement is intended to be solely for the benefit of the Parties and is not intended to confer any benefits upon, or create any rights in favor of, any
person other than the Parties. 
 6.10 Severability. If any provision of this Agreement is declared by any court of competent
jurisdiction to be illegal, invalid, void or unenforceable, such provision will (to the extent permitted under Applicable Law) be construed by modifying or limiting it so as to be legal, valid and enforceable to the maximum extent compatible with
Applicable Law, and all other provisions of this Agreement will not be affected and will remain in full force and effect. 
 6.11
Entire Agreement. This Agreement (including the Exhibits, Appendixes and Schedules hereto) constitutes the entire agreement between the Parties hereto and supersedes all prior agreements and understandings, oral and written, between
the Parties hereto with respect to the subject matter hereof. 
 6.12 Equitable Relief. Each Party acknowledges that any breach
by a Party of Section 4 (Confidential Information), Section 1.11 (Ownership of Data and Other Assets) and Section 6.04 (Computer Access) of this Agreement may cause the non-breaching Party and its Affiliates
irreparable harm for which the non-breaching Party and its Affiliates have no adequate remedies at law. Accordingly, in the event of any actual or threatened default in, or 

  
 16 

 
breach of the foregoing provisions, each Party and its Affiliates are entitled to seek equitable relief, including specific performance, and injunctive relief; in addition to any and all other
rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. A Party seeking such equitable relief is not obligated to comply with Section 6.19 (Dispute Resolution) and may seek such relief regardless of
any cure rights for such actual or threatened breach. Each Party waives all claims for damages by reason of the wrongful issuance of an injunction and acknowledges that its only remedy in that case is the dissolution of that injunction. Any
requirements for the securing or posting of any bond with such remedy are waived. 
 6.13 Force Majeure. Neither Party will be
responsible to the other for any delay in or failure of performance of its obligations under this Agreement, to the extent such delay or failure is attributable to any act of God, act of terrorism, fire, accident, war, embargo or other governmental
act, or riot; provided, however, that the Party affected thereby gives the other Party prompt written notice of the occurrence of any event which is likely to cause (or has caused) any delay or failure setting forth its best estimate of the length
of any delay and any possibility that it will be unable to resume performance; provided, further, that said affected Party will use its commercially reasonable efforts to expeditiously overcome the effects of that event and resume performance. 

6.14 Fair Construction. This Agreement will be deemed to be the joint work product of the Parties without regard to the identity
of the draftsperson, and any rule of construction that a document will be interpreted or construed against the drafting Party will not be applicable. 

6.15 No Agency. Nothing in this Agreement creates a relationship of agency, partnership, or employer/employee between SHMC and LE
and it is the intent and desire of the Parties that the relationship be and be construed as that of independent contracting parties and not as agents, partners, joint venturers or a relationship of employer/employee. 

6.16 Construction and Interpretation. In this Agreement (1) “include,” “includes,” and
“including” are inclusive and mean, respectively, “include without limitation,” “includes without limitation,” and “including without limitation,” (2) “or” is disjunctive but not
necessarily exclusive, (3) “will” and “shall” expresses an imperative, an obligation, and a requirement, (4) numbered “Section” references refer to sections of this Agreement unless
otherwise specified, (5) section headings are for convenience only and will have no interpretive value, (6) unless otherwise indicated all references to a number of days mean calendar (and not business) days and all references to
months or years mean calendar months or years, (7) references to $ or Dollars mean U.S. Dollars, and (8) “hereof,” “herein” and “herewith” and words of similar import, unless
otherwise stated, shall be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. 
 6.17
Condition Precedent to the Effectiveness of this Agreement. This Agreement will not become effective until it has been approved by the Audit Committee of the SHC Board (or a subcommittee thereof, including the Related Party
Transactions Subcommittee). 
 6.18 Dispute Resolution. Except as provided for in Section 6.13 (Equitable Relief),
all Disputes related to this Agreement are subject to Article XI (Dispute Resolution) of the Separation Agreement. 

  
 17 

 6.19 Governing Law; Jurisdiction. (a) Governing Law. This Agreement and all
claims, controversies or causes of action, whether in contract, tort or otherwise, that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, termination, performance or nonperformance of this Agreement
(including any claim, controversy or cause of action based upon, arising out of or relating to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement) shall be governed by, and
construed and enforced in accordance with, the federal laws of the United States, including the Lanham Act, and the internal laws of the State of Illinois, without regard to any choice or conflict of law provision or rule (whether of the State of
Illinois or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Illinois. This Agreement will not be subject to any of the provisions of the United Nations Convention on Contracts for the
International Sale of Goods. 
 (b) Jurisdiction. Each of the Parties hereto irrevocably agrees that all proceedings arising out of
or relating to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other Party hereto or its
successors or assigns shall be brought, heard and determined exclusively in any federal or state court sitting in Cook County, Illinois. Consistent with the preceding sentence, each of the Parties hereto hereby (a) submits to the exclusive
jurisdiction of any federal or state court sitting in Cook County, Illinois for the purpose of any proceeding arising out of or relating to this Agreement or the rights and obligations arising hereunder brought by any Party hereto and
(b) irrevocably waives, and agrees not to assert by way of motion, defense, counterclaim, or otherwise, in any such proceeding, any claim that it or its property is not subject personally to the jurisdiction of the above-named courts, that the
proceeding is brought in an inconvenient forum, that the venue of the proceeding is improper, or that this Agreement or any of the other transactions contemplated by this Agreement may not be enforced in or by any of the above-named courts. Each
Party agrees that service of process upon such party in any such action or Proceeding shall be effective if notice is given in accordance with Section 6.07 (Notices). 

(c) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HERETO HEREBY (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.20(c). 

  
 18 

 6.20 Counterparts. This Agreement may be executed and delivered (including by
facsimile or other electronic transmission (e.g., .pdf file) in counterparts, and by the Parties in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the
same agreement. 
 IN WITNESS WHEREOF, the parties have caused their respective duly authorized representatives to execute this
Agreement effective as of the Effective Date. 
  

													
	LANDS’ END, INC.	 	SEARS HOLDINGS MANAGEMENT CORPORATION
					
	By:	 	 /s/ Edgar O. Huber
	 		 	By:	 	 /s/ Robert A. Riecker

	Name:	 	 Edgar O. Huber
	 		 	Name:	 	 Robert A. Riecker

	Its: Chief Executive Officer	 	Its:	 	 Vice President, Controller and Chief Accounting Officer

		
		 	For purposes of Section 1.13 only:
		
		 	SEARS HOLDINGS MANAGEMENT CORPORATION, AS AGENT FOR KMART CORPORATION
					
		 		 		 	By:	 	 /s/ Robert A. Riecker

	:	 		 		 	Name:	 	 Robert A. Riecker

		 	Its:	 	 Vice President, Controller and Chief Accounting Officer

  
 19 

 Appendix #1 

GLOSSARY 
 Definitions. The
following defined terms will have the meaning ascribed to them below. Other terms are defined in the body of this Agreement. All defined terms include the singular and the plural form of such terms. 

(a) “Affiliate” means (solely for purposes of this Agreement and for no other purpose) (i) with respect to LE, its
Subsidiaries, and (ii) with respect to SHMC SHC and its Subsidiaries; provided, however, that except where the context indicates otherwise, for purposes of this Agreement, from and after the Effective Time (1) no SHC Entity
shall be deemed to be an Affiliate of any LE Entity and (2) no LE Entity shall be deemed to be an Affiliate of any SHC Entity. 
 (b)
“Ancillary Agreements” has the meaning ascribed to it in the Separation Agreement. 
 (c) “Applicable Law”
means all applicable common law, laws, ordinances, regulations, rules, and court and administrative orders and decrees of all national, regional, state, local and other governmental units that have jurisdiction in the given circumstances. 

(d) “Business Day” means any day that is not a Saturday, a Sunday or any other day on which banks are required or authorized
by Applicable Law to be closed in New York, New York. 
 (e) “Competitor” has the meaning ascribed to it in the Separation
Agreement. 
 (f) “Competitor Affiliates” has the meaning ascribed to it in the Separation Agreement. 

(g) “Cross Default Agreements” means the Ancillary Agreements except the Co-Location and Services Agreement. 

(h) “Dispute” has the meaning ascribed to it in the Separation Agreement. 

(i) “Good Faith” means honesty in fact and the observance of reasonable commercial standards of fair dealing in accordance
with Applicable Law. 
 (j) “LE Entities” has the meaning ascribed to it in the Separation Agreement. 

(k) “Personnel” means the officers, directors, employees, agents, suppliers, licensors, licensees, contractors,
subcontractors, advisors (including attorneys, accountants, technical consultants or investment bankers) and other representatives, from time to time, of a Party and its Affiliates; provided that the Personnel of the LE Entities shall not be
deemed Personnel of the SHC Entities and the Personnel of the SHC Entities shall not be deemed Personnel of the LE Entities. 
 (l)
“SHC” means Sears Holdings Corporation. 
 (m) “SHC Entities” has the meaning ascribed to it in the
Separation Agreement. 
 (n) “Subsidiaries” has the meaning ascribed to it in the Separation Agreement. 

  
 20 

 (o) “Representatives” means Personnel, partners, shareholders, and members. 

(p) “SHC Board” has the meaning ascribed to it in the Separation Agreement. 

(q) “Stockholding Change” has the meaning ascribed to it in the Separation Agreement. 

(r) “Vendor” means any third party provider contracted by SHMC or its Affiliates or, in the case of “Shared
Agreements”, by LE. 

  
 21 

 Appendix #2 

Transition Services 
  

					
	 Service or Business Area
	  	 Services
	  	 Fees

	 Tax

(Excludes Property Tax
   and
Payroll Tax)
	  	 Fixed Fee Tax Services
  

1.      Federal income tax

 
 a.      Prepare and
coordinate filing return
 b.      Prepare estimated tax and extension filings

c.      Prepare LIFO tax calculations

d.      Prepare supporting workpapers

e.      Prepare tax elections

f.       Foreign tax credit calculations/Form 5471 preparation

 
 2.      State
income tax
  

a.      Prepare and coordinate filing returns

b.      Prepare estimated tax and extension filings

c.      Prepare supporting workpapers

d.      Prepare tax allocations for periods when part of SHC unitary returns

 
 3.      Financial
Accounting
  

a.      Quarterly tax provision, effective tax rate calculations,
tax accounting
journal entry support
 b.      Analysis of uncertain tax positions and quarterly tax
reserve calculations and journal entry support (if necessary)
 c.      Tax footnote
disclosures for Form 10-K and Form 10-Qs
 d.      Return-to-accrual calculations and
necessary journal entry support
  

4.      Sales and use tax

 
 a.      Prepare and
coordinate filing returns
 b.      Maintain tax tables in POS system (if continue to
use Sears POS system)
  

5.      Business license filings (state and local, not including state registrations of
business name or LE entity)
 6.      Gross receipts tax filings and accrual
estimates
 7.      Annual report/franchise tax filings
	  	 Fixed Fee Tax Services – Annual Fee

 
  
  

Estimated tax (1b, 2b) $36,000
 Other FIT (1a,
c-f)     $56,250
 Other SIT (2a, c-d)   $31,500

Fin Accting (3a-d)   $57,000
 Other (4-7)                 $146,440

			
		  	 Per-Hour Tax Services
  

1.      Audit support

2.      Preparation of accounting method changes

3.      $10,000 cash receipts reporting (when necessary; based on information provided
by business)
 4.      Federal excise tax return (if applicable)

5.      Maintain tax tables in POS system (if new POS system implemented)

6.      Register new locations for sales tax and business licenses
	  	 Per-Hour Tax Services
  

 
 $150/hour

  
 Appendix #2 Page A
– 1 

					
	 Service or Business Area
	  	 Services
	  	 Fees

		  	 7.      IT/POS support for sales tax reporting

8.      Transition tax functions from SHMC to LE

 
 Lands’ End Responsibilities

 
 Anything not listed above as under the Fixed Fee or Per-Hour Tax Services headings,
including:
  

1.      Foreign tax compliance/audits

2.      Tax legal services

3.      Tax software licenses (e.g., income tax reporting, sales tax) Use of software
applications other than those used by SHMC may result in an increase in SHMC’s fees relating to those services.

4.      Providing data necessary to report any available employment-related tax credits
(e.g., WOTC) either directly or through a third party
	  	 Service Cost Increases
  

If SHMC’s cost of service increase due to change in business or legal requirements, the fees herein will be equitably adjusted to reflect increase in SHMC
costs to provide Services (if any).
  
 Out-of-

Pocket Costs
  

Travel, and other expenses and third party fees charged-through at cost.

	COMPLIANCE	  		  	
			
	 Corporate Compliance
	  	Provide the services of SHMC’s Ethics Hotline vendor for call answering and case management for LE’s Ethics Hotline.	  	$10,000 per year.
			
	 Global Compliance
	  	 Social compliance auditing of the factories producing merchandise for Lands’ End to ensure compliance with local law, Lands’ End
policies with respect to issues such as child labor, wages, hours, benefits, pay, discrimination, harassment, environmental, health and safety.
  

Social compliance audits services include:
  

-Identify the audit cycle for each LE factory

-Invoice and collect payment for the audit before it is conducted

-Conduct regular audits according to the GC audit schedule

-Conduct supplemental audits as may be requested LE for follow up on compliance issues

-Send audit results to the vendor, factory, and LE after each audit

-Record the corrective action plan submitted by the vendor

-Discuss audit results with vendor/factory when requested by LE
  

Additional services would include:
  

-Use of the database for registration of LE vendors and factories

-Registration of the vendors/factories with LE brand for Sears.

-Managing a program to determining whether and when a LE factory may have basis for exemption from auditing

- Coverage under the Worker Safety programs

-Database reporting
 -Live
training services provided to LE vendors/factories on LE social compliance standards
 -Prepare content for LE policy manuals

-Perform database research on LE factories when required to respond to media inquiries
	  	$25,000 per year

  
 Appendix #2 Page A
– 2 

					
	 Service or Business Area
	  	 Services
	  	 Fees

	LOGISTICS & DISTRIBUTION	  		  	
	 Transportation
	  		  	
		  	 Customer Direct Transportation
  

•   Direct-to-customer shipping services under SLS’s master agreement with Parcel Delivery
Carrier
  
 •   Returns
pickup services from LE customers under SLS’s agreement with Customer Returns Carrier
	  	At SLS’s cost. Annual volume rebates earned will be shared with LE as prior to Separation.
			
	INVENTORY MANAGEMENT	  		  	
	 Vendor Management
	  		  	
			
		  	Vendor On-Boarding Support	  	$1,100 per year, payable in monthly installments
			
		  	Financial Planning business support and technical support	  	$1,500 per year, payable in monthly installments
			
	IT SERVICES	  		  	
	 Software and Data Services
	  	 •   LE Subscription and Support (S&S) for existing non-operating system
software
  
 •   LE new
software purchases and 37 months of S&S
	  	 $631,741.04
 (plus tax)

per year, payable in
 monthly installments

			
		  	 Mainframe License Charge (MLC): Currently paid through 11/30/14
  

•   These monthly charges cover LE’s mainframe capacity usage
	  	 $133,501/mo.
 (plus tax)

Subject to increase or decrease based on actual mainframe capacity usage.

			
		  	 Software Maintenance Services continue through 9/30/15
  

•   These charges are for software maintenance on operating system products.
	  	 $65,651.59
 (plus tax)

per year, payable
 in monthly installments

  
 Appendix #2 Page A
– 3 

 Appendix #3 

EFFECTIVE DATE 

  
 25 

 Appendix #4 

CONTACT PERSONS 
 For Lands’ End:

 Brian Leek 
 Brian.Leek@landsend.com 

Fax: (608) 935-4470 
 For Sears Holdings Management Corp.:

 Larry Meerschaert 
 Larry.Meerschaert@searshc.com 

Fax: (847) 286-4908 

  
 26 

 Appendix #5 

SHARED AGREEMENTS 
 SHMC’s current
agreements to be extended to LE for performance of the following described services: 
  

					
	 Contract
	  	 Current Contract
End Date
	  	
Contract will
continue to be
made available
to LE for use
beyond the TSA
Service
Period?

	 Contract for small package customer delivery
	  	3/28/2015, plus renewals	  	Yes
	 Contract for customer returns parcel pickup and transportation
	  	10/21/2016	  	No
	 Contract for Software licensing and maintenance (operating system and non-operating system); mainframe data processing capacity and
usage
	  	9/30/2015; 10/31/2015	  	Yes
	 Contract for software licensing and maintenance services; business software for a wide range of applications and database
products
	  	12/21/2015	  	No
	 Contract for employee travel – car rental
	  	1/31/2015	  	No
	 Contract for customer large item delivery service
	  	7/31/2015	  	No
	 Contract for employee Relocation Services
	  	6/28/2015	  	No
	 Contract for employee travel—airline
	  	11/30/2014	  	No
	 Contract for employee travel—airline
	  	10/31/2015	  	No
	 Contract for employee travel—airline
	  	12/31/2014	  	No
	 Contract for employee travel – Hotel RFP execution and rate audit services
	  	9/30/2016	  	No
	 Contract for social media business website subscription and services
	  	2/28/2015	  	No
	 Contract for specialty consumer marketing data analysis service
	  	3/31/2015	  	No

  
 27 

					
	 Contract for employee outplacement support services
	  	3/31/2016	  	No
	 Contract for state-specific sales tax software license
	  	12/31/2014	  	No
	 Contract for print materials and printing services, including pre-press creative services, photography for print production, catalog
production, forms and labels, freight to postal system
	  	1/31/2017	  	Yes
	 Contract for print materials and print production, catalogs, direct mail production, freight to postal system
	  	12/31/2015	  	No
	 Contract for network hardware and software maintenance services including on-site support
	  	6/30/2014	  	No
	 Contract for software hosting and services of web analytics and reporting providing website traffic data at various levels
	  	None	  	No
	 Contract for software as a service providing access to test and optimization software for use on websites for performing testing and
optimization of online campaigns
	  	None	  	No
	 Contract for marketing technology and services to manage audience, personalize consumer experiences, and create customer relationships.
Includes customer data integration, multichannel marketing services, infrastructure management services and consulting. Also provides segmentation products, domestic fraud and risk mitigation products and online advertising products.
	  	1/31/2016	  	No
	 Contract for long distance and wireless telephone services.
	  	7/31/2014	  	No

  
 28EX-10.2

 Exhibit 10.2 

TAX SHARING AGREEMENT 

This Tax Sharing Agreement (the “Agreement”), dated as of April 4, 2014, is by and among Sears Holdings Corporation, a
Delaware corporation (“SHC”), and Lands’ End, Inc., a Delaware corporation (“LE”), and all of its direct and indirect Subsidiaries (LE and its present and future Subsidiaries shall be collectively referred to
herein as the “LE Entities”). 
 WHEREAS, one or more of the LE Entities is a member of the affiliated group of
corporations of which SHC is the common parent corporation and which files a consolidated federal income tax return and combined and consolidated state tax returns; 

WHEREAS, following the Distribution Date (as such term is defined in the Separation and Distribution Agreement between SHC and LE, dated as of
April 4, 2014 (the “Separation Agreement”)), such LE Entities will no longer be included in the affiliated group of corporations (within the meaning of Section 1504 of the Code) of which SHC is the common parent; and 

WHEREAS, SHC and the LE Entities desire to set forth their agreement regarding the allocation of taxes, the filing of tax returns, the
administration of tax contests and other related tax matters; 
 NOW, THEREFORE, in consideration of the mutual obligations and undertakings
contained herein, the parties agree as follows: 
 ARTICLE I 

DEFINITIONS 
 As
used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and the plural forms of the terms defined): 

“Active Trade or Business” means the active conduct (as defined in Section 355(b)(2) of the Code and the regulations
thereunder) by LE and its “separate affiliated group” (as defined in Section 355(b)(3)(B) of the Code) of the LE Business as conducted immediately prior to the Distribution. 

“Affiliate” means, with respect to any specified person, a person that directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with, the specified person. 
 “Board Certificate”
has the meaning set forth in Section 8.02(d) of this Agreement. 
 “Business Day” means any day that is not a
Saturday, a Sunday or any other day on which banks are required or authorized by applicable law to be closed in the New York, New York. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Consolidated Group” means the affiliated group of corporations (within the meaning of Section 1504 of the Code) of
which SHC is the common parent (and any successor group). 

 “Contribution” means the contribution of assets to LE pursuant to
Section 2.1 of the Separation Agreement. 
 “Distribution” has the meaning set forth in the Separation Agreement. 

“Fifty-Percent or Greater Interest” has the meaning ascribed to such term for purposes of Sections 355(d) and (e) of the
Code. 
 “Filing Date” has the meaning set forth in Section 8.05(d) of this Agreement 

“Final Determination” means the final resolution of liability for any Tax with respect to a taxable period (i) by
Internal Revenue Service Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the Internal Revenue Service (the “IRS”), or by a comparable form under the laws of other jurisdictions; except that
a Form 870 or 870-AD or comparable form that reserves (whether by its terms or by operation of the law) the right of the taxpayer to file a claim for a refund and/or the right of the Taxing Authority to assert a further deficiency shall not
constitute a Final Determination; (ii) by a decision, judgment, decree, or other order by a court of competent jurisdiction, which has become final and may not be appealed; (iii) by a closing agreement or accepted offer in compromise under
Section 7121 or 7122 of the Code, or comparable agreements under the laws of other jurisdictions; (iv) by any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all periods during which
such refund may be recovered (including by way of offset) by the Taxing Authority jurisdiction; or (v) by any other final disposition, including by reason of the expiration of the applicable statute of limitations. 

“Foreign Taxes” means any Taxes imposed by any foreign country or any possession of the United States, or by any political
subdivision of any foreign country or United States possession that are imposed on, allocated or attributable to or incurred or payable by the LE Business or the LE Entities and any interest, penalties, additions to tax, or additional amounts in
respect of the foregoing. 
 “LE Business” means the business and assets contributed to, or owned by, LE pursuant to the
Separation Agreement. 
 “LE Capital Stock” means all classes or series of capital stock of LE, including (i) the LE
Common Stock, (ii) all options, warrants and other rights to acquire such capital stock and (iii) all instruments properly treated as stock in LE for U.S. federal income tax purposes. 

“Member” has the meaning ascribed to such term in Treasury Regulation Section l.1502-1(b). 

“Notified Action” has the meaning set forth in Section 8.04(a) of this Agreement. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof, without regard to whether any entity is treated as disregarded for U.S. federal income tax
purposes. 
  

  
 2 

 “Post-Distribution Tax Period” means any taxable period beginning after the
Distribution Date and, with respect to a taxable period that begins on or before such date and ends thereafter, the portion of such taxable period beginning after the Distribution Date. 

“Pre-Distribution Tax Period” means any taxable period ending on or before the Distribution Date and, with respect to a
taxable period that begins on or before such date and ends thereafter, the portion of such taxable period ending on the Distribution Date. 

“Pre-Distribution Taxes” means any Taxes (other than Unpaid Non-Income Taxes and Foreign Taxes) that are imposed on,
allocated or attributable to or incurred or payable by the LE Business or any LE Entity for any Pre-Distribution Tax Period, provided that Pre-Distribution Taxes shall be computed without regard to the carryback of any Tax Benefit Item of the
Lands’ End Entities from a Post-Distribution Tax Period. For purposes of calculating “Pre-Distribution Taxes”, any liability for Taxes attributable to a Tax period that begins before and ends after the Distribution Date shall be
apportioned between the portion of such period ending on such date and the portion of such period beginning after such date (a) in the case of real and personal property Taxes, by apportioning such Taxes on a per diem basis and (b) in the
case of all other Taxes, on the basis of a closing of the books, provided, that exemptions, allowances or deductions that are calculated on an annual basis shall be apportioned on a per diem basis. 

“Proposed Acquisition Transaction” means a transaction or series of transactions (or any agreement, understanding or
arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction or series of transactions), whether such transaction is
supported by LE management or shareholders, is a hostile acquisition, or otherwise, as a result of which LE would merge or consolidate with any other person or as a result of which any person or any group of related persons would (directly or
indirectly) acquire, or have the right to acquire, from LE and/or one or more holders of outstanding shares of LE Capital Stock, a number of shares of LE Capital Stock that would, when combined with any other changes in ownership of LE Capital Stock
pertinent for purposes of Section 355(e) of the Code, comprise 40% or more of (A) the value of all outstanding shares of stock of LE as of the date of such transaction, or in the case of a series of transactions, the date of the last
transaction of such series, or (B) the total combined voting power of all outstanding shares of voting stock of LE as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series.
Notwithstanding the foregoing, a Proposed Acquisition Transaction shall not include (A) the adoption by LE of a shareholder rights plan or (B) issuances by LE that satisfy Safe Harbor VIII (relating to acquisitions in connection with a
person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect
acquisition, any recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application
thereof is intended to monitor compliance with Section 355(e) of the Code and shall be interpreted accordingly. Any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be
incorporated in this definition and its interpretation. 
 “Representation Letters” means the representation letters and
any other materials delivered or deliverable by SHC and others in connection with the rendering by Tax Advisor of the Tax Opinion. 

  
 3 

 “Section 8.02(d) Acquisition Transaction” means any transaction or series of
transactions that is not a Proposed Acquisition Transaction but would be a Proposed Acquisition Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 25% instead of 40%. 

“Separate Return Taxable Income” means, with respect to each taxable period or portion thereof and each state or locality for
which the allocation is being computed, the amount of income calculated by multiplying the separate entity’s or group of entities’ (as applicable) tax base for that state or locality by the State Group’s apportionment formula for that
state or locality, and taking into consideration nonapportionable items of income for that separate entity or group of entities (as applicable). If during any taxable period an LE Entity ceases to be a State Affiliated Company in any state or
locality, the “Separate Return Taxable Income” for such taxable period in such state or locality shall be calculated as if the taxable period of such LE Entity ended on the date that such LE Entity ceased to be a State Affiliated Company
in such state or locality. 
 “State Affiliated Companies” means all entities that SHC determines are included in a State
Combined or Consolidated Return or that any jurisdiction determines under applicable law are included in a State Combined or Consolidated Return. 

“State Combined or Consolidated Return” means a single state or local Tax Return filed for (i) one or more of SHC and
its Subsidiaries (other than any LE Entity) as well as (ii) one or more LE Entities. 
 “State Group” means any group
of corporations filing a State Combined or Consolidated Return. 
 “Subsidiary” means a corporation, limited liability
company, partnership or other entity, whether or not such entity is treated as such for tax purposes. 
 “Tax” or
“Taxes” means any and all forms of taxation, whenever created or imposed by a Taxing Authority, and, without limiting the generality of the foregoing, shall include net income, alternative or add-on minimum, estimated, gross income,
sales, use, ad valorem, gross receipts, value added, franchise, profits, license, transfer, recording, withholding, payroll, employment, excise, severance, stamp, occupation, premium, property, windfall profit, custom duty or other tax, governmental
fee or other like assessment or charge of any kind whatsoever, together with any related interest, penalties or other additions to tax, or additional amounts imposed by any such Taxing Authority. 

“Tax Advisor” means a United States tax counsel or accountant of recognized national standing. 

“Taxing Authority” means a national, foreign, municipal, state, federal or other governmental authority responsible for the
administration of any Tax. 
 “Tax Benefit Item” means any net operating loss, unused foreign Tax credit, unused charitable
deduction, unused capital loss, or similar unused Tax benefit item that could reduce a Tax. 

  
 4 

 “Tax Controversy” means any pending or threatened audit, dispute, suit, action,
proposed assessment or other proceeding relating to Taxes. 
 “Tax-Free Status” means the qualification of the
Contribution and Distribution, taken together, (a) as a reorganization described in Sections 355(a), 368(a)(1)(D) and 368(a)(1)(E) of the Code, (b) as a transaction in which the stock distributed thereby is “qualified property”
for purposes of Sections 355(d), 355(e) and 361(c) of the Code and (c) as a transaction in which SHC, LE and the shareholders of SHC recognize no income or gain for U.S. federal income tax purposes pursuant to Sections 355, 361 and 1032 of the
Code, other than, in the case of SHC and LE, intercompany items or excess loss accounts taken into account pursuant to the Treasury Regulations promulgated pursuant to Section 1502 of the Code.  

“Tax Opinion” means the opinion of Tax Advisor deliverable to SHC in connection with the Contribution and the Distribution.

 “Tax-Related Losses” means (i) all federal, state and local Taxes (including interest and penalties thereon and
without giving effect to any Tax Benefit Items of SHC or its Affiliates) imposed pursuant to any settlement, Final Determination, judgment or otherwise; (ii) all accounting, legal and other professional fees, and court costs incurred in
connection with such Taxes; and (iii) all costs, expenses and damages associated with stockholder litigation or controversies and any amount paid by SHC (or any SHC Affiliate) or LE (or any LE Affiliate) in respect of the liability of
shareholders, whether paid to shareholders or to the IRS or any other Taxing Authority, in each case, resulting from the failure of the Contribution and the Distribution to have Tax-Free Status. 

“Tax Return” means any return, filing, questionnaire or other document, including requests for extensions of time, filings
made with estimated Tax payments, claims for refund and amended returns, that may be filed for any taxable period with any Taxing Authority in connection with any Tax (whether or not a payment is required to be made with respect to such filing) or
any information reporting requirement. 
 “Unpaid Non-Income Taxes” means any Taxes (other than income Taxes) that are
imposed on, allocated or attributable to or incurred or payable by the LE Business or the LE Entities for any Pre-Distribution Tax Period, provided that Unpaid Non-Income Taxes shall include Taxes only to the extent such Taxes are accrued and
unpaid as of the Distribution Date, including contingent Taxes for which a financial statement reserve has been accrued. For purposes of calculating “Unpaid Non-Income Taxes”, any liability for Taxes attributable to a Tax period that
begins before and ends after the Distribution Date shall be apportioned between the portion of such period ending on such date and the portion of such period beginning after such date (a) in the case of real and personal property Taxes, by
apportioning such Taxes on a per diem basis and (b) in the case of all other Taxes, on the basis of a closing of the books, provided, that exemptions, allowances or deductions that are calculated on an annual basis shall be apportioned on a per
diem basis. 
 “Unqualified Tax Opinion” means an unqualified “will” opinion of a Tax Advisor, which opinion and
which Tax Advisor are acceptable to SHC, on which SHC may rely to the effect that a transaction will not affect the Tax-Free Status. Any such opinion must assume that the Contribution and Distribution would have qualified for Tax-Free Status if the
transaction in question did not occur. 

  
 5 

 ARTICLE II 

PREPARATION AND FILING OF TAX RETURNS 

Section 2.01. SHC Consolidated Group Tax Returns. 

SHC shall timely prepare and file (or cause to be timely prepared and filed) all federal income Tax Returns for the Consolidated Group. The LE
Entities shall provide to SHC all financial data and any other information and documentation reasonably requested by SHC in connection with the filing of any such federal income Tax Returns. 

Section 2.02. State Combined or Consolidated Returns. 

(a) SHC or one or more of its Subsidiaries shall prepare all State Combined or Consolidated Returns. To the extent permitted by law, SHC (or
one of its Subsidiaries) shall timely file each such State Combined or Consolidated Return. If SHC (or one of its Subsidiaries) is not permitted to file any such State Combined or Consolidated Return, an LE Entity shall file such State Combined or
Consolidated Return. The person responsible pursuant to the forgoing for filing any such State Combined or Consolidated Return shall timely pay (or cause to be timely paid) any Tax that is due in connection with any such State Combined or
Consolidated Return. The LE Entities shall provide to SHC all financial data and any other information and documentation reasonably requested by SHC in connection with the preparation of any such State Combined or Consolidated Return. 

(b) SHC shall (i) consult with the LE Entities regarding the preparation of a State Combined or Consolidated Return if the LE Entities are
responsible for any portion of the Taxes reported thereon and (ii) deliver any such State Combined or Consolidated Return to the LE Entities for review and comment no later than five days prior to the date on which such State Combined or
Consolidated Return is due. SHC shall make any changes to such State Combined or Consolidated Tax Return that are requested by the LE Entities to the extent that (x) such changes relate to items for which the LE Entities have responsibility
hereunder, and (y) SHC approves of such changes, such approval not to be unreasonably withheld. 
 Section 2.03. Other Tax
Returns of the LE Entities. 
 (a) Except as provided in Section 2.03(b), the LE Entities shall timely prepare and file, or cause to
be timely prepared and filed, all appropriate Tax Returns relating to all Taxes attributable to the LE Business other than those described in Sections 2.01 and 2.02 herein. SHC shall provide to the LE Entities all financial data and any other
information and documentation reasonably requested by the LE Entities in connection with the preparation of any such Tax Returns. 
 (b) To
the extent any Tax Return described in Section 2.03(a) involves Pre-Distribution Taxes, SHC or one or more of its Subsidiaries shall prepare such Tax Return. The LE Entities shall provide to SHC all financial data and any other information and
documentation reasonably requested by SHC in connection with the preparation of any such Tax Return. An LE 

  
 6 

 
Entity shall file such Tax Return and shall timely pay (or cause to be timely paid) any Tax that is due in connection with any such Tax Return. SHC shall (i) consult with the LE Entities
regarding the preparation of such Tax Return and (ii) deliver such Tax Return to the LE Entities for review and comment no later than five days prior to the date on which such Tax Return is due. SHC shall make any changes to such Tax Return
requested by the LE Entities to the extent that (x) such changes relate to items for which the LE Entities have responsibility hereunder, and (y) SHC approves of such changes, such approval not to be unreasonably withheld. Within 15 days
of filing any such Tax Return, SHC shall pay LE the amount of Pre-Distribution Taxes shown on such Tax Return. 
 ARTICLE III 

ALLOCATION AND PAYMENT OF CONSOLIDATED FEDERAL TAXES 

Section 3.01. Payment of Consolidated Federal Income Tax. SHC shall be responsible for all payments of federal income Tax due with
respect to the Consolidated Group. 
 Section 3.02. Carrybacks. In the event any federal Tax Benefit Item of the LE Entities for
any taxable period after they cease being Members of the Consolidated Group is eligible to be carried back to a taxable period while the LE Entities were Members of the Consolidated Group, the LE Entities shall, where possible, elect to carry such
amounts forward to subsequent taxable periods. If the LE Entities are required by law to carry back any such federal Tax Benefit Item, the LE Entities shall be entitled to a payment at the time and to the extent that such Tax Benefit Item reduces
the federal income Tax liability of the Consolidated Group. For purposes of computing the amount of the payment described in this Section 3.02, one or more federal Tax Benefit Items shall be considered to have reduced the Consolidated
Group’s federal income Tax liability in a given taxable period by an amount equal to the difference, if any, between (i) the amount of the Consolidated Group’s federal income Tax liability for the taxable period computed without
regard to such federal Tax Benefit Item or Items and (ii) the amount of the Consolidated Group’s federal income Tax liability for the taxable period computed with regard to such federal Tax Benefit Item or Items. For the avoidance of
doubt, if the LE Entities are required to carry back a federal Tax Benefit Item, such federal Tax Benefit Item shall reduce the Consolidated Group’s federal income Tax liability only after all federal Tax Benefit Items of SHC have been applied
to reduce the Consolidated Group’s federal income Tax liability in such taxable period. Appropriate reconciliation payments shall be made in the event that it is subsequently determined that a Tax Benefit Item did not reduce the Consolidated
Group’s federal income Tax liabilities, including by reason of any such Tax Benefit Item being subsequently disallowed in whole or in part or by reason of other Tax benefits becoming available. 

ARTICLE IV 

ALLOCATION AND PAYMENT OF 

COMBINED/CONSOLIDATED STATE AND LOCAL TAXES 

Section 4.01. Payment of Combined/Consolidated State and Local Tax. With respect to Post-Distribution Tax Periods, the LE Entities
shall pay to SHC, or SHC shall pay to the LE Entities (in the case of a State Combined or Consolidated Return filed by an LE Entity, or in the case of payments with respect to Tax Benefit Items pursuant to Section 4.02(d)), at the times
provided by Section 4.03, the amounts determined under Section 4.02. 

  
 7 

 Section 4.02. Allocation of Combined/Consolidated State and Local Tax. The state and
local Tax liability of the LE Entities and all the other State Affiliated Companies for each State Combined or Consolidated Return shall be calculated in the following manner: 

(a) An allocation of Tax (or payment attributable to a state or local Tax Benefit Item) pursuant to this Article IV shall be made to the LE
Entities only if an LE Entity has a nexus presence in a state or locality for which the allocation of Tax or payment attributable to a state or local Tax Benefit Item is being determined. If SHC has no nexus presence in a state or locality, then all
Tax or payments attributable to a state or local Tax Benefit Item shall be allocated to the LE Entities. 
 (b) Each allocation of Tax
pursuant to this Article IV shall be computed between the LE Entities as one group and all other State Affiliated Companies as a separate group. 

(c) Except as otherwise provided herein, with respect to any State Combined or Consolidated Tax Return that is an income Tax Return, the Tax
allocated to the LE Entities shall equal the product of (i) the statutory rate imposed by the relevant state or locality for the Tax covered by such Tax Return and (ii) the amount (if any) of positive Separate Return Taxable Income for the
LE Entities with respect to such Tax Return. For purposes of this Section 4.02(c), the LE Entities’ allocated Tax shall not be reduced by the LE Entities’ carrybacks and carryovers of state or local Tax Benefit Items from other
taxable periods (such items being addressed by Section 4.02(d)). 
 (d) SHC shall pay to the LE Entities, in accordance with
Section 4.03, the amount, if any, by which one or more state or local Tax Benefit Items of the LE Entities arising in a Post-Distribution Tax Period reduced a State Combined or Consolidated Return Tax liability with respect to any taxable
period for which a State Combined or Consolidated Return is filed by SHC after the date of this Agreement but only to the extent that SHC receives the benefit of such reduction (taking into account the provisions of this Agreement). In computing the
amount of the payment under this Section 4.02(d), one or more state or local Tax Benefit Items of the LE Entities shall be considered to have reduced the State Combined or Consolidated Return Tax liability in a given taxable period by an amount
equal to the difference, if any, between (i) the amount of the State Combined or Consolidated Return Tax liability with respect to the taxable period computed without regard to such state or local Tax Benefit Item or Items and (ii) the
amount of the State Combined or Consolidated Return Tax liability with respect to the taxable period computed with regard to such state or local Tax Benefit Item or Items. Appropriate reconciliation payments shall be made in the event that it is
subsequently determined that a Tax Benefit Item of the Lands’ End Entities did not reduce the State Combined or Consolidated Return Tax liability in a given taxable period, including by reason of any such Tax Benefit Item being subsequently
disallowed in whole or in part or by reason of other Tax benefits becoming available. In no event shall the amount paid by SHC under this Section 4.02(d) with respect to any state or local Tax Benefit Item of the Lands’ End Entities exceed
the amount that the LE Entities would have received if they had independently filed a state or local Tax Return including all of the LE Entities. LE shall pay to SHC, in accordance with Section 4.03 herein, the amount, if any, by which one or
more state or local Tax Benefit Items of SHC or any of its Subsidiaries reduced a State Combined or 

  
 8 

 
Consolidated Return Tax liability with respect to any taxable period for which a State Combined or Consolidated Return is filed after the date of this Agreement but only to the extent that an LE
Entity receives the benefit of such reduction (taking into account the provisions of this Agreement). 
 (e) With respect to any State
Combined or Consolidated Return that is not an income Tax Return, the applicable state or local Tax liability shall be allocated among the LE Entities and all the other State Affiliated Companies pro rata based on the Tax that would have been paid
by the LE Entities as one group, on the one hand, and all other State Affiliated Companies as a separate group, on the other hand. 

Section 4.03. Payment. 

(a) The computation of the state or local Tax allocations, as well as any required payment to and from SHC, shall be made within 15 days after
SHC or any of its Affiliates (other than the LE Entities), or any LE Entity, makes a payment to, or receives a payment credit or offset from, any Taxing Authority pursuant to this Article IV. 

(b) The same method used for the calculation of estimated Tax for any State Combined or Consolidated Return shall be used to determine the
amount of estimated Tax allocated to the LE Entities. With regard to any estimated Tax that is calculated based upon income of a prior taxable period, the payments under this Agreement shall also be calculated based upon such income and appropriate
adjustments made when the final Tax Return is filed with respect to such estimated Tax. For estimated Tax calculated in any other manner, the payments under this Agreement shall be determined based upon the principles of Section 4.02. 

Section 4.04. Carrybacks. In the event any state Tax Benefit Item of the LE Entities with respect to any taxable period after they
cease being State Affiliated Companies is eligible to be carried back to a taxable period while the LE Entities were State Affiliated Companies, the LE Entities shall, where possible, elect to carry such amounts forward to subsequent taxable
periods. If the LE Entities are required by law to carry back any such state Tax Benefit Item, the LE Entities shall be entitled to a payment to the extent that such a payment would be required under the terms of Section 4.02(d). 

ARTICLE V 
 PAYMENT
OF OTHER TAXES 
 Section 5.01 Other Taxes. All Taxes of (or with respect to) an LE Entity or the LE Business shall be
paid by the LE Entities, other than (i) Taxes of the Consolidated Group, (ii) Taxes reportable on a Tax Return described in Section 2.02(a) (which the LE Entities shall pay to the extent required by Article IV), and
(iii) Pre-Distribution Taxes. 
 Section 5.02 Unpaid Non-Income Taxes. Notwithstanding any other provision of this
Agreement, LE shall be responsible for and pay all Unpaid Non-Income Taxes. 
 Section 5.03 Foreign Taxes. Notwithstanding any
other provision of this Agreement, LE shall be responsible for and pay all Foreign Taxes. 

  
 9 

 ARTICLE VI 

TAX DEFICIENCIES AND REFUNDS 

Section 6.01. Pre-Distribution Taxes. SHC shall be responsible for (and shall indemnify the LE Entities from and against) all
Pre-Distribution Taxes, including any Pre-Distribution Taxes resulting from any audit, amendment, other change or adjustment. Any refund of Pre-Distribution Taxes (whether by payment, credit, offset against other Taxes due or otherwise) shall be for
the benefit of (and paid to) SHC. 
 Section 6.02. Post-Distribution State Group Taxes. If as a result of any audit, amendment,
other change or adjustment to the state or local Taxes of any State Group there is an additional amount of such state or local Taxes (other than Pre-Distribution Taxes) due and payable or a refund of such state or local Taxes (other than
Pre-Distribution Taxes) previously paid (whether by payment, credit, offset against other Taxes due or otherwise), the obligations of the parties shall be redetermined under Section 4.02 as if the adjustments made as a result of such audit were
included as part of the original Tax Return filed and any payments made under this Agreement shall be adjusted or reimbursed in accordance with the foregoing. 

Section 6.03. Certain Property Tax Claims. Notwithstanding any other provision in this Agreement, LE shall be entitled to receive
and retain any recoveries resulting from claims against the City of Dodgeville to recover overpaid property taxes resulting from the city’s excessive assessment of LE’s Dodgeville properties. 

ARTICLE VII 

COOPERATION AND TAX CONTROVERSY 

Section 7.01. Cooperation. 

(a) SHC and the LE Entities shall cooperate fully at such time and to the extent reasonably requested by the other party in connection with the
preparation and filing of any Tax Return or the conduct of any Tax Controversy concerning any issues or any other matter contemplated hereunder. Such cooperation shall include, without limitation, (i) the retention and provision on demand of
books, records, documentation or other information relating to any Tax Return until the later of (x) the expiration of the applicable federal or state statute of limitation (giving effect to any extension, waiver, or mitigation thereof) and
(y) in the event any claim has been made under this Agreement for which such information is relevant, until a Final Determination with respect to such claim; (ii) the filing or execution of any document that may be necessary or reasonably
helpful in connection with the filing of any Tax Return, or claim for a refund of Taxes previously paid, by either party, or in connection with any Tax Controversy addressed in the preceding sentence (including a requisite power of attorney); and
(iii) the use of the parties’ best efforts to obtain any documentation from a governmental authority or a third party that may be necessary or helpful in connection with the foregoing. Each party shall make its employees and facilities
reasonably available on a mutually convenient basis to facilitate such cooperation. 

  
 10 

 (b) SHC and the LE Entities shall use reasonable efforts to keep each other informed as to the
status of Tax Controversies involving any issue which could give rise to any liability of the other party under this Agreement. SHC and the LE Entities shall each promptly notify the other of any inquiries by any Taxing Authority or any other
administrative, judicial or other governmental authority that relate to any Tax that may be imposed on the other or any Affiliate of the other that might give rise to any liability under this Agreement. SHC shall have sole control of any Tax
Controversy relating to the Consolidated Group or to any Pre-Distribution Taxes. SHC shall have sole control of any Tax Controversy relating to any State Combined and Consolidated Return, provided, that in the case of any such Tax Controversy that
may affect Taxes for which the LE Entities have responsibility hereunder, the LE Entities may participate in such Tax Controversies at their own expense. If the potential liability of the LE Entities under this Agreement relating to any Tax
Controversy exceeds $100,000, SHC shall not settle or concede such Tax Controversy without the prior written consent of the LE Entities, not to be unreasonably withheld, conditioned or delayed. 

ARTICLE VIII 

TAX-FREE STATUS 

Section 8.01. Tax Opinions and Representation Letters. 

(a) Each of LE and SHC hereby represents and agrees that (A) it will read the Representation Letters prior to the Distribution Date and
(B) subject to any qualifications therein, all information contained in such Representation Letters that concerns or relates to such company or any of its Subsidiaries will be true, correct and complete. 

(b) LE and SHC shall use their commercially reasonable efforts and shall cooperate in good faith to finalize the Representation Letters as soon
as possible hereafter and to cause the same to be submitted to the Tax Advisor as SHC shall deem necessary or desirable and shall take such other commercially reasonable actions as may be necessary or desirable to obtain the Tax Opinion in order to
confirm the Tax-Free Status. 
 Section 8.02. Restrictions on LE. 

(a) LE agrees that it will not take or fail to take, or permit any LE Entity to take or fail to take, any action where such action or failure
to act would be inconsistent with or cause to be untrue any material, information, covenant or representation in any Representation Letters or Tax Opinion. LE agrees that it will not take or fail to take, or permit any LE Entity to take or fail to
take, any action which prevents or could reasonably be expected to prevent (A) the Tax-Free Status, or (B) any transaction contemplated by the Separation Agreement which is intended by the parties to be tax-free from so qualifying,
including, in the case of LE, issuing any LE Capital Stock that would prevent the Distribution from qualifying as a tax-free distribution within the meaning of Section 355 of the Code. 

(b) LE agrees that, from the date hereof until the first day after the two-year anniversary of the Distribution Date, it will (i) maintain
its status as a company engaged in the Active Trade or Business for purposes of Section 355(b)(2) of the Code and (ii) not engage in any transaction that would result in it ceasing to be a company engaged in the Active Trade or Business
for purposes of Section 355(b)(2) of the Code, in each case, taking into account Section 355(b)(3) of the Code. 

  
 11 

 (c) LE agrees that, from the date hereof until the first day after the two-year anniversary of
the Distribution Date, it will not (i) enter into any Proposed Acquisition Transaction or, to the extent LE has the right to prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur, (ii) merge or
consolidate with any other Person or liquidate or partially liquidate, (iii) in a single transaction or series of transactions sell or transfer (other than sales or transfers of inventory in the ordinary course of business) 60% or more of the
gross assets of the Active Trade or Business or 60% or more of the consolidated gross assets of LE and its Affiliates (such percentages to be measured based on fair market value as of the Distribution Date), (iv) redeem or otherwise repurchase
(directly or through an LE Affiliate) any LE stock, or rights to acquire stock, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by
Revenue Procedure 2003-48), (v) amend its certificate of incorporation (or other organizational documents), or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of LE Capital Stock (including,
without limitation, through the conversion of one class of LE Capital Stock into another class of LE Capital Stock) or (vi) take any other action or actions (including any action or transaction that would be reasonably likely to be inconsistent
with any representation made in the Representation Letters or the Tax Opinion) which in the aggregate (and taking into account any other transactions described in this subparagraph (d)) would be reasonably likely to have the effect of causing or
permitting one or more Persons (whether or not acting in concert) to acquire directly or indirectly stock representing a Fifty-Percent or Greater Interest in LE or otherwise jeopardize the Tax-Free Status, unless prior to taking any such action set
forth in the foregoing clauses (i) through (vi), (A) LE shall provide SHC with an Unqualified Tax Opinion in form and substance satisfactory to SHC in its sole and absolute discretion, which discretion shall be exercised in good faith
solely to preserve the Tax-Free Status (and in determining whether an opinion is satisfactory, SHC may consider, among other factors, the appropriateness of any underlying assumptions and management’s representations if used as a basis for the
opinion and SHC may determine that no opinion would be acceptable to SHC) or (B) SHC shall have waived the requirement to obtain such Unqualified Tax Opinion. 

(d) Certain Issuances of LE Capital Stock. If LE proposes to enter into any Section 8.02(d) Acquisition Transaction or, to the
extent LE has the right to prohibit any Section 8.02(d) Acquisition Transaction, proposes to permit any Section 8.02(d) Acquisition Transaction to occur, in each case, during the period from the date hereof until the first day after the
two-year anniversary of the Distribution Date, LE shall provide SHC, no later than ten days following the signing of any written agreement with respect to the Section 8.02(d) Acquisition Transaction, with a written description of such
transaction (including the type and amount of LE Capital Stock to be issued in such transaction) and a certificate of the Board of Directors of LE to the effect that the Section 8.02(d) Acquisition Transaction is not a Proposed Acquisition
Transaction or any other transaction to which the requirements of Section 8.02(c) apply (a “Board Certificate”). 

Section 8.03. Restrictions on SHC. SHC agrees that it will not take or fail to take, or permit any Member of the Consolidated
Group to take or fail to take, any action where such action or failure to act would be inconsistent with or cause to be untrue any material, information, covenant or representation in any Representation Letters or Tax Opinion. SHC agrees that it
will not take or fail to take, or permit any Member of the Consolidated Group to take or fail to take, any action which prevents or could reasonably be expected to prevent (A) the Tax-Free Status, or (B) any other transaction contemplated
by the Separation Agreement which is intended by the parties to be tax-free from so qualifying; provided, however, that this Section 8.03 shall not be construed as obligating SHC to consummate the Distribution without the satisfaction or
waiver of all conditions set forth in Section 3.3 of the Separation Agreement nor shall it be construed as preventing SHC from terminating the Separation Agreement pursuant to Section 13.2 thereof. 

  
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 Section 8.04. Procedures Regarding Opinions. 

(a) If LE notifies SHC that it desires to take one of the actions described in clauses (i) through (vi) of
Section 8.02(c) (a “Notified Action”), SHC and LE shall reasonably cooperate to attempt to obtain the Unqualified Tax Opinion referred to in Section 8.02(c), unless SHC shall have waived the requirement to obtain such
Unqualified Tax Opinion.  
 (b) Unqualified Tax Opinion at LE’s Request. SHC agrees that at the reasonable request
of LE, SHC shall cooperate with LE’s efforts to obtain, as expeditiously as possible, an Unqualified Tax Opinion for the purpose of permitting LE to take the Notified Action. SHC and LE shall each bear its own costs and expenses in obtaining an
Unqualified Tax Opinion requested by LE. 
 (c) Unqualified Tax Opinion at SHC’s Request. SHC shall have the right to obtain an
Unqualified Tax Opinion at any time in its sole and absolute discretion. If SHC determines to obtain an Unqualified Tax Opinion, LE shall (and shall cause each Affiliate of LE to) cooperate with SHC and take any and all actions reasonably requested
by SHC in connection with obtaining the Unqualified Tax Opinion (including, without limitation, by making any representation or covenant or providing any materials or information requested by Tax Advisor; provided that LE shall not be
required to make (or cause any Affiliate of LE to make) any representation or covenant that is inconsistent with historical facts or as to future matters or events over which it has no control. SHC and LE shall each bear its own costs and expenses
in obtaining an Unqualified Tax Opinion requested by SHC. 
 Section 8.05. Liability for Tax-Related Losses. 

(a) Notwithstanding anything in this Agreement or the Separation Agreement to the contrary, subject to Section 8.05(c), LE shall be
responsible for, and shall indemnify and hold harmless SHC and its Affiliates and each of their respective officers, directors and employees from and against, one hundred percent (100%) of any Tax-Related Losses that are attributable to or
result from any one or more of the following: (A) the acquisition (other than pursuant to the Contribution, as defined in the Separation Agreement, or the Distribution) of all or a portion of LE’s stock and/or its or its subsidiaries’
assets by any means whatsoever by any Person, (B) any negotiations, understandings, agreements or arrangements by LE with respect to transactions or events (including, without limitation, stock issuances, pursuant to the exercise of stock
options or otherwise, option grants, capital contributions or acquisitions, or a series of such transactions or events) that cause the Distribution to be treated as part of a plan pursuant to which one or more Persons acquire directly or indirectly
stock of LE representing a Fifty-Percent or Greater Interest therein, (C) any action or failure to act by LE after the Distribution (including, without limitation, any amendment to LE’s certificate of incorporation (or other organizational
documents), whether through a stockholder vote or otherwise) affecting the voting rights of LE stock (including, without limitation, through the conversion of one class of LE Capital Stock into another class of LE Capital Stock), (D) any act or
failure to act by LE or any LE Affiliate described in Section 8.02 (regardless whether such act or failure to act is covered by a Ruling, Unqualified Tax Opinion or waiver described in clause (A), (B) or (C) of Section 8.02(c),
or a Board Certificate described in Section 8.02(d) or (E) any breach by LE of its agreement and representation set forth in Section 8.01(a). 

  
 13 

 (b) Notwithstanding anything in this Agreement or the Separation Agreement to the contrary,
subject to Section 8.05(c), SHC shall be responsible for, and shall indemnify and hold harmless LE and its Affiliates and each of their respective officers, directors and employees from and against, one hundred percent (100%) of any
Tax-Related Losses that are attributable to, or result from any one or more of the following: (A) the acquisition (other than pursuant to the Contribution, as defined in the Separation Agreement, or the Distribution) of all or a portion of
SHC’s stock and/or its assets by any means whatsoever by any Person, (B) any negotiations, agreements or arrangements by SHC with respect to transactions or events (including, without limitation, stock issuances, pursuant to the exercise
of stock options or otherwise, option grants, capital contributions or acquisitions, or a series of such transactions or events) that cause the Distribution to be treated as part of a plan pursuant to which one or more Persons acquire directly or
indirectly stock of SHC representing a Fifty-Percent or Greater Interest therein, (C) any act or failure to act by SHC or a member of the Consolidated Group described in Section 8.03 or (D) any breach by SHC of its agreement and
representation set forth in Section 8.01(a). 
 (c) 

(i) To the extent that any Tax-Related Loss is subject to indemnity under both Sections 8.05(a) and (b), responsibility for
such Tax-Related Loss shall be shared by SHC and LE according to relative fault. 
 (ii) Notwithstanding anything in
Section 8.05(b) or (c)(i) or any other provision of this Agreement or the Separation Agreement to the contrary: 
 (A)
with respect to (I) any Tax-Related Loss resulting from Section 355(e) of the Code (other than as a result of an acquisition of a Fifty-Percent or Greater Interest in SHC) and (II) any other Tax-Related Loss resulting (for the absence of
doubt, in whole or in part) from an acquisition after the Distribution of any stock or assets of LE (or any LE Affiliate) by any means whatsoever by any Person or any action or failure to act by LE affecting the voting rights of LE stock, LE shall
be responsible for, and shall indemnify and hold harmless SHC and its Affiliates and each of their respective officers, directors and employees from and against, one hundred percent (100%) of such Tax-Related Loss; and 

(B) for purposes of calculating the amount and timing of any Tax-Related Loss for which LE is responsible under this
Section 8.05, Tax-Related Losses shall be calculated by assuming that SHC, the Consolidated Group and each Member of the Consolidated Group (I) pay Tax at the highest marginal corporate Tax rates in effect in each relevant taxable year and
(II) have no Tax Benefit Items in any relevant taxable year. 
 (iii) Notwithstanding anything in Section 8.05(a) or
(c)(i) or any other provision of this Agreement or the Separation Agreement to the contrary: 
 (A) with respect to
(I) any Tax-Related Loss resulting from Section 355(e) of the Code (other than as a result of an acquisition of a Fifty-Percent or Greater Interest in LE) and (II) any other Tax-Related Loss resulting (for the absence of doubt, in whole or
in part) from an acquisition after the Distribution of any stock or assets of SHC (or any SHC Affiliate) by any means whatsoever by any Person, SHC shall be responsible for, and shall indemnify and hold harmless LE and its Affiliates and each of
their respective officers, directors and employees from and against, one hundred percent (100%) of such Tax-Related Loss and, 

  
 14 

 (B) for purposes of calculating the amount and timing of any Tax-Related Loss for
which SHC is responsible under this Section 8.05, Tax-Related Losses shall be calculated by assuming that LE and its Subsidiaries (I) pay Tax at the highest marginal corporate Tax rates in effect in each relevant taxable year and (II) have
no Tax Benefit Items in any relevant taxable year. 
 (d) LE shall pay SHC the amount of any Tax-Related Losses for which LE is responsible
under this Section 8.05: (A) in the case of Tax-Related Losses described in clause (i) of the definition of Tax-Related Losses no later than five days prior to the date SHC files, or causes to be filed, the applicable Tax Return for
the year of the Contribution or Distribution, as applicable (the “Filing Date”) (provided that if such Tax-Related Losses arise pursuant to a Final Determination described in clause (i), (ii) or (iii) of the definition of
“Final Determination”, then LE shall pay SHC no later than five days after the date of such Final Determination with interest calculated at the London Interbank Offered Rate plus two and one-half percent, compounded semiannually, from the
date that is five days prior to the Filing Date through the date of such Final Determination) and (B) in the case of Tax-Related Losses described in clause (ii) or (iii) of the definition of Tax-Related Losses, no later than five days
after the date SHC pays such Tax-Related Losses. SHC shall pay LE the amount of any Tax-Related Losses (described in clause (ii) or (iii) of the definition of Tax-Related Loss) for which SHC is responsible under this Section 8.05 no
later than five days after the date LE pays such Tax-Related Losses. 
 ARTICLE IX 

MISCELLANEOUS 

Section 9.01. Effective Date. This Agreement applies to all matters related to any Tax Returns filed, Taxes paid, adjustments made
in respect of any Tax, and any other matters involving Taxes on or after the Distribution Date between or among (i) SHC or any of its Subsidiaries (other than the LE Entities) and (ii) the LE Entities. Notwithstanding any other provisions
of this Agreement, the representations and covenants of Section 8.1 shall be effective as of the date of this Agreement. This Agreement will not become effective until it has been approved by the Audit Committee of the SHC Board of Directors
(or a subcommittee thereof, including the Related Party Transactions Subcommittee). 
 Section 9.02. Complete Agreement. This
Agreement constitutes the entire agreement of the parties concerning the subject matter hereof. Any other agreements (including tax sharing agreements), whether or not written, in respect of any Tax between or among SHC and the LE Entities shall be
terminated and have no further effect as of the Distribution Date. This Agreement may not be amended except by an agreement in writing signed by the parties hereto. 

Section 9.03. Notices. All notices, requests, demands, waivers and other communications required or permitted to be given under
this Agreement must be in writing and will be deemed to have been duly given (i) when delivered by hand, (ii) three (3) Business Days after it is mailed, certified or registered mail, return receipt requested, with postage prepaid,
(iii) on the same Business Day when sent by facsimile or electronic mail (return receipt requested) if the transmission is completed before 5:00 p.m. recipient’s time, or one (1) Business Day after the facsimile or email is sent, if
the transmission is completed on or after 5:00 p.m. recipient’s time or (iv) one (1) Business Day after it is sent by Express Mail, Federal Express or other courier service, as follows (or at such other address for a party as shall be
specified in a notice given in accordance with this Section 9.03): 

  
 15 

					
		 	If to LE:	  	Lands’ End, Inc.
		 		  	1 Lands’ End Lane
		 		  	Dodgeville, Wisconsin, WI 53595
		 		  	Attn.: General Counsel
		 		  	Facsimile: (608) 935-6550
			
		 	 If to SHC:
	  	Sears Holdings Corporation
		 		  	3333 Beverly Road B2-131B
		 		  	Hoffman Estates, IL 60179
		 		  	Attn.: Vice President, Tax
		 		  	Facsimile: (847) 286-4908
			
		 	 With a copy to:
	  	Sears Holdings Corporation
		 		  	3333 Beverly Road B6-210B
		 		  	Hoffman Estates, IL 60179
		 		  	Attn: General Counsel
		 		  	Facsimile: (847) 286-2471

 Section 9.04. Governing Law; Jurisdiction; Waiver of Jury Trial. 

(a) Governing Law; Jurisdiction. This Agreement (and all claims, controversies or causes of action, whether in contract, tort or
otherwise, that may be based upon, arise out of or relate to this Agreement or the negotiation, execution, termination, performance or nonperformance of this Agreement (including any claim, controversy or cause of action based upon, arising out of
or relating to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement)) shall be governed by, and construed and enforced in accordance with, the laws of the State of Illinois,
without regard to any choice or conflict of law provision or rule (whether of the State of Illinois or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Illinois. Each of the parties
hereto irrevocably agrees that all proceedings arising out of or relating to this Agreement and the rights and obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and
obligations arising hereunder brought by the other party hereto or its successors or assigns shall be brought, heard and determined exclusively in any federal or state court sitting in Cook County, Illinois. Consistent with the preceding sentence,
each of the parties hereto hereby (a) submits to the exclusive jurisdiction of any federal or state court sitting in Cook County, Illinois for the purpose of any proceeding arising out of or relating to this Agreement or the rights and
obligations arising hereunder brought by any party hereto and (b) irrevocably waives, and agrees not to assert by way of motion, defense, counterclaim, or otherwise, in any such proceeding, any claim that it or its property is not subject
personally to the jurisdiction of the above-named courts, that the proceeding is brought in an inconvenient forum, that the venue of the proceeding is improper, or that this Agreement, the Distribution or any of the other transactions contemplated
by this Agreement may not be enforced in or by any of the above-named courts. Each party agrees that service of process upon such party in any such action or proceeding shall be effective if notice is given in accordance with Section 9.03. 

  
 16 

 (b) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE
PARTIES HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS Section 9.04(b). 

Section 9.05. Successors and Assigns. A party’s rights and obligations under this Agreement may not be assigned without the
prior written consent of the other party. All of the provisions of this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. If any party to this Agreement forms or acquires
one or more Subsidiaries which become Members of the Consolidated Group or a State Affiliated Company, such party will cause any such Subsidiary to be bound by the terms of this Agreement, and this Agreement shall apply to any such Subsidiary in the
same manner and to the same extent as the current party. 
 Section 9.06. Intended Third Party Beneficiaries. This Agreement is
solely for the benefit of the parties to this Agreement and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without this Agreement. 

Section 9.07. Legal Enforceability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to that jurisdiction, be ineffective to the extent of the prohibition or unenforceability without invalidating the remaining provisions. Any prohibition or unenforceability of any provision of this Agreement in any jurisdiction shall not
invalidate or render unenforceable the provision in any other jurisdiction. 
 Section 9.08. Expenses. Unless otherwise
expressly provided in this Agreement, each party shall bear any and all expenses that arise from its respective obligations under this Agreement. 

Section 9.09. Counterparts. This Agreement may be executed and delivered (including by facsimile transmission) in counterparts,
and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement. 

Section 9.10. Change in Law. If, after the date this Agreement is executed, as a result of an amendment to the Code, the
promulgation of proposed, temporary or final regulations, the issuance of a ruling by a Taxing Authority, the decision of any court, or a change in any applicable state or local law, SHC believes that it is necessary or helpful to amend the
provisions of this Agreement in order to preserve the rights and benefits contemplated herein, each of the parties 

  
 17 

 
hereto agrees to negotiate in good faith all such amendments and modifications as shall be necessary or appropriate in order to preserve as nearly as possible for the parties hereto the rights
and benefits contemplated herein. 
 [Remainder of page intentionally left blank; signature page to follow] 

  
 18 

 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of the date first
written above. 
  

			
	SEARS HOLDINGS CORPORATION
		
	By:	 	 /s/ Lawrence J. Meerschaert

	Name: Lawrence J. Meerschaert
	Title:   Vice-President, Tax

  

			
	LANDS’ END, INC
		
	 By:
	 	 /s/ Karl A. Dahlen

	 Name: Karl A. Dehlen

	 Title: SVP, General Counsel and Secretary

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