SEC Contract Filing

Filing Date: 2015-03-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.32
<SEQUENCE>2
<FILENAME>shldex1032201410k.htm
<DESCRIPTION>FORM OF LTIP AWARD AGREEMENT
<TEXT>
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<a name="sF204F092375669DA02B3FF7A19F0172A"></a><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">EXHIBIT 10.32</font></div></div><br><div style="line-height:100%;text-align:left;font-size:5pt;"><font style="font-family:inherit;font-size:5pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:28px;"><img src="a20142016ltipletterimage1.gif" style="height:34px;width:209px;"></div><div style="line-height:100%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:130%;padding-top:1px;text-align:left;font-size:13pt;"><font style="font-family:inherit;font-size:13pt;"><br></font></div><div style="line-height:120%;padding-top:2px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Form of Award Agreement</font></div><div style="line-height:120%;padding-top:4px;text-align:center;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">[___] Long-Term Incentive Program</font></div><div style="line-height:120%;padding-top:0px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;padding-top:2px;text-align:left;padding-left:6px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">You have been designated for participation in the Sears Holdings Corporation&#8217;s (&#8220;SHC&#8221; or &#8220;SHC&#8217;s&#8221;) [____] long-term incentive programs</font></div><div style="line-height:120%;padding-top:4px;text-align:left;padding-left:6px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(LTI).</font></div><div style="line-height:120%;padding-top:0px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:174%;text-align:left;padding-left:6px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Your [____] LTI Target award indicated below is [__]% of your base salary as of [____] (the date the Compensation Committee approved the [____] LTI) or the date you became eligible to participate in the LTI, if later.</font></div><div style="line-height:120%;padding-top:0px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;padding-left:6px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Your LTI award will include both a time-based and a performance-based component:</font></div><div style="line-height:120%;padding-top:0px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">25% of your total LTI target award will be a time-based cash award (LTI Cash Award); and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:9pt;padding-left:24px;"><font style="font-family:inherit;font-size:9pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">75% of your total LTI target award will be a performance-based LTIP award (LTIP Award).</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:7.5pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:58.21782178217821%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td width="65%"></td><td width="35%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:7.5pt;"><font style="font-family:inherit;font-size:7.5pt;font-weight:bold;">[____] TOTAL LTI Target Award* is:</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bott