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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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UNITED STATES Washington, D.C. 20549 ________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Date of Report (Date of earliest event reported): November 8, 2005 SEARS HOLDINGS CORPORATION Delaware 000-51217 20-1920798 3333 Beverly Road 60179 Registrant's telephone number, including area code: (847) 286-2500 (Former name or former address, if changed since last report): Not Applicable Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
(Exact name of registrant as specified in charter)
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
Hoffman Estates, Illinois
(Address of principal executive offices)
(Zip code)
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 1 - |
Registrant's Business and Operations |
Item 1.01. |
Entry into a Material Definitive Agreement. |
On November 8, 2005, the Compensation Committee (the "Compensation Committee") of the Registrant's Board of Directors adopted two revised forms of Executive Severance/Non-Compete Agreements (each a "Severance Agreement", and separately referred to as "Form A Severance Agreement" and "Form B Severance Agreement"). The revised Severance Agreements are substantially the same as the forms of Executive Severance/Non-Compete Agreements filed by the Registrant as exhibits to its Current Report on Form 8-K filed with the Securities and Exchange Commission on April 29, 2005, except the revised Severance Agreements provide for a reduction in the Registrant's obligation to pay severance to the extent that the signatory (the "Executive") earns income from a subsequent employer during the salary continuation period, as described below. Each Severance Agreement requires the Executive to maintain the confidentiality of information concerning the Registrant's business. The Severance Agreements also prohibit the Executive from working for a competitor of the Registrant, or hiring any of the Registrant's employees, for one year after his or her employment with the Registrant ends. Under the Severance Agreements, if the Registrant terminates an Executive's employment without cause (as defined in the Severance Agreements), the Executive will receive the following benefits:
The foregoing is a brief description of the material terms of the Severance Agreements. It is qualified in its entirety by reference to the complete text of the Severance Agreements, which will be filed as exhibits to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended October 29, 2005. |
SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. |
SEARS HOLDINGS CORPORATION |
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By: |
William K. Phelan Vice President and Controller |
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Date: November 15, 2005 |
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