Exhibit 10. (iii)(21)
AGREEMENT
between
SEARS, XXXXXXX AND CO. and XXXXXX X. XXXXXXXX
Sears, Xxxxxxx and Co., a New York corporation (the "Company"), and
Xxxxxx X. Xxxxxxxx (the "Executive") entered into an Employment Agreement
("Agreement") dated August 10, 1992. The Company and the Executive entered
into an extension and amendment of the Agreement, dated August 9, 1995, which
is referred to as the "Continuation Agreement." The terms of the Agreement,
which would have expired on August 31, 1995, were extended until December 1,
1995, unless sooner terminated by mutual agreement, by the terms of the
Continuation Agreement.
The Company and the Executive agree as follows:
1. Article III, subparagraphs 3.07(b), (c), (d), (e) and (f) of the
Agreement, and numbered paragraph 3 of the Continuation Agreement are hereby
eliminated, retroactive to August 10, 1992. Any other references to the
eliminated provisions in the Agreement are appropriately changed to reflect
this amendment.
2. In addition to the Executive's pension benefits payable at
retirement, the Company will pay the Executive an additional amount from the
Supplemental Retirement Income Plan ("SRIP"), which additional amount will be
determined by adding ten years to the Executive's then actual continuous and
credited service. In computing this additional pension benefit, the Company
will apply the rules of the Sears Pension Plan and SRIP then in effect. This
additional amount is fully vested on the date this agreement is dated below.
Dated: November 13, 1995
SEARS, XXXXXXX AND CO.
By: /S/Xxxxx Xxxxx /S/Xxxxxx X. Xxxxxxxx
XXXXXX X. XXXXXXXX
Its: Senior Vice President,
Law and Corporate Secretary
