Exhibit 10(c)
AGREEMENT for CONTINUED EMPLOYMENT
Between
SEARS, XXXXXXX AND CO. and XXXXXX X. XXXXXXXX
Sears, Xxxxxxx and Co., and New York corporation having its principal
place of business in [Xxxxxxx Estates][Chicago], Illinois (the
"Company"), and Xxxxxx X. Xxxxxxxx, a resident of the State of
[Connecticut][Illinois] (the "Executive") entered into an Employment
Agreement ("Agreement") dated August 10, 1992.
The term of the Agreement expires August 31, 1995, and the parties
expect to enter into a new employment agreement on or before December 1,
1995.
In order to give the parties an opportunity for measured consideration
of such new employment agreement, the Company and the Executive wish to
enter into this agreement ("Continuation Agreement") to continue
Executive's employment after the expiration of the Agreement, on
substantially the same terms and conditions as under the Agreement,
until the earlier of December 1, 1995 or the date a new employment
agreement takes effect.
Accordingly, the Company and the Executive agree as follows:
1.The term of this Continuation Agreement shall commence on September 1,
1995, and, unless sooner terminated, shall end on December 1, 1995.
2.Executive will continue to be employed by the Company during the term
of this Continuation Agreement on the same terms and conditions as
during the term of the Agreement, except as provided in paragraph 3, and
except that, effective August 9, 1995, Executive shall serve as Chairman
and Chief Executive Officer of the Company.
3.The Executive shall be entitled to payment of the Guaranteed Past-
Service Pension (as defined in the Agreement) in a lump sum, provided
that the Executive irrevocably elects in writing during the term of this
Continuation Agreement to receive payment in a lump sum.
IN WITNESS WHEREOF, the parties have executed this amendment on this 9th
day of August, 1995.
SEARS, XXXXXXX AND CO.
By: /s/ XXXXX XXXXX
Its: Senior Vice President
/s/ Xxxxxx X. Xxxxxxxx
XXXXXX X. XXXXXXXX
