2005 Performance Criteria under Sears, Roebuck and Co. Annual Incentive Compensation Plan
This document outlines the 2005 performance targets for executive officers under the Sears, Roebuck and Co. Annual Incentive Compensation Plan. Most executives' bonuses are based solely on earnings per share, while Ms. Mindy Meads' bonus is split between earnings per share and Lands' End, Inc.'s pre-tax profit ratio. These criteria will be voided if the planned merger with Kmart Holding Corporation is completed.
Exhibit 10.11
2005 Performance Criteria
under the
Sears, Roebuck and Co.
Annual Incentive Compensation Plan
The Compensation Committee of the Registrant’s Board of Directors has approved earnings per share targets as the sole performance criteria for 2005 under the Registrant’s Annual Incentive Compensation Plan for all of the Company’s executive officers except for Ms. Mindy Meads, Executive Vice President of the Registrant and President and Chief Executive Officer of Lands’ End, Inc., for whom the criteria are 50% earnings per share and 50% Lands’ End, Inc.’s pre-tax profit ratio. These performance criteria will be cancelled without any obligation on the part of the Registrant upon effectiveness of the pending business combination transaction between the Registrant and Kmart Holding Corporation.
