UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 36)*
Sears
Holdings Corporation
(Name of Issuer)
Common Shares
(Title of
Class of Securities)
812350106
(CUSIP Number)
Janice V.
Sharry, Esq.
Haynes and Boone, LLP
2323 Victory Avenue, Suite 700
Dallas, Texas 75219
(214) 651-5000
(Name,
Address and Telephone Number of Person Authorized to Receive Notices and Communications)
June 15, 2015
(Date of Event Which Requires Filing of This Statement)
If the filing
person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following
box. ¨
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
* |
The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page
shall not be deemed to be filed for the purpose of section 18 of the Securities Exchange Act of 1934, as amended (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other
provisions of the Act (however, see the Notes).
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1. |
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Names of
reporting persons. ESL Partners, L.P. |
2. |
|
Check the appropriate box if a member
of a group (see instructions)
(a) x (b) ¨ |
3. |
|
SEC use only
|
4. |
|
Source of funds (see instructions)
OO |
5. |
|
Check if disclosure of legal
proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6. |
|
Citizenship or place of
organization Delaware |
Number of
shares beneficially
owned by each
reporting person
with |
|
7. |
|
Sole voting power
26,820,859 (1) |
|
8. |
|
Shared voting power
0 |
|
9. |
|
Sole dispositive power
26,820,859 (1) |
|
10. |
|
Shared dispositive power
31,247,258 (2) |
11. |
|
Aggregate amount beneficially owned by each reporting person
58,068,117 (1)(2) |
12. |
|
Check if the aggregate amount in Row
(11) excludes certain shares (see instructions) ¨ |
13. |
|
Percent of class represented by amount
in Row (11) 52.1% (3) |
14. |
|
Type of reporting person (see
instructions) PN |
(1) |
Includes 4,828,219 shares of Holdings Common Stock that may be acquired by the reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock from Holdings. |
(2) |
Includes 5,700,163 shares of Holdings Common Stock that may be acquired by a reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock from Holdings. |
(3) |
Based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the Securities
and Exchange Commission on June 8, 2015, and 4,828,219 shares of Holdings Common Stock that may be acquired by the reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock. |
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1. |
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Names of
reporting persons. SPE I Partners, LP |
2. |
|
Check the appropriate box if a member
of a group (see instructions)
(a) x (b) ¨ |
3. |
|
SEC use only
|
4. |
|
Source of funds (see instructions)
OO |
5. |
|
Check if disclosure of legal
proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6. |
|
Citizenship or place of
organization Delaware |
Number of
shares beneficially
owned by each
reporting person
with |
|
7. |
|
Sole voting power
1,501,242 |
|
8. |
|
Shared voting power
0 |
|
9. |
|
Sole dispositive power
1,501,242 |
|
10. |
|
Shared dispositive power
0 |
11. |
|
Aggregate amount beneficially owned by each reporting person
1,501,242 |
12. |
|
Check if the aggregate amount in Row
(11) excludes certain shares (see instructions) ¨ |
13. |
|
Percent of class represented by amount
in Row (11) 1.4% (1) |
14. |
|
Type of reporting person (see
instructions) PN |
(1) |
Based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the Securities
and Exchange Commission on June 8, 2015. |
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1. |
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Names of
reporting persons. SPE Master I, LP |
2. |
|
Check the appropriate box if a member
of a group (see instructions)
(a) x (b) ¨ |
3. |
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SEC use only
|
4. |
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Source of funds (see instructions)
OO |
5. |
|
Check if disclosure of legal
proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6. |
|
Citizenship or place of
organization Delaware |
Number of
shares beneficially
owned by each
reporting person
with |
|
7. |
|
Sole voting power
1,933,413 |
|
8. |
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Shared voting power
0 |
|
9. |
|
Sole dispositive power
1,933,413 |
|
10. |
|
Shared dispositive power
0 |
11. |
|
Aggregate amount beneficially owned by each reporting person
1,933,413 |
12. |
|
Check if the aggregate amount in Row
(11) excludes certain shares (see instructions) ¨ |
13. |
|
Percent of class represented by amount
in Row (11) 1.8% (1) |
14. |
|
Type of reporting person (see
instructions) PN |
(1) |
Based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the Securities
and Exchange Commission on June 8, 2015. |
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1. |
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Names of
reporting persons. RBS Partners, L.P. |
2. |
|
Check the appropriate box if a member
of a group (see instructions)
(a) x (b) ¨ |
3. |
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SEC use only
|
4. |
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Source of funds (see instructions)
OO |
5. |
|
Check if disclosure of legal
proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6. |
|
Citizenship or place of
organization Delaware |
Number of
shares beneficially
owned by each
reporting person
with |
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7. |
|
Sole voting power
30,255,514 (1) |
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8. |
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Shared voting power
0 |
|
9. |
|
Sole dispositive power
30,255,514 (1) |
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10. |
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Shared dispositive power
31,247,258 (2) |
11. |
|
Aggregate amount beneficially owned by each reporting person
61,502,772 (1)(2) |
12. |
|
Check if the aggregate amount in Row
(11) excludes certain shares (see instructions) ¨ |
13. |
|
Percent of class represented by amount
in Row (11) 55.2% (3) |
14. |
|
Type of reporting person (see
instructions) PN |
(1) |
Includes 4,828,219 shares of Holdings Common Stock that may be acquired by a reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock from Holdings. |
(2) |
Includes 5,700,163 shares of Holdings Common Stock that may be acquired by a reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock from Holdings. |
(3) |
Based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the Securities
and Exchange Commission on June 8, 2015, and an aggregate of 4,828,219 shares of Holdings Common Stock that may be acquired by a reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock.
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1. |
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Names of
reporting persons. ESL Institutional Partners, L.P. |
2. |
|
Check the appropriate box if a member
of a group (see instructions)
(a) x (b) ¨ |
3. |
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SEC use only
|
4. |
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Source of funds (see instructions)
OO |
5. |
|
Check if disclosure of legal
proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6. |
|
Citizenship or place of
organization Delaware |
Number of
shares beneficially
owned by each
reporting person
with |
|
7. |
|
Sole voting power
12,341 (1) |
|
8. |
|
Shared voting power
0 |
|
9. |
|
Sole dispositive power
12,341 (1) |
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10. |
|
Shared dispositive power
0 |
11. |
|
Aggregate amount beneficially owned by each reporting person
12,341 (1) |
12. |
|
Check if the aggregate amount in Row
(11) excludes certain shares (see instructions) ¨ |
13. |
|
Percent of class represented by amount
in Row (11) 0.0% (2) |
14. |
|
Type of reporting person (see
instructions) PN |
(1) |
Includes 2,111 shares of Holdings Common Stock that may be acquired by the reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock from Holdings. |
(2) |
Based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the Securities
and Exchange Commission on June 8, 2015, and 2,111 shares of Holdings Common Stock that may be acquired by the reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock. |
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1. |
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Names of
reporting persons. RBS Investment Management, L.L.C. |
2. |
|
Check the appropriate box if a member
of a group (see instructions)
(a) x (b) ¨ |
3. |
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SEC use only
|
4. |
|
Source of funds (see instructions)
OO |
5. |
|
Check if disclosure of legal
proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6. |
|
Citizenship or place of
organization Delaware |
Number of
shares beneficially
owned by each
reporting person
with |
|
7. |
|
Sole voting power
12,341 (1) |
|
8. |
|
Shared voting power
0 |
|
9. |
|
Sole dispositive power
12,341 (1) |
|
10. |
|
Shared dispositive power
0 |
11. |
|
Aggregate amount beneficially owned by each reporting person
12,341 (1) |
12. |
|
Check if the aggregate amount in Row
(11) excludes certain shares (see instructions) ¨ |
13. |
|
Percent of class represented by amount
in Row (11) 0.0% (2) |
14. |
|
Type of reporting person (see
instructions) OO |
(1) |
Includes 2,111 shares of Holdings Common Stock that may be acquired by a reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock from Holdings. |
(2) |
Based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the Securities
and Exchange Commission on June 8, 2015, and 2,111 shares of Holdings Common Stock that may be acquired by a reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock. |
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1. |
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Names of
reporting persons. CRK Partners, LLC |
2. |
|
Check the appropriate box if a member
of a group (see instructions)
(a) x (b) ¨ |
3. |
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SEC use only
|
4. |
|
Source of funds (see instructions)
OO |
5. |
|
Check if disclosure of legal
proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6. |
|
Citizenship or place of
organization Delaware |
Number of
shares beneficially
owned by each
reporting person
with |
|
7. |
|
Sole voting power
887 (1) |
|
8. |
|
Shared voting power
0 |
|
9. |
|
Sole dispositive power
887 (1) |
|
10. |
|
Shared dispositive power
0 |
11. |
|
Aggregate amount beneficially owned by each reporting person
887 (1) |
12. |
|
Check if the aggregate amount in Row
(11) excludes certain shares (see instructions) ¨ |
13. |
|
Percent of class represented by amount
in Row (11) 0.0% (2) |
14. |
|
Type of reporting person (see
instructions) OO |
(1) |
Includes 140 shares of Holdings Common Stock that may be acquired by the reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock from Holdings. |
(2) |
Based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the Securities
and Exchange Commission on June 8, 2015, and 140 shares of Holdings Common Stock that may be acquired by the reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock. |
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1. |
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Names of
reporting persons. ESL Investments, Inc. |
2. |
|
Check the appropriate box if a member
of a group (see instructions)
(a) x (b) ¨ |
3. |
|
SEC use only
|
4. |
|
Source of funds (see instructions)
OO |
5. |
|
Check if disclosure of legal
proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6. |
|
Citizenship or place of
organization Delaware |
Number of
shares beneficially
owned by each
reporting person
with |
|
7. |
|
Sole voting power
30,268,742 (1) |
|
8. |
|
Shared voting power
0 |
|
9. |
|
Sole dispositive power
30,268,742 (1) |
|
10. |
|
Shared dispositive power
31,247,258 (2) |
11. |
|
Aggregate amount beneficially owned by each reporting person
61,516,000 (1)(2) |
12. |
|
Check if the aggregate amount in Row
(11) excludes certain shares (see instructions) ¨ |
13. |
|
Percent of class represented by amount
in Row (11) 55.2% (3) |
14. |
|
Type of reporting person (see
instructions) CO |
(1) |
Includes an aggregate of 4,830,470 shares of Holdings Common Stock that may be acquired by certain of the reporting persons within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock from
Holdings. |
(2) |
Includes an aggregate of 5,700,163 shares of Holdings Common Stock that may be acquired by a reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock from Holdings.
|
(3) |
Based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the Securities and
Exchange Commission on June 8, 2015, and an aggregate of 4,830,470 shares of Holdings Common Stock that may be acquired by certain of the reporting persons within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock.
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1. |
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Names of
reporting persons. Edward S. Lampert |
2. |
|
Check the appropriate box if a member
of a group (see instructions)
(a) x (b) ¨ |
3. |
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SEC use only
|
4. |
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Source of funds (see instructions)
OO |
5. |
|
Check if disclosure of legal
proceedings is required pursuant to Items 2(d) or 2(e) ¨ |
6. |
|
Citizenship or place of
organization United States |
Number of
shares beneficially
owned by each
reporting person
with |
|
7. |
|
Sole voting power
61,516,000 (1)(2) |
|
8. |
|
Shared voting power
0 |
|
9. |
|
Sole dispositive power
30,268,742 (1) |
|
10. |
|
Shared dispositive power
31,247,258 (2) |
11. |
|
Aggregate amount beneficially owned by each reporting person
61,516,000 (1)(2) |
12. |
|
Check if the aggregate amount in Row
(11) excludes certain shares (see instructions) ¨ |
13. |
|
Percent of class represented by amount
in Row (11) 52.5% (3) |
14. |
|
Type of reporting person (see
instructions) IN |
(1) |
Includes an aggregate of 4,830,470 shares of Holdings Common Stock that may be acquired by certain of the reporting persons within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock from
Holdings. |
(2) |
Includes an aggregate of 5,700,163 shares of Holdings Common Stock that may be acquired by the reporting person within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock from Holdings.
|
(3) |
Based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the Securities and
Exchange Commission on June 8, 2015, and an aggregate of 10,530,633 shares of Holdings Common Stock that may be acquired by the reporting persons within 60 days upon the exercise of Warrants to purchase shares of Holdings Common Stock.
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This Amendment No. 36 to Schedule 13D (this Amendment) relates to common shares,
par value $0.01 per share (the Holdings Common Stock), of Sears Holdings Corporation, a Delaware corporation (Holdings). This Amendment amends the Schedule 13D, as previously amended, filed with the Securities and Exchange
Commission by ESL Partners, L.P., a Delaware limited partnership (Partners), SPE I Partners, LP, a Delaware limited partnership (SPE I), SPE Master I, LP, a Delaware limited partnership (SPE Master I, and together
with SPE I, the SPEs), RBS Partners, L.P., a Delaware limited partnership (RBS), ESL Institutional Partners, L.P., a Delaware limited partnership (Institutional), RBS Investment Management, L.L.C., a Delaware
limited liability company (RBSIM), CRK Partners, LLC, a Delaware limited liability company (CRK LLC), ESL Investments, Inc., a Delaware corporation (ESL), and Edward S. Lampert, a United States citizen, by
furnishing the information set forth below. Except as otherwise specified in this Amendment, all previous Items are unchanged. Capitalized terms used herein which are not defined herein have the meanings given to them in the Schedule 13D, as
previously amended, filed with the Securities and Exchange Commission (SEC).
The Reporting Persons are filing this Amendment
to report: (i) a distribution of shares of Holdings Common Stock by SPE Master I on a pro rata basis to its partners, including to RBS; (ii) a distribution of shares of Holdings Common Stock by SPE I on a pro rata basis to
its partners, including to RBS; and (iii) a distribution of shares of Holdings Common Stock by RBS to Mr. Lampert on a pro rata basis.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is hereby amended and supplemented as follows:
In grants of shares of Holdings Common Stock by Holdings on April 30, 2015 and May 29, 2015, pursuant to the Letter between
Holdings and Mr. Lampert, Mr. Lampert acquired an additional 23,555 shares of Holdings Common Stock. Mr. Lampert received the shares of Holdings Common Stock as consideration for serving as Chief Executive Officer and no cash
consideration was paid by Mr. Lampert in connection with the receipt of such shares of Holdings Common Stock.
Item 4. Purpose of
Transaction.
Item 4 is hereby amended and supplemented as follows:
Effective June 9, 2015, Seritage commenced an offering of transferrable subscription rights (the Seritage Rights Offering) to
purchase up to an aggregate of 53,298,899 Class A common shares of beneficial interest, par value $0.01 per share (Seritage Common Shares), pursuant to the Registration Statement. Under the terms of the Seritage Rights Offering, Holdings
distributed to its stockholders, at no charge, one transferable subscription right for every share of Holdings Common Stock held as of 5:00p.m., New York City time, on June 11, 2015. Each subscription right entitles the holder thereof to purchase
one half of one Seritage Common Share at a purchase price of $29.58 per whole Seritage Common Share. A form of the subscription rights certificate is attached hereto as Exhibit 99.19 and incorporated by reference herein.
Pursuant to the Seritage Rights Offering, Holdings distributed to Partners, SPE I, SPE Master I, CRK LLC, Institutional and Mr. Lampert, at no
charge, an aggregate of 51,765,284 subscription rights.
The SPEs are liquidating entities and do not make new investments, such as the
exercise of subscription rights. Accordingly, on June 15, 2015, the SPEs distributed pro rata to each of their respective owners, including indirectly Mr. Lampert, all the subscription rights they received in the Sertiage
Rights Offering.
Item 5. Interest in Securities of the Issuer.
Item 5 is hereby amended and restated in its entirety as follows:
(a)-(b) Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an
admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement.
Each Reporting Person may be deemed to be a member of a group with respect to Holdings or securities of Holdings for the purposes of
Section 13(d) or 13(g) of the Act. Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act
or any other purpose, (i) acting (or has agreed or is agreeing to act) with any other person as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of Holdings or
otherwise with respect to Holdings or any securities of Holdings or (ii) a member of any syndicate or group with respect to Holdings or any securities of Holdings.
As of the time of filing on June 15, 2015, the Reporting Persons may be deemed to beneficially own the shares of Holdings Common Stock
set forth in the table below.
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REPORTING PERSON |
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NUMBER OF SHARES BENEFICIALLY OWNED |
|
|
PERCENTAGE OF OUTSTANDING SHARES |
|
|
SOLE VOTING POWER |
|
|
SHARED VOTING POWER |
|
|
SOLE DISPOSITIVE POWER |
|
|
SHARED DISPOSITIVE POWER |
|
ESL Partners, L.P. |
|
|
58,068,117 |
(1)(2) |
|
|
52.1 |
%(3) |
|
|
26,820,859 |
(2) |
|
|
0 |
|
|
|
26,820,859 |
(2) |
|
|
31,247,258 |
(1) |
SPE I Partners, LP |
|
|
1,501,242 |
|
|
|
1.4 |
% |
|
|
1,501,242 |
|
|
|
0 |
|
|
|
1,501,242 |
|
|
|
0 |
|
SPE Master I, LP |
|
|
1,933,413 |
|
|
|
1.8 |
% |
|
|
1,933,413 |
|
|
|
0 |
|
|
|
1,933,413 |
|
|
|
0 |
|
RBS Partners, L.P. |
|
|
61,502,772 |
(1)(4) |
|
|
55.2 |
%(5) |
|
|
30,255,514 |
(4) |
|
|
0 |
|
|
|
30,255,514 |
(4) |
|
|
31,247,258 |
(1) |
ESL Institutional Partners, L.P. |
|
|
12,341 |
(6) |
|
|
0.0 |
%(7) |
|
|
12,341 |
(6) |
|
|
0 |
|
|
|
12,341 |
(6) |
|
|
0 |
|
RBS Investment Management, L.L.C. |
|
|
12,341 |
(8) |
|
|
0.0 |
%(9) |
|
|
12,341 |
(8) |
|
|
0 |
|
|
|
12,341 |
(8) |
|
|
0 |
|
CRK Partners, LLC |
|
|
887 |
(10) |
|
|
0.0 |
%(11) |
|
|
887 |
(10) |
|
|
0 |
|
|
|
887 |
(10) |
|
|
0 |
|
ESL Investments, Inc. |
|
|
61,516,000 |
(1)(12) |
|
|
55.2 |
%(13) |
|
|
30,268,742 |
(12) |
|
|
0 |
|
|
|
30,268,742 |
(12) |
|
|
31,247,258 |
(1) |
Edward S. Lampert |
|
|
61,516,000 |
(1)(14) |
|
|
52.5 |
%(15) |
|
|
61,516,000 |
(1)(14) |
|
|
0 |
|
|
|
30,268,742 |
(14) |
|
|
31,247,258 |
(1) |
(1) |
This number includes 25,547,095 shares of Holdings Common Stock held by Mr. Lampert and 5,700,163 shares of Holdings Common Stock that Mr. Lampert has the right to acquire within 60 days pursuant to the
Warrants held by Mr. Lampert. Partners has entered into a Lock-Up Agreement with Mr. Lampert that restricts the purchase and sale of securities owned by Mr. Lampert. Pursuant to the Lock-Up Agreement, Partners may be deemed to have
shared dispositive power over, and to indirectly beneficially own, securities owned by Mr. Lampert. RBS, ESL and Mr. Lampert may also be deemed to have shared dispositive power over, and to indirectly beneficially own, such securities.
|
(2) |
This number includes 21,992,640 shares of Holdings Common Stock held by Partners and 4,828,219 shares of Holdings Common Stock that Partners has the right to acquire within 60 days pursuant to the Warrants held by
Partners. |
(3) |
This is based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the
Securities and Exchange Commission on June 8, 2015, and 4,828,219 shares of Holdings Common Stock that Partners has the right to acquire within 60 days pursuant to the Warrants held by Partners. |
(4) |
This number includes 21,992,640 shares of Holdings Common Stock held by Partners, 4,828,219 shares of Holdings Common Stock that Partners has the right to acquire within 60 days pursuant to the Warrants held by
Partners, 1,501,242 shares of Holdings Common Stock held by SPE I and 1,933,413 shares of Holdings Common Stock held by SPE Master I. RBS is the general partner of, and may be deemed to indirectly beneficially own securities owned by, Partners, SPE
I and SPE Master I. |
(5) |
This is based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the
Securities and Exchange Commission on June 8, 2015, and 4,828,219 shares of Holdings Common Stock that Partners has the right to acquire within 60 days pursuant to the Warrants held by Partners. RBS is the general partner of, and may be deemed
to indirectly beneficially own securities owned by, Partners. |
(6) |
This number includes 10,230 shares of Holdings Common Stock held by Institutional and 2,111 shares of Holdings Common Stock that Institutional has the right to acquire within 60 days pursuant to the Warrants held by
Institutional. |
(7) |
This is based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the
Securities and Exchange Commission on June 8, 2015, and 2,111 shares of Holdings Common Stock that Institutional has the right to acquire within 60 days pursuant to the Warrants held by Institutional. |
(8) |
This number includes 10,230 shares of Holdings Common Stock held by Institutional and 2,111 shares of Holdings Common Stock that Institutional has the right to acquire within 60 days pursuant to the Warrants held by
Institutional. RBSIM is the general partner of, and may be deemed to indirectly beneficially own securities owned by, Institutional. |
(9) |
This is based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the
Securities and Exchange Commission on June 8, 2015, and 2,111 shares of Holdings Common Stock that Institutional has the right to acquire within 60 days pursuant to the Warrants held by Institutional. RBSIM is the general partner of, and may be
deemed to indirectly beneficially own securities owned by, Institutional. |
(10) |
This number includes 747 shares of Holdings Common Stock held by CRK LLC and 140 shares of Holdings Common Stock that CRK LLC has the right to acquire within 60 days pursuant to the Warrants held by CRK LLC.
|
(11) |
This is based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the
Securities and Exchange Commission on June 8, 2015, and 140 shares of Holdings Common Stock that CRK LLC has the right to acquire within 60 days pursuant to the Warrants held by CRK LLC. |
(12) |
This number includes 21,992,640 shares of Holdings Common Stock held by Partners, 4,828,219 shares of Holdings Common Stock that Partners has the right to acquire within 60 days pursuant to the Warrants held by
Partners, 1,501,242 shares of Holdings Common Stock held by SPE I, 1,933,413 shares of Holdings Common Stock held by SPE Master I, 10,230 shares of Holdings Common Stock held by Institutional, 2,111 shares of Holdings Common Stock that Institutional
has the right to acquire within 60 days pursuant to the Warrants held by Institutional, 747 shares of Holdings Common Stock held by CRK LLC and 140 shares of Holdings Common Stock that CRK LLC has the right to acquire within 60 days pursuant to the
Warrants held by CRK LLC. ESL is the general partner of, and may be deemed to indirectly beneficially own securities owned by, RBS. ESL is the manager of, and may be deemed to indirectly beneficially own securities owned by, RBSIM. ESL is the sole
member of, and may be deemed to indirectly beneficially own securities owned by, CRK LLC. |
(13) |
This is based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the
Securities and Exchange Commission on June 8, 2015, the 4,828,219 shares of Holdings Common Stock that Partners has the right to acquire within 60 days pursuant to the Warrants held by Partners, the 2,111 shares of Holdings Common Stock that
Institutional has the right to acquire within 60 days pursuant to the Warrants held by Institutional, and the 140 shares of Holdings Common Stock that CRK LLC has the right to acquire within 60 days pursuant to the Warrants held by CRK LLC. ESL is
the general partner of, and may be deemed to indirectly beneficially own securities owned by, RBS. ESL is the manager of, and may be deemed to indirectly beneficially own securities owned by, RBSIM. ESL is the sole member of, and may be deemed to
indirectly beneficially own securities owned by, CRK LLC. |
(14) |
This number includes 21,992,640 shares of Holdings Common Stock held by Partners, 4,828,219 shares of Holdings Common Stock that Partners has the right to acquire within 60 days pursuant to the Warrants held by
Partners, 1,501,242 shares of Holdings Common Stock held by SPE I, 1,933,413 shares of Holdings Common Stock held by SPE Master I, 10,230 shares of Holdings Common Stock held by Institutional, 2,111 shares of Holdings Common Stock that Institutional
has the right to acquire within 60 days pursuant to the Warrants held by Institutional, 747 shares of Holdings Common Stock held by CRK LLC and 140 shares of Holdings Common Stock that CRK LLC has the right to acquire within 60 days pursuant to the
Warrants held by CRK LLC. Mr. Lampert is the Chairman, Chief Executive Officer and Director of, and may be deemed to indirectly beneficially own securities owned by, ESL. |
(15) |
This is based upon 106,602,160 common shares outstanding as of May 29, 2015, as disclosed in Holdings Quarterly Report on Form 10-Q for the quarter ended May 2, 2015, that was filed by Holdings with the
Securities and Exchange Commission on June 8, 2015, the 5,700,163 shares of Holdings Common Stock that Mr. Lampert has the right to acquire within 60 days pursuant to the Warrants held by Mr. Lampert, the 4,828,219 shares of Holdings
Common Stock that Partners has the right to acquire within 60 days pursuant to the Warrants held by Partners, the 2,111 shares of Holdings Common Stock that Institutional has the right to acquire within 60 days pursuant to the Warrants held by
Institutional, and the 140 shares of Holdings Common Stock that CRK LLC has the right to acquire within 60 days pursuant to the Warrants held by CRK LLC. Mr. Lampert is the Chairman, Chief Executive Officer and Director of, and may be deemed to
indirectly beneficially own securities owned by, ESL. |
(c) Other than as set forth on Annex B hereto, there have been no transactions in the class of securities
reported on that were effected by the Reporting Persons during the past sixty days or since the most recent filing of Schedule 13D, whichever is less.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
Item 6 is hereby amended and supplemented as follows:
The information set forth in Item 4 is incorporated by reference into this Item 6.
Item 7. Material to be Filed as Exhibits.
Item 7 is hereby amended and restated in its entirety as follows:
The following exhibits are filed as exhibits hereto:
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Exhibit |
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Description of Exhibit |
|
|
99.1 |
|
Amendment, dated March 22, 2005, to the Agreement, dated January 31, 2005, among Kmart Holding Corporation, Sears Holdings Corporation, ESL Partners, L.P., ESL Investors, L.L.C., ESL Institutional Partners, L.P. and CRK
Partners II, L.P. (incorporated by reference to Exhibit L to the Amendment to Schedule 13D filed on April 1, 2005). |
|
|
99.2 |
|
Acknowledgement, dated March 24, 2005, by Sears Holdings Corporation (relating to the assumption of the Registration Rights Agreement) (incorporated by reference to Exhibit K to the Amendment to Schedule 13D filed on
April 1, 2005). |
|
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99.3 |
|
Letter Agreement, dated June 2, 2010, between ESL Partners, L.P. and Edward S. Lampert (incorporated by reference to Exhibit 8 to the Amendment to Schedule 13D filed on June 2, 2010). |
|
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99.5 |
|
Joint Filing Agreement (incorporated by reference to Exhibit 99.5 to the Amendment to Schedule 13D filed on March 11, 2013). |
|
|
99.6 |
|
Form of Letter (incorporated by reference to Exhibit 10.30 to Holdings Annual Report on Form 10-K filed on March 20, 2013). |
|
|
99.7 |
|
Loan Agreement, dated September 15, 2014, among Sears, Roebuck and Co., Sears Development Co. and Kmart Corporation, and JPP II, LLC and JPP, LLC (incorporated by reference to Exhibit 99.7 to the Amendment to Schedule 13D
filed on September 16, 2014). |
|
|
99.8 |
|
Participation Agreement, dated September 22, 2014, among PYOF 2014 Loans, LLC, and JPP II, LLC and JPP, LLC (incorporated by reference to Exhibit 99.8 to the Amendment to Schedule 13D filed on September 24,
2014). |
|
|
99.9 |
|
Amended and Restated Participation Agreement, dated September 30, 2014, among PYOF 2014 Loans, LLC, The Fairholme Partnership, LP, and JPP II, LLC and JPP, LLC (incorporated herein by reference to Exhibit 99.9 to the Amendment
to Schedule 13D filed on October 1, 2014). |
|
|
99.10 |
|
Form of Subscription Rights Certificate (incorporated herein by reference to Exhibit 99.10 to the Amendment to Schedule 13D filed on October 17, 2014). |
|
|
99.11 |
|
Rights Purchase Agreement, dated as of October 26, 2014, by and between SPE Master I, LP and ESL Partners, L.P. (incorporated herein by reference to Exhibit 99.11 to the Amendment to Schedule 13D filed on October 28,
2014). |
|
|
99.12 |
|
Rights Purchase Agreement, dated as of October 26, 2014, by and between SPE Master I, LP and Mr. Edward S. Lampert (incorporated herein by reference to Exhibit 99.12 to the Amendment to Schedule 13D filed on October 28,
2014). |
|
|
99.13 |
|
Rights Purchase Agreement, dated as of October 26, 2014, by and between SPE I Partners, LP and ESL Partners, L.P. (incorporated herein by reference to Exhibit 99.13 to the Amendment to Schedule 13D filed on October 28,
2014). |
|
|
99.14 |
|
Rights Purchase Agreement, dated as of October 26, 2014, by and between SPE I Partners, LP and Mr. Edward S. Lampert (incorporated herein by reference to Exhibit 99.14 to the Amendment to Schedule 13D filed on October 28,
2014). |
|
|
99.15 |
|
Form of Subscription Rights Certificate (incorporated herein by reference to Exhibit 99.15 to the Amendment to Schedule 13D filed on November 12, 2014). |
|
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99.16 |
|
Form of Note (incorporated herein by reference to Exhibit 4.3 to the Post-Effective Amendment No. 1 to Form S-3 Registration Statement, filed by Holdings with the Securities and Exchange Commission on October 30,
2014). |
|
|
99.17 |
|
Form of Warrant Certificate (incorporated herein by reference to Exhibit 4.4 to the Post-Effective Amendment No. 1 to Form S-3 Registration Statement, filed by Holdings with the Securities and Exchange Commission on October 30,
2014). |
|
|
99.18 |
|
Amendment to Loan Agreement, entered into on February 25, 2015 and effective as of February 28, 2015, by and between JPP II, LLC and JPP, LLC and Sears, Roebuck and Co., Sears Development Co. and Kmart Corporation
(incorporated herein by reference to Exhibit 10.1 to the Form 8-K, filed by Holdings with the Securities and Exchange Commission on February 26, 2015). |
|
|
99.19 |
|
Form of Subscription Rights Certificate (filed herewith). |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true,
complete and correct.
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Date: June 16, 2015 |
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ESL PARTNERS, L.P. |
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By: |
|
RBS Partners, L.P., as its general partner |
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By: |
|
ESL Investments, Inc., as its general partner |
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By: |
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/s/ Edward S. Lampert |
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Name: |
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Edward S. Lampert |
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Title: |
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Chief Executive Officer |
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SPE I PARTNERS, LP |
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By: |
|
RBS Partners, L.P., as its general partner |
|
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By: |
|
ESL Investments, Inc., as its general partner |
|
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By: |
|
/s/ Edward S. Lampert |
|
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|
|
|
Name: |
|
Edward S. Lampert |
|
|
|
|
|
|
Title: |
|
Chief Executive Officer |
|
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|
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|
SPE MASTER I, LP |
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By: |
|
RBS Partners, L.P., as its general partner |
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|
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By: |
|
ESL Investments, Inc., as its general partner |
|
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By: |
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/s/ Edward S. Lampert |
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Name: |
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Edward S. Lampert |
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Title: |
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Chief Executive Officer |
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RBS PARTNERS, L.P. |
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By: |
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ESL Investments, Inc., as its general partner |
|
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By: |
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/s/ Edward S. Lampert |
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Name: |
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Edward S. Lampert |
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Title: |
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Chief Executive Officer |
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ESL INSTITUTIONAL PARTNERS, L.P. |
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By: |
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RBS Investment Management, L.L.C., as its general partner |
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By: |
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ESL Investments, Inc., as its manager |
|
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By: |
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/s/ Edward S. Lampert |
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Name: |
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Edward S. Lampert |
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Title: |
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Chief Executive Officer |
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RBS INVESTMENT MANAGEMENT, L.L.C. |
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By: |
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ESL Investments, Inc., as its manager |
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By: |
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/s/ Edward S. Lampert |
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Name: |
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Edward S. Lampert |
|
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|
|
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Title: |
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Chief Executive Officer |
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CRK PARTNERS, LLC |
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By: |
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ESL Investments, Inc., as its sole member |
|
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|
|
|
|
|
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|
|
By: |
|
/s/ Edward S. Lampert |
|
|
|
|
|
|
Name: |
|
Edward S. Lampert |
|
|
|
|
|
|
Title: |
|
Chief Executive Officer |
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|
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|
ESL INVESTMENTS, INC. |
|
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|
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|
|
|
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By: |
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/s/ Edward S. Lampert |
|
|
|
|
|
|
Name: |
|
Edward S. Lampert |
|
|
|
|
|
|
Title: |
|
Chief Executive Officer |
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|
EDWARD S. LAMPERT |
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By: |
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/s/ Edward S. Lampert |
EXHIBIT INDEX
|
|
|
Exhibit |
|
Description of Exhibit |
|
|
99.1 |
|
Amendment, dated March 22, 2005, to the Agreement, dated January 31, 2005, among Kmart Holding Corporation, Sears Holdings Corporation, ESL Partners, L.P., ESL Investors, L.L.C., ESL Institutional Partners, L.P. and CRK
Partners II, L.P. (incorporated by reference to Exhibit L to the Amendment to Schedule 13D filed on April 1, 2005). |
|
|
99.2 |
|
Acknowledgement, dated March 24, 2005, by Sears Holdings Corporation (relating to the assumption of the Registration Rights Agreement) (incorporated by reference to Exhibit K to the Amendment to Schedule 13D filed on
April 1, 2005). |
|
|
99.3 |
|
Letter Agreement, dated June 2, 2010, between ESL Partners, L.P. and Edward S. Lampert (incorporated by reference to Exhibit 8 to the Amendment to Schedule 13D filed on June 2, 2010). |
|
|
99.5 |
|
Joint Filing Agreement (incorporated by reference to Exhibit 99.5 to the Amendment to Schedule 13D filed on March 11, 2013). |
|
|
99.6 |
|
Form of Letter (incorporated by reference to Exhibit 10.30 to Holdings Annual Report on Form 10-K filed on March 20, 2013). |
|
|
99.7 |
|
Loan Agreement, dated September 15, 2014, among Sears, Roebuck and Co., Sears Development Co. and Kmart Corporation, and JPP II, LLC and JPP, LLC (incorporated by reference to Exhibit 99.7 to the Amendment to Schedule 13D
filed on September 16, 2014). |
|
|
99.8 |
|
Participation Agreement, dated September 22, 2014, among PYOF 2014 Loans, LLC, and JPP II, LLC and JPP, LLC (incorporated by reference to Exhibit 99.8 to the Amendment to Schedule 13D filed on September 24,
2014). |
|
|
99.9 |
|
Amended and Restated Participation Agreement, dated September 30, 2014, among PYOF 2014 Loans, LLC, The Fairholme Partnership, LP, and JPP II, LLC and JPP, LLC (incorporated herein by reference to Exhibit 99.9 to the Amendment
to Schedule 13D filed on October 1, 2014). |
|
|
99.10 |
|
Form of Subscription Rights Certificate (incorporated herein by reference to Exhibit 99.10 to the Amendment to Schedule 13D filed on October 17, 2014). |
|
|
99.11 |
|
Rights Purchase Agreement, dated as of October 26, 2014, by and between SPE Master I, LP and ESL Partners, L.P. (incorporated herein by reference to Exhibit 99.11 to the Amendment to Schedule 13D filed on October 28,
2014). |
|
|
99.12 |
|
Rights Purchase Agreement, dated as of October 26, 2014, by and between SPE Master I, LP and Mr. Edward S. Lampert (incorporated herein by reference to Exhibit 99.12 to the Amendment to Schedule 13D filed on October 28,
2014). |
|
|
99.13 |
|
Rights Purchase Agreement, dated as of October 26, 2014, by and between SPE I Partners, LP and ESL Partners, L.P. (incorporated herein by reference to Exhibit 99.13 to the Amendment to Schedule 13D filed on October 28,
2014). |
|
|
99.14 |
|
Rights Purchase Agreement, dated as of October 26, 2014, by and between SPE I Partners, LP and Mr. Edward S. Lampert (incorporated herein by reference to Exhibit 99.14 to the Amendment to Schedule 13D filed on October 28,
2014). |
|
|
99.15 |
|
Form of Subscription Rights Certificate (incorporated herein by reference to Exhibit 99.15 to the Amendment to Schedule 13D filed on November 12, 2014). |
|
|
99.16 |
|
Form of Note (incorporated herein by reference to Exhibit 4.3 to the Post-Effective Amendment No. 1 to Form S-3 Registration Statement, filed by Holdings with the Securities and Exchange Commission on October 30,
2014). |
|
|
99.17 |
|
Form of Warrant Certificate (incorporated herein by reference to Exhibit 4.4 to the Post-Effective Amendment No. 1 to Form S-3 Registration Statement, filed by Holdings with the Securities and Exchange Commission on October 30,
2014). |
|
|
99.18 |
|
Amendment to Loan Agreement, entered into on February 25, 2015 and effective as of February 28, 2015, by and between JPP II, LLC and JPP, LLC and Sears, Roebuck and Co., Sears Development Co. and Kmart Corporation
(incorporated herein by reference to Exhibit 10.1 to the Form 8-K, filed by Holdings with the Securities and Exchange Commission on February 26, 2015). |
|
|
99.19 |
|
Form of Subscription Rights Certificate (filed herewith). |
ANNEX B
RECENT TRANSACTIONS BY THE REPORTING PERSONS IN THE SECURITIES OF
SEARS HOLDINGS CORPORATION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entity |
|
Date of Transaction |
|
Description
of Transaction |
|
Shares Acquired |
|
|
Shares Disposed |
|
|
Price Per Share |
|
Edward S. Lampert |
|
04/30/2015 |
|
Grant of Shares Pursuant to a Letter between Edward S. Lampert and Holdings |
|
|
11,777 |
|
|
|
|
|
|
$ |
0 |
|
Edward S. Lampert |
|
05/29/2015 |
|
Grant of Shares Pursuant to a Letter between Edward S. Lampert and Holdings |
|
|
11,778 |
|
|
|
|
|
|
$ |
0 |
|
SPE I Partners, LP |
|
06/15/2015 |
|
Pro-Rata Distribution to its Partners |
|
|
|
|
|
|
438,630 |
|
|
$ |
0 |
|
SPE Master I, LP |
|
06/15/2015 |
|
Pro-Rata Distribution to its Partners |
|
|
|
|
|
|
561,370 |
|
|
$ |
0 |
|
RBS Partners, L.P. |
|
06/15/2015 |
|
Acquisition from SPE I Partners, LP and SPE Master I, LP as a result of a Pro-Rata Distribution |
|
|
220,083 |
|
|
|
|
|
|
$ |
0 |
|
RBS Partners, L.P. |
|
06/15/2015 |
|
Pro-Rata Distribution |
|
|
|
|
|
|
220,083 |
|
|
$ |
0 |
|
Edward S. Lampert |
|
06/15/2015 |
|
Acquisition from RBS Partners, L.P. as a result of a Pro-Rata Distribution |
|
|
220,083 |
|
|
|
|
|
|
$ |
0 |
|
Exhibit 99.19
250 Royall Street, Suite V Canton MA 02021 Information Agent: Georgeson Inc. (866) 257-5415 SERITAGE GROWTH PROPERTIES SUBSCRIPTION
RIGHTS CERTIFICATE FOR SERITAGE GROWTH PROPERTIES COMMON SHARES OFFER EXPIRES AT 5:00 P.M., NEW YORK CITY TIME, ON JULY 2, 2015. IN ORDER TO EXERCISE YOUR RIGHTS, YOU MUST COMPLETE BOTH SIDES OF THIS CARD. As the registered owner of this
Subscription Rights Certificate you are the holder of the number of Subscription Rights set forth below. As a holder of Subscription Rights, you are entitled to subscribe for the number of Class A common shares of beneficial interest, par value
$0.01 per share (the Common Shares), of Seritage Growth Properties, a Maryland real estate investment trust (the Company), pursuant to the Basic Subscription Right and upon the terms and conditions and at the Subscription
Price for each Common Share specified in the Prospectus relating thereto. The Subscription Rights represented hereby include the Over-Subscription Privilege for holders of Subscription Rights, as described in the Prospectus. Pursuant to the
Over-Subscription Privilege, holders of Subscription Rights who exercise their Basic Subscription Rights in full may also choose to subscribe for a portion of any Common Shares that other holders of Subscription Rights do not purchase through the
exercise of their Basic Subscription Rights. However, in no circumstance will any holder be allocated Common Shares to the extent such allocation would result in such holder beneficially owning 9.6% or more of the outstanding Seritage Growth Common
Shares (as calculated for certain federal income tax purposes), as described in the Prospectus. Registered owners of the common shares of Sears Holdings Corporation (Sears Holdings) will receive their basic and over-subscription shares
via an uncertificated share credit to their existing accounts. Confirmation statements for basic and over-subscription share subscriptions reflecting uncertificated share credits will be delivered on the 3rd business day following the Expiration
Date and after all over-subscription allocations have been effected. THE SUBSCRIPTION RIGHTS ARE TRANSFERABLE Payment must be in United States dollars, whereby only cashiers or certified checks drawn upon a United States bank and made payable
to Computershare Trust Company, N.A. (the Subscription Agent) will be accepted. Please reference your rights card control number on your cashiers or certified check. The registered owner of this Subscription Rights Certificate
named above, or its assignee, is entitled to the number of Subscription Rights shown below to subscribe for and purchase Common Shares. Sears Holdings will distribute to each holder of its common stock as of the Record Date one Subscription Right
for each full share of common stock owned by that stockholder as of the Record Date. Pursuant to the Basic Subscription Right and upon the terms and conditions specified in the Prospectus, each Subscription Right will entitle its holder to purchase
one half of one Common Share from the Company. Additionally, and as described in the Prospectus, holders of Subscription Rights who fully exercise all of their basic Subscription Rights, after giving effect to any purchases or sales of Subscription
Rights by them prior to such exercise, may also make a request to purchase additional Common Shares, through exercise of the Over-Subscription Privilege, although neither Sears Holdings nor the Company can assure you that any over-subscriptions will
be filled. To subscribe for additional Common Shares pursuant to the Over-Subscription Privilege, you must pay the Subscription Price for each Common Share you wish to purchase, subject to the terms of the Over-Subscription Privilege as described in
the Prospectus. Holders of Sears Holdings common stock as of the Record Date who participate in the Rights Offering will receive their basic and over-subscription shares via an uncertificated share credit to their existing accounts. Any refund in
connection with an over-subscription will be returned, without interest or penalty, as soon as practicable after the expiration of the Rights Offering and after all over-subscription allocations have been effected. This Subscription Rights
Certificate may be transferred by duly completing and signing the assignment on the reverse side hereof. All capitalized terms not defined in this Subscription Rights Certificate shall have the meanings ascribed to them in the Prospectus. ADDITIONAL
INFORMATION For a more complete description of the terms and conditions of this Rights Offering, please refer to the Prospectus. Additional copies of the Prospectus are available upon request from the information agent, Georgeson Inc., at (866)
257-5415 (toll-free) or emailing SearsSeritageOffer@Georgeson.com. You are encouraged to contact Georgeson Inc. if you have any questions concerning this Rights Offering. Holder ID COY Class Rights Qty Issued Rights Cert # [ ] BBX Subscription
Rights [ ] [ ] Signature of Owner and U.S. Person for Tax Certification Signature of Co-Owner (if more than one registered holder listed) Date (mm/dd/yyyy)
To subscribe for your basic shares please complete line A on the card below. If you are not subscribing for your full Basic
Subscription, check box D below and we will attempt to sell any remaining unexercised Subscription Rights. To subscribe for any over-subscription shares please complete line B below. Please Note: Pursuant to the
Over-Subscription Privilege, only holders of Subscription Rights who exercise their Basic Subscription Rights in full may also choose to subscribe for a portion of any Common Shares that other holders of Subscription Rights do not purchase through
the exercise of their Basic Subscription Rights. Payment of Shares: Full payment for both the basic and over-subscription shares must accompany this subscription. Please reference your rights certificate number on your cashiers or certified
check. If the aggregate Subscription Price paid by a holder of Subscription Rights is insufficient to purchase the number of Common Shares that the holder indicates are being subscribed for, or if a holder of Subscription Rights does not specify the
number of Common Shares to be purchased, then the holder of Subscription Rights will be deemed to have exercised first, the Basic Subscription Right (if not already fully exercised) and second, the Over-Subscription Privilege to purchase Common
Shares to the full extent of the payment rendered. If the aggregate Subscription Price paid by a holder of Subscription Rights exceeds the amount necessary to purchase the number of Common Shares for which the holder of Subscription Rights has
indicated an intention to subscribe, such excess will be returned to such holder of Subscription Rights, without interest or penalty, as soon as practical following the expiration of the Rights Offering. FOR A MORE COMPLETE DESCRIPTION OF THE TERMS
AND CONDITIONS OF THIS RIGHTS OFFERING, PLEASE REFER TO THE COMPANYS PROSPECTUS, WHICH IS INCORPORATED HEREIN BY REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM THE INFORMATION AGENT, GEORGESON INC., BY CALLING TOLL-FREE AT
(866) 257-5415 OR EMAILING SearsSeritageOffer@Georgeson.com. Please complete all applicable information and return to the Subscription Agent: COMPUTERSHARE TRUST COMPANY, N.A. By Registered Certified or Express Mail: By Overnight Courier:
Computershare Computershare c/o Voluntary Corporate Actions c/o Voluntary Corporate Actions P.O. Box 43011 250 Royall Street Providence, RI 02940-3011 Suite V Canton, MA 02021 Delivery of this Subscription Rights Certificate to an address other than
as set forth above does not constitute a valid delivery. A. Exercise of Basic Subscription Rights (1 Subscription Right = one half of one share) x 0.5* = (no. of rights) (no. of shares) x $29.58 per whole share = $ (no. of shares) (Subscription
Price) (Cost for Basic Subscription Shares) *Fractional shares resulting from the exercise of Basic Subscription Rights will be eliminated by rounding down to the nearest whole share. B. Exercise Over-Subscription Privilege* x $29.58 per share = $
(no. of shares) (Subscription Price) (Cost for Over- Subscription Shares) * The Over-Subscription Privilege may only be exercised if the Basic Subscription Right is exercised in full. C. Total Amount Enclosed: = $ (Cost for Total Subscription
Shares) SECTION 1. TO SUBSCRIBE: I acknowledge that I have received the Prospectus for the Rights Offering and I hereby irrevocably subscribe for the number of Common Shares indicated as the total of A and B hereon upon the terms and conditions
specified in the Prospectus and incorporated by reference herein, receipt of which is acknowledged. I hereby agree that if I fail to pay in full for the Common Shares for which I have subscribed, the Company may exercise any of the remedies provided
for in the Prospectus. TO SELL: If I have checked the box on line D, I authorize the sale of Subscription Rights by the Subscription Agent according to the procedures described in the Prospectus. Print full name of Assignee and Social Security
Number Address for delivery of certificate representing Unexercised Subscription Rights D. Sell any Unexercised Remaining Subscription Rights E. Deliver a certificate representing Unexercised Subscription Rights to the Assignee at the address in
Section 1 F. Transfer Subscription Rights to the Transferee designated in Section 2 below SECTION 2. TO TRANSFER RIGHTS: (Per Line F): For value received, of the Subscription Rights represented by this Form of Exercise, Sale or Transfer are assigned
to: Print full name of Assignee and Social Security Number Print Full Address Signature(s) of Assignor(s) The signature(s) on this Form of Exercise, Sale or Transfer must correspond with the name(s) of the registered holder(s) exactly as it appears
on the face of the Subscription Rights Certificate without any alteration or change whatsoever. In the case of joint registered holders, each person must sign this Form of Exercise, Sale or Transfer in accordance with the foregoing. If you sign this
Form of Exercise, Sale or Transfer in your capacity as a trustee, executor, administrator, guardian, attorney-in-fact, agent, officer of a corporation or other fiduciary or representative, you must indicate the capacity in which you are signing when
you sign and, if requested by the Subscription Agent in its sole and absolute discretion, you must present to the Subscription Agent satisfactory evidence of your authority to sign in that capacity. If you wish to transfer your Subscription Rights,
then your signature must be guaranteed by an Eligible Guarantor Institution, as that term is defined in Rule 17Ad-15 of the Securities Exchange Act of 1934, as amended, which may include: (a) a commercial bank or trust company; (b) a member firm of
a domestic stock exchange; or (c) a savings bank or credit union. Signature (name of bank or firm): Guaranteed by (signature/title): If permanent change of address, check here: Daytime telephone number: ( ) Evening telephone number: ( ) Email
address: DELIVERY OF THIS FORM OF EXERCISE, SALE OR TRANSFER TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE DOES NOT CONSTITUTE A VALID DELIVERY.
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