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Agreement and Plan of Merger

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Title:

Agreement and Plan of Merger

Entities:

Kmart Holding Corp.

Date:

2004

Size:

Preview shows 6KB of 276KB total

Price:

$96

ID:

#1219030

► Plans ► Agreements ► Agreements & Plans of Merger
► Miscellany ► Fortune 100
► Retail ► Department & Discount

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                          AGREEMENT AND PLAN OF MERGER





                          DATED AS OF NOVEMBER 16, 2004





                                 BY AND BETWEEN





                            KMART HOLDING CORPORATION





                                       AND





                             SEARS, ROEBUCK AND CO.

<PAGE>

                                TABLE OF CONTENTS



<TABLE>

<CAPTION>

                                                                                                                PAGE

                                                                                                                ----

<S>      <C>      <C>      <C>                                                                                   <C>

ARTICLE I THE MERGER..............................................................................................1

         1.1.     Organization of Holdco..........................................................................1

         1.2.     Directors and Officers of Holdco................................................................2

         1.3.     Organization of Merger Subs.....................................................................2

         1.4.     Actions of Directors and Officers...............................................................2

         1.5.     Actions of Sears and Kmart......................................................................2

         1.6.     The Mergers.....................................................................................3

         1.7.     Effective Time of the Mergers...................................................................3

         1.8.     Closing.........................................................................................3

         1.9.     Certificates of Incorporation and By-laws of the Surviving Corporations.........................3

         1.10.    Officers and Directors of the Surviving Corporations............................................4



ARTICLE II EFFECTS OF THE MERGERS.................................................................................4

         2.1.     Conversion of Sears Securities..................................................................4

                  (a)      Conversion of Sears Common Stock.......................................................4

                  (b)      Sears and Kmart-Owned Shares...........................................................5

                  (c)      Conversion of Sears Merger Sub Stock...................................................5

                  (d)      Adjustments............................................................................5

         2.2.     Sears Election Procedures.......................................................................5

         2.3.     Sears Proration.................................................................................7

         2.4.     Sears Dissenting Shares.........................................................................8

         2.5.     Conversion of Kmart Securities..................................................................8

                  (a)      Conversion of Kmart Common Stock.......................................................8

                  (b)      Kmart and Sears-Owned Shares...........................................................9

                  (c)      Conversion of Kmart Merger Sub Stock...................................................9

                  (d)      Cancellation of Holdco Common Stock....................................................9

                  (e)      Exchange of Certificates...............................................................9

         2.6.     Exchange of Certificates........................................................................9

                  (a)      Deposit of Merger Consideration........................................................9

                  (b)      Exchange Procedures....................................................................9

                  (c)      Distributions With Respect to Unexchanged Shares......................................11

                  (d)      No Fractional Shares..................................................................11

                  (e)      Termination of Exchange Fund..........................................................12

                  (f)      No Liability..........................................................................12

                  (g)      Withholding...........................................................................12

         2.7.     Sears Options, Etc.............................................................................12

         2.8.     Kmart Options, Etc.............................................................................14



ARTICLE III REPRESENTATIONS AND WARRANTIES.......................................................................15

         3.1.     Representations and Warranties of Sears........................................................15

                  (a)      Organization, Standing and Power......................................................15

                  (b)      Capital Structure.....................................................................16

</TABLE>

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