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Sears set to pay ex-CEO through 2010

Sears Holdings soon-to-be former CEO Aylwin Lewis will receive $1 million in yearly salary through March 2010, according to company filings with the Securities and Exchange Commission.

In accordance with his initial employment agreement made in 2005, Lewis will also continue to receive health and other benefits and will receive approximately 16,000 restricted shares valued at $88.62 per share and other stock options.

The company announced Jan. 28 that Lewis would be stepping down effective Feb 2.

The company also said new interim CEO Bruce Johnson will receive a pay raise to $900,000 and will gain restricted stock worth $1 million in two installments, one in 2009, the second in 2010.

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