Ousted Sears ceo to get paid through 2010

HOFFMAN ESTATES, Ill. Recently ousted Sears Holdings president and ceo Aylwin Lewis may be down, but he's certainly not out -- of a pay check that is. Lewis will continue to receive his annual base salary of $1 million through March 24, 2010, as reported in an SEC filing.

Lewis will continue to receive his salary as part of an agreement that was formed in March 24, 2005 between himself and the company. Under the agreement, Lewis will also continue to receive benefits and will receive approximately 16,000 restricted shares valued at $88.62 per share and other stock options.

Bruce Johnson, who is serving as interim ceo and president, will receive an annual salary boost to $900,000, as well as a restricted stock award.

On Jan. 28, Sears reported that Lewis would be leaving the company on Feb. 2. The news came not long after the company reported sales declines across most categories during the holiday season, and said it expects a drop in its fourth quarter net income over the previous year from $820 million to between $350 million and $470 million.