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SEARS CHIEF TO GET PAY BOOST

The head of Sears, Roebuck and Co. will get a 50 percent salary boost in addition to grants of options and restricted stock once the company completes its $11 billion merger with Kmart Holding Corp.

Sears chairman and CEO Alan Lacy, who will serve as CEO of the new company, will be paid a salary of $1.5 million with a target bonus of $2.25 million, according to documents filed with the Securities and Exchange Commission.

The documents also show that once the merger is complete, Lacy will receive 75,000 shares of restricted stock, which will vest in full on June 30, 2006, and 200,000 options that vest in increments of one-quarter every year for four years after completion of the merger.

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