SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
FAIRHOLME CAPITAL MANAGEMENT LLC

(Last) (First) (Middle)
4400 BISCAYNE BOULEVARD
9TH FLOOR

(Street)
MIAMI FL 33137

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SEARS HOLDINGS CORP [ SHLD ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
03/07/2016
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Shares, $.01 par value 03/07/2016 S (1) 143,200 D $18.19 27,360,248 I See Footnote (2)
Common Shares, $.01 par value 03/08/2016 S (3) 57,100 D $17.91 27,303,148 I See Footnote (2)
Common Shares, $.01 par value 03/09/2016 S (3) 40,700 D $17.35 27,262,448 I See Footnote (2)
Common Shares, $.01 par value 16,291,673 I See Footnote (4)
Common Shares, $.01 par value 71,700 D (5)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants to Purchase Common Stock, par value $0.01 $25.686 03/07/2016 S (3) 19,600 11/18/2014 12/15/2019 Common Stock, par value $0.01 21,756 $5.57 6,782,962 I See Footnote (2)
Warrants to Purchase Common Stock, par value $0.01 $25.686 03/08/2016 S (3) 7,900 11/18/2014 12/15/2019 Common Stock, par value $0.01 8,769 $5.6 6,775,062 I See Footnote (2)
Warrants to Purchase Common Stock, par value $0.01 $25.686 03/09/2016 S (3) 11,700 11/18/2014 12/15/2019 Common Stock, par value $0.01 12,987 $5.49 6,763,362 I See Footnote (2)
Warrants to Purchase Common Stock, par value $0.01 $25.686 11/18/2014 12/15/2019 Common Stock, par value $0.01 0 773,208 I See Footnote (4)
Warrants to Purchase Common Stock, par value $0.01 $25.686 11/18/2014 12/15/2019 Common Stock, par value $0.01 0 14,801 D (5)
1. Name and Address of Reporting Person*
FAIRHOLME CAPITAL MANAGEMENT LLC

(Last) (First) (Middle)
4400 BISCAYNE BOULEVARD
9TH FLOOR

(Street)
MIAMI FL 33137

(City) (State) (Zip)
1. Name and Address of Reporting Person*
BERKOWITZ BRUCE R

(Last) (First) (Middle)
C/O FAIRHOLME CAPITAL MANAGEMENT, L.L.C.
4400 BISCAYNE BOULEVARD, 9TH FLOOR

(Street)
MIAMI FL 33137

(City) (State) (Zip)
Explanation of Responses:
1. The securities were held in accounts managed by Fairholme Capital Management, LLC ("Fairholme") and were sold pursuant to client instructions. Fairholme does not have any direct or indirect pecuniary interest in the managed accounts because Fairholme (i) does not receive any incentive compensation from the managed accounts and (ii) does not have a direct or indirect interest in the managed accounts.
2. The securities may be deemed to be beneficially owned by Mr. Bruce R. Berkowitz ("Mr. Berkowitz") because he controls the sole member of Fairholme, which may be deemed to have beneficial ownership of the securities because Fairholme serves as the investment manager to separate series of a registered investment company and certain private funds and managed accounts. The Reporting Persons disclaim beneficial ownership in the securities reported on this Form 4 except to the extent of its pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
3. The securities were held in an account managed by Fairholme and were sold pursuant to client instructions. Fairholme does not have any direct or indirect pecuniary interest in the managed account because Fairholme (i) does not receive any incentive compensation from the managed account and (ii) does not have a direct or indirect interest in the managed account.
4. The reported securities are directly owned by The Fairholme Fund and The Fairholme Allocation Fund (each, a "Fund"), each a series of Fairholme Funds, Inc. The securities may be deemed to be beneficially owned by Mr. Berkowitz because he controls the sole member of Fairholme, which may be deemed to have beneficial ownership of the securities because Fairholme serves as the investment manager to each Fund and certain private funds and managed accounts. Each Fund and the Reporting Persons disclaim beneficial ownership in the securities reported on this Form 4 except to the extent of its pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that the Fund and the Reporting Persons are the beneficial owners of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
5. The reported securities are directly owned by Mr. Berkowitz.
Fairholme Capital Management, L.L.C.,Bruce R. Berkowitz, By: /s/ Paul Thomson, (Attorney in Fact) 03/09/2016
Bruce R. Berkowitz, By: /s/ Paul Thomson, Attorney-in-fact 03/09/2016
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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