Document:

Restricted Stock Unit Award Agreement

 Exhibit 10.3 

 
 

 
 AN AWARD OF RESTRICTED STOCK UNITS (hereinafter the “Units”), representing a number of shares of Nordstrom Common
Stock (“Common Stock”) as noted in the 2012 Notice of Award of Restricted Stock Units (the “Notice”), of Nordstrom, Inc., a Washington Corporation (the “Company”), is hereby granted to the Recipient (“Unit
holder”) on the date set forth in the Notice, subject to the terms and conditions of this Agreement. The Units are also subject to the terms, definitions and provisions of the Nordstrom, Inc. 2010 Equity Incentive Plan (the “Plan”)
adopted by the Board of Directors of the Company (the “Board”) and approved by the Company’s shareholders, which is incorporated in this Agreement. To the extent inconsistent with this Agreement, the terms of the Plan shall govern.
Terms not defined herein shall have the meanings as set forth in the Plan. The Compensation Committee of the Board (the “Compensation Committee”) has the discretionary authority to construe and interpret the Plan and this Agreement. All
decisions of the Compensation Committee upon any question arising under the Plan or under this Agreement shall be final and binding on all parties. The Award and the Units issued thereunder are subject to the following terms and conditions:

 

	1.	VESTING AND CONVERSION OF UNITS 

 Unless otherwise
specified within this Agreement, the Units will vest and automatically convert into Common Stock according to the applicable terms set forth in the Notice. For the avoidance of doubt, only Common Stock shall be issuable upon the vesting of the
Units, not cash. The Company shall not be required to issue fractional shares of Common Stock upon conversion of the Units into Common Stock. The delivery of the shares on vesting of the Units is intended to comply with Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”), together with regulatory guidance issued thereunder, and shall occur as soon as practicable after the applicable vesting date. 

 

	2.	ACCEPTANCE OF UNITS 

 By execution of this
Agreement and accepting the Units, the Unit holder hereby agrees to all the terms and conditions of this Agreement and of the Plan. 
  

	3.	NONTRANSFERABILITY OF UNITS 

 The Units may not be
sold, pledged, assigned or transferred in any manner except in the event of the Unit holder’s death. In the event of the Unit holder’s death, the Units may be transferred to the person indicated on a valid Nordstrom Beneficiary Designation
form, or if no Beneficiary Designation form is on file with the Company, then to the person to whom the Unit holder’s rights have passed by will or the laws of descent and distribution. Except as set forth in Section 4 below, the Units may
be converted into Common Stock during the lifetime of the Unit holder only by the Unit holder or by the guardian or legal representative of the Unit holder. The terms of the Agreement shall be binding on the executors, administrators, heirs and
successors of the Unit holder. 
  

	4.	SEPARATION OF EMPLOYMENT 

 Except as set forth
below, the Units will vest and convert into Common Stock only while the Unit holder is an employee of the Company. If the Unit holder’s employment with the Company is terminated, the Unit holder or his or her legal representative shall have the
right to continued vesting and conversion of the Units into Common Stock only as follows: 
  

	 	(a)	If the Unit holder dies while employed by the Company and this Award was granted at least six months prior to the date of the Unit holder’s death, any Units represented by
this Award shall immediately vest and convert into Common Stock as of the date of the Unit holder’s death, and shall be issued in the name of the person identified on the Unit holder’s Beneficiary Designation form on file with the Company.
If no valid Beneficiary Designation form is on file with the Company, then the Common Stock issued pursuant to the preceding sentence shall be issued in the name of the person to whom the Unit holder’s rights under this Agreement have passed by
will or the laws of descent and distribution. If this Award was granted less than six months prior to separation due to the Unit holder’s death, such Award shall be forfeited as of the date of the Unit holder’s death.

  

	 	(b)	If the Unit holder is separated due to his or her disability, as defined in Section 22(e)(3) of the Code, and this Award was granted at least six months prior to such
separation, and the Unit holder provides Nordstrom Leadership Benefits with reasonable documentation of the Unit holder’s disability, any Units represented by this Award shall

	 	 
immediately vest and convert into Common Stock as of the date of such separation. If the Award was granted less than six months prior to separation due to the Unit holder’s disability, such
Award shall be forfeited as of the date of separation. 

  

	 	(c)	If the Unit holder is separated for any reason other than those set forth in subparagraphs (a) and (b) above, then all Units represented by this Award shall be
forfeited as of the date of the Unit holder’s separation. 

 Notwithstanding anything above to the contrary, if at any
time during the term of Unit holder’s employment with the Company, the Unit holder directly or indirectly, either as an employee, employer, consultant, agent, principal, partner, shareholder, corporate officer, director or in any other
capacity, engages, or assists any third party in engaging, in any business competitive with the Company, divulges any confidential or proprietary information of the Company to a third party who is not authorized by the Company to receive the
confidential information; or improperly uses any confidential or proprietary information of the Company, then any Units represented by this Award and any Common Stock received on conversion of such Units shall be immediately forfeited. 

 

	5.	ADJUSTMENTS UPON CHANGES IN CAPITALIZATION 

 The
number and kind of Common Stock which may be issued on conversion of the Units shall be appropriately adjusted pursuant to the Plan to reflect any stock dividend, stock split, split-up, extraordinary dividend distribution, or any combination or
exchange of shares, however accomplished. 
  

	6.	NO DIVIDEND RIGHTS 

 Except to the extent required
pursuant to Section 5 of this Agreement, ownership of Units shall not entitle the Unit holder to receive any dividends declared with respect to Common Stock. 
  

	7.	ADDITIONAL UNITS 

 The Compensation Committee may
or may not grant the Unit holder additional Units in the future. Nothing in this Agreement or any future agreement should be construed as suggesting that additional Unit awards to the Unit holder will be forthcoming. 

 

	8.	LEAVES OF ABSENCE 

 For purposes of this Agreement,
the Unit holder’s service does not terminate due to a military leave, a medical leave or another bona fide leave of absence if the leave was approved by the Company in writing and if continued crediting of service is required by the terms of
the leave or by applicable law. But, service terminates when the approved leave ends unless the Unit holder immediately returns to active work. 
  

	9.	TAX WITHHOLDING 

 Each vested Unit will be
automatically settled by the delivery of one share of Common Stock to the Unit holder, subject to satisfaction of tax withholding obligations and compliance with securities laws and other applicable laws. 

 

	10.	RIGHTS AS A SHAREHOLDER 

 Neither the Unit holder
nor the Unit holder’s beneficiary or representative shall have any 

 

  

			
	1  |  Restricted Stock Unit Award Agreement	  	

 Exhibit 10.3 

 

 
rights as a shareholder with respect to any Common Stock which may be issuable upon vesting and conversion of the Units, unless and until the Units actually vest and are thereafter converted into
Common Stock. 
  

	11.	NO RETENTION RIGHTS 

 Nothing in this Agreement or
in the Plan shall give the Unit holder the right to be retained by the Company (or a subsidiary of the Company) as an employee or in any other capacity. The Company and its subsidiaries reserve the right to terminate the Unit holder’s service
at any time, with or without cause. 
  

	12.	CLAWBACK POLICY 

 The Units, and any Common Stock
issued upon vesting and conversion of the Units and the proceeds from any sale of such Common Stock, shall be subject to the Clawback Policy adopted by the Board, as amended from time to time. 

In the event the Clawback Policy is deemed unenforceable with respect to the Units, or with respect to the Common Stock issuable or issued upon
vesting and conversion of the Units, then the Award of Units subject to this Agreement shall be deemed unenforceable due to lack of adequate consideration. 
  

	13.	ENTIRE AGREEMENT 

 The Notice, this Agreement and
the Plan constitute the entire contract between the parties hereto with regard to the subject matter hereof. They supersede any other agreements, representations or understandings (whether oral or written and whether express or implied) that relate
to the subject matter hereof. 
 This Agreement may not be modified or amended, except for a unilateral amendment by the Company that
does not materially

 
adversely affect the rights of the Unit holder under this Agreement. No party to this Agreement may unilaterally waive any provision hereof, except in writing. Any such modification, amendment or
waiver signed by, or binding upon, the Unit holder, shall be valid and binding upon any and all persons or entities who may, at any time, have or claim any rights under or pursuant to this Agreement. 

 

	14.	CHOICE OF LAW 

 This Agreement shall be governed
by, and construed in accordance with, the laws of the State of Washington without regard to principles of conflicts of laws, as such laws are applied to contracts entered into and performed in such State. 

 

	15.	SEVERABILITY 

 If any provision of this Agreement
shall be invalid or unenforceable, such invalidity or unenforceability shall attach only to such provision and shall not in any manner affect or render invalid or unenforceable any other severable provision of this Agreement, and this Agreement
shall be carried out as if such invalid or unenforceable provision were not contained herein. 
  

	16.	CODE SECTION 409A 

 The Company reserves the right
in its sole discretion, to the extent the Company deems reasonable or necessary in its sole discretion, to unilaterally amend or modify this Agreement as may be necessary to ensure that all vesting or delivery of Common Stock provided under this
Agreement is made in a manner that complies with Section 409A of the Code, together with regulatory guidance issued thereunder.

 

  

			
	2  |  Restricted Stock Unit Award AgreementStarbucks Corporation Deferred Compensation Plan

 Exhibit 10.11 
 STARBUCKS CORPORATION 
 DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE
DIRECTORS 
 Starbucks Corporation hereby establishes a nonqualified deferred compensation plan for members of the Board of
Directors of the Company who are not employees or officers of the Company to be known as the Starbucks Corporation Deferred Compensation Plan for Non-Employee Directors. The purpose of the Plan is to enhance the Company’s ability to attract and
retain Non-Employee Directors whose training, experience and ability will promote the interests of the Company and to directly align the interests of such Non-Employee Directors with the interests of the Company’s shareholders. The Plan is
designed to permit Non-Employee Directors to defer the receipt of all or a portion of the compensation otherwise payable to them in the form of Stock Awards for services to the Company as members of the Board. 

The Plan is effective as of October 3, 2011 (the “Effective Date”). The Plan is intended to be, and shall be
administered as, an unfunded plan maintained for the purpose of providing deferred compensation for the Non-Employee Directors and, as such, is not an “employee benefit plan” within the meaning of Title I of ERISA (as defined below).

 ARTICLE I 
 DEFINITIONS 
 (a) “Board” means the Board of
Directors of the Company. 
 (b) “Code” means the Internal Revenue Code of 1986, as amended. 

(c) “Committee” means the Committee that has been appointed by the Board pursuant to Article V of the Plan, which
shall initially be the Nominating and Corporate Governance Committee. 
 (d) “Common Stock” means the
common stock, par value $0.001 per share, of the Company, subject to adjustment as described in Section 5 of the Omnibus Plan. 
 (e) “Company” means Starbucks Corporation, a Washington corporation, and any successor thereto. 
 (f) “Deferred Compensation Account” shall have the meaning set forth in Article III of the Plan. 
 (g) “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 (h) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (i) “Non-Employee Director” means any Director of the Company who is not an officer or employee of either the Company or any of its affiliates. 

(j) “Omnibus Plan” means the Starbucks Corporation Amended and Restated 2005 Long-Term Equity Incentive Plan, as
amended, or any successor thereto. 

  
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 (k) “Participant” means a Non-Employee Director of the Company (and,
if applicable, their beneficiaries) who has elected to (or been required to) participate in the Plan. 
 (l)
“Plan” means this Starbucks Corporation Deferred Compensation Plan for Non-Employee Directors, including any amendments thereto. 
 (m) “Plan Year” means the Company’s fiscal year. 

(n) “Separation Date” means the date on which the Participant terminates his or her services as a Non-Employee
Director. 
 (o) “Stock Award” means any restricted stock unit or restricted stock award granted to a
Non-Employee Director in respect of his or her service on the Board (including service on any committee thereof). 
 (p)
“Subsidiary” means any corporation or partnership in which the Company owns, directly or indirectly, more than 50% of the total combined voting power of all classes of stock of such corporation or of the capital interest or
profits interest of such partnership or an entity with respect to which the Company possesses the power, directly or indirectly, to direct or cause the direction of the management and policies of that entity, whether through the Company’s
ownership of voting securities, by contract or otherwise. 
 ARTICLE II 

PARTICIPATION REQUIREMENTS 
 2.1. Eligibility. All Non-Employee Directors are eligible to participate in the Plan. A Non-Employee Director will be deemed a Participant in the Plan if he or she defers the settlement of Stock
Awards granted during a Plan Year as provided herein. 
 2.2. Elections. The election to defer the settlement of the
Participant’s Stock Awards granted during the next Plan Year, as well as the election of the form and timing of any distributions on the Participant’s behalf with respect to such amounts deferred, shall be made by written notice delivered
by the Participant to the Company not later than the day preceding the first day of the Plan Year in which such Stock Awards will be granted. In the case of a Non-Employee Director who first becomes eligible during a Plan Year, such election must be
made by written notice not later than thirty (30) days after such Non-Employee Director first becomes a member of the Board and prior to the date any Stock Awards are granted to such Non-Employee Director. If a Non-Employee Director elects to
defer the settlement of Stock Awards to be granted during a Plan Year, such election will apply to all Stock Awards granted during such year (i.e., there is no partial deferral). Each such election shall be irrevocable during such Plan Year.

 ARTICLE III 
 DEFERRED COMPENSATION ACCOUNTS 
 3.1. Establishment of Deferred
Compensation Accounts. An account shall be established for each Participant which shall be designated as his or her Deferred Compensation Account. Each Participant’s Deferred Compensation Account may be sub-allocated as a recordkeeping
matter and accounting convenience, but the Company shall not be required to segregate any amounts credited to the Deferred Compensation Accounts in any manner or in any form, except in its sole discretion. 

  
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 3.2. Crediting of Stock Awards to Deferred Compensation Accounts. Upon the execution
of a valid election form pursuant to Section 2.2 with respect to the deferral of Stock Awards to be granted to the Participant in the next Plan Year, such Stock Awards shall be credited to the Participant’s Deferred Compensation Accounts
as and when such Stock Award would have otherwise been settled by the issuance of shares of Common Stock to the Participant (i.e. following vesting of the Stock Award or portion thereof). Amounts credited to a Participant’s Deferred
Compensation Account shall be credited in the form of Deferred Stock Units with each Deferred Stock Unit the equivalent of one share of Common Stock that would have otherwise been issued upon settlement of the Stock Award at the time of vesting,
subject to adjustment as described in Section 5 of the Omnibus Plan. 
 3.3. Investment Gains and Losses; Dividends.
A Participant’s Deferred Compensation Account will be credited with notional investment gain or loss that mirror the performance of the number of shares of Common Stock equal to the number of Deferred Stock Units credited to the
Participant’s Deferred Compensation Account. If dividends on the Common Stock payable in cash are declared, additional Deferred Stock Units will be credited to such Deferred Compensation Account in the following manner. First, a notional value
equal to the cash value of dividends that would be paid upon the same number of whole shares of Common Stock as the Participant has Deferred Stock Units in his or her Deferred Compensation Account on the record date established for such dividend
will be calculated. Second, such notional value will be deemed to be allocated to the Participant’s Deferred Compensation Account and credited to a corresponding number of Deferred Stock Units to such Deferred Compensation Account (in whole or
fractional units) as of the same date, as soon as administratively practicable. 
 3.4. Account Valuation. With respect
to any distribution for a Participant’s Deferred Compensation Account as provided for in Article IV of the Plan, the aggregate value of any such distribution shall be calculated by reference to the notional value of the Deferred Compensation
Account as of the last trading day on or prior to the date such distribution becomes payable pursuant to Article IV. 

ARTICLE IV 

DISTRIBUTIONS FROM THE PLAN 
 4.1. Timing and Form of Distribution. The Company shall pay to the Participant (or, in the event of the Participant’s death, to the Participant’s designated beneficiary) a sum equal to
the amount then standing to his or her credit in his or her Deferred Compensation Account (plus earnings as provided for under Section 3.3 herein), in the following manner: 

(a) Separation Distributions. Unless an In-Service Distribution is elected pursuant to Section 4.1(b), payment of amounts
credited to a Participant’s Deferred Compensation Account for any Plan Year shall be made in one lump sum within 90 days following the Participant’s Separation Date. 

  
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 (b) Scheduled In-Service Distributions. A Participant may elect pursuant to
Section 2.2 to receive payment of the portion of the Participant’s Deferred Compensation Account attributable to deferrals for any Plan Year while the Participant is still a member of the Board (an “In-Service
Distribution”) in the following manner: 
 (i) Payments shall be made in a lump sum on the date that is three
(3) years following the vesting date for the Stock Award. 
 (ii) Any desired In-Service Distribution must be separately
elected for each Plan Year’s Elective Deferrals. 
 (iii) Notwithstanding the above, if the Participant’s service on
the Board terminates before payments under the In-Service Distribution are paid, the In-Service Distribution shall cease and the balance of the Participant’s Deferred Compensation Account shall be paid in accordance with Section 4.1(a).

 (c) Normal Form of Benefits. In the event no election is made pursuant to this Article IV, payments shall be made in
lump sum within 90 days following the Participant’s Separation Date. 
 (d) Death of Participant. Notwithstanding
the above, if the Participant dies before payment in full of the Participant’s Deferred Compensation Account, the balance of the Participant’s Deferred Compensation Account shall immediately become due and payable in one lump sum to the
Participant’s beneficiary or, if no beneficiary is designated or then living, to the Participant’s estate within 90 days of the date of the Participant’s death. 
 (e) Form of Distribution. For all distributions under the Plan, the portion of a Participant’s Deferred Compensation Account notionally invested in Deferred Stock Units shall be distributed in
whole shares of Common Stock (one share for each Deferred Stock Unit) and the remainder of the Participant’s Deferred Compensation Account shall be distributed in cash. No fractional shares will be issued under the Plan. 

ARTICLE V 

ADMINISTRATION OF THE PLAN 
 5.1. Administration of the Plan. The Board shall appoint a Committee to administer the Plan. The Committee shall maintain such procedures and records as will enable the Committee to determine the
Participants and their beneficiaries who are entitled to receive benefits under the Plan and the amounts thereof. 
 5.2.
General Powers of Administration. The Committee shall have the exclusive right, power, and authority to interpret, in its sole discretion, any and all of the provisions of the Plan; and to consider and decide conclusively any questions
(whether of fact or otherwise) arising in connection with the administration of the Plan or any claim for benefits arising under the Plan. Any decision or action of the Committee shall be conclusive and binding on the Company and the Participants.
The Committee shall have the authority to establish sub-plans or alternative procedures or guidelines for Participants who reside outside of the United States or are otherwise subject to the laws, rules and/or regulations of any jurisdiction outside
of the United States. The Plan is designed to comply with the applicable requirements of Section 409A of the Code and the regulations promulgated thereunder, and shall be administered and construed to the maximum extent possible consistent with
the requirements of such Section and such regulations. 

  
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 ARTICLE VI 
 AMENDMENT AND TERMINATION 
 The Board reserves the right to amend or
terminate the Plan in any respect and at any time, without the consent of Participants or beneficiaries; provided, however, that the following conditions with respect to such amendment or termination must be satisfied in order for such amendment or
termination to be binding and in effect such amendment or termination resolution may not adversely affect the rights of any Participant or beneficiary to receive benefits earned and accrued under the Plan prior to such amendment or termination.

 ARTICLE VII 
 GENERAL PROVISIONS 
 7.1. Common Stock Subject to the Plan.
The shares of Common Stock that may be distributed under the Plan in accordance with Article IV shall be issued pursuant to, and deducted from the share pool under, the Omnibus Plan. 

7.2. Participant’s Rights Unsecured and Unfunded. This Plan is an unfunded plan maintained primarily to provide deferred
compensation benefits for Non-Employee Directors, and therefore is exempt from the provisions of Parts 2,3 and 4 of Title I of ERISA. Accordingly, no assets of the Company shall be segregated or earmarked to represent the liability for accrued
benefits under the Plan. Amounts referenced in Participant account statements are only recordkeeping devices reflecting such liability for accrued benefits, and do not reflect any actual amounts credited. The right of a Participant (or his or her
beneficiary) to receive a payment hereunder shall be an unsecured claim against the general assets of the Company or any successor to the Company. All payments under the Plan shall be made from the general funds of the Company or any successor. The
Company is not required to set aside money or any other property to fund its obligations under the Plan, and all amounts that may be set aside by the Company prior to the distribution of account balances under the terms of the Plan remain the
property of the Company (or, if applicable, any successor). 
 7.3. No Guarantee of Benefits. Nothing contained in the
Plan shall constitute a guaranty by the Company or any other person or entity that the assets of the Company will be sufficient to pay any benefit hereunder. 
 7.4. No Creation of Employee Rights; Plan is Not A Contract of Employment. Participation in the Plan shall not be construed to give or deem any Participant to be an employee of the Company. This
Plan shall not constitute a contract of employment between the Company and any Participant. 
 7.5. Non-Alienation
Provision. No interest of any person or entity in, or right to receive a benefit or distribution under, the Plan shall be subject in any manner to sale, transfer, anticipation, assignment, pledge, attachment, garnishment, or other alienation or
encumbrance of any kind; nor may such interest or right to receive a distribution be taken, either voluntarily or involuntarily for the satisfaction of the debts of, or other obligations or claims against, such person or entity, including claims for
alimony, support, separate maintenance and claims in bankruptcy proceedings. 

  
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 7.6. Applicable Law; Severability. The Plan shall be construed and administered under
the laws of the State of Washington, except to the extent that such laws are preempted by ERISA, if applicable. In the event any provision of this Plan shall be determined to be illegal or invalid for any reason, the remaining portion(s) shall
continue in full force and effect as if such illegal or invalid provision had never been included herein. 
 7.7. No Impact
on Other Benefits. Amounts accrued under the Plan shall not be included in a Participant’s compensation for purposes of calculating benefits under any other plan, program or arrangement sponsored by the Company. 

7.8. Data. Each Participant or beneficiary shall furnish the Committee all proofs of dates of birth and death and proofs of
continued existence necessary for the administration of the Plan, and the Company shall not be liable for the fulfillment of any Plan benefits in any way dependent upon such information unless and until the same shall have been received by the
Committee in a form satisfactory to it. 
 7.9. Incapacity of Recipient. If a Participant or other beneficiary entitled
to a distribution under the Plan is living under guardianship or conservatorship, distributions payable under the terms of the Plan to such Participant or beneficiary shall be paid to his or her appointed guardian or conservator and such payment
shall be a complete discharge of any liability of the Company under the Plan. 
 7.10. Usage of Terms and
Headings. Words in the masculine gender shall include the feminine and the singular shall include the plural, and vice versa, unless qualified by the context. Any headings are included for ease of reference only, and are not to be construed to
alter the terms of the Plan. 

  
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