Document:

exv10w41

 

Exhibit 10.41

Nordstrom, Inc.

1997 Stock Option Plan

Non-qualified Stock Option Agreement 

Time Vested Options

A NON-QUALIFIED STOCK OPTION GRANT for the number of shares of Common
Stock (hereinafter the “Option”) as noted on your Notice of Grant of
Stock Options, of Nordstrom, Inc., a Washington Corporation (the
“Company”), is hereby granted to the “Optionee.” The option price is
determined as provided in, and subject to, the terms, definitions and
provisions of the Nordstrom, Inc. 1997 Stock Option Plan (the “Plan”)
adopted by the Company, which is incorporated by reference herein. The
Options are subject to the following:

1. OPTION PRICE. The option price is one hundred percent (100%) of the fair market value of
the Company’s Common Stock, as determined by the New York Stock Exchange closing price on
the date of the grant, as noted on your Notice of Grant of Stock Options.

2. VESTING AND EXERCISING OF OPTIONS. These Options shall vest and be exercisable
in accordance with the provisions of the Plan as follows: (a) Schedule of Vesting
and Rights to Exercise.

Years Following Grant of Options Percent of Options Vested

After 1 year 25%

After 2 years 50%

After 3 years 75%

After 4 years 100%

(b) Method of Exercise. These Options shall be exercisable by a written notice which shall:

(i) state the election to exercise the Options, the number of shares, the total option
price, name, address and social security number of the Optionee;

(ii) be signed by the person entitled to exercise the Options; and

(iii) be in writing and delivered to Nordstrom Executive Benefits (either directly or
through a stock broker).

Alternatively, the Company may require that all or certain stock option exercises be
made through a designated stock broker. Procedures for these exercises shall be
disseminated to the Optionee.

Payment of the purchase price of any shares with respect to which Options are being
exercised shall be by check or bank wire transfer, or may be by means of the surrender
of shares of Common Stock previously held by Optionee, having a fair market value at
least equal to the exercise price. The certificate or certificates or shares of Common
Stock as to which the Options shall be exercised shall be registered in the name of the
person or persons exercising the Options unless another person is specified. Options
hereunder may not at any time be exercised for a fractional number of shares.

(c) Restrictions on Exercise. These Options may not be exercised if the issuance of the
shares upon such exercise would constitute a violation of any applicable federal or
state securities or other law or valid regulation. As a condition to the exercise of
these Options, the Company may require the person exercising the Options to make any
representation and warranty to the Company as the Company’s counsel advises and may be
required by any applicable law or regulation.

3. NONTRANSFERABILITY OF OPTIONS. These Options may not be sold, pledged, assigned or
transferred in any manner otherwise than by will or the laws of descent and distribution,
and may be exercised during the lifetime of the Optionee only by the Optionee or by the
guardian or legal representative of the Optionee. The terms of these Options shall be
binding upon the executors, administrators, heirs, successors, and assignees of the
Optionee.

 

 

4. TERMINATION OF EMPLOYMENT. Except as set forth below, these Options may only
be exercised while the Optionee is an employee of the Company. If an
Optionee’s employment is terminated, the Optionee or his or her legal representative shall
have the right to exercise the Options after such termination as follows:

(a) If the Optionee dies, the persons to whom the Optionee’s rights have passed by
will or the laws of descent and distribution may exercise such rights. If these Options
were granted at least six (6) months prior to death, they shall continue to vest and may be
exercised during the period ending four (4) years after the Optionee’s death, but in no
event later than ten (10) years after the date of grant.

(b) If the Optionee’s employment is terminated due to his or her embezzlement or theft of
Company funds, defraudation of the Company, violation of Company rules, regulations or
policies, or any intentional act which harms the Company, such Options, to the extent not
exercised as of the date of termination, shall be terminated as of that date.

(c) If the Optionee’s employment is terminated due to his or her disability, as defined in
Section 22(e)(3) of the Internal Revenue Code, these Options, if granted at least six (6)
months prior to such termination, shall continue to vest and may be exercised during the
period ending four (4) years after termination, but in no event later than ten (10) years
after the date of grant.

(d) If the Optionee’s employment is terminated due to his or her retirement upon attaining
age 50 with ten (10) years of service to the company or age 60, these Options, if granted
at least six (6) months prior to such termination, shall continue to vest and may be
exercised during the period ending four (4) years after termination, but in no event later
than ten (10) years after the date of grant.

(e) If the Optionee’s employment is terminated for any reason other than those set forth in
subparagraphs (a), (b), (c) and (d) above, the Optionee may exercise his or her Options, to
the extent exercisable as of the date of his or her termination, within one hundred (100)
days after termination, but in no event later than ten (10) years after the date of grant.

5. TERM OF OPTIONS. These Options may not be exercised more than ten (10) years from the
date of original grant of these Options and may be exercised during such term only in
accordance with the Plan and the terms of these Options.

6. ADJUSTMENTS UPON CHANGES IN CAPITALIZATION. As provided in the Plan, the number and
kind of shares of Company stock subject to these Options shall be appropriately adjusted
along with a corresponding adjustment in the option price to reflect any stock dividend,
stock split, split-up or any combination or exchange of shares, however accomplished.

7. ADDITIONAL OPTIONS. The Compensation Committee may or may not grant you additional stock
options in the future. Nothing in this grant of options or any future grant should be construed
as suggesting that additional grants of options to you will be forthcoming.

10333 • 03/02 • 250

 

 

Nordstrom, Inc.

Notice of Grant of Stock Options

	 	 	 	 	 
	<NAME>

	 	 	 	ID: <ID>
	 

	 	 	 	   Grant No: <Grant #>

On February 25, 2002, you were awarded non-qualified stock options under the Nordstrom, Inc.
1997 Stock Option Plan to purchase shares of Nordstrom, Inc. stock. The details of your grant,
including the four-year vesting schedule, are outlined below:

	 	 	 	 	 	 	 
	Option Date	 	Price	 	Number of Options
	02/25/2002

	 	$	25.36	 	 	<Number of Options>

Vesting Schedule

	 	 	 	 	 
	Shares	 	Vest Date	 	Expiration
	<share1>

	 	02/25/2003
	 	02/25/2012
	 
	 	 	 	 
	<share2>

	 	02/25/2004
	 	02/25/2012
	 
	 	 	 	 
	<share3>

	 	02/25/2005
	 	02/25/2012
	 
	 	 	 	 
	<share4>

	 	02/25/2006
	 	02/25/2012

Please keep this Notice for your records. You are not required to return this or any other document
to Nordstrom, Inc. in connection with your grant.

If you have any questions about your stock option grant, please call Nordstrom Executive Benefits
at (206) 303-5855 or email executive.benefits@nordstrom.com.exv10w42

 

Exhibit 10.42

Nordstrom, Inc. 1997 Stock Option Plan

non-qualified

stock option agreement

time-vested option

A NON-QUALIFIED STOCK OPTION GRANT for the number of shares of Common Stock (hereinafter the
“Option”) as noted in your Notice of Grant of Stock Options, of Nordstrom, Inc., a Washington
Corporation (the “Company”), is hereby granted to the “Optionee.” The option price is as noted in
your Notice of Grant of Stock Options and was determined as provided in, and is subjected to, the
terms of the Nordstrom, Inc. 1997 Stock Option Plan (the “Plan”) adopted by the Company, which is
incorporated by this reference. To the extent inconsistent with this agreement, the terms of the
Plan shall govern. The Option is subject to the following:

	1.	 	OPTION PRICE
	 
	 	 	The option price is one hundred percent (100%) of the
fair market value of the Company’s Common Stock, as
determined by the closing price of the Company’s Common
Stock on the New York Stock Exchange on the date of the
grant, as noted in your Notice of Grant of Stock
Options.
	 
	2.	 	VESTING AND EXERCISING OF OPTION
	 
	 	 	Except as set forth in Section 4, the Option shall
vest and be exercisable in accordance with the
provisions of the Plan as follows:

	 	(a)	 	Schedule of
Vesting and Rights to Exercise.

	 	 	 
	Years of Service Following	 	Percent of
	Grant of Option	 	Option Vested
	After 1 year
	 	25%
	After 2 years
	 	50%
	After 3 years
	 	75%
	After 4 years
	 	100%  

	 	(b)	 	Method of Exercise. The Option shall be exercisable by a written notice that shall:

	 	(i)	 	state
the election to exercise the Option, the number of shares, the total option price, name, address
and Social Security number of the Optionee;
	 
	 	(ii)	 	be signed by the person entitled to
exercise the Option; and
	 
	 	(iii)	 	be in writing and delivered to Nordstrom
Leadership Benefits (either directly or through a
stock broker).

	 	 	 	The Company has made arrangements with a broker
for stock option management and exercises.
Procedures for management and exercises shall be
disseminated to the Optionee with the agreement.
	 
	 	 	 	Payment of the purchase price of any shares with
respect to which an Option is being exercised shall
be by check or bank wire transfer, by means of the
surrender of shares of Common Stock previously held
for at least six months by Optionee, or where not
acquired by Optionee by exercising a stock option,
having a fair market value at least equal to the
exercise price, or by giving an irrevocable
direction for a securities broker approved by the
Company to sell all or part of your Option shares
and to deliver to the Company from the sale proceeds
an amount sufficient to pay the option exercise
price and any withholding taxes. (The balance of the
sale proceeds, if any, will be delivered to you.)
The directions must be given by signing a special
“Notice of Exercise” form provided by the Company.
	 
	 	 	 	The certificate(s) or shares of Common Stock as to
which the Option shall be exercised shall be
registered in the name of the person(s) exercising
the Option unless another person is specified. An
Option hereunder may not at any time be exercised
for a fractional number of shares.

	 	(c)	 	Restrictions on Exercise. These Options may not be
exercised if the issuance of the shares upon such
exercise would constitute a violation of any applicable
federal or state securities or other law or valid
regulation. As a condition to the exercise of these
Options, the Company may require the person exercising
the Options to make any representation and warranty to
the Company as the Company’s counsel advises and as may
be required by any applicable law or regulation.

	3.	 	NONTRANSFERABILITY OF OPTIONS
	 
	 	 	The Option may not be sold, pledged, assigned or
transferred in any manner otherwise than by will or the
laws of descent and distribution, and except as set
forth in Section 4 below, may be exercised during the
lifetime of the Optionee only by the Optionee or by the
guardian or legal representative of the Optionee. The
terms of the Option shall be binding upon the executors,
administrators, heirs and successors of the Optionee.
	 
	4.	 	TERMINATION OF EMPLOYMENT
	 
	 	 	Except as set forth below, the Option may only be
exercised while the Optionee is an employee of the
Company. If an Optionee’s employment is terminated,
the Optionee or his or her legal representative shall
have the right to exercise the Option after such
termination as follows:

 

 

	 	(a)	 	If the Optionee dies, the persons to whom the Optionee’s rights have passed by will or the laws of descent
and distribution may exercise such rights. If the
Option was granted at least six (6) months prior to
death, it shall continue to vest and may be
exercised during the period ending four (4) years
after the Optionee’s death, but in no event later
than ten (10) years after the date of grant. If the
Option was granted less than six months prior to
death, such Option shall be terminated as of that
date.
	 
	 	(b)	 	If the Optionee’s employment is terminated due to
his or her embezzlement or theft of Company funds,
defraudation of the Company, violation of Company
rules, regulations or policies, or any intentional act
that harms the Company, such Option, to the extent not
exercised as of the date of termination, shall be
terminated as of that date.
	 
	 	(c)	 	If the Optionee’s employment is terminated due to
his or her disability, as defined in Section 22(e)(3)
of the Internal Revenue Code, the Option, if granted at
least six (6) months prior to such termination, shall
continue to vest and may be exercised during the period
ending four (4) years after termination, but in no
event later than ten (10) years after the date of
grant. If the Option was granted less than six months
prior to disability, such Option shall be terminated as
of that date.
	 
	 	(d)	 	If the Optionee’s employment is terminated due to
his or her retirement upon attaining age 50 with ten (10) years of service to the company or age 60, the
Option, if granted at least six (6) months prior to such
termination, shall continue to vest and may be exercised
during the period ending four (4) years after
termination, but in no event later than ten (10) years
after the date of grant. If the Option was granted less
than six months prior to retirement, such Option shall
be terminated as of that date.
	 
	 	(e)	 	If the Optionee’s employment is terminated for any
reason other than those set forth in subparagraphs (a),
(b), (c) and (d) above, the Optionee may exercise his or
her Option, to the extent vested as of the date of his
or her termination, within one hundred (100) days after
termination, but in no event later than ten (10) years
after the date of grant.

	5.	 	TERM OF OPTIONS
	 
	 	 	The Option may not be exercised more than ten (10)
years from the date of original grant of these Options
and may be exercised during such term only in
accordance with the Plan and the terms of this Option.
	 
	6.	 	ADJUSTMENTS UPON CHANGES IN CAPITALIZATION
	 
	 	 	The number and kind of shares of Company stock subject
to this Option shall be appropriately adjusted,
pursuant to the Plan, along with a corresponding
adjustment in the option price to reflect any stock
dividend, stock split, split-up or any combination or
exchange of shares, however accomplished.
	 
	7.	 	ADDITIONAL OPTIONS
	 
	 	 	The Compensation Committee may or may not grant you
additional stock options in the future. Nothing in
this Option or any future grant should be construed as
suggesting that additional grants of options to you
will be forthcoming.

	8.	 	LEAVES OF ABSENCE AND PART-TIME WORK
	 
	 	 	For purposes of this Option, your Service does not
terminate when you go on a military leave, a sick 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 your Service terminates
when the approved leave ends, unless you immediately
return to active work.
	 
	 	 	If you go on a leave of absence, then the vesting
schedule specified in the Notice of Grant of Stock
Options may be adjusted in accordance with the
Company’s leave of absence policy or the terms of your
leave.

	9.	 	TAX WITHHOLDING
	 
	 	 	In the event that the Company determines that it is
required to withhold any tax as a result of the exercise
of this Option, the Optionee, as a condition to the
exercise of their Options, shall make arrangements
satisfactory to the Company to enable it to satisfy all
withholding requirements.

	10.	 	RIGHTS AS A SHAREHOLDER
	 
	 	 	Neither the Optionee nor the Optionee’s representative
shall have any rights as a shareholder with respect to
any Common Shares subject to this Option, until (i) the
Optionee or the Optionee’s representative becomes
entitled to receive such Common Shares by filing a
notice of exercise and paying the Option Price pursuant
to this Option, and (ii) the Optionee or Optionee’s
representative has satisfied any other requirement
imposed by applicable law or the Plan.
	 
	11.	 	NO RETENTION RIGHTS
	 
	 	 	Nothing in this option or in the plan shall give you
the right to be retained by the Company (or a
subsidiary of the Company) as an employee or in any
capacity. The Company and its subsidiaries reserve the
right to terminate your service at any time, with or
without cause.
	 
	12.	 	ENTIRE AGREEMENT
	 
	 	 	The Notice of Grant of Stock Options, 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.
	 
	13.	 	CHOICE OF LAW
	 
	 	 	This Agreement shall be governed by, and construed in
accordance with, the laws of the State of Washington,
as such laws are applied to contracts entered into and
performed in such State.

10564 • 03/03 • 1.4K

 

 

Nordstrom, Inc.

Notice of Grant of Stock Options

	 	 	 
	<NAME>

	 	ID: <ID#>
	 

	 	Grant No: <GRANT#>

On February 18, 2003, you were awarded non-qualified stock options under the Nordstrom, Inc
1997 Stock Option Plan to purchase <shares
granted> shares of Nordstrom, Inc, stock at
$17.70 per share.

Your grant will vest over the four-year vesting period as outlined below:

	 	 	 	 	 
	Shares 	 	Vest Date	 	Expiration
	<shares1>
	 	2/18/2004
	 	2/18/2013
	 
	<shares2>
	 	2/18/2005
	 	2/18/2013
	 
	<shares3>
	 	2/18/2006
	 	2/18/2013
	 
	<shares4>
	 	2/18/2007
	 	2/18/2013

Please keep this Notice for your records You are not required to return this or any other
document to Nordstrom, Inc. in connection with your grant.

If you have any questions about your grant, please call Nordstrom Leadership Benefits at (206)
303-5855, tie line 8-805-5855 or e-mail leadership.benefits@nordstrom.com.

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