Document:

exv10w43

 

Exhibit
10.43

Nordstrom, Inc. 1997 Stock Option Plan

nonqualified stock option agreement time-vested option

A NONQUALIFIED 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.
	 
	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, and the 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

1

 

	 	 	 	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 Nordstrom Compensation Committee of the Board of Directors 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.

10876 • 03/04 • PDF

Nonqualified Stock Option Agreement Time-Vested Option

2

 

Nordstrom, Inc.

Notice of Grant of Stock Options

			
	«First_Name» «Last_Name»
	 	ID:          
	 
	 	«AutoMergeField8»

Grant No:
	 
	 	«Grant_Number»

On February 25, 2004, you were awarded non-qualified stock options
under the Nordstrom, Inc. 1997 Stock Option Plan to purchase «Number_of_Options»  shares of Nordstrom, Inc. stock at $39.12 per
share.

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

	 	 	 	 	 
	Shares	 	Vest Date	 	Expiration
	«Vest_1»
	 	2/25/2005
	 	2/25/2014
	 
	«Vest_2»
	 	2/25/2006
	 	2/25/2014
	 
	«Vest_3»
	 	2/25/2007
	 	2/25/2014
	 
	«Vest_4»
	 	2/25/2008
	 	2/25/2014

Please keep this Notice for your records.

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.exv10w45

 

Exhibit
10.45

nonqualified stock option agreement time-vested option

2006

A NONQUALIFIED 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. 2004 Equity Incentive Plan (the “Plan”) adopted by the Company and
approved by its shareholders, which is incorporated in this agreement. To the extent inconsistent
with this agreement, the terms of the Plan shall govern. The Compensation Committee of the Board
has the discretionary authority to construe and interpret the Plan and this Agreement. 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 indicated in the 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 Continuous Service	 	Percent of
	  Following 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 (only to the
extent vested) by a written notice that shall:

	 	(i)	 	state the election to exercise the Option, the number of shares, the total
option price, and the 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 the 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 the
Optionee.)
	 
	 	 	 	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 the Company or 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, a vested 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 while employed by the Company, 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 months prior to

1 | Nonqualified Stock Option Agreement Time-vested Option

 

 

	 	 	 	the death of the Optionee while employed by the Company, it shall continue to vest and may
be exercised during the period ending four years after the Optionee’s death, but in no event
later than 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 is separated due to disability, as defined in
Section 22(e)(3) of the Internal Revenue Code, the Option,
if granted at least six months prior to such separation,
shall continue to vest and may be exercised during the
period ending four years after separation, but in no event
later than 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 is separated due to retirement between the ages
of 53 and 57 with 10 continuous years of service to the
Company or upon attaining age 58, the Option, if granted at
least six months prior to such retirement, shall continue to vest
and may be exercised during the period ending four years after
separation, but in no event later than 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 is separated 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 separation, within 100 days after separation,
but in no event later than 10 years after the date of grant.

	5.	 	TERM OF OPTIONS
	 
	 	 	The Option may not be exercised more than 10 years from the date of original grant of these
Options, and the vested portion of such option 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 Nordstrom Compensation Committee of the Board of Directors may or may not grant the Optionee
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 the Optionee will be forthcoming.
	 
	8.	 	LEAVES OF ABSENCE AND PART-TIME WORK
	 
	 	 	For purposes of this Option, the Optionee’s service does not terminate due to 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 service terminates when the approved leave ends unless the Optionee
immediately returns to active work.
	 
	 	 	If the Optionee goes 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 the 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 the Optionee 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 the Optionee’s 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.

2 | Nonqualified Stock Option Agreement Time-vested Option

10876_0306 • PDF

 

 

Nordstrom, Inc.

Notice of Grant of Stock Options

	 	 	 
	<First Name> <Last Name>

	 	ID: <Employee#> 
	 

	 	Grant No: <Option Grant #>

On February 22, 2006, you were awarded nonqualified stock options under the Nordstrom, Inc. 2004
Equity Incentive Plan to purchase <# of Options> shares of Nordstrom, Inc. stock at $40.27
per share.

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

	 	 	 	 	 
	Shares	 	Vest Date	 	Expiration
	<Vest 1>

	 	2/22/2007
	 	2/22/2016
	 
	 	 	 	 
	<Vest 2>

	 	2/22/2008
	 	2/22/2016
	 
	 	 	 	 
	<Vest 3>

	 	2/22/2009
	 	2/22/2016
	 
	 	 	 	 
	<Vest 4>

	 	2/22/2010
	 	2/22/2016

Please keep this Notice for your records.

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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