Document:

exv10w54

 

EXHIBIT 10.54

Nordstrom, Inc.

Board of Directors Compensation Schedule

Approved by the Board of Directors on February 21, 2007

To Be Effective on May 22, 2007

	 	 	 	 	 	 	 
	 	 	 
	 	 
	 	 	 	 	 
	 	Annual Cash Retainer
	 	 	 	 	 
	 	Director Annual Retainer
	 	$	50,000	 	 
	 	 
	 	 	 	 	 
	 	 	 
	 	 
	 	 	 	 	 
	 	Committee Chair Annual Retainer
	 	 	 	 	 
	 	Audit Committee
	 	$	15,000	 	 
	 	Compensation Committee
	 	$	12,500	 	 
	 	Corporate Governance and Nominating Committee
	 	$	10,000	 	 
	 	Finance Committee
	 	$	10,000	 	 
	 	 
	 	 	 	 	 
	 	 	 
	 	 
	 	 	 	 	 
	 	Committee Member Annual Retainer
	 	 	 	 	 
	 	Audit Committee
	 	$	10,000	 	 
	 	Compensation Committee
	 	$	10,000	 	 
	 	Corporate Governance and Nominating Committee
	 	$	10,000	 	 
	 	Finance Committee
	 	$	10,000	 	 
	 	Executive Committee
	 	$	0	 	 
	 	 
	 	 	 	 	 
	 	 	 
	 	 
	 	 	 	 	 
	 	Annual Stock Award
	 	 	 	 	 
	 	Stock having a value of:
	 	$	100,000	 	 
	 	 
	 	 	 	 	 
	 	 	 
	 	 
	 	 	 	 	 
	 	Non-Executive Chairman of the Board Supplemental Annual Retainer
	 	 	 	 	 
	 	Stock having a value of:
	 	$	200,000	 	 
	 	 
	 	 	 	 	 
	 	(The Non-Executive Chairman of the Board receives this supplemental annual stock
award in addition to all of the other directors’ fees shown above.)
	 
	 	 
	 	 	 	 	 
	 	 	 
	 	 
	 	 	 	 	 
	 	Deferred Compensation Plan
	 	 	 	 	 
	 	Directors are eligible for voluntary deferral of annual cash retainers,
committee chair retainers, committee member retainers and annual stock awards.
Elections to defer compensation for any given calendar year must be made prior
to the first Board meeting within such calendar year.exv10w9

 

Exhibit 10.9

EXHIBIT A

CONVERTIBLE PROMISSORY NOTE

     THIS SECURITY AND THE SECURITIES RECEIVABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS
OF ANY STATE OR OTHER JURISDICTION. THE OFFERING OF THIS SECURITY AND THE SECURITIES RECEIVABLE
UPON THE CONVERSION HEREOF HAVE NOT BEEN REVIEWED OR APPROVED BY ANY STATE’S SECURITIES
ADMINISTRATOR. THIS SECURITY AND THE SECURITIES RECEIVABLE UPON THE CONVERSION HEREOF MAY NOT BE
OFFERED, SOLD OR OTHERWISE TRANSFERRED UNLESS REGISTERED OR QUALIFIED UNDER THE ACT AND APPLICABLE
STATE SECURITIES LAWS OR UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL ACCEPTABLE TO COUNSEL
FOR THE COMPANY STATING THAT REGISTRATION, QUALIFICATION OR OTHER SUCH ACTIONS ARE NOT REQUIRED
UNDER ANY SUCH LAWS.

     THIS SECURITY AND THE SECURITIES RECEIVABLE UPON THE CONVERSION HEREOF ARE SUBJECT TO THE
RESTRICTIONS ON TRANSFER SET FORTH IN SECTIONS 8 AND 9 HEREOF.

AXCESS INC.

CONVERTIBLE PROMISSORY NOTE

	 	 	 
	

	$**          **

	 	January 31, 2003
	

     AXCESS Inc., a Delaware corporation (the “Company”), for value received, hereby promises to
pay on January 31, 2005 (the “Maturity Date”) to the order of                     (hereinafter referred to as “Payee”), the aggregate principal amount of $**           
**, (or such lesser amount if any of the principal amount has been converted by Payee or
prepaid by the Company pursuant to the terms of this Note) together with interest on the unpaid
principal balance hereof at an annual interest rate equal to seven percent (7%) compounded
annually. This Convertible Promissory Note (the “Note”) is issued by the Company pursuant to the
Bridge Financing Agreement dated as of January 31, 2003, by and between the Company and the Payee
(the “Bridge Financing Agreement”). All capitalized terms not otherwise defined herein have the
meaning ascribed thereto in the Purchase Agreement.

Definitions.

     “Affiliate” shall mean, with respect to any party, any Person directly or indirectly
controlling, controlled by, or under common control with such party, and any officer, director or
executive employee of such party.

     “Conversion Price” shall initially be sixty-five percent (65%) of the average closing price of
a share of the Company’s common stock for the twenty (20) trading days preceding the given
anniversary date, provided that the maximum conversion price shall be $2.00 (two dollars) per share
and the minimum conversion price shall be $0.50 (fifty cents) per share, and the Conversion Price
shall be subject to adjustment from time to time to reflect any reorganization, recapitalization,
reclassification, stock dividend, stock split, reverse stock split or other similar change in the
Company’s shares of common stock.

     “Conversion Shares” is as defined in Section 3.

     “Note” shall mean this Convertible Promissory Note or any note or notes issued in renewal,
restatement, extension, modification or replacement hereof including, without limitation, any note
issued pursuant to Section 6.

     “Person” means any individual, corporation, partnership, limited liability company, joint
venture, trust, university, or unincorporated organization, or a government or any agency or
political subdivision thereof.

     “Securities Act” shall mean the Securities Act of 1933, as amended, or any replacement
thereof.

 

 

Optional Conversion of the Note. At each of January 31, 2004; January 31, 2005; and
January 31, 2006 (each a “Conversion Date”), Payee may elect to convert one-third of the principal
amount of the Note (plus accrued interest thereon) into shares of the Company’s common stock at the
Conversion Price; provided that the Company has not, on or prior to each such Conversion Date
retired one-third of the principal amount of the Note.

Conversion Mechanics. If Payee elects to convert one-third of the principal amount of the
Note pursuant to Section 2 (a “Conversion Event”), then Payee shall provide written notice, and
surrender the Note to the Company at the office of the Company. Upon such Conversion Event, the
Company shall, as soon as practicable thereafter, deliver to Payee or to the nominee for Payee at
its address provided by the Payee a certificate or certificates representing the shares of common
stock of the Company into which the Note is convertible (the “Conversion Shares”) in the amount
described herein and shall issue to Investor an amended version of this Note in which the principal
amount of the Note shall be reduced to reflect the amount converted by the Investor. Such
conversion will be deemed effected as of the effective time of the applicable Conversion Event, and
Payee will be deemed to be the holder of the Conversion Shares as of such effective time. In
connection with the conversion of part of this Note, the Payee will execute such documents as are
reasonably requested by the Company, including such documents as may restrict the holder’s voting
rights and/or the holder’s rights to transfer the Conversion Shares.

Payments. Payments of principal on this Note shall be made by check, or, if instructed by
Payee in writing, directly by wire transfer to a bank designated by Payee without any presentment
or notation of payment. If any payment on this Note shall become due on a Saturday, Sunday or a
bank or legal holiday under the laws of the State of New York, such payment shall be made on the
next succeeding business day.

Prepayment. Subject to the Payee’s prior right to exchange this Note in accordance with
the terms of this Note, this Note may be prepaid, in whole or in part, by the Company, without
premium or penalty, at any time. Notice of any prepayment (a “Prepayment Notice”) must be
delivered to the Payee at least twenty (20) days before the prepayment date. If this Note is
prepaid, any such prepayment amount shall be applied first to all accrued and unpaid interest and
the remainder to the outstanding principal amount of this Note. If the Company prepays less than
all the amounts outstanding under this Note, the Company shall deliver to the Payee a replacement
note of like tenor representing the remaining unpaid principal amount of this Note. From and after
the date of any prepayment, interest shall cease to accrue on the portion of the principal amount
of this Note so prepaid.

Replacement of Note. Upon receipt of evidence satisfactory to the Company of the loss,
theft, destruction or mutilation of this Note and, if requested in the case of any such loss, theft
or destruction, upon delivery of an indemnity bond or other agreement or security satisfactory to
the Company or, in the case of any such mutilation, upon surrender and cancellation of this Note,
the Company will issue a new Note of like tenor and amount, in replacement of such lost, stolen,
destroyed or mutilated Note.

Governing Law. This Note will be governed by and construed in accordance with the domestic
laws of the State of Delaware without giving effect to any choice of law or conflict of law
principles. The Company
and Payee agree that if a controversy or claim between them arises out of or in relation to this
Note and results in litigation, the courts of United States of America located in the State of
Delaware shall have jurisdiction to hear and decide such matter, and the Company and Payee hereby
submit to the jurisdiction of such courts.

Restrictions on Transferability of Securities on Compliance with the Act. In addition to
the restrictions on transferability set forth in Section 9, this Note cannot be publicly resold by
the holder hereof without registration under the Securities Act and compliance with the prospectus
delivery requirements thereof, or the availability of an exemption there from. This Note shall be
stamped or otherwise imprinted with the legend set forth on the first page of this Note (in
addition to any legend required under applicable state securities laws).

Assignment. In addition to the transfer restrictions set forth in Section 8, this Note may
not be assigned by Payee without the prior written consent of the Company.

Entire Agreement. This Note, the Bridge Financing Agreement and the other writings
referred to herein and therein contain the entire agreement among the Company and Payee with
respect to the transactions contemplated hereby and supersede all prior agreements or
understandings, written or oral, between the Company and Payee.

 

 

Note in Registered Form. This Note is issued in registered form as to both principal and
interest pursuant to §5f.103-1 of Title 26 of the Code of Federal Regulations (the “Regulations”)
and shall be initially registered on the books of the Company in the name of Payee. All interest
and principal payable hereunder shall be paid only to persons or entities in whose name this Note
is registered at the time of payment. Transfers of this Note and rights to payment of principal
and interest will be effected only upon surrender of the Note to the Company and either the
re-issuance by the Company of this Note to such new holder or the issuance by the Company of a new
note to such new holder having the same terms and conditions as this Note. In order for any
transfers of the Note to be effective, the change of registered ownership must be properly recorded
on the Company’s books and records. The Payee shall not have the right to convert this Note to
bearer form.

	 	 	 	 	 
	

	 	 	AXCESS INC.
	

	 
	 	 	 	 
	

	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name: Allan Griebenow
	 	 	Title: Chief Executive Officer and President

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