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Exhibit
10(iii)(b)
NONEMPLOYEE DIRECTOR STOCK
OPTION
FORM OF
AGREEMENT
Awarded To:
Award Date:
Number of Shares:
Price Per Share:
1. Whirlpool Corporation (the
“Company”) hereby awards to you, pursuant to the
Company’s Nonemployee Director Equity Plan, (the
“Plan”), the right and option (the
“Option”) to purchase, at the above-stated price, upon
and subject to the terms and conditions set forth herein and in the
Plan, all or any part of the shares of common stock, $1.00 par
value per share, of the Company (the “Common Stock”)
above stated. This Option is a non-statutory stock option and is
not intended to qualify as an “incentive stock option”
as defined in Section 422A of the Internal Revenue Code of
1986, as amended.
2. Your Option may be
exercised only by written notice to the office of the Corporate
Secretary of the Company, 2000 M-63N, Benton Harbor, Michigan
49022-2692, accompanied by payment in full of the shares you so
elect to purchase in the manner provided in the Plan.
3. Your Option may be
exercised at any time subsequent to the above-stated grant date
once the six-month holding period described below is met. Your
Option shall, to the extent not theretofore terminated or
exercised, expire and become void at the earlier of (a) the
tenth anniversary of the grant date, (b) the fifth anniversary
of the date on which you cease to serve as a Director of the
Company or (c) in the event you die before you exercise all or
any part of your Option, the first anniversary of the date of your
death (
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