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NORDSTROM, INC. LEADERSHIP
SEPARATION PLAN
The Nordstrom,
Inc. Leadership Separation Plan (“Plan”) is amended to
exclude certain positions from eligibility, to clarify how the Plan
complies with certain provisions of the Employee Retirement Income
Security Act of 1974, as amended, and Section 409A of the
Internal Revenue Code of 1986, as amended, and to delegate
amendment authority.
1.
Article II Eligible Employees is amended by adding the
following sentence to the end of Section B:
“Employees holding the following positions
are not Designated Leadership Employees for purposes of this Plan:
President—Nordstrom, Inc.; President—Merchandising; and
President—Stores.”
2.
Article IV Plan Benefits is amended by adding a new
Section G., as follows:
“G.
Administration of Benefits .
1. Welfare
Plan Under ERISA . The Plan is intended to be an employee
welfare benefit plan governed by ERISA. Therefore, in accordance
with 29 CFR § 2510.3-2(b), the following rules apply to
benefits paid under the Plan:
a. Payments are
not contingent, directly or indirectly, on a Participant’s
retirement;
b. The total
amount of payments under this Plan cannot exceed the equivalent of
twice the Participant’s annual compensation during the year
immediately preceding the Participant’s termination of
employment; and
c. All payments
to the Participant under the Plan are completed within
24 months after the Participant’s termination of
employment.
2.
Compliance with Code Section 409A . It is
int
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