Nordstrom Inc. Announces Retention Bonus Agreements for Executive Officers

On January 17 and 23, 2025, Nordstrom, Inc. (NYSE: JWN) finalized retention bonus agreements with key executive officers as part of its Merger Agreement with Norse Holdings, Inc. The bonuses were awarded under the Retention Program, approved by the Compensation, People and Culture Committee and the Special Committee of Nordstrom’s Board of Directors.

The named executive officers (NEOs) who entered into these agreements are Kenneth J. Worzel, Chief Customer Officer, receiving $1,790,000; Catherine R. Smith, Chief Financial Officer, receiving $1,750,000; and Jason Morris, Chief Technology and Information Officer, receiving $1,660,000. These retention bonuses are aimed at rewarding and retaining these executives during critical periods surrounding the Merger.

Under the terms of the Retention Program, each bonus will be paid in installments with 25% following the Merger closing or by December 15, 2025, 25% on the first anniversary of the closing, and the remaining 50% on the second anniversary, subject to continuous employment and performance meeting the Company’s expectations.

The Program seeks to ensure the retention and motivation of these key executives and other eligible participants through crucial stages, including the initial Merger phase until December 15, 2025, and potentially for the two years post-Merger completion.

This development was disclosed in Nordstrom’s recent 8-K filing with the Securities and Exchange Commission. Investors and shareholders are urged to review the complete filing for a better understanding of the proposed transaction and related compensatory arrangements.

The Company reaffirms that forward-looking statements in the filing are subject to risks and uncertainties, emphasizing the importance of careful consideration before making voting or investment decisions regarding the proposed transaction. Nordstrom does not undertake any obligation to update these forward-looking statements unless required by law.

As of now, no further official announcements have been made regarding this matter.

Investors seeking additional information are encouraged to visit the SEC’s website or access the Investor Relations section of Nordstrom’s official site for relevant documents.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Nordstrom’s 8K filing here.

Nordstrom Company Profile

Nordstrom, Inc, a fashion retailer, provides apparels, shoes, beauty, accessories, and home goods for women, men, young adults, and children. It offers a range of brand-name and private-label merchandise through various channels, such as Nordstrom branded stores and online at Nordstrom.com; Nordstrom.ca; Nordstrom stores; Nordstrom Rack stores; Nordstrom Locals; ASOS; Nordstromrack.com; mobile application; and clearance stores under the Last Chance name.