Neiman Marcus 2005 Annual Report Download - page 179

Download and view the complete annual report

Please find page 179 of the 2005 Neiman Marcus annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 194

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194

6.5 Hardship Distributions. If a Participant encounters an unforeseeable emergency, as determined by the Committee,
the Committee shall direct the Employer maintaining such Participant's Account to pay to such Participant and deduct from such
Account such portion of the vested amount then credited to such Account (including, if appropriate, the entire amount) as the
Committee shall determine to be necessary to alleviate the severe financial hardship of such Participant caused by such unforeseeable
emergency (which may include amounts necessary to pay any Federal, state, or local income taxes or penalties reasonably anticipated
to result from the distribution). For this purpose, an "unforeseeable emergency" shall be a severe financial hardship of the Participant
resulting from an illness or accident of the Participant, the Participant's spouse or the Participant's dependent (as defined in Code
section 152(a)), loss of the Participant's property due to casualty (including the need to rebuild a home following damage to a home
not otherwise covered by insurance), or other similar extraordinary and unforeseeable circumstances arising as a result of events
beyond the control of the Participant. The circumstances that will constitute an unforeseeable emergency will depend upon the facts
of each case, but in any case, payment may not be made to the extent that such hardship is or may be relieved (i) through
reimbursement or compensation by insurance or otherwise or (ii) by liquidation of the Participant's assets, to the extent liquidation of
such assets would not itself cause severe financial hardship No distribution shall be made to a Participant pursuant to this Section
unless such Participant requests such a distribution in writing and provides to the Committee such information and documentation
with respect to his or her unforeseeable emergency as may be requested by the Committee. This Section shall be interpreted in a
manner consistent with the distribution requirements of Section 409A of the Code.
15