Neiman Marcus 2011 Annual Report Download - page 141

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to the contrary in the Plan or this Agreement, the Board and the Participant shall receive equal deference with respect to interpretations of the Plan and this
Agreement insofar as such interpretations affect the Option granted hereunder.
12. Integration. This Agreement, and the other documents referred to herein or delivered pursuant hereto which form a part hereof, contain the
entire understanding of the parties with respect to its subject matter. There are no restrictions, agreements, promises, representations, warranties, covenants or
undertakings with respect to the subject matter hereof other than those expressly set forth herein and in the Plan. This Agreement, including without limitation
the Plan, supersedes all prior agreements and understandings between the parties with respect to its subject matter. Without limiting the generality of the
foregoing, the Participant acknowledges and consents to the terms of this Agreement, notwithstanding any conflicts between the terms hereof and the terms of
the Employment Agreement.
13. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
shall constitute one and the same instrument.
14. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware
without regard to the provisions governing conflict of laws.
15. Participant Acknowledgment . The Participant hereby acknowledges receipt of a copy of the Plan. The Participant hereby acknowledges
that all decisions, determinations and interpretations of the Board in respect of the Plan, this Agreement, the Amendment Letter and the Option shall be final
and conclusive. The Participant further acknowledges that, prior to the existence of a Public Market, no exercise of the Option or any portion thereof shall be
effective unless and until the Participant has executed the Management Stockholders’ Agreement and the Participant hereby agrees to be bound thereby.
IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its duly authorized officer and said Participant has
hereunto signed this Agreement on his own behalf, thereby representing that he has carefully read and understands this Agreement, the Plan and the
Management Stockholders’ Agreement as of the day and year first written above.
NEIMAN MARCUS, INC.
By: /s/ Karen Katz
Karen Katz
President and Chief Executive Officer
/s/ Burton M. Tansky
Burton M. Tansky
4