Neiman Marcus 2013 Annual Report Download - page 70
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Table of Contents
Confidentiality, Non-Competition and Termination Benefits Agreements. Each of Messrs. Koryl and Schulman is a party to a confidentiality, non-
competition and termination benefits agreement with us. The confidentiality, non-competition and termination benefits agreements provide for severance
benefits if the employment of the affected individual is terminated other than for death, “disability,” or “cause.” These agreements provide for a severance
payment equal to one and one-half annual base salary of the named executive officer, payable over an eighteen month period, and reimbursement for COBRA
premiums for the same period. The employment agreements of Ms. Katz and Messrs. Skinner and Gold contain similar provisions as described more fully
under the heading “Employment and Other Compensation Agreements” in this section.
Other. We have change of control provisions in our Management Incentive Plan that allow the Board or Compensation Committee to accelerate the
vesting of equity awards.
Accounting for Stock-Based Compensation.We account for stock-based payments in accordance with the provisions of ASC Topic 718,
“Compensation-Stock Compensation.” When setting equity compensation, the Compensation Committee considers the estimated cost for financial reporting
purposes of any equity compensation it is considering. However, the accounting impact does not have a material impact on the design of our equity
compensation plan.
The Compensation Committee has reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K
with management and, based on such review and discussions, the Compensation Committee recommended to the Board of Directors that the Compensation
Discussion and Analysis be included in this Annual Report on Form 10-K.
David Kaplan, Chairman
Shane Feeney
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