Neiman Marcus 2014 Annual Report Download - page 76
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Table of Contents
The following table sets forth the non‑equity incentive plan awards to our named executive officers for fiscal year 2015 that could have been
payable pursuant to our annual cash incentive plan and equity awards granted pursuant to our long‑term equity plans.
Katz, Karen
W.
9/12/2014
550,000
1,375,000
2,750,000
—
—
—
—
—
—
Grimes,
Donald T.
7/21/2015
—
—
—
5,500 (2) 1,205.00
1,912,790
—
5,500 (3) —
—
1,205.00
1,912,790
Gold, James
J.
9/12/2014
205,000
615,000
1,230,000
—
—
—
—
—
—
Koryl, John
E.
9/12/2014
93,750
375,000
750,000
—
—
—
—
—
—
Schulman,
Joshua G.
9/12/2014
91,500
366,000
732,000
—
—
—
—
—
—
Skinner,
James E.
9/12/2014
187,500
562,500
1,125,000
—
—
—
—
—
—
(1) Non‑equity incentive plan awards represent the threshold, target and maximum opportunities under our performance‑based annual cash incentive
compensation plan for fiscal year 2015. The actual amounts earned under this plan are disclosed in the Summary Compensation Table. For a detailed
discussion of the annual incentive awards for fiscal year 2015, see “Annual Incentive Bonus.”
(2) Represents time‑vested non‑qualified stock options awarded to Mr. Grimes in fiscal year 2015 pursuant to the Management Incentive Plan. The
time‑vested options vest 20% on each of the first five anniversaries of the date of the grant, resulting in the options becoming fully vested on the
fifth anniversary date of the grant, and expire on the tenth anniversary of the grant date. For a detailed discussion, see “Long‑term Incentives” and
“Stock Options.”
(3) Represents performance‑vested non‑qualified stock options awarded to Mr. Grimes in fiscal year 2015 pursuant to the Management Incentive Plan.
The performance‑vested non‑qualified options expire on the tenth anniversary of the grant date. The performance‑vested options vest on the
achievement of certain performance hurdles. The performance‑vested options vest when the amount of capital returned to the sponsors (at least 50%
of which is in cash) exceeds the applicable multiple of the capital invested by the sponsors, and the internal rate of return exceeds 15%. The
applicable multiple with respect to 40% of the performance‑vested options is 2.0x, with respect to 30% of the performance‑vested options is 2.25x
and with respect to 30% of the performance‑vested options is 2.75x. For a detailed discussion, see “Long‑term Incentives” and “Stock Options.”
(4) Because we were privately held and there was no public market for Parent's common stock, the fair market value of Parent's common stock used to
determine the exercise price of the stock options was determined by the Parent Board or Compensation Committee, as applicable, at the time option
grants are awarded. In determining the fair market value of Parent's common stock, the Parent Board or the Compensation Committee, as applicable,
considered such factors as any recent transactions involving Parent's common stock, our actual and projected financial results, the principal amount
of our indebtedness, valuations of us performed by third parties and other factors it believes are material to the valuation process.
(5) For option awards in fiscal year 2015, these amounts reflect the aggregate grant date fair value for the awards computed in accordance with ASC
Topic 718. The assumptions used in calculating these amounts are described under the caption Stock-Based Awards in Note 14 of the Notes to
Consolidated Financial Statements.
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