Neiman Marcus 2007 Annual Report Download - page 197

ARTICLE X
MISCELLANEOUS
Section 10-1 Designation of Beneficiary. Each Participant may designate a Beneficiary or Beneficiaries (which
Beneficiary may be an entity other than a natural person) to receive any payments which may be made following the Participant's
death. Such designation may be changed or canceled at any time without the consent of any such Beneficiary. Any such designation,
change or cancellation must be made in a form approved by the Committee and shall not be effective until received by the Committee,
or its designee. If no Beneficiary has been named, or the designated Beneficiary or Beneficiaries shall have predeceased the
Participant, the Beneficiary shall be the Participant's estate. If a Participant designates more than one Beneficiary, the interests of such
Beneficiaries shall be paid in equal percentages, unless the Participant has specifically designated otherwise.
Section 10-2 Limitation of Participant's Right. Nothing in this Plan shall be construed as conferring upon any
Participant any right to continue in the employment of the Employer, nor shall it interfere with the rights of the Employer to terminate
the employment of any Participant and/or to take any personnel action affecting any Participant without regard to the effect which
such action may have upon such Participant as a recipient or prospective recipient of benefits under the Plan. Any amounts payable
hereunder shall not be deemed salary or other compensation to a Participant for the purposes of computing benefits to which the
Participant may be entitled under any other arrangement established by the Employer for the benefit of its employees.
Section 10-3 No Limitation on Employer Actions. Nothing contained in the Plan shall be construed to prevent the
Employer from taking any action which is deemed by it to be appropriate or in its best interest. No Participant, Beneficiary, or other
person shall have any claim against the Employer as a result of such action.
Section 10-4 Obligations to the Employer. If a Participant becomes entitled to a distribution of benefits under the Plan,
and if at such time the Participant has outstanding any debt, obligation, or other liability representing an amount owing to the
Employer, then the Company may offset such amount owed to the Employer against the amount of benefits otherwise distributable,
but only as such amounts become distributable. Such determination shall be made by the Committee.
Section 10-5 Non-alienation of Benefits.
(a) Except as expressly provided herein, no Participant or Beneficiary shall have the power or right to transfer
(otherwise than by will or the laws of descent and distribution), alienate, or otherwise encumber the Participant's interest
under the Plan. The Company's obligations under this Plan are not assignable or transferable except to:
(1) any corporation or partnership which acquires all or substantially all of the Company's assets; or
(2) any corporation or partnership into which the Company may be merged or consolidated.
(b) The provisions of the Plan shall inure to the benefit of each Participant and the Participant's Beneficiaries,
heirs, executors, administrators or successors in interest.