Neiman Marcus 2010 Annual Report Download - page 73

Table of Contents
PENSION BENEFITS
The following table sets forth certain information with respect to retirement payments and benefits under the Retirement Plan
and the SERP for each of our named executive officers.
Name Plan Name
Number of Years
Credited Service
(#)(1)
Present Value
of Accumulated
Benefit
($)(2)
Payments During
Last
Fiscal Year
($)
Burton M. Tansky Retirement Plan 20 493,000 36,581
SERP 32 (3) 8,268,000 600,455
Karen W. Katz Retirement Plan 25 345,000 —
SERP 26 (4) 2,990,000 —
James E. Skinner Retirement Plan 7 (5) 136,000 —
SERP 7 (5) 448,000 —
James J. Gold Retirement Plan 17 (5) 137,000 —
SERP 17 (5) 404,000 —
Nelson A. Bangs Retirement Plan 7 (5) 145,000 —
SERP 7 (5) 303,000 —
Phillip L. Maxwell Retirement Plan 8 (5) 209,000 —
SERP 8 (5) 379,000 —
Marita Glodt Retirement Plan 26 (6) 566,000 3,416
SERP 25 (6) 1,865,000 8,879
Gerald A. Barnes Retirement Plan 27 (6) 421,000 —
SERP 25 (6) 979,000 —
Footnotes:
(1) Computed as of July 30, 2011, which is the same pension measurement date used for financial statement reporting purposes with
respect to our audited consolidated financial statements and notes thereto.
(2) For purposes of calculating the amounts in this column, retirement age was assumed to be the normal retirement age of the later
of age 65 or the fifth anniversary of the individual's date of hire, as defined in the Retirement Plan. A description of the
valuation method and all material assumptions applied in quantifying the present value of accumulated benefit is set forth in
Note 9 of the Notes to Consolidated Financial Statements beginning on page F-25 of this Annual Report on Form 10-K.
(3) The difference in years of service is a result of the provision in Mr. Tansky's employment agreement relating to the calculation
of his years of service under the SERP. Following his termination of employment with us, his years of service for purposes of
calculating his benefit under the SERP was determined by multiplying his actual service for purposes of the SERP by two,
subject to the 25-year maximum set forth in the SERP, and by then providing him with an additional credit for each year of
service to the Company following his attainment of age sixty-five (65) (disregarding the 25-year maximum set forth in the
SERP). The value of Mr. Tansky's actual years of service under the SERP is $4,768,000, so the value of the additional years of
service in excess of his actual service is $3,500,000.
(4) Pursuant to the terms of Ms. Katz's employment agreement, she will be entitled to an additional one year of credit for each full
year of service after she has reached the 25-year maximum set forth in the SERP. In addition, if her employment is terminated
by us for any reason other than death, "disability" "cause" or for non-renewal of her employment term, or if she terminates her
employment with us for "good reason" and she has not yet reached 65, her SERP benefit will not be reduced solely by reason of
her failure to reach 65 as of the termination date. The value of Ms. Katz's actual years of service under the SERP is $2,866,000,
so the value of the additional years of service in excess of her actual service is $124,000.
(5) Effective December 31, 2007, benefit accruals for Messrs. Skinner, Gold, Bangs, and Maxwell under the Retirement Plan and
the SERP were frozen, as further described below.
(6) Effective August 1, 2010, benefit accruals for Mr. Barnes and Ms. Glodt under the Retirement Plan and the SERP were frozen,
as further described below.
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