Exhibit 10.34


 


THE NEIMAN MARCUS GROUP, INC.


 


PURCHASED
RESTRICTED STOCK AGREEMENT


ISSUED
PURSUANT TO 1997 INCENTIVE PLAN


 


THIS AGREEMENT is made as of the
           day of
                      ,
20    , by and between THE NEIMAN MARCUS GROUP, INC., a Delaware
corporation (the “Corporation”), and
                         ,
an employee of the Corporation or one of its subsidiaries (the “Employee”).


 


Recitals:


 


1.             On
January 17, 1997, the Corporation adopted for the benefit of key employees The
Neiman Marcus Group, Inc. 1997 Incentive Plan (the “Plan”), and the Plan was
approved by its stockholders on that date.


 


2.             The
Plan is administered by the Compensation Committee (the “Committee”) of the
Corporation’s Board of Directors (the “Board”).


 


3.             The
Committee has selected the Employee to participate in the Plan by the grant of
a right to purchase Class A Common Stock of the Corporation, par value $.01 per
share (“Common Stock”), at 50% of its fair market value on the date of grant,
the transferability of which stock shall remain restricted for a period of time
as specified herein.


 


Agreement:


 


For and in consideration of the mutual covenants
hereinafter set forth and for other good and valuable consideration, it is
agreed as follows:


 


1.             Purchase of
Restricted Stock.  In
consideration of
$                  
in cash paid to the Corporation by the Employee, the Corporation hereby issues
to the Employee
                      shares
(the “Shares”) of Common Stock, subject to the restrictions on transfer
described in Section 3 (the “Restrictions”) and the requirement that the Shares
may revert to the Corporation under the circumstances set forth in that
Section.  The Corporation has
established a restricted stock account in the name of the Employee with the
Corporation’s registrar and transfer agent, Mellon Investor Services LLC (the
“Registrar”), and has credited to that account the number of Shares indicated
above.


 


2.             Voting
Rights, Dividends and Other Distributions.  Subject to the Restrictions, the Employee is for all purposes the
record and beneficial owner of the Shares. 
The Employee is entitled to vote the Shares at all meetings of
stockholders and is entitled to receive and retain all cash dividends that may
be paid with respect to the Shares.  If
and to the extent the Corporation shall effect a stock split, stock dividend or
similar distribution with respect to the Common Stock,


 

















 


(i) the stock
distributed pursuant thereto shall be credited to the Employee’s account with
the Registrar with respect to those Shares as to which the Restrictions have
not yet been removed pursuant to Section 3; (ii) such additional stock
shall enjoy the privileges and be subject to the Restrictions applicable to the
Shares; and (iii) the Employee shall be entitled to sell, transfer,
assign, pledge or otherwise dispose of such additional stock when the
Restrictions on the Shares to which the distribution relates have been removed
pursuant to Section 3.


 


3.             Restrictions
on Transfer of Shares; Termination of Employment; Death, or Disability.


 


(a)           The Employee shall not have the right
to sell, transfer, assign, pledge or otherwise dispose of the Shares, except
that such Restrictions shall be removed on the third anniversary of the date of
this Agreement; provided that the removal of the Restrictions on such
anniversary date shall occur if and only if the Employee is on such date an
employee of the Corporation or one of its subsidiaries.  Restrictions on the Shares shall also be
removed to the extent provided under the Plan in the event of a Change of
Control of the Corporation. Removal of the Restrictions shall be accomplished
by means of a letter of instructions to the Registrar, signed by a senior
executive of the Corporation, specifying that the Restrictions on the Shares
are to be removed, and instructing the Registrar to issue to the Employee a
stock certificate representing the Shares, registered in the name of the
Employee or in such name or names as the Employee may request in writing (which
request shall be accompanied by payment of any stock transfer taxes that may be
due as a result of such registration in such other name or names).  The Registrar shall debit the Employee’s
restricted stock account accordingly. 
The Corporation will take any steps it deems necessary or desirable to
satisfy its withholding tax obligation upon removal of the Restrictions;
provided that the Employee shall have the right (by delivering written notice
to the Secretary of the Corporation no less than 30 days nor more than 60 days
prior to the date the Restrictions are to be removed) to have Shares withheld
from the certificate to be issued upon removal of the Restrictions or to tender
other shares of Common Stock to meet such obligations.  Following removal of the Restrictions, the
Employee shall be free to sell, transfer, assign, pledge or otherwise dispose
of the Shares, subject to applicable securities laws and the policies of the
Corporation then in effect.


 


(b)           Subject to the provisions of
paragraphs (c), and (d) of this Section, upon termination of the Employee’s
employment with the Corporation and any of its subsidiaries at a time when the
Restrictions have not been removed, (i) the Employee shall have no rights
whatsoever in and to any of the Shares; (ii) all the Shares shall revert to
the Corporation; (iii) neither the Employee nor any of his or her heirs,
beneficiaries, executors, administrators or other personal representatives
shall have any rights with respect thereto; and (iv) the Corporation shall
repurchase the Shares at the lower of (A) the amount the Employee paid for the
Shares pursuant to Section 1 and (B) an amount equal to the number of
Shares multiplied by the average of the closing prices of a share of Common
Stock on the New York Stock Exchange over the ten most recent trading days
preceding the date of termination of employment.


 


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(c)           If the Employee dies while in the
employ of the Corporation or any of its subsidiaries, the person or persons to
whom the Employee’s rights under this Agreement are transferred by will or the
laws of descent and distribution shall be entitled to receive, within 30 days
after presentation to the Secretary of the Corporation of documentation
acceptable to the Secretary and establishing the legal rights of such person or
persons, a certificate for the Shares as to which the Restrictions have not yet
been removed pursuant to the provisions of Section 3(a), which certificate
shall be issued in accordance with the provisions of Section 3(a) applicable to
Shares with respect to which the Restrictions have been removed.


 


(d)           If while in the employ of the
Corporation or any of its subsidiaries the Employee shall become permanently
disabled such that the Employee will be unable to return to his or her
employment with the Corporation or its subsidiaries (as shall be conclusively
determined by the Employee Benefits Committee of the Corporation), the Employee
shall be entitled to receive, within 30 days after the determination of such
permanent disability, a certificate for the Shares as to which the Restrictions
have not yet been removed pursuant to the provisions of Section 3(a), which
certificate shall be issued in accordance with the provisions of Section 3(a)
applicable to Shares with respect to which the Restrictions have been removed.


 


4.             No Guarantee
of Employment.  Nothing in
the Plan or in this Agreement shall (i) confer on the Employee any right
to continue in the employ of the Corporation or any of its subsidiaries;
(ii) affect the right of the Employee or the Corporation or any of its
subsidiaries to terminate the employment relationship at any time;
(iii) be deemed a waiver or modification of any provision contained in any
agreement between the Employee and the Corporation or any of its subsidiaries;
(iv) be construed as part of the Employee’s entitlement to remuneration or
benefit pursuant to a contact of employment or otherwise or as compensation for
past services rendered; (v) afford the Employee any rights or additional rights
to compensation or damages in consequence of the loss or termination of his or
her office; or (vi) entitle the Employee to any compensation or damages for any
loss or potential loss which he or she may suffer by reason of being or
becoming unable to vest in or have the Restrictions removed from the Shares in
consequence of the loss or termination of his or her office, employment, or
service with the Corporation or any of its subsidiaries.  A cessation of the Employee’s employment by
reason of a leave of absence of not more than six months approved by the
Corporation shall not be deemed a termination of employment.


 


5.             Changes in
Common Stock.  In the event
of any reorganization, recapitalization, stock split, stock dividend, merger,
consolidation, combination of shares or other change affecting the Common
Stock, the Committee shall make such adjustments as it may deem appropriate
with respect to the Shares.  Any such
adjustment made by the Committee shall be conclusive.


 


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6.             Interpretation
of Plan and this Agreement. 
This Agreement is being entered into pursuant to the Plan and shall be
governed in all respects by the terms and provisions of the Plan, which are
incorporated herein by this reference. 
In the case of any inconsistency between the Plan and this Agreement,
the Plan provisions shall control. 
Capitalized terms used and not otherwise defined in this Agreement shall
have the respective meanings given them in the Plan.  As used herein the term “employee” shall mean an employee of the
Corporation or of any subsidiary of the Corporation, and members of the Board,
and the term “subsidiary of the Corporation” shall mean a subsidiary
corporation as defined in Section 424 of the Internal Revenue Code of 1986, as
amended.  In all respects, questions of
interpretation and application of the Plan and of this Agreement shall be
determined by a majority of the Committee, as it may from time to time be
constituted, and the determinations of such majority shall be final and binding
upon all persons.


 


7.             Choice of
Law; Exclusive Forum; Consent to Jurisdiction; Waiver of Right to Contest
Removal and to Jury Trial.  The validity, performance and enforceability of this Agreement
shall be determined and governed by the laws of the State of Texas, without
regard to its conflict of laws principles. The exclusive forum for any action
concerning this Agreement or the transactions contemplated hereby shall be in a
court of competent jurisdiction in Dallas County, Texas, with respect to a
state court, or the Dallas Division of the United States District Court for the
Northern District of Texas, with respect to a federal court.  THE EMPLOYEE HEREBY CONSENTS TO THE EXERCISE
OF JURISDICTION OF A COURT IN THE EXCLUSIVE FORUM AND WAIVES ANY RIGHT HE OR
SHE MAY HAVE TO CHALLENGE OR CONTEST THE REMOVAL AT ANY TIME BY THE
CORPORATATION TO FEDERAL COURT OF ANY SUCH ACTION HE OR SHE MAY BRING AGAINST
IT IN STATE COURT.  THE EMPLOYEE AND THE
CORPORATION FURTHER HEREBY MUTUALLY WAIVE THEIR RIGHT TO TRIAL BY JURY IN ANY
ACTION CONCERNING THIS AGREEMENT OR THE TRANSACTION CONTEMPLATED HEREBY.


 


EXECUTED at Dallas, Texas, as of the date appearing in
the first paragraph of this Agreement.


 


 


	
   

  	
   

  	
    THE
  NEIMAN MARCUS GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
    Nelson A. Bangs

  
	
   

  	
   

  	
    Senior Vice President and General
  Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  , Employee

  



 


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