Document:

Exhibit 10.54

 

AMENDMENT NO. 2 TO

THE AMENDED AND RESTATED

NEIMAN MARCUS GROUP, INC. DEFINED CONTRIBUTION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(Effective as of January 1, 2008)

 

Pursuant
to the provisions of Article VIII thereof, The Amended and Restated Neiman
Marcus Group, Inc. Defined Contribution Supplemental Executive Retirement
Plan (Effective as of January 1, 2008) (the “Plan”) is hereby amended in
the following respects only:

 

FIRST:  Section 2-19(a)(2)(E) of the Plan
is hereby amended by restatement in its entirety to read as follows:

 

(E)           either:

 

(i)  had in effect on August 1 of the
preceding calendar year (or, if later, on the Employee’s date of hire) a rate
of Base Pay of at least 80% of the Compensation Limitation applicable to such
preceding calendar year, or

 

(ii) was an Eligible Employee who was a
Participant in this Plan on July 31, 2010, or was actively participating
in the DB SERP as a “Grandfathered Rule of 65 Employee” (as that term is
defined therein) on July 31, 2010 and ceased accruing additional benefits
under the DB SERP immediately after July 31, 2010.

 

SECOND:  Section 4-1 of the Plan is hereby
amended by restatement in its entirety to read as follows:

 

Section 4-1            Defined Contributions.

 

(a)           Non-Transitional
Defined Contributions.  Effective as
of the Effective Date, the Company shall make a Non-Transitional Defined
Contribution to the Plan on behalf of each Eligible Employee periodically
throughout the Plan Year.  The aggregate
amount of such Non-Transitional Defined Contributions credited on behalf of
each Eligible Employee during each Plan Year will be equal to the product of:

 

(1)           that
portion of such Eligible Employee’s Eligible Compensation for the Plan Year
that exceeds the Compensation Limitation, and

 

(2)           ten
and one-half percent (10.5%);

 

provided,
however, that with respect to those Participants who were actively
participating in the DB SERP as of July 31, 2010 and first became
Participants in this Plan as of August 1, 2010, the aggregate amount of
Non-Transitional Defined Contributions for the 2010 Plan Year shall be equal to
the product of:

 

(1)           that
amount of such Eligible Employee’s Eligible Compensation paid during the entire
2010 Plan Year that exceeds the Compensation Limitation (with the portion of
the 2010 Eligible Compensation paid after reaching the

 

1

 

Compensation
Limitation in 2010 to be referred to as “2010 Excess Compensation”) minus
any such 2010 Excess Compensation paid prior to August 1, 2010, and

 

(2) ten and one-half percent (10.5%).

 

(b)           Transitional
Defined Contributions.

 

(1)           In
addition to amounts credited to Eligible Employees under Section 4-1(a) above,
effective as of the Effective Date, the Company shall periodically make
Transitional Defined Contributions during the Plan Year on behalf of each
Eligible Employee who:

 

(A)          was
eligible under the DB SERP as of December 31, 2007 but ceased to be
eligible to actively participate in the DB SERP prior to July 31, 2010,
and

 

(B)           has
neither attained, nor will attain, age sixty-six (66) during the Plan Year to
which the Transitional Defined Contribution would otherwise relate if credited
to such Eligible Employee’s Defined Contribution Account.

 

(2)           The
aggregate amount of such Transitional Defined Contributions for the Plan Year
for each Eligible Employee who has satisfied the eligibility criteria reflected
in Section 4-1(b)(1) above, shall be equal to the product of:

 

(A)          that
portion of such Eligible Employee’s Eligible Compensation for the Plan Year that
exceeds the Compensation Limitation, and

 

(B)           the
applicable percentage that corresponds with the highest age attained by the
Eligible Participant during the Plan Year to which the Transitional Defined
Contribution relates, according to the schedule set forth below:

 

	
  Eligible Employee’s

  	
   

  	
   

  	
   

  
	
  Highest Age During

  	
   

  	
  Applicable Percentage of

  	
   

  
	
  Applicable Plan Year

  	
   

  	
  Eligible Compensation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  30-39

  	
   

  	
  3

  	
  %

  
	
  40-49

  	
   

  	
  4

  	
  %

  
	
  50-59

  	
   

  	
  5

  	
  %

  
	
  60-65

  	
   

  	
  6

  	
  %

  
	
  66 and Older

  	
   

  	
  0

  	
  %

  

 

(3)           In
addition to the Transitional Defined Contributions made pursuant to the
preceding provisions of this Section 4-1(b), effective as of
August 1, 2010, the Company shall periodically make Transitional Defined
Contributions during the Plan Year on behalf of each Eligible Employee who:

 

2

 

(A)          was
actively participating in the DB SERP as a “Grandfathered Rule of 65
Employee” (as that term is defined therein) on July 31, 2010 but ceased to
be eligible to continue to accrue a benefit in the DB SERP effective August 1,
2010, and

 

(B)           has
neither attained, nor will attain, age sixty-six (66) during the Plan Year to
which the Transitional Defined Contribution would otherwise relate if credited
to such Eligible Employee’s Defined Contribution Account.

 

The
amount of the Transitional Defined Contributions for each Participant eligible
pursuant to this Section 4-1(b)(3) shall be the same amount as
prescribed by the provisions of Section 4-1(b)(2) except that the
aggregate amount of Transitional Defined Contributions for the 2010 Plan Year
shall be equal to the product of:

 

(A)          that
amount of such Eligible Employee’s Eligible Compensation paid during the entire
2010 Plan Year that exceeds the Compensation Limitation (with the portion of
the 2010 Eligible Compensation paid after reaching the Compensation Limitation
in 2010 to be referred to as “2010 Excess Compensation”) minus any such
2010 Excess Compensation paid prior to August 1, 2010, and

 

(B)           the
applicable percentage that corresponds with the highest age attained by the
Eligible Participant during the Plan Year to which the Transitional Defined
Contribution relates, according to the schedule set forth above in Section 4-1(b)(2)(B).

 

(c)           Timing of Defined
Contributions.  Any Defined
Contribution made under this Section 4-1 will be credited to the Employee’s
Defined Contribution Account no later than as soon as administratively
practicable following the close of the Plan Year to which such Defined
Contribution relates.

 

IN
WITNESS WHEREOF, this Amendment has been executed this 17th day of July, 2010 to be effective as of August 1,
2010.

 

 

	
   

  	
   

  	
  THE
  NEIMAN MARCUS GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Scott M. Seale

  
	
   

  	
  Title:

  	
  VP
  – Benefits

  

 

3Exhibit 10.55

 

AMENDMENT NO. 1 TO

THE NEIMAN MARCUS GROUP, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(Amended and Restated Effective January 1, 2009)

 

Pursuant
to Section 6.1 of The Neiman Marcus Group, Inc. Supplemental
Executive Retirement Plan (Amended and Restated Effective January 1, 2009)
(the “Plan”), the Plan is hereby amended in the following respect only:

 

FIRST:  Section 2.4 of the Plan is hereby
amended by restatement in its entirety to read as follows:

 

2.4           Cessation of Accruals.

 

(a)           Participation
After December 31, 2007.  A
Participant who is a Grandfathered Rule of 65 Employee as of December 31,
2007 shall continue to be a Participant under the Plan thereafter, subject to
and in accordance with the terms of the Plan; provided, however, that if a
Grandfathered Rule of 65 Employee has a Termination of Employment after December 31,
2007, such employee shall not be treated as a Grandfathered Rule of 65
Employee upon any later reemployment by a Participating Employer.  Any provision of the Plan to the contrary
notwithstanding, no individual shall become an Eligible Employee on or after January 1,
2008 who was not an Eligible Employee on December 31, 2007 and, thus,
there shall be no new Participants in the Plan on and after such date, and a
Participant who is not a Grandfathered Rule of 65 Employee shall remain a
Participant in the Plan after December 31, 2007 as long as he or she is
entitled to receive a benefit under the Plan, but no additional benefit shall
accrue for any Participant who is not a Grandfathered Rule of 65 Employee
under the Plan after December 31, 2007, subject to the following:

 

(i)  the amount of benefit payable under the
Plan after December 31, 2007 with respect to a Participant who is an
Eligible Employee as of such date but who is not a Grandfathered Rule of
65 Employee shall be determined as if such Participant had a Termination of
Employment effective as of December 31, 2007, provided, however, that any
such Participant shall not be treated as having a Termination of Employment for
purposes of determining whether he or she has attained Normal Retirement Age
until his or her actual Termination of Employment and benefit payments shall
not commence to any such Participant until payments would otherwise commence to
such Participant under the terms of the Plan; and

 

(ii)  a Participant who is not a Grandfathered Rule of
65 Employee shall continue to be entitled to credit for Service after December 31,
2007 for purposes of determining whether such Participant has attained the
required years of Service to vest in a benefit or to commence receiving a
benefit prior to Normal Retirement Date, but not for purposes of the
calculation of the amount of such benefit.

 

 

(b)           Participation
After July 31, 2010.  Any
provision of the Plan to the contrary notwithstanding, an individual who is a
Participant in the Plan as of July 31, 2010 shall remain a Participant in
the Plan after such date as long as he or she is entitled to receive a benefit
under the Plan, but no additional benefit shall accrue for any Participant
under the Plan after the Freeze Date, subject to the following:

 

(i)  the amount of benefit payable under the
Plan after the Freeze Date with respect to any Participant shall be determined
as if such Participant had a Termination of Employment effective as of the
Freeze Date, provided, however, that any such Participant shall not be treated
as having a Termination of Employment for purposes of determining whether he or
she has attained Normal Retirement Age until his or her actual Termination of
Employment and benefit payments shall not commence to any such Participant
until payments would otherwise commence to such Participant under the terms of
the Plan;

 

(ii)  a Participant shall continue to be
entitled to credit for Service after the Freeze Date for purposes of
determining whether such Participant has attained the required years of Service
to vest in a benefit or to commence receiving a benefit prior to Normal
Retirement Date, but not for purposes of the calculation of the amount of such
benefit;

 

(iii)  with respect to a Participant who is a
Grandfathered Rule of 65 Employee as of July 31, 2010 who has not
incurred a Termination of Employment during the period beginning December 31,
2007 and ending July 31, 2010, the denominator of the fraction referenced
in Section 4.3(a), if applicable to such Participant, shall be 25; and

 

(iv)  the “Freeze Date” shall mean July 31,
2010, except with respect to a Participant who is Grandfathered Rule of 65
Employee as of July 31, 2010 and who is a party to an employment agreement
with the Company in effect as of such date that expressly provides for
participation in the Plan, in which case the “Freeze Date” shall be the earlier
of December 31, 2010 or the date on which the Participant incurs a Termination
of Employment.

 

IN
WITNESS WHEREOF, this Amendment has been executed this 17th day of July, 2010 to be effective as of July 31,
2010.

 

 

	
   

  	
   

  	
  THE
  NEIMAN MARCUS GROUP, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Scott M. Seale

  
	
   

  	
  Title:

  	
  VP
  – Benefits

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