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                                                                  Exhibit 10 (n)

                             ALBERTO-CULVER COMPANY
              DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS

                                 (July 26, 2001)

1. Purpose. The principal purposes of the Deferred Compensation Plan for
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Non-Employee Directors ("Plan") are to (i) benefit Alberto-Culver Company
("Company") and its subsidiaries by offering its non-employee directors an
opportunity to become holders of Class B common stock, par value $.22 per share
("Common Stock"), in order to enable them to represent the viewpoint of other
stockholders of the Company more effectively and (ii) permit non-employee
directors to defer all or a portion of the fees that they receive as directors
of the Company.

2. Plan Participants. Each director who is not an officer or employee of the
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Company or any of its subsidiaries shall be participant under the Plan
("Participant").

3. Administration. The Plan shall be administered by the Board of Directors of
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the Company ("Board"). The Board shall have full power to construe,
administer and interpret the Plan. The Board's decisions are final and binding
on all parties. All fees and expenses incurred by the Plan in connection with
its administration shall be paid by the Company.

4. Deferral Elections.
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   (a) Each Participant shall make one of the following elections in
accordance with Section 4(b) and/or 4(c) with respect to his or her annual
retainer and meeting fees (collectively, "Director Fees"):

       (i)  The Participant may elect to have the Director Fees paid to him or
her in cash. Director Fees payable with respect to meetings will be paid as soon
as reasonably practicable on or after the date of each such meeting and the
annual retainer shall be paid in equal installments on a quarterly basis; or

       (ii) The Participant may elect to defer receipt of the Director Fees
until (a) one month after the date on which his or her service on the Board
terminates for any reason or (b) any specific date selected by the Participant,
and have the cash value of each such Director Fee credited to an interest
bearing account established for the Participant under the Plan ("Cash Account")
pursuant to the provisions of Section 5. Participants may also elect to receive
one lump sum payment or equal annual installments, not to exceed five
installments, of all amounts deferred pursuant to such election. In the absence
of an election to the contrary, in whole or in part, deferred amounts will be
paid in a single lump sum one month after the date on which the Participant's
service on the Board terminates for any reason; or

       (iii) The Participant may elect to receive a distribution of the
number of shares of Common Stock equal to the cash value of all Director Fees
payable during the quarterly periods ending on the last day of March, June,
September, and December, divided by the Fair Market Value of a share of Common
Stock on the last day of each such quarterly

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period. Each distribution shall be evidenced by a certificate representing the
applicable number of shares of Common Stock, registered in the name of the
Participant, and distributed to the Participant on or as soon as reasonably
practicable after each quarterly date noted in the preceding sentence. Such
quarterly distributions of Common Stock will be made only in whole-share
increments. The cash value of any fractional share, based upon the Fair Market
Value for the applicable quarterly period as calculated above, shall be paid to
the Participant in cash at the time of the Common Stock distribution; or

              (iv) The Participant may elect to defer receipt of the
distribution of the number of shares of Common Stock calculated at the same
times and in the same manner set forth in Section 4(a)(iii), as stock units on a
one-share-for-one-stock-unit basis ("Stock Units"), and such number of units,
including any fractional unit, shall be credited to a stock unit account
established pursuant to the provisions of Section 5, for each Participant so
electing ("Stock Unit Account"). Additional Stock Units equal to the cash
dividends (or fair market value of any dividend paid in property other than
capital stock of the Company) that the Participant would have received had he or
she been the owner on each such dividend record date of a number of shares of
Common Stock equal to the number of Stock Units in his or her Stock Unit
Account, divided by the Fair Market Value of the Common Stock on the applicable
dividend payment date, shall be credited to the Participant's Stock Unit Account
as of each such dividend payment date. In the case of a stock dividend, stock
split, reverse stock split, reclassification, recapitalization, exchange or
conversion of shares, or any other similar event, additional credits or
equitable adjustments shall be made (unless the Board determines no adjustment
would be appropriate under the circumstances) to each Participant's Stock Unit
Account of a number of Stock Units equal to the number of shares of Common Stock
or other capital stock of the Company that the Participant would have received
had he or she been the owner on each record date of a number of shares of Common
Stock equal to the number of Stock Units in his or her Stock Unit Account on
such date.

              The Participant may defer receipt of the shares of Common Stock
underlying the Stock Units in his or her Stock Unit Account until (a) one month
after the date his or her service on the Board terminates for any reason or (b)
a specific date selected by the Participant. All deferred amounts shall be
distributed on or as soon as reasonably practicable after the date selected in
accordance with the preceding sentence, in shares of Common Stock equal to the
number of Stock Units contained in the Participant's Stock Unit Account, rounded
up to the next whole Stock Unit in the case of any fractional units. In the
absence of an election to the contrary, all deferred amounts shall be
distributed one month after the date on which the Participant's service on the
Board terminates for any reason.

       (b)    Except as provided in the next sentence, on or before the
beginning of each calendar year, each Participant shall complete a form
specifying the elections described above with respect to Director Fees
("Election Form") and deliver the Election Form to the General Counsel of the
Company ("General Counsel").

       An Election Form shall remain in effect for subsequent years until a
subsequent Election Form is delivered to the General Counsel before the first
day of the year in which

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the new Election Form is to become effective. Except as provided in Section
4(c), an initial Election Form or a subsequent Election Form shall only apply to
those Director Fees payable to a Participant with respect to services rendered
after the end of the year in which such initial or subsequent Election Form is
delivered to the General Counsel. Any Election Form delivered by a Participant
shall be irrevocable with respect to any Director Fee covered by the elections
set forth therein (but may be amended by a subsequent Election Form applicable
to those Director Fees payable to a Participant with respect to services
rendered after the end of the year in which such form was delivered to the
General Counsel). If an Election Form is not in effect for a Participant for a
year (e.g., the Participant has not completed an initial Election Form), he or
she shall be deemed to have elected the option specified in this Section 4(a)(i)
until a completed Election Form has been delivered to the General Counsel and
has become effective.

       (c) Notwithstanding the preceding provisions of this Section 4, an
election made by a Participant in the year in which he or she first becomes
eligible to participate in the Plan may be made pursuant to an Election Form
delivered to the General Counsel within 60 days after the date on which he or
she initially becomes eligible to participate, and such Election Form shall be
effective on the first day of the first quarterly period commencing January 1,
April 1, July 1, or October 1, as applicable, following the date such Election
Form is delivered to the General Counsel.

5.     Participant Accounts.
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       (a) Director Fees deferred pursuant to (i) Section 4(a)(ii) shall be
credited to the Participant's Cash Account as of the date it would otherwise
have been paid and (ii) Section 4(a)(iv) shall be credited to the Stock Unit
Account as of the last day of March, June, September, and December. Until the
entire balance of the Cash Account and Stock Unit Account has been paid to the
Participant (or his or her beneficiaries) such balance shall be increased (i)
quarterly to reflect accrued interest on such balance in the Cash Account based
on the interest rate set from time to time on the Company's Executive Deferred
Compensation Plan (the "Executive Plan") and (ii) by any dividends paid on the
Common Stock represented by Stock Units in each Stock Unit Account. In the event
the Company no longer maintains the Executive Plan or a successor plan, the
Board shall, from time to time, set the interest rate with respect to the entire
balance of Participants' Cash Accounts.

       (b) Each Cash Account and Stock Unit Account shall be maintained on the
books of the Company until full payment of the balance thereof has been made to
the applicable Participant (or his or her beneficiaries). No funds, assets or
capital stock may be set aside or earmarked for any Cash Account or Stock Unit
Account, which shall be purely a general unsecured obligation of the Company.

6.     Distributions.
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       (a) Subject to Sections 6(b), 6(c) and 6(d), the entire balance of a
Participant's Cash Account (payable in cash) and Stock Unit Account (payable in
Common Stock) shall be paid in accordance with such Participant's deferral
election(s) made pursuant to Section

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4.
    (b) If a Participant's service on the Board shall terminate by reason of
his or her death, or if he or she shall die after becoming entitled to a
distribution hereunder, but prior to receipt of his or her entire distribution,
(i) all cash then distributable hereunder with respect to such Participant's
Cash Account and (ii) the number of shares of Common Stock equal to the number
of Stock Units in such Participant's Stock Unit Account (rounded up to the next
whole Stock Unit in the case of any fractional units) shall in each case be
distributed as soon as reasonably practicable to such beneficiary or
beneficiaries as such Participant shall have designated by an instrument in
writing last filed with the General Counsel prior to his or her death, or in the
absence of such designation of any living beneficiary, to his or her spouse, or
if not then living, to his or her estate.

     (c)  The Participant may request an early distribution of all or a portion
of the balance of the Cash Account owed to the Participant. A single-sum payment
will be paid to Participants who request such distribution. An early
distribution paid to a Participant shall result in a penalty equal to 10% of
such early distribution. The Participant will forfeit all right, title and
interest to an amount equal to such penalty. The early distribution shall be
paid to the Participant net of the 10% penalty and any withholding or other
applicable taxes.

     (d)  Notwithstanding any other provisions of the Plan, (i) the entire
balance of each Participant's Cash Account shall be distributed to such
Participant as soon as reasonably practicable after the date of the occurrence
of a Change in Control in the form of a single lump sum cash payment and (ii)
shares of Common Stock equal to the entire number of Stock Units contained in
each Participant's Stock Unit Account (rounded up to the next whole Stock Unit
in the case of any fractional units) shall be converted to Common Stock as of
the date of the Change in Control and distributed as soon as reasonably
practicable after the occurrence of the Change in Control. The cash value of any
fees earned but not yet distributed as Common Stock or credited to the Stock
Unit Account pursuant to Section 4(a)(iii) and 4(a)(iv), respectively, as of the
date of a Change in Control, shall be paid to the Participant in the form of a
single lump sum payment as soon as reasonably practicable after the occurrence
of a Change in Control. For purposes of this Section 6(d), the definition of a
Change in Control shall be the same as that definition of Change in Control
found in the Alberto-Culver Company 1994 Stock Option Plan For Non-Employee
Directors, as amended from time to time.

7.   Amendment, Suspension or Termination. The Board may, at any time and from
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time to time, suspend or terminate the Plan, in whole or in part, or amend the
Plan in such respects as the Board may deem proper and in the best interest of
the Company or as may be advisable, provided, however, that no suspension,
termination or amendment shall be made which would (i) directly or indirectly
deprive any current or former Participant or his or her beneficiaries of all or
any portion of his or her Cash Account or Stock Unit Account as determined as of
the effective date of such amendment, suspension or termination, or (ii)
directly or indirectly reduce the balance of any Cash Account or Stock Unit
Account held hereunder as of the effective date of such amendment, suspension or
termination. Notwithstanding anything to the contrary contained herein, upon
termination of the Plan, (i) distribution of balances in all Cash Accounts and
(ii) the number of shares of Common Stock represented by Stock Units in all
Stock Unit Accounts (rounded up to the next whole

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Stock Unit in the case of any fractional units) shall be made to Participants or
their beneficiaries in a single lump sum cash payment or Common Stock
distribution, as the case may be, on or as soon as reasonably practicable
following such termination. No additional deferred Director Fees shall be
credited to the Cash Accounts or Stock Unit Accounts of Participants after
termination of the Plan, but the Company shall continue to credit interest to
Cash Accounts and dividends to Stock Unit Accounts, pursuant to Section 5, until
the balances of such Cash Accounts and Stock Unit Accounts have been fully
distributed to Participants or their beneficiaries.

8.   General Provisions.
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     (a)  All amounts paid under the Plan shall be paid from the general assets
of the Company. Such amounts shall be reflected on the accounting records of the
Company, but shall not be construed to create or require the creation of a
trust, custodial account or escrow account. No Participant shall have any right,
title, or interest in any assets, accounts or funds that the Company may
establish to aid in providing benefits under the Plan or otherwise. The Plan
does not create a trust or establish any fiduciary relationships between the
Company and the Participant or his or her beneficiary under the Plan, nor will
any interest other than that of an unsecured creditor exist.

     (b)  For all purposes of the Plan, the Fair Market Value of a share of
Common Stock as of a given date shall be the average of the high and low
transaction prices of a share of Common Stock as reported in the New York Stock
Exchange Composite Transactions on such date, or if there shall be no reported
transaction for such date, then on the next preceding date for which trades were
reported.

     (c)  Shares of Common Stock distributed under the Plan shall be treasury
shares of the Company.

     (d)  Nothing contained in the Plan shall constitute a guaranty by the
Company or any other person or entity, that the assets of the Company will be
sufficient to pay any benefit hereunder. No Participant or beneficiary shall
have any right to receive a distribution under the Plan, except in accordance
with the terms of the Plan.

     (e)  Establishment of the Plan shall not be construed to give any
Participant the right to be retained as a member of the Board.

     (f)  Neither a Participant nor any other person shall have any right to
commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise
encumber, hypothecate or convey in advance of actual receipt the amounts, if
any, payable hereunder, or any part thereof, which are, and all rights to which
are, expressly declared to be nonassignable and nontransferable. No part of the
amounts payable shall, prior to actual payment, be subject to garnishment,
seizure or sequestration for the payment of any debts owed by a Participant or
any other person, nor be transferable by operation of law in the event of a
Participant's or any other person's bankruptcy or insolvency.

     (g)  The Board, General Counsel, employees, officers and directors of the
Company shall not be held liable for, and shall be indemnified and held harmless
by the Company

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against, any loss, expense or liability relating to the Plan which arises from
any action or determination made in good faith.

     (h)  The Company shall withhold from any deferred or nondeferred Director
Fee, or any distributions made pursuant to the Plan, any amounts required by
applicable federal, state and local tax laws and regulations thereunder to be
withheld.

     (i)  If any provision of this Plan shall be held illegal or invalid for any
reason, such illegality or invalidity shall not affect the remaining parts
hereof, but this Plan shall be construed and enforced as if such illegal or
invalid provision had never been inserted herein.

     (j)  Any notice under the Plan shall be in writing and shall be personally
delivered, mailed postage paid as first class U.S. Mail or sent by reliable
overnight courier. Notices shall be deemed given when actually received by the
recipient. Notices shall be directed to the Company at its offices at 2525
Armitage Avenue, Melrose Park, Illinois 60160-1163, Attention: General Counsel;
to a Participant at the address stated in his or her Election Form; and to a
beneficiary entitled to benefits at the address stated in the Participant's
beneficiary designation, or to such other addresses any party may specify by
notice to the other parties.

     (k)  This Plan shall be governed by and construed in accordance with the
laws of the State of Illinois, without regard to its conflict of laws
principles.

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