Copy of Severance Agreement



 Exhibit 10(bb) 
 SEVERENCE AGREEMENT 
 THIS AGREEMENT is entered into as of
September 22, 2008 by and between Alberto-Culver Company, a Delaware corporation, and Kenneth C. Keller, Jr. (the “Executive”). 
 WHEREAS, the Executive currently serves as a key employee of the Company (as defined in Section 1) and his services and knowledge are valuable to the Company in connection with the management of one
or more of the Company’s principal operating facilities, divisions, departments or subsidiaries; and 
 WHEREAS, the Board
(as defined in Section 1) has determined that it is in the best interests of the Company and its stockholders to secure the Executive’s continued services and to ensure the Executive’s continued dedication and objectivity in the event
of any threat or occurrence of, or negotiation or other action that could lead to, or create the possibility of, a Change in Control (as defined in Section 1) of the Company, without concern as to whether the Executive might be hindered or
distracted by personal uncertainties and risks created by any such possible Change in Control, and to encourage the Executive’s full attention and dedication to the Company, the Board has authorized the Company to enter into this Agreement.

 NOW, THEREFORE, for and in consideration of the premises and the mutual covenants and agreements herein contained, the
Company and the Executive hereby agree as follows: 
 1. Definitions. As used in this Agreement, the following terms
shall have the respective meanings set forth below: 
 (a) “Board” means the Board of Directors of the Company.

 (b) “Cause means (1) a material breach by the Executive of those duties and responsibilities of the Executive which
do not differ in any material respect from the duties and responsibilities of the Executive during the six-month period immediately prior to a Change in Control (other than as a result of incapacity due to physical or mental illness) which is
demonstrably willful and deliberate on the Executive’s part, which is committed in bad faith or without reasonable belief that such breach is in the best interests of the Company and which is not remedied in a reasonable period of time after
receipt of written notice from the Company specifying such breach or (2) the commission by the Executive of a felony involving moral turpitude. 
 (c) “Change in Control” means: 
 (1) The occurrence of any one or more
of the following events: 
 (A) The acquisition by any individual, entity or group (a “Person”),
including any “person” within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership within the meaning of Rule 13d-3 promulgated under
the Exchange Act of both (x) 20% or more of the combined voting power of the then 







 
outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”) and (y) combined voting power of
Outstanding Company Voting Securities in excess of the combined voting power of the Outstanding Company Voting Securities held by the Exempt Persons (as such term is defined in Section 1(f)); provided, however, that a Change in
Control shall not result from an acquisition of Company Voting Securities: 
 (i) directly from the Company,
except as otherwise provided in Section 1(c)(2)(A); 
 (ii) by the Company, except as otherwise provided in
Section 1(c)(2)(B); 
 (iii) by an Exempt Person; 

(iv) by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled
by the Company; or 
 (v) by any corporation pursuant to a reorganization, merger or consolidation involving the
Company, if, immediately after such reorganization, merger or consolidation, each of the conditions described in clauses (i) and (ii) of Section 1(c)(1)(C) shall be satisfied. 

(B) The cessation for any reason of the members of the Incumbent Board (as such term is defined in Section 1(h)) to
constitute at least a majority of the Board. 
 (C) Consummation of a reorganization, merger or consolidation
unless, in any such case, immediately after such reorganization, merger or consolidation: 
 (i) more than 60% of
the combined voting power of the then outstanding securities of the corporation resulting from such reorganization, merger or consolidation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly,
by all or substantially all of the individuals or entities who were the beneficial owners of the combined voting power of all of the Outstanding Company Voting Securities immediately prior to such reorganization, merger or consolidation; and

 (ii) at least a majority of the members of the board of directors of the corporation resulting from such
reorganization, merger or consolidation were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such reorganization, merger or consolidation. 

  
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 (D) Consummation of the sale or other disposition of all or substantially
all of the assets of the Company other than (x) pursuant to a tax-free spin-off of a subsidiary or other business unit of the Company or (y) to a corporation with respect to which, immediately after such sale or other disposition:

 (i) more than 60% of the combined voting power of the then outstanding securities thereof entitled to vote
generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the combined voting power of all of the Outstanding Company
Voting Securities immediately prior to such sale or other disposition; and 
 (ii) at least a majority of the
members of the board of directors thereof were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such sale or other disposition. 

(E) Approval by the stockholders of the Company of a plan of complete liquidation or dissolution of the Company.

 (2) Notwithstanding the provisions of Section 1(c)(1)(A): 

(A) no acquisition of Company Voting Securities shall be subject to the exception from the definition of Change in Control
contained in clause (i) of Section 1(c)(1)(A) if such acquisition results from the exercise of an exercise, conversion or exchange privilege unless the security being so exercised, converted or exchanged was acquired directly from the
Company; and 
 (B) for purposes of clause (ii) of Section 1(c)(1)(A), if any Person (other than the
Company, an Exempt Person or any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company) shall, by reason of an acquisition of Company Voting Securities by the Company, become the
beneficial owner of (x) 20% or more of the combined voting power of the Outstanding Company Voting Securities and (y) combined voting power of Outstanding Company Voting Securities in excess of the combined voting power of the Outstanding
Company Voting Securities held by the Exempt Persons, and such Person shall, after such acquisition of Company Voting Securities by the Company, become the beneficial owner of any additional Outstanding Company Voting Securities and such beneficial
ownership is publicly announced, such additional beneficial ownership shall constitute a Change in Control. 
 (d)
“Company” means Alberto-Culver Company, a Delaware corporation. 

  
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 (e) “Date of Termination” means (1) the effective date on which the
Executive’s employment by the Company terminates as specified in a prior written notice by the Company or the Executive, as the case may be, to the other, delivered pursuant to Section 11 or (2) if the Executive’s employment by
the Company terminates by reason of death, the date of death of the Executive, provided, that if there is an agreement or understanding that the Executive will continue to render services, as an employee, consultant, independent contractor, or
otherwise to the Company at a level of more than 20 percent of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately preceding 36-month period (or the Executive’s full
period of employment if less than 36 months), the Date of Termination shall be the date on which the Executive permanently ceases to provide such services. 
 (f) “Exempt Person” (and collectively, the “Exempt Persons”) means: 
 (1) Leonard H. Lavin or Bernice E. Lavin; 
 (2) any descendant of Leonard H. Lavin
and Bernice E. Lavin or the spouse of any such descendant; 
 (3) the estate of any of the persons described in
Section 1(f)(1) or (2); 
 (4) any trust or similar arrangement for the benefit of any person described in
Section 1(f)(1) or (2); or 
 (5) the Lavin Family Foundation or any other charitable organization established by any
person described in Section 1(f)(1) or (2). 
 (g) “Good Reason” means, without the Executive’s express
written consent, the occurrence of any of the following events after a Change in Control: 
 (1) any of (i) the assignment
to the Executive of any duties inconsistent in any material respect with the Executive’s position(s), duties, responsibilities or status with the Company immediately prior to such Change in Control, (ii) a change in the Executive’s
reporting responsibilities, titles or offices with the Company as in effect immediately prior to such Change in Control or (iii) any removal or involuntary termination of the Executive from the Company otherwise than as expressly permitted by
this Agreement or any failure to reelect the Executive to any position with the Company held by the Executive immediately prior to such Change in Control; 
 (2) a reduction by the Company in the Executive’s rate of annual base salary as in effect immediately prior to such Change in Control or as the same may be increased from time to time thereafter or
the failure by the Company to increase such rate of base salary each year after such Change in Control by an amount which at least equals, on a percentage basis, the mean average percentage increase in the rate of base salary for the Executive
during the two full fiscal years of the Company immediately preceding such Change in Control; 
 (3) any requirement of the
Company that the Executive (i) be based anywhere other than at the facility where the Executive is located at the time of the Change in Control or (ii) travel on Company business to an extent substantially more burdensome than the travel
obligations of the Executive immediately prior to such Change in Control; 

  
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 (4) the failure of the Company to (i) continue in effect any employee benefit plan or
compensation plan in which the Executive is participating immediately prior to such Change in Control, unless the Executive is permitted to participate in other plans providing the Executive with substantially comparable benefits, or the taking of
any action by the Company which would adversely affect the Executive’s participation in or materially reduce the Executive’s benefits under any such plan, (ii) provide the Executive and the Executive’s dependents welfare benefits
(including, without limitation, medical, prescription, dental, disability, salary continuance, employee life, group life, accidental death and travel accident insurance plans and programs) in accordance with the most favorable plans, practices,
programs and policies of the Company and its affiliated companies in effect for the Executive immediately prior to such Change in Control or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other
peer executives of the Company and its affiliated companies, (iii) provide fringe benefits in accordance with the most favorable plans, practices, programs and policies of the Company and its affiliated companies in effect for the Executive
immediately prior to such Change in Control or, if more favorable to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies, (iv) provide an office or
offices of a size and with furnishings and other appointments, together with exclusive personal secretarial and other assistance, at least equal to the most favorable of the foregoing provided to the Executive by the Company and its affiliated
companies immediately prior to such Change in Control or, if more favorable to the Executive, as provided generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies, (v) provide the
Executive with paid vacation in accordance with the most favorable plans, policies, programs and practices of the Company and its affiliated companies as in effect for the Executive immediately prior to such Change in Control or, if more favorable
to the Executive, as in effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies, or (vi) reimburse the Executive promptly for all reasonable employment expenses incurred by the
Executive in accordance with the most favorable policies, practices and procedures of the Company and its affiliated companies in effect for the Executive immediately prior to such Change in Control or, if more favorable to the Executive, as in
effect generally at any time thereafter with respect to other peer executives of the Company and its affiliated companies; or 

(5) the failure of the Company to obtain the assumption agreement from any successor as contemplated in Section 10(b). 

For purposes of this Agreement, any good faith determination of Good Reason made by the Executive shall be conclusive; provided,
however, that an isolated, insubstantial and inadvertent action taken in good faith and which is remedied by the Company promptly after receipt of notice thereof given by the Executive shall not constitute Good Reason. 

(h) “Incumbent Board” means those individuals who, as of January 1, 2007, constitute the Board, provided that:

 (1) any individual who becomes a director of the Company subsequent to such date whose election, or nomination for election
by the Company’s stockholders, was approved either by the vote of at least a majority of the directors then comprising the Incumbent Board or by the vote of at least a majority of the combined voting power of the Outstanding Company Voting
Securities held by the Exempt Persons shall be deemed to have been a member of the Incumbent Board; and 

  
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 (2) no individual who was initially elected as a director of the Company as a result of an
actual or threatened election contest, as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act, or any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the
Board or the Exempt Persons shall be deemed to have been a member of the Incumbent Board. 
 (i) “Nonqualifying
Termination” means a termination of the Executive’s employment (1) by the Company for Cause, (2) by the Executive for any reason other than a Good Reason, (3) as a result of the Executive’s death or (4) by the
Company due to the Executive’s absence from his duties with the Company on a full-time basis for at least 180 consecutive days as a result of the Executive’s incapacity due to physical or mental illness. 

(j) “Termination Period” means the period of time beginning with a Change in Control and ending on the earlier to occur of
(1) two years following such Change in Control or (2) the Executive’s death. 
 2. Obligations of the
Executive. The Executive agrees that in the event of a Change in Control, he shall not voluntarily leave the employ of the Company without Good Reason until 90 days following such Change in Control. The Executive further agrees that in the event
that any person or group attempts a Change in Control, he shall not voluntarily leave the employ of the Company during such attempted Change in Control unless an event occurs which would have constituted Good Reason had it occurred following a
Change in Control (for purposes of determining whether such an event would have constituted Good Reason had it occurred following a Change in Control, the definition of Good Reason shall be interpreted as if a Change in Control had occurred when
such attempted Change in Control became known to the Board). The Executive acknowledges that if he leaves the employ of the Company for any reason prior to a Change in Control, he shall not be entitled to any payment or benefit pursuant to this
Agreement. 
 3. Payments Upon Termination of Employment. 

(a) If during the Termination Period the employment of the Executive shall terminate, other than by reason of a Nonqualifying Termination,
then the Company shall pay to the Executive (or the Executive’s beneficiary or estate): 
 (1) within 30 days following the
Date of Termination, as compensation for services rendered to the Company, a cash amount equal to the sum of (i) the Executive’s base salary from the Company and its affiliated companies through the Date of Termination, (ii) the
Executive’s annual bonus in an amount determined in accordance with the terms of the Company’s Management Incentive Plan or any other applicable bonus plan of the Company, (iii) the amount payable to the Executive in accordance with
the terms of the Company’s Shareholder Value Incentive Plan and (iv) any accrued vacation pay, in each case to the extent not theretofore paid; plus 

  
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 (2) no earlier than six months and no later than six months and seven days after the Date of
Termination, a lump-sum cash amount equal, in the aggregate to, 1.99 times the Executive’s “base amount,” as such term is defined in Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended (the “Code”);
provided, that any amount paid pursuant to this Section 3(a)(2) shall be paid in lieu of any other amount of severance relating to salary or bonus continuation to be received by the Executive upon termination of employment of the
Executive under any severance plan, policy or arrangement of the Company. 
 (3) In addition to the payments to be made pursuant
to Section 3(a)(1) and (2) hereof, any stock options granted to the Executive under any of the Company’s Employee Stock Option Plans shall be treated in accordance with the terms of such plans and any amounts deferred for the benefit
of the Executive (together with any interest and earnings thereon) under any deferred compensation plan of the Company shall be paid in accordance with the terms of those plans. 

(4) For a period of 24 months commencing on the Date of Termination, the Company shall continue to keep in full force and effect all
policies of medical, accident, disability and life insurance with respect to the Executive and his dependents with the same level of coverage, upon the same terms and otherwise to the same extent as such policies shall have been in effect
immediately prior to the Date of Termination or, if more favorable to the Executive, as provided generally with respect to other peer executives of the Company and its affiliated companies, and the Company and the Executive shall share the costs of
the continuation of such insurance coverage in the same proportion as such costs were shared immediately prior to the Date of Termination. Any group health coverage provided under this Section 3(a)(4) shall be applied toward the satisfaction of
and not supplement, the Executive’s right to continued coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, or any similar state law. To the extent that premiums paid by the Company for coverage other than
medical coverage constitute taxable income to the Executive, the portion of such taxable premiums that, in the aggregate, exceeds the limit in effect under Section 402(g)(1)(B) of the Code for the year that includes the Date of Termination
shall not be paid during the six month period following the Date of Termination. The Executive shall be required to pay any such premiums that come due during the six month period, and shall be reimbursed by the Company no later than the seventh day
after the end of such six month period for any such premiums paid by the Executive. 
 (b) If during the Termination Period the
employment of the Executive shall terminate by reason of a Nonqualifying Termination, then the Company shall pay to the Executive within 30 days following the Date of Termination, a cash amount equal to the sum of (1) the Executive’s full
annual base salary from the Company through the Date of Termination, (2) the Executive’s annual bonus in an amount determined in accordance with the terms of the Company’s Management Incentive Plan or any other applicable bonus plan
of the Company, (3) the amount payable to the Executive in accordance with the terms of the Company’s Shareholder Value Incentive Plan and (4) any accrued vacation pay, in each case to the extent not theretofore paid. In addition to
the payments to be made pursuant to this Section 3(b), any stock options granted to the Executive under any of the Company’s Employee Stock Option Plans shall be treated in accordance with the terms of such plans and amounts deferred for
the benefit of the Executive (together with any interest and earnings thereon) under any deferred compensation plan of the Company shall be paid in accordance with the terms of those plans. 

  
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 (c) Notwithstanding the foregoing, if the Company or the Executive reasonably and in good
faith determines that payment of any amount pursuant to this Section 3 at the time provided for herein would cause any amount payable under this Agreement to be subject to Section 409A(a)(1) of the Code, then such amount shall instead be
paid at the earliest time at which it may be paid without causing this Agreement to be subject to Section 409A(a)(1) of the Code and all of the provisions of this Agreement shall be interpreted in a manner consistent with this
Section 3(c). The Company shall have the right to make such amendments, if any, to this Agreement as shall be necessary to avoid the application of Section 409A(a)(1) of the Code to the payments of amounts pursuant to this Section 3,
and shall give prompt notice of any such amendment to the Executive. If the Company defers payments to the Executive pursuant to this Section 3(c), then the Company shall provide Executive with prompt written notice thereof, including
reasonable explanation and the estimated date on which it has determined it is permitted to make the payments deferred under this Section 3(c). In any event, such amounts will not be paid earlier than six months and later than six months and
seven days after the Date of Termination, provided, however, that benefits provided under Section 3(a)(4) shall extend beyond this period pursuant to the terms of such benefits and (ii) to the extent it is determined that Section 409A
of the Code would apply to a benefit under Section 3(a)(4), the Executive shall pay the full cost of such benefit for a period of six months after the Date of Termination, and not earlier than six months and not later than six months and seven
days after the Date of Termination the Company shall reimburse the Executive for the amounts paid by the Executive during such period which are required to be paid by the Company pursuant to Section 3(a)(4). 

4. Limitations on Payments by the Company. Solely for the purposes of the computation of benefits under this Agreement and
notwithstanding any other provisions hereof, payments to the Executive under this Agreement shall be reduced (but not below zero) so that the present value, as determined in accordance with Section 280G(d)(4) of the Code, of such payments plus
any other payments that must be taken into account for purposes of any computation relating to the Executive under Section 280G(b)(2)(A)(ii) of the Code, shall not, in the aggregate, exceed 2.99 times the Executive’s “base
amount,” as such term is defined in Section 280G(b)(3) of the Code. Notwithstanding any other provision hereof, no reduction in payments under the limitation contained in the immediately preceding sentence shall be applied to payments
hereunder which do not constitute “excess parachute payments” within the meaning of the Code. Any payments in excess of the limitation of this Section 4 or otherwise determined to be “excess parachute payments” made to the
Executive hereunder shall be deemed to be overpayments which shall constitute an amount owing from the Executive to the Company with interest from the date of receipt by the Executive to the date of repayment (or offset) at the applicable federal
rate under Section 1274(d) of the Code, compounded semi-annually, which shall be payable to the Company upon demand; provided, however, that no repayment shall be required under this sentence if in the written opinion of tax counsel
satisfactory to the Executive and delivered to the Executive and the Company such repayment does not allow such overpayment to be excluded for federal income and excise tax purposes from the Executive’s income for the year of receipt or afford
the Executive a compensating federal income tax deduction for the year of repayment. 

  
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 5. Withholding Taxes. The Company may withhold from all payments due to the Executive
(or his beneficiary or estate) hereunder all taxes which, by applicable federal, state, local or other law, the Company is required to withhold therefrom. 
 6. Reimbursement of Expenses. If any contest or dispute shall arise under this Agreement involving termination of the Executive’s employment with the Company or involving the failure or
refusal of the Company to perform fully in accordance with the terms hereof, the Company shall reimburse the Executive, on a current basis, for all legal fees and expenses, if any, incurred by the Executive in connection with such contest or
dispute, together with interest in an amount equal to the prime rate from time to time in effect, as published under “Money Rates” in The Wall Street Journal, but in no event higher than the maximum legal rate permissible under
applicable law, such interest to accrue from the date the Company receives the Executive’s statement for such fees and expenses through the date of payment thereof; provided, however, that in the event the resolution of any such
contest or dispute includes a finding denying, in total, the Executive’s claims in such contest or dispute, the Executive shall be required to reimburse the Company, over a period of 12 months from the date of such resolution, for all sums
advanced to the Executive pursuant to this Section 6. 
 7. Operative Event. Notwithstanding any provision herein to
the contrary, no amounts shall be payable hereunder unless and until there is a Change in Control at a time when the Executive is employed by the Company. 
 8. Termination of Agreement. 
 (a) This Agreement shall be effective on the
date hereof and shall continue until terminated by the Company as provided in Section 8(b); provided, however, that this Agreement shall terminate in any event upon the first to occur of (i) termination of the
Executive’s employment with the Company prior to a Change in Control or (ii) the Executive’s death. 
 (b) The
Company shall have the right prior to a Change in Control, in its sole discretion, pursuant to action by the Board, to approve the termination of this Agreement, which termination shall not become effective until the date fixed by the Board for such
termination, which date shall be at least 120 days after notice thereof is given by the Company to the Executive in accordance with Section 11; provided, however, that no such action shall be taken by the Board during any period
of time when the Board has knowledge that any person has taken steps reasonably calculated to effect a Change in Control until, in the opinion of the Board, such person has abandoned or terminated its efforts to effect a Change in Control; and
provided further, that in no event shall this Agreement be terminated in the event of a Change in Control. 
 9.
Scope of Agreement. Nothing in this Agreement shall be deemed to entitle the Executive to continued employment with the Company or its subsidiaries, and if the Executive’s employment with the Company shall terminate prior to a Change in
Control, then the Executive shall have no further rights under this Agreement; provided, however, that any termination of the Executive’s employment following a Change in Control shall be subject to all of the provisions of this
Agreement. 

  
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 10. Successors; Binding Agreement. 

(a) This Agreement shall not be terminated by any merger or consolidation of the Company whereby the Company is or is not the surviving or
resulting corporation or as a result of any transfer of all or substantially all of the assets of the Company. In the event of any such merger, consolidation or transfer of assets, the provisions of this Agreement shall be binding upon the surviving
or resulting corporation or the person or entity to which such assets are transferred. 
 (b) The Company agrees that
concurrently with any merger, consolidation or transfer of assets referred to in Section 10(a), it will cause any successor or transferee unconditionally to assume, by written instrument delivered to the Executive (or his beneficiary or
estate), all of the obligations of the Company hereunder. Failure of the Company to obtain such assumption prior to the effectiveness of any such merger, consolidation or transfer of assets shall be a breach of this Agreement and shall entitle the
Executive to compensation and other benefits from the Company in the same amount and on the same terms as the Executive would be entitled hereunder if the Executive’s employment were terminated following a Change in Control other than by reason
of a Nonqualifying Termination. For purposes of implementing the foregoing payment of compensation and benefits to the Executive, the date on which any such merger, consolidation or transfer becomes effective shall be deemed the Date of Termination.

 (c) This Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive shall die while any amounts would be payable to the Executive hereunder had the Executive continued to live, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to such person or persons appointed in writing by the Executive to receive such amounts or, if no person is so appointed, to the Executive’s estate.

 11. Notice. 
 (a) For purposes of this Agreement, all notices and other communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given when delivered or five days after
deposit in the United States mail, certified and return receipt requested, postage prepaid, addressed (1) if to the Executive, to his most recent address as it appears in the records of the Company, and if to the Company, to Alberto-Culver
Company, 2525 Armitage Avenue, Melrose Park, Illinois 60160, attention of the President, with a copy to the General Counsel or (2) to such other address as either party may have furnished to the other in writing in accordance herewith, except
that notices of change of address shall be effective only upon receipt. 
 (b) A written notice of the Executive’s Date of
Termination by the Company or the Executive, as the case may be, to the other, shall (i) indicate the specific termination provision in this Agreement relied upon, (ii) to the extent applicable, set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated and (iii) specify the termination date (which date shall be not less than 15 days after the giving of such notice). The
failure by the Executive or the 

  
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Company to set forth in such notice any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company hereunder or preclude
the Executive or the Company from asserting such fact or circumstance in enforcing the Executive’s or the Company’s rights hereunder. 
 12. Full Settlement; Resolution of Disputes. 
 (a) The Company’s
obligation to make any payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have
against the Executive or others. In no event shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and, such
amounts shall not be reduced whether or not the Executive obtains other employment. 
 (b) If there shall be any dispute between
the Company and the Executive in the event of any termination of the Executive’s employment, then, unless and until there is a final, nonappealable judgment by a court of competent jurisdiction declaring that such termination was for Cause,
that the determination by the Executive of the existence of Good Reason was not made in good faith, or that the Company is not otherwise obligated to pay any amount or provide any benefit to the Executive and his dependents or other beneficiaries,
as the case may be, under Section 3(a), the Company shall pay all amounts, and provide all benefits, to the Executive and his dependents or other beneficiaries, as the case may be, that the Company would be required to pay or provide pursuant
to Section 3(a) as though such termination were by the Company without Cause or by the Executive with Good Reason; provided, however, that the Company shall not be required to pay any disputed amounts pursuant to this
Section 12(b) except upon receipt of an undertaking by or on behalf of the Executive to repay all such amounts to which the Executive is ultimately adjudged by such court not to be entitled. 

13. Employment with Subsidiaries. Employment with the Company for purposes of this Agreement shall include employment with any
corporation or other entity in which the Company has a direct or indirect ownership interest of 50% or more of the total combined voting power of the then outstanding securities of such corporation or other entity entitled to vote generally in the
election of directors. 
 14. Governing Law; Validity. The interpretation, construction and performance of this Agreement
shall be governed by and construed and enforced in accordance with the internal laws of the State of Illinois without regard to the principle of conflicts of laws. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, which other provisions shall remain in full force and effect. 
 15. Counterparts. This Agreement may be executed in two counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.


  
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 16. Miscellaneous. No provision of this Agreement may be modified or waived unless
such modification or waiver is agreed to in writing and signed by the Executive and by a duly authorized officer of the Company. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. Failure by the Executive or the Company to insist
upon strict compliance with any provision of this Agreement or to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason, shall not be
deemed to be a waiver of such provision or right or any other provision or right of this Agreement. The rights of, and benefits payable to, the Executive, his estate or his beneficiaries pursuant to this Agreement are in addition to any rights of,
or benefits payable to, the Executive, his estate or his beneficiaries under any other employee benefit plan or compensation program of the Company. 
 17. Entire Agreement. This Agreement constitutes the entire agreement between the parties regarding the subject matter hereof and supersedes and terminates all prior agreements, understandings and
representations between the parties with respect to the subject matter hereof, including, without limitation, any severance agreement and any and all amendments thereto. 
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly authorized officer of the Company and the Executive has executed this Agreement as of the day and year first above
written. 
  

			
	ALBERTO-CULVER COMPANY
		
	By:	 	       /s/ Gary P. Schmidt

		 	Name: Gary P. Schmidt
		 	Title: Senior Vice President
	
	KENNETH C. KELLER, JR.
		
	By:	 	       /s/ Kenneth C. Keller, Jr.




  
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