Document:

Form of Key Executive Deferred Compensation Agreement

 Exhibit 10(k) 
  
 KEY EXECUTIVE DEFERRED COMPENSATION AGREEMENT 
  
 THIS AGREEMENT, made and entered into this          day of
                , 2000, by and between ALBERTO-CULVER COMPANY, a Delaware corporation with its principal office located at 2525 Armitage Avenue, Melrose Park,
Illinois 60160 (herein called the “Corporation”), and the key executive (herein called the “Executive”) designated on Exhibit A attached hereto and made a part hereof, which has been executed by the parties; 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Executive has been employed by the Corporation or one or
more of its Subsidiaries; 
  
 WHEREAS, the Corporation
greatly values the efforts and abilities of the Executive and considers him a member of a select management group of the Corporation and its Subsidiaries; 
  
 WHEREAS, the Corporation desires to retain the valuable services of the Executive and reasonably induce him to remain in the employment of the
Corporation or its Subsidiaries until his Retirement; 
  
 NOW,
THEREFORE, in consideration of the Executive’s services heretofore performed and to be performed in the future as well as the mutual covenants herein contained, the parties hereby agree as follows: 
  
 1. Definitions. In addition to other terms defined elsewhere in this
Agreement, the following terms shall have the meanings set forth below for the purposes of this Agreement: 
  
 1.1 “Agreement” shall mean this Key Executive Deferred Compensation Agreement. 
  
 1.2 “Committee” shall mean the committee appointed
by the Board of Directors of the Corporation to administer the arrangements provided in this Agreement. 
  
 1.3 “Subsidiary” shall mean any subsidiary corporation, at least fifty percent (50%) of the issued and outstanding voting stock
and at least fifty percent (50%) of the issued and outstanding non-voting stock of which is owned by the Corporation. 
  

 1.4 “Retirement Age” shall mean the date on which the Executive attains the
retirement age set forth on Exhibit A attached hereto and made a part hereof, at which time the Executive shall retire from the service of the Corporation or the Subsidiary with which he is employed unless the continuance of his service with the
Corporation or any Subsidiary is requested by the Chief Executive Officer of the Corporation (“CEO”), in which event the Executive’s Retirement Age shall be such date as is specified by the CEO, but not beyond two (2) years following
the Retirement Age set forth on Exhibit A hereto. 
  
 1.5 “Retirement” shall mean the event on which the Executive retires from service with the Corporation and all of its Subsidiaries at or following this Retirement Age. 
  
 1.6 “Retirement Date” shall mean the date of the Executive’s Retirement. 
  
 1.7 “Termination of the Executive’s
Employment” shall mean the Executive’s termination of employment with the Corporation and all of its Subsidiaries for any reason, including without limitation the Executive’s resignation or discharge by the Corporation or Subsidiary
with which he is employed, with or without cause, other than because of the Executive’s Retirement, death, Early Retirement, or transfer of the Executive to another of the corporations comprising the Corporation and its Subsidiaries.

  
 1.8 “Early Retirement” shall mean
the event on which the Executive retires from employment with the Corporation and all of its Subsidiaries prior to the Executive attaining his Retirement Age, which is approved in writing by the Committee. 
  

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 2. Retirement Age Benefit. 
  
 2.1 If and only if there has been no Termination of the Executive’s Employment prior to the Executive
attaining his Retirement Age, then, upon the Executive’s Retirement, the Corporation shall pay to the Executive the following: 
  
 (a) If the Executive retires upon attaining his Retirement Age, the amount of deferred compensation set forth on Exhibit A shall be paid
to the Executive in the total number of monthly payments and in the amount of each monthly payment as set forth on Exhibit A attached hereto. 
  
 (b) If the Executive’s Retirement Age is extended by the CEO pursuant to paragraph 1.4 hereof, the total amount of deferred
compensation set forth on Exhibit A shall be paid to the Executive following his Retirement Date in equal monthly payments, but the total number of monthly payments set forth on Exhibit A shall be reduced by the number of months that the
Executive’s Retirement Age was so extended, and the amount of each monthly payment shall be increased, so that the total amount of deferred compensation set forth on Exhibit A is fully paid at the same time it would have been fully paid
pursuant to subparagraph (a) above if the Executive had retired upon attaining his Retirement Age. 
  
 The first payment shall be made within thirty (30) days after the Executive’s Retirement Date and each subsequent payment shall be made monthly
thereafter. 
  
 2.2 If the Executive has the
right to receive payments under paragraph 2.1 hereof, but dies before receiving the total number of payments as specified on Exhibit A hereto, the Corporation shall make the balance of such payments at such times as specified herein to such
individual (or in such proportions to such individuals) as the Executive has designated in writing to the Committee prior to the Executive’s death, until the total number of such payments has been made. In the event the Executive shall fail to
so designate a beneficiary prior to his death, such payments shall be made to the Executive’s surviving spouse, if alive, otherwise to the personal representative of the Executive’s estate. 
  
 2.3 If and only if there has been no Termination of the
Executive’s Employment prior to the Executive attaining his Retirement Age set forth on Exhibit A hereto, and the Executive dies thereafter but prior to his Retirement, the Corporation shall pay to such individual(s) designated by the
Executive, or otherwise as provided in paragraph 2.2 hereof, the total number of monthly payments specified on Exhibit A hereto, the first such payment to be made within thirty (30) days after the date of the Executive’s death and each
subsequent payment to be made monthly thereafter. 
  

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 3. Death Benefit Prior to Retirement Age. If and only if there has been no Termination of the
Executive’s Employment prior to his death, in the event the Executive dies prior to attaining his Retirement Age, the Corporation shall pay to such individual(s) designated by the Executive, or otherwise as provided in paragraph 2.2 hereof, the
total number of payments as specified on Exhibit A hereto, the first such payment to be made within thirty (30) days after the date of the Executive’s death and each subsequent payment to be made monthly thereafter; provided, however, that the
amount of each such monthly payment shall be fifty percent (50%) of the amount otherwise payable as set forth on said Exhibit A. 
  
 4. Early Retirement. In the event of the Early Retirement of the Executive, the Executive shall have no right to receive payments under paragraphs
2 or 3 hereof and the Corporation may pay to the Executive such amounts, if any, and on such terms and conditions (in addition to those provided in paragraph 5 hereof) as the Committee in its sole and absolute discretion may determine; provided,
however, that the total amount of such benefit payments shall not exceed those which otherwise would have been payable to the Executive if he had been entitled to receive payments under paragraph 2.1 hereof. The Committee in its sole and absolute
discretion may commence such payments at any time after the date of such Early Retirement. 
  
 5. Certain Conditions. 
  
 5.1 The payment of all such benefits by the Corporation pursuant to paragraphs 2.1 or 4 hereof is conditioned upon the Executive from time to time rendering such reasonable business consulting and advisory services to
the Corporation or any Subsidiary as the CEO may reasonably deem to be desirable; provided, however, that the Executive shall not be obligated to provide more than eight (8) hours of such services per month during the period benefits are being paid
hereunder without additional compensation, and if the Executive is requested to provide more than eight (8) hours of such services per moth, he shall be compensated for such additional hours at the same rate of base salary as he was receiving at the
time of his Retirement or Early Retirement. Except to the extent reasonably deemed by the CEO to 

  

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be necessary for such services, all such services shall be by telephone or otherwise so as not to require the Executive to travel outside of the metropolitan
area in which he resides. The failure to perform any such services by reason of the Executive’s illness, disability or death shall not be considered a breach of this Agreement. such services shall not require the Executive to be active in the
day-to-day activities of the Corporation or such Subsidiary and it is agreed and understood that the Executive shall perform such services in the capacity of an independent contractor and not as an employee. The Executive shall be reimbursed for all
reasonable and necessary expenses incurred by him in connection with rendering such services upon presentation by him of itemized statements therefor. 
  
 5.2 Notwithstanding anything contained in this Agreement to the contrary, as liquidated damages, the Executive shall not have any right to
received any further payments hereunder and the Corporation shall have no further liability to the Executive or any other person therefor, if during this employment with the Corporation or any Subsidiary or at any time thereafter during the period
benefits are being paid hereunder, the Executive commits an act of Disloyalty to the Corporation or any Subsidiary. “Disloyalty” shall include, but shall not be limited to, fraud, theft, embezzlement, disclosures of secret or confidential
information of the Corporation or any Subsidiary, violation of any agreement with the Corporation or any Subsidiary concerning secrecy or confidentiality of information or, without the prior written consent of the Committee, the Executive, directly
or indirectly, in any manner, requesting, influencing or inducing any employee of the Corporation or any of its Subsidiaries to leave his employment therewith, or, directly or indirectly, being an owner, director, officer, employee, partner or agent
of, or in any way associated with, any business which is in any way competitive with any aspect of the business engaged in by the Corporation or any of its Subsidiaries (other than the ownership of one percent (1%) or less of the outstanding stock
of a corporation whose stock is listed on a national securities exchange or an over-the-counter stock listed by the National Association of Securities Dealers). 
  
 5.3 Notwithstanding that the monthly payments to which the Executive may become entitled hereunder are
payable over an extended period of time or anything else contained in this 

  

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Agreement to the contrary, no interest of any kind shall be payable with respect to any amounts payable hereunder. 
  
 6. No Funding. 
  
 6.1 It is understood and agreed that the Corporation’s
obligations under this Agreement shall be an unfunded and unsecured promise to pay. The Corporation shall not be obligated under any circumstances to fund its obligations hereunder. 
  
 6.2 If the Corporation elects to purchase any insurance covering the life of the Executive, the Corporation
shall be the sole owner and beneficiary thereof and the Corporation shall have the absolute right, in its sole discretion, to terminate such life insurance and to exercise all other incidents of ownership. 
  
 6.3 At no time shall the Executive or any person acquiring a
right to receive payments hereunder be deemed to have any right, title or interest in or to any specified asset or assets of the Corporation, including without limitation, any such life insurance policy or any proceeds thereof. 
  
 6.4 Any such life insurance policy shall not in any way be
considered to be a fund from which the benefits hereunder shall be payable or as security for such payments, but shall be, and remain, a general unpledged, unrestricted asset of the Corporation. Nothing contained herein shall be construed as giving
the Executive or any person acquiring a right to receive payments hereunder any greater rights than those of any other unsecured general creditor of the Corporation. 
  
 6.5 The Executive hereby agrees to submit to any medical examination, supply such information, and execute
such documents as may be required by the insurance company or companies to which the Corporation may from time to time apply for any such insurance. Notwithstanding anything to the contrary contained in this Agreement, in the event that the
Corporation elects to purchase insurance on the life of the Executive and any proceeds thereof are reduced or eliminated on account of the Executive’s suicide, misstatements or false application or for any other reason not the fault of the
Corporation, the Corporation’s obligations hereunder shall be eliminated or reduced as the Committee in its sole and absolute discretion may determine. 
  

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 7. Miscellaneous. 
  
 7.1 Right to Discharge. Nothing contained in this Agreement shall be construed to be a contract of
employment between the parties hereto or as giving the Executive any right to continue in the employ of the Corporation or any Subsidiary, nor shall any provision hereof restrict the right of the Corporation or the Subsidiary with which the
Executive is employed to discharge the Executive, with or without cause, regardless of the effect, if any, that such discharge shall have upon the Executive’s right to receive benefits hereunder. 
  
 7.2 Right to Other Benefits. Nothing contained in
this Agreement shall in any way affect or interfere with the rights of the Employee under any employment contract or to share or participate in the Alberto-Culver Company Employees Profit Sharing Plan or any other profit-sharing, bonus, group life
insurance or similar plan in which he may be entitled to share or participate. 
  
 7.3 Assignment. Neither the Executive, his spouse, nor any other beneficiary under this Agreement shall have any right to commute,
sell, transfer, assign or otherwise convey the right to receive any benefits payable under this Agreement, nor shall any such benefits be subject to the claims of any creditor, any spouse for alimony or support, or other person, or be transferable
by operation of law in the event of bankruptcy, insolvency, or otherwise. 
  
 7.4 Administration. The Committee shall have full power and authority to interpret, construe and administer this Agreement and the payment of benefits hereunder, including authority to determine any dispute or
claim with respect thereto, and the Committee’s interpretations and constructions hereof and actions hereunder made in good faith shall be final, binding and conclusive upon the parties and all other persons for all purposes. No member of the
Committee shall be liable to any person for any interpretation, construction or action taken or omitted in good faith in connection with this Agreement or the benefits hereunder. 
  
 7.5 Withholding Taxes. The Corporation may withhold from any payment made under this Agreement such
amount as it may be required to withhold under any federal, state or other law. 
  

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 7.6 Binding Effect. Subject to the provisions hereof, this Agreement shall be
binding upon and inure to the benefit of the parties hereto, and their respective successors, assigns, designated beneficiaries, heirs and personal representatives. 
  
 7.7 Entire Agreement. This Agreement comprises the entire agreement of the parties hereto and
supersedes all prior agreements and understandings, oral and written, between the parties hereto with respect to the subject matter hereof. 
  
 7.8 Amendments. This Agreement may not be modified or changed except by an instrument or instruments in writing signed by both
parties hereto. 
  
 7.9 Headings. The
headings of the various sections and paragraphs of this Agreement have been inserted for convenience only, are not part of this Agreement, and shall not be deemed in any manner to modify, explain, enlarge or restrict any of the provisions of this
Agreement. 
  
 7.10 Waivers. Failure or
delay on the part of any of the parties hereto to exercise any right, power or privilege hereunder shall not operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege preclude any other or further
exercise thereof of any other right, power or privilege. 
  
 7.11 Gender and Number. Whenever the context requires or permits, words used in the singular shall be construed to mean or include the plural and vice versa, and pronouns of any gender or neuter shall be deemed
to mean or include any other gender and neuter. 
  
 7.12 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois. The parties hereto hereby irrevocably agree that any legal action or proceeding with respect to this
Agreement shall be brought in the courts in the State of Illinois having jurisdiction in the County of Cook or in the courts of the United States of America having jurisdiction in such County, and the parties, for themselves and their successors,
assigns, designated beneficiaries, heirs and personal representatives, hereby irrevocably consent and submit to the exclusive jurisdiction of such State and United States courts. 
  

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 7.13 Effective Date. This Agreement shall not be effective unless and until both
parties have executed and delivered same to each other. 
  
 IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written. 
  

	 ALBERTO-CULVER COMPANY
 (“Corporation”)

		
	By:	 	 
	 	

	 	 	President
	
	  

	(“Executive”)

  

 9 

 EXHIBIT A 
  
 TO 
  
 KEY EXECUTIVE DEFERRED COMPENSATION AGREEMENT 
  

	 Executive
Name

	  	 Date of
Birth

	  	 Retirement
Age

	  	 Amount of
Deferred
Compensation

	  	 Number of
Monthly
Payments

	 	  	 	  	 	  	 	  	 

  

	 ALBERTO-CULVER COMPANY
 (“Corporation”)

		
	By:	 	 
	 	

	 	 	President
	
	  

	(“Executive”)

  

 10 

 SCHEDULE TO FORM OF 
  
 KEY EXECUTIVE DEFERRED COMPENSATION AGREEMENT 
  

	 Executive
Name

	  	 Amount of
Deferred
Compensation

	  	 Number of
Monthly
Payments

	  	 Amount of Each
Monthly
Payment

	 Leonard H. Lavin
	  	$4,000,000	  	120	  	$33,333
	 Howard B. Bernick
	  	$4,500,000	  	180	  	$25,000
	 Carol L. Bernick
	  	$3,000,000	  	180	  	$16,667
	 Michael H. Renzulli
	  	$2,250,000	  	180	  	$12,500
	 William J. Cernugel
	  	$1,125,000	  	180	  	$  6,250

  

 11Copy of the Alberto-Culver Company Deferred Compensation Plan

 Exhibit 10(l) 
  
 ALBERTO-CULVER COMPANY 
 DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS 
  
 (As Amended and Restated) 
 (July 24, 2003) 
  
 1. Purpose. The principal purposes of the Deferred Compensation Plan for
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 in the investments listed from time to time on Annex A hereto (the “Investments”). 
  
 2. Plan Participants. Each director who is not an officer or employee of the Company or any of its subsidiaries shall be a participant under the Plan (“Participant”). 
  
 3. Administration. The Plan shall be administered by the Board of Directors of
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, except for investment management and other fees charged by advisors for managing the Investments. 
  
 4. Director Fee Elections. 
  
 (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 all of the Director Fees in an account (the “Deferred Account”) 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. Participants may also elect to receive one lump sum payment or substantially equal annual installments
(which may fluctuate during this period depending on the performance of the Investments in the Deferred Account), not to exceed five installments, of all amounts deferred. 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. Amounts deferred pursuant to this Section 4(a)(ii) will be deferred on a quarterly basis by taking the
cash value of all Director Fees payable during the quarterly periods ending on the last day of April, July, October and January. Such amounts will be invested in one or more of the Investments pursuant to an investment form (“Investment
Form”). 
  
 (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 April, July, October, and January, divided by the Fair Market Value of a
share of Common Stock on the last trading day of each such quarterly 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. 
  

 1 

 (b) Except as provided in the next paragraph, on or before November 1st 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”). The period beginning each November 1st and ending the following October 31st shall be referred to as a
“Fiscal Year.” A Participant’s elections shall be in increments of 25% with respect to the elections available in Section 4(a) above. Amounts deferred pursuant to Section 4(a)(ii) above may be allocated pursuant to an Investment Form
to specific Investments in whole increments of 1% where the amount deferred pursuant to Section 4(a)(ii) rather than the Director Fees paid shall be considered 100% for purposes of this allocation. 
  
 An Election Form shall remain in effect for subsequent Fiscal Years until a
subsequent Election Form is delivered to the General Counsel before the first day of the Fiscal Year in which 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 Fiscal 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 Fiscal Year in which such form was delivered to the General Counsel). If an Election Form is not in effect for a Participant for a Fiscal 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 Fiscal 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 February 1, May 1, August 1, or November 1, as applicable, following the date such Election Form is delivered to the General Counsel. 
  
 5. Participant Accounts. 
  
 (a) Director Fees deferred pursuant to Section 4(a)(ii) shall be credited to
the Participant’s Deferred Account within two business days of receipt by CIGNA, the trustee. Dividends paid on the Common Stock Fund portion of the Deferred Account (the “Common Stock Fund”) pursuant to Section 4(a)(ii) shall be
credited to the Guaranteed Income Fund. 
  
 (b) Deferred Accounts
pursuant to Section 4(a)(ii) shall be held in a Rabbi Trust (the “Trust”) by CIGNA Bank & Trust Company, FSB (“CIGNA”), as trustee. The Company shall be the beneficiary of the Trust, which will contain the actual Investments.
The Trust will be subject to the terms of a trust agreement between the Company and CIGNA. Participants may elect to transfer between the Investments only during the 5 business days of each quarterly period beginning on the third business day of
February, May, August and November. All transactions involving the transfer into or out of the Common Stock Fund must be approved in advance by either the Chairman, CEO or Treasurer plus the General Counsel. Transfers into and out of
Investments may be done in whole increments of 1%. 
  
 6.
Distributions. 
  
 (a) Subject to Sections 6(b), 6(c)
and 6(d), the entire balance of a Participant’s Deferred Account shall be paid on the date(s) specified in the Participant’s last Election Form made pursuant to Section 4. Except for the Common Stock Fund which will be payable in shares or
cash at the option of the Participant, all amounts in the Deferred Account shall be payable in cash on the dates specified in Section 4. The election to take the balance 

  

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deferred in the Common Stock Fund in cash or Common Stock may be made at any time by the Participant (or in the event of the Participant’s death, the
appropriate person determined in accordance with Section 6(b)) before the date of such scheduled distribution. In the absence of a valid election, amounts deferred in the Common Stock Fund shall be paid in Common Stock and cash for any fractional
shares. 
  
 (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, all Investments in such Participant’s Deferred Account, except the
Common Stock Fund which may be distributed in Common Stock or cash at the election of the Participant’s designated beneficiary, spouse or estate, as described below, shall be distributed in cash 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 Deferred Account (excluding any amounts in the Common Stock Fund) 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 Deferred Account (other than the Common Stock
Fund) 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 and cash for any fractional shares
equal to the entire number of shares of Common Stock contained in each Participant’s Common Stock Fund shall be distributed as soon as reasonably practicable after the occurrence of the Change in Control. The cash value of any Director Fees
earned but not yet invested or paid pursuant to Section 4(a), 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 2003 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 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 Deferred Account as determined as of the effective
date of such amendment, suspension or termination, or (ii) directly or indirectly reduce the balance of any Deferred 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, (a) distribution of balances in all Deferred Accounts (other than the Common Stock Fund) shall be made to the Participant or their designated beneficiary, spouse or estate, as the case may be,
in cash and (b) the number of shares of Common Stock in the Common Stock Fund shall be made to Participants or their designated beneficiaries, spouses or estates, as the case may be, in a single lump sum cash payment or in shares of Common Stock and
cash for any fractional shares equal to the number of shares in such Participant’s Common Stock Fund at the election of such Participant, designated beneficiary, spouse or estate, 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 Deferred Accounts of Participants after termination of the Plan. 
  
 8. Transition Rules. As of the effective date of the amended and restated Plan (July 24, 2003), Directors have elected, as of January 1, 2003, to either
defer 100% of their Director’s Fees in Stock Units (as defined in the Plan 

  

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prior to the July 24, 2003 amendments) or take their Director Fees in cash. Notwithstanding anything to the contrary contained herein, on or before September
30, 2003, Participants will need to complete a new Election Form for Director Fees accruing on and after November 1, 2003. The new Election Form shall cancel any previous Election Forms currently on file with the Company with respect to the period
on and after November 1, 2003 for calender year 2003. If an Election Form is not filed with the General Counsel by September 30, 2003, the Participant shall be deemed to have elected the option specified in Section 4(a)(i) until a completed Election
Form has been delivered to the General Counsel and has become effective. 
  
 Director Fees accruing after June 30, 2003 and before November 1, 2003 will be paid in cash or invested in Stock Units pursuant to elections on file with the Company as of January 1, 2003 and in accordance with the
Plan as in effect prior to the July 24, 2003 amendments, except as follows: 
  
 (a) The annual retainer portion of Directors Fees payable in cash for the period of October 1, 2003 through October 31, 2003 shall be paid on October 31, 2003 in the amount of 8.33% of the annual retainer. 

 

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 (b) Directors Fees payable in Stock Units shall be paid on October 31, 2003 and shall be equal to those
number of Stock Units calculated by taking the cash value of (i) all Directors Fees and (ii) cash dividends the Participant would have received had he 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 Stock Unit Account (as defined in the Plan prior to the July 24, 2003 amendments), in each case payable from July 1, 2003 through October 31, 2003 and dividing such amount by the Fair Market Value of a share of
Common Stock on October 31, 2003. 
  
 9. General Provisions.

  
 (a) 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 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 not be taken
from the authorized but unissued 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 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. 
  

	ANNEX A
	
	Deferred Compensation Plan for Non-Employee Directors
	
	Investment Fund Choices
			
	 Asset Class

	  	 Style

	  	 Investment Fund Name

	 Large Cap
	  	Value	  	Large Cap Value/John A. Levin & Co. Fund
			
	 	  	Index	  	S&P 500 Index Fund
			
	 	  	Growth	  	Large Cap Growth/Morgan Stanley Fund
	

	 Mid Cap
	  	Value	  	American Century Equity Income
			
	 	  	Growth	  	Artisan Mid Cap
	

	 Small Cap
	  	Value	  	Small Cap Value/Berger Fund
			
	 	  	Growth	  	Small Cap Growth/TimesSquare Fund
	

	 International
	  	Growth	  	American Century International Growth
	

	 Balanced
	  	Value	  	Gabelli Westwood Balanced
	

	 Fixed Income
	  	Stable
Value	  	Guaranteed Income Fund
	

	 Company Stock
	  	Hybrid	  	Alberto-Culver Company Class B Common Stock

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