Document:

EXHIBIT 10.49

 

POLICY ON REIMBURSEMENT

OF INCENTIVE COMPENSATION

 

WHEREAS, section 304 of the Sarbanes-Oxley Act of 2002 already requires
the Chief Executive Officer and the Chief Financial Officer of 3M Company to
reimburse the Company for certain incentive compensation they receive and
profits they realize on the sale of Company securities during the 12-month
period following the issuance by the Company of a financial report that, due to
misconduct, is materially noncompliant with the federal securities laws; and

 

WHEREAS, the Board of Directors of the Company believes it would be in
the best interests of the Company to adopt a policy on reimbursement or
forfeiture of incentive compensation paid or provided to more of the Company’s
executives and that permits the Company to seek reimbursement in circumstances
where there is a material restatement of financial results filed with the
Securities and Exchange Commission, but where misconduct has not occurred;

 

RESOLVED, that the Board shall, in all appropriate circumstances, as
determined in its discretion, and to the extent permitted by governing law,
require reimbursement or forfeiture of any annual incentive payment or
long-term incentive compensation provided to an Executive where:

 

(1)                                 the payment or
compensation was predicated upon achieving certain financial results that were
subsequently the subject of a material restatement of Company financial
statements filed with the Securities and Exchange Commission; and

 

(2)                                 The amount of
such payment or compensation would have been lower based upon the restated
financial results.

 

In
each such instance, the Company will, to the extent practicable, seek to
recover from the individual Executive the amount(s) by which the
individual Executive’s incentive payments or compensation for the relevant
periods exceeded the amount(s) that would have been made based on the
restated financial results.  If the
Executive does not reimburse the Company for such amounts, the Company, among
other remedies, may elect to recover the amount(s) by offsetting other
amounts due or which may come due to the Executive under other compensation
plans or programs.

 

In
determining whether, in its discretion there are appropriate circumstances to
require such reimbursement or forfeiture, the Board will consider all the facts
and circumstances relating to the material restatement, including the extent to
which an Executive acted in the normal course of the Executive’s duties and in
good faith based on facts known to the Executive at the time.  Further, except in cases where the financial
results subject to the material restatement were inaccurate due to the
Executive’s misconduct, the right to recovery shall be limited to compensation
actually paid or provided during the three years prior to the date on which the
company commences steps that ultimately lead to the filing of the material
restatement.

 

FURTHER RESOLVED, That in addition to any other reimbursement or
forfeiture described elsewhere in this Policy, the Company may require an
Executive to reimburse the Company for profits the Executive realizes on the
sale of Company securities during the 12-month period following the issuance by
the Company of a financial report that, due to the Executive’s misconduct, is
materially noncompliant with the federal securities laws.

 

For
purposes of this policy, the term “Executive” means a current or former
employee who is or was (1) an executive officer for purposes of the
Securities Exchange Act of 1934, as amended, or (2) a senior executive of
the Company at the L1 level.

 

This
revised Policy shall take effect on May 11, 2010 and apply to any annual
incentive payment or long-term incentive compensation paid or provided to an
Executive on or after the effective date. 
Any annual incentive payment or long-term incentive compensation awards
paid or provided to an Executive prior to May 11, 2010 shall be subject to
the Policy on Reimbursement of Incentive Payments previously in effect.

 

1Exhibit 10.1

 

August 2, 2010

 

Dear Emilia:

 

It is a pleasure to present this offer letter regarding your joining
the bebe team. The following details summarize your position, compensation,
benefits, and other pertinent information relative to your employment with bebe
stores, inc. (“Employer” or “Company” or “bebe”).

 

1.                                      Effective
Date of Agreement:  This
Agreement will be effective once fully executed.

 

2.                                      Position:

 

You will be employed as President of bebe stores, inc.  You will work in our Los Angeles Design
Studio (and will need to travel from time to time) and will have direct
responsibility for the bebe division, including its merchandising, design,
planning and allocation, on-line sales, production, marketing and retail
planning.  You will report to Manny
Mashouf, provided that if Manny Mashouf is no longer serving as the CEO or
Chairman of the Company and no longer controls the Company, you shall be
required to report only to the Company’s Board of Directors.  You will provide your best efforts and all of
your business time toward the fulfillment of your duties hereunder.  For clarity and not intended as an exhaustive
list, you will not be responsible over the COO/CFO and any areas governed under
that role, nor for the 2b bebe division. 
Your start date will be August 9, 2010 (“Start Date”).

 

3.                                      Sign-On Bonus:

 

Within 30 days of the Effective Date, you will be paid a sign-on bonus
in the amount of $150,000 (grossed up for tax and withholding purposes so that
you shall net $150,000 after the payment of all applicable federal and state
taxes and withholdings) (“Sign-On Bonus”). Should you resign or be separated
from the Company for “Cause” (as defined below) within 12 months of your Start
Date, you shall repay the pro-rata share of said Sign-On Bonus, calculated
based on the amount of months remaining until said 12 months has elapsed
divided by said 12 months.

 

4.                                      Compensation:

 

We are offering you the following compensation package:

 

a.                                      Base
Salary:

 

Your base salary will be $600,000.00 per year.  Salaries are earned and paid in bi-weekly
increments.

 

b.                                      Bonus:

 

Fiscal Year 2011 — you will receive 50% of your base salary should the
goals as established by the board for you be achieved.  If achieved, bonus earned per the plans terms
for fiscal year 2011 will be prorated based on your hire date.  For Fiscal Years 2012 and beyond, you will be
eligible for bonuses per the bebe discretionary bonus plan and per the goals to
be set by the board. To be eligible for bonus for any fiscal year, you must be
employed at the time of bonus pay out for that fiscal year.

 

c.                                       Stock
Options:

 

I.
Time Vest Options:

 

After acceptance of this offer and upon your Start Date you would
receive an option to purchase 200,000 shares of bebe common stock, subject to
vesting and other standard provisions of the company’s 1997 Stock Plan, as
amended, including vesting over 4 years on a 20/20/30/30 percent yearly
basis.  The grant date and consequently the Fair Market Value (FMV) or
exercise/strike price, would be set as of the market closing price on your
Start Date.

 

 

II. Time Based Restricted Stock Units (TBRSU’s):

 

After
acceptance of this offer and upon your Start Date, you would be granted
$375,000 worth of TBRSUs which will vest 1/3, 1/3 and 1/3 on each of your 1st, 2nd and 3rd anniversaries
(of your Start Date) respectively. The number of TBRSU’s granted and the fair
market value of said stock shall be calculated at the closing price on your
Start Date.  You must be employed on any
of the 1st, 2nd or 3rd anniversaries
of your Start Date for vesting of the relevant 1/3 RSUs as described above, to
vest.

 

III. 
Notwithstanding the foregoing, and with the exception noted below, upon a
Change in Control as defined in the Company’s 1997 Stock Plan Section 13(b),
all options and RSUs referenced in this offer letter shall accelerate,
vest and issue.  However, in the case
where (a) the company is not privately held, (b) Manny Mashouf
control less than 50% of the outstanding shares but still retains directional
authority over the company and his position as Chairman of the Board, and (c) no
other person or entity owns more shares than Manny owns, this would not qualify
as a Change in Control for purposes of this paragraph c(III).

 

5.                                      Benefits:

 

a.                                      Employee
Stock Purchase Plan:

 

You will be eligible to
participate in the Employee Stock Purchase Plan.

 

b.                                      bebe
Benefits Plan:

 

I.              You will be eligible to
participate in the bebe Benefits Plan. 
You will be subject to the group program’s terms and provisions,
limitations, exclusions, and the Company’s eligibility requirements, which will
be explained to you during the benefits orientation.  Generally, you will receive substantially the
same benefits as are provided to other senior executive officers of bebe stores,
inc.

 

II.         For bebe executives, paid time
off (PTO) is discretionary and will not be accrued. The opportunity to take PTO
is contingent upon the executive’s workload and ability to manage their
schedule. As such, you will be eligible to take a maximum of 18  days
of PTO per year, and 5 personal days.

 

6.                                      At-Will
Employment:

 

bebe stores, inc.’s employment relationship with employees is an “at-will”
arrangement where the employment relationship is voluntary and based on mutual
consent.  You may leave your employment
at any time, and bebe stores, inc.  reserves the
right to terminate your employment at any time, with or without cause.  Nothing said to you or promised to you by
anyone other than a specific, written agreement signed by the Chief Executive
Officer of the Company will change this at-will arrangement

 

7.                                      Company
Policies:

 

As an employee of bebe stores, inc.,  you
will be subject to and required to adhere to all of the company’s policies and
procedures pertaining to its employees, all of which shall be subject to
interpretation and change from time to time at the sole discretion of the
Company.  This includes, among others,
all policies relating to standards of conduct, conflicts of interest, insider
trading and compliance with the company’s rules and regulations.

 

8.                                      Arbitration
Agreement: You agree that if any disputes should arise between
you and bebe stores, inc. (including claims against its employees, officers,
directors, shareholders, agents, successors and assigns) relating or pertaining
to or arising out of your employment with bebe, the dispute will be submitted
exclusively to binding arbitration before a neutral arbitrator.  This means that disputes will be decided by
an arbitrator rather than a court or jury, and that both you and bebe stores,
inc.  waive our rights to a court or jury
trial.  You 

 

 

understand that the arbitrator’s decision will be final and exclusive,
and cannot be appealed.  bebe shall
choose the arbitration association/entity and such arbitration shall take place
in Los Angeles California.

 

You agree that all disputes between you and bebe stores, inc.  are covered by this Arbitration Agreement to the fullest
extent permitted by law.  This includes
claims for wrongful discharge, discrimination, harassment, and any injury to
your physical, mental, or economic interests. 
Also, you agree that all disputes are covered by this Arbitration
Agreement whether based on claimed violations of statutory, contractual, or
common law rights.

 

Disputes between you and bebe stores, inc.  that  are not covered by this Agreement include claims for
unemployment insurance or workers’ compensation, and claims under the National
Labor Relations Act or those heard exclusively by the Labor Commissioner.  This Agreement does not interfere with either
party’s right to pursue a provisional remedy in court pursuant to California
Code of Civil Procedure, section 1281.8.

 

The arbitration shall be conducted in accordance with the rules set
forth in the Code of Civil Procedure, section 1280 and following (and any
successor statute).  The parties may engage
in discovery pursuant to C.C.P. 1283.05. 
They have the right to be represented by an attorney or representative
of their choosing.  The arbitrator’s
decision will be rendered in writing, and shall provide the legal and factual
basis for the decision.  This agreement
to arbitrate survives the termination of your employment with bebe.  The arbitrator shall have the authority to
award all remedies that would otherwise be available under applicable law in
court, but no more than that, with respect to the claims in question.  In addition, the parties agree to share
equally in paying the arbitrator’s fees and expenses, as well as the cost, if
any, of the room where the arbitration hearing is conducted.  However, each party shall pay their own
attorneys’ fees; except the arbitrator shall have the authority to award
reasonable attorneys’ fees and costs to the prevailing party where allowed by
statute.

 

9.                                      Work
Eligibility Documents:

 

As a condition of your employment with bebe stores, inc., you will be
required to provide evidence of your identity and eligibility for employment in
the United States.  It is required that
you bring the appropriate documentation with you at the time of employment.  You also agree your employment is subject to
clearance of background checks, to which you agree to submit.

 

10.                               Termination Prior to Expiration of term
and effects of such termination:

 

Notwithstanding any other provisions of this Agreement, Employer shall
have the right to terminate Employee’s employment under this Agreement at any
time for any of the following:

 

(i) For
“Cause”, upon the determination by Manny Mashouf  (or in the case of Mr. Mashouf’s
absence, the Employer’s Board of Directors) that “Cause” exists for the
termination of the employment relationship. The term “Cause” shall mean [a]
Employee’s gross negligence or willful misconduct in the performance of the
duties and services required of Employee pursuant to this Agreement; [b]
Employee has been convicted of a felony; [c] Employee has willfully refused without
proper legal reason to perform the duties and responsibilities required of
Employee under this Agreement which remains uncorrected for thirty (30) days
following written notice to Employee by Employer of such breach; [d] Employee’s
involvement in a conflict of interest which is defined as any direct or
indirect interest in, connection with, or benefit from any outside activities,
particularly commercial activities, which interest might in any way adversely
affect Employer or any of its divisions, or involves a possible conflict of
interest as reasonably determined by the Company in good faith and for which
Employer makes a determination to terminate the employment of Employee which
remains uncorrected for thirty (30) days following written notice to Employee
by Employer of such breach; [e] 

 

 

Employee
has engaged in conduct that Employee knows or should know is materially
injurious to Employer, or any of its respective divisions; [f] Employee’s
breach of any provision of this Agreement or corporate code or policy which
remains uncorrected for thirty (30) days following written notice to Employee
by Employer of such breach, or [g] Employee violates the Foreign Corrupt
Practices Act or other applicable United States law.  It is expressly acknowledged and agreed that
the decision as to whether “Cause” exists for termination of the employment
relationship by Employer is delegated to Manny Mashouf (or in the case of Mr. Mashouf’s
absence, to the Employer’s Board of Directors);

 

(ii) for
any reason not stated in Section 10(i), (iii) or (iv), including
without cause;

 

(iii) upon
Employee’s death; or

 

(iv) upon
Employee’s becoming disabled so as to entitle Employee to benefits under bebe’s
long-term disability plan or, if Employee is not eligible to participate in
such plan, then Employee is permanently and totally unable to perform Employee’s
duties for Employer as a result of any medically determinable physical or
mental impairment as supported by a written medical opinion to the foregoing
effect by a physician selected by Employer.

 

10.1 The termination of Employee’s employment by
Employer shall constitute a termination “for Cause” if made pursuant to Section 10(i) and
also Section 10 (iii) or (iv). The effect of such termination is as
follows:

 

(i) If
Employee’s employment hereunder shall be terminated by Employer for Cause, all
compensation and all benefits shall cease and terminate as of the date of
termination.  Employee shall be entitled
to her earned but unpaid base salary through the date of such termination, but
Employee shall not be entitled to any individual bonuses or individual
incentive compensation not yet paid or vested at the date of such termination.

 

(ii) Upon
termination of the employment relationship as a result of Employee’s death,
Employee’s heirs, administrators, or legatees shall be entitled to any earned
but unpaid base salary through the date of such termination, but Employee’s
heirs, administrators, or legatees shall not be entitled to any individual
bonuses or individual incentive compensation not yet paid or vested to Employee
at the date of such termination.

 

(iii) Upon
termination of the employment relationship as a result of Employee’s
incapacity, Employee shall be entitled to her earned but unpaid base salary
through the date of such termination, but Employee shall not be entitled to any
individual bonuses or individual incentive compensation not yet paid or vested
to Employee at the date of such termination.

 

(iv) Upon
a resignation or abandonment or other termination of the employment
relationship by Employee (“Voluntary Termination”), without Good Reason (as
defined below), all compensation and benefits shall cease and terminate as of
the date of termination.  Employee shall
be entitled to her earned but unpaid base salary through the date of such
termination, but Employee shall not be entitled to any individual bonuses or
individual incentive compensation not yet paid or vested at the date of such
termination.

 

10.2        Employee
shall have the right to terminate employment with Good Reason.  For purposes of this offer letter, “Good
Reason” means any of the following, without the Employee’s consent: (a) a
material and adverse change in duties (as described in Section 2 above); (b) a
reduction in base compensation; or (c) a relocation of Employee’s
principal workplace to outside Los Angeles County during the first 4 years of
employment.  Notwithstanding the
foregoing, the Employee shall not be treated as terminating her 

 

 

employment
for Good Reason  unless: (i) Employee terminates this Agreement no
later than 6 months following the initial existence of one or more of the
above-referenced conditions; and (ii) the Employee provides to the Company
a written notice of the existence of the above-referenced condition(s) within
90 days following the initial existence of such condition(s) and the
Company fails to remedy such condition(s) within 30 days following the
receipt of such notice.

 

11.                               Severance:

 

In
the event that the company terminates you under Section 10(ii), or in the
event you terminate your employment (i) with Good Reason pursuant to Section 10.2
or (ii) based on the Company’s material breach under this agreement (and
in either such event, after employee has provided company notice of said breach
and 30-days to cure and such breach remains uncured), and you have signed a
full release of all claims you have or may have against the Company, you will
be entitled to receive, as your sole compensation, consideration and benefit,
base salary continuation (payable on the company’s normal pay schedule) for a
12-month period following such termination. 
For clarity and not as an exhaustive list (and except as specifically
provided in the second paragraph of this Section 11 related to such
termination which occurs within the first 12 months of your employment), in
such case you shall not be entitled to any individual bonuses or individual
incentive compensation not yet paid or vested at the date of such
termination.  However, if you are
employed through the end of a particular fiscal year, but such termination as
described in this Section 11 occurs sometime thereafter but before bonuses
for that fiscal year are to be paid out, and you are deemed to have earned a
bonus (or portion of bonus) and would have been paid such bonus (or portion
thereof) but for the fact you were not employed at the time of payout, you
would be entitled to such bonus (or portion thereof).

 

Notwithstanding
the above, if termination occurs per this paragraph 11 during the first 12
months of your employment, 40,000 (or 20%) of the Time Vest Options and
$125,000 worth of your TBRSUs shall immediately vest and be issued.

 

12.                               Other:

 

12.1         You represent and warrant to the Company that there are no
restrictions, agreements or understandings whatsoever to which you are a party
that would prevent or make unlawful your execution of this Agreement, that
would be inconsistent or in conflict with this Agreement or Executive’s
obligations hereunder, or that would otherwise prevent, limit or impair the
performance by Executive of her duties under this Agreement.  You agree to defend, indemnify and hold
harmless bebe in the case of a claim made against bebe which alleges contrary.

 

12.2         Counterparts; Facsimile . This Agreement may be executed in
multiple counterparts (including by facsimile signature), each of which will be
deemed to be an original, but all of which together will constitute but one and
the same instrument.

 

12.3         Confidentiality and Restrictive
Covenants.

 

In the course of your employment with the Company,
you will be provided with access to the Company’s trade secrets and
confidential information. In an effort to protect the Company’s trade secrets
and confidential information, among other reasons, you agree as follows:

 

You
shall not disclose any Confidential Information to any third-party or use any
Confidential Information for any purposes other than as authorized by the
Company.

 

 

You
agree not to disclose to Company or use for its benefit any confidential
information that you may possess from any prior employers or other sources
which is their Confidential Information and/or if you are otherwise restricted
from so using.

 

Upon
your separation from the Company for any reason, you agree to immediately
return all materials and Confidential information.

 

You
acknowledge the Company has spent considerable time and expense building teams,
personnel, sources and partnerships with 3rd parties, and
as part of this agreement, you agree that for a period of 12-months from the
date of your separation (again, separation for any reason), you will not induce
or solicit or otherwise aid or assist in any way, directly or indirectly, any
bebe employee to leave his or her position with the Company nor will you induce
or attempt in any way for one of its suppliers or 3rd party
partners to change its relationship with bebe. 
Nothing herein stated shall preclude you from hiring any person who has
not been employed by the Company for at least 12 months.

 

In
the specific case as outlined in Section 11 above, and for only the
12-month period during which you would be paid by the bebe pursuant to that
Section, you agree you will not work for, consult with or otherwise assist any
other apparel related company.  If you do
so, the Company’s sole remedy shall be that you shall no longer be entitled to
the payments described in Section 11.

 

You
agree to disclose these restrictive covenants with any future employer or
entity with whom you are doing business for a period of 12-months following
your separation with the Company (again, separation for any reason).

 

For
purposes of this paragraph “Confidential Information” means any information the
Company regards as confidential or proprietary and which you learn or develop
during or related to your employment, including, but not limited to, the
Company’s products, suppliers, pricing, costs, sourcing, design, fabric,
processes and methods of operation, marketing plans, projections, financial
information, manuals and other guide tools, trade secrets and other information
that may provide bebe with a competitive advantage, software, systems and all
IT information and material, the names and addresses of the Company’s
employees, agents, factories, suppliers, licensees and other 3rd party partners.

 

You
agree to assign the Company any right you may have in any Confidential
Information.

 

12.4         Severability. 
Whenever possible, each provision of this Agreement will be interpreted
in such manner as to be effective and valid under applicable law. However, if
any provision of this Agreement is held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability will not affect
any other provision, and this Agreement will be reformed, construed and
enforced as though the invalid, illegal or unenforceable provision had never
been herein contained.

 

12.5         Section 409A
Compliance.

 

(I) 
GENERAL. IT IS THE INTENTION OF BOTH THE COMPANY AND THE EMPLOYEE THAT THE
BENEFITS AND RIGHTS TO WHICH THE EMPLOYEE IS ENTITLED PURSUANT TO THIS
AGREEMENT COMPLY WITH SECTION 409A OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED, AND THE REGULATIONS ISSUED THEREUNDER (COLLECTIVELY “CODE SECTION 409A”)
TO THE EXTENT THAT THE 

 

 

REQUIREMENTS
OF CODE SECTION 409A ARE APPLICABLE THERETO, AND THE PROVISIONS OF THIS
AGREEMENT SHALL BE CONSTRUED IN A MANNER CONSISTENT WITH THAT INTENTION. 
IF THE EMPLOYEE OR THE COMPANY BELIEVES, AT ANY TIME, THAT ANY SUCH BENEFIT OR
RIGHT THAT IS SUBJECT TO CODE SECTION 409A DOES NOT SO COMPLY, THE PARTIES
SHALL NEGOTIATE REASONABLY AND IN GOOD FAITH TO AMEND THE TERMS OF SUCH BENEFITS
AND RIGHTS SUCH THAT THEY COMPLY WITH (OR ARE EXEMPT FROM) CODE SECTION 409A.

 

(II) 
DISTRIBUTIONS ON ACCOUNT OF SEPARATION FROM SERVICE.  TO THE EXTENT
REQUIRED TO COMPLY WITH CODE SECTION 409A, ANY PAYMENT OR BENEFIT REQUIRED
TO BE PAID UNDER THIS AGREEMENT ON ACCOUNT OF TERMINATION OF THE EMPLOYEE’S
EMPLOYMENT, SERVICE (OR ANY OTHER SIMILAR TERM) SHALL BE MADE ONLY IN
CONNECTION WITH A “SEPARATION FROM SERVICE” WITH RESPECT TO THE EMPLOYEE WITHIN
THE MEANING OF CODE SECTION 409A (A “SEPARATION FROM SERVICE”), AND ANY
SUCH PAYMENT OR BENEFITS SHALL NOT BE PAID UNTIL THE SIXTIETH (60TH) DAY
FOLLOWING THE EMPLOYEE’S SEPARATION FROM SERVICE.  ANY PAYMENTS THAT WOULD HAVE BEEN MADE TO THE
EMPLOYEE DURING THE SIXTY (60) DAY PERIOD IMMEDIATELY FOLLOWING THE SEPARATION
FROM SERVICE BUT FOR THE PRECEDING SENTENCE SHALL BE PAID TO THE EMPLOYEE ON
THE SIXTIETH (60TH) DAY FOLLOWING THE EMPLOYEE’S SEPARATION FROM SERVICE AND
THE REMAINING PAYMENTS SHALL BE MADE AS PROVIDED HEREIN.

 

(III) 
SIX MONTH DELAY FOR SPECIFIED EMPLOYEES.  IN THE EVENT THAT THE EMPLOYEE
IS A “SPECIFIED EMPLOYEE” (AS DESCRIBED IN CODE SECTION 409A) AT THE TIME
OF HER SEPARATION FROM SERVICE, AND (A) ANY PAYMENT OR BENEFIT PAYABLE
PURSUANT TO THIS AGREEMENT CONSTITUTES DEFERRED COMPENSATION UNDER CODE SECTION 409A,
AND (B) THE COMPANY DETERMINES (AFTER CONSULTATION WITH ITS COUNSEL) THAT
SUCH PAYMENT OR BENEFIT IS SUBJECT TO THE SIX-MONTH DELAY REQUIREMENT DESCRIBED
IN CODE SECTION 409A(2)(B) IN ORDER FOR SUCH PAYMENT OR BENEFIT TO
COMPLY WITH THE REQUIREMENTS OF CODE SECTION 409A, THEN NO SUCH PAYMENT OR
BENEFIT SHALL BE MADE BEFORE THE DATE THAT IS SIX MONTHS AFTER THE EMPLOYEE’S
SEPARATION FROM SERVICE (OR, IF EARLIER, THE DATE OF THE EMPLOYEE’S
DEATH). ANY PAYMENT OR BENEFIT DELAYED BY REASON OF THE PRIOR SENTENCE SHALL BE
PAID OUT OR PROVIDED IN A SINGLE LUMP SUM AT THE END OF SUCH REQUIRED DELAY
PERIOD IN ORDER TO CATCH UP TO THE ORIGINAL PAYMENT SCHEDULE.

 

(IV) 
TREATMENT OF EACH INSTALLMENT AS A SEPARATE PAYMENT.  FOR PURPOSES OF
APPLYING THE PROVISIONS OF CODE SECTION 409A TO THIS AGREEMENT, EACH
SEPARATELY IDENTIFIED AMOUNT TO WHICH THE EMPLOYEE IS ENTITLED UNDER THIS
AGREEMENT SHALL BE TREATED AS A SEPARATE PAYMENT.  IN ADDITION, TO THE
EXTENT PERMISSIBLE UNDER CODE SECTION 409A, ANY SERIES OF INSTALLMENT
PAYMENTS UNDER THIS AGREEMENT SHALL BE TREATED AS A RIGHT TO A SERIES OF
SEPARATE PAYMENTS.

 

(v)
Reimbursement of Expenses. To the extent that any reimbursements provided under
this Agreement constitute deferred compensation under Code Section 409A,
such reimbursements shall be made or provided in accordance with the
requirements of Code Section 409A, including, where applicable, the
requirement that (A) the amount of expenses eligible for reimbursement during
a calendar year may not affect the expenses eligible for reimbursement in any
other calendar year, provided however, that reimbursement of expenses referred
to in Code Section 105(b) shall not fail to meet the requirement of this
paragraph solely because such arrangements provide for a limit on the 

 

 

amount
of expenses that may be reimbursed under such arrangements over some or all of
the period in which such arrangements remain in effect, (B) the reimbursement
of an eligible expense will be made on or before the last day of the calendar
year following the year in which the expense is incurred, and (C) the
Employee’s right to such  reimbursement
shall not be subject to liquidation or exchange for any other benefit.

 

This offer letter supersedes any prior discussions, agreements, understandings,
offers or statements made to you during the interview process.  This offer letter and referenced materials
represent the entire agreement regarding your position with bebe.  If you are in agreement with the provisions
of this employment offer, please sign, date, and return the original of this
letter to the CEO, acknowledging your understanding and acceptance; retain a
copy for your records. Again, the Effective Date of this agreement is stated in
paragraph 1 above.

 

We are excited about you joining the team at bebe
stores, inc., and I look forward to working with you.

 

ACKNOWLEDGEMENT
AND ACCEPTANCE

 

My signature below acknowledges my understanding and acceptance of the
terms and conditions set forth in this letter.

 

 

	
  /s/
  Emilia Fabricant

  	
   

  	
  August 2,
  2010

  
	
  Emilia
  Fabricant

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Manny Mashouf

  	
   

  	
  August 2,
  2010

  
	
  Manny Mashouf, Chairman & CEO

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