Document:

Exhibit 10.23

 

Monday,
June 04, 2007

To:
Tom Curtis

Re:
CONFIDENTIAL EMPLOYEE TRANSITION AGREEMENT

If accepted by you, this letter sets forth the terms
of your separation from bebe Stores, Inc. (“Employer”) as Sr. Vice President of
BEBESPORT, and includes a General Release of Claims. WHEREFORE, the parties
agree as follows:

1.             Separation Date. Curtis
agrees to resign as Sr. Vice President of BEBESPORT. Curtis’s employment with the
Employer terminates on June 29, 2007.

2.             Compensation.  Subject to and contingent upon Curtis’ Full Participation
and Performance (“Full Participation and Performance”) through June 29, 2007, Curtis
will be paid full wages through June 29, 2007 (Curtis will not be eligible for
bonus for fiscal 2007).

(a)                            Full
Participation and Performance
is defined as, but not limited to, ensuring that (1) the merchandise
assortments for July, August and September of 2007 are in place, (2) Curtis supports
and participates in the recruitment and hiring of a Merchant and Design team
for BEBESPORT and (3) The BEBESPORT nail-it calendar is being adhered to and
deadlines for all deliverables are being met through June 29, 2007 (4) Execute
all management responsibilities commensurate with the job (5) Sufficient and
prompt attendance at work in order to perform all functions of the job.

(b)                           
If Curtis fails, as determined by the C.E.O, to fully participate and perform
for the duration of his employment, employer will have the option terminate and
nullify this agreement and Curtis’s employment will be terminated immediately.

3.             In consideration of your agreement
with the terms set forth in this letter, including your agreement (i) to
continue your employment with the Company through the June 29, 2007 and (ii) to
sign and deliver to the Company on June 29, 2007 the General Release and Non-Solicitation/Non-Compete
Agreement attached to this letter as Exhibit A, the Company agrees to the
following:

4.             Transition
Package.  In order to assist Curtis in
the transition to other employment, and in exchange for his Full Participation
and Performance through June 29, 2007 and his general release of all claims and
other promises in this Agreement, Employer agrees to provide Curtis with the
following “Transition Package”:

a.               Curtis
will be paid his regular gross salary less legally required or authorized
payroll withholdings and deductions, on a bi-weekly basis pursuant to the
regular “payroll cycle” at bebe, to a maximum gross payment of One Hundred
Twenty Five Thousand dollars and Seven Cents ($125,000.07). A condition of the
agreement is that Curtis make a good faith effort to secure other employment

 1
 

during
the period of the transition agreement (June 30, 2007-Dec. 29, 2007) and that Curtis
will notify bebe within five (5) business days of any such alternate employment
secured by Curtis.  Payment will begin on
the first regular payday following June 29, 2007 provided that Curtis does not
revoke his agreement hereto or the agreement is not otherwise terminated per
the terms hereunder.  Payment will cease
at the earlier of Curtis’s notice to bebe that Curtis has obtained other
employment or the full gross amount of the Transition Agreement, minus
withholdings and deductions, has been paid.

b.              Curtis
has or will be notified of his
rights and obligations to elect continuation health coverage under Employer’s
Section 125 and Welfare Benefits Plan (“Health Plan”) pursuant to the
Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and/or
similar and applicable state law (collectively “COBRA”).  Employer agrees to pay for Curtis the monthly
premium under COBRA for up to six (6) months from July 1, 2007 through December
31, 2007, or the day Curtis is elsewhere employed, subject to the
following:  (i) the payment amount—before
deductions—for the elected COBRA coverage will not exceed the monthly premium
amount for Curtis’s coverage (including dependent/family coverage) on the day this
agreement is executed; (ii) Curtis (and,
to the extent applicable, his eligible dependents) will represent that he/they
is/are eligible for COBRA and, accordingly, will timely and properly
elect to continue coverage under COBRA; (iii) if he and/or his eligible
dependents lose his/their eligibility for COBRA continuation coverage for any
reason, then Curtis will notify Employer and COBRA administrator upon any loss
of eligibility within twenty (20) days and, accordingly, COBRA premium payment will
end no later than the last day of the month of eligible COBRA coverage

c.               Upon
Curtis’s termination date of June 29, 2007 his participation in the bebe Stores
Inc., 1997 Stock Plan (as amended and restated through August 16, 2005) will
also terminate and any unvested options granted to Curtis will be forfeited
back to the company. For the three month period following Curtis’s termination
date he will have the right to purchase and/or sell any options granted to him
which are vested at the time of his termination date of June 29, 2007 subject
to the plan rules. Any vested options remaining at the conclusion of the 3
month period following Curtis’s termination date will be forfeited back to the
company.

 2
 

Curtis agrees and acknowledges
that the Agreement offers monetary and other benefits to which Curtis is not
already entitled.  Curtis further agrees
and acknowledges that payments made under this Agreement are additional wages
subject to applicable payroll taxes.

	
  DATED:

  	
    6/5/07

  	
   

  	
   

  	
  by:

  	
  /s/ Tom Curtis

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Tom Curtis

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Please provide address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  4331 18th St

  	
   

  
	
   

  	
   

  	
  SF, CA 94114

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  bebe stores, Inc.

  
	
  DATED:

  	
    6/05/07

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Louis Leidelmeyer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Louis Leidelmeyer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Vice President of Human Resources

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  866 232 3203

  	
   

  

 

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EXHIBIT A

GENERAL RELEASE AND NON-SOLICITATION

1.               General Release of All Claims.  In return for the Transition Package provided
by Employer, and to the greatest extent permitted by law, Curtis promises that he
will not sue or file any claim or charge against Employer, including any of its
parent, subsidiary and related companies and any of its/their officers, directors,
employees and/or agents (collectively, the “Released Parties”).  By signing below, Curtis releases the
Released Parties from any and all claims Curtis has or may have, known and
unknown, related to Curtis’s employment, his separation from employment, and
any and every other matter or thing arising at any time in the past through the
date that this Agreement becomes effective.

2.               Curtis understands
and agrees that, to the greatest extent permitted by law, he is promising not
to sue or file any claim or charge against the Released Parties, and is
releasing all of them from any and all claims for breach of contract or
covenant, personal injury, wages, benefits, defamation, slander, fraud, discrimination,
harassment, retaliation, wrongful discharge, and any and all other claims without
regard to how stated or pled, including, but not limited to, claims arising
under the Family and Medical Leave Act, the Employee Retirement Income Security
Act of 1974, as amended, Title VII of the Civil Rights Act of 1964, as amended,
the Americans with Disabilities Act, the Age Discrimination in Employment Act
of 1967, as amended, the Equal Pay Act, 29 U.S.C. § 206(d)(1), the California
Labor, Government and Civil Code, and every other federal, state or local law
or regulation arising at any time in the past through the date that this
Agreement becomes effective.

3.               Non-Solicitation.  Curtis agrees that it is proper that Employer
protect the value of its trade secrets and confidential information and accordingly,
and in consideration of the transition package given Curtis, Curtis agrees that
for a six (6) month period immediately following the signing date of this
transition agreement, June 29, 2007 — December 29, 2007, Curtis will not, on
his behalf or any other person or entity, directly or indirectly, solicit or
encourage any employee, consultant, contractor, supplier, or any other person
or entity providing goods and/or services to Employer to terminate their
employment or relationship with Employer, to modify such relationship in any
manner adverse to the interests of Employer, or to adversely interfere with any
contractual and/or employment relationship with Employer.  Curtis acknowledges this is a material part
of this agreement.

4.               Unknown Claims.  Curtis waives the rights and benefits
conferred by section 1542 of the California Civil Code, which provides:

i.              A
general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release,
which if known by him or her must have materially affected his or her
settlement with the debtor.

ii.

5.               Curtis also
specifically waives any rights and benefits granted under Federal, State
or common law in effect either now or in the future which provides for the
same general rights described under California Civil Code 1542.

 4
 

6.               No Claims Filed.  As a condition of the Employer entering into
this Agreement, Curtis represents that he has not filed, and promises that he
will not file, any lawsuit, claim or charge against the Released Parties,
relating to Curtis’s employment or separation from employment, or any other
matter, with the exception that Curtis may challenge the validity of and/or
seek to enforce this Agreement.  This
Agreement shall not be construed to prohibit Curtis from filing a charge or
complaint with the Equal Employment Opportunity Commission or from participating
in any investigation or proceeding conducted by that entity

7.               Non-disparagement. Curtis agrees not to make any
written or oral statement which Curtis knows or reasonably should know to be untrue
and agrees not to make any disparaging or negative statement (written or oral)
concerning Employer, or any of its current or former officers, directors and
employees, with the intent to injure or harm Employer.  Nothing in this Agreement shall prevent Curtis
from providing truthful information, if required by law.  Curtis’s non-disparagement obligation is a
material term of this Agreement.

8.               Non-admission of Wrongdoing.  By entering into this Agreement, the Released
Parties neither suggest nor admit any wrongdoing or violation of law.

9.               Changes to the Agreement.  This Agreement may not be changed unless the
changes are in writing and signed by Curtis and by Employer’s Vice President of
Human Resources or Employers Chief Executive Officer.

10.         Confidentiality of this
Agreement.  Curtis agrees that the existence, terms and
conditions of this Agreement shall remain confidential, and that Curtis shall not
disclose, directly or indirectly, the existence, terms and/or conditions of
this Agreement to any other person or entity, except as required by law or for
enforcement purposes.  It shall not be a
violation of this Confidentiality obligation for Curtis to disclose information
about this Agreement to members of his immediate family, attorneys or tax/financial
advisers provided that Curtis first obtains a promise from each person to whom
disclosure is made to maintain the confidentiality of this Agreement.  Curtis agrees that disclosure of the
existence, terms or conditions of this Agreement by Curtis except as permitted
by this Agreement shall constitute a material breach of this Agreement.

a.               Continuing Confidentiality
Obligation:  Curtis acknowledges and agrees that during his
employment with Employer, he had or may have had access to, obtained, and
learned confidential and proprietary information regarding Employer’s business
operations and other matters.  Curtis promises
to maintain all such information in a private and confidential manner, and as
provided in the Confidentiality Acknowledgement and Intellectual Property
Assignment Agreement, a copy of which is attached hereto.  In addition, if during his employment with
Employer, Curtis had access to, obtained or learned “insider” information, Curtis
promises to abide by all federal, state, and local laws and regulations with
regard to such “insider” information, and not to disclose such information to
any person for any purpose, unless and until that information no longer
qualifies as “insider” information or as otherwise required by law.  The parties agree that this paragraph
constitutes a material term of this Agreement and that Curtis’s violation of
this paragraph constitutes a material breach of this Agreement and may
otherwise constitute an unlawful act.

 5
 

11.         Full Cooperation.  Curtis agrees that to the extent called upon
by Employer to do so, he will cooperate with and make himself reasonably
available to Employer with regard to any matter for which Curtis has obtained
information or knowledge as a result of his employment with Employer, including
but not limited to litigation matters and administrative obligations.

12.         Agreement to Arbitrate.   Any controversy or claim of any kind arising
out of or relating to the Agreement including, but not limited to, any claim
relating to its validity, interpretation, enforceability or breach, or any
claims related to the breach of any state, federal or local laws shall be
settled by binding arbitration.  An arbitrator
shall be agreed upon by the parties or if the parties cannot agree on an
arbitrator, then a list of seven (7) arbitrators experienced in employment
matters shall be obtained from the Federal Mediation and Conciliation
Service.  Each party shall take turns
striking a name from the list.  Curtis has
the option of striking the first name. 
The last name remaining on the list will be the arbitrator selected to
resolve the dispute.  Upon selection and
after conferring with the parties to the dispute, the arbitrator will set an
appropriate time and date for the arbitration. 
Except as provided herein, the arbitration shall be conducted pursuant
to the applicable rules of the American Arbitration Association, or such rules
as agreed upon by the parties, and in compliance with applicable California law
related to arbitration.  The arbitration
will take place in San Francisco, California unless the parties agree
otherwise.  The arbitrator’s decision
will be final and binding.  It is
understood and agreed that if, at any time, a violation of any term of this
Agreement is asserted by any party hereto, that party shall have the right to
seek from the arbitrator specific performance of that term and/or seek any
other necessary and proper relief, including but not limited to damages and/or
attorneys’ fees as allowed by law.  Each
party shall pay the fees of its/his attorneys, except as such fees may be
recoverable from the other party under applicable law.  Employer will pay the costs of the arbitrator
and any reasonably necessary costs attendant to the arbitration hearing beyond
those Curtis would have borne if the matter had been brought in court.

13.         Understandings: Curtis understands and agrees
that:

a.               He
has had a full twenty-one (21) days within which to consider this Agreement
before executing it.

b.              He
has carefully read and fully understands all of the provisions of this
Agreement.

c.               He
is, through this Agreement, releasing bebe and the Released Parties (as defined
in paragraph 1) from any and all claims he may have against them.

d.              He
knowingly and voluntarily agrees to all of the terms set forth in this
Agreement.

e.               He
knowingly and voluntarily intends to be legally bound by this Agreement.

f.                 He
was advised and hereby is advised in writing to consider the terms of this
Agreement and to consult with an attorney prior to executing this Agreement.

g.              The
payments and benefits provided in that certain letter dated 6/4/2007, are full
and adequate consideration for Curtis’s release of claims and other obligations
and promises herein.

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h.              He
has a full seven (7) days following the execution of this Agreement to revoke
this Agreement and has been and hereby is advised in writing that this
Agreement shall not become effective or enforceable until the revocation period
has expired.

i.                  He
expressly understands that among the various rights and claims being waived in
this Release are those arising under the Age Discrimination in Employment Act
of 1967 (29 U.S.C.§621, et seq.).

j.                  He
understands that rights or claims under the Age Discrimination in Employment
Act that may arise after the date of this Agreement are not waived.

14.         Governing Law.  This Agreement shall be governed by and
construed in accordance with the laws of the State of California.

15.         Entire Agreement.  This Agreement contains the entire agreement
between Curtis and Employer and replaces and supercedes any prior agreements or
understandings, written or oral, between Curtis and Employer relating to the
subjects discussed in this Agreement. 
Should any provision of this Agreement be declared invalid, the validity
and enforceability of the other parts shall not be affected.

16.         Representations.  The parties represent and acknowledge that in executing this
Agreement, they do not rely and have not relied upon any representation or
statement made by any of the parties or any of the parties’ agents attorneys,
employees, officers, directors, supervisors or representatives with regard to
the subject matter, basis or effect of this Agreement or otherwise, other than
those specifically stated in this Agreement.

17.         Successors and Assigns.  This Agreement shall be binding upon the parties hereto, and
upon their successors and assigns and shall inure to the benefit of said
parties and to their respective successors and assigns.  Curtis expressly warrants the he has not
transferred, nor will transfer, to any person or entity any rights, causes of
action or claims released in this Agreement.

	
  DATED:

  	
  7/1/07

  	
   

  	
   

  	
  By:

  	
  /s/ Tom Curtis

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Tom Curtis

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Please provide address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  4331 18th St

  	
   

  
	
   

  	
   

  	
  SF, CA 

  	
   

  
	
   

  	
   

  	
  94114

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DATED:

  	
  7/09/07

  	
   

  	
   

  	
  bebe stores, Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  By:

  	
  /s/ Louis Leidelmeyer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Louis Leidelmeyer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Vice President of Human Resources

  	
   

  
									

 

 7Exhibit
10.24

May 8, 2007

Dear Erin:

It is a pleasure
to formalize our offer for you to join the bebe team.  This offer is
contingent upon successful completion of a reference check and background
check.  The following details summarize your position, compensation,
benefits, and other pertinent information relative to your employment with bebe
stores, inc.

1.                                       Position:

You will be employed as Divisional
President, BEBESPORT. You will be based in our Los Angeles Design Studio and
will have direct responsibility for BEBESPORT Design, BEBESPORT Merchandising,
BEBESPORT Production and BEBESPORT Marketing. Your start date will be Monday,
August 6th,
2007. You will be reporting to Greg Scott, Chief Executive Officer.

2.                                       Compensation:

We are offering you the
following compensation package:

a.                                       Base Salary:

Your base salary will be
$400,000.00 per year.  Salaries are
earned and paid in bi-weekly increments.

b.                                      Bonus:

You will be eligible to
participate in the 35% pool of the bebe discretionary bonus plan.  If achieved, bonus earned per the plans
terms, will be prorated based on your hire date.  To be eligible, you must be employed at the
time of bonus pay out. In addition, your first year’s bonus, 35% of your base
salary or $140,000, is guaranteed and will be paid upon the completion of one
(1) full year of employment with BEBESPORT.

c.                                       Stock Options:

I. Time Vest Options:

After acceptance
of this offer and subject to approval by the board of directors, you would
receive an option to purchase 75,000 shares of bebe common stock, subject to
vesting and other standard provisions of the company’s 1997 Stock Plan, as
amended.  The Grant Date and consequently the Fair Market Value (FMV) or
price, would be set as of the 15th of
the month following the month of your date of hire.  In the event
that the 15th is a weekend or trading holiday, the following
trading day shall determine price/grant date.

II. Performance Based Options:

In addition to
your time vest options, you will be granted up to 25,000 performance vesting
options that will vest over the next 4 fiscal years, at 6,250 per year, the
first lot of options to vest at the end of the first four fiscal quarters of
employment (the “Performance Period”) following the Commencement Date
determined pursuant to paragraph III(b) below upon the goals being met. 
The vesting of these options will be entirely dependant on you and
the BEBESPORT division achieving the Comparable Sales and Divisional
Income goals that will be established by the CEO prior to each fiscal year. 
If you and the Division do not meet the goals, the options for that year are no
longer available (i.e. no rollover).

III. Performance Based Restricted Stock Units:

(a) Subject to (i)
Board approval, (ii) the terms of the Company’s Stock Option Plan, (iii) the
achievement by you of a 10% Comparable Sales goal and Comparable Gross
Margin Dollars target (Comparable Gross
Margin Dollars will be determined by the merchandise plan Gross Margin Rate of
65.5% x 10% Comparable Sales) during the first four fiscal quarters of
employment (the “Performance Period”) following the Commencement Date
determined pursuant to paragraph III(b) below, (iv) the completion of the
Company’s financial statements for the Performance Period and (v) the final
determination by the

400 Valley Drive Brisbane,
CA  94005      Telephone 415.657.4472        Fax 415.657.4445

CEO that you have
met such goals, you will also be granted 10,000 restricted stock units
that will vest immediately.

(b)  The Commencement Date shall be August 20,
2007 and the Performance Period shall run from the beginning of the second
fiscal quarter of the Company’s 2008 fiscal year to the end of the first
quarter of the Company’s 2009 fiscal year, unless you send a written notice via
email to the CEO on or before August 20, 2007 requesting that the Commencement
Date be delayed.  If you request that the
Commencement Date be delayed, the Commencement Date shall be February 6, 2008 and
the Performance Period shall run from the beginning of the fourth fiscal
quarter of the Company’s 2008 fiscal year to the end of the third fiscal
quarter of the Company’s 2009 fiscal year. 
Notice of your request to delay the Commencement Date pursuant to this
section shall be sent via email to the CEO by the deadline of 11:59 pm on
August 20, 2007.  Failure to deliver such
notice by this deadline will mean that the Commencement Date of the Performance
Period will remain August 20, 2007.

d.                                      Relocation Benefits:

I.                  Relocation
Reimbursement: You will be offered relocation reimbursement of your actual
expenses which are related directly to the relocation (whether or not an item
is “related directly” will be determined by the Company in its reasonable
discretion) for up to twenty four (24) months. Included, but not limited
to, as reasonable relocation expenses are, reasonable and customary expenses
involved in the sale of your home, movement of household goods, two (2) house
hunting trips with your spouse, and ninety (90) days reimbursement of a rental
car.  Such amount reimbursed shall not exceed
$100,000 (which will be grossed up to account for tax consequences). Whatever
amount is actually reimbursed by the Company is to be repaid by you to the
Company in full, if prior to your 1-year anniversary from the date the final
relocation expense reimbursement is made you resign or are separated from the company
due to gross negligence or willful misconduct. Receipts of payment and other
reasonable proof requested by the Company must precede any reimbursement.

II.              Interim Housing:
In addition to the above relocation, you will also receive a housing allowance not
to exceed $5,000 per month for up to 12 months.

e.                                       Personal Travel:

You will receive two
economy round trip airfare tickets per month between San Francisco   and Los Angeles during your first twelve (12)
months of employment.

3.                                       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.

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 21  days
of PTO per year.

4.                                       Performance Reviews:

You will receive a
Performance Review on a bi annual basis and be given a salary review, if
merited, annually.

 2
 

5.                                       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.

6.                                       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.  This includes all
policies relating to standards of conduct, conflicts of interest, and
compliance with the company’s rules and regulations.

7.                                       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.

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.

8.                                       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.  The required documentation is enclosed with
this letter.

 3
 

9.                                       Severance:

If both Greg Scott, CEO and Manny Mashouf,
Chairman of the Board are no longer employed or affiliated with bebe Stores,
Inc. and subsequently your employment is terminated without cause all within
the first twenty four (24) months of your employment, you will receive salary
continuation from the time of such termination, at your then current salary
rate, for 1 year; and; if you are terminated without cause in your third year
of employment and following Mr. Scott and Mr. Mashouf no longer being employed
or affiliated with the Company, you will receive salary continuation, at your then
current salary rate, for 6 months.  The
receipt of such severance package would be contingent upon execution of a
release of all claims and the acceptance of a non-compete agreement in favor of
the employer.

This offer letter
supersedes any prior discussions, agreements, understandings, offers or
statements made to you during the interview process.  This offer letter and the Arbitration Manual
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 Human Resources Department, acknowledging your understanding and
acceptance; retain a copy for your records.

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

Very truly yours,

 

	
  /s/ Greg Scott

  	
   

  
	
   

  
	
  Greg Scott

  
	
  Chief Executive
  Officer

  

 

 

cc:    Patricia Quartini, Human
Resources

 

 

ACKNOWLEDGEMENT AND ACCEPTANCE

My signature below
acknowledges my understanding and acceptance of bebe stores, inc.’s offer of
employment subject to the terms and conditions set forth in this letter.

	
  /s/ Erin Stern

  	
   

  	
  5.8.07

  
	
  Erin Stern

  	
   

  	
  Date

  

 

 4

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