Document:

Exhibit 10.1

EMPLOYMENT
AGREEMENT

THIS AGREEMENT (“Agreement”),
dated as of July 1, 2007, between THE ESTÉE LAUDER COMPANIES INC., a Delaware
corporation (the “Company”), and PATRICK BOUSQUET-CHAVANNE, a resident of [Address] (the “Executive” or “you”),

W I T N E S S E T
H:

WHEREAS, the Company and
its subsidiaries are principally engaged in the business of manufacturing,
marketing and selling skin care, makeup, fragrance and hair care products and
related services (the “Business”); and

WHEREAS, the Company and
the Executive are parties to an employment agreement dated as of September 5,
1989 and as superseded by agreements dated September 8, 1998, July 1, 2001, as
amended July 1, 2002, and July 1, 2004; and

WHEREAS, the Company
desires to continue to retain the services of the Executive as Group President from July 1, 2007 through
June 30, 2008, and the Executive desires to provide services in such capacities
to the Company, upon the terms and subject to the conditions hereinafter set
forth; and

WHEREAS, the Compensation
Committee of the Board of Directors of the Company (the “Compensation Committee”)
and the Stock Plan Subcommittee of the Compensation Committee have approved the
terms of this Agreement; and

NOW, THEREFORE, in
consideration of the foregoing and of the mutual covenants and obligations
hereinafter set forth, the parties hereto, intending to be legally bound,
hereby agree as follows:

1.                                      Employment
Term.

The Company hereby agrees
to employ the Executive, and the Executive hereby agrees to enter into
employment as Group
President from July 1, 2007 through June 30, 2008, unless terminated
sooner pursuant to Section 6 hereof (the “Term of Employment”).  This Agreement shall be reviewed for renewal
by the Company and the Executive on an annual basis effective as of each July 1
thereafter.

2.                                      Duties
and Extent of Services.

(a)                                 During
the Term of Employment, the Executive shall serve as Group President of the Company from July 1, 2007 through June 30, 2008, reporting to the Chief
Executive Officer, (or such other direct supervisor as determined by the Chief
Executive Officer from time to time) and, in such capacities, shall render such
executive, managerial, administrative and other services as customarily are
associated with and incident to such positions, and as the Company may, from
time to time, reasonably require of him consistent with such positions.

(b)                                The
Executive shall also hold such other positions and executive offices of the
Company and/or of any of the Company’s subsidiaries or affiliates as may from
time to

 

time be agreed by the
Executive or assigned by the Chief Executive Officer (or the Executive’s direct
supervisor if not the Chief Executive Officer) or the Board of Directors . 
The Executive shall not be entitled to any compensation other than the
compensation provided for herein for serving during the Term of Employment in
any other office or position of the Company or any of its subsidiaries or
affiliates, unless the Board of Directors of the Company or the appropriate
committee thereof shall specifically approve such additional compensation.

(c)                                 The Executive shall be a full-time employee
of the Company and shall exclusively devote all his business time and efforts
faithfully and competently to the Company and shall diligently perform to the
best of his ability all of the duties required of him as Group President, and in the other positions
or offices of the Company or its subsidiaries or affiliates assigned to him
hereunder.  Notwithstanding the foregoing
provisions of this section, the Executive may serve as a non-management
director of such business corporations (or in a like capacity in other
for-profit or not-for-profit organizations) as the Chief Executive
Officer (or the Executive’s direct supervisor if not the Chief Executive
Officer) or the Board of Directors of
the Company may approve, such approval not to be unreasonably withheld.

(d)                                The Executive shall comply with the Company’s
stock ownership guidelines applicable to the Executive as they may be
implemented and/or amended by the Board of Directors or the Compensation
Committee of the Board of Directors.

3.    Base Salary and Incentive Bonus Compensation.

(a)  Base Salary.  As compensation for all services to be
rendered pursuant to this Agreement and as payment for the rights and interests
granted by Executive hereunder, the Company shall pay or cause any of its
subsidiaries to pay the Executive a base salary (the “Base Salary”) during the
Term of Employment subject to the provisions of Section 3(c) below at the
annualized rate of not less than $1,000,000.00. 
Subject to Section 6(m) of this Agreement, all amounts of Base Salary
provided for hereunder shall be payable in accordance with the regular payroll
policies of the Company in effect from time to time.

(b)  Incentive Bonus Compensation.  The Compensation Committee has established
for the Executive the target bonus payout for the aggregate opportunities that
may be awarded in respect of each fiscal year of the Company under the Company’s
Executive Annual Incentive Plan or any subsequent Bonus Plan for executives
that is approved by the stockholders of the Company (the “Bonus Plan”) in
respect of each Contract Year under this Agreement.  The target bonus payout for the aggregate opportunities
in respect of each Contract Year shall be no less than $2,000,000.00.  All such opportunities shall be subject to
the terms and conditions of the Bonus Plan, which are incorporated herein by
reference; provided, however, that except with respect to bonuses
deferred in accordance with Section 3(c) hereof, and as otherwise indicated under Section 6,
the bonus payout with respect to any fiscal year shall be paid to Executive no
later than the 15th day of the third month following the end of such fiscal
year.

(c)  Deferral.

(i)    Deferral
Elections—In General.  The Executive
may elect to defer payment of all or any part of any incentive bonus
compensation payable under Section 3(b) by making an election, in a manner
prescribed by the Company, on or before December 31 of the calendar year before
the Contract Year begins (or such earlier date as may be necessary to comply
with the applicable tax laws and regulations).

 2
 

 

(ii)   Deferral
Elections—Performance-Based Compensation. 
For any incentive bonus compensation that qualifies as performance-based
compensation under Treas. Reg. Section 1.409A-1(e) and is based upon a
performance period of at least 12 months, the Executive may make a deferral
election at any time before the date that is six months before the applicable
performance period ends, but only if (i) the incentive bonus compensation is
not readily ascertainable when the election is made and (ii) the service
provider has performed services continuously from the later of the beginning of
the performance period or the date the performance criteria are established.

(iii)  Amounts Subject to Section 162(m).  If any amount of Base Salary, any amount
payable under the Bonus Plan, or any other amount payable to the Executive is
not currently deductible under Section 162(m) of the Internal Revenue Code of
1986, as amended (the “Code”), or like or successor provisions (a “Non-Deductible
Amount”), the Company will defer payment of the Non-Deductible Amount until
section 162(m) no longer applies to the Executive.  Any amounts so deferred will be credited to a
bookkeeping account in the name of the Executive as of the date scheduled for
payment (the “Deferred Compensation Account”). 
The Deferred Compensation Account will be credited with interest as of
each June 30 during the term of deferral, compounded annually, at an annual
rate equal to the annual rate of interest announced by Citibank N.A. in New
York, New York as its base rate in effect on such June 30, but limited to a
maximum annual rate of 9%.

(iv)  Payment
of Amounts Deferred and Vested On or Before December 31, 2004.  Amounts credited to the Executive’s Deferred
Compensation Account on or before December 31, 2004, and any subsequently
credited interest, will be paid in cash to the Executive (or the Executive’s
designated beneficiary if the Executive dies before payment,)  subject to applicable withholding taxes.  The Company will choose the payment date,
which will be no later than ninety (90) days after Executive’s employment with
the Company terminates, unless the Executive requests before terminating a
later payment date or dates and the Company agrees to the request.

(v)   Payment
of Amounts Deferred and Vested After December 31, 2004.  Subject to Section 6(m), amounts credited to
the Executive’s Deferred Compensation Account after December 31, 2004 will be
paid to the Executive (or the Executive’s designated beneficiary if the
Executive dies before payment), subject to applicable withholding taxes on, or
as soon as practicable after, the date the Executive separates from service
with the Company (as defined in Treas. Reg. section 1.409A-1(h)).  The Non-Deductible Amount will be paid at the
earliest date at which the Company reasonably expects that the deduction will
not be limited or eliminated by Code section 162(m).  The Company, in its sole discretion, may
provide an investment facility for all or a portion of such deferred amounts,
but is not required to do so.

4.                                      Equity-Based Compensation.

(a)           General.  In respect of each Contract Year, the Company
shall recommend to the Stock Plan Subcommittee of the Compensation Committee
that the Executive be awarded under the terms and conditions of the Amended and
Restated Fiscal 2002 Share Incentive Plan (the “Share Incentive Plan”), which
are incorporated herein by reference, or successor plan and subject to the
provisions of Section 6(k) below, equity-based compensation awards in
accordance with the policies and procedures of the Company as in effect from
time to time for its Executive Officers. The terms of such equity-based compensation
awards shall be set forth in separate grant letters approved by the Stock Plan
Subcommittee of

 3
 

 

the
Compensation Committee.  The recommended
annual equity-based compensation awards shall be of an equivalent value to a
grant of stock options with respect to 
125,000 shares of the Company’s Class A Common Stock and determined in
accordance with procedures generally utilized by the Company for its financial
reporting at the time of grant.

(b)                                Certain
Conditions.  Executive acknowledges and agrees that any grant of equity-based
compensation otherwise provided for in this Section 4 shall be effective as
provided herein only to the extent permitted by the Share Incentive Plan, and
this Agreement shall not obligate the Company to adopt any successor plan providing
for the grant of equity-based compensation. 
If authority over the Company’s equity compensation programs is changed
from the Stock Plan Subcommittee to the Compensation Committee (or other
committee), then after such change, references herein to the Stock Plan
Subcommittee shall be to the appropriate committee.

5.                                       Benefits.

(a)                                  Standard
Benefits.  During the Term of
Employment, the Executive shall be entitled to participate in all pension and
retirement savings, fringe benefit and welfare plans, including life insurance,
medical, health and accident, disability, and vacation plans and programs
maintained by the Company from time to time for senior executives at a level
commensurate with his position.  The Executive
acknowledges that participation in such programs may result in the receipt by
him of additional taxable income.

(b)                                Perquisite Reimbursement; Financial
Counseling.  During the Term of Employment, the Company
shall reimburse the Executive for the actual expenses incurred by him in
connection with his professional standing, in accordance with the guidelines
set out in the Company’s Senior Executive Compensation Program Perquisite Plan
and upon presentation of proper expense statements or vouchers or such other
supporting information as the Company may reasonably require of the
Executive.  Such reimbursement shall
generally occur within seventy-five (75) days after the end of the calendar
year of presentment, provided that such presentment occurs within ninety (90)
days after the date the related expense were incurred.  Notwithstanding the above, to the extent that
the expenses were incurred in one calendar year and presentment occurs in the
following calendar year, such reimbursement shall occur by the end of the
calendar year in which the presentment occurs. 
In no event shall the gross amount of such reimbursements be greater
than $15,000.00 in respect of any calendar year during the Term of Employment,
nor shall amounts that are not reimbursed in one calendar year up to the
$15,000.00 per year limitation be able to be used in another calendar year or
otherwise be made available to the Executive. 
Additionally, the Company will pay directly to the service provider
following presentment of invoice(s) reasonably acceptable to the Company up to
$5,000.00 per year for reasonable financial counseling services for the
Executive, and in no event shall amounts up to the $5,000.00 per year
limitation that are not paid in one calendar year be able to be used in another
calendar year or otherwise be made available to the Executive.  The Executive acknowledges that participation
in such programs will result in the receipt by him  of additional taxable income.

(c)   Executive
Auto. The Executive will participate in the Executive Automobile Program of
the Company, and may elect to be provided an automobile having an acquisition
value of up to $50,000.00. 
Alternatively, the Executive may receive an automobile allowance in the
gross monthly amount of $1,100.00.  The
Executive acknowledges that participation in this program will result in the
receipt by him of additional taxable income.

 4
 

 

(d)   Expenses.
The Company agrees to reimburse the Executive for all reasonable and necessary
travel (inclusive of first class air travel), business entertainment and other
business out-of-pocket expenses incurred or expended by him in connection with
the performance of his duties hereunder upon presentation of proper expense
statements or vouchers or such other supporting information as the Company may
reasonably require of the Executive.  The
timing of payment of such reimbursements and presentation by the Executive of
expenses incurred shall be in accordance with the rules described in Section
5(b).

(e)   Spousal
Travel. The Executive may upon prior approval of the Chief Executive Officer
(or the Executive’s direct supervisor if not the Chief Executive Officer) or
his or her designee arrange for his spouse or domestic partner to accompany him
on up to two (2) business related travel itineraries per fiscal year, on a
reasonable basis, at Company expense. 
Any reimbursement for such travel shall require presentation of proper
expense statements or vouchers or such other supporting information as the
Company may reasonably require of the Executive, in accordance with the
timeframe described in Section 5(b).  The
Executive acknowledges that participation in this program will result in the
receipt by him of additional taxable income.

(f)    Executive
Term Life Insurance.  During the Term
of Employment, the Company shall pay premiums on a term life insurance policy
with a face amount of $5,000,000.00. 
Such obligation to pay premiums is subject to standard underwriting
conditions.  The Executive acknowledges that this coverage
will result in the receipt by him of additional taxable income.

(g)   Certain Social Scheme Participation. During the period of
the Executive’s employment in the US, the Company shall, at its expense,
continue the Executive’s participation in the applicable French National Social
Security and supplementary regimes (CFE and CRE IRCAFEX).

(h)   Home Leave Travel Expenses. 
The Company agrees to reimburse the Executive for the cost of two (2)
round trip first class tickets for himself, his spouse and his dependent
children from New York to their city of origin (Paris) and back to New York in
respect of any full year of employment during the Term of Employment.  Any reimbursement for such travel
shall require presentation of proper expense statements or vouchers or such
other supporting information as the Company may reasonably require of the
Executive, in accordance with the timeframe described in Section 5(b). The Executive acknowledges that participation
in this program will result in the receipt by him of additional taxable income.

6.                                      Termination.

(a)                                 Permanent Disability.  In
the event of the “permanent disability” (as hereinafter defined) of the
Executive during the Term of Employment, the Company shall have the right, upon
written notice to the Executive, to terminate the Executive’s employment
hereunder, effective upon the giving of such notice (or such later date as
shall be specified in such notice). In the event of such termination, the
Company shall have no further obligations hereunder, except that the Executive
shall be entitled to receive (i) any accrued but unpaid salary and other
amounts to which the Executive otherwise is entitled hereunder prior to the
date of his termination of employment, such salary to be paid in accordance
with Section 3(a) and such other amounts to be paid in accordance with
applicable payment provisions herein; (ii) bonus compensation earned but not
paid under Section 3(b) hereof that relates to any Contract Year ended prior to
the date of his termination of employment, to be paid in accordance with

 5
 

 

Section
3(b) hereof; (iii) a pro-rata portion of the annual bonus payout that the
Executive would have been entitled to receive had he remained in employment
through the end of the Contract Year during which termination due to permanent
disability occurred, based on the portion of the Contract Year that has elapsed
prior to such termination, and paid in accordance with Section 3(b) hereof;
(iv) reimbursement for financial counseling services specified under Section
5(b) hereof in the amount of $5,000.00 for a period of one (1) year from the
date of termination, in accordance with Section 5(b) hereof; and (v) his Base
Salary under Section 3(a) hereof for a period of one (1) year from the date of
termination as a result of permanent disability (the “Disability Continuation
Period”), paid in accordance with Section 6(m)(i) hereof; provided,
however, that the Company shall only be required to pay that amount of the
Executive’s Base Salary which shall not be covered by short-term disability
payments or benefits or long-term disability payments or benefits, if any, to
the Executive under any Company plan or arrangement.  In addition, upon termination for permanent
disability, the Executive shall continue to participate, to the extent
permitted by applicable law and regulations and the applicable benefit plan, program
or arrangement, in any and all healthcare, life insurance and accidental death
and dismemberment insurance benefit plans, programs or arrangements of the
Company during the Disability Continuation Period (disregarding any required
delay in payments under Section 6(m)). 
Thereafter, the Executive’s rights to participate in such programs and
plans, or to receive similar coverage, if any, shall be as determined under
such programs.  Because continued
participation in any qualified pension and qualified retirement savings plans
of the Company is not permitted during the Disability Continuation Period, the
Company shall provide to the Executive, subject to Section 6(m), cash payments,
to be paid in accordance with Section 6(m)(i), equal to the sum of (x) the
maximum qualified defined contribution retirement savings plan match for
pre-tax and after-tax contributions allowable by the plan and by applicable
laws and regulations for each year during the Disability Continuation Period
(or other period as expressly provided herein), and (y) the excess of the
benefit that would have been received by the Executive had he been credited
with additional years of age and service equal to the Disability Continuation
Period (or other period as expressly provided herein) over the actual benefit
to which the Executive is entitled, in each case, under any and all qualified
and non-qualified defined benefit pension plans and qualified defined
contribution retirement savings plans in which the Executive participates as of
the date of termination of employment, calculated as of and based upon the
Executive’s date of termination (such sum, the “Pension Replacement Payment”).  Notwithstanding the above, any amounts
payable under this Section 6(a) that are separation pay as described under
Treas. Reg. §1.409A-1(b)(9)(iii)(A) shall be paid no later than December 31 of
the second calendar year following the year in which the Executive’s
termination for permanent disability occurs; any amounts payable under this
Section 6(a) that are not otherwise exempt from Code section 409A are subject
to, and payable in accordance with, Section 6(m) of this Agreement.  Except as otherwise provided in this Section
6(a), the Company will have no further obligations under Sections 3, 4 and 5
hereof or otherwise.  For purposes of
this Section 6(a), “permanent disability” means any disability as defined under
the Company’s applicable disability insurance policy or, if no such policy is
available, any physical or mental disability or incapacity that renders the
Executive incapable of performing the services required of him in accordance
with his obligations under Section 2 hereof for a period of six (6) consecutive
months or for shorter periods aggregating six (6) months during any
twelve-month period.

(b)                                Death.  In the event of the death of the Executive
during the Term of Employment, Executive’s employment and this Agreement shall
automatically terminate.  In the event of
such termination the Company shall have no further obligations hereunder,
except to pay the Executive’s beneficiary or legal representative (i) any
accrued but unpaid salary and other amounts to which the Executive otherwise is
entitled hereunder prior to the date of his

 6
 

 

death, in accordance with
Section 3(a) and other applicable payment provisions herein; (ii) bonus
compensation earned but not paid under Section 3(b) hereof that relates to any
Contract Year ended prior to the date of his death, in accordance with Section
3(b) hereof; (iii) a pro-rata portion of the annual bonus payout the Executive
would have been entitled to receive had he remained in the employ of the
Company through the end of the Contract Year during which termination due to
his death occurred, based on the portion of the Contract Year that has elapsed
prior to such termination, and paid in accordance with Section 3(b) hereof;
(iv) reimbursement for financial counseling services specified under Section
5(b) hereof in the amount of $5,000.00 per year for a period of one (1) year
from the date of termination, in accordance with Section 5(b) hereof; and (v)
for a period of one (1) year from the date of his death, the Executive’s Base
Salary as established under Section 3(a) hereof as of the date of his death,
paid in accordance with Section 3(a) hereof; provided, however, that,
except as otherwise provided in this Section 6(b), the Company will have no
further obligations under Sections 3, 4 and 5 hereof or otherwise.

(c)                                 Termination Without Cause.  The
Company shall have the right, upon ninety (90) days’ prior written notice given
to the Executive, to terminate the Executive’s employment for any reason
whatsoever (excluding for Cause (as defined below)).  In the event of such termination, the Company
shall have no further obligations hereunder, except that the Executive shall be
entitled to (i) receive any accrued but unpaid salary and other amounts to
which the Executive otherwise is entitled hereunder prior to the date of his
termination without Cause, such salary to be paid in accordance with Section
3(a) and such other amounts to be paid in accordance with applicable payment
provisions herein; (ii) receive bonus compensation earned but not paid under
Section 3(b) hereof that relates to any Contract Year ended prior to the date
of his termination without Cause, to be paid in accordance with Section 3(b)
hereof; (iii) receive a pro-rata portion of the annual bonus payout that the
Executive would have been entitled to receive had he remained in employment
through the end of the Contract Year during which the termination without Cause
occurred, based on the portion of the Contract Year that has elapsed prior to
such termination, and paid in accordance with Section 3(b) hereof; (iv) receive
as damages (A) for a period ending on a date two (2) years from the date of
termination without Cause, to be paid in accordance with Section 6(m)(i), his
Base Salary as established under and in accordance with Section 3(a) hereof and
(B) bonus compensation equal to fifty percent (50%) of the average of the
actual annual bonuses paid or payable (with respect to completed Contract
Years) to the Executive during the Term of Employment , or, if such termination
occurs prior to the payment of any bonus hereunder, $1,000,000.00, to be paid
in accordance with Section 6(m)(i);
(v) receive reimbursement for financial counseling services specified under
Section 5(b) hereof in the amount of $10,000.00 for a period of two (2) years
from the date of termination, in accordance with Section 5(b) hereof; and (vi)
participate for a period ending on a date two (2) years from the date of
termination without Cause (the “Without Cause Continuation Period”), to the
extent permitted by applicable law and regulations and the applicable benefit
plan, program or arrangement, in any and all healthcare, life insurance and accidental
death and dismemberment insurance benefit plans, programs or arrangements, on
terms identical to those applicable to full-term senior officers of the
Company.  Because continued participation
in any qualified pension and qualified retirement savings plans of the Company
is not permitted during the Without Cause Continuation Period, the Company
shall provide to the Executive, subject to Section 6(m), cash payments, to be
paid in accordance with Section 6(m)(i), equal to the Pension Replacement Payment
(as defined in Section 6(a)) with respect to the Without Cause Continuation
Period.  Notwithstanding the above, any
amounts payable under this Section 6(c) that are separation pay as described
under Treas. Reg. §1.409A-1(b)(9)(iii)(A) shall be paid no later than December
31 of the second calendar year following the year in which the Executive’s
termination pursuant to this Section 6(c) occurs; any

 7
 

 

amounts
payable under this Section 6(c) that are not otherwise exempt from Code section
409A are subject to, and payable in accordance with, Section 6(m) of this
Agreement. Except as otherwise provided in this Section 6(c), the Company will
have no further obligations under Sections 3, 4 and 5 hereof or otherwise.  In the event of termination pursuant to this
Section 6(c), the Executive shall not be required to mitigate his damages
hereunder.

(d)                                Cause.  The Company shall have the
right, upon notice to the Executive, to terminate the Executive’s employment
under this Agreement for “Cause” (as defined below), effective upon the
Executive’s receipt of such notice (or such later date as shall be specified in
such notice), and the Company shall have no further obligations hereunder,
except to pay the Executive his accrued but unpaid salary, in accordance
with Section 3(a) hereof, and provide
the Executive with any benefit under the employee benefit programs and plans of
the Company as determined under such programs and plans upon and as of such a
termination for Cause.  Except as
otherwise provided in this Section 6(d), the Company will have no further
obligations under Sections 3, 4 and 5 hereof or otherwise.

For purposes of this
Agreement, “Cause” means:

(i)             a
material breach of, or the willful failure or refusal by the Executive to
perform and discharge duties or obligations he has agreed to perform or assume
under this Agreement (other than by reason of disability or death) that, if
capable of correction, is not corrected within ten (10) business days following
notice thereof to the Executive by the Company, such notice to state with
specificity the nature of the breach, failure or refusal;

(ii)            willful
misconduct by the Executive, unrelated to the Company or any of its
subsidiaries or affiliates, that could reasonably be anticipated to have a
material adverse effect on the Company or any of its subsidiaries or affiliates
(the determination of Cause to be made by the Chief Executive Officer in his or
her reasonable judgment or the Company’s Board of Directors in its reasonable
judgment);

(iii)           the
Executive’s gross negligence, whether related or unrelated to the business of
the Company or any of its subsidiaries or affiliates which could reasonably be
anticipated to have a material adverse effect on the Company or any of its
subsidiaries or affiliates that, if capable of correction, is not corrected
within ten (10) business days following notice thereof to the Executive by the
Company, such notice to state with specificity the nature of the conduct
complained of (the determination of Cause to be made by the Chief Executive
Officer in his or her reasonable judgment or the Company’s Board of Directors
in its reasonable judgment);

(iv)           the
Executive’s failure to follow a lawful directive of the Chief Executive Officer
(or the Executive’s direct supervisor if not the Chief Executive
Officer) or the Board of
Directors of the Company that is within the scope of the Executive’s duties for
a period of ten (10) business days after notice from Chief Executive Officer (or
the Executive’s direct supervisor if not the Chief Executive Officer) or the Board of Directors of the Company
specifying the performance required;

(v)            any
violation by the Executive of a policy contained in the Code of Conduct of the
Company (the determination of Cause to be made by the Chief Executive Officer
in his or her reasonable judgment or the Company’s Board of Directors in its
reasonable judgment);

 8
 

 

(vi)           drug
or alcohol abuse by the Executive that materially affects the Executive’s
performance of his duties under this Agreement; or

(vii)          conviction
of, or the entry of a plea of guilty or nolo contendere by the Executive for,
any felony. 

(e)                                 Termination
by Executive.  The Executive shall
have the right, exercisable at any time during the Term of Employment, to
terminate his employment for any reason whatsoever, upon ninety (90) days’
prior written notice to the Company. 
Upon such termination, the Company shall have no further obligations
hereunder other than to (i) pay the Executive his accrued but unpaid salary, in
accordance with Section 3(a) hereof; (ii) provide bonus compensation, if any,
earned but not paid under Section 3(b) hereof that relates to any Contract Year
ended prior to the date of such a termination by the Executive, in accordance
with Section 3(b) hereof; and (iii) provide
the Executive with any benefit under the employee benefit programs and plans of
the Company as determined under such programs and plans upon and as of such a
termination by the Executive to the extent that any such benefit is permitted
by applicable law and regulations and provided that any such benefit shall not
be provided beyond a period ending on a date two (2) years from the date of
such termination by the Executive.  Any
amounts payable under this Section 6(e) that are not otherwise exempt from Code
section 409A are subject to, and payable in accordance with, Section 6(m) of
this Agreement. Except as otherwise provided in this Section 6(e), the Company
will have no further obligations under Sections 3, 4 and 5 hereof or otherwise.

(f)                                   Termination
by Executive for Material Breach. 
The Executive shall have the right, exercisable by notice to the
Company, to terminate his employment effective ninety (90) days after the
giving of such notice, if, at any time during the Term of Employment, the Company
shall be in material breach of its obligations hereunder; provided, however,
that such notice must be provided to the Company within thirty (30) days of
the date on which the Executive obtains knowledge or reasonably should obtain
knowledge of such material breach; and provided  further, that
such termination will not become effective if within thirty (30) days after
receiving the notice the Company shall have cured all such material breaches of
its obligations hereunder.  For purposes
of this Section 6(f), a material breach shall only be, (i) a material reduction
in the Executive’s authority, functions, duties or responsibilities provided in
Section 2 hereof, or (ii) the Company’s
failure to pay any award that the Executive is entitled to receive pursuant to
the terms of this Agreement. Such termination shall be deemed to be a
termination without Cause and shall be controlled by the provisions of Section
6(c) hereof. Any amounts payable
under this Section 6(f) that are not otherwise exempt from Code section 409A
are subject to, and payable in accordance with, Section 6(m) of this Agreement.
Except as otherwise provided in this Section 6(f), the Company will have no
further obligations under Sections 3, 4 and 5 hereof or otherwise.

(g)                                Change
of Control.

(i)                                    Definitions.  For purposes of this Agreement,

(A)                             a “Change of Control” shall be
deemed to have occurred upon any of the following events:

(1)           a change in control of a nature that
would be required to be reported in response to Item 6(e) of Schedule 14A of
Regulation 14(A) promulgated under the Securities Exchange Act of 1934, as
amended; or

 9

 

(2)           during any period of two (2)
consecutive years, the individuals who at the beginning of such period
constitute the Company’s Board of Directors or any individuals who would be “Continuing
Directors” (as defined below) cease for any reason to constitute a majority
thereof; or

(3)           the Company’s Class A Common Stock
shall cease to be publicly traded; or

(4)           the Company’s Board of Directors
shall approve a sale of all or substantially all of the assets of the Company,
and such transaction shall have been consummated; or

(5)           the Company’s Board of Directors
shall approve any merger, exchange, consolidation, or like business combination
or reorganization of the Company, the consummation of which would result in the
occurrence of any event described in Section 6(g)(i)(A)(2) or (3) above, and
such transaction shall have been consummated.

Notwithstanding
the foregoing, (X) changes in the relative beneficial ownership among members
of the Lauder family and family-controlled entities shall not, by itself,
constitute a Change of Control of the Company, (Y) any spin-off of a division
or subsidiary of the Company to its stockholders  shall not constitute a Change of Control of
the Company.

(B)           “Continuing Directors” shall mean (1)
the directors in office on July 1, 2007 and (2) any successor to such directors
and any additional director who after July 1, 2007 was nominated or selected by
a majority of the Continuing Directors in office at the time of his or her
nomination or selection.

(C)           “Good Reason” means the occurrence of
any of the following, without the express written consent of the Executive,
within two (2) years after the occurrence of a Change in Control:

(1)        (a) the assignment to the Executive of
any duties inconsistent in any material adverse respect with the Executive’s
position, authority or responsibilities as contemplated by Section 2 hereof, or
(b) any other material adverse change in such position, including title,
authority or responsibilities;

(2)        any failure by the Company to comply
with any provisions of Sections 3, 4 or 5 hereof, other than an insubstantial
or inadvertent failure remedied by the Company promptly after receipt of notice
thereof given by the Executive, provided that the Executive provides such
notice within ninety (90) days after the initial date of such failure by the
Company and provided the Company has been provided at least thirty (30) days
during which it may remedy such failure;

(3)        the Company’s requiring the Executive to
be based at any office or location more than fifty (50) miles from that
location at which he performed his services specified under the provisions of
Section 2 immediately prior to the Change in Control, except for travel
reasonably required in the performance of the Executive’s responsibilities; or

 10
 

 

(4)        any failure by the Company to obtain the
assumption and agreement to perform this Agreement by a successor as
contemplated by Section 14, unless such assumption occurs by operation of law.

(ii)           Termination for Good Reason.  Within two (2) years after the occurrence of
a Change of Control, the Executive may terminate his employment for Good
Reason.  Such termination shall be deemed
to be a termination without Cause and shall be controlled by the provisions of
Section 6(c) and Section 6(m) hereof, including the required delay in payment
for the six-month period following the date of termination for any amounts
determined to be subject to Code section 409A, as described in Section
6(m).  Except as otherwise provided in
this Section 6(g)(ii), the Company will have no further obligations under
Sections 3, 4 and 5 hereof or otherwise.

(h)  Certain Limitations.

(i)            Notwithstanding anything to the
contrary contained herein, in the event that any amount or benefit paid
or distributed to the Executive pursuant to this Agreement, taken together with
any amounts or benefits otherwise paid or distributed to the Executive by the
Company or any affiliated company (collectively, the “Covered Payments”), are
or become subject to the tax (the “Excise Tax”) imposed under Section 4999 of
the Code, or any similar tax that may hereafter be imposed, the Covered Payments shall be reduced (but
not below zero) until no portion of such payments would be subject to Excise
Tax.

(ii)           For purposes of determining whether
any of the Covered Payments will be subject to the Excise Tax and the amount of
such Excise Tax,

(A)          such Covered Payments will be treated
as “parachute payments” to the extent they exceed the “2.99 base amount
threshold” within the meaning of Section 280G of the Code, and all “parachute
payments” in excess of the “base amount” (as defined under Section 280G(b)(3)
of the Code) shall be treated as subject to the Excise Tax, unless, and except
to the extent that, in the good faith judgment of the Company’s independent
certified public accountants appointed prior to the date of the change in
ownership or control or tax counsel selected by such accountants (the “Accountants”),
the Company has a reasonable basis to conclude that such Covered Payments (in
whole or in part) either do not constitute “parachute payments” or are
otherwise not subject to such Excise Tax, and

(B)          the value of any non-cash benefits or
any deferred payment or benefit shall be determined by the Accountants in
accordance with the principles of Section 280G of the Code.

(i)  Non-Renewal.          In the event the Company does not offer the Executive renewal
of the Term of Employment on the basis of terms no less favorable, in the
aggregate, than those pending at the time of the conclusion of the Term of
Employment and, as a result,
the Company terminates the Executive’s employment with the Company (“Non-Renewal”),
such termination shall be deemed to be a termination without Cause and shall be
controlled by the provisions of Section 6(c) and Section 6(m) hereof, including
the required delay in payment for the six-month period following the date of
termination for any amounts determined to be subject to Code section 409A, as
described in Section 6(m).  Except as
otherwise provided in this Section 6(i), the Company will have no further
obligations under Sections 3, 4 and 5 hereof or otherwise.  This provision shall not apply if at the time
for renewal any of (x) the Board of 

 11
 

 

Directors, (y) the Compensation Committee and/or the
Stock Plan Subcommittee of the Board of Directors or (z) the stockholders of
the Company have changed the Company’s policy regarding the use of written
employment agreements for executives, the form of equity-based compensation, or
the mix of cash and non-cash compensation.

(j)          Continued
Employment Beyond the Non-Renewal or Expiration of the Term of Employment.  Unless the parties otherwise agree in
writing, continuation of Executive’s employment with the Company beyond the
non-renewal or expiration of the Term of Employment shall be deemed an
employment-at-will and shall not be deemed to extend any of the provisions of
this Agreement, and Executive’s employment may thereafter be terminated at will
by either Executive or the Company.

(k)         Effect of
Termination.  In addition to the
foregoing, in the event that this Agreement shall be terminated pursuant to the
provisions of subparagraphs 6(a), 6(b), 6(c),  
6(f), 6(g) or 6(i) above, and the Executive is not considered to be retirement eligible under the
terms and conditions of the Company’s qualified defined benefit pension plan,
if any, notwithstanding anything to the contrary contained in the
Company’s Share Incentive Plan or other similar equity plan, all stock options
granted to the Executive during the Term of Employment shall become immediately
exercisable and shall be exercisable until the earlier to occur of (A) the end
of the stock option term as set forth in the applicable option agreement(s); or
(B) the first anniversary of the date that Base Salary continuation payments
end, after which all such option awards shall expire and be of no further force
or effect.  The vesting and
exercisability provided for in the previous sentence shall be subject to all
provisions relating to post-employment exercises set forth in the applicable
Share Incentive Plan and option agreement(s). 
Subject to the preceding sentences, 
upon the termination of the Executive’s employment hereunder for any
reason, the Company shall have no further obligations hereunder, except as
otherwise provided herein.  The
Executive, however, shall continue to have the obligations provided for in
Sections 7 and 8 hereof. Furthermore, upon any such termination, the Executive
shall be deemed to have resigned immediately from all offices and directorships
held by him in the Company or any of its subsidiaries.

(l)          Relocation.  In the event of termination of the Executive’s
employment hereunder for any reasons other than for “Cause” pursuant to Section
6(d) hereof, including non-renewal, the Company shall reimburse the Executive
for the actual cost of relocating Executive and his family from the New York
area to Paris, France.  Such
reimbursement shall be subject to Executive actually undertaking relocation
within one (1) year from the termination of his employment.  In no event shall such reimbursement exceed
the gross amount of $50,000.00.

(m)        Section
409A of the Code.  It is the
intention of the parties to this Agreement that no payment or entitlement
pursuant to this Agreement will give rise to any adverse tax consequences to
the Executive under Section 409A of the Code and Department of Treasury
regulations and other interpretive guidance issued thereunder, including that
issued after the date hereof (collectively, “Section 409A”).  The Agreement shall be interpreted to that
end and, consistent with that objective and notwithstanding any provision
herein to the contrary, the Company may unilaterally take any action it deems
necessary or desirable to amend any provision herein to avoid the application
of or excise tax under Section 409A. 
Further, no effect shall be given to any provision herein in a manner
that reasonably could be expected to give rise to adverse tax consequences
under that provision.  The Company shall
from time to time compile a list of “specified employees” as defined in, and
pursuant to, Treas. Reg. Section 1.409A-1(i). 
Notwithstanding any other provision herein, if the Executive is a
specified 

 12
 

 

employee on the date of termination, no payment of compensation under
this Agreement shall be made to the Executive during the period lasting six (6)
months from the date of termination unless the Company determines that there is
no reasonable basis for believing that making such payment would cause the
Executive to suffer any adverse tax consequences pursuant to Section 409A of
the Code.  If any payment to the
Executive is delayed pursuant to the foregoing sentence, such payment instead
shall be made on the first business day following the expiration of the
six-month period referred to in the prior sentence, unless specified otherwise
in Section 6(m)(i) hereof. Although the Company shall consult with Executive in
good faith regarding implementation of this Section 6(m), neither the Company
nor its employees or representatives shall have liability to the Executive with
respect to any additional taxes that the Executive may be subject to in the
event that any amounts under this Agreement are determined to violate Code
section 409A.

(i)            Notwithstanding the
above, amounts described as being subject to payment in accordance with the
provisions of this Section 6(m)(i) shall be subject to a delay in payment for a
six-month period following the date of termination and shall be paid as
follows:  For any Base Salary under
Section 6(a)(v) or Section 6(c)(iv)(A) to be continued beyond the date of
termination and for any Pension Replacement Payment, all payments that would
have been made during the six-month period immediately following the date of
termination shall be made in a single cash payment on the first business day
following the expiration of such six-month period, and as of the first business
day following the expiration of such six-month period all such payments shall
resume in accordance with the regular payroll practices of the Company until
the end of the specified period; any bonus payments under Section 6(c)(iv)(B)
shall be paid in a single lump sum payment on the first business day following
the expiration of such six-month period.

(n)           Release of
Claims.  As a condition precedent to
the receipt of payments and benefits pursuant to this Section, the Executive,
or, in the case of his death or Disability that prevents the Executive from
performing his obligation under this Section 6(n), his personal representative,
and his beneficiary, if applicable, will execute an effective general release
of claims against the Company and its subsidiaries and affiliates and their
respective directors, officers, employees, attorneys and agents; provided,
however, that such effective release will not affect any right that the
Executive, or in the event of his death, his personal representative or
beneficiary, otherwise has to any payment or benefit provided for in this
Agreement or to any vested benefits the Executive may have in any employee
benefit plan of Company or any of its subsidiaries or affiliates, or any right
the Executive has under any other agreement between the Executive and the
Company or any of its subsidiaries or affiliates that expressly states that the
right survives the termination of the Executive’s employment.

7.             Confidentiality;
Ownership.

(a)           The Executive agrees that he shall
forever keep secret and retain in strictest confidence and not divulge,
disclose, discuss, copy or otherwise use or suffer to be used in any manner,
except in connection with the Business of the Company, its subsidiaries or
affiliates and any other business or proposed business of the Company or any of
its subsidiaries or affiliates, any “Protected Information” in any “Unauthorized”
manner or for any “Unauthorized” purpose (as such terms are hereinafter
defined).

(i)            “Protected Information” means trade
secrets, confidential or proprietary information and all other knowledge,
know-how, information, documents or materials owned, developed or possessed by
the Company or any of its subsidiaries or affiliates, whether 

 13
 

 

in tangible or intangible
form, pertaining to the Business or any other business or proposed business of
the Company or any of its subsidiaries or affiliates, including, but not
limited to, research and development, operations, systems, data bases, computer
programs and software, designs, models, operating procedures, knowledge of the
organization, products (including prices, costs, sales or content), processes,
formulas, techniques, machinery, contracts, financial information or measures,
business methods, business plans, details of consultant contracts, new
personnel hiring plans, business acquisition plans, customer lists, business
relationships and other information owned, developed or possessed by the
Company or its subsidiaries or affiliates; provided that Protected
Information shall not include information that becomes generally known to the
public or the trade without violation of this Section 7.

(ii)           “Unauthorized” means: (A) in
contravention of the policies or procedures of the Company or any of its subsidiaries
or affiliates; (B) otherwise inconsistent with the measures taken by the
Company or any of its subsidiaries or affiliates to protect their interests in
any Protected Information; (C) in contravention of any lawful instruction or
directive, either written or oral, of an employee of the Company or any of its
subsidiaries or affiliates empowered to issue such instruction or directive; or
(D) in contravention of any duty existing under law or contract.
Notwithstanding anything to the contrary contained in this Section 7, the
Executive may disclose any Protected Information to the extent required by
court order or decree or by the rules and regulations of a governmental agency
or as otherwise required by law or to his legal counsel and, in connection with
a determination under Section 6(h), to accounting experts; provided that
the Executive shall provide the Company with prompt notice of such required
disclosure in advance thereof so that the Company may seek an appropriate
protective order in respect of such required disclosure.

(b)           The Executive acknowledges that all
developments, including, without limitation, inventions (patentable or
otherwise), discoveries, formulas, improvements, patents, trade secrets,
designs, reports, computer software, flow charts and diagrams, procedures,
data, documentation, ideas and writings and applications thereof relating to
the Business or any business or planned business of the Company or any of its
subsidiaries or affiliates that, alone or jointly with others, the Executive
may conceive, create, make, develop, reduce to practice or acquire during the
Executive’s employment with the Company or any of its subsidiaries or
affiliates (collectively, the “Developments”) are works made for hire and shall
remain the sole and exclusive property of the Company.  The Executive hereby assigns to the Company,
in consideration of the payments set forth in Section 3(a) hereof, all of his
right, title and interest in and to all such Developments. The Executive shall
promptly and fully disclose all future material Developments to the Board of
Directors of the Company and, at any time upon request and at the expense of
the Company, shall execute, acknowledge and deliver to the Company all
instruments that the Company shall prepare, give evidence and take all other
actions that are necessary or desirable in the reasonable opinion of the
Company to enable the Company to file and prosecute applications for and to
acquire, maintain and enforce all letters patent and trademark registrations or
copyrights covering the Developments in all countries in which the same are
deemed necessary by the Company.  All
memoranda, notes, lists, drawings, records, files, computer tapes, programs,
software, source and programming narratives and other documentation (and all
copies thereof) made or compiled by the Executive or made available to the
Executive concerning the Developments or otherwise concerning the Business or
planned business of the Company or any of its subsidiaries or affiliates shall
be the property of the Company or such subsidiaries or affiliates and shall be
delivered to the Company or such subsidiaries or affiliates promptly upon the
expiration or termination of the Term of Employment.

 14
 

 

(c)           During the Term of Employment, the
Company, its subsidiaries and affiliates shall have the exclusive right to use
the Executive’s name and image throughout the world in its advertising and
promotional materials in connection with the advertising and promotion of the
Company, its subsidiaries and affiliates, and their products.  After the expiration of the Term of
Employment, the Company, it subsidiaries and affiliates shall have the
non-exclusive right in perpetuity to use the Executive’s name and image
throughout the world solely in connection with promotional materials related to
the history of the Company, it subsidiaries and affiliates, and their
products.  The consideration for such
rights is the payments set forth in Section 3(a) hereof.  The rights conveyed hereby may be assigned by
the Company, its subsidiaries or affiliates to a successor in the interest of
the Company or the relevant subsidiary or affiliate or their businesses or
product lines.

(d)           The provisions of this Section 7
shall, without any limitation as to time, survive the expiration or termination
of the Executive’s employment hereunder, irrespective of the reason for any
termination.

8.             Covenant Not to Compete.  The Executive agrees that during the
Executive’s employment with the Company or any of its subsidiaries or
affiliates and for a period of two (2) years commencing upon the expiration or
termination of the Executive’s employment for any reason whatsoever (the “Non-Compete
Period”), the Executive shall not, directly or indirectly, without the prior
written consent of the Company:

(a)           solicit, entice, persuade or induce
any employee, consultant, agent or independent contractor of the Company or of
any of its subsidiaries or affiliates to terminate his, her or its employment
with the Company or such subsidiary or affiliate, to become employed by any
person, firm or corporation other than the Company or such subsidiary or
affiliate or approach any such employee, consultant, agent or independent
contractor for any of the foregoing purposes, or authorize or assist in the
taking of any such actions by any third party (for purposes of this Section 8
(a), the terms “employee,” “consultant,” “agent” and “independent contractor”
shall include any persons with such status at any time during the six (6)
months preceding any solicitation in question); or

(b)           directly or indirectly engage,
participate, or make any financial investment in, or become employed by or
render consulting, advisory or other services to or for any person, firm,
corporation or other business enterprise, wherever located, which is engaged,
directly or indirectly, in competition with the Business or any business of the
Company or any of its subsidiaries or affiliates as conducted or any business
proposed to be conducted at the time of the expiration or termination of the
Executive’s employment with the Company and its subsidiaries and affiliates; provided,
however, that nothing in this Section 8(b) shall be construed to
preclude the Executive from making any investments in the securities of any
business enterprise whether or not engaged in competition with the Company or
any of its subsidiaries or affiliates, to the extent that such securities are
actively traded on a national securities exchange or in the over-the-counter
market in the United States or on any foreign securities exchange and
represent, at the time of acquisition, not more than 3% of the aggregate voting
power of such business enterprise.

To
ensure that the Company is able to enforce these provisions in Sections 8(a)
and (b) above, the Executive and the Company further agree that if such
noncompetition and nonsolicitation requirements should be violated during this
additional two-year period after the Executive’s termination of employment, the
remedy (determined at the Company’s option) shall be either equitable relief (in
the form of an injunction to stop the violation), or liquidated damages payable 

 15
 

 

by the Executive to the Company in an amount equal
to (a) (i) (A) twenty-four (24) minus (B) the number of full months between the
date of Executive’s termination and the date of breach (“Months Complied”)
divided by (ii) 12, times (b) one  year’s Base Salary in effect at the time of
termination.  In other words:

	
  

  	
  Twenty-four (24) – Months Complied

  	
   

  
	
   

  	
  12

  	
  x

  	
   

  	
  One Year’s Base
  Salary

  

 

If
equitable relief is elected by the Company as an alternative to liquidated
damages, any equitable relief shall not include any forfeiture or cash refund
of monies or benefits.  If liquidated damages is elected by the Company,
the Company may elect not to pay amounts that would otherwise be payable but
for the breach; provided that, the Executive would remain liable to the Company
to the extent that the liquidated damages exceeded the amounts not paid by the
Company. The foregoing shall have no impact on the operation of the provisions
of any other compensation program of the Company or its subsidiaries, including
without limitation the Amended and Restated Fiscal 2002 Share Incentive Plan.

9.             Specific Performance.  The Executive acknowledges that the services
to be rendered by the Executive are of a special, unique and extraordinary
character and, in connection with such services, the Executive will have access
to confidential information vital to the Company’s Business and the other
current or planned businesses of it and its subsidiaries and affiliates.  By reason of this, the Executive consents and
agrees that if the Executive violates any of the provisions of Sections 7 or 8
hereof, the Company and its subsidiaries and affiliates would sustain
irreparable injury and that monetary damages would not provide adequate remedy
to the Company and that the Company shall be entitled to have Section 7 or 8
hereof specifically enforced by any court having equity jurisdiction.  Nothing contained herein shall be construed
as prohibiting the Company or any of its subsidiaries or affiliates from
pursuing any other remedies available to it or them for such breach or
threatened breach, including the recovery of damages from the Executive.  This provision shall, without any limitation
as to time, survive the expiration or termination of the Executive’s employment
hereunder, irrespective of the reason for any termination.

10.           Deductions and Withholding.  The Executive agrees that the Company or its
subsidiaries or affiliates, as applicable, shall withhold from any and all
compensation paid to and required to be paid to the Executive pursuant to this
Agreement, all Federal, state, local and/or other taxes which the Company
determines are required to be withheld in accordance with applicable statutes
or regulations from time to time in effect and all amounts required to be
deducted in respect of the Executive’s coverage under applicable employee
benefit plans.  For purposes of this
Agreement and calculations hereunder, all such deductions and withholdings
shall be deemed to have been paid to and received by the Executive.

11.           Entire Agreement.  Except for the Amended and Restated Fiscal
2002 Share Incentive Plan, the Executive’s outstanding stock option and other
equity-compensation agreements, the Executive Annual Incentive Plan, the
Executive Perquisites Program, the Executive Automobile Program, the term life insurance arrangement between
the Company and the Executive, the Company’s qualified and non-qualified
defined benefit pension plans, the Company’s qualified defined contribution
retirement savings plan and applicable successor plans or agreements, this
Agreement embodies the entire agreement of the parties with respect to the
Executive’s employment, compensation, perquisites and related items and
supersedes any other prior oral or written agreements, arrangements or
understandings between the 

 16
 

 

Executive and the Company
or any of its subsidiaries or affiliates, and any such prior agreements,
arrangements or understandings are hereby terminated and of no further
effect.  This Agreement may not be
changed or terminated orally but only by an agreement in writing signed by the
parties hereto.

12.           Waiver.  The waiver by the Company of a breach of any
provision of this Agreement by the Executive shall not operate or be construed
as a waiver of any subsequent breach by him. The waiver by the Executive of a
breach of any provision of this Agreement by the Company shall not operate or
be construed as a waiver of any subsequent breach by the Company.

13.           Governing Law;
Jurisdiction.

(a)           This Agreement shall be subject to,
and governed by, the laws of the State of New York applicable to contracts made
and to be performed therein, without regard to conflict of laws principles.

(b)           Any action to enforce any of the
provisions of this Agreement shall be brought in a court of the State of New
York located in the Borough of Manhattan of the City of New York or in a
Federal court located within the Southern District of New York.  The parties consent to the jurisdiction of
such courts and to the service of process in any manner provided by New York
law.  Each party irrevocably waives any
objection which it may now or hereafter have to the laying of the venue of any
such suit, action or proceeding brought in such court and any claim that such
suit, action or proceeding brought in such court has been brought in an
inconvenient forum and agrees that service of process in accordance with the
foregoing sentences shall be deemed in every respect effective and valid personal
service of process upon such party.

14.           Assignability.  The obligations of the Executive may not be
delegated and, except with respect to the designation of beneficiaries in
connection with any of the benefits payable to the Executive hereunder, the Executive
may not, without the Company’s written consent thereto, assign, transfer,
convey, pledge, encumber, hypothecate or otherwise dispose of this Agreement or
any interest herein.  Any such attempted
delegation or disposition shall be null and void and without effect.  The Company and the Executive agree that this
Agreement and all of the Company’s rights and obligations hereunder may be
assigned or transferred by the Company to and shall be assumed by and be
binding upon any successor to the Company. 
Unless assumption occurs by operation of law, the Company shall require
any successor by an agreement in form and substance satisfactory to the
Executive, expressly to assume and agree to perform this Agreement in the same
manner and to the same extent as the Company would be required to perform if no
such succession had taken place.  The
term “successor” means, with respect to the Company or any of its subsidiaries,
any corporation or other business entity which, by merger, consolidation,
purchase of the assets or otherwise acquires all or a majority of the operating
assets or business of the Company.

15.           Severability.  If any provision of this Agreement or any
part thereof, including, without limitation, Sections 7 and 8 hereof, as
applied to either party or to any circumstances shall be adjudged by a court of
competent jurisdiction to be void or unenforceable, the same shall in no way
affect any other provision of this Agreement or remaining part thereof, or the
validity or enforceability of this Agreement, which shall be given full effect
without regard to the invalid or unenforceable part thereof.

 17
 

 

If any court
construes any of the provisions of Section 7 or 8 hereof, or any part thereof,
to be unreasonable because of the duration of such provision or the geographic
scope thereof, such court may reduce the duration or restrict or redefine the
geographic scope of such provision and enforce such provision as so reduced,
restricted or redefined.

16.           Notices.  All notices to the Company or the Executive
permitted or required hereunder shall be in writing and shall be delivered
personally, by telecopier or by courier service providing for next-day or
two-day delivery or sent by registered or certified mail, return receipt
requested, to the following addresses:

	
   

  	
  The Company:

  
	
   

  	
   

  
	
   

  	
  The Estée Lauder Companies Inc.

  
	
   

  	
  767 Fifth Avenue

  
	
   

  	
  New York, New York 10153

  
	
   

  	
  Attn:

  	
  General Counsel

  
	
   

  	
  Tel:

  	
  (212) 572-3980

  
	
   

  	
  Fax:

  	
  (212) 572-3989

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  The Executive:

  
	
   

  	
   

  
	
   

  	
  Patrick Bousquet-Chavanne

  
	
   

  	
  c/o The Estée Lauder Companies Inc.

  
	
   

  	
  767 Fifth Avenue

  
	
   

  	
  New York, New York 10153

  
	
   

  	
  Tel:

  	
  (212) 572- 6945

  
	
   

  	
  Fax:

  	
  (212) 572- 5414

  
				

 

Either party may change
the address to which notices shall be sent by sending written notice of such
change of address to the other party. 
Any such notice shall be deemed given, if delivered personally, upon
receipt; if telecopied, when telecopied; if sent by courier service providing
for next-day or two-day delivery, the next business day or two business days, as
applicable, following deposit with such courier service; and if sent by
certified or registered mail, three days after deposit (postage prepaid) with
the U.S. mail service.

17.           No Conflicts.  The Executive hereby represents and warrants
to the Company that his execution, delivery and performance of this Agreement
and any other agreement to be delivered pursuant to this Agreement will not (i)
require the consent, approval or action of any other person or (ii) violate,
conflict with or result in the breach of any of the terms of, or constitute (or
with notice or lapse of time or both, constitute) a default under, any
agreement, arrangement or understanding with respect to the Executive’s
employment to which the Executive is a party or by which the Executive is bound
or subject.  The Executive hereby agrees
to indemnify and hold harmless the Company and its directors, officers,
employees, agents, representatives and affiliates (and such affiliates’
directors, officers, employees, agents and representatives) from and against
any and all losses, liabilities or claims (including interest, penalties and
reasonable attorneys’ fees, disbursements and related charges) based upon or
arising out of the Executive’s breach of any of the foregoing representations
and warranties.

18.           Legal Fees.  Following a Change of Control, the Company
shall reimburse the Executive up to $20,000.00, in the aggregate, for all legal
fees and related 

 18
 

 

expenses (including the
costs of experts, evidence and counsel) reasonably and in good faith incurred
by the Executive in an action (i) by the Executive to obtain or enforce any
right or benefit to which the Executive is entitled under this Agreement or
(ii) by the Company to enforce a post-termination covenant referred to in
Section 7 or 8 against the Executive, in each case, provided that the Executive
substantially prevails in such action.  Such amount shall be reimbursed to the
Executive by the end of the calendar year in which the Executive substantially
prevails in such action, based on the date of any settlement, judgment, or
other official document evidencing same.

19.           Cooperation.  During the Term of Employment and thereafter,
Executive shall provide reasonable cooperation in connection with any action or
proceeding (or any appeal therefrom) that relates to events occurring during
Executive’s employment with the Company.

20.           Paragraph Headings.  The paragraph headings contained in this
Agreement are for reference purposes only and shall not affect in any way the
meaning or interpreta­tion of this Agreement.

21.           Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all of which
taken together shall constitute one and the same instrument.

IN
WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the
date first written above.

	
  

  	
   

  	
  THE ESTÉE LAUDER COMPANIES INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Amy DiGeso

  
	
   

  	
   

  	
  Name:

  	
  Amy DiGeso

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President, Global

  Human Resources

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Patrick Bousquet-Chavanne

  
	
   

  	
   

  	
  Patrick Bousquet-Chavanne

  
					

 

 19Exhibit 10(a)

AMENDED AND RESTATED

EMPLOYMENT AND

DEFERRED COMPENSATION AGREEMENT

This EMPLOYMENT AND DEFERRED COMPENSATION
AGREEMENT (this “Agreement”), is
hereby amended and restated as of June 22, 2007 (the “Effective
Date”), between REGIS CORPORATION,
hereinafter referred to as the  “Corporation,” and [***NAME***], hereinafter referred to as “Employee.”

WHEREAS, this
Agreement was initially entered into as of [***DATE***]; and

WHEREAS,
Employee and the Corporation wish to amend and restate this Agreement as of the
date hereof to incorporate and supersede all prior amendments hereto;

NOW,
THEREFORE, IN CONSIDERATION of the mutual agreements
hereinafter contained, the parties hereby agree as follows:

1.                                       Definitions.

“Aggregate Benefit” shall be an
amount equal to the Employee’s Monthly Benefit multiplied by 240.

“Cause” shall mean: (a) (i) a
felony conviction under any Federal or state statute which is materially
detrimental to the financial interests of the Corporation, or (ii) willful
non-performance by Employee of his material employment duties other than by
reason of his physical or mental incapacity after reasonable written notice to
Employee and reasonable opportunity (not less than thirty (30) days) to cease
such non-performance; or (b) Employee willfully engaging in fraud or gross
misconduct which is materially detrimental to the financial interests of the
Corporation.

“Change in Control” shall be
deemed to have occurred at such time as any of the following events occur: (a)
any “person” within the meaning of Section 2(a)(2) of the Securities Act of
1933 and Section 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), is or has become the “beneficial owner,” as
defined in Rule 13d-3 under the Exchange Act, of twenty percent (20%) or more of
the common stock of the Corporation, or (b) approval by the stockholders of the
Corporation of (i) any consolidation or merger of the Corporation in which the
Corporation is not the continuing or surviving corporation or pursuant to which
shares of stock of the Corporation would be converted into cash, securities or
other property, or (ii) any consolidation or merger in which the Corporation is
the continuing or surviving corporation but in which the common stockholders of
the Corporation immediately prior to the consolidation or merger do not hold at
least a majority of the outstanding 

 1
 

 

common stock of the continuing or surviving
corporation, or (iii) any sale, lease, exchange or other transfer of all or
substantially all the assets of the Corporation, or (c) individuals who
constitute the Corporation’s Board of Directors on the Effective Date (the “Incumbent Board”) have ceased for any reason to constitute
at least a majority thereof, provided that any person becoming a director
subsequent to the Effective Date whose election, or nomination for election by
the Corporation’s stockholders, was approved by a vote of at least
three-quarters (75%) of the directors comprising the Incumbent Board (either by
specific vote or by approval of the proxy statement of the Corporation in which
such person is named as nominee for director) shall be, for purposes of this
Agreement, considered as though such person were a member of the Incumbent
Board.

“Discounted Vested Monthly Benefit”
shall be an amount determined by discounting Employee’s Vested Monthly Benefit
to present value based on the number of months between (a) the later of (i)
Employee’s age at the time of his or her termination of employment or (ii) the
date on which Employee attains age 55, and (b) the date of Employee’s 65th
birthday.  The discount rate to be used
for this purpose shall be equal to the yield to maturity, at the date of
termination of Employee’s employment, of U.S. Treasury Notes with a maturity
date nearest the date of the Employee’s 65th birthday.

“Good Reason”  shall mean the occurrence, without the express
written consent of Employee, of any of the following: (a) any adverse
alteration in the nature of Employee’s reporting responsibilities, titles, or
offices, or any removal of Employee from, or any failure to reelect Employee
to, any such positions, except in connection with a termination of the
employment of Employee for Cause, permanent disability, or as a result of
Employee’s death or a termination of employment by Employee other than for Good
Reason; (b) a reduction by the Corporation in Employee’s base salary as then in
effect; (c) failure by the Corporation to continue in effect (without
substitution of a substantially equivalent plan or a plan of substantially
equivalent value) any compensation plan, bonus or incentive plan, stock
purchase plan, stock option plan, life insurance plan, health plan, disability
plan or other benefit plan or arrangement in which Employee is then
participating; (d) any material breach by the Corporation of any provisions of
the Agreement; (e) the requirement by the Corporation that Employee’s principal
place of employment be relocated outside of a thirty (30) mile radius from its
existing location; or (f) the Corporation’s failure to obtain a satisfactory agreement
from any successor to assume and agree to perform Corporation’s obligations
under the Agreement; provided that
Employee notifies the Corporation of such condition set forth in clause (a),
(b), (c), (d), (e) or (f) within 90 days of its initial existence and the
Corporation fails to remedy such condition within 30 days of receiving such
notice.

“Monthly Benefit” shall be an
amount equal to the greater of (i) [***PERCENT***] percent ([***#***]%) of
Employee’s average monthly 

 2
 

compensation, excluding bonuses, for the sixty (60)
months immediately preceding Employee’s termination of employment or disability,
and (ii) [***DOLLARS***] Dollars ($[***#***]).

“Vested Monthly Benefit”
shall be a percentage of Employee’s Monthly Benefit determined on the basis of
the number of Employee’s completed years of service during which Employee has
been a party to this Agreement or a prior deferred compensation agreement with
the Company:

	
  Years of Service

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Less than 7 years

  	
   

  	
  0

  	
  %

  
	
  7 years

  	
   

  	
  5

  	
  %

  
	
  8 years

  	
   

  	
  10

  	
  %

  
	
  9 years

  	
   

  	
  15

  	
  %

  
	
  10 years

  	
   

  	
  20

  	
  %

  
	
  11 years

  	
   

  	
  25

  	
  %

  
	
  12 years

  	
   

  	
  30

  	
  %

  
	
  13 years

  	
   

  	
  35

  	
  %

  
	
  14 years

  	
   

  	
  40

  	
  %

  
	
  15 years

  	
   

  	
  50

  	
  %

  
	
  16 years

  	
   

  	
  60

  	
  %

  
	
  17 years

  	
   

  	
  70

  	
  %

  
	
  18 years

  	
   

  	
  80

  	
  %

  
	
  19 years

  	
   

  	
  90

  	
  %

  
	
  20 or more years

  	
   

  	
  100

  	
  %

  

 

A year of service for purposes of vesting shall be a
consecutive 12-month period.

2.             Employment.  The Corporation agrees to continue to employ
Employee, and Employee agrees to continue to serve the Corporation, upon the
terms and conditions hereinafter set forth.

3.             Term.  The employment of Employee pursuant to this
Agreement has commenced as of the date of this Agreement and shall continue
until terminated by either of the parties hereto. The parties agree and
acknowledge that the employment of Employee pursuant to this Agreement is at
will and may be terminated by either party without notice.  Notwithstanding the termination of employment
of Employee, this Agreement shall remain in full force and effect during such
time as Employee is or may be entitled to any Monthly Benefit under this
Agreement.

4.             Duties.  Employee agrees to serve the Corporation
faithfully and to the best of his or her ability under the direction of the
President and the Board of Directors of the Corporation, devoting his or her
entire business time, energy and skill to such employment, 

 3
 

and to perform from time to time such services and act
in such office or capacity as the President and the Board of Directors shall
request.

5.             Compensation.  The Corporation agrees to pay to Employee
during the term of his or her employment hereunder as salary for his or her
full time active services such compensation as may be mutually agreed upon from
time to time.

6.             Deferred Compensation.  The Corporation shall pay to Employee, if
living, or to his or her designee(s) in the event of his or her death, the
following sums upon the terms and conditions and for the periods hereinafter
set forth:

a]                                      Payments upon Retirement.  Commencing upon the last day of the month
next following the month in which Employee retires from employment with the
Corporation at or after age 65, or upon the last day of the month next
following the month in which he or she reaches age 65 if he or she is then
disabled within the meaning of paragraph 6(c), the Corporation shall pay to
Employee his or her Vested Monthly Benefit and shall continue to pay him or her
the same amount monthly on the same date of each succeeding month thereafter
until a total of 240 monthly payments have been made.  If Employee dies before receiving all 240
monthly payments specified herein, the Corporation shall pay to Employee’s
surviving spouse, or to such other person or persons as Employee shall have
designated in writing, the remaining unpaid monthly payments as they become due
as provided above.

b]                                     Payments upon Death before Retirement.  If Employee dies while employed by the
Corporation, the Corporation shall pay to Employee’s surviving spouse, or to
such other person or persons as Employee shall have designated in writing,
Employee’s Monthly Benefit for 240 months. The first payment shall be due
within thirty (30) days after Employee’s death with the remaining payments
payable according to the terms of paragraph 6(a) above.

c]                                      Payments during Disability.  In addition to the payments provided in
subparagraphs (a) and (b), should Employee become disabled while employed by
the Corporation, and such disability continues for a period of six months, the
Corporation shall pay to Employee his or her Monthly Benefit during each month
that Employee remains disabled until he attains age 65 or until his or her
death prior to attaining such age, at which time the payments provided in
subparagraph (b) shall begin.  The first
payment under this subparagraph (c) shall be made during the seventh month of
such disability, and each succeeding payment shall be made on the same date of
each succeeding month 

 4
 

                                                thereafter.  Payments shall be made under this
subparagraph (c) only if Employee is disabled within the meaning of the
disability clause of an applicable policy’s waiver of premium provision and
within the meaning of “disability” as set forth in Treas. Reg. § 1.409A—3(i)(4).

d]                                     Early Termination.  In
the event Employee terminates his or her employment with the Corporation before
reaching age 65 (unless such employment termination is for Cause, by reason of
disability pursuant to subparagraph 6(c), or by reason of death), then
commencing upon the last day of the month next following the month in which his
employment terminates (or if later, upon attainment of age 55), unless Employee
has been terminated by the Corporation for Cause, the Corporation shall pay to
Employee his or her Discounted Vested Monthly Benefit and shall continue to pay
him or her the same amount monthly on the same date of each succeeding month
thereafter until a total of 240 monthly payments have been made.  If Employee dies before receiving all 240
monthly payments specified herein, the Corporation shall pay to Employee’s
surviving spouse, or to such other person or persons as Employee shall have
designated in writing, the remaining unpaid monthly payments as they become due
as provided above.  Notwithstanding the
foregoing in this subparagraph 6(d)(i), Employee shall be entitled, by written
election to the Corporation’s Board of Directors, to receive, in connection
with a termination of employment prior to age 65, his Vested Monthly Benefit
rather than the Discounted Vested Monthly Benefit (or his Discounted Vested
Monthly Benefit commencing at a later date), provided (x) Employee makes such
written election more than 12 months before Employee otherwise would have
received the Discounted Vested Monthly Benefit, (y) such election is not
effective for 12 months, and (z) the first installment of the Monthly Benefit
is paid at least five years after the month next following the month of such
employment termination (or, if earlier, upon death or disability pursuant to
subparagraphs 6(b) and 6(c), respectively); provided, however,
that if the first installment of the Monthly Benefit is to commence prior to
Employee’s attainment of age 65, Employee shall receive the Discounted Vested
Monthly Benefit rather than the Vested Monthly Benefit.

e]                                      Termination for Cause.  If Employee’s employment with the Corporation
is terminated at any time for Cause, the Corporation shall have no obligation
to make any payments to Employee under this Agreement and all future payments
shall be forfeited.

The Corporation is
the owner and beneficiary of certain insurance policies on Employee’s life and
insuring against Employee’s disability. 
No payments shall be required 

 5
 

under subparagraphs (a),
(b), (c) or (d) of this paragraph, if because of any act by Employee, either
(i) the applicable policy is canceled by the insurance company issuing such
policy or (ii) the insurance company refuses to pay the proceeds of said
policy.  The provisions of the preceding
sentence shall be inapplicable and of no further force or effect upon and after
a Change in Control.

Notwithstanding the foregoing provisions of this paragraph 6 or
paragraph 7, to the extent required in order to be made without triggering any
tax or penalty under Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), and the
Treasury regulations promulgated thereunder (“Section
409A”) if an Employee is a “specified employee” for purposes of
Section 409A, amounts that would otherwise be payable under this paragraph 6
during the six-month period immediately following the employment termination
date shall instead be paid on the first business day after the date that is six
months following Employee’s “separation from service” within the meaning of
Section 409A, or, if earlier, the date of Employee’s death.

7.             Change in Control.

(a)                 Notwithstanding
any other provision of the Agreement, in the event that Employee’s employment
is terminated by the Corporation without Cause or by Employee with Good Reason
within two years after a Change in Control, Employee shall be paid, within
thirty (30) days after such employment termination, an amount equal to three
times the sum of (i) Employee’s annual base salary, and (ii) the largest annual
bonus paid to or earned by Employee during the thirty-six (36) months
immediately preceding the Change in Control.

(b)                 Notwithstanding
any other provision of the Agreement: (A) if Employee’s employment with the Corporation
terminates within two years following a Change in Control, whether such
termination is initiated by Employee or by the Corporation (unless the
termination is by the Corporation for Cause), the Corporation, within five (5)
days after such termination and in lieu of Employee’s Monthly Benefit, shall
pay in full Employee’s Aggregate Benefit, without any reduction for vesting or
for discounting, to Employee; (B) if Employee’s employment with the Corporation
terminates more than two years following a Change in Control, the Corporation,
within thirty (30) days after such termination, shall commence payment of
Employee’s Monthly Benefit, without any reduction for vesting or for
discounting, and shall continue such payments as provided in paragraph 6 hereof.

(c)                 Upon a Change in Control,
Employee automatically shall receive [***SHARES***] shares of the Corporation’s
common stock free of any restrictions on exercisability (except as may be
imposed by law).  

 6
 

Any such shares
awarded under this subparagraph 7(c) shall be subject to automatic adjustment
by the appropriate Board committee or its delegate to reflect any Corporation
share dividend, share split, combination or exchange of shares,
recapitalization or other change in the capital structure of the Corporation
since the date hereof.

(d)                 In
addition to the payments and stock grant provided in subparagraphs 7(a), (b)
and (c) above, and at the time such payments and grant are made to Employee,
the Corporation shall pay to Employee an amount equal to any excise tax imposed
on Employee by Section 4999 of the Code and by any comparable and applicable
state tax law (collectively, “Excise Taxes”),
as a result of the payments and stock grant provided in subparagraphs 7(a), (b)
and (c) and as a result of any accelerated vesting of Employee’s options to
acquire shares of the Corporation, and shall further pay to Employee on a “grossed-up”
basis all additional federal and state income taxes and Excise Taxes payable by
Employee as a result of the payments provided in this subparagraph 7(d), so
that the net after-tax amount received by Employee pursuant to this paragraph 7
is equal to the amount that Employee would have received if no Excise Taxes had
been imposed on income received by or imputed to Employee by reason of the
payments or stock grant pursuant to paragraph 7 hereof or by reason of
accelerated vesting of Employee’s options. 
All amounts payable pursuant to this subparagraph 7(d) shall be paid by
the end of Employee’s taxable year next following Employee’s taxable year in
which the related taxes are remitted to the taxing authority.

All payments required by this paragraph 7 shall be in addition to, and
not in lieu of, any other payments to which Employee is entitled under any
other agreement with the Corporation.

The amounts paid to Employee pursuant to this paragraph shall be in
consideration of Employee’s past services to the Corporation and Employee’s
continued services from the date of this amendment.  The payments required hereunder shall not be
reduced or offset by any future earnings by Employee.

8.             Restrictive Covenant.

a]                                      Employee
expressly agrees, as a condition to the performance by the Corporation of its
obligations hereunder, that during the term of this Agreement and during the
further period that such payments to him or her are provided by this Agreement,
he or she will not, directly or indirectly, own any interest in, render any
services of any nature to,

 7
 

                                                become
employed by, or participate or engage in the licensed beauty salon business,
except with the prior written consent of the Corporation.

b]                                     If
Employee voluntarily terminates his or her employment with the Corporation, and
Employee violates the restrictive covenant set forth in subparagraph a] above
during the first twenty-four (24) months after such termination of employment,
and such violation continues for thirty (30) days after Employee is notified in
writing by the Corporation that Employee is in violation of the restrictive
covenant, then the Corporation shall have no further obligation to make any
payments to Employee under this Agreement and all such future payments shall be
forfeited.  If such violation occurs
after twenty-four (24) months after such termination and continues for thirty
(30) days after notice as provided hereinabove, Employee shall forfeit one (1)
month of Employee’s Vested Monthly Benefit for each month that Employee is in
violation of the restrictive covenant.

c]                                      If
Employee’s employment with the Corporation is terminated by the Corporation
without Cause, and if Employee at any time after such termination continues to
violate the restrictive covenant for thirty (30) days after being notified in
writing by the Corporation that Employee is in violation of the restrictive
covenant, Employee shall forfeit one (1) month of Employee’s Vested Monthly
Benefit for each month or portion of a month that Employee continues in
violation of the restrictive covenant.

d]                                     The
provisions of paragraph 8 of the Agreement shall be inapplicable and of no
further force or effect upon and after a Change in Control.

9.             Trust Agreement.  The Corporation has established a Trust
Agreement under the Regis Corporation Deferred Compensation Agreement and said
Trust Agreement is hereby incorporated by reference into this Agreement and
made a part hereof.

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

11.           Arbitration.  All controversies or claims arising out of or
relating to this Agreement, or the breach thereof, shall be settled by
arbitration in Minneapolis, Minnesota, administered by the American Arbitration
Association under its then current Commercial Arbitration Rules, and judgment
on the award rendered by the arbitrator(s) may be entered in the District Court
of Hennepin County, Minnesota.

 8
 

12.           Prohibition against
Assignment.  Employee
agrees, on behalf of himself or herself and his or her personal
representatives, and any other person claiming any benefits under him or her by
virtue of this Agreement, that this Agreement and the rights, interests and
benefits hereunder shall not be assigned, transferred or pledged in any way by
Employee or any person claiming under him or her by virtue of this Agreement,
and shall not be subject to execution, attachment, garnishment or similar
process.

13.           Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of any successor of the Corporation, and any successor
shall be deemed substituted for the Corporation under the terms of this
Agreement.  As used in this Agreement,
the term “successor” shall include any person, firm, corporation or other
business entity which at any time, whether by merger, purchase, or otherwise,
acquires all or substantially all of the capital stock or assets of the
Corporation.

14.           Prior Agreements.  This Agreement supersedes all prior
Employment and Deferred Compensation Agreements, and any amendments or
supplements thereto, between the parties to this Agreement.

 9
 

IN
WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as of the day and year first above written.

	
   

  	
   

  	
  REGIS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Paul D.
  Finkelstein, President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [***NAME***]

  

 

 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]