Document:

EX-10.32

 EXHIBIT 10.32 
 SETTLEMENT AGREEMENT 
 This settlement agreement (“Agreement”) is
entered into as of February 22, 2012 by and between Biolase Technology, Inc. (“Biolase”), and Henry Schein, Inc. (“Schein”). 
 R E C I T A L S 
 A. Biolase and Schein are parties to a distribution and supply
agreement dated as of August 30, 2010 (the “DSA”). 
 B. Schein currently has **** (“MDs”) in inventory
and available for sale to customers, as indicated on Exhibit “A” attached hereto. 
 C. Schein and Biolase are
parties to an amended and restated security agreement (“Security Agreement”) dated as of September 23, 2010, pursuant to which Biolase granted Schein a security interest (“Security Interest”) in certain collateral
(“Collateral”) described in the Security Agreement to secure repayment of certain obligations (“Obligations”) from Biolase to Schein under the DSA. Biolase ****. Schein ****. 

D. Biolase is willing to **** on the terms and subject to the conditions hereinafter set forth. 

E. Schein is willing to **** on the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the parties agree as follows:

 1. Repurchase of MDs. 
 a. Biolase hereby agrees to repurchase from Schein **** 182 MDs currently in Schein’s possession, free and clear of all liens and encumbrances. Biolase shall pay Schein Seven Thousand Two
Hundred Fifty Dollars ($7,250) per MD (“MD Price”), for a total purchase price of One Million Three Hundred Nineteen Thousand Five Hundred Dollars ($1,319,500), less any Agreed Missing Part Charges (as hereinafter defined), payable through
Escrow (as hereinafter defined) as hereinafter provided. 
 b. The parties agree that (i) Schein **** ,
(ii) the **** , and (iii) from the date of this Agreement until the Closing, Schein will ****. 
 2.
Opening of Escrow. Within **** after the execution of this Agreement, the parties shall open an escrow (the “Escrow”) with an escrow company mutually agreeable to counsel for the parties (“Escrow Holder”). The
Escrow shall be deemed opened when the parties have given Escrow Holder an executed copy of this Agreement and Buyer has ****. Escrow Holder shall ****. If this transaction closes as provided herein, the ****. This Agreement
shall serve as escrow instructions to Escrow Holder, and the parties shall execute additional instructions if Escrow Holder so requires, provided that such instructions do not change the terms of this Agreement but merely offer protection for Escrow
Holder. Any additional instructions shall provide that this Agreement shall prevail in case of any inconsistency between it and the additional instructions. 
 **** Certain confidential information contained in this document, marked with four asterisks, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of
the Securities Exchange Act of 1934, as amended. 

 3. Inspection of MDs. 

a. Biolase shall have **** after the execution of this Agreement (the “Inspection Period”) within which to inspect the
MDs, at its sole cost, during normal business hours and upon reasonable notice to Schein, for the sole purpose of determining if any Parts are missing from the MDs. Parts shall mean ****. Schein shall make all of the MDs available for
inspection by Biolase at Schein’s various locations set forth on Exhibit “A” , and Schein agrees that it will not move any MDs or parts thereof to other locations while such inspections are ongoing, except for purposes of
effecting sales of MDs which are still in their original packaging. The Biolase representative inspecting the MDs at any site shall inform the Schein representative at such site, before such Biolase representative leaves the site, if he believes any
Parts are missing to provide an opportunity to locate such missing Part. Biolase shall submit a report (“Inspection Report”) to Schein of its inspection of the MDs within **** after the expiration of the Inspection Period. Such
Inspection Report shall identify any Parts missing from the MDs and shall ****, and provide the following additional information with respect to each missing Part: (i) identity of each MD unit involved (by serial number) and location of
such unit; (ii) identity of each Part missing from each such unit; and (iii) indication of date of inspection for each MD and a certification that the Schein representative was informed at the time of inspection. Schein shall have
**** within which to review the Inspection Report and deliver to Biolase its acceptance or rejection of the Inspection Report. If Schein rejects the Report, the parties shall in good faith seek to resolve the discrepancy as quickly as
possible. Once the Inspection Report is agreed upon, the agreed aggregate cost for missing Parts as calculated above and subject to ****. If the parties have not reached agreement as to the ****, the Closing shall not be postponed, but
****. 
 b. The parties agree that **** and that Biolase **** other than ****. The parties also agree that
time is of the essence, and ****. 
 4. Deposits Into Escrow. No later than **** before the Close of
Escrow, the parties shall deposit the funds and documents described below into Escrow. All funds to be deposited into Escrow shall be by wire transfer of same day funds or cashier’s check in same day funds drawn on and payable through a
California bank. All documents shall be duly executed by authorized signatories and, when customary or necessary for filing or recordation, properly acknowledged. 
 a. Biolase. Biolase shall ****, and less ****. The ****. If the parties have not reached agreement regarding ****, the Closing shall not be postponed, but ****.
Upon release of the funds from Escrow, Schein shall be deemed to ****. Notwithstanding the foregoing, if the parties, in their sole discretion, mutually agree, the ****. 

b. Schein. Schein shall deposit into the Escrow a bill of sale (“Bill of Sale”) for the MDs and releases of the lien of
the Security Interest in form and content reasonably acceptable to Biolase. 
 5. Close of Escrow. 

a. Time. Escrow shall close (the “Closing” or the “Close of Escrow”) as soon as the parties have ****,
provided that ****. 
 b. Procedure. Escrow Holder shall close Escrow as follows: 

i. pay the ****; 
 ii. deliver the Bill of Sale and the lien releases releasing the Security Interest in the Collateral to Biolase as prepared by Biolase’s counsel and as may be reasonably requested by Biolase, which
releases shall be filed by Biolase at its own expense after the Closing; 
 **** Certain confidential information contained in this document,
marked with four asterisks, has been omitted and filed separately with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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 iii. forward to Biolase and Schein an accounting of all funds received and
disbursed for each party; and 
 iv. possession, title and risk of loss with respect to the MDs shall pass to
Biolase upon Close of Escrow, and Biolase shall be responsible for transportation of the MDs from Schein’s locations described in Exhibit “A” to Biolase’s premises ****. 

c. Closing Costs. Biolase and Schein ****. At least three (3) days prior to the Closing, Escrow Holder shall submit to
Biolase and to Schein an estimated Closing statement. 
 6. Representations and Warranties of the Parties. 

a. Biolase. Biolase represents and warrants to Schein that its execution and performance of this Agreement has been duly
authorized by all necessary corporate action. 
 b. Schein. Schein represents and warrants to Biolase that it owns the
MDs free and clear of all liens and encumbrances, and that its execution and performance of this Agreement has been duly authorized by all necessary corporate action. Schein also represents and warrants that Exhibit “A” attached
hereto is a true, correct and complete list of the MDs in Schein’s possession as of the date hereof, and that the number of MDs listed on Exhibit “A” that are listed as “demos” or as already having been removed from
their original packaging will not increase, in the aggregate, between the date hereof and the Closing. 
 7. ****.
Biolase ****. 
 8. Termination of the DSA and Continued Supplier Relationship. Except for Section 9.4 of the
DSA (regarding non-disparagement), Section 12.11 of the DSA (regarding governing law and arbitration) and Section 2.2 and the corresponding Exhibit B of the DSA (regarding certain indemnification obligations), all of which are set forth in
their entirety on Exhibit “B” attached hereto and incorporated herein by reference, the parties agree that the DSA shall be terminated effective upon the Closing, along with all other agreements (including international territories)
from inception of the original DSA in 2006, provided that Schein will be allowed to continue to place orders for Biolase products and will be accorded the same rights and privileges available to any standard Biolase distributor in the United States.
In particular, Schein ****. In addition, Biolase ****; and Biolase ****. Schein agrees that ****. 
 9.
Mutual Release. With the exception of the obligations of the parties set forth herein and obligations arising in the ordinary course with respect to inventory purchased by Schein from Biolase, as to which the parties are not released,
effective upon payment of the Purchase Price and the release of the Collateral from the lien of the Security Interest, the parties mutually release each other and their agents, directors, officers, partners, employees, attorneys, successors and
assigns of and from any and all damages, claims, demands, causes of action, obligations and liabilities, at law or in equity, which either party had or now has or hereafter can, shall or may have against the other relating in any way to the matters
related thereto. 
 10. Section 1542 Release. The parties acknowledge that they are familiar with the provisions of
section 1542 of the California Civil Code, which provides as follows: 
 “A general release does not extend
to claims which the 
 creditor does not know or suspect to exist in his favor at 

the time of executing the release, which if known by him 

must have materially affected his settlement with the debtor.” 

**** Certain confidential information contained in this document, marked with four asterisks, has been omitted and filed separately with the Securities
and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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 The parties hereby expressly waive any and all rights and benefits conferred upon them by section 1542
of the California Civil Code with respect to those claims, whether known or unknown, which are the subject of this Agreement. 

11. No Reliance On Representations. The parties represent that in signing this Agreement, they do so with full knowledge that any
and all rights which they may have, and they do not rely and have not relied upon any representations of each other, or their officers, agents, attorneys or representatives, with regard to their rights or asserted rights, and they hereby assume the
risk of any mistake of fact in connection with the true facts involved or with regard to any facts which are now unknown to them. The parties further represent that they have consulted and secured independent legal advice and consultation in
connection with this Agreement and any rights which they may be relinquishing. 
 12. Further Assurance. The parties
agree to execute all instruments and documents and to take all actions that reasonably may be required in order to effectuate the purpose and intent of this Agreement, provided all out of pocket expense is paid by the requesting party. 

13. Counterparts. This Agreement may be executed in counterparts. 

14. Governing Law. The Agreement shall be construed in accordance with, and shall be governed by, the laws of the state of New
York subject to Exhibit B-2. 
 15. Successors and Assigns. Neither party shall have any right to assign any of its
rights or obligations under this Agreement without the prior written consent of the other party, which consent may be withheld in such party’s sole and absolute discretion. Subject to the foregoing, this Agreement shall be binding upon and
enforceable by, and shall inure to the benefit of, the parties hereto and their respective permitted successors and assigns. 

16. Severability. In the event that any portion of this Agreement shall be declared by any court of competent jurisdiction to be
invalid, illegal or unenforceable, such portion shall be deemed severed from this Agreement, and the remaining parts hereof shall remain in full force and effect, as fully as though such invalid, illegal or unenforceable portion had never been a
part of this Agreement. 
 17. Attorneys’ Fees. In the event of the bringing of any action by any party hereto
against any other party arising out of this Agreement, the party who is determined to be the prevailing party shall be entitled to recover from the other party all costs and expenses of suit, including reasonable attorneys’ fees. 

18. Entire Agreement; Modification. This Agreement, together with the Exhibits hereto, constitutes the entire agreement between
the parties hereto pertaining to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings of the parties in connection herewith. No supplement, modification or amendment of this Agreement shall be
effective unless executed in writing by all of the parties hereto. 
 19. Confidentiality. The parties covenant and agree
that the terms of this Agreement shall remain confidential and neither party shall disclose the terms of this Agreement to any third party without the prior written consent of the other party. Notwithstanding the foregoing, the parties shall be
permitted to issue a press release announcing this Agreement or otherwise referring to this Agreement or any of its terms, provided that the other party approves the issuance and text of such press release. ****. 

**** Certain confidential information contained in this document, marked with four asterisks, has been omitted and filed separately with the Securities
and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended. 

  
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 IN WITNESS WHEREOF, this Agreement has been executed as of the date first set forth above.

  

			
	 BIOLASE TECHNOLOGY, INC.
 (“Biolase”)

		
	 By:
	 	/s/ Federico Pignatelli
		 	  

	 Its: Chairman and Chief Executive Officer

	
	 HENRY SCHEIN, INC.

(“Schein”)

		
	 By:
	 	/s/ Michael Ettinger
		 	  

	 Its: Senior Vice President and General Counsel

  
 5Amendment to Employment Agreemet between the Company and Irwin D. Simon

 Exhibit 10.1 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS AMENDMENT
(“Amendment”) is made effective on the date hereof to the employment agreement dated as of July 1, 2003, as amended on October 30, 2006, December 31, 2008 and July 1, 2009 (the “Employment
Agreement”), between The Hain Celestial Group, Inc., a Delaware corporation (the “Company”), and Irwin D. Simon (the “Executive”). 
 WHEREAS, Executive has been employed by the Company pursuant to the terms of the Employment Agreement; and 
 WHEREAS, the parties desire to amend the Employment Agreement in accordance with the provisions of Section 7(j) of the Agreement. 

NOW, THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree to amend the Agreement and supersede the provisions of the Agreement as follows: 

1. The first sentence of Section 1 of the Employment Agreement is hereby amended to change the phrase “June 30, 2012” to
“June 30, 2017”. 
 2. Section 2 of the Employment Agreement is hereby amended to delete the last sentence in its
entirety and to insert the following: “Executive’s place of employment shall be at the Company’s principal executive office in Melville, New York until such time as the Company shall relocate to its new executive office in Lake
Success, New York which shall then be Executive’s place of employment.” 
 3. Section 3(a) of the Employment
Agreement is hereby amended to delete the first paragraph and chart in its entirety and to insert the following: “The Company shall pay Executive a base salary of $1,600,000 for the fiscal year ending June 30, 2013.” 

4. Section 3(b) of the Employment Agreement is hereby amended to change the phrase “up to 200% of his Base Salary” to
“up to 225% of his Base Salary”. 
 5. Section 3(e) of the Employment Agreement is hereby deleted in its entirety
and replaced with the following: 
 “(e) Long-Term Incentive Compensation. For each fiscal year during the Employment
Period, Executive shall be eligible to receive long-term incentive compensation (“LTI”) in cash, performance-based restricted stock, performance-based restricted stock units, restricted stock, restricted stock units, stock options or any
combination thereof, as determined by the Compensation Committee in its sole discretion. With respect to the total LTI awarded in any such fiscal year during the Employment Period, Executive’s LTI target award shall equal 250% of his Base
Salary upon the achievement of target performance levels, with a maximum award equal to 333% of his Base Salary, based upon the level of achievement of certain Company and/or individual performance objectives and based on vesting conditions, in each
case, as determined by the Compensation Committee in its sole discretion.” 

 6. Section 4(b) of the Employment Agreement is added to insert a new subsection
(4) at the end thereof to read as follows: 
 “(4) long term disability coverage for the benefit of Mr. Simon and
long term care coverage for the benefit of Mr. Simon and his spouse with annual premiums of not more than $60,000, in the aggregate.” 
 7. Section 5(d) of the Employment Agreement is hereby amended by adding a new subsection (iv) at the end of the definition of “Additional Benefits” to read as follows: 

“(iv) Executive (and to the extent applicable, his dependents) will be entitled to continue to receive the perquisites set forth in
Sections 4(b)(3) and (4), until the third anniversary of Executive’s termination of employment.” 
 8.
Section 6(a) of the Employment Agreement is hereby deleted in its entirety and replaced with the following: 
 “(a)
Noncompetition. 
 (i) The Executive acknowledges that (a) the Company is engaged in a continuous program of
research, development, marketing, sales and production regarding natural and organic products throughout the United States and internationally (the foregoing, together with any other businesses in which the Company engages from the date hereof to
the date of the termination of the Executive’s employment with the Company and its subsidiaries is referred to herein as the “Company Business”); (b) the Company Business is national and international in scope; and (c) the
agreements and covenants contained in this Agreement are necessary and essential to protect the business, goodwill, and customer relationships that the Company and its subsidiaries have expended significant resources to develop. 

(ii) In accordance with the foregoing and this Agreement, the Executive hereby agrees that, during the term of the
Executive’s employment with the Company and for a period of three year(s) after the termination of Executive’s employment with the Company due to a Termination Without Cause, Termination for Good Reason or Non-Renewal (it being understood
and agreed that the provisions of this Section 6 shall not apply in the event Executive’s employment terminates for any reason without payment of the Additional Benefits), (the “Restricted Period”), the Executive will not,
directly or indirectly, individually or on behalf of any person or entity other than the Company or any of its subsidiaries: 
 (a) Provide Competing Services (as defined below) to any company or business (other than the Company or any subsidiary) engaged in the manufacture, or marketing of any of the Relevant Products (as defined
below) to retailers in the Relevant Market Area (as defined below); or 

  
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 (b) Approach, consult, solicit or accept business from, or contact or
otherwise communicate, directly or indirectly, in any way with any Customer (as defined below) in an attempt to (1) divert business from, or interfere with any business relationship of the Company or any of its subsidiaries, or
(2) convince any Customer to change or alter any of such Customer’s existing contractual terms and conditions with the Company or any subsidiary. 
 (iii) For purposes of this Agreement, the following terms shall have the meanings indicated: 
 (a) To provide “Competing Services” means to provide, manage, supervise, or consult about (whether as an employee, owner, partner, stockholder (except to the extent provided in
Section 6(a)(iv) below), joint venturer, lender (except to the extent provided in Section 6(a)(iv) below), director, manager, officer, employee, consultant, independent contractor, representative or agent, or otherwise) any services that
(1) are similar in purpose or function to services the Executive provided to the Company or any subsidiary in the two year period preceding the termination of the Executive’s employment, (2) might involve the use of confidential
information concerning the Company or its subsidiaries, or (3) involve business opportunities related to Relevant Products. 
 (b) “Customer” means any and all persons or entities who purchased any Relevant Product directly from the Company or any majority owned subsidiary during the term of the Executive’s
employment with the Company or any majority owned subsidiary of the Company with whom Executive had contact during Executive’s employment or about whom Executive obtained confidential information. 

(c) “Relevant Products” means any natural or organic branded product that was developed or sold by the Company
or any subsidiary within the course of the last two (2) years of the Executive’s employment with the Company or any subsidiary. 
 (d) “Relevant Market Area” means the counties (or county equivalents) of any country where the Company does business that the Participant assists in providing services to and/or receives
confidential information about in the two (2) year period preceding the termination of the Participant’s employment so long as the Company continues to do business in that geographic market area during the Restricted Period. 

(iv) Notwithstanding the foregoing, (a) the restrictions of subsection 6(a)(ii)(a) and 6(a)(ii)(b) above shall not
prohibit the Executive’s employment with a non-competing, independently operated subsidiary, division, or unit of a diversified company (even if other separately operated portions of the diversified company are involved in Relevant Products) if
in advance of the Executive’s providing any services, the Executive and the diversified company that is going to employ or retain the Executive both provide the Company with written assurances that are satisfactory to the Company establishing
that (1) the entity, subsidiary, division or unit of the diversified business that the Executive is going to be employed in or retained by is not involved in Relevant Products or preparing to become involved in Relevant Products, and
(2) the Executive’s position will not involve Competing Services of any kind, and (b) the Executive is not prohibited from owning either of record or beneficially, up to five percent (5%) of the shares, other equity or debt of
any publicly traded company.” 

  
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 9. Section 6 of the Employment Agreement is added to insert a new subsection
(e) at the end thereof to read as follows: 
 “(e) Acknowledgements with Respect to Foregoing Covenants. 

(i) The Executive acknowledges that the Executive has given careful consideration to the restraints imposed by this
Agreement, and the Executive fully agrees that they are necessary for the reasonable and proper protection of the business of the Company and its subsidiaries. The restrictions set forth herein shall be construed as a series of separate and
severable covenants. The Executive agrees that each and every restraint imposed by this Agreement is reasonable with respect to subject matter, time period, and geographical area. Except as expressly set forth herein, the restraints imposed by this
Agreement shall continue during their full time periods and throughout the geographical area set forth in this Agreement. 
 (ii) If any of the covenants in this Section 6 are deemed unenforceable as written, the Executive and the Company expressly authorize the court to revise, delete or add to the restrictions contained
in this Section 6 to the extent necessary to enforce the intent of the parties and to provide the goodwill, confidential information, and other business interests of the Company and its subsidiaries with effective protection to the maximum
extent permitted by law. 
 (iii) The parties expressly acknowledge and agree that the right and opportunity to
receive the benefits of this Agreement in exchange for compliance with the restrictions set forth herein is full and sufficient consideration for the obligations imposed by this Agreement.” 

Except as provided herein, all other terms and conditions of the Agreement shall remain in full force and effect. Executive hereby agrees
and acknowledges that the terms of this Amendment shall not create or provide any grounds for payment of any benefits under Section 5(b) of the Employment Agreement or otherwise trigger any rights of Executive under the Employment Agreement.

  
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 IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed as of
June 30, 2012. 
  

							
		 		 	EXECUTIVE
			
	Date: June 30, 2012	 		 	 /s/ Irwin D. Simon

		 		 	Irwin D. Simon
			
		 		 	THE HAIN CELESTIAL GROUP, INC.
				
	Date: June 30, 2012	 		 	By:	 	 /s/ Denise M. Faltischek

		 		 	Name:	 	Denise M. Faltischek
		 		 	Title:	 	Senior Vice President &
		 		 		 	General Counsel

  
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