Document:

Employee Stock Option Plan of 2003

 EXHIBIT 10 (d) 
 ALBERTO-CULVER COMPANY 
 EMPLOYEE STOCK OPTION PLAN OF 2003 
 (as amended through September 21, 2006) 
  

	 1.
	 Purpose of ACSOP 

 The Alberto-Culver Company Employee Stock Option Plan of 2003 (hereinafter called the “ACSOP”) is intended to encourage ownership of the Common Stock of Alberto-Culver Company (the “Company”) by eligible key employees of
the Company and its subsidiaries and to provide incentives for them to make maximum efforts for the success of the business. Options granted under the ACSOP will be non-qualified options (not incentive options as defined in Section 422 of the
Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder (the “Code”)). 
  

	 2.
	 Eligibility 

 Key employees of the Company and its subsidiaries who perform services which contribute materially to the management, operation and development of the business (“Optionees”) will be eligible to receive options under the ACSOP.

  

	 3.
	 Administration 

 The Compensation and Leadership Development Committee of the Board of Directors of the Company (the “Committee”) shall have full power and authority, subject to the express provisions of the ACSOP, to determine the purchase price
of the stock covered by each option, the Optionees to whom and the time or times at which options shall be granted, the terms and conditions of the options, including the terms of payment thereof, and the number of shares of stock to be covered by
each option. The Committee shall have full power to construe, administer and interpret the ACSOP, and full power to adopt such rules and regulations as the Committee may deem desirable to administer the ACSOP. No member of the Committee shall be
liable for any action or determination made in good faith with respect to the ACSOP or any option thereunder. Determinations by the Committee under the ACSOP need not be uniform and may be made by it selectively among Optionees, whether or not such
persons are similarly situated. The determination of the Committee as to any disputed question arising under the ACSOP, including questions of construction and interpretation, shall be final, conclusive and binding. 
 The Committee may, in its discretion, delegate to a committee of member(s) of the Committee its authority with respect to such matters
under the ACSOP and options granted under the ACSOP as the Committee may specify. 
 The Committee shall be comprised solely
of members each of whom shall be an “outside director” within the meaning of Section 162(m) of the Code, and a “non-employee director” within the meaning of Section 16 (“Section 16”) of the Securities Exchange
Act of 1934 and the rules and regulations thereunder (“Exchange Act”), provided, however, that if any member of the Committee is not (i) an “outside director” within the meaning of Section 162(m) of the Code or
(ii) a “non-employee director” within the meaning of Section 16, the Committee shall set up a subcommittee comprised solely of outside directors and non- 

  

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employee directors for purposes of all matters arising under this ACSOP involving “officers” within the meaning of Rule 16a-1(f) under
Section 16, and “covered employees” within the meaning of Section 162(m) of the Code for the plan year at issue. 
  

	 4.
	 Number of Shares of Stock to be Offered 

 The Committee may authorize from time to time the issuance pursuant to the ACSOP of shares not to exceed 9,000,000 of the Company’s Common Stock in the aggregate, subject to adjustment under paragraph 10 hereof.
Such shares of Common Stock which may be issued pursuant to options granted under the ACSOP may be authorized and unissued shares or issued and reacquired shares as the Committee from time to time may determine. If any option granted under the ACSOP
shall terminate or be surrendered or expire unexercised in whole or in part, the shares of stock so released from such option may be made the subject of additional options granted under the ACSOP. In addition, any shares of Common Stock withheld to
pay, in whole or in part, the amount required to be withheld under applicable tax laws in accordance with paragraph 7(d) hereof, may be made the subject of additional options granted under the ACSOP. 
  

	 5.
	 Option Price 

 The purchase price under each option granted pursuant to the ACSOP shall be determined by the Committee but shall not be less than the Fair Market Value (as defined below) of the Company’s Common Stock on the date the option is
granted. For purposes of the ACSOP, “Fair Market Value” shall mean the average of the high and low transaction prices of a share of Common Stock of the Company as reported in the New York Stock Exchange Composite Transactions on the date
as of which such value is being determined or, if there shall be no reported transactions for such date, on the next preceding date for which transactions were reported. 
  

	 6.
	 Grant of Options 

 The Committee may not grant to any individual Optionee in any fiscal year an option or options with respect to more than 600,000 shares of Common Stock. 
  

	 7.
	 Term and Exercise of Options 

 (a) Each option granted shall provide that it is not exercisable after the expiration of ten (10) years from the date the option is granted, or such shorter period as the Committee determines, and each option
shall be subject to the following limitations with respect to its exercise: 
  

	 	 (i)
	 Except as otherwise provided in paragraph 11(a) hereof, no option may be exercised until the day preceding the anniversary date of the grant of the option.

  

	 	 (ii)
	 Except as otherwise provided in paragraph 11(a) hereof, on the day preceding the anniversary date of the grant of the option in each of the four calendar years
immediately following the year of the grant of the option, the right to purchase twenty-five percent (25%) of the total number of shares of stock specified in the option shall accrue to the Optionee. Subject to paragraph 8 hereof, each such
right to purchase such twenty-five 

  

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percent (25%) may be exercised, in whole or in part, at any time after such right accrues and prior to the expiration of the term of the option.

 (b)  Notwithstanding the foregoing or paragraph 8 hereof, the Committee may in its discretion
(i) specifically provide at the date of grant for another time or times of exerciseability; (ii) at any time prior to the expiration or termination of any option previously granted, accelerate the exercisability of any option subject to
such terms and conditions as the Committee deems necessary or appropriate to effectuate the purpose of the ACSOP; or (iii) at any time prior to the expiration or termination of any option previously granted, extend the term of any option
(including such options held by officers or directors) for such additional period as the Committee, in its discretion, shall determine; provided that effective January 1, 2005, the term of an option shall not be extended beyond the later of the
fifteenth day of the third month following the date on which the option would otherwise have expired, or the last day of the calendar year in which the option would otherwise have expired (or such other date as may be permitted by final regulations
issued under Section 409A of the Code). In no event, however, shall the aggregate option period with respect to any option, including the original term of the option and any extensions thereof, exceed ten years. 
 (c)  An option may be exercised (subject to the receipt of payment) by giving written notice to the Company specifying the
number of shares to be purchased. The full purchase price for such shares may be paid (i) in cash, (ii) by check, (iii) by delivery of previously owned shares of Common Stock, or (iv) by a combination of these methods of payment.
However, under no circumstances may any Optionee deliver previously owned shares of Common Stock obtained from the exercise of stock options under any option plan of the Company or the vesting of shares restricted under any restricted stock plan of
the Company or the Management Bonus Plan during the six months immediately preceding the exercise date. Payment must be received by the Company before any exercise is consummated. For purposes of the delivery of previously owned shares of Common
Stock, the per share value of such shares shall be the Fair Market Value on the date of exercise. 
 (d)  At any
time when an Optionee is required to pay to the Company an amount required to be withheld under applicable tax laws in connection with the exercise of an option (calculated by taking the minimum statutory withholding rates for federal, state and
local tax purposes including payroll taxes, applicable to the income generated by the Optionee by such exercise), the Optionee may satisfy this obligation (i) in cash, (ii) by check, (iii) by delivery of previously owned shares of
Common Stock, (iv) by making an election to have the Company withhold shares of Common Stock, or (v) by a combination of these methods of payment, in each case having a value equal to the amount required to be withheld. The Optionee must
specify the method of satisfying this obligation on or before the date of exercise. The value of the shares to be withheld or delivered shall be based on the Fair Market Value of the Common Stock on the date of exercise. 
  

	 8.
	 Continuity of Employment 

 (a)   Each option shall be subject to the following in addition to the restrictions set forth in paragraphs 6 and 7 hereof: 
  

	 	 (i)
	 If an Optionee dies without having fully exercised his or her option, the executors or administrators of his or her estate or legatees or distributees shall have
the right during 

  

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the one (1) year period following his or her death (but not after the expiration of the term of such option) to exercise such option in whole or in part
but only to the extent that the Optionee could have exercised it at the date of his or her death. 

  

	 	 (ii)
	 If an Optionee’s termination of employment is due to disability, the Optionee’s option shall terminate one (1) year after his or her termination
of employment (but not after the expiration of the term of such option) and may be exercised only to the extent that such Optionee could have exercised it at the date of his or her termination of employment. For purposes of the ACSOP,
“disability” shall have the meaning provided in the Company’s applicable long-term disability plan and such disability continues for more than three months or, in the absence of such a definition, when an Optionee becomes totally
disabled as determined by a physician mutually acceptable to the Optionee and the Committee before attaining his or her 65th birthday and if such total disability continues for more than three months. Disability does not include any condition which is intentionally self-inflicted or caused by illegal acts of the Optionee. 

  

	 	 (iii)
	 Subject to the third sentence of this paragraph 8(a)(iii), if an Optionee’s termination of employment is due to retirement, all options (or portions
thereof) which are (a) vested at the time of retirement may be exercised for a period of two (2) years following retirement (but not after the expiration of the term of the option) and (b) unvested at the time of retirement may be
exercised for a period of five (5) years from the date of grant (but not after the expiration of the term of the option). Subject to the third sentence of this paragraph 8(a)(iii), following retirement, options (or portions thereof) which are
unvested at the time of retirement will continue to vest under such options’ vesting schedule for a period of five (5) years following retirement. Only for options granted in January, 2003, if an Optionee’s termination of employment
is due to retirement (as defined in the ACSOP prior to January 1, 2004), such option shall terminate one (1) year after his or her termination of employment (but not after the expiration of the term of such option) and may be exercised
only to the extent that such Optionee could have exercised such option at the date of his or her termination of employment. For purposes of the ACSOP, “retirement” shall be reached when an Optionee’s employment terminates and at the
time of such termination the sum of such Optionee’s age and years of service as an employee of the Company or any of its subsidiaries equals or exceeds 75 years (“Rule of 75”). 

  

	 	 (iv)
	 If an Optionee’s termination of employment is for any reason other than death, retirement or physical disability, the Optionee’s option shall terminate
upon said termination of employment; provided, however, that if such termination of employment occurs following a Change in Control (as such term is defined in paragraph 11(b) hereof), the Optionee’s option shall terminate three (3) months
after his or her termination of employment (but not after the expiration of the term of such option). 

 (b)  Nothing contained in the ACSOP or any option granted pursuant to the ACSOP shall confer upon any Optionee any right to be continued in the employment of the Company or any subsidiary or shall prevent the Company or any
subsidiary from terminating an Optionee’s employment at any time, with or without cause. The determination by the Committee of whether an authorized leave of absence constitutes a termination of employment shall be final, conclusive and
binding. 
  

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	 9.
	 Non-Transferability of Options 

 An option granted under the ACSOP shall not be assignable or transferable by an Optionee otherwise than by will or the laws of descent and distribution, and an option shall be exercisable during the lifetime of the
Optionee only by him or her. Subject to the following sentence, an option transferred by will or the laws of descent and distribution may only be exercised by the legatee or distributee during the one year period following the Optionee’s death
and may only be exercised to the extent it was exercisable by the Optionee prior to his or her death. In the event that at the time of the Optionee’s death the Optionee met the Rule of 75, an option transferred by will or the laws of descent
and distribution may only be exercised by the legatee or distributee during the period of time that the Optionee could have exercised such options at the time of his or her death and such options shall continue to vest as if the Optionee had not
died. 
  

	 10.
	 Adjustment upon Change in Stock 

 Each option, the number and kind of shares subject to future options and the number of shares subject to options that may be granted to an Optionee in any fiscal year under the ACSOP shall be adjusted, as may be
determined to be equitable in the sole and absolute discretion of the Committee, in the event there is any change in the outstanding Common Stock, or any event that could cause a change in the outstanding Common Stock, including, without limitation,
by reason of a stock dividend, recapitalization, reclassification, issuance of Common Stock, issuance of rights to purchase Common Stock, extraordinary cash dividend, issuance of securities convertible into or exchangeable for Common Stock, merger,
consolidation, stock split, reverse stock split, spin-off, combination, exchange or conversion of shares, or any other similar type of event. The Committee’s determination of any adjustment pursuant to this paragraph 10 shall be final,
conclusive and binding. 
  

	 11.
	 Change in Control 

 (a)   (1) Notwithstanding any provision of the ACSOP, in the event of a Change in Control, all outstanding options shall immediately be exercisable in full and shall be subject to the provisions of paragraph 11(a)(2) or
11(a)(3), to the extent that either such paragraph is applicable. 
 (2)  Notwithstanding any
provision of the ACSOP, in the event of a Change in Control in connection with which the holders of shares of the Company’s Common Stock receive shares of common stock that are registered under Section 12 of the Exchange Act, all
outstanding options shall immediately be exercisable in full and there shall be substituted for each share of the Company’s Common Stock available under the ACSOP, whether or not then subject to an outstanding option, the number and class of
shares into which each outstanding share of the Company’s Common Stock shall be converted pursuant to such Change in Control. In the event of any such substitution, the purchase price per share of each option shall be appropriately adjusted by
the Committee or the committee to which authority has been delegated pursuant to paragraph 3 hereof, such adjustments to be made without an increase in the aggregate purchase price. 
  

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 (3)   Notwithstanding any provision in the ACSOP, in the event
of a Change in Control in connection with which the holders of the Company’s Common Stock receive consideration other than shares of common stock that are registered under Section 12 of the Exchange Act, each outstanding option shall be
surrendered to the Company by the holder thereof, and each such option shall immediately be cancelled by the Company, and the holder shall receive, within ten (10) days of the occurrence of such Change in Control, a cash payment from the
Company in an amount equal to the number of shares of the Company’s Common Stock then subject to such option, multiplied by the excess, if any, of (i) the greater of (A) the highest per share price offered to stockholders of the
Company in any transaction whereby the Change in Control takes place or (B) the Fair Market Value of a share of the Company’s Common Stock on the date of occurrence of the Change in Control over (ii) the purchase price per share of
the Company’s Common Stock subject to the option. The Company may, but is not required to, cooperate with any person who is subject to Section 16 of the Exchange Act to assure that any cash payment in accordance with the foregoing to such
person is made in compliance with Section 16 of the Exchange Act and the rules and regulations thereunder providing for an exemption from Section 16(b) of the Exchange Act. 
 (b)   “Change in Control” means: 
 (1)   The occurrence of any one or more of the following events: 
 (A)    The acquisition by any individual, entity or group (a “Person”), including any
“person” within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act of beneficial ownership within the meaning of Rule 13d-3 promulgated under the Exchange Act of both (x) 20% or more of the combined voting power of
the then outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”) and (y) combined voting power of Outstanding Company Voting Securities in excess of
the combined voting power of the Outstanding Company Voting Securities held by the Exempt Persons (as such term is defined in paragraph 11(c)); provided, however, that a Change in Control shall not result from an acquisition of Company
Voting Securities: 
 (i)   directly from the Company, except as otherwise provided in paragraph
11(b)(2)(A); 
 (ii)   by the Company, except as otherwise provided in paragraph 11(b)(2)(B);

 (iii)  by an Exempt Person; 
 (iv)   by an employee benefit plan (or related trust) sponsored or maintained by the Company or any
corporation controlled by the Company; or 
  

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 (v)   by any corporation pursuant to a reorganization, merger
or consolidation involving the Company, if, immediately after such reorganization, merger or consolidation, each of the conditions described in clauses (i) and (ii) of paragraph 11(b)(1)(C) shall be satisfied. 
 (B)     The cessation for any reason of the members of the Incumbent Board (as such term is defined
in paragraph 11(d)) to constitute at least a majority of the Board of Directors of the Company (hereinafter called the “Board”). 
 (C)     Consummation of a reorganization, merger or consolidation unless, in any such case, immediately after such reorganization, merger or consolidation: 
 (i)  more than 60% of the combined voting power of the then outstanding securities of the corporation
resulting from such reorganization, merger or consolidation entitled to vote generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals or entities who were the
beneficial owners of the combined voting power of all of the Outstanding Company Voting Securities immediately prior to such reorganization, merger or consolidation; and 
 (ii)  at least a majority of the members of the board of directors of the corporation resulting from such
reorganization, merger or consolidation were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such reorganization, merger or consolidation. 
 (D)    Consummation of the sale or other disposition of all or substantially all of the assets of the
Company other than (x) pursuant to a tax-free spin-off of a subsidiary or other business unit of the Company or (y) to a corporation with respect to which, immediately after such sale or other disposition: 
 (i)  more than 60% of the combined voting power of the then outstanding securities thereof entitled to vote
generally in the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the combined voting power of all of the Outstanding Company
Voting Securities immediately prior to such sale or other disposition; and 
 (ii)  at least a
majority of the members of the board of directors thereof were members of the Incumbent Board at the 

  

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time of the execution of the initial agreement or action of the Board providing for such sale or other disposition. 
 (E)    Approval by the stockholders of the Company of a plan of complete liquidation or dissolution
of the Company. 
 (2) Notwithstanding the provisions of paragraph 11(b)(1): 
 (A)    no acquisition of Company Voting Securities shall be subject to the exception from the
definition of Change in Control contained in clause (i) of paragraph 11(b)(1)(A) if such acquisition results from the exercise of an exercise, conversion or exchange privilege unless the security being so exercised, converted or exchanged was
acquired directly from the Company; and 
 (B)    for purposes of clause (ii) of
paragraph 11(b)(1)(A), if any Person (other than the Company, an Exempt Person or any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company) shall, by reason of an acquisition of
Company Voting Securities by the Company, become the beneficial owner of (x) 20% or more of the combined voting power of the Outstanding Company Voting Securities and (y) combined voting power of Outstanding Company Voting Securities in
excess of the combined voting power of the Outstanding Company Voting Securities held by the Exempt Persons, and such Person shall, after such acquisition of Company Voting Securities by the Company, become the beneficial owner of any additional
Outstanding Company Voting Securities and such beneficial ownership is publicly announced, such additional beneficial ownership shall constitute a Change in Control. 
 (c)   “Exempt Person” (and collectively, the “Exempt Persons”) means: 
 (1)   Leonard H. Lavin or Bernice E. Lavin; 
 (2)   any descendant of Leonard H. Lavin and Bernice E. Lavin or the spouse of any such descendant; 
 (3)   the estate of any of the persons described in paragraph 11(c)(1) or (2); 
 (4)   any trust or similar arrangement for the benefit of any person described in paragraph 11(c)(1) or (2); or 
 (5)   the Lavin Family Foundation or any other charitable organization established by any person described in paragraph 11(c)(1) or (2). 
  

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 (d)   “Incumbent Board” means those individuals who, as of
October 24, 2002, constitute the Board, provided that: 
 (1)   any individual who
becomes a director of the Company subsequent to such date whose election, or nomination for election by the Company’s stockholders, was approved either by the vote of at least a majority of the directors then comprising the Incumbent Board or
by the vote of at least a majority of the combined voting power of the Outstanding Company Voting Securities held by the Exempt Persons shall be deemed to have been a member of the Incumbent Board; and 
 (2)   no individual who was initially elected as a director of the Company as a result of an actual or
threatened solicitation by a Person other than the Board or the Exempt Persons for the purpose of opposing a solicitation by any other Person with respect to the election or removal of directors, or any other actual or threatened solicitation of
proxies or consents by or on behalf of any Person other than the Board or the Exempt Persons shall be deemed to have been a member of the Incumbent Board. 
  

	 12.
	 Amendment and Discontinuance 

 The Committee or the Board, without further approval of the stockholders, may, at any time and from time to time, suspend or discontinue the ACSOP in whole or in part or amend the ACSOP in such respects as the
Committee or the Board may deem proper and in the best interests of the Company or as may be advisable, provided, however, that no suspension or amendment shall be made which would: 
  

	 	 (i)
	 Adversely affect or impair any option previously granted under the ACSOP without the consent of the Optionee, or 

  

	 	 (ii)
	 Except as specified in paragraph 10, increase the total number of shares for which options may be granted under the ACSOP or decrease the minimum price at which
options may be granted under the ACSOP. 

  

 91994 Restricted Stock Plan

 EXHIBIT 10 (e) 
 ALBERTO-CULVER COMPANY 
 1994 RESTRICTED STOCK PLAN 
 (as amended through September 21, 2006) 
 SECTION 1.   ESTABLISHMENT AND PURPOSE 
 1.1     Establishment   The Alberto-Culver Company (the “Company”) hereby establishes a restricted stock plan for Key Employees, as defined herein, which shall be known as the
Alberto-Culver Company 1994 Restricted Stock Plan (the “RSP”). 
 1.2     Purpose     The purpose of the RSP is to enable the Company to attract, retain, motivate, and reward Key Employees by providing them with a means to acquire an equity interest or
to increase such interest in the Company in return for high levels of individual contribution and continued service. 
 1.3     Definitions   Whenever used herein, the following terms shall have the meanings set forth below: 
  

	 	 (a)
	 “Board” means the Board of Directors of the Company. 

  

	 	 (b)
	 “Change in Control” shall have the meaning set forth in Section 7.2(a). 

  

	 	 (c)
	 “Committee” means the Compensation and Leadership Development Committee of the Board or, if any member of the Compensation Committee is not (i) an
“outside director” within the meaning of Section 162(m) of the Internal Revenue Code of 1986 and the rules and regulations thereunder (the “Code”) or (ii) a “non-employee director” within the meaning of
Section 16 (“Section 16”) of the Securities Exchange Act of 1934 and the rules and regulations thereunder (“Exchange Act”), the Committee shall set up a subcommittee comprised solely of outside directors and non-employee
directors for purposes of all matters arising under this RSP involving “officers” within the meaning of Rule 16a-1(f) under Section 16, and “covered employees” within the meaning of Section 162(m) of the Code for the
plan year at issue. 

  

	 	 (d)
	 “Disability” shall have the meaning provided in the Company’s applicable long-term disability plan and such disability continues for more than
three months or, in the absence of such a definition, when a Participant becomes totally disabled as determined by a physician mutually acceptable to the Participant and the Company before attaining his or her 65th birthday and if such total
disability continues for more than three months. Disability does not include any condition which is intentionally self-inflicted or caused by illegal acts of the Participant. 

  

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	 	 (e)
	 “Exempt Person” and “Exempt Persons” shall have the meaning set forth in Section 7.2(b). 

  

	 	 (f)
	 “Fair Market Value” shall mean the average of the high and low transaction prices of a share of Common Stock as reported in the New York Stock Exchange
Composite Transactions on the date as of which such value is being determined or, if there shall be no reported transactions for such date, on the next preceding date for which transactions were reported. 

  

	 	 (g)
	 “Key Employee” means an active, salaried employee (including officers and directors who also are employees) of the Company or its subsidiaries with
direct impact on the performance of the Company. 

  

	 	 (h)
	 “Incumbent Board” shall have the meaning set forth in Section 7.2(c). 

  

	 	 (i)
	 “Participant” means a Key Employee designated by the Committee who is awarded and holds Restricted Stock pursuant to the RSP.

  

	 	 (j)
	 “Restricted Stock” shall mean the Common Stock of the Company, $.22 par value, with restrictions as described in Section 6.

  

	 	 (k)
	 “Restricted Stock Agreement” shall have the meaning set forth in Section 6.1. 

  

	 	 (l)
	 “Retirement” shall be reached when a Participant’s employment terminates and at the time of such termination the sum of such Participant’s
age and years of service as an employee of the Company or any of its subsidiaries equals or exceeds 75 years. 

 SECTION
2.   ADMINISTRATION 
 2.1     Administration   The RSP shall be
administered by the Committee. The Committee shall have full power to construe, administer and interpret the RSP, and full power to adopt such rules and regulations as the Committee may deem desirable to administer the RSP. No member of the
Committee shall be liable for any action or determination made in good faith with respect to the RSP or any Restricted Stock thereunder. Determinations by the Committee under the RSP need not be uniform and may be made by it selectively among
Participants, whether or not such persons are similarly situated. 
 2.2     Finality of
Determination   The determination of the Committee as to any disputed questions arising under this RSP, including questions of construction and interpretation, shall be final, conclusive and binding. 
  

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 SECTION 3.   ELIGIBILITY AND PARTICIPATION 
 3.1     Eligibility   Key Employees of the Company and its subsidiaries are eligible to receive
Restricted Stock under the RSP, in such amounts and on as many occasions as the Committee in its sole discretion may determine. 
 3.2     Participation   The Committee shall designate the Key Employees to receive Restricted Stock, the time or times and the size and terms of each individual grant of Restricted Stock under the
RSP. 
 SECTION 4.   STOCK SUBJECT TO THE RSP 
 4.1     Number   The total number of shares of Restricted Stock that may be granted under the RSP shall not exceed 1,500,000. These shares may consist,
in whole or in part, of authorized but unissued shares of stock or shares of stock reacquired by the Company and not reserved for any other purpose. After January 23, 2003, no more grants of Restricted Stock shall be granted hereunder.

 4.2     Reacquired and Withheld Shares   If, at any time, shares of Restricted
Stock issued pursuant to the RSP shall have been reacquired by the Company in connection with the restrictions herein imposed on such shares, such reacquired shares again shall become available for issuance under the RSP at any time prior to its
termination. 
 4.3     Adjustment upon Change in Stock   The Committee shall take
such action with regard to adjustment of the number of shares of Restricted Stock that may be granted hereunder as it considers to be equitable in its sole and absolute discretion in the event there is any change in the outstanding Common Stock, or
any event that could cause a change in the outstanding Common Stock, including, without limitation, by reason of a stock dividend, stock split, reverse stock split, spin-off, recapitalization, reclassification, merger, consolidation, combination,
issuance of securities convertible into or exchangeable for Common Stock, exchange or conversion of shares, or any other similar type of event. The Committee’s determination of any adjustment pursuant to this Section 4.3 shall be final,
conclusive and binding. 
 SECTION 5.   DURATION OF THE RSP 
 The RSP shall continue until all Restricted Stock subject to it shall have been granted and vested under the RSP, subject to the
provisions of the RSP regarding amendments thereto and termination thereof. 
 SECTION 6.   SHARES OF RESTRICTED STOCK

 6.1     Grant of Shares of Restricted Stock   Awards of Restricted Stock to
Participants shall be granted under a Restricted Stock Agreement between the Company and the Participant which shall provide that the shares subject to any such award shall be subject to such forfeiture and other conditions, including the provisions
of Section 6.7 hereof, as the Committee shall designate. 
  

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 6.2     Vesting   Except as otherwise provided
in Sections 6.8 and/or 7.1 hereof, Restricted Stock granted to Participants before July 26, 2001 will vest on a cumulative basis in equal annual increments of one-fourth of the shares granted, commencing on the day preceding the fourth
anniversary of the grant of the Restricted Stock. Those shares will be fully vested after a period of seven (7) years from the day preceding the date of grant. Except as otherwise provided in Sections 6.8 and/or 7.1 hereof, Restricted Stock
granted to Participants on or after July 26, 2001 will vest on a cumulative basis in equal annual increments of one-fourth of the shares granted, commencing on the day preceding the second anniversary of the grant of the Restricted Stock. Those
shares will be fully vested after a period of five (5) years from the day preceding the date of grant. The Committee, however, may (i) accelerate the vesting of any Restricted Stock granted hereunder subject to such terms and conditions as
the Committee deems necessary or desirable to effectuate the purpose of the RSP or (ii) specifically provide at the date of grant for another vesting schedule which is different than the vesting schedule set forth in the first two sentences of
this Section 6.2. 
 6.3     Transferability   Subject to Section 6.8
hereof, a Participant’s rights under the RSP may not be assigned and any Restricted Stock granted to a Participant may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated as long as the shares are subject to
forfeiture or other conditions as provided in this RSP, and as set forth in the Restricted Stock Agreement pursuant to which such shares were granted. 
 6.4     Removal of Restrictions   Except as otherwise provided herein, or as may be required by applicable law, shares of Restricted Stock covered by each Restricted Stock
Agreement made under this RSP will become freely transferable by the Participant upon vesting in accordance with Sections 6.2, 6.8 and/or 7.1. 
 6.5     Other Restrictions   The Committee may impose such other restrictions on any shares granted pursuant to this RSP as it may deem advisable, including, without
limitation, restrictions required by (1) federal securities laws, (2) requirements of any stock exchange upon which such shares of the same class are listed and (3) any state securities laws applicable to such shares. 
 6.6     Certificates   In addition to any legends placed on certificates pursuant to
Section 6.5, the Company reserves the right to place on each certificate representing shares of Restricted Stock a restrictive legend, which legend may be in the following form: 
 The sale or other transfer of shares of stock represented by this certificate, whether voluntary, involuntary, or by operation of law, is
subject to the restrictions on transfer and forfeiture conditions (which include the satisfaction of certain employment service requirements) set forth in the Alberto-Culver Company 1994 Restricted Stock Plan and Restricted Stock Agreement. A copy
of such agreement may be inspected at the offices of the Secretary of the Company. 
  

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 All certificates representing shares of Restricted Stock may be held by the Secretary of the Company in
escrow on behalf of the Participant awarded such shares, together with a Power of Attorney (if any) executed by the Participant, in the form satisfactory to the Committee and authorizing the Company to transfer such shares as provided in the
Restricted Stock Agreement, until such time as all restrictions imposed on such shares pursuant to the RSP and the Restricted Stock Agreement have expired or been earlier terminated. 
 6.7     Termination of Employment   In the event that, prior to the removal of restrictions on
shares of Restricted Stock as contemplated by Section 6.4, a Participant’s employment with the Company terminates for any reason other than death, Retirement, Disability, or a Change in Control, any shares subject to time period
restrictions or other forfeiture conditions at the date of such termination shall automatically be forfeited to the Company. A Participant shall not forfeit any rights to Restricted Stock previously granted to him, solely because he ceases to
qualify as a Key Employee. 
 6.8     Death, Retirement or Disability  
 (a)     In the event that, prior to the removal of restrictions on shares of Restricted Stock as contemplated by
Section 6.4, a Participant’s employment with the Company terminates because of death or Disability, any uncompleted portion of a time period restriction or other forfeiture conditions, as set forth in the terms of the Restricted Stock
Agreement, may be waived by the Committee. The shares released from such restrictions pursuant to this Section 6.8 thereafter shall be freely transferable by the Participant, subject to any applicable legal requirements. 
 (b)     In the event that, prior to the removal of restrictions on shares of Restricted Stock as contemplated by
Section 6.4, a Participant’s employment with the Company terminates because of Retirement, any uncompleted portion of a time period restriction or other forfeiture conditions, as set forth in the terms of the Restricted Stock Agreement,
shall be waived and all such Restricted Stock shall immediately vest. The shares released from such restrictions pursuant to this Section 6.8 thereafter shall be freely transferable by the Participant, subject to any applicable legal
requirements. 
 (c)     A Participant may from time to time name in writing any person or persons to
whom his or her Restricted Stock should be given if the Participant dies, subject to the waiver of any applicable forfeiture conditions by the Committee pursuant to Section 6.8(a) hereof. Each such beneficiary designation will revoke all prior
designations by the Participant with respect to the RSP, shall not require the consent of any previously named beneficiary, and will be effective only when filed with the Secretary of the Company during the Participant’s lifetime. 

(d)     If a Participant fails to designate a beneficiary before his or her death, as provided above, or if the
beneficiary designated by the Participant dies prior to receiving the Restricted Stock hereunder, the Company shall transfer the Restricted Stock to the surviving spouse of the Participant, or in the event there is no such surviving spouse, to the
estate of the Participant. 
  

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 6.9     Voting Rights   Participants shall have
full voting rights with respect to shares of Restricted Stock. 
 6.10    Dividend Rights  
Except as the Committee may otherwise determine, Participants shall have full dividend rights (subject to applicable withholding tax requirements) with any such dividends being paid currently. Dividends paid on shares of Restricted Stock prior
to the shares vesting will be treated as wages for federal income tax purposes and will be subject to withholding taxes by the Company. If all or part of a dividend is paid in shares of stock, the dividend shares shall be subject to the same
restrictions on transferability as the shares of Restricted Stock that are the basis for the dividend. 
 6.11    Security Interest in Shares   In connection with the execution of any Restricted Stock Agreement, the Committee may require that a Participant grant to the Company a security interest in the
shares of Restricted Stock issued or granted pursuant to this RSP to secure the payment of any sums (e.g.: income withholding taxes due when restrictions lapse) then owing or thereafter coming due to the Company by such Participant. This
security interest shall continue for such period of time as the certificates representing shares of Restricted Stock are held by the Secretary of the Company in escrow on behalf of the Participant pursuant to Section 6.6. 
 6.12    Withholding Taxes Due   At any time when a Participant is required to pay to the Company an
amount required to be withheld under applicable tax laws in connection with the vesting of Restricted Stock (calculated by taking the minimum statutory withholding rates for federal, state and local tax purposes including payroll taxes, applicable
to the income generated by the vesting of such Restricted Stock), the Participant may satisfy this obligation in whole or in part by making an election to have the Company withhold shares of Restricted Stock having a value equal to the amount
required to be withheld. The value of shares to be withheld shall be based on the Fair Market Value of the Restricted Stock on the date the Participant vests in such shares. 
 SECTION 7.   CHANGE IN CONTROL 
 7.1     Vesting Upon Change in Control   Notwithstanding any provision of the RSP, all outstanding shares of Restricted Stock shall immediately become fully vested upon the occurrence of a Change in
Control. 
 7.2     Definitions 
 (a)     The term “Change in Control” means: 
 (1)   the occurrence of any one or more of the following events: 
 (A)    The acquisition by any individual, entity or group (a “Person”), including any
“person” within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act, of beneficial ownership within the 

  

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meaning of Rule 13d-3 promulgated under the Exchange Act of both (x) 20% or more of the combined voting power of the then outstanding securities of the
Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”) and (y) combined voting power of Outstanding Company Voting Securities in excess of the combined voting power of the
Outstanding Company Voting Securities held by the Exempt Persons (as such term is defined in Section 7.2(b)); provided, however, that a Change in Control shall not result from an acquisition of Company Voting Securities:

 (i)   directly from the Company, except as otherwise provided in Section 7.2(a)(2)(A);

 (ii)  by the Company, except as otherwise provided in Section 7.2(a)(2)(B); 
 (iii)  by an Exempt Person; 
 (iv)  by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation
controlled by the Company; or 
 (v)  by any corporation pursuant to a reorganization, merger or
consolidation involving the Company, if, immediately after such reorganization, merger or consolidation, each of the conditions described in clauses (i) and (ii) of Section 7.2(a)(1)(C) shall be satisfied. 
 (B)    The cessation for any reason of the members of the Incumbent Board (as such term is defined
below) to constitute at least a majority of the Board. 
 (C)    Consummation of a
reorganization, merger or consolidation unless, in any such case, immediately after such reorganization, merger or consolidation: 
 (i) more than 60% of the combined voting power of the then outstanding securities of the corporation resulting from such reorganization, merger or consolidation entitled to vote generally in the election of directors
is then beneficially owned, directly or indirectly, by all or substantially all of the individuals or entities who were the beneficial owners of the combined voting power of all of the Outstanding Company Voting Securities immediately prior to such
reorganization, merger or consolidation; and 
  

 7 

 (ii) at least a majority of the members of the board of directors of the
corporation resulting from such reorganization, merger or consolidation were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such reorganization, merger or consolidation.

 (D)    Consummation of the sale or other disposition of all or substantially all of
the assets of the Company other than (x) pursuant to a tax-free spin-off of a subsidiary or other business unit of the Company or (y) to a corporation with respect to which, immediately after such sale or other disposition: 
 (i) more than 60% of the combined voting power of the then outstanding securities thereof entitled to vote generally in
the election of directors is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of the combined voting power of all of the Outstanding Company Voting Securities
immediately prior to such sale or other disposition; and 
 (ii) at least a majority of the members of the
board of directors thereof were members of the Incumbent Board at the time of the execution of the initial agreement or action of the Board providing for such sale or other disposition. 
 (E)    Approval by the stockholders of the Company of a plan of complete liquidation or dissolution
of the Company. 
 (2)   Notwithstanding the provisions of Section 7.2(a)(1): 
 (A)    no acquisition of Company Voting Securities shall be subject to the exception from the
definition of Change in Control contained in clause (i) of Section 7.2(a)(1)(A) if such acquisition results from the exercise of an exercise, conversion or exchange privilege unless the security being so exercised, converted or exchanged
was acquired directly from the Company; and 
 (B)    for purposes of clause (ii) of
Section 7.2(a)(1)(A), if any Person (other than the Company, an Exempt Person or any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company) shall, by reason of an
acquisition of Company Voting Securities by the Company, become the beneficial owner of (x) 20% or more of the combined voting power of the Outstanding Company Voting Securities and (y) combined voting power 

  

 8 

 
of Outstanding Company Voting Securities in excess of the combined voting power of the Outstanding Company Voting Securities held by the Exempt Persons, and
such Person shall, after such acquisition of Company Voting Securities by the Company, become the beneficial owner of any additional Outstanding Company Voting Securities and such beneficial ownership is publicly announced, such additional
beneficial ownership shall constitute a Change in Control. 
 (b)   The term “Exempt Person” (and
collectively, the “Exempt Persons”) means: 
 (1)   Leonard H. Lavin or Bernice E. Lavin;

 (2)   any descendant of Leonard H. Lavin and Bernice E. Lavin or the spouse of any such
descendant; 
 (3)   the estate of any of the persons described in Section 7.2(b)(1) or (2);

 (4)   any trust or similar arrangement for the benefit of any person described in
Section 7.2(b)(1) or (2); or 
 (5)   the Lavin Family Foundation or any other charitable
organization established by any person described in Section 7.2(b)(1) or (2). 
 (c)   The term
“Incumbent Board” means those individuals who, as of October 24, 2002, constitute the Board, provided that: 
 (1)   any individual who becomes a director of the Company subsequent to such date whose election, or nomination for election by the Company’s stockholders, was approved either by the vote of at least a
majority of the directors then comprising the Incumbent Board or by the vote of at least a majority of the combined voting power of the Outstanding Company Voting Securities held by the Exempt Persons shall be deemed to have been a member of the
Incumbent Board; and 
 (2)   no individual who was initially elected as a director of the Company
as a result of an actual or threatened solicitation by a Person other than the Board or the Exempt Persons for the purpose of opposing a solicitation by any other Person with respect to the election or removal of directors, or any other actual or
threatened solicitation of proxies or consents by or on behalf of any Person other than the Board or the Exempt Persons shall be deemed to have been a member of the Incumbent Board. 
  

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 SECTION 8.   EMPLOYMENT RIGHTS OF EMPLOYEES 
 Nothing in this RSP or in any grant of Restricted Stock shall interfere with or limit in any way the right of the Company to terminate
any Key Employee’s or Participant’s employment at any time, or confer upon any Key Employee or Participant any right to continue in the employ of the Company or its subsidiaries. 
 SECTION 9.   STOCKHOLDER APPROVAL, AMENDMENT AND TERMINATION 
 9.1     Amendment   This RSP may be amended at any time by the Committee or the Board; provided that no such amendment shall permit the granting of Restricted Stock to anyone other than as provided in
Section 3 hereof, or increase the maximum number of shares of stock that may be granted pursuant to this RSP except pursuant to Section 4.3 hereof, without the further approval of the Company’s stockholders. Neither the Committee or
the Board may amend this RSP to allow for the grant of Restricted Stock under this RSP after January 23, 2003 without the approval of stockholders. 
 9.2     Termination   The Company reserves the right to terminate the RSP at any time by action of the Committee or the Board. 
 9.3     Existing Restrictions   Neither amendment nor termination of this RSP shall adversely affect
any shares previously granted or issued pursuant to this RSP. 
  

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