Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (this “Agreement”) is hereby entered into as of September 27, 2017 by and between DENTSPLY SIRONA Inc. (the “Company”) and Mark Thierer, an individual (the “Executive” and, together with the Company, the “Parties” and each a “Party”).

RECITALS

WHEREAS, the Parties intend that, effective September 28, 2017 (the “Effective Date”), Executive shall commence employment as the Company’s Interim Chief Executive Officer pursuant to and for such period as is specified in this Agreement; and

WHEREAS, the Company intends to hire a chief executive officer on a permanent basis (such individual, as and when he or she assumes office as such, the “Permanent CEO”).

NOW, THEREFORE, in consideration of the respective agreements of the Parties contained herein, it is agreed as follows:

1.          Term. The term of Executive’s employment under this Agreement shall be for the period commencing upon the Effective Date and, except to the extent it shall terminate earlier as provided herein, shall continue for six (6) months (the “Initial Term”) and thereafter shall extend automatically for two (2) consecutive periods of three (3) months (each a “Renewal Term” and, as applicable and together with the Initial Term, the “Employment Term”) unless, not more than thirty (30) days before the commencement of each respective Renewal Term, a Party shall have provided notice to the other that there shall not be such a Renewal Term, provided that, in any event, the Employment Term shall expire on the date the Permanent CEO assumes office as such.

2.          Employment. During the Employment Term:

(a)          Position, Duties and Reporting.  Executive shall be employed by the Company and shall serve as Interim Chief Executive Officer of the Company. Executive shall report directly to the Board of Directors of the Company (the “Board”) in his capacity as Interim Chief Executive Officer of the Company.  Executive shall perform the duties, undertake the responsibilities and exercise the authority customarily performed, undertaken and exercised by persons situated in similar executive capacities.

(b)          Other Positions; Resignation.  At the time of his termination of employment with the Company for any reason, Executive shall resign and shall be deemed to have resigned from each position he holds with the Company or its affiliates within the meaning of Rule 12b-2 promulgated under Section 12 of the Securities Exchange Act of 1934, as amended (each, an “Affiliate”). The preceding sentence shall survive any termination of the Employment Term.

(c)          Other Activities.  Excluding periods of vacation and sick leave to which Executive is entitled, Executive shall devote his full professional time and attention to the

business and affairs of the Company to discharge the responsibilities of Executive hereunder. Executive may manage personal and family investments, participate in industry organizations and deliver lectures at educational institutions, so long as such activities do not interfere with the performance of Executive’s responsibilities hereunder.

(d)          Employment Location.  Executive’s principal place of employment shall be located at the headquarters of the Company in York, Pennsylvania, provided that Executive shall travel and shall temporarily render services at other locations as may reasonably be required by his duties hereunder.  The Company shall provide business travel accommodation to Executive in accordance with its policies applicable to senior executives of the Company generally.

(e)          Company Policies.  Executive shall be subject to and shall abide by each of the personnel policies applicable to senior executives of the Company, including without limitation any policy restricting pledging and hedging investments in Company equity by Company executives and, except as otherwise provided in Section 4, any policy the Company adopts regarding the recovery of incentive compensation (sometimes referred to as “clawback”) and any additional clawback provisions as required by law and applicable stock exchange listing rules. This Section 2(e) shall survive the termination of the Employment Term.

3.          Base Compensation.

(a)          Base Salary. During the Employment Term, Executive shall be paid a base salary at an annualized rate of $3,000,000 ( “Base Salary”) in accordance with the Company’s regular payroll practices as in effect from time to time.

(b)          Bonus.  Except as provided in Sections 4 or 5, Executive shall not be eligible for any bonus or other incentive compensation.

4.          Signing Bonus. Not more than ten (10) business days following the Effective Date, the Company shall pay Executive a lump-sum cash amount of $2,500,000 (the “Signing Bonus”).  Not more than ten (10) business days following his termination for Cause (as defined below), Executive shall repay such amount to the Company, but the Signing Bonus shall otherwise not be subject to disgorgement in any circumstances.

5.          Restricted Stock Unit Grant.  The Company hereby grants to Executive a restricted stock unit award in the form attached hereto as Exhibit A covering a number of shares of Company common stock with a value of $2,500,000 based on the per-share closing trading price of Company common stock on the Effective Date (the “RSU Grant”).

6.          Other Benefits. During the Employment Term:

(a)          Employee Benefits. Executive shall be entitled to participate in all employee benefit plans, practices and programs maintained by the Company and its Affiliates on the same basis and terms as are applicable to senior executives of the Company generally.

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(b)          Business Expenses. Upon submission of proper invoices in accordance with, and subject to, the normal policies and procedures of the Company and its Affiliates, Executive shall be entitled to receive prompt reimbursement of all reasonable out-of-pocket business, entertainment and travel expenses incurred by him in connection with the performance of his duties hereunder.

(c)          Temporary Housing. The Company shall provide the Executive with temporary executive housing in the York, Pennsylvania area suitable for use by Executive and his spouse.  The value of such housing shall be reported as taxable income to Executive.

(d)          Paid Time Off. Executive shall not be eligible for paid time off during the Initial Term.  If the Employment Term expires upon following expiration of the Initial Term, Executive shall be entitled to twenty five (25) days of paid time off on an annualized basis taking employment during the Initial Term into account and otherwise in accordance with the policies as periodically established for senior executives of the Company.

7.          Termination Events. Executive’s employment with the Company and its Affiliates hereunder may be terminated under the circumstances set forth below in this Section 7:

(a)          Death. Executive’s employment shall be terminated as of the date of Executive’s death.

(b)          Disability. The Company may terminate Executive’s employment upon and at any time during the continuance of his disability within the meaning of the long-term disability plan maintained by the Company or its Affiliates in respect of senior executives of the Company as in effect from time to time (“Disability”).

(c)          By the Company. The Company may terminate Executive’s employment (either for Cause or without Cause) effective as of the date specified in the applicable Notice of Termination (as defined below).  For purposes of this Agreement, “Cause” shall mean (i) that a majority, plus at least one, of the members of the Board has determined that (A) Executive has committed an act of fraud against the Company, or (b) Executive has committed an act of malfeasance, recklessness or gross negligence against the Company that is materially injurious to the Company or its customers; or (ii)Executive has materially breached the terms of this Agreement; or (iii) Executive’s indictment for, or conviction of, or pleading no contest to, a felony or a crime involving Executive’s moral turpitude.  Notwithstanding the foregoing, clauses (i) – (iii) shall not constitute “Cause” unless and until the Company has: (x) provided Executive, within 60 days of any Company director’s knowledge of the occurrence of the facts and circumstances underlying such Cause event, written notice stating with specificity the applicable facts and circumstances underlying such finding of Cause; and (y) provided Executive with an opportunity to cure the same (if curable) within 30 days after the receipt of such notice.

(d)          By Executive. Executive may terminate his employment effective as of the date specified in the applicable Notice of Termination.

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Notwithstanding anything in this Agreement to the contrary, to the extent required to avoid the imposition of a tax under Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended (the “Code”), Executive shall not be considered to have terminated employment with the Company and its Affiliates for purposes of this Agreement until he would be considered to have incurred a “separation from service” from the Company and its Affiliates within the meaning of Section 409A.

8.          Termination Procedures.

(a)          Notice of Termination. Any purported termination of Executive's employment (other than by reason of death) shall be communicated by written Notice of Termination provided in accordance with Section 11(c) hereof. For purposes of this Agreement, a "Notice of Termination" shall mean a notice which shall (i) indicate the specific termination provision in this Agreement relied upon, (ii) specify the Date of Termination (as defined below) and (iii) set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive's employment under the provision so indicated.

(b)          Date of Termination. For purposes of this Agreement, “Date of Termination” shall mean (i) if Executive's employment is terminated for Disability, thirty (30) days after Notice of Termination is given (provided that Executive shall not have returned to the full-time performance of Executive's duties during such thirty (30) day period), and (ii) if Executive's employment is terminated for any other reason, the date specified in the Notice of Termination (which, in the case of a termination by the Company, shall not be less than thirty (30) days (except in the case of a termination for Cause) and, in the case of a termination by Executive, shall not be less than fifteen (15) days nor more than sixty (60) days, respectively, from the date such Notice of Termination is given).

9.          Compensation Upon Termination. Upon termination of Executive’s employment during the Employment Term, Executive (or his estate, as the case may be) shall be entitled to compensation and benefits as follows:

(a)          During Employment Term Other than Without Cause. If Executive’s employment is terminated for any reason other than by the Company without Cause during the Employment Term, the Company shall pay (or cause to be paid) to Executive or his estate, as the case may be, (i) any unpaid Base Salary earned by Executive, and any unused paid time off accrued by Executive, through the Date of Termination, (ii) any expenses incurred but not yet reimbursed in accordance with Section 6(b) hereof and (iii) any vested employee benefits to which Executive is entitled as of the Date of Termination under the employee benefit plans of the Company or an Affiliate (collectively, as applicable, the “Accrued Compensation”), and the Company shall have no further obligation to provide compensation or benefits to Executive by reason of such termination.

(b)          Without Cause. If Executive’s employment by the Company shall be terminated by the Company without Cause during the Employment Term or if the Employment Term ends because a Permanent CEO (other than Executive) assumes office as such, then the Company shall pay Executive his Accrued Compensation and, subject to the Executive’s

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execution and nonrevocation of a release of claims in a customary and equitable form not more than fifty (50) days following his termination of employment, the RSU Grant shall vest in full and the Company shall pay Executive an additional amount, in a cash lump-sum, equal to the amount of Base Salary that would have been paid had Executive’s employment continued (in the case of a termination during the Initial Term) through the end of the Initial Term or (in the case of a termination during a Renewal Term) through the end of the applicable Renewal Term (such that, for example, if the employment termination occurs four months following the Effective Date, the payment would be $500,000 and, if the termination occurred 8 months after the Effective Time, the payment would be $250,000).

10.          Restrictive Covenants.

(a)          Confidential Information.  Executive acknowledges that Executive has been provided with Confidential Information (as defined below) and, during the Employment Term, the Company from time to time will provide Executive with access to Confidential Information and he will develop goodwill for the Company. Ancillary to the rights provided to Executive as set forth in this Agreement and the Company’s provision of Confidential Information, and Executive’s agreements regarding the use of same, in order to protect the value of any Confidential Information, the Company and Executive agree to the following provisions, for which Executive agrees he received adequate consideration and which Executive acknowledges are reasonable and necessary to protect the legitimate interests of the Company and represent a fair balance of the Company’s rights to protect its business and Executive’s right to pursue employment:

(i)          Executive shall not, at any time during the Restriction Period (as defined below), directly or indirectly engage in, have any equity interest in, interview for a potential employment or consulting relationship with, or manage, provide services to or operate any person, firm, corporation, partnership or business (whether as director, officer, employee, agent, representative, partner, security holder, consultant or otherwise) that engages in any business which competes with any portion of the Business (as defined below) of the Company anywhere in the world.  Nothing herein shall prohibit Executive from being a passive owner of not more than 5% of the outstanding equity interest in any entity that is publicly traded, so long as Executive has no active participation in the business of such entity.

(ii)          Executive shall not, at any time during the Restriction Period, directly or indirectly, engage or prepare to engage in any of the following activities: (A) solicit, divert or take away any customers, clients, or business acquisition or other business opportunity of the Company, (B) contact or solicit, with respect to hiring, or knowingly hire any employee of the Company or any person employed by the Company at any time during the 12-month period immediately preceding the Date of Termination, (C) induce or otherwise counsel, advise or encourage any employee of the Company to leave the employment of the Company, or (D) induce any distributor, representative or agent of the Company to terminate or modify its relationship with the Company.

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(iii)          In the event the terms of this Section 10(a) shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court in such action.

(iv)          As used in this Section 10(a), (A) the term “Company” shall include the Company and its direct and indirect parents and subsidiaries; (B) the term “Business” shall mean the business of the Company and shall include (x) designing, developing, distributing, marketing or manufacturing dental products or (y) any other process, system, product or service marketed, sold or under development by the Company at any time during Executive’s employment with the Company; and (C) the term “Restriction Period” shall mean the period beginning on the Effective Date and ending twenty-four (24) months following the Date of Termination for any reason.

(v)          Executive agrees, during the Employment Term and following the Date of Termination, to refrain from Disparaging (as defined below) the Company and its Affiliates, including any of its services, technologies, products, processes or practices, or any of its directors, officers, agents, representatives or stockholders, either orally or in writing.  Nothing in this paragraph shall preclude Executive from making truthful statements that are reasonably necessary to comply with applicable law, regulation or legal process, or to defend or enforce Executive's rights under this Agreement.  For purposes of this Agreement, “Disparaging” means making remarks, comments or statements, whether written or oral, that impugn or are reasonably likely to impugn the character, integrity, reputation or abilities of the entities, persons, services, products, technologies, processes or practices listed in this Section 10(a)(v).

(vi)          Executive agrees that during the Restriction Period, Executive will cooperate fully with the Company in its defense of or other participation in any administrative, judicial or other proceeding arising from any charge, complaint or other action which has been or may be filed.

		(b)	
Nondisclosure of Proprietary Information.

(i)          Except in connection with the faithful performance of Executive’s duties hereunder or pursuant to Section 10(b)(i) and (v), Executive shall, in perpetuity, maintain in confidence and shall not directly, indirectly or otherwise, use, disseminate, disclose or publish, or use for Executive’s benefit or the benefit of any person, firm, corporation or other entity (other than the Company) any confidential or proprietary information or trade secrets of or relating to the Company (including, without limitation, business plans, business strategies and methods, acquisition targets, intellectual property in the form of patents, trademarks and copyrights and applications therefor, ideas, inventions, works, discoveries, improvements, information, documents, formulae, practices, processes, methods, developments, source code, modifications, technology, techniques, data,

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programs, other know-how or materials, owned, developed or possessed by the Company, whether in tangible, intangible or electronic form, information with respect to the Company’s operations, processes, products, inventions, business practices, finances, principals, vendors, suppliers, customers, potential customers, marketing methods, costs, prices, contractual relationships, regulatory status, prospects and compensation paid to employees or other terms of employment)  (collectively, the “Confidential Information”), or deliver to any person, firm, corporation or other entity any document, record, notebook, computer program or similar repository of or containing any such Confidential Information.  The Parties hereby stipulate and agree that, as between them, any item of Confidential Information is important, material and confidential and affects the successful conduct of the businesses of the Company (and any successor or assignee of the Company).  Notwithstanding the foregoing, Confidential Information shall not include any information that has been published in a form generally available to the public or is publicly available or has become public or general industry knowledge prior to the date Executive proposes to disclose or use such information, provided, that such publishing or public availability or knowledge of the Confidential Information shall not have resulted from Executive directly or indirectly breaching Executive’s obligations under this Section 10(b)(i) or any other similar provision by which Executive is bound, or from any third-party breaching a provision similar to that found under this Section 10(b)(i).  For the purposes of the previous sentence, Confidential Information will not be deemed to have been published or otherwise disclosed merely because individual portions of the information have been separately published, but only if material features comprising such information have been published or become publicly available.

(ii)          Upon termination of Executive’s employment with the Company for any reason, Executive will promptly deliver to the Company all correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents or property (in whatever form) concerning the Company’s customers, business plans, marketing strategies, products, property, processes or Confidential Information.

(iii)          Executive may respond to a lawful and valid subpoena or other legal process but shall give the Company the earliest possible notice thereof, shall, as much in advance of the return date as possible, make available to the Company and its counsel the documents and other information sought and shall assist such counsel at Company’s expense in resisting or otherwise responding to such process, in each case to the extent permitted by applicable laws or rules.

(iv)          As used in this Section 10(b) and Section 10(c), the term “Company” shall include the Company and its direct and indirect parents and subsidiaries.

(v)          Nothing in this Agreement shall prohibit Executive from (A) disclosing information and documents when required by law, subpoena or court order (subject to the requirements of Section 10(b)(iii) hereof), (B) disclosing information and documents to Executive’s attorney, financial or tax adviser for the purpose of securing legal, financial or tax advice, (C) disclosing Executive’s post-employment restrictions in this Agreement

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in confidence to any potential new employer of Executive, or (D) retaining, at any time, Executive’s personal correspondence, Executive’s personal contacts and documents related to Executive’s own personal benefits, entitlements and obligations, except where such correspondence, contracts and documents contain Confidential Information.

(vi)          Pursuant to 18 U.S.C. § 1833(b), Executive understands that Executive will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company Group that (i) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to Executive’s attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  Executive understands that if Executive files a lawsuit for retaliation by the Company Group for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney and use the trade secret information in the court proceeding if Executive (x) files any document containing the trade secret under seal, and (y) does not disclose the trade secret, except pursuant to court order.  Nothing in this Agreement, or any other agreement that Executive has with the Company Group, is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.  Further, nothing in this Agreement or any other agreement that Executive has with the Company Group shall prohibit or restrict Executive from making any voluntary disclosure of information or documents concerning possible violations of law to any governmental agency or legislative body, or any self-regulatory organization, in each case, without advance notice to the Company.

(c)          Inventions.  All rights to discoveries, inventions, improvements and innovations (including all data and records pertaining thereto) related to the Business (as defined in Section 10(a)), whether or not patentable, copyrightable, registrable as a trademark, or reduced to writing, that Executive may discover, invent or originate during the Employment Term, either alone or with others and whether or not during working hours or by the use of the facilities of the Company (“Inventions”), shall be the exclusive property of the Company.  Executive shall promptly disclose all Inventions to the Company, shall execute at the request of the Company any assignments or other documents the Company may deem reasonably necessary to protect or perfect its rights therein, and shall assist the Company, upon reasonable request and at the Company’s expense, in obtaining, defending and enforcing the Company’s rights therein. Executive hereby appoints the Company as Executive’s attorney-in-fact to execute on Executive’s behalf any assignments or other documents reasonably deemed necessary by the Company to protect or perfect its rights to any Inventions.  During the Restriction Period, Executive shall assist Company and its nominee, at any time, in the protection of Company’s (or its Affiliates’) worldwide right, title and interest in and to Inventions and the execution of all formal assignment documents requested by Company or its nominee and the execution of all lawful oaths and applications for patents and registration of copyright in the United States and foreign countries.

(d)          Injunctive Relief.  It is recognized and acknowledged by Executive that a breach of the covenants contained in this Section 10 will cause irreparable damage to Company and its

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goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate.  Accordingly, Executive agrees that in the event of a breach of any of the covenants contained in this Section 10, in addition to any other remedy which may be available at law or in equity, the Company will be entitled to specific performance and injunctive relief without the requirement to post bond.

11.          Miscellaneous.

(a)          Identity of Company. For purposes of this Agreement, references to the Company include reference to its Affiliates as applicable.

(b)          Successors and Assigns.

(i)          This Agreement shall be binding upon and shall inure to the benefit of the Company, its successors and permitted assigns and the Company shall require any successor or assign to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession or assignment had taken place. The Company may not assign or delegate any rights or obligations hereunder except to a successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company.

(ii)          Neither this Agreement nor any right or interest hereunder shall be assignable or transferable by Executive, his beneficiaries or legal representatives, except by will or by the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by Executive’s legal personal representatives.

(c)          Notice. For the purposes of this Agreement, notices and all other communications provided for in the Agreement (including any Notice of Termination) shall be in writing and shall be deemed to have been duly given when personally delivered or sent by Certified mail, return receipt requested, postage prepaid, addressed to the respective addresses last given by one Party to another Party or, if none, in the case of the Company or the Company, to the Company’s headquarters directed to the attention of the Company’s General Counsel and, in the case of Executive, to the most recent address shown in the personnel records of the Company or its Affiliates. All notices and communications shall be deemed to have been received on the date of personal delivery thereof or on the third business day after the mailing thereof, except that notice of change of address shall be effective only upon receipt.

(d)          Withholding. The Company shall be entitled to withhold (or to cause the withholding of) the amount, if any, of all taxes of any applicable jurisdiction required to be withheld by an employer with respect to any amount paid to Executive hereunder. The Company or the Company, in its sole and absolute discretion, shall make all determinations as to whether it is obligated to withhold any taxes hereunder and the amount thereof.

(e)          Modification. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing and signed by

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Executive and the Company. No waiver by either Party at any time of any breach by the other Party of, or compliance with, any condition or provision of this Agreement to be performed by the other Party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

(f)          Effect of Other Law. Anything herein to the contrary notwithstanding, the terms of this Agreement shall be modified to the extent required to meet the provisions of the Sarbanes-Oxley Act of 2002, Section 409A, the Dodd-Frank Wall Street Reform and Consumer Protection Act or other federal law applicable to the employment arrangements between Executive and the Company. Any delay in providing benefits or payments, any failure to provide a benefit or payment, or any repayment of compensation that is required under the preceding sentence shall not in and of itself constitute a breach of this Agreement, provided, however, that the Company shall provide (or cause to be provided) economically equivalent payments or benefits to Executive to the extent permitted by law.

(g)          Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the state of Pennsylvania applicable to contracts executed in and to be performed entirely within such State, without giving effect to the conflict of law principles thereof.

(h)          Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.

(i)          Headings. The headings and captions in this Agreement are provided for reference and convenience only, shall not be considered part of this Agreement, and shall not be employed in the construction of this Agreement.

(j)          Construction.  This Agreement shall be deemed drafted equally by both the Parties, and any presumption or principle that the language is to be construed against either Party shall not apply.

(k)          Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement.  Signatures delivered by facsimile or in .pdf format shall be deemed effective for all purposes.

(l)          Section 409A. The Parties intend for the payments and benefits under this Agreement to be exempt from Section 409A or, if not so exempt, to be paid or provided in a manner which complies with the requirements of such section, and intend that this Agreement shall be construed and administered in accordance with such intention. If any payments or benefits due to Executive hereunder would cause the application of an accelerated or additional tax under Section 409A, such payments or benefits shall be restructured in a manner which does not cause such an accelerated or additional tax. For purposes of the limitations on nonqualified deferred compensation under Section 409A, each payment of compensation under this Agreement shall be treated as a separate payment of compensation. Without limiting the

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foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately following Executive’s separation from service shall instead be paid on the first business day after the date that is six months following Executive’s termination date (or death, if earlier).  Notwithstanding anything to the contrary in this Agreement, all (A) reimbursements and (B) in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (x) the amount of expenses eligible for reimbursement, or in kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in kind benefits to be provided, in any other calendar year; (y) the reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (z) the right to reimbursement or in kind benefits is not subject to liquidation or exchange for another benefit.

(m)          Entire Agreement. This Agreement constitutes the entire agreement between Executive and the Company and supersedes all prior agreements, if any, understandings and arrangements, oral or written, between Executive and the Company with respect to the subject matter hereof, including without limitation any term sheets or other similar presentations.  In the event of any inconsistency between this Agreement and any other plan, program, practice or agreement in which Executive is a participant (“Other Agreement”), this Agreement shall control unless such Other Agreement specifically refers to this Agreement as not so controlling.

(n)          Certain Executive Acknowledgments.  Executive acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on Executive’s own judgment.  Executive acknowledges that he has had the opportunity to consult with legal counsel of his choice in connection with the drafting, negotiation and execution of this Agreement.

(o)          Indemnification; D&O Insurance.  Executive shall be indemnified and held harmless (including advances of attorneys fees and costs, subject to a customary undertaking to refund such amounts if finally determined not to be so indemnifiable), and covered under any contract of directors and officers liability insurance in respect of his actions and omissions to act as an officer of the Company to the maximum extent permitted under the Company’s certificate of incorporation and by-laws and applicable law.  This Section 11(o) shall survive the termination of Executive’s employment and the expiration of the Employment Term.

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IN WITNESS WHEREOF, the Parties have executed this Employment Agreement as of the day and year first above written.

DENTSPLY SIRONA INC.

	 	
By:

	
/s/ Thomas Jetter

	 
	 	
Name:

	
Thomas Jetter

	 
	 	
Title:

	
Lead Independent Director

	 

EXECUTIVE

	 	
/s/ Mark Thierer

	 
	 	
Mark Thierer

	 

 

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Exhibit A

FORM OF RESTRICTED STOCK UNIT AGREEMENT

Dear Mark:

Pursuant to the terms and conditions of the Company's 2016 Omnibus Incentive Plan (the “Plan”) and the employment agreement by and between you and the Company dated September 28, 2017 (the “Employment Agreement”), you have been granted an award of restricted stock units (“RSUs”) as outlined below (“Award”) (any capitalized terms used but not defined herein shall have the definitions given to such terms in the Plan).

	
Granted To:

	
Mark Thierer                                                             Grant Date: September 28, 2017

	 	 
	
Number of RSUs:

	
<shares_awarded>

	 	 
	
Vesting Schedule/Date:

	
The RSUs will vest on the expiration of the Employment Term (as defined in the Employment Agreement), including for the avoidance of doubt (i) upon a Permanent CEO assuming office within the meaning of the Employment Agreement or (ii) the expiration of the Employment Term as a result of either party to the Employment Agreement providing notice not to elect a Renewal Term (as defined in the Employment Agreement), in each case, subject to your continuous employment with the Company through such date of expiration (the “Vesting Date”), provided that the RSUs will vest, and the restrictions with respect to the RSUs shall lapse, upon a termination of your employment by the Company without Cause (as defined in the Employment Agreement) or in the event of your death or Disability.

This Award shall not entitle you to any rights of a stockholder except and to the extent that the Award is settled by the issuance of shares of Common Stock to you.  The RSUs shall remain forfeitable at all times prior to the Vesting Date (the “Restricted Period”).

Prior to the Vesting Date the Company shall credit to you, on each date that the Company pays a cash dividend to holders of Common Stock generally, Dividend Equivalent Rights (“DERs”) equal to the total number of whole RSUs and the associated DERs previously credited to you under this Award multiplied by the dollar amount of the cash dividend paid per share of Common Stock by the Company on such date, divided by the Fair Market Value of a share of Common Stock on such date. Any fractional amount resulting from such calculation shall be included in the DERs.  The DERs so credited shall be subject to the same terms and conditions as the RSUs to which such DERs relate and the DERs shall be forfeited in the event that the RSUs with respect to which such DERs were credited are forfeited.

No shares of Common Stock shall be issued to you prior to the date on which the RSUs vest. As soon as administratively feasible after any RSUs and DERs have vested (but in no event later than the March 15 of the calendar year after the calendar year in which such RSUs and DERs have vested), the Company shall issue to you (which may be in book-entry form) one share of Common Stock in payment of each such vested whole RSU and DER (subject to tax withholding, as applicable, on such vested shares, and any deferral election authorized by the Committee).

You may not sell, pledge or otherwise transfer the RSUs or any rights under this Award during the Restricted Period.

The Plan is incorporated herein by this reference.

ACKNOWLEDGMENT

By my electronic signature, I hereby acknowledge receipt of this Award as of the date shown above, which has been issued to me under the terms and conditions of the Plan.  I further acknowledge receipt of the copy of the Plan and agree to conform to all of the terms and conditions of the Award and the Plan.Exhibit

EXHIBIT 10.4

CONSULTING AGREEMENT

This Consulting  Agreement  ("Agreement")   is made as of April  18, 2017, by and between bebe stores,  inc., a California  corporation,  and its subsidiaries   party hereto  (collectively,  "Merchant"   or a "~"),  Great American  Group,  LLC,  a California   limited  liability  company  ("Great  American"), and Tiger  Capital  Group,   LLC,  a Massachusetts   limited  liability  company   ("Tiger";   together  with Great American,  "Consultant"   and, together  with  Merchant,  the "Parties").

RECITALS

WHEREAS,  Merchant operates retail stores  and desires that the Consultant  provide consulting services  to Merchant  with  respect  to Merchant's    (a)  sale of all of the Merchandise (as hereinafter defined) from Merchant's one hundred forty seven (147)  retail store locations identified on Exhibit A  attached hereto (each individually a "Store,"  and  collectively the "Stores")  and  Merchant's distribution center identified on Exhibit B attached hereto ("DC") by means of a "store closing", "sale on everything", "everything must go" or similar sale in the Stores as provided for herein; and (b) disposition of the Owned FF&E  (as hereinafter defined) in the Stores (as further described below, the "Sale").

AGREEMENT

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Consultant and Merchant hereby agrees as follows:

Section 1.      Appointment of Consultant

Effective as of the date hereof, Merchant hereby appoints the Consultant, and the Consultant hereby agrees to serve, as Merchant's exclusive independent consultant in connection with the conduct of the Sale on the terms and conditions of this Agreement.    Subject to any limitations, restrictions or prohibitions, imposed under the applicable leases for the Stores and/or applicable state or local laws or regulations, Consultant shall be authorized to advertise the Sale as a "store closing", "sale on everything", "everything must go" or similar-themed sale.

Section 2.       Merchandise

For purposes hereof, "Merchandise" shall mean all goods, saleable in the ordinary course, located in the Stores on the Sale Commencement Date (defined below), delivered thereto from the DC after the Sale Commencement Date, but does not include owned furnishings, trade fixtures, equipment and improvements to  real property  that  are  located  in  the  Stores  (collectively,  "Owned  FF&E"). Merchandise expressly excluded an inventory or other assets located in Merchants' other retail store locations, the Distribution Center and/or corporate offices.

Section 3.      Sale Term

For each Store, the Sale shall commence on April 20, 2017 (the "Sale Commencement Date"), and shall conclude no later than May 28, 20 I 7 (the "Sale Tennination Date"); provided, however, that the Parties may mutually agree in writing to extend or terminate the Sale at any Store prior to the Sale Termination Date (it being understood that, if  the timing set forth herein changes, Merchant and

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Consultant    shall    mutually    agree   on   adjustments    to   the   Expense    Budget    and   Consultant's compensation).      For  any  Store,  the  period  between   the  Sale  Commencement    Date  and  the  Sale Termination  Date with respect to such Store shall be referred  to as the "Sale Term."   At the conclusion of  the  Sale,  Consultant   shall  surrender   the  premises   for  each  Store  to  Merchant   in  broom  clean condition;  provided  that unsold FF&E may be abandoned   by Consultant  in place  at the Stores  or the DC without any cost or liability of any kind to Consultant.

Section 4.        Project Management

(A)      Consultant's Undertakings

During the Sale Term,  Consultant  shall provide  Merchant  with  the following  services  with respect  to the conduct  of the  Sale: (a) provide  a minimum  of ten (10)  qualified  supervisors,   comprised  of one ( 1) lead supervisor,  one (I) financial and accounting  supervisor,  one ( l) distribution  center supervisor (2  weeks  only)   and  eight  (8)  field  supervisors    (collectively,       the  "Supervisors"),    engaged   by Consultant  and  dedicated   by Consultant   to oversee  the  Sale  of the  Merchandise   from  the  Stores; provided  however,  as the Sale progresses,  Merchant  and Consultant   have the right to agree to reduce the  minimum   number   of  dedicated   Supervisors    based   upon   the  circumstances;    (b)  determine appropriate  point-of-sale   and external  advertising  for the Stores,  approved  in advance  by Merchant; (c) determine appropriate  discounts  with respect  to Merchandise,   staffing  levels for the Stores and the DC, approved  in advance  by Merchant,  and appropriate   bonus  and incentive  programs,  if any, for the Stores'   and   the   DC'   employees,   approved    in  advance    by   Merchant;    (d)   oversee   display   of
Merchandise   for the  Stores;  (e) evaluate  sales  of Merchandise   by category  and  sales reporting   and monitor  expenses;   (f)  maintain   the  confidentiality    of  all  proprietary   or  non-public   information regarding Merchant  in accordance  with  the provisions  of the confidentiality   agreement  signed  by the Parties;   (g)  assist   Merchant   in  connection   with   managing    and  controlling    loss  prevention   and employee   relations   matters;   and  (h)  provide   such   other   related   services   deemed   necessary   or appropriate  by Merchant  and Consultant.

The  Parties  expressly   acknowledge   and  agree  that  the  Supervisors    are  independent   contractors engaged by Consultant  (not Merchant),  Merchant  shall  have no direct  liability  to the Supervisors  for wages, benefits,  severance  pay, termination  pay, vacation  pay, pay in lieu of notice  of termination  or any  other  liability   arising  from  Consultant's    hiring   or  engagement    of  the  Supervisors,   and  the Supervisors  shalt not be considered  employees  of Merchant.

(B)       Merchant's   Undertakings

During  the Sale  Tenn,  Merchant  shall  (a)  be the  employer   of  the Stores'   and  the DC'  employees, other than the  Supervisors;   (b) pay all taxes,  costs,  expenses,   accounts  payable,  and other liabilities relating  to the  Stores,  the  DC,  the  Stores'   employees   and  other  representatives    of Merchant;   (c) prepare and process  all tax forms and other documentation;   (d) collect  all sales taxes and pay them to the  appropriate   taxing  authorities   for  the  Stores;  (e)  use  reasonable   efforts   to  cause  Merchant's employees  to cooperate  with Consultant  and the Supervisors;   (f) execute  all agreements  determined by the Merchant  and Consultant  to be necessary  or desirable   for the operation  of the Stores,  the DC during the Sale; (g) arrange  for the ordinary  maintenance   of all point-of-sale   equipment  required  for the Stores; and (h) use reasonable  efforts  to ensure that Consultant   has quiet use and enjoyment  of the Stores for the Sale Tenn  in order to perform  its obligations  under  this Agreement.

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Merchant  shall  provide  throughout  tbe Sale Term  central  administrative   services  necessary  for the Sale, including,  without  limitation,  customary  POS  administration,    sales  audit,  cash reconciliation, accounting,  and payrolJ processing,  all at no cost to Consultant.

The Parties  expressly  acknowledge   and agree  that  Consultant   shall  have  no  liability  to Merchant's employees  for wages,  benefits,  severance  pay, termination   pay, vacation  pay, pay in lieu of notice  of termination   or  any  other  liability  arising  from  Merchant's    employment,   hiring  or retention   of  its employees,  and such employees  shall not be considered   employees  of Consultant.

Section  5.          The Sale

All sales of Merchandise   shall be made on behalf  of Merchant.    Consultant  does not have, nor shall it have, any right,  title or interest  in the Merchandise.    All  sales of Merchandise   shall be by cash, gift card, gift  certificate,   merchandise   credit,  or credit  card  and,  at Merchant's   discretion,  by check  or otherwise  in accordance  with  Merchant's   policies,   and  shall  be "final"  with  no returns  accepted  or allowed, unless  otherwise  directed  by Merchant.

Section  6.        Consultant's Fee and Expenses in Connection with  the  Sale

(i)         Consultant's Fee

In consideration of its services rendered hereunder with respect to the Stores, Consultant shall be paid a fee equal to five hundred fifty thousand dollars ($550,000) (the "Consultant's Fee").

(ii)       Expenses

Merchant shall be responsible for all expenses of the Sale, including without limitation all Store-level and DC-level operating expenses.  To control expenses of the Sale, Merchant and Consultant have estabJishedan aggregate budget for the Sale at the Stores (the "Expense Budget"), a copy of which is attached as Exhibit C, which the Consultant shall not exceed in the aggregate absent Merchant's written consent. The Expense Budget may only be modified by mutual agreement of Consultant and Merchant.  The costs of supervision set forth on Exhibits C include, among other things, industry standard deferred compensation.

(iii)     Reconciliation: Payment

All accounting matters (including, without limitation, ten percent (10%) of the Consultant's Fee, and Consultant incurred expenses per the Expense Budget that are reimbursable or payable to Consultant) shall be reconciled on every Wednesday for the prior week and shall be paid within seven (7) days after each such weekly reconciliation. The Parties shall complete a final reconciliation and settlement of all amounts payable to Consultant and contemplated  by  this Agreement (including, without limitation, Expense Budget items, and fees earned hereunder) no later than ten (10) days following the Sale Termination Date for the last Store (the "Final Reconciliation").

Section 7.       Indemnification

(i)        Merchant's Indemnification

Merchant   shall  indemnify,   defend,  and  hold  Consultant   and  its  consultants,   members,  managers, partners,  officers,  directors,   employees,  attorneys,   advisors,   representatives,    lenders,  potential  co• investors,    principals,   affiliates,   and  Supervisors    (collectively,    "Consultant     Indemnified   Parties") harmless  from and  against  all liabilities,  claims,  demands,   damages,   costs  and  expenses  (including reasonable  attorneys'  fees) arising   from or related  to:  (a) the willful  or negligent  acts or omissions  of Merchant  or the Merchant   Indemnified  Parties  (as  defined  below);   (b) the  material  breach  of any provision   of  this  Agreement   by  Merchant;   (c)  any  liability    or  other  claims,   including,    without limitation,  product  liability  claims,  asserted  by customers,   any Store  employees   (under  a collective bargainirrg   agreemenror   otl'fl!'rwise),  or anyother person-(excluding   Consultari ·     Tunemnified  Partie.s) against Consultant or an Consultant Indemnified Party, except claims arising from Consultant's gross negligence, willful misconduct or unlawful behavior; ( d) any harassment, discrimination or violation of any laws or regulations or any other unlawful,  tortuous or otherwise actionable treatment of Consultant's Indemnified Parties or Merchant's customers by Merchant or Merchant's Indemnified Parties; and (e) Merchant's failure to pay over to the appropriate taxing authority any taxes required to be paid by Merchant during the Sale Tenn in accordance with applicable law.

(ii)      Consultant's Indemnification

Consultant shall indemnify, defend and hold Merchant  and its consultants, members, managers, partners, officers, directors, employees, attorneys, advisors, representatives, lenders, potential co• investors, principals, and affiliates (other than the Consultant or the Consultant Indemnified Parties) (collectively, "Merchant Indemnified Parties")  harmless  from and against all liabilities, claims, demands, damages, costs and expenses (including reasonable attorneys' fees) arising from or related to (a) the willful or grossly negligent acts or omissions of Consultant or the Consultant Indemnified Parties; (b) the breach of any provision of, or the  failure to perform any obligation under, this Agreement by Consultant; (c) any liability or other claims made by Consultant's Indemnified Parties or any other person (excluding Merchant Indemnified Parties) against a Merchant Indemnified Party arising out of or related to Consultant's conduct of the Sale, except claims arising from Merchant's gross negligence, willful misconduct, or unlawful behavior; (d) any harassment, discrimination or violation of any laws or regulations or any other unlawful, tortuous or otherwise actionable treatment of Merchant Indemnified Parties,  or Merchant's  customers by Consultant or any of the Consultant Indemnified Parties and (e) any claims made by any party engaged by Consultant as an employee, agent, representative or independent contractor arising out of such engagement.

Section 8.       Insurance

(A)      Merchant's Insurance Obligations

Merchant shall maintain throughout the Sale Term, liability insurance policies (including, without limitation, products liability  (to  the extent  currently  provided),  comprehensive public  liability insurance and auto liability insurance) covering injuries to persons and property in or in connection with the Stores, and shall cause Consultant to be named an additional insured with respect to all such policies. At Consultant's request, Merchant shall provide Consultant with a certificate or certificates evidencing the insurance coverage required hereunder and that Consultant is an additional insured thereunder.  In addition, Merchant shall maintain throughout the Sale Tenn, in such amounts as it currently has in effect, workers compensation insurance in compliance with all statutory requirements.

(B)      Consultant's  Insurance Obligations

As an expense  of the Sale and set forth on the Expense  Budget,  Consultant  shall maintain  throughout the Sale Tenn,  liability  insurance policies  (including,   without  limitation,  products  liability/completed operations,  contractual   liability,  comprehensive    public  liability  and  auto  liability  insurance)  on an occurrence  basis in an amount  of at least one million  dollars  ($ J  ,000,000)  and an aggregate  basis of at least five million  dollars ($5,000,000)  covering  injuries  to persons  and property  in or in connection with Consultant's   provision  of services at the Stores.   Consultant  shall name Merchant  as an additional insured  and-toss-paye'e~urrdi::no"C"h   pl:lltcy;-an-dupcfn execution  ortlfisAgreement   prov-iaeivrerchant with a certificate  or certificates  evidencing  the  insurance   coverage  required  hereunder.    In addition, Consultant  shall  maintain  throughout  the  Sale  Term,   workers  compensation   insurance  compliance with all statutory requirements.   Further, should  Consultant   employ or engage third parties  to perform any of Consultant's  undertakings  with regard to this Agreement,  Consultant  will ensure that such third parties  are covered  by Consultant's   insurance  or maintain   all of the same  insurance  as Consultant  is required to maintain  pursuant  to this paragraph  and  name  Merchant  as an additional  insured  and loss payee under the policy  for each such insurance.

Section  9.        Representations, Warranties, Covenants  and Agreements

(A)       Merchant's Representations.  Warranties, Covenants  and Agreements.

Merchant   warrants,   represents,    covenants   and   agrees   that  (a)  Merchant   is  a  corporation   duly organized,  validly  existing  and in good standing  under  the laws of its state of organization,   with  full power and authority  to execute and deliver  this Agreement   and to perform  its obligations  hereunder, and maintains  its principal  executive office at the address  set forth herein,  (b) the execution,  delivery and performance   of this Agreement  has been  duly  authorized   by all necessary  actions  of Merchant and  this  Agreement   constitutes   a valid  and  binding   obligation   of  Merchant   enforceable   against Merchant  in accordance  with its terms and conditions,   and the consent  of no other entity or person is required  for Merchant   to fully perform  all of its obligations   herein,  and (c) other  than as a result of the commencement   ofa  bankruptcy  proceeding  (as contemplated   in Section  19 below),  the Stores and the DC will be operated  in the ordinary  course  of business  in all respects,  other than those expressly agreed to by Merchant  and Consultant;  provided  however,  it is agreed  and understood  that both prior to and after the date of this Agreement  that (i) Merchant   began  the process  of emptying  the DC and transferring  the Merchandise   located therein  to the  Stores;   and  (ii) Merchant  began  the process  of consolidating  the goods  in its other retail store locations   into the DC and the Stores.

(B)       Consultant's Representations, Warranties. Covenants and Agreements,

Consultant   warrants,   represents,   covenants   and   agrees   that  (a)  Consultant   is  a  limited   liability company   duly  organized,   validly  existing   and  in  good   standing   under  the  laws  of  its  state  of organization,  with full power and authority  to execute  and deliver  this Agreement  and to perform  the Consultant's   obligations  hereunder,  and maintains   its principal  executive  office  at the addresses  set forth herein, (b) the execution,  delivery and performance   of this Agreement  has been duly authorized by all necessary  actions  of Consultant  and this Agreement   constitutes  a valid and binding  obligation of Consultant  enforceable   against  Consultant  in accordance   with  its terms and conditions  (except as such  enforceability   may  be  limited  by applicable   bankruptcy,   reorganization,   moratorium   or other similar  laws affecting  creditors'   rights  generally   and  by general  principles  of equity  (regardless  of

whether  enforceability   is consider  in a proceeding   in equity  or at Jaw)), and the consent  of no other entity or person  is required  for Consultant  to fully perform  all of its obligations  herein, ( c) Consultant shall comply with the provisions  of the leases that would  limit or restrict the conduct  or advertisement of  the  Sale;  provided   however,  prior  to  the  Sale   Commencement    Date  Merchant   shall  provide Consultant  with  a written  summary  of such restrictions;    (d) Consultant  shall comply  with  and act in accordance  with  any and all applicable  state  and  local  laws, rules,  and regulations,   and  other  legal obligations of all governmental  authorities,  ( e) no non-emergency   repairs or maintenance  in the Stores will be conducted   without  Merchant's   prior  written   consent,   and  (f)  Consultant will not take any disciplinary action against any employee of Merchant.

Section 10.     Furniture,  Fixtures and Equipment

Consultant shall sell the Owned FF&E in the Stores from the Stores themselves.  Merchant shall be responsible for all reasonable costs and expenses incurred by Consultant in connection with the sale of Owned FF&E, which costs and expenses shall be incurred pursuant to a budget or budgets to be established from time to time by mutual agreement of the Parties. Consultant shall have the right to abandon at the Stores and the DC any unsold Owned FF&E without any cost or liability of any kind to Consultant.

In consideration for providing the services set forth in this Section 10, Consultant shall be entitled to a commission from the sale of the Owned FF&E equal to fifteen percent (15%) of the gross proceeds of the sale of the Owned FF&E (the "FF&E").

Merchant shall remit to Consultant the Owned FF&E Fee within seven (7) days after each such weekly reconciliation.

Section 11.     Termination

The following shall constitute "Termination Events" hereunder:

		
	(a)
	Merchant's  or  Consultant's  failure  to  perform  any  of  their  respective  material obligations hereunder,which failure shall continue uncured seven (7) days after receipt of written notice thereof to the defaulting Party;

		
	(b)
	Any representation or warranty made by Merchant or Consultant is untrue in any material respect as of the date made or at any time and throughout the Sale Term; or

		
	(c)
	the Sale is terminated or materially interrupted or impaired for any reason other than an event of default by Consultant or Merchant.

If a Termination Event occurs, the non-defaulting Party (in the case of an event of default) or either Party (if the Sale is otherwise terminated or materially interrupted or impaired) may, in its discretion, elect to terminate this Agreement by providing seven (7) business days' written notice thereof to the other Party and, in the case of an event of default, in addition to terminating this Agreement, pursue any and all rights and remedies and damages resulting  from such default.   If  this Agreement is terminated, Merchant shall be obligated to pay Consultant all amounts due under this Agreement through and including the termination date.

Section  12.       Notices

All notices, certificates,  approvals,  and payments  provided   for herein  shall be sent by electronic mail as follows:  (a) To Merchant:  hebe stores, inc.,  400  Valley  Drive, Brisbane,  CA 94005 DD: 415.657.4644,  Attn:   Gary Bosch, Vice President,  Corporate   Counsel  & Secretary,  and Walter Parks, President  and Chief Operating  Officer,  Email: gbosch@bebe.com    and wparks@bebe.com; (b) To Consultant:  (i) Great American  Group,  21255  Burbank  Blvd, Woodland  Hills, CA 91367, Attn: Scott Carpenter,  President,  Retail  Solutions,  and Alan N. Forman,  EVP  & GC, Facsimile: (818) 746-9170,  Email:  scamenter@greatamerican.com       and aforman@brileyfin.com;   and (ii)
Tiger  Capital   Group,  LLC, 60·State   Street,   l lth floor,  Boston;-MA  0.2109,   Attn: Michael  Mc<3rail, Facsimile:  (617)  523-3007,  Email: mmcgrail@tigergroup.com,      or (c) such other address  as may be designated in writing  by Merchant  or Consultant.

Section 13.      Independent  Consultant

Consultant's  relationship  to Merchant  is that of an independent   contractor without the capacity to bind Merchant   in  any  respect.    No  employer/employee,  principal/agent,  joint  venture  or  other   such relationship is created by this Agreement.  Merchant  shall have no control over the hours that Consultant or its employees or assistants or the Supervisors work or the means or manner  in which the services that will be provided are performed and Consultant is not authorized  to enter into any contracts or agreements on behalf  of Merchant or to otherwise  create  any  obligations   of  Merchant to third  parties, unless authorized in writing  to do so by Merchant.

Section  14.      Non-Assignment

Neither this Agreement  nor any of the rights hereunder  may be transferred  or assigned  by either Party without  the prior  written  consent  of the other  Party.   No  modification,   amendment  or waiver  of any of the provisions  contained  in this Agreement,   or any  future  representation,   promise  or condition  in connection  with  the  subject  matter  of  this  Agreement,    shall  be  binding  upon  any  Party  to  this Agreement  unless  made  in writing  and signed  by  a duly  authorized  representative   or agent  of such Party.    This  Agreement   shall  be  binding   upon  and  inure  to  the  benefit   of  the  Parties  and  their respective heirs,  legal representatives,   successors  and permitted   assigns.

Section 15.    Severability

If any term or provision   of this Agreement,   as applied  to either  Party  or any circumstance,   for any reason  shall be declared  by a court  of competent  jurisdiction  to be invalid,  illegal,  unenforceable, inoperative  or otherwise   ineffective,   that provision   shall  be  limited  or eliminated   to the minimum extent   necessary   so  that  this  Agreement   shall   otherwise    remain   in  full  force   and  effect   and enforceable.    If the surviving  portions  of the Agreement   fail to retain the essential  understanding   of the Parties, the Agreement  may be terminated  by mutual  consent  of the Parties.

Section 16.       Governing Law and Jun Waiver

This  Agreement,  and  its  validity,   construction   and  effect,   shall  be  governed   by  and  enforced   in accordance with the internal  laws of the State of California   (without  reference  to the conflicts  oflaws provisions  therein).    Merchant  and Consultant   waive  their  respective  rights  to trial  by jury  of any cause  of action,  claim,  counterclaim   or  cross-complaint    in  any  action,  proceeding   and/or  hearing

brought  by  either   Consultant   against  Merchant   or  Merchant    against   Consultant   on  any  matter whatsoever  arising  out of, or in any way  connected   with,  this Agreement,   the relationship   between Merchant and Consultant,  any claim of injury or damage  or the enforcement  of any remedy under any law, statute or regulation,  emergency  or otherwise,  now  or hereafter  in effect.

Section  17.      Entire   Agreement

This Agreement,   together  with  all additional   schedules   and  exhibits  attached  hereto,  constitutes  a single,  integrated  written   contract  expressing   the  entire   agreement   of  the  Parties  concerning   the subje.c.t    matter,  hereof.  _Nn.   cov.enants,-agreements,-r.epresentations-or           warrantiescofcany    -kind whatsoever  have been made by any Party except  as specifically   set forth in this Agreement.   All prior agreements,  discussions  and negotiations  are entirely  superseded   by this Agreement.

Section  18.     Execution

This Agreement  may be executed  simultaneously   in counterparts   (including  by means  of electronic mail, facsimile or portable  document format (pdf) signature  pages),  any one of which  need not contain the signatures  of more  than  one party,  but  all such  counterparts   taken  together  shall  constitute  one and  the same  instrument.   This  Agreement,   and  any  amendments   hereto,  to the  extent  signed  and delivered  by means  of electronic  mail,  a facsimile   machine   or  electronic  transmission   in portable document format  (pdf), shall be treated in all manner  and respects  as an original  thereof  and shall be considered  to have  the same  binding  legal  effects  as if  it were  the original  signed  version  thereof delivered in person.

Section  19.     Bankruptcy;   Jurisdiction;  Venue

In the event  of a bankruptcy  proceeding  is commenced   by or against the Merchant,   Merchant shall immediately  file a motion  seeking  expedited  entry  of an interim  order (the "Interim  Approval Order") and a final order (the "Final Approval  Order"),   in each  case by the applicable  United  States bankruptcy  court (the "Bankruptcy  Court")  under  section  327,  328 and 365 of the Bankruptcy  Code, in form and substance  reasonably  acceptable  to Consultant,   authorizing  the Merchant's   assumption of and approving  of this Agreement.   The  Merchant   shall  use the  Merchant's   best  efforts  to ensure that  the Interim  Approval   Order  and  the  Final  Approval   Order   shall  be  entered   and  specifically provide,  among  other  things,  that: (i) Consultant   is being  retained  pursuant  to sections  327 and 328 of title 11,  United  States Code (the "Bankruptcy   Code")  by the Merchant;  (ii) the payment  of all fees and reimbursement   of expenses  hereunder   to  Consultant   is  approved  under  section  328(a)  of the Bankruptcy  Code  without  further  order  of the Bankruptcy   Court  and shall  be free  and clear  of all liens, claims and encumbrances;   (iii) all such payments   of fees  and reimbursement   of expenses  shall be made on a weekly  basis without further order of the Bankruptcy   Court and in accordance  with this Agreement;   (iv)  Consultant   is  not  required   to  maintain   time  records  or  file  interim or final fee applications;(v) the transaction contemplated hereby is approved and this Agreement is assumed; (vi) the Sale is authorized without the necessity of Consultant or Merchant complying with state and local rules, Jaws, ordinances  and regulations, including, without  limitation, permitting and  licensing requirements, that would otherwise govern the Sale; (vii) the Sale is authorized notwithstanding restrictions in leases, reciprocal easement agreements or other contracts that purport to restrict the Sale or the necessity of obtaining any third party consents; and (viii) Merchant and Consultant are authorized to take all further actions as are necessary  or appropriate to carry out the terms and conditions of this Agreement. Following the commencement of bankruptcy proceedings by or against

the Merchant,  any legal action, suit or proceeding   arising  in connection  with this Agreement  shall be submitted  to the  exclusive  jurisdiction   of the Bankruptcy   Court  and each Party  hereby  waives  any defenses or objections  based  on lack of jurisdiction,    improper  venue  or forum non conveniens.

[Remainder of Page Intentionally Left Blank]

IN WITNESS  WHEREOF,  the Consultant   and the Merchant  hereby  execute  this Agreement by their duly  authorized   representatives   as a sealed  instrument   as of the  day and  year first written above.

Exhibit A Store List

bebe

DM.RD Contact List

EXHIBIT  "B"

TO

bebe stores, inc. CONSULTING AGREEMENT

Distribution  Center(s)

Address:

4995 Industrial  Way
Benicia, CA 94510

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