Document:

Exhibit 10.25

 

 

June 24, 2009

 

Dear Kathy:

 

It is a pleasure to present
this employment contract for you to join the bebe team. The following details
summarize your position, compensation, benefits, and other pertinent
information relative to your employment with bebe stores, inc.

 

1.                                      Term:

 

bebe Stores, Inc. agrees to employ Kathy Lee, and Kathy Lee agrees to be employed by bebe Stores, Inc beginning as of the effective date and continuing until the three (3) year anniversary of the effective date, subject to any earlier termination as described below.  The effective date is considered to be the date this agreement is signed by Manny Mashouf, Chairman and CEO.
 

2.                                      Position:

 

You will be
employed as Chief Merchandising Officer for bebe Retail. You will be based in
our Los Angeles Design Studio and will have direct responsibility for bebe
Merchandising, bebe Design. Additionally, after 90 days, you will assume
responsibility for bebe Retail Planning. Your start date will be Wednesday, June 24th. , 2009. You will
be reporting to Manny Mashouf, Chairman and Chief Executive Officer.

 

3.                                      Sign-On Bonus:

 

Upon mutual
execution of this offer, you will be paid a sign-on bonus in the gross amount
of $323,142.35 (net amount after accounting for applicable taxes and withholdings
is $200,000) (“Sign-On Bonus”). The net amount is to be repaid by you to the
Company in full if prior to your 3-year anniversary from the effective date of
this agreement you resign or you are separated from the company for “Cause” (as
defined below).

 

4.                                      Compensation:

 

We are offering
you the following compensation package:

 

a.                                       Base Salary:

 

Your base salary
will be $450,000.00 per year.  Salaries
are earned and paid in bi-weekly increments.

 

b.                                      Bonus:

 

You will be
eligible to participate in the 40% pool of, and per the terms of, the bebe
discretionary bonus plan.  If achieved,
bonus earned per the plans terms will be prorated based on your hire date. To
be eligible, you must be employed at the time of bonus pay out. While you will
be eligible to receive up to 40% base salary as part of the discretionary plan,
$135,000 of this amount (before taxes and other withholdings ) will be
guaranteed in each of bebe’s fiscal years 2010, 2011 and 2012, subject to the employment
requirement stated in the previous sentence, and is payable when each fiscal year
annual company bonuses are paid.

 

c.                                       Stock Options:

 

I. Time Vest Options:

 

After acceptance
of this offer and subject to approval by the board of directors, you would
receive an option to purchase 200,000 shares of bebe common stock, subject to
vesting and other standard provisions of the company’s 1997 Stock Plan, as
amended.  The Grant Date and consequently the Fair Market Value (FMV) or
price, would be set as of the 15th of the month following the month of your
date of hire.  In the event that the 15th is a weekend or trading holiday, the following
trading day shall determine price/grant date.

 

400 Valley Drive
Brisbane, CA  94005      Telephone 415.657.4472        Fax 415.657.4445

 

 

 

II. Time Based Restricted Stock Units (TBRSU’s):

 

Subject
to (a) Board approval and (b) the terms of the Company’s Stock Option
Plan, you will be granted a tranche of Time Based Restricted Stock Units (“TBRSU”)
on your date of hire in the gross amount of $125,000; the number of TBRSU’s
granted and the Fair Market Value (“FMV”) of said stock shall be calculated at
the closing price on your hire date.  No TBRSU’s shall vest until the end
of fiscal year 2010. Additionally, on the respective one (1) year and two (2) year
anniversary of your hire date, you will be granted a tranche of TBRSU’s in the
gross amount of $125,000; the respective number of TBRSU’s granted and the FMV
of the stock shall be calculated at the closing price of your corresponding 1st
and 2nd anniversary dates.  Each post-hire grant of TBRSU’s shall not vest
until one year from grant or until the end of fiscal years 2011 and 2012,
respectively.

 

5.                                      Benefits:

 

a.                                       Employee Stock Purchase Plan:

 

You will be eligible to participate in the Employee Stock Purchase Plan.

 

b.             bebe
Benefits Plan:

 

I.              You will be eligible to participate in
the bebe Benefits Plan.  You will be
subject to the group program’s terms and provisions, limitations, exclusions,
and the company’s eligibility requirements, which will be explained to you
during the benefits orientation.

 

II.          For bebe executives, paid time off (PTO)
is discretionary and will not be accrued. The opportunity to take PTO is
contingent upon the executive’s workload and ability to manage their schedule.
As such, you will be eligible to take a maximum of 18  days of PTO per
year.

 

6.                                      At-Will Employment:

 

bebe stores, inc.’s
employment relationship with employees is an “at-will” arrangement where the
employment relationship is voluntary and based on mutual consent.  You may leave your employment at any time,
and bebe stores, inc.  reserves the
right to terminate your employment at any time, with or without cause.  Nothing said to you or promised to you by
anyone other than a specific, written agreement signed by the Chief Executive
Officer of the company will change this at-will arrangement

 

7.                                      Company Policies:

 

As an employee of
bebe stores, inc.,  you will be
subject to and required to adhere to all of the company’s policies and
procedures pertaining to its employees. 
This includes all policies relating to standards of conduct, conflicts
of interest, and compliance with the company’s rules and regulations.

 

8.                                      Arbitration Agreement: You agree that if any disputes should
arise between you and bebe stores, inc. (including claims against its
employees, officers, directors, shareholders, agents, successors and assigns)
relating or pertaining to or arising out of your employment with bebe, the
dispute will be submitted exclusively to binding arbitration before a neutral
arbitrator.  This means that disputes
will be decided by an arbitrator rather than a court or jury, and that both you
and bebe stores, inc.  waive our
rights to a court or jury trial.  You
understand that the arbitrator’s decision will be final and exclusive, and
cannot be appealed.

 

You agree that all
disputes between you and bebe stores, inc.  are covered by
this Arbitration Agreement to the fullest extent permitted by law.  This includes claims for wrongful discharge,
discrimination, harassment, and any injury to your physical, mental, or
economic interests.  Also, you agree that
all disputes are covered by this Arbitration Agreement whether based on claimed
violations of statutory, contractual, or common law rights.

 

Disputes between
you and bebe stores, inc.  that  are not covered by this Agreement include claims for
unemployment insurance or workers’ compensation, and claims under the National
Labor Relations Act or those heard exclusively by the Labor Commissioner.  

 

2

 

This Agreement
does not interfere with either party’s right to pursue a provisional remedy in
court pursuant to California Code of Civil Procedure, section 1281.8.

 

The arbitration
shall be conducted in accordance with the rules set forth in the Code of
Civil Procedure, section 1280 and following (and any successor statute).  The parties may engage in discovery pursuant
to C.C.P. 1283.05.  They have the right
to be represented by an attorney or representative of their choosing.  The arbitrator’s decision will be rendered in
writing, and shall provide the legal and factual basis for the decision.  This agreement to arbitrate survives the
termination of your employment with bebe. 
The arbitrator shall have the authority to award all remedies that would
otherwise be available under applicable law in court, but no more than that,
with respect to the claims in question. 
In addition, the parties agree to share equally in paying the arbitrator’s
fees and expenses, as well as the cost, if any, of the room where the
arbitration hearing is conducted. 
However, each party shall pay their own attorneys’ fees; except the
arbitrator shall have the authority to award reasonable attorneys’ fees and
costs to the prevailing party where allowed by statute.

 

9.                                      Work Eligibility Documents:

 

As a condition of
your employment with bebe stores, inc., you will be required to provide
evidence of your identity and eligibility for employment in the United
States.  It is required that you bring
the appropriate documentation with you at the time of employment.  The required documentation is enclosed with
this letter.

 

10.                               Termination Prior to Expiration of term and effects of such termination:
 

Notwithstanding
any other provisions of this Agreement, Employer shall have the right to terminate
Employee’s employment under this Agreement at any time prior to the expiration
of the Term for any of the following:

 

(i) For “cause”,
upon the determination by Manny Mashouf 
(or in the case of Mr. Mashouf’s absence, the Employer’s Board of
Directors) that “cause” exists for the termination of the employment
relationship. The term “cause” shall mean [a] Employee’s gross negligence or
willful misconduct in the performance of the duties and services required of
Employee pursuant to this Agreement; [b] Employee has been convicted of a
felony; [c] Employee has willfully refused without proper legal reason to
perform the duties and responsibilities required of Employee under this
Agreement which remains uncorrected for thirty (30) days following written notice
to Employee by Employer of such breach; [d] Employee’s involvement in a
conflict of interest which is defined as any direct or indirect interest in,
connection with, or benefit from any outside activities, particularly
commercial activities, which interest might in any way adversely affect
Employer or any of its divisions, or involves a possible conflict of interest
determined by the company and for which Employer makes a determination to
terminate the employment of Employee which remains uncorrected for thirty (30)
days following written notice to Employee by Employer of such breach; [e]
Employee has willfully engaged in conduct that Employee knows or should know is
materially injurious to Employer, or any of their respective divisions; [f]
Employee’s material breach of any material provision of this Agreement or
corporate code or policy which remains uncorrected for thirty (30) days
following written notice to Employee by Employer of such breach, or [g]
Employee violates the Foreign Corrupt Practices Act or other applicable United
States law.  It is expressly acknowledged
and agreed that the decision as to whether “cause” exists for termination of
the employment relationship by Employer is delegated to Manny Mashouf (or in
the case of Mr. Mashouf’s absence, to the Employer’s Board of Directors).
If Employee disagrees with the decision reached by Mr. Mashouf (or the
Board, if applicable), the dispute will be limited to whether Mr. Mashouf
(or the Board, if applicable) reached the decision in good faith;

 

(ii) for any reason
not stated in Section 10(i), (iii) or (iv), including without cause;

 

(iii) upon Employee’s
death; or

 

(iv) upon Employee’s
becoming disabled so as to entitle Employee to benefits under bebe’s long-term
disability plan or, if Employee is not eligible to participate in such plan,
then Employee is permanently and totally unable to perform Employee’s duties
for Employer as a 

 

3

 

result of any medically
determinable physical or mental impairment as supported by a written medical
opinion to the foregoing effect by a physician selected by Employer.

 

10.1 The termination of Employee’s employment
by Employer prior to the expiration of the term shall constitute a termination “for
Cause” if made pursuant to Section 10(i), (iii) or (iv). The effect
of such termination is as follows:

 

(i) If Employee’s
employment hereunder shall be terminated by Employer for Cause prior to
expiration of the Term, all future compensation to which Employee is entitled
and all future benefits for which Employee is eligible shall cease and
terminate as of the date of termination. 
Employee shall be entitled to pro rata salary through the date of such
termination, but Employee shall not be entitled to any individual bonuses or
individual incentive compensation not yet paid or vested at the date of such
termination.

 

(ii) Upon
termination of the employment relationship as a result of Employee’s death,
Employee’s heirs, administrators, or legatees shall be entitled to Employee’s pro
rata salary through the date of such termination, but Employee’s heirs,
administrators, or legatees shall not be entitled to any individual bonuses or
individual incentive compensation not yet paid or vested to Employee at the
date of such termination.

 

(iii) Upon
termination of the employment relationship as a result of Employee’s
incapacity, Employee shall be entitled to his or her pro rata salary through
the date of such termination, but Employee shall not be entitled to any
individual bonuses or individual incentive compensation not yet paid or vested to
Employee at the date of such termination.

 

(iv) Upon a resignation
or abandonment or other termination of the employment relationship by Employee
prior to expiration of the Term (“Voluntary Termination”), all future
compensation to which Employee is entitled and all future benefits for which
Employee is eligible shall cease and terminate as of the date of
termination.  Employee shall be entitled
to pro rata salary through the date of such termination, but Employee shall not
be entitled to any individual bonuses or individual incentive compensation not
yet paid or vested at the date of such termination.

 

11.                               Severance:

 

In the event that the company terminates under Section 10(ii) prior
to the expiration of this term, you will be entitled to receive, as your sole
compensation, consideration and benefit, base salary continuation (payable on
the company’s normal pay schedule) for the remaining term of this employment
agreement and any unpaid portion of bonuses that would have been guaranteed
(i.e. $135,000, amount prior to taxes and other standard withholdings) for the
years during the original 3 year term and is payable when each fiscal year
annual company bonuses are paid. You will also vest immediately only in the
TBRSU’s granted in the year which you are terminated and subsequent TBRSU’s are
forfeited; additionally any unvested options will not vest.

 

12.                               Change of Control:

 

If
there is a change in a majority ownership and Manny Mashouf, Chairman and CEO
is no longer employed or affiliated with bebe Stores, Inc. and
subsequently your employment is terminated as a result, or the new ownership
does not assume responsibility for this employment agreement, you will be entitled to receive, as your
sole compensation, consideration and benefit, base salary for the remaining
term of this employment agreement payable immediately and any unpaid portion of
bonuses that would have been guaranteed (i.e. $135,000 less taxes and other applicable
withholdings) for the years in the original 3 year term, which is payable immediately.
You will also vest immediately in the TBRSU’s granted in the year which you are
terminated. You will also be granted and vest immediately in a tranche
of TBRSU’s in the gross amount equal to either $125,000 or $250,000 depending
on if 1 or 2 years  remain in the
original term (the respective number of TBRSU’s granted and the FMV of the
stock shall be calculated at the closing price of your termination date).  Any unvested options will not vest.

 

4

 

This offer letter
supersedes any prior discussions, agreements, understandings, offers or
statements made to you during the interview process.  This offer letter, referenced materials, and
the Arbitration Manual represent the entire agreement regarding your position
with bebe.  If you are in agreement with
the provisions of this employment offer, please sign, date, and return the
original of this letter to the Human Resources Department, acknowledging your understanding
and acceptance; retain a copy for your records.

 

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

 

ACKNOWLEDGEMENT AND ACCEPTANCE

 

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

 

 

	
  /s/ Kathy Lee

  	
   

  	
  6/24/09

  
	
  Kathy Lee

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Manny Mashouf

  	
   

  	
  6/24/09

  
	
  Manny
  Mashouf, Chairman & CEO

  	
   

  	
  Date

  

 

cc:    Louis Leidelmeyer, Human Resources

 

5Filed by sedaredgar.com - Mabcure Inc. - Exhibit 10.1

Exhibit 10.1

LOAN AGREEMENT

          THIS
LOAN AGREEMENT (this “Agreement”) is entered into as of the 2nd day
of September 2009, by and between MabCure Inc., a Nevada corporation with an
address at De Schiervellaan 3/B1, 3500 Hasselt, Belgium (the “Company”),
and Chrysler Enterprises, Ltd., with an address at Main Street, Charlestown,
Nevis (the “Lender”).

          WHEREAS,
the Company requires an infusion of funds in order to finance the operations of
the Company as set forth herein; and

          WHEREAS,
the Lender is willing to make available a loan to the Company on the terms and
conditions set forth in this Agreement.

          NOW,
THEREFORE, the parties hereto hereby agree as follows:

1.      Loan.

     1.1      The
Lender agrees to lend to the Company the amount of $500,000 (the “Loan
Amount”), subject to the terms and conditions of this Agreement, hereunder
(the “Loan”).

     1.2      The
Lender will transfer the Loan Amount to the Company, in accordance with the wire
transfer instructions provided in Exhibit A, on the first business
day following the execution of this agreement by both parties (the
“Closing”).

     1.3      The
Loan will bear interest at a rate of 6% per year. The accrued interest will be
payable upon repayment of the Loan.

     1.4      Subject
to Section 2 below, the Loan and accrued interest will be repaid on the first
anniversary of the Closing (the “Due Date”).

2.      Acceleration of
Conversion.

     The Loan Amount will become, in
the Lender’s sole discretion, either repayable pursuant to the term set forth in
Section 1.4 above, or upon the occurrence of an Event of Acceleration (as
defined below) that occurs prior to the Due Date. For the purposes of this
Section 2, an “Event of Acceleration” shall be deemed to exist upon the
occurrence of any of the following: (a) the Company files a petition in
bankruptcy, files a petition seeking any reorganization, arrangement,
composition, or similar relief under any law regarding insolvency or relief for
debtors, or makes an assignment for the benefit of creditors; (b) a receiver,
trustee, or similar officer is appointed for the business or a significant part
of the property of the Company, and such appointments are not stayed, enjoined,
or discharged within forty five (45) days from their commencement; (c) any
involuntary petition or proceeding under bankruptcy or insolvency laws is
instituted against the Company, and such actions are not stayed, enjoined, or
discharged within forty five (45) days from their commencement; (d) the Company
adopts a resolution for discontinuance of its business or for its liquidation,
dissolution or winding-up; or (e) a sale of all or substantially all of the
assets of the Company. 

3.      Representations,
Warranties and Covenants of the Company The Company hereby represents, warrants
and covenants as follows:

     3.1     
Organization and Qualification. The Company is a corporation duly
organized, validly existing and in good standing under the laws of the State of
Nevada, and has the requisite corporate power to own its properties and to carry
on its business as it is now being conducted.

     3.2      Authorization,
Enforceability. (i) The Company has the requisite corporate power and
authority to enter into this Agreement and to perform its obligations hereunder
in accordance with the terms hereof, (ii) the execution and delivery of this
Agreement by the Company and the consummation by it of the transactions
contemplated hereby have been duly authorized by the Company and further consent
or authorization of the Company by its Board of Directors is not required; and
(iii) upon the execution and delivery of this Agreement by the Company, this
Agreement will constitute valid and binding obligations of the Company
enforceable against the Company in accordance with their terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, liquidation or similar laws relating to, or
affecting generally the enforcement of creditors’ rights and remedies or by
other equitable principles of general application.

4.      Representations and
Warranties of the Lender

     The Lender hereby represents and
warrants that the Lender has full power and authority to enter into this
Agreement and the Agreement has been duly executed by the Lender, and such
authorization constitutes a valid and legally binding obligation of the Lender,
enforceable in accordance with its terms.

5.      Miscellaneous.

     5.1      Each
of the parties hereto shall perform such further acts and execute such further
documents as may reasonably be necessary to carry out and give full effect to
the provisions of this Agreement and the intentions of the parties as reflected
thereby. 

     5.2      This
Agreement shall be governed by and construed according to the laws of the State
of Nevada, without regard to the conflict of laws provisions thereof. 

     5.3     
Except as otherwise expressly limited herein, the provisions hereof shall inure
to the benefit of, and be binding upon, the successors, assigns, heirs,
executors, and administrators of the parties hereto. 

     5.4      This
Agreement and the Exhibits hereto constitute the full and entire understanding
and agreement between the parties with regard to the subject matters hereof and
thereof and supersede any prior agreement, understand or contract, written or
oral, with respect to the subject matter hereof and thereof. 

     5.5      No
delay or omission to exercise any right, power, or remedy accruing to any party
upon any breach or default under this Agreement, shall be deemed a waiver of any
other breach or default theretofore or thereafter occurring. All remedies,
either under this Agreement or by law or otherwise afforded to any of the
parties, shall be cumulative and not alternative. 

2

     5.6      If
any provision of this Agreement is held by a court of competent jurisdiction to
be unenforceable under applicable law, then such provision shall be excluded
from this Agreement and the remainder of this Agreement shall be interpreted as
if such provision were so excluded and shall be enforceable in accordance with
its terms; provided, however, that in such event this Agreement shall be
interpreted so as to give effect, to the greatest extent consistent with and
permitted by applicable law, to the meaning and intention of the excluded
provision as determined by such court of competent jurisdiction.

     IN WITNESS WHEREOF the parties
have signed this Loan Agreement in one or more counterparts as of the date first
hereinabove set forth.

MABCURE, INC:

	 	 	 
	 	 	 
	By: 	Dr. Amnon Gonenne 	 
	 	 	 
	Title: 	Chief Executive Officer 	 

CHRYSLER ENTERPRISES, LTD:

	 	 	 
	 	 	 
	By: 	 	 
	 	 	 
	Title: 	 	 

3

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