Summary of Agreement to Pay Expenses of Certain Shareholders between Alberto-Culver Company and Lavin Family Trusts
Alberto-Culver Company agreed to pay up to $100,000 of fees and expenses incurred by certain shareholders, primarily trusts for the Lavin Family, in connection with negotiating a Support Agreement and a Stockholders Agreement related to an Investment Agreement with Sally Holdings, Inc., New Sally Holdings, Inc., New Aristotle Company, and CDRS Acquisition LLC. The payment covers costs associated with these agreements and the related transactions. The agreement ensures that the shareholders are reimbursed for their negotiation expenses as part of the broader investment transaction.
Exhibit 10(m)
Alberto-Culver Company
Summary of Agreement to Pay Expenses of
Certain Shareholders
On June 19, 2006, Alberto-Culver Company entered into an Investment Agreement (the “Investment Agreement”) with Sally Holdings, Inc., New Sally Holdings, Inc., a subsidiary of Alberto-Culver Company, New Aristotle Company, a subsidiary of New Sally Holdings, Inc. and CDRS Acquisition LLC. In connection with the signing of the Investment Agreement, certain shareholders of Alberto-Culver Company, consisting of trusts for the benefit of Leonard H. Lavin, a director of Alberto-Culver Company, and Bernice E. Lavin and their descendants, including Carol L. Bernick, the Chairman of the Board of Directors of Alberto-Culver Company (collectively, the “Lavin Family”), and a partnership whose partners are trusts for the benefit of members of the Lavin Family and Leonard H. Lavin, Bernice E. Lavin and Carol L. Bernick (collectively, the “Shareholders”), entered into a Support Agreement with Alberto-Culver Company, New Sally Holdings, Inc. and CDRS Acquisition LLC. The Shareholders will also enter into a Stockholders Agreement with New Sally Holdings, Inc. and CDRS Acquisition LLC, which will provide for, among other things, specified governance matters related to New Sally Holdings, Inc.
On June 18, 2006, Alberto-Culver agreed to pay up to $100,000 of the fees and expenses of the Shareholders relating to the negotiation of the Support Agreement and the Stockholders Agreement and matters incident to the transactions contemplated by the Investment Agreement.
