Supercuts 2011 Annual Report Download - page 164

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Exhibit 10(cc)
SEPARATION AND NON-DISPARAGEMENT AGREEMENT AND GENERAL RELEASE
Please read this document carefully. You are giving up certain legal claims that you might have against Regis Corporation by signing
this agreement. You are advised to consult an attorney before signing this agreement.
This agreement sets out the terms of your separation from Regis Corporation (“Regis”). Under the agreement, Regis will provide you with extra
benefits in exchange for your agreement to waive and release certain past or present legal claims you may have against Regis.
TERMS OF AGREEMENT
1.
Termination . Your employment ended June 30, 2011.
2.
Compensation and Benefits . This agreement terminates the Employer/Employee relationship between you and Regis and closes out
past or present claims as set forth in this agreement that you might have against Regis arising from that relationship. In return for your
release of claims, the agreement provides you with benefits to which you otherwise would not be entitled. Accordingly, you and Regis
agree as follows:
a.
Whether or not you sign this agreement, Regis will pay you:
1)
All compensation you have earned through and including the last day of your employment;
2)
Any accrued but unused PTO benefit; and
3)
Vested profit sharing and deferred compensation benefits in accordance with the terms and conditions of those
plans. Payment shall be made in accordance with previously made distribution elections.
By signing this agreement, you agree that you have already been paid all of those sums set forth in paragraphs 2.a.1) and 2.a.2). Even if
you do not sign this agreement, you can elect the period of continued health benefits coverage to which you are entitled under the
Consolidated Omnibus Budget Reconciliation Act (“COBRA”). A separate COBRA notice is being sent to you.
b.
In exchange for the General Release set forth below, Regis agrees to provide:
1)
Severance compensation in the gross amount of Nine Hundred Thirty-Three Thousand and 00/100 Dollars
($933,000.00) (which is equivalent to 24-months of base pay), less statutory payroll deductions and other legally
required withholdings. Payment shall be made as follows:
1
TO:
Mark Kartarik
FROM:
Regis Corporation
VIA EXPRESS COURIER
DATE:
July 21, 2011