Supercuts 2004 Annual Report Download - page 122

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(2) if the Common Stock is not listed on a national securities exchange or quoted on Nasdaq, but is actively traded in the over-the-
counter market, the average of the closing bid and asked prices for a share of the Common Stock on the relevant date (or, if such date is not
a business day or a day on which quotations are reported, then on the immediately preceding date on which quotations were reported), or
the most recent preceding date for which such quotations are reported; and
(3) if, on the relevant date, the Common Stock is not publicly traded or reported as described in (a) or (b) above, the value determined in
good faith by the Board as of the last day of the Company’s most recently ended fiscal year (except as otherwise provided herein or in an
Agreement), based on an annual valuation of the Company from a review of the Company’s financial statements (or such other approach
deemed appropriate) prepared by an independent valuation or auditing firm selected by the Board.
2.19 Grant Date” means the date as of which an Award is granted pursuant to the Plan.
2.20 “Incentive Stock Option” means any Stock Option intended to be and designated as an “incentive stock option” within the meaning of
Section 422 of the Code. Members of the Board who are not otherwise employees of the Company do not qualify for Incentive Stock Options.
2.21 “Non-Qualified Stock Option” means an Option to purchase Common Stock in the Company granted under the Plan, the taxation of
which is pursuant to Section 83 of the Code.
2.22 “Option Period” means the period during which the Option shall be exercisable in accordance with an Agreement and Article VI.
2.23 “Participant” means a person who satisfies the eligibility conditions of Article V and to whom an Award has been granted by the
Committee under the Plan. In the event that a Representative is appointed for a Participant, then the term “Participant” shall mean such
appointed Representative. Notwithstanding the appointment of a Representative, the term “Termination of Employment” shall mean the
Termination of Employment of the Participant.
2.24 “Performance Unit” shall have the meaning set forth in Section 9.1 hereof.
2.25 “Plan” means the Regis Corporation 2004 Long Term Incentive Plan, as herein set forth and as may be amended from time to time.
2.26 “Representative” means (a) the person or entity acting as the executor or administrator of a Participant’s estate pursuant to the last will
and testament of a Participant or pursuant to the laws of the jurisdiction in which the Participant had the Participant’s primary residence at the
date of the Participant’s death; (b) the person or entity acting as the guardian or temporary guardian of a Participant; (c) the person or entity
which is the beneficiary of the Participant upon or following the Participant’s death; or (d) the person to whom an Award has been
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