Supercuts 2009 Annual Report Download - page 150

Download and view the complete annual report

Please find page 150 of the 2009 Supercuts annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

Exhibit 10.(aa)
SEPARATION AGREEMENT AND RELEASE
THIS SEPARATION AGREEMENT AND RELEASE (“Separation Agreement”) is made and entered into this 13th day of May, 2009,
between Kris Bergly (“Employee”) and Regis Corporation (“Employer”).
RECITALS:
A. Employee was employed by Employer between August 10, 1987 and April 17, 2009, when his employment with Employer
was terminated.
B. The parties agree it is in their best interests to sever the employment relationship.
C. The purpose of this Separation Agreement is to set forth the terms and conditions under which Employee and Employer will
terminate their employment relationship and to resolve any and all disputes Employee has and/or may have with Employer.
AGREEMENT
In consideration of the recitals stated above and the mutual promises made below, the parties agree as follows:
1. Termination . Employee and Employer agree that Employee’s last day of work will be April 17, 2009, and that Employee’s
termination shall be effective as of that date (hereinafter “Employment End Date”).
2. Payments . Employer and Employee agree that in consideration for Employee’s agreement to the terms contained herein,
Employer shall make the following payments to Employee:
a. Employee will receive severance compensation (less customary payroll deductions) of $443,333.33 (which is equal to
fourteen (14) months of base pay) payable in fourteen equal monthly installments of $31,666.66 commencing on the first day
of the month following expiration of both rescission periods referred to in paragraphs 5 and 6 provided there has been no
rescission under either paragraph 5 or paragraph 6.
b. In the event Employee elects to continue to participate in Employer’s medical and dental plans pursuant to the Consolidated
Omnibus Budget Reconciliation Act (“COBRA”), Employer will reimburse Employee for the amounts paid by Employee for
such COBRA coverage for a period of eighteen (18) months. Employer’
s reimbursement obligations will be paid to Employee
on a monthly basis either by check or direct deposit as requested by Employee. In addition, Employee’s participation in
Employer’s executive medical reimbursement plan, wherein participants are reimbursed for qualified out of pocket medical
expenses not to exceed $7,000.00 in total in any given calendar year, will continue until December 31, 2009.
c. Employee will be eligible to receive a pro-rata (291/365) bonus payment related to the normal bonus plan for Executive Vice
Presidents of the Employer for the fiscal