Supercuts 2011 Annual Report Download - page 158

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Exhibit 10(bb)
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 is terminated effective July 1, 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 a lump sum in January 2012 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).
b.
In exchange for the General Release set forth below, Regis agrees to provide:
1)
Severance compensation in the gross amount of Three Hundred Seventy-Three Thousand Five Hundred and 00/100
Dollars ($373,500.00) (which is equivalent to 12-months of base pay), less statutory payroll deductions and other
legally required withholdings. Payment shall be made in a single lump sum following receipt of the signed agreement
and following the expiration of the rescission periods referred to in paragraphs 13 and 14.
1
TO:
Bruce Johnson
FROM:
Regis Corporation
VIA EXPRESS COURIER
DATE: