Supercuts 2011 Annual Report Download - page 165

a.
Payment in the gross amount of Eight Hundred Fifty-Eight Thousand and 00/100 Dollars ($858,000.00)
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 12 and 13; and
b.
Payment in the gross amount of Seventy-Five Thousand and 00/100 Dollars ($75,000.00) shall be made
immediately following receipt of the signed agreement.
2)
Any officer bonus earned in FY11. Payment shall be made at the same time bonus payments are customarily made
to officers. Payment shall be subject to all statutory payroll deductions and other legally required withholdings.
3)
A single payment in the gross amount of Fifty Thousand and 00/100 Dollars ($50,000.00), less statutory payroll
deductions and other legally required withholdings, representing Employee’s Officer perquisites. This amount shall
be paid in a single lump sum following receipt of the signed agreement and following the expiration of the rescission
periods set forth in paragraphs 12 and 13.
4)
Employee and Employee’s Spouse will continue to receive medical and dental insurance benefits from Employer to
the same extent as other Executive Vice Presidents of the company receive such insurance, until June 30, 2013, at
which time all such benefits shall terminate. 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 June 30, 2013. Employer will gross up this benefit to
Employee for Employee’s estimated taxes on this benefit.
3.
Benefits . The Employee is a participant in various employee benefit plans sponsored by Employer. Except as otherwise provided for
herein, the payment of benefits, including the amounts and timing thereof, will be governed by the terms of the employee benefit plans.
Employer will answer any reasonable questions that Employee may have from time to time and will offer him the same assistance given
other participants in employee benefit plans so long as he is entitled to benefits thereunder.
4.
Whole Life Insurance Policy . The existing whole life insurance policy in the face amount of $2.5 million dollars is fully paid.
5.
Stock Appreciation Rights . All vested stock appreciation rights have a strike price that is under water. Accordingly, rights to this
stock will be extinguished as of the date of termination.
6. Unvested Restricted Stock Grants . Employer will provide no accelerated vesting for unvested restricted stock grants.
7.
Non-Compete Agreement . Employee expressly agrees, as a condition to the performance by Regis of its obligations hereunder, that
for a period of 24-months following employee’s separation from service with Regis and its affiliates, he will not, directly or indirectly,
own any interest in, render any services of any nature to, become employed by, or participate or engage in the licensed beauty salon
business, except with the prior written consent of Regis.
8.
General Release . In exchange for the benefits promised you in this agreement, you agree to irrevocably and unconditionally release
and discharge Regis, its predecessors, successors, and assigns, as well as past and present officers, directors, employees, and agents,
from any and all claims, liabilities, or promises, whether known or unknown, arising out of or relating to your employment with Regis
through the date you sign this agreement. You waive these claims on behalf of yourself and your heirs, assigns, and anyone making a
claim through you. The claims waived and discharged include, but are not limited to:
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