Supercuts 2012 Annual Report Download - page 169

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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 . Regis has terminated your employment effective on January 19, 2012.
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, deferred compensation and 401(k) benefits in accordance with the terms and conditions of
those plans.
By signing this agreement, you agree that you have already been paid all of these sums, specifically including all of your wages and
benefits due to you as a result of your employment with Regis and that no other sums are due to you as a result of your employment.
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
TO:
David Bortnem
FROM:
Regis Corporation
VIA EXPRESS COURIER
DATE:
April 23, 2012