Exhibit 10(a)*


 


AMENDMENT
TO


EMPLOYMENT
AGREEMENT


 


This amendment (the “Amendment”) effective as of January 28, 2010
amends that certain Employment Agreement (as Amended and Restated December 31,
2008) between Regis Corporation (the “Corporation”) and Paul D. Finkelstein (“Finkelstein”
or “Executive”) (the “Agreement”).


 


1.                                       The Agreement is hereby amended by
deleting paragraph 4(f) thereof and replacing it with the following new
paragraph 4(f):


 


(f)            Retirement Benefit/Survivor Benefits. 
The Corporation shall pay to the Executive, if living, or to each of his
Designated Beneficiary and his former spouse Barbara (referred to herein as the
Executive’s “Former Spouse”), in the event of his death, the following
sums upon the terms and conditions and for the periods hereinafter set forth:


 


(i)            Retirement Payments to the Executive. 
Upon the Executive’s termination of employment with the Corporation, the
Corporation shall pay to the Executive a lump sum cash payment of an amount
(sometimes referred to as his “Retirement Benefit”) equal to the present
value of a hypothetical annuity payable to the Executive for life starting on
the first day of the month following his termination of employment with the
Corporation, with monthly payments equal to his Adjusted Monthly Benefit.  For the purpose of determining this present
value, the following assumptions shall apply:


 


(1)          Interest: Payments shall be discounted to present
value at a rate of interest equal to the yield to maturity, of 30-year U.S.
Treasury Notes as of the Executive’s termination of employment.


 


(2)           Mortality:  It
shall be assumed that payments will be made for the joint life and last
survivor expectancy of the Executive and his Former Spouse, or the life
expectancy of the Executive if the Former Spouse is not then living, as
determined at the start of payments under Table II (Joint Life and Last
Survivor Expectancy), or Table I (Single Life Expectancy), as applicable, found
the IRS Publication 590.


 


(3)           Cost of Living Adjustment: It shall be assumed that
the Consumer Price Index increases by four percent (4%) per year to derive the
Adjusted Monthly Benefit.


 


(ii)          Survivor Benefits. If the Executive dies while employed with the
Corporation (or after his termination of employment with the Corporation but
prior to payment under (i) above), the Corporation shall make the
following payments:


 


(1)           to Executive’s Designated Beneficiary, a lump sum cash
payment equal to one half of the Retirement Benefit to which the Executive
would have been entitled were he living, to be paid to the Designated
Beneficiary within thirty days after the Executive’s death (referred to herein
as the “Beneficiary Survivor Benefit”); and


 


(2)           to Executive’s Former Spouse, one half of the Adjusted
Monthly Benefit to which the Executive would have been entitled were he living
and were he to receive his Retirement Benefit in the form of an annuity for his
life, such payments to commence within thirty (30) days after the Executive’s 


 

















 


death and to continue
monthly for the remainder of her life (referred to herein as the “Former
Spouse Survivor Benefit”, and, with the Beneficiary Survivor Benefit,
collectively as the “Survivor Benefits”).


 


(iii)          Termination for Cause.  If the
Executive’s employment with the Corporation is terminated at any time for Cause
(as defined in Section 8), the Corporation shall have no obligation to
make any payments to him or his Former Spouse  under
this Section 4(f) and all such future payments shall be forfeited.


 


2.                                       The Agreement is hereby amended by
deleting paragraphs 7(a)(ii), 7(b)(ii) and 7(c)(ii) and replacing
each of them with the following new paragraph:


 


(ii)           Accrued Obligations. 
In addition, the Executive shall also be entitled to the following: (1) a
payment equal to the Highest Annual Bonus, pro rata based on the portion of the
year ended on the date of the termination; (2) unpaid deferred
compensation under the Regis Corporation Executive Retirement Savings Plan (as
restated or amended, and including any successor thereto), together with all
earnings thereon (it being understood that this is separate from, and in
addition to each of the Retirement Benefit and the Survivor Benefits set forth
in Section 4(f) hereof); and (3) accrued vacation pay.


 


3.                                       The Agreement is hereby amended by
replacing the definition of “Designated Beneficiary” in paragraph 8
thereof as follows:


 


“Designated Beneficiary” shall mean, as of the
time of Executive’s death, Executive’s surviving spouse, or such other person
or persons as the Executive shall have designated in writing and has or have
been accepted in writing by the Corporation, or, in the absence of either, the
Executive’s estate.


 


IN WITNESS WHEREOF, the parties hereto have duly executed this
Amendment this 28th day of January 2010.


 


 


	
   

  	
  REGIS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric A. Bakken

  
	
   

  	
   

  	
  Name:

  	
  Eric A. Bakken

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President, Secretary & General
  Counsel

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul D. Finkelstein

  
	
   

  	
   

  	
  Name:

  	
  Paul D. Finkelstein

  
	
   

  	
   

  	
  Title:

  	
  Chairman of the Board of Directors, President and
  Chief Executive Officer

  



 


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