Document:

ex101severancepolicy

    Amended and Restated Senior Executive Severance Policy  Release Date:  September 1, 2022  Senior Executives (defined as SVPs and above) who do not have an Employment Agreement will be  eligible to receive severance pursuant to the following guidelines:  1. The Senior Executive is involuntarily terminated not for Cause (see below).  2. One year of their normal base salary, payable over the period of twelve months in substantially  equal bi-monthly installments in accordance with the Company’s payroll practices.  3. An amount equal to the pro-rata bonus, if any, for the fiscal year in which the date of  termination occurs, determined by pro-rating the bonus the Senior Executive would have been  eligible to  receive had they been employed by the Company  through the payment date of any  such bonus (the pro-ration of which will be a fraction whose numerator is the number of days  the Senior Executive was employed by the Company that fiscal year through the date of  termination and the denominator is 365), payable at the same time as bonuses are paid to other  then-current officers of the Company under the then-applicable Short Term Incentive Plan (STIP)  for the fiscal year in which the date of the termination occurs. The pro-rata bonus is to be  calculated as follows:  Senior Executives who worked less than nine months during the fiscal year will be eligible  to receive a bonus payout based on the average payout of other eligible continuing Senior  Executives up to a maximum of 75% of the target bonus payout prior to proration.  Senior Executives who worked nine months or more during the fiscal year will be eligible  to receive a bonus payout based on their actual achievement of the target bonus payout  prior to proration; provided that, in the event actual achievement cannot be calculated,  such Senior Executives will be entitled to receive a bonus payout based on the average  payout of other eligible continuing Senior Executives.     4. One-year COBRA supplement (the Company will pay the employer portion of the Senior  Executive’s COBRA premiums for health, dental and vision insurance coverage under the  Company’s group health, dental and vision insurance plans).  This amount, if any, is payable over  a period of twelve months in substantially equal bi-monthly installments in accordance with the  Company’s payroll practices.  5. Continuation of Group Executive Medical Expense Reimbursement Policy for one year past the  date of termination.  6. Notwithstanding the one-year time frame, the benefits in items 4 and 5 will cease once the  Senior Executive is eligible to be covered under the health and/or dental and vision insurance  policy of a new employer and/or ceases to participate, for whatever reason, in the Company’s  group insurance plans.  Payments are subject to statutory deductions. Timing of any severance payment is subject to various  laws, including but not limited to the Minnesota Human Rights Act, IRS and Treasury Regulations.      Severance under this policy is subject to the following conditions:  1. The Senior Executive is not terminated for Cause. Cause means: (a) acts resulting in a felony  conviction under any federal or state statutes which is materially detrimental to the financial  interests of the Company; (b) willful non-performance by the employee of the employee’s  material employment duties (other than by reason of the employee’s physical and/or mental  incapacity) after reasonable notice to the employee and reasonable opportunity (not less than  30 days) to cease such non-performance; or (c) willfully engaging in fraud or gross misconduct  which is detrimental to the financial interests of the Company.    2. The Senior Executive signing and not revoking a release of claims in a form prescribed by the  Company and remaining in strict compliance with the terms of that release, which will include a  12-month non-competition and non-solicitation period.  3. No severance will be paid in the event of voluntary termination, death or disability.  This policy is effective immediately upon release.  The Company may amend or terminate this policy at any time in the Company’s sole discretion.ex102cashsettledsar

US.351988748.03        REGIS CORPORATION  STOCK APPRECIATION RIGHTS AWARD AGREEMENT  This STOCK APPRECIATION RIGHTS AWARD AGREEMENT (this  “Agreement”), dated as of [•] (the “Grant Date”), is between Regis Corporation, a Minnesota  corporation (the “Company”), and [•] (the “Participant”).  WHEREAS, the Participant is a valued and trusted employee of the Company and the Company  desires to grant the Participant an award of Stock Appreciation Rights under the Regis Corporation  2018 Long Term Incentive Plan (as may be amended from time to time, the “Plan”); and  WHEREAS, the Committee has duly made all determinations necessary or appropriate for the  grant of the Stock Appreciation Rights hereunder (the “Award”).  NOW, THEREFORE, in consideration of the premises and mutual covenants set forth and for  other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto  have agreed, and do hereby agree, as follows:  1. Definitions.    For purposes of this Agreement, the definitions of terms contained in the Plan are hereby  incorporated by reference, except to the extent that any such term is specifically defined in  this Agreement.   (a) “Good Reason” (i) shall have the meaning ascribed to such term in Participant's  employment agreement with the Company; provided, however, that in order for the  Termination of Employment to constitute a Termination of Employment for Good Reason,  Participant must terminate employment no later than one hundred and twenty (120) days  following the end of the applicable cure period, or (ii) if there is no such employment  agreement with the Company, “Good Reason” shall mean the occurrence, without the  express written consent of the Participant, of any of the following:  (A) any material diminution in the nature of the Participant's authority, duties  or responsibilities;  (B) any reduction by the Company in the Participant's base salary then in effect  or target bonus percentage (other than any reduction mutually agreed upon by the  Company and the Participant), other than an across the board reduction of not more  than 10% that applies to all other executives who report to the Chief Executive  Officer of the Company; or  (C) following a Change in Control, failure by the Company to continue in effect  (without substitution of a substantially equivalent plan or a plan of substantially  equivalent value) any compensation plan, bonus or incentive plan, stock purchase  plan, stock option plan, life insurance plan, health plan, disability plan or other  benefit plan or arrangement in which the Participant is then participating;  US.351988748.03    2    provided that the Participant notifies the Company of such condition set forth in  clause (A), (B) or (C) within ninety (90) days of its initial existence and the  Company fails to remedy such condition within thirty (30) days of receiving such  notice (the “Cure Period”) and the Participant delivers written notice of termination  of employment to the Company's General Counsel within thirty (30) days following  the end of the Cure Period, designating an employment termination date no later  than one hundred and twenty (120) days following the end of the Cure Period.  (b) “Qualifying Termination” means a Termination of Employment:  (i)  due to death or Disability;   (ii) by reason of Participant’s Retirement;   (iii) by the Company without Cause; or  (iv) by the Company without Cause or by Participant for Good Reason, in either  case, within 12 months following a Change in Control.   (c) “Retirement” means any Termination of Employment (other than by the Company  for Cause or due to death or Disability) at or after age sixty-two (62) or at or after age fifty- five (55) with fifteen (15) or more years of continuous service to the Company and its  Affiliates.  2. Grant of Stock Appreciation Rights.  The Company has granted to the Participant, effective  as of the Grant Date, Stock Appreciation Rights with respect to an aggregate of [•] shares  of Common Stock, subject to adjustment as set forth in the Plan (the “Stock Appreciation  Rights”).  The Stock Appreciation Rights will entitle Participant to receive a cash payment  upon the due exercise of vested Stock Appreciation Rights in the amount determined  pursuant to Section 7(c) of this Agreement, subject in all cases to the terms and conditions  set forth in the Plan and this Agreement.  For the avoidance of doubt, in no event will  Participant be entitled to receive any shares of Common Stock in connection with the grant,  vesting or exercise of the Stock Appreciation Rights.  3. Exercise Price.  The exercise price of each Stock Appreciation Right is $[•] per share of  Common Stock, subject to adjustment as set forth in the Plan (the “Exercise Price”).  4. Vesting of Stock Appreciation Rights.  Subject to the terms and conditions set forth in the  Plan and this Agreement, the Stock Appreciation Rights must satisfy a time-vesting  condition to become vested and exercisable, as follows:  (a) Time-Vesting Condition.  Except as otherwise provided in Section 4(b), one-third  (1/3) of the Stock Appreciation Rights will vest on the first anniversary of the Grant  Date, one-third (1/3) of the Stock Appreciation Rights will vest on the second  anniversary of the Grant Date and the remaining one-third (1/3) of the Stock  Appreciation Rights will vest on the third anniversary of the Grant Date (each, a  “Scheduled Vesting Date”), subject to Participant’s continued employment with the  applicable Scheduled Vesting Date and the other terms and conditions set forth in  US.351988748.03    3    this Agreement. To the extent that one-third of the Stock Appreciation Rights is not  a whole number, any fractional Stock Appreciation Right that would otherwise be  scheduled to vest on either of the first two scheduled vesting dates will be  disregarded, and the number of  Stock Appreciation Rights scheduled to vest on the  third scheduled vesting date will be adjusted accordingly.  (b) Forfeiture; Termination of Employment.  (i) Except as provided in this Section 4(b), any unvested Stock Appreciation  Rights will be forfeited immediately, automatically and without  consideration upon the Participant’s Termination of Employment for any  reason.  In the event the Participant experiences a Termination of  Employment by the Company for Cause, all vested Stock Appreciation  Rights will also be forfeited immediately, automatically and without  consideration upon such termination.    (ii) If the Participant experiences a Qualifying Termination prior to the final  Scheduled Vesting Date, then Participant shall immediately vest, as of the  date of such Qualifying Termination, in a pro rata portion of the Stock  Appreciation Rights that were scheduled to vest on the first Scheduled  Vesting Date that follows such Qualifying Termination.  For purposes of  the immediately preceding sentence, the pro rata portion shall be  determined as follows: (i) if such Qualifying Termination occurs prior to  the first anniversary of the Grant Date, the pro rata portion shall be based  on (A) the number of days the participant was employed from the Grant  Date through the Termination of Employment as a percentage of (B) 365  days, and (ii) if such Qualifying Termination occurs after the first Scheduled  Vesting Date, the pro rata portion shall be based on (A) the number of days  the participant was employed from the Scheduled Vesting Date  immediately preceding the Qualifying Termination through the  Termination of Employment as a percentage of (B) 365 days.  For the  avoidance of doubt, in no event will the pro rata portion of Stock  Appreciation Rights that vest as a result of the Participant’s Qualifying  Termination exceed 100% of the Stock Appreciation Rights that were  scheduled to vest on the first Scheduled Vesting Date that follows such  Qualifying Termination, and any Stock Appreciation Rights that do not vest  as a result of the Participant’s Qualifying Termination shall immediately be  forfeited as of such Qualifying Termination.  5. Expiration. Any unexercised Stock Appreciation Rights will expire on the tenth (10th)  anniversary of the Grant Date (the “Expiration Date”), or earlier as provided in Section 6  of this Agreement or in the Plan.  6. Period of Exercise.  Subject to the provisions of the Plan and this Agreement, the  Participant (or the Participant’s Representative, as applicable) may exercise all or any part  of the vested Stock Appreciation Rights at any time prior to the earliest to occur of:  US.351988748.03    4    (a) the Expiration Date;  (b) the date that is ninety (90) days following the Participant’s Termination of  Employment (i) by the Company without Cause or (ii) by Participant for Good  Reason within 12 months following a Change in Control;  (c) if the Participant’s Termination of Employment is due to death or Disability, the  date that is twelve (12) months following such termination;   (d) the date of Participant’s Termination of Employment by the Company for Cause;  or  (e) the date that is thirty (30) days following any Termination of Employment not  described in Sections 6(b)-(d).   7. Exercise and Payment of Stock Appreciation Rights.  (a) Notice of Exercise.  Subject to Sections 4, 5 and 6, the Participant or, in the case of  the Participant’s death or Disability, the Participant’s Representative, may exercise  all or any part of the vested Stock Appreciation Rights by giving written or  electronic notice of exercise to the Company or such agent or representative as may  be designated by the Company in a form provided by the Committee (such notice,  a “Notice of Exercise”).  The Notice of Exercise will be signed by the person  exercising the Stock Appreciation Rights.  In the event that the Stock Appreciation  Rights are being exercised by the Participant’s Representative, the Notice of  Exercise will be accompanied by proof (satisfactory to the Committee) of the  Representative’s right to exercise the Stock Appreciation Rights.    (b) Tax Consequences and Payment of Withholding Taxes.  Neither the Company nor  any Affiliate shall be liable or responsible in any way for the tax consequences  relating to the award or exercise of the Stock Appreciation Rights.  The Participant  agrees to determine and be responsible for any and all tax consequences to the  Participant relating to the award and exercise of the Stock Appreciation Rights  hereunder.  If the Company is obligated to withhold an amount on account of any  tax imposed as a result of the exercise of all or a portion of the Stock Appreciation  Rights (“Withholding Taxes”), the provisions of Section 13.4 of the Plan regarding  the satisfaction of tax withholding obligations shall apply (including any required  payments by the Participant).  For the avoidance of doubt, by accepting the grant  of Stock Appreciation Rights, the Participant shall be deemed to have agreed that  the Company is authorized to subtract from the SAR Amount (as defined below)  any and all Withholding Taxes due in connection with the exercise of all or a  portion of the Stock Appreciation Rights.  (c) Payment on Exercise of the Stock Appreciation Rights. Upon exercise of any vested  Stock Appreciation Rights, Participant will receive a cash payment, equal to the  SAR Amount, less applicable Withholding Taxes.  The “SAR Amount” shall be  determined by multiplying: (i) the difference obtained by subtracting the Exercise  Price from the Fair Market Value of a share of Common Stock on the date of  

 

US.351988748.03    5    exercise of such Stock Appreciation Rights, by (ii) the number of shares of  Common Stock as to which such Stock Appreciation Rights will have been  exercised.    8. Adjustment to Stock Appreciation Rights.  In the event of any change with respect to the  outstanding shares of Common Stock contemplated by Section 4.7 of the Plan, the Stock  Appreciation Rights may be adjusted in accordance with Section 4.7 of the Plan.  9. Nontransferable; Requirements of Law. Except as otherwise approved by the Committee,  the Stock Appreciation Rights may not be sold, transferred, conveyed, gifted, assigned,  pledged, encumbered, hypothecated, alienated or otherwise disposed of, other than by will  or the laws of descent and distribution, and any attempt to do so shall be void. In no event  will the Company be required to issue any shares of Common Stock in satisfaction of the  exercise of all or a portion of the Stock Appreciation Rights.  In addition, in no event will  the Company be required to honor the exercise of any Stock Appreciation Rights granted  hereunder if such exercise would constitute a violation of any provision of any applicable  law or regulation of any governmental authority. The Company shall have no duty or  obligation beyond those imposed by applicable securities laws generally to affirmatively  disclose to the Participant or a Representative, and the Participant or Representative shall  have no right to be advised of, any material non-public information regarding the Company  or an Affiliate at any time prior to or upon the exercise of any Stock Appreciation Rights.  10. Administration.  The Plan and this Stock Appreciation Rights award are administered by  the Committee, in accordance with the terms and conditions of the Plan.  Actions and  decisions made by the Committee in accordance with this authority shall be effectuated by  the Company.   11. Plan and Agreement; Recoupment Policy. The Participant hereby acknowledges receipt of  a copy of the Plan.  The grant of Stock Appreciation Rights is made pursuant to the Plan,  as in effect on the date hereof, and is subject to all the terms and conditions of the Plan, as  the same may be amended or restated from time to time, and of this Agreement.  If there is  any conflict between the provisions of this Agreement and the Plan, the provisions of the  Plan will govern.  The interpretation and construction by the Committee of the Plan, this  Agreement, and such rules and regulations as may be adopted by the Committee for the  purpose of administering the Plan, shall be final and binding upon the Participant.  The  Company shall, upon written request therefore, send a copy of the Plan, in its then current  form, to the Participant or any other person or entity then entitled to exercise the Stock  Appreciation Rights.  The Company may recover the Stock Appreciation Rights or any payments made to the  Participant in connection with the Stock Appreciation Rights under this Agreement to the  extent required by any rule of the Securities and Exchange Commission or any listing  standard of the New York Stock Exchange, including any rule or listing standard requiring  recovery of incentive compensation in connection with an accounting restatement due to  the Company’s material noncompliance with any financial reporting requirement under the  securities laws, which recovery shall be subject to the terms of any policy of the Company  implementing such rule or listing standard.  US.351988748.03    6    12. No Shareholder Rights. None of the grant, vesting or exercise of the Stock Appreciation  Rights will entitle the Participant to any of the rights of a holder of the Company’s  Company Stock, including voting and dividend rights.  13. No Employment Rights.  Neither this Agreement nor the Award evidenced hereby shall  give the Participant any right to continue in the employ of the Company, any Affiliate or  any other entity, or create any inference as to the length of employment of the Participant,  or affect the right of the Company (or any Affiliate or any other entity) to terminate the  employment of the Participant (with or without Cause), or give the Participant any right to  participate in any employee welfare or benefit plan or other program of the Company, any  Affiliate or any other entity.  14. Governing Law. This Agreement, the award of Stock Appreciation Rights hereunder and  the issuance of any cash payment in connection with the exercise of the Stock Appreciation  Rights shall be governed by, and construed and enforced in accordance with, the laws of  the State of Minnesota (other than its laws respecting choice of law).  15. Entire Agreement. This Agreement and the Plan constitute the entire obligation of the  parties hereto with respect to the subject matter hereof and shall supersede any prior  expressions of intent or understanding with respect to this transaction.  16. Amendment.  Any amendment to this Agreement shall be in writing and signed on behalf  of the Company and shall comply with the terms and conditions of the Plan.  17. Waiver; Cumulative Rights.  The failure or delay of either party to require performance by  the other party of any provision hereof shall not affect its right to require performance of  such provision unless and until such performance has been waived in writing.  Each and  every right hereunder is cumulative and may be exercised in part or in whole from time to  time.  18. Counterparts.  This Agreement may be signed in two (2) counterparts, each of which shall  be an original, but both of which shall constitute but one and the same instrument.  19. Headings.  The headings contained in this Agreement are for reference purposes only and  shall not affect the meaning or interpretation of this Agreement.   20. Severability.  If for any reason any provision of this Agreement shall be determined to be  invalid or unenforceable, such invalidity or unenforceability shall not affect any other  provision hereof, and this Agreement shall be construed as if such invalid or unenforceable  provision were omitted.  21. Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon  each successor and assign of the Company, and upon the heirs, legal representatives and  successors of the Participant.  [Signature page follows.]  US.351988748.03        IN WITNESS WHEREOF, the Company and the Participant have executed this  Stock Appreciation Rights Award Agreement as of the dates set forth below.  REGIS CORPORATION  By:    Name:    Title:   PARTICIPANT:

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