Document:

Exhibit

Exhibit No. 10(u)*
Form of RSU (FY 2015, 2016 and 2017 LTI Awards)

REGIS CORPORATION

RESTRICTED STOCK UNIT AGREEMENT

THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”), dated as of ___________ __, 20__ (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 Restricted Stock Units which afford the Participant an opportunity to receive shares of the Company's Common Stock under the Regis Corporation 2004 Long Term Incentive Plan, as amended and restated to date (the "Plan"); and 

WHEREAS, the Committee has duly made all determinations necessary or appropriate for the grant of the Restricted Stock Units 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 hereby are incorporated by reference, except to the extent that any such term is specifically defined in this Agreement.

		
	2.
	Grant of Restricted Stock Units, Term and Vesting.

(a)    Subject to the terms and conditions of the Plan and this Agreement, the Company hereby grants to the Participant _____________ (______) Restricted Stock Units (the “RSUs”), with no obligation to pay cash or other property for such RSUs.  The RSUs will be credited to an account in the Participant’s name maintained by the Company.  This account shall be unfunded and maintained for book-keeping purposes only, with each RSU representing an unfunded and unsecured promise by the Company to issue to the Participant one share of the Company’s Common Stock in settlement of a vested RSU.

(b)    One-third of the RSUs will vest on each of the first, second and third anniversaries of the Grant Date.  To the extent that one-third of the RSUs is not a whole number, any fractional RSU that would otherwise be scheduled to vest on the first two scheduled vesting dates will be disregarded, and the number of RSUs scheduled to vest on the third scheduled vesting date will be adjusted accordingly.

(c)    Notwithstanding Section 2(b), the RSUs will become fully vested in connection with a Change in Control that occurs prior to the Participant’s Termination of Employment, and upon the Participant’s Termination of Employment due to death or Disability.

(d)    Notwithstanding Section 2(b), if a Participant’s Termination of Employment is due to Retirement, then a portion of any RSUs that are scheduled to vest on the first scheduled vesting date following the date of such Retirement (the “Next Vesting Date”) will vest upon such Retirement.  The portion that will vest upon Retirement will equal an amount determined by multiplying the number of RSUs that are scheduled to vest on the Next Vesting Date by a fraction whose numerator is the number of days between the last 

scheduled vesting date prior to the Retirement (or the Grant Date if there was no scheduled vesting date prior to the Retirement) and the date of the Retirement, and whose denominator is the number of days between the last scheduled vesting date prior to the Retirement (or the Grant Date if there was no scheduled vesting date prior to the Retirement) and the Next Vesting Date.  For purposes of this Agreement, “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.

(e)    For purposes of this Agreement, a Termination of Employment shall be deemed to have occurred only if on such date the Participant has also experienced a “separation from service” as defined in the regulations promulgated under Code Section 409A.

(f)    For purposes of this Agreement, a Change in Control shall be deemed to have occurred only if such event would also be deemed to constitute a change in ownership or effective control, or a change in the ownership of a substantial portion of the assets, of the Company under Code Section 409A.

		
	3.
	Forfeiture of Unvested RSUs.  

Subject to any accelerated vesting under Sections 2(c) or 2(d), and any exercise of the Committee’s discretion under section 8.3(4) of the Plan, if the Participant experiences a Termination of Employment, any unvested RSUs shall be forfeited and the Participant shall have no further interest in, or right to receive shares of Common Stock in settlement of, such RSUs.

4.    Settlement of RSUs.  

Unless the Participant has made an effective election to defer the settlement of vested RSUs as provided in Section 8, after any RSUs vest pursuant to Section 2, the Company shall, as soon as practicable (but no later than March 15 of the year following the calendar year in which the RSUs vest), cause to be issued and delivered to the Participant one share of Common Stock in payment and settlement of each vested RSU.  Delivery of the shares shall be effected by the delivery of a stock certificate evidencing the shares, by an appropriate entry in the stock register maintained by the Company’s transfer agent with a notice of issuance provided to the Participant, or by the electronic delivery of the shares to a brokerage account designated by the Participant, and shall be subject to the tax withholding provisions of Section 9 and compliance with all applicable legal requirements, including compliance with the requirements of applicable federal and state securities laws, and shall be in complete satisfaction and settlement of such vested RSUs.  Upon settlement of the RSUs, the Participant will obtain, with respect to the shares of Common Stock received in such settlement, full voting and other rights as a shareholder of the Company.  

5.    Shareholder Rights.

The RSUs subject to this Award do not entitle the Participant to any rights of a holder of the Company’s Common Stock.  The Participant will not have any of the rights of a shareholder of the Company in connection with the grant of the RSUs unless and until shares of Common Stock are issued to the Participant in settlement of the RSUs as provided in Section 4.  

		
	6.
	Dividend Equivalents.

If a cash dividend is declared and paid by the Company with respect to its Common Stock, the Participant will be credited as of the applicable dividend payment date with an additional number of RSUs (the “Dividend RSUs”) equal to (i) the total cash dividend the Participant would have received if the number of RSUs credited to the Participant under this Agreement as of the related dividend payment record date 

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(including any previously credited Dividend RSUs) had been actual shares of Common Stock, divided by (ii) the Fair Market Value of a share of Common Stock as of the applicable dividend payment date (with the quotient rounded down to the nearest whole number).  Once credited to the Participant’s account, Dividend RSUs will be considered RSUs for all purposes of this Agreement.  

7.    Restrictions on Transferability.

Neither the Award evidenced by this Agreement nor the RSUs may be sold, transferred, pledged, assigned, or otherwise alienated at any time, other than by will or the laws of descent and distribution.  Any attempt to do so contrary to the provisions hereof shall be null and void.

8.    Deferral Election.

With the prior approval of the Committee, the Participant may elect to defer to a later date the settlement of the RSUs that would otherwise occur as provided in Section 4.  The Committee shall, in its sole discretion, establish the rules and procedures for such settlement deferrals, provided that any such deferral shall comply with the requirements of Section 409A of the Code.

9.    Tax Consequences and Payment of Withholding Taxes.

Neither the Company nor any of its Affiliates shall be liable or responsible in any way for the tax consequences relating to the award of RSUs, their vesting and the settlement of vested RSUs in shares of Common Stock.  The Participant agrees to determine and be responsible for any and all tax consequences to the Participant relating to the award, vesting and settlement of RSUs hereunder.  If the Company is obligated to withhold an amount on account of any tax imposed as a result of the grant, vesting or settlement of the RSUs, the provisions of Section 12.5 of the Plan regarding the satisfaction of tax withholding obligations shall apply (including any required payments by the Participant).

10.    Administration.

The Plan and this Award of RSUs 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 RSUs 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 receive the shares of Common Stock to be issued in settlement of the RSUs.

The Company may recover any equity awarded to the Participant under this Agreement, or proceeds from the sale of such equity, 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 

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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. 

12.    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.

13.    Requirements of Law and No Disclosure Rights.

The Company shall not be required to issue any shares of Common Stock in settlement of RSUs granted under this Agreement if the issuance of such shares shall 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, upon or in connection with the issuance of the shares of Common Stock in settlement of the Participant's RSU Award.

14.    Governing Law.

This Agreement, the awards of RSUs hereunder and the issuance of Common Stock in payment of RSUs 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.

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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.  
22.    Code Section 409A.

Notwithstanding anything to the contrary in this Agreement, including Section 4, if any amount shall be payable with respect to this Award as a result of the Participant’s “separation from service” at such time as the Participant is a “specified employee” (as those terms are defined in regulations promulgated under Code Section 409A) and such amount is subject to the provisions of Code Section 409A, then no payment shall be made, except as permitted under Code Section 409A, prior to the first day of the seventh calendar month beginning after the Participant’s separation from service (or the date of Participant’s earlier death), or as soon as administratively practicable thereafter.

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Participant has hereunto set his hand, all as of the day and year first above written.

	
		
	 
	REGIS CORPORATION

	 
	 

	 
	By:_____________________________________

	 
	Name:___________________________________

	 
	Title:____________________________________

	 
	 

	 
	PARTICIPANT:

	 
	 

	 
	________________________________________

	 
	[Name]

5Exhibit

Exhibit No. 10(v)*
Form of SAR (FY15 LTI Awards)

REGIS CORPORATION

STOCK APPRECIATION RIGHT AGREEMENT

THIS STOCK APPRECIATION RIGHT AGREEMENT (the “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 provide the Participant an opportunity to share in the appreciation in value of shares of the Company's Common Stock through a grant of a Stock Appreciation Right under the Regis Corporation 2004 Long Term Incentive Plan, as amended and restated to date (the "Plan"); and

WHEREAS, the Committee has duly made all determinations necessary or appropriate to the grant hereunder;

NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter 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 hereby are incorporated by reference, except to the extent that any such term is specifically defined in this Agreement.

		
	2.
	Grant of Stock Appreciation Right, Term and Vesting.

(a)Subject to the terms and conditions of the Plan and this Agreement, the Company hereby grants to the Participant a Stock Appreciation Right with respect to _______ shares of Common Stock at an Exercise Price of $______ per share of Common Stock (the “SAR”), with no obligation on the part of the Participant to pay cash or other property in connection with the exercise of the SAR.

(b)The SAR will expire and will no longer be exercisable at 5:00 p.m. Central Time on the earliest of: (i) the date that is ten (10) years after the Grant Date (the “Expiration Date”); (ii) upon the Participant’s Termination of Employment for Cause; (iii) upon the expiration of any applicable period specified in Section 5 during which this SAR may be exercised after the Participant’s Termination of Employment; or (iv) the date (if any) fixed for cancellation of the SAR pursuant to Section 10.3(2) of the Plan.

(c)The SAR will vest and become exercisable with respect to one-third of the shares subject to the SAR (the “SAR Shares”) on each of the first, second and third anniversaries of the Grant Date.  To the extent that one-third of the SAR Shares is not a whole number, any fractional SAR Share that would otherwise be scheduled to vest on the first two scheduled vesting dates will be disregarded, and the number of SAR Shares scheduled to vest on the third scheduled vesting date will be adjusted accordingly.

(d)Notwithstanding Section 2(c), the SAR will become fully vested and exercisable in connection with a Change in Control that occurs prior to the Participant’s Termination of Employment, and upon the Participant’s Termination of Employment due to (i) death, (ii) Disability or (iii) Retirement.  For purposes of this Agreement, “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.

(e)The Company shall not be required to issue any fractional shares of Common Stock hereunder, and no payment for said fractional share shall be due.

		
	3.
	Exercise of Vested Portion of the Stock Appreciation Right.

(a)    The Participant may exercise the SAR only to the extent that it shall be vested in accordance with the provisions of Section 2 above.  Exercise of the SAR to the extent vested may be made in part at any time and from time to time. 

(b)      The Participant may exercise any vested portion of the SAR by giving written or electronic notice of exercise to the Company or such agent or representative as may be designated by the Company, in such form and in accordance with such procedures as have been approved by the Company.  Upon exercise of the SAR, the Company shall cause to be issued to the Participant shares of Common Stock equal in value to the excess of the Fair Market Value per share of Common Stock as of the date of exercise over the per share Exercise Price of the SAR as specified in Section 2(a) of this Agreement, multiplied by the number of SAR Shares with respect to which the SAR is being exercised.   

		
	1.
	Forfeiture of SAR Upon Termination of Employment.  

Subject to any accelerated vesting of the SAR under Sections 2(d), if the Participant experiences a Termination of Employment, any unvested portion of the SAR shall be forfeited (and if the Termination of Employment is by the Company for Cause, any vested but unexercised portion of the SAR shall also be forfeited) and any vested portion of the SAR (except in the event of Termination of Employment by the Company for Cause) shall continue to be exercisable for a limited period of time as provided in Section 5. 

		
	2.
	Exercise of Vested Portion of SAR After Termination of Employment.

If the Participant experiences a Termination of Employment due to death or Disability, then the SAR shall thereafter be fully exercisable for a period of one (1) year following the date of such Termination of Employment, or until the Expiration Date, whichever period is shorter.  If the Participant experiences a Termination of Employment due to Retirement, then the SAR shall thereafter be fully exercisable for a period of ninety (90) consecutive days following the date of such Termination of Employment, or until the Expiration Date, whichever period is shorter.  If the Participant experiences a Termination of Employment for Cause, the SAR shall terminate immediately and shall not be exercisable thereafter.  If the Participant experiences a Termination of Employment for any other reason, then the portion of the SAR that was vested immediately prior to the Termination of Employment shall thereafter be exercisable for a period of ninety (90) consecutive days following the date of such Termination of Employment, or until the Expiration Date, whichever period is shorter

		
	3.
	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 SAR.  The Participant agrees to determine and be 

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responsible for any and all tax consequences to the Participant relating to the award and exercise of the SAR and the issuance of Common Stock hereunder.  

If the Company is obligated to withhold an amount on account of any tax imposed as a result of the issuance of shares of Common Stock upon exercise of all or a portion of the SAR, the provisions of Section 12.5 of the Plan regarding the satisfaction of tax withholding obligations shall apply (including any required payments by the Participant).

		
	4.
	Nontransferable; Requirements of Law.

Except as otherwise approved by the Committee, this SAR 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.  The Company shall not be required to issue any shares of Common Stock in satisfaction of the exercise of all or a portion of the SAR if the issuance of such shares shall constitute a violation of any provision of any applicable law or regulation of any governmental authority.

The Participant acknowledges that any certificate representing shares of Common Stock to be issued upon the exercise of the SAR may be required to bear any legend that counsel to the Company believes is necessary or desirable to facilitate compliance with applicable securities laws. 

		
	5.
	Administration.

The Plan and this SAR 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.

		
	6.
	Plan and Agreement; Recoupment Policy.

The Participant hereby acknowledges receipt of a copy of the Plan.  The grant of the SAR is made pursuant to the Plan, as in effect on the date hereof, and is subject to all of the terms and conditions of the Plan, as the same may be amended 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 receive the shares of Common Stock to be issued upon exercise of the SAR.

The Company may recover any equity awarded to the Participant under this Agreement, or proceeds from the sale of such equity, 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. 

		
	7.
	No Shareholder Rights until Exercise.  

The grant of the SAR does not entitle the Participant to any of the rights of a holder of the Company’s Company Stock, including voting and dividend rights.  The Participant shall have no rights as a shareholder of the Company with respect to the shares of Common Stock to be issued upon exercise of the SAR until a 

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stock certificate therefor has been actually or constructively issued to the Participant and in accordance with this Agreement. 

		
	8.
	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.

		
	9.
	Governing Law.

This Agreement, the SAR awarded hereunder and the issuance of Common Stock upon exercise of the SAR 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).

		
	10.
	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.

		
	11.
	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.

		
	12.
	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.

		
	13.
	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.

		
	14.
	Headings.

The headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

		
	15.
	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.

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	16.
	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.

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by an officer thereunto duly authorized, and the Participant has hereunto set his hand, all as of the day and year first above written.

	
		
	 
	REGIS CORPORATION

	 
	 

	 
	By:___________________

	 
	 

	 
	Eric A. Bakken

	 
	Executive Vice President and General Counsel

	 
	 

	 
	PARTICIPANT:

	 
	 

	 
	________________________________________

	 
	Name:

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