REGIS CORPORATION

(RGS)
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Delayed Nyse  -  04:00 2022-06-30 pm EDT
1.080 USD   +19.93%
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REGIS CORP : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

05/05/2022 | 06:19am EDT

ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On May 5, 2022, Regis Corporation (the "Company") announced Matthew Doctor as the Company's President and Chief Executive Officer (CEO) and will be appointed as a director on the Company's Board of Directors (the "Board") effective May 5, 2022 ("Start Date"). Mr. Doctor, 35, had been serving as interim CEO since December 2021. Prior to being named interim CEO, Mr. Doctor was Executive Vice President and Chief Strategy Officer. Prior to joining the Company in February 2021, he was a Partner of Kava Restaurants LLC, a Tim Horton's franchisee. Prior to Kava, Matt held several roles at Restaurant Brands International, including Head of Global Development and Franchisee Performance for the Burger King brand. Matt started his career in investment banking with J.P. Morgan.

Letter Agreement with Mr. Doctor

On May 4, 2022, the Company entered into a letter agreement with Mr. Doctor (the "Doctor Agreement"), pursuant to which Mr. Doctor will receive a base salary of $600,000 per year, an annual target bonus opportunity equal to 125% of his annual base salary (up to a maximum payout of 225% of his annual base salary). Mr. Doctor was also granted non-qualified stock options to purchase 875,000 shares of common stock, each of which was granted on the Start Date pursuant to the Company's Long Term Incentive Plan. The exercise price of the stock options will be the closing price of a share on the Start Date subject to service-based vesting conditions and will vest 20% on the first (1st) anniversary, 20% on the second (2nd) anniversary, and 60% on the third (3rd) anniversary of the grant date, subject to Mr. Doctor's continued employment on such date.

If Mr. Doctor's employment is terminated either by the Company without Cause or by Mr. Doctor for Good Reason, Mr. Doctor will be eligible for severance benefits under the Company's Senior Executive Severance Policy.

The foregoing description is not a complete description of the Doctor Agreement and is qualified in its entirety by reference to the full text of the Doctor Agreement, a copy of which is attached hereto as Exhibit 10.1, which is incorporated herein by reference. In connection with the execution and entry into the Doctor Agreement, Mr. Doctor also executed a Non-Compete, Non-Disclosure, Non-Solicitation and Non-Hire Agreement, a copy of which is attached hereto as Exhibit 10.1, which is incorporated herein by reference.

A copy of the press release announcing the matter described in this Item 5.02 is attached herewith as Exhibit 99.1 and incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.


(d) Exhibits.

Exhibit
Number

10.1          Offer Letter, Non-Compete, Non-Disclosure, Non-Solicitation and Non-Hire
            Agreement, between Matthew Doctor and Regis Corporation, dated May 4, 2022.
99.1          Regis Corporation News Release Dated May 5, 2022.





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