On December 2, 2020, as a result of a brand-centric reorganization, Regis Corporation announced that Eric Bakken's employment as Executive Vice President and President - Franchise will terminate December 31, 2020, under circumstances that entitle him to severance benefits under his employment agreement and the Company's severance program. In addition, the Company will provide Mr. Bakken continued coverage under the group executive medical reimbursement policy for one year. Mr. Bakken's receipt of the severance benefits is conditioned upon Mr. Bakken signing the separation and non-disparagement agreement and general release.