Common use of Separation Compensation Clause in Contracts

Separation Compensation. In exchange for your agreement to the general release and waiver of claims and covenant not to xxx set forth below and your other promises herein, the Company agrees to provide you with the [Severance Benefits / Change in Control Severance Benefits] (as defined in the employment contract, dated [insert date], 20[__], between you and the Company). By signing below, you acknowledge that you are receiving the separation compensation outlined in this paragraph in consideration for waiving your rights to claims referred to in this Agreement and that you would not otherwise be entitled to the separation compensation. The Company will pay the [Severance Benefits / Change in Control Severance Benefits] in the amount of CHF [XXX] gross in accordance with Section 3.5 [and Section 7] of your employment contract, if you do not dispute that the contract ended on the Separation Date set in Section 1 above and if you confirm once again in writing your consent to this Agreement after [insert date], but before [insert date]. The payment of the first instalment of the [Severance Benefits / Change in Control Severance Benefits] will be made within 30 days of the receipt of the written confirmation to the bank account used by the Company for salary payments. If, for any reason you dispute that the contract ended on the Separation Date set in Section 1 above, at the latest, and/or if you do not confirm once again in writing your consent to this Agreement in due time, you will not be entitled to the [Severance Benefits / Change in Control Severance Benefits], but this Agreement remains valid. Moreover, you will not be entitled to the [Severance Benefits / Change in Control Severance Benefits] and will pay them back to the Company if you have already received them, if you dispute the validity of part or all of this Agreement, for example the validity of the general release and waiver of claims and covenant not to xxx set forth below.

Separation Compensation. In exchange for your signing the severance agreement to the general and release and waiver of claims attached hereto as Addendum A (the “Release”) and covenant not to xxx set forth below and your other promises hereinthe Consulting Agreement (as defined below), the Company agrees that: (a) the Company will retain you as a consultant pursuant to provide you with the [Severance Benefits / Change in Control Severance Benefits] Consulting Agreement (as defined below) during the six month period following the Separation Date (the “Separation Period”); (b) during the Separation Period the Company will pay you monthly severance equal to your current salary level of $20,833.34 per month (the “Monthly Severance”), less applicable withholding taxes provided however, that the Company has no duty to continue to pay you the Monthly Severance in the employment contractevent that you engage in New Employment (as defined below), provided the Company will pay you a prorated portion of any Monthly Severance up to the date of commencement of New Employment; and (c) on the Separation Date, the Company will accelerate the vesting of your outstanding options to purchase shares of the Company’s common stock such that you will become immediately vested in the number of shares that would have vested in the six months following the last date of the month in which the Separation Date occurs (“Accelerated Vesting”), but in no event for more than the number of shares subject to a particular option grant provided however, that you will not be entitled to further vesting or acceleration of your options to purchase shares of the Company’s common stock after the Accelerated Vesting on the Separation Date. You may exercise your options to purchase shares of the Company’s common stock that may have vested as of the Separation Date at any time before the ninetieth day following the Separation Date. For purposes of this Agreement “New Employment” shall mean being paid to work by an employer or firm other than the Company (whether as an employee or consultant) for 20 or more hours per week. In exchange, by signing below, you agree: (a) to, upon your termination, execute and not to revoke the Release; (b) to provide consulting services to the Company during the Separation Period pursuant to the Consulting Agreement dated [insert date]August 17, 20[__], 2004 by and between you and the CompanyCompany (the “Consulting Agreement”). By signing below; and (c) that, at any point in time following the end of your obligation to provide consulting services under the Consulting Agreement, you will assist the Company as reasonably necessary with any reviews, investigations or examinations of the Company’s financial and accounting results, policies, practices and other matters during your period of employment with the Company; and (d) acknowledge that you are receiving the separation compensation outlined in this paragraph section in consideration for waiving your rights right to claims referred to in this Agreement and that you would not otherwise be entitled to the separation compensation. The Company will pay the [Severance Benefits / Change in Control Severance Benefits] in the amount Letter Agreement. In addition, except as expressly set forth in this paragraph and except your receipt of CHF [XXX] gross in accordance with Section 3.5 [and Section 7] of your employment contractPayments described under the paragraph 3, if you do not dispute that the contract ended on following the Separation Date set in Section 1 above and if you confirm once again in writing your consent to this Agreement after [insert date], but before [insert date]. The payment of the first instalment of the [Severance Benefits / Change in Control Severance Benefits] will be made within 30 days of the receipt of the written confirmation to the bank account used by the Company for salary payments. If, for any reason you dispute that the contract ended on the Separation Date set in Section 1 above, at the latest, and/or if you do not confirm once again in writing your consent to this Agreement in due timeDate, you will not no longer be entitled eligible to participate in benefit plans and programs for the [Severance Benefits / Change in Control Severance Benefits]Company’s employees (including without limitation paid vacation, but this Agreement remains valid. Moreoverretirement plans, you will not be entitled to bonus plans, the [Severance Benefits / Change in Control Severance Benefits] employee stock purchase plan and will pay them back to the Company if you have already received them, if you dispute the validity of part or all of this Agreement, for example the validity of the general release and waiver of claims and covenant not to xxx set forth belowother compensation plans).

Separation Compensation. In exchange Employee’s employment during the Transition Period will continue to be on an at-will basis. If at any time during the Transition Period, Employee terminates his employment for your agreement to the general release and waiver of claims and covenant not to xxx set forth below and your other promises herein, the Company agrees to provide you with the [Severance Benefits / Change in Control Severance Benefits] (as defined in the any reason or if his employment contract, dated [insert date], 20[__], between you and the Company). By signing below, you acknowledge that you are receiving the separation compensation outlined in this paragraph in consideration for waiving your rights to claims referred to in this Agreement and that you would not otherwise be entitled to the separation compensation. The Company will pay the [Severance Benefits / Change in Control Severance Benefits] in the amount of CHF [XXX] gross in accordance with Section 3.5 [and Section 7] of your employment contract, if you do not dispute that the contract ended on the Separation Date set in Section 1 above and if you confirm once again in writing your consent to this Agreement after [insert date], but before [insert date]. The payment of the first instalment of the [Severance Benefits / Change in Control Severance Benefits] will be made within 30 days of the receipt of the written confirmation to the bank account used is terminated by the Company for salary payments“Cause” (as defined below), Employee’s Equity Awards will immediately cease vesting and, upon payment of any accrued but unpaid Base Salary and paid time off, Employee will have no further rights to any payments or benefits from the Company, other than pursuant to the Indemnification Agreement or as otherwise required under applicable law. If, for any reason you dispute that prior to the contract ended on Final Date of Employment, Employee’s employment is terminated by the Company without Cause (such termination date, the “Separation Date”), and subject to Employee’s execution of an effective release of claims substantially in the form attached as Exhibit C and continued compliance with all of the restrictive covenants set forth or referred to in Section F below and Exhibit D hereto, the Company will provide Employee with the following: 1. From the Separation Date through December 31, 2006 (the “Severance Period”), the Company will continue to pay Employee his Base Salary in semi-monthly payments, subject to withholding for customary payroll and income taxes. 2. During the Severance Period, the Company shall, at Company’s expense, provide Employee and his eligible dependents with medical, dental and vision insurance benefit coverage in accordance with the requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA Coverage”), providing Employee timely executes and delivers all necessary COBRA Coverage election documentation which will be sent to Employee promptly after Employee’s Separation Date. Thereafter, if Employee wishes to continue COBRA Coverage, Employee will be required to pay all requisite premiums for such continued coverage. 3. The vesting of Employee’s unvested Equity Awards shall be accelerated such that, as of the Separation Date, Employee will be vested in that number of shares subject to the Equity Awards as he would have been had his employment with the Company continued until December 31, 2006. Employee shall have the time period set forth in the applicable stock option agreement and plan, to exercise any stock options that are vested as of the Separation Date. Employee acknowledges that generally options issued by the Company expire within ninety (90) days or three (3) months after termination of employment, which in Employee’s case shall be within ninety (90) days or three (3) months after the Separation Date. Upon their expiration, such options may no longer be exercised and automatically become void and of no further force or effect. If Employee shall fail to comply in all material respects with any of the restrictive covenants set forth in or referred to in Section 1 aboveF below and Exhibit D hereto, at and if such failure shall continue for a period of 10 days following written notice to Employee from the latestCompany of such failure, and/or if you do not confirm once again in writing your consent to this Agreement in due timethe Company shall be permitted, you will not be entitled to the [Severance Benefits / Change in Control Severance Benefits], but this Agreement remains valid. Moreover, you will not be entitled to the [Severance Benefits / Change in Control Severance Benefits] and will pay them back along with all other remedies available to the Company if you have already received themto correct or compensate for such a violation, if you dispute the validity of part or to immediately cease making any further payments under this Section D, to immediately cease providing any further benefits under this Section D and to confirm that all of this Agreement, for example the validity Equity Awards shall immediately expire (with any unvested shares of the general release Company’s common stock subject to such Equity Awards to be returned to the Company), and waiver of claims and covenant not to xxx set forth belowrequire Employee to return to the Company any amounts or benefits previously provided to him pursuant to this Section D (other than payments pursuant to the Indemnification Agreement or repayments prohibited under applicable law).

Separation Compensation. In exchange for a. Whether or not you sign this Agreement and the First Release, Regis will pay you all wages you have earned through and including the Separation Date, all compensation accrued as of the Separation Date under each plan or program of the Corporation in which you may be participating as of the Separation Date in accordance with the terms of such plan or program, and your agreement accrued but unused PTO benefit. b. Subject to the general release conditions in Section 5.c. below, if (and waiver only if) your employment with Regis terminates (i) on the Anticipated Separation Date, (ii) prior to the Anticipated Separation Date because you resign for Good Reason, or (iii) prior to the Anticipated Separation Date because Regis terminates your employment without Cause (which Regis acknowledges would be a breach of claims and covenant not to xxx set forth below and your other promises hereinthis Agreement), the Company agrees to then Regis shall provide you with the [following payments and benefits (collectively, the “Separation Benefits”): (A) the Severance Payment and benefits continuation identified in Sections 6(b)(iii) and (iv) of the Employment Agreement, (B) outplacement services provided by an outplacement vendor selected by the Corporation in its discretion, payable directly to the outplacement vendor selected by the Corporation, provided any such outplacement services will not exceed $10,000.00 and will expire no later than August 31, 2014; and (C) eligibility to receive an additional discretionary payment of up to $100,000.00, less applicable withholdings, which amount (if any) will be determined by the Corporation in its sole discretion on or about February 28, 2015 and, if the Corporation decides that any such payment will be made, payable to you in a lump sum on the Corporation’s first regular payroll date after February 28, 2015 (the “Additional Discretionary Payment”). c. Your receipt of the Separation Benefits / Change in Control Severance Benefits] is subject to your satisfaction of the following conditions: (as defined i) you have signed and not rescinded the First Release within the applicable periods specified in the employment contract, dated [insert date], 20[__], between you and First Release; (ii) on or within 21 days after the Company). By signing belowSeparation Date, you acknowledge that have signed a second release in the form attached to this Agreement as Exhibit B (the “Second Release”) (which the Corporation shall provide to you no later than the Termination Date); (iii) you have not rescinded the Second Release within the rescission period set forth in the Second Release; and (iv) you are receiving the separation compensation outlined in this paragraph in consideration for waiving strict compliance with all of your rights to claims referred to in obligations under this Agreement and that you would the Employment Agreement (including but not otherwise be entitled limited to, with respect to the separation compensation. The Company will pay the [Severance Benefits / Change Additional Discretionary Payment that may be payable in Control Severance Benefits] in the amount of CHF [XXX] gross in accordance March 2015, your compliance with Section 3.5 [Sections 7, 9 and Section 7] of your employment contract, if you do not dispute that the contract ended on the Separation Date set in Section 1 above and if you confirm once again in writing your consent to this Agreement after [insert date], but before [insert date]. The payment of the first instalment of the [Severance Benefits / Change in Control Severance Benefits] will be made within 30 days of the receipt of the written confirmation to the bank account used by the Company for salary payments. If, for any reason you dispute that the contract ended on the Separation Date set in Section 1 above, at the latest, and/or if you do not confirm once again in writing your consent to this Agreement in due time, you will not be entitled to the [Severance Benefits / Change in Control Severance Benefits], but this Agreement remains valid. Moreover, you will not be entitled to the [Severance Benefits / Change in Control Severance Benefits] and will pay them back to the Company if you have already received them, if you dispute the validity of part or all 11 of this Agreement, for example the validity of the general release and waiver of claims and covenant not to xxx set forth below).

Separation Compensation. In exchange for your signing the severance agreement to the general and release and waiver of claims attached hereto as Addendum A (the “Release”) and covenant not to xxx set forth below and your other promises hereinthe Consulting Agreement (as defined below), the Company agrees that: (a) the Company will retain you as a consultant pursuant to provide you with the [Severance Benefits / Change in Control Severance Benefits] Consulting Agreement (as defined below) during the six month period following the Separation Date (the “Separation Period”); (b) during the Separation Period the Company will pay you monthly severance equal to your current salary level of $20,833.34 per month (the “Monthly Severance”), less applicable withholding taxes provided however, that the Company has no duty to continue to pay you the Monthly Severance in the employment contractevent that you engage in New Employment (as defined below), provided the Company will pay you a prorated portion of any Monthly Severance up to the date of commencement of New Employment; and (c) on the Separation Date, the Company will accelerate the vesting of your outstanding options to purchase shares of the Company’s common stock such that you will become immediately vested in the number of shares that would have vested in the six months following the last date of the month in which the Separation Date occurs (“Accelerated Vesting”), but in no event for more than the number of shares subject to a particular option grant provided however, that you will not be entitled to further vesting or acceleration of your options to purchase shares of the Company’s common stock after the Accelerated Vesting on the Separation Date. You may exercise your options to purchase shares of the Company’s common stock that may have vested as of the Separation Date at any time before the ninetieth day following the Separation Date. For purposes of this Agreement “New Employment” shall mean being paid to work by an employer or firm other than the Company (whether as an employee or consultant) for 20 or more hours per week. In exchange, by signing below, you agree: (a) to, upon your termination, execute and not to revoke the Release; (b) to provide consulting services to the Company during the Separation Period pursuant to the Consulting Agreement dated [insert date]August 17, 20[__], 2004 by and between you and the CompanyCompany (the “Consulting Agreement”). By signing below; and (c) that, at any point in time following the end of your obligation to provide consulting services under the Consulting Agreement, you will assist the Company as reasonably necessary with any reviews, investigations or examinations of the Company’s financial and accounting results, policies, practices and other matters during your period of employment with the Company; and (d) acknowledge that you are receiving the separation compensation outlined in this paragraph section in consideration for waiving your rights right to claims referred to in this Agreement and that you would not otherwise be entitled to the separation compensation. The Company will pay the [Severance Benefits / Change in Control Severance Benefits] in the amount Letter Agreement. In addition, except as expressly set forth in this paragraph and except your receipt of CHF [XXX] gross in accordance with Section 3.5 [and Section 7] of your employment contractPayments described under the paragraph 3, if you do not dispute that the contract ended on August 17, 2004 Page 3 following the Separation Date set in Section 1 above and if you confirm once again in writing your consent to this Agreement after [insert date], but before [insert date]. The payment of the first instalment of the [Severance Benefits / Change in Control Severance Benefits] will be made within 30 days of the receipt of the written confirmation to the bank account used by the Company for salary payments. If, for any reason you dispute that the contract ended on the Separation Date set in Section 1 above, at the latest, and/or if you do not confirm once again in writing your consent to this Agreement in due timeDate, you will not no longer be entitled eligible to participate in benefit plans and programs for the [Severance Benefits / Change in Control Severance Benefits]Company’s employees (including without limitation paid vacation, but this Agreement remains valid. Moreoverretirement plans, you will not be entitled to bonus plans, the [Severance Benefits / Change in Control Severance Benefits] employee stock purchase plan and will pay them back to the Company if you have already received them, if you dispute the validity of part or all of this Agreement, for example the validity of the general release and waiver of claims and covenant not to xxx set forth belowother compensation plans).

Separation Compensation. In exchange for your agreement (a) Subject to the general Executive’s execution and delivery of the release and waiver of claims attached hereto as Exhibit B (the “Release of Claims”) within thirty (30) days following the Termination Date, the Executive shall, pursuant to the terms of Section 4(c) of the Employment Agreement, become entitled to receive severance pay of $312,085.54 (which is equal to twelve (12) months of the Executive’s current base salary), payable in regular installments in accordance with the Company’s general payroll practices over the twelve (12) months following the Termination Date. The first installment of the severance pay shall be paid on the first payroll date following the date on which the Release of Claims is effective and covenant not irrevocable and shall include any installments of severance pay that would have been payable had the Release of Claims been effective and irrevocable on the Termination Date. (b) Following the Termination Date, and except as provided in this Agreement, the Executive shall be entitled to xxx (x) vested employee benefits under the Company’s employee benefit plans to which the Executive is entitled as a former employee (provided, that for the avoidance of doubt, the benefits set forth below in Section 2 of this Agreement are in lieu of, and your other promises hereinnot in addition to, any severance or termination benefits payable under any plan or arrangement sponsored or agreed to by the Company or of its affiliates), (y) reimbursement of any business expenses properly incurred prior to the Termination Date under the Company’s expense reimbursement policy and (z) any benefits (e.g., COBRA continuation coverage) to which he is entitled under applicable law. Should the Executive elect COBRA coverage, the Company agrees to provide you reimburse executive up to a maximum of $4,000 (the “Limited Reimbursement Amount”) for Executive’s documented out of pocket cost incurred in connection with the [Severance Benefits / Change Company’s Executive Physical program taken at the Mayo Clinic. It is expressly understood and agreed that should Executive undertake such Executive Physical the Company shall have no liability whatsoever for any costs, fees or other expenses incurred by the Executive in Control Severance Benefits] (as defined in the employment contract, dated [insert date], 20[__], between you and the Company). By signing below, you acknowledge that you are receiving the separation compensation outlined in this paragraph in consideration for waiving your rights to claims referred to in this Agreement and that you would not otherwise be entitled connection therewith except to the separation compensation. The Company will pay the [Severance Benefits / Change in Control Severance Benefits] in the amount of CHF [XXX] gross in accordance with Section 3.5 [and Section 7] of your employment contract, if you do not dispute that the contract ended on the Separation Date set in Section 1 above and if you confirm once again in writing your consent to this Agreement after [insert date], but before [insert date]. The payment extent of the first instalment of the [Severance Benefits / Change in Control Severance Benefits] will be made within 30 days of the receipt of the written confirmation to the bank account used by the Company for salary payments. If, for any reason you dispute that the contract ended on the Separation Date set in Section 1 above, at the latest, and/or if you do not confirm once again in writing your consent to this Agreement in due time, you will not be entitled to the [Severance Benefits / Change in Control Severance Benefits], but this Agreement remains valid. Moreover, you will not be entitled to the [Severance Benefits / Change in Control Severance Benefits] and will pay them back to the Company if you have already received them, if you dispute the validity of part or all of this Agreement, for example the validity of the general release and waiver of claims and covenant not to xxx set forth belowLimited Reimbursement Amount.