Common use of Termination of Severance Agreement Clause in Contracts

Termination of Severance Agreement. The Company and the Executive acknowledge that the Transaction is currently contemplated to take the following form: the shares of SHI owned by the Company would be distributed to the Company’s stockholders pursuant to a tax-free spin-off of SHI and, immediately thereafter, SHI would be merged with Regis or a subsidiary of Regis and those SHI shares would be converted into shares of common stock of Regis. As a result of the Transaction under such form, SHI would become a wholly owned subsidiary of Regis. In addition, the Company and the Executive agree that at the time of the spin-off of SHI (the “Effective Time”), the Executive will cease to be an employee of the Company or any of its subsidiaries, including Xxxxx Beauty, Inc. (“Xxxxx”). In order to resolve all issues that could arise with respect to the Severance Agreement by reason of the Transaction and the Executive’s termination of employment, the Executive, on behalf of the Executive and any person claiming through the Executive, and the Company hereby (i) agree that the Transaction, however effected, shall not be deemed to constitute a Change in Control for purposes of the Severance Agreement and (ii) terminate effective immediately prior to the Effective Time the Severance Agreement and any and all rights the Executive may have to any payments or benefits pursuant to the Severance Agreement.

Termination of Severance Agreement. The Company and the Executive acknowledge that the Transaction is currently contemplated to take the following form: the shares of SHI owned by the Company would be distributed to the Company’s stockholders pursuant to a tax-free spin-off of SHI and, immediately thereafter, SHI would be merged with Regis or a subsidiary of Regis and those SHI shares would be converted into shares of common stock of Regis. As a result of the Transaction under such form, SHI would become a wholly owned subsidiary of Regis. In addition, the Company and the Executive agree that at the time of the spin-off of SHI (the “Effective Time”), the Executive will cease to be an employee or director of the Company or any of its subsidiaries, including Xxxxx Beauty, Inc. (“Xxxxx”). In order to resolve all issues that could arise with respect to the Severance Agreement by reason of the Transaction and the Executive’s termination of employment, the Executive, on behalf of the Executive and any person claiming through the Executive, and the Company hereby (i) agree that the Transaction, however effected, shall not be deemed to constitute a Change in Control for purposes of the Severance Agreement and (ii) terminate effective immediately prior to the Effective Time the Severance Agreement and any and all rights the Executive may have to any payments or benefits pursuant to the Severance Agreement.

Termination of Severance Agreement. The Company and the Executive acknowledge that the Transaction is currently contemplated to take the following form: the shares of SHI owned by the Company would be distributed to the Company’s stockholders pursuant to a tax-free spin-off of SHI and, immediately thereafter, SHI would be merged with Regis or a subsidiary of Regis and those SHI shares would be converted into shares of common stock of Regis. As a result of the Transaction under such form, SHI would become a wholly owned subsidiary of Regis. In addition, the Company and the Executive agree acknowledge that at the time of the spin-off of SHI (the “Effective Time”), the Executive will cease to be an employee of the Company or any of its subsidiaries, including Xxxxx Beauty, Inc. (“Xxxxx”). In order to resolve all issues that could arise with respect to the Severance Agreement by reason of the Transaction and the Executive’s termination of employmentTransaction, the Executive, on behalf of the Executive and any person claiming through the Executive, and the Company hereby (ia) agree that the Transaction, however effected, shall not be deemed to constitute a Change in Control for purposes of the Severance Agreement and (iib) terminate effective immediately prior to the Effective Time the Severance Agreement and any and all rights the Executive may have to any payments or benefits pursuant to the Severance Agreement.