Regis Corporation

06/15/2021 | Press release | Distributed by Public on 06/15/2021 15:15

DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATION ARRANGEMENTS OF CERTAIN OFFICERS (Form 8-K)

DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATION ARRANGEMENTS OF CERTAIN OFFICERS.

James A. Townsend has provided notice to Regis Corporation (the 'Company') that, effective as of June 30, 2021, Mr. Townsend will be resigning from his position as Executive Vice President and Chief Marketing Officer of the Company and will be relocating his family to the U.K. for personal reasons. The Company and Mr. Townsend have agreed to enter into a consulting arrangement pursuant to which Mr. Townsend will provide consulting services to the Company through June 30, 2022 to facilitate a smooth transition of his responsibilities, and, in exchange for those consulting services, the Company will provide payments to Mr. Townsend totaling $250,000 over the term of such arrangement. In addition, the Company will provide Mr. Townsend with benefits continuation coverage for a period of two months following his resignation and he will remain eligible to receive his annual bonus for fiscal 2021, to the extent earned, to be paid at the same time as bonus payments to the Company's other executive officers.