Exhibit 10.1
| 3701 Wayzata Blvd Suite 500 | Minneapolis, MN 55416 | | ||
| 952-947-7777 |
| Jim Lain | June 20, 2025 |
Re: Interim CEO Offer Letter Agreement
Dear Jim,
On behalf of Regis Corporation (“Regis”), I am pleased to offer you employment with Regis in the role of Interim President and Chief Executive Officer (“Interim CEO”) with the following terms:
| • | Term: Expected to commence on July 1, 2025, and continuing until (1) the date Regis hires you or your replacement as the permanent President and Chief Executive Officer, or (2) the date your employment with Regis is terminated by you or Regis for any other reason. |
| • | Interim Base Salary: $550,000, prorated based on your time in the Interim CEO role. |
| • | Annual Bonus: You will remain eligible for a cash bonus under the Regis Corporation Short-Term Incentive Plan, provided that your target payout will equal 100% of your annualized base salary, prorated based on the number of days you work in the Interim CEO role during the applicable fiscal year. |
| • | Interim Service Bonus: In recognition of your service in this interim role, you will be eligible to receive an interim service bonus of $100,000, less applicable tax withholding, payable in a lump sum as specified below. Your receipt of this bonus is conditioned upon you fulfilling your duties as Interim CEO until the appointment of a permanent President and Chief Executive Officer (either you or your replacement) and your continued employment with the Company for at least 30 days thereafter (or such earlier time as Regis terminates your employment without Cause (as defined in the Company’s Amended and Restated Senior Executive Severance Policy (the “Severance Policy”))). You will receive any earned interim service bonus in a lump sum within 30 days after an applicable vesting event occurs. |
| • | Employee Benefits: You will continue to be eligible to participate in executive level perquisites and employee benefit plans and programs generally available to other senior executives of the Company, subject to the terms and conditions of such plans and programs, which may change from time to time. |
| • | Covenants: You will continue to be bound by the terms of the confidentiality and restrictive covenants you signed as a condition of your initial employment with Regis. |
We intend to promptly commence the search for a permanent President and Chief Executive Officer candidate. We will strive to provide as much notice as possible of your transition out of the Interim CEO position. In the event you are transitioned out of the Interim CEO role, your employment terms will revert to those currently in effect or such other terms communicated to you at the time of your transition. For avoidance of doubt, you acknowledge and agree that your employment terms reverting to those currently in effect or such other terms after any transition out of the Interim CEO role will not constitute a good reason resignation or constructive termination event you may have under any equity or other compensation arrangement.
You understand that this offer, should you accept it, supersedes and replaces any other understanding or other agreement between you and Regis with respect to your employment with Regis as the Interim CEO. During this interim position, your terms of employment will be governed by this offer letter.