<SEC-DOCUMENT>0001193125-19-326616.txt : 20191231
<SEC-HEADER>0001193125-19-326616.hdr.sgml : 20191231
<ACCEPTANCE-DATETIME>20191231161615
ACCESSION NUMBER:		0001193125-19-326616
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20191230
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191231
DATE AS OF CHANGE:		20191231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			REGIS CORP
		CENTRAL INDEX KEY:			0000716643
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PERSONAL SERVICES [7200]
		IRS NUMBER:				410749934
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12725
		FILM NUMBER:		191319655

	BUSINESS ADDRESS:	
		STREET 1:		7201 METRO BLVD
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55439
		BUSINESS PHONE:		9529477777

	MAIL ADDRESS:	
		STREET 1:		7201 METRO BLVD
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55439
</SEC-HEADER>
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td></tr></table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td></tr></table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</td></tr></table> <p style="margin-bottom:0px;margin-top:6pt"></p>
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</td></tr></table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">Securities registered pursuant to Section 12(b) of the Act:</p>
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<td style="border-bottom:1pt solid #000000;white-space:nowrap;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Title of each class:</p></td>
<td style="vertical-align:bottom;">&#160;</td>
<td style="border-bottom:1pt solid #000000;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Trading</p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Symbol(s)</p></td>
<td style="vertical-align:bottom;">&#160;</td>
<td style="border-bottom:1pt solid #000000;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">Name of each exchange</p> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt">on which registered:</p></td></tr>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:Security12bTitle" contextRef="duration_2019-12-30_to_2019-12-30">Common Stock, $.05 par value</ix:nonNumeric></p></td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:TradingSymbol" contextRef="duration_2019-12-30_to_2019-12-30">RGS</ix:nonNumeric></p></td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:10pt;margin-bottom:0pt;margin-top:0pt"><ix:nonNumeric name="dei:SecurityExchangeName" contextRef="duration_2019-12-30_to_2019-12-30" format="ixt-sec:exchnameen">New York Stock Exchange</ix:nonNumeric></p></td></tr></table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p> <p style="font-family:Times New Roman;margin-left:0%;text-align:left;text-indent:0%;font-size:10pt;margin-bottom:0px;margin-top:12pt">Emerging growth company&#160;&#160;<span style="font-family:Times New Roman;font-weight:normal"><ix:nonNumeric name="dei:EntityEmergingGrowthCompany" contextRef="duration_2019-12-30_to_2019-12-30" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;<span style="font-family:Times New Roman;font-weight:normal">&#9744;</span></p> <p style="margin-bottom:0px;margin-top:10pt"></p> <div style="text-align:center"> <p style="line-height:0.5pt;border-bottom:0.50px solid #000000;width:100%;margin-top:0pt;margin-bottom:0pt">&#160;</p></div> <div style="text-align:center"> <p style="line-height:3pt;border-bottom:0.50px solid #000000;width:100%;margin-top:0pt;margin-bottom:2pt">&#160;</p></div> <div></div> <p style="margin-top:0"></p></div>

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<td style="width:10%;vertical-align:top;white-space:nowrap;">ITEM&#160;1.01. </td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">ENTRY INTO MATERIAL DEFINITIVE AGREEMENT.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">As previously disclosed, in October 2017, Regis Corporation and its subsidiaries (collectively, the &#8220;Company&#8221;) sold substantially all of its U.S. mall-based salon business (the &#8220;U.S. Salon Business&#8221;) to The Beautiful Group Management, LLC (&#8220;TBG US&#8221;) and its Canadian mall-based salon business (the &#8220;Canadian Salon Business&#8221; and collectively with the U.S. Salon Business, the &#8220;Salon Business&#8221;) to The Beautiful Group Salons (Canada) Ltd. (&#8220;TBG Canada&#8221; and collectively with TBG US, &#8220;TBG&#8221;) (such transactions, the &#8220;2017 transaction&#8221;). As part of such sale, the Company sold the assets in respect of salons in North America that principally operate under the Regis Salons and MasterCuts brands, including the intellectual property for the MasterCuts brand and other ancillary brands. In consideration for the purchase of the assets of the Salon Business, TBG assumed specified liabilities of the Company with respect to the operation of the Salon Business, including lease liabilities in respect of the Salon Business. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">On December&#160;30, 2019, the Company entered into Portfolio Transfer Agreements with TBG in the United States and Canada (the &#8220;Portfolio Transfer Agreements&#8221;), pursuant to which one or more affiliates of the Company will acquire from TBG certain assets of the Salon Business in the United States and Canada, respectively, that are used in the operation of salons at which the Company or its affiliates has residual liability under real estate leases as a result of the 2017 transaction, including the intellectual property for the MasterCuts brand and other ancillary brand. In consideration for the acquisition of such assets, affiliates of the Company will assume certain related liabilities primarily relating to certain employee benefits-related payments (the acquisition of such assets and assumption of such liabilities, the &#8220;Salon Repurchase&#8221;). As a result of the Salon Repurchase, the Company or one of its affiliates will acquire the assets to operate approximately 200 salons in the United States and Canada. In the United States, the Salon Repurchase was consummated in connection with an assignment for the benefit of TBG US&#8217;s creditors. The assets of the salons acquired in connection with the Salon Repurchase are, in aggregate, unprofitable, and the total lease liability related to such salons is approximately $30&#160;million. The Salon Repurchase was completed on December&#160;31, 2019. </p> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:12pt">The Portfolio Transfer Agreements have been included to provide investors with information regarding their terms. They are not intended to provide any other factual information about the Company or the parties to those agreements. The representations, warranties and covenants contained in the agreements were made only for purposes of the transactions contemplated thereby as of the specific dates therein, were solely for the benefit of the parties to the agreements, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the agreements instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Investors are not third-party beneficiaries under these agreements and should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the parties thereto or any of their respective subsidiaries or affiliates. 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<hr style="color:#999999;height:3px;width:100%" />

 <div style="font-size:10pt;width:8.5in;margin:0 auto"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">The Company issued a press release regarding these matters on December 31, 2019, which is attached hereto as Exhibit 99. </p> <p style="margin-bottom:0px;margin-top:18pt"></p>
<table cellspacing="0" cellpadding="0" border="0" style="font-family:Times New Roman;border-collapse:collapse;text-align:left;width:100%;font-size:10pt;margin-bottom:0pt;margin-top:0pt;border:0;">
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">The information set forth under Item 1.01 of this Current Report on Form <span style="white-space:nowrap">8-K</span> is incorporated by reference into this Item 1.02. </p> <p style="margin-bottom:0px;margin-top:18pt"></p>
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<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">FINANCIAL STATEMENTS AND EXHIBITS.</td> </tr> </table> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0px;margin-top:6pt">(d)&#160;Exhibits. </p>
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<td style="vertical-align:bottom;">&#160;</td>
<td style="white-space:nowrap;vertical-align:bottom;"> <p style="font-family:Times New Roman;font-weight:bold;text-align:center;font-size:8pt;margin-bottom:0pt;margin-top:0pt"></p> </td> </tr>
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<td style="height:8px;">&#160;</td>
<td style="height:8px;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding:0;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="vertical-align:top;">&#160;</td>
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<td style="height:8px;">&#160;</td>
<td style="height:8px;">&#160;</td>
<td style="height:8px;">&#160;</td>
<td style="height:8px;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding:0;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="vertical-align:top;">&#160;</td>
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<tr style="font-size:1pt;">
<td style="height:8px;">&#160;</td>
<td style="height:8px;">&#160;</td>
<td style="height:8px;">&#160;</td>
<td style="height:8px;">&#160;</td>
<td style="height:8px;">&#160;</td> </tr>
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<td style="white-space:nowrap;vertical-align:top;padding:0;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;margin-left:0.00em;text-align:left;text-indent:0.00em;font-size:10pt;margin-bottom:0pt;margin-top:0pt"> <a href="d858732dex99.htm">Regis Corporation Press Release, dated December 31, 2019</a> </p> </td> </tr>
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<td style="height:8px;">&#160;</td>
<td style="height:8px;">&#160;</td>
<td style="height:8px;">&#160;</td>
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<td style="white-space:nowrap;vertical-align:top;padding:0;font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="white-space:nowrap;vertical-align:top;padding:0;text-align:left"> <p style="font-family:Times New Roman;font-size:10pt;margin-bottom:0pt;margin-top:0pt">104 </p> </td>
<td style="white-space:nowrap;vertical-align:top;padding-right:2pt;margin-bottom:0pt;margin-top:0pt;">&#160;</td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;margin-left:0.00em;text-align:left;text-indent:0.00em;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Cover Page Interactive Data File (embedded within the Inline XBRL document) </p> </td> </tr> </table> <p style="margin-bottom:0px;margin-top:12pt"></p>
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<td style="width:2%;vertical-align:top;white-space:nowrap;">* </td>
<td style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt;">Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation <span style="white-space:nowrap">S-K.</span> The Company agrees to furnish a supplemental copy of any omitted schedule or exhibit to the SEC upon request.</td> </tr> </table> <div></div> <p style="margin-top:0"></p>
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 <div style="font-size:10pt;width:8.5in;margin:0 auto"> <p style="font-family:Times New Roman;margin-left:0%;text-align:left;text-indent:0%;font-size:10pt;margin-bottom:0pt;margin-top:0pt">SIGNATURE </p> <p style="font-family:Times New Roman;text-align:left;text-indent:4%;font-size:10pt;margin-bottom:0px;margin-top:12pt">Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </p>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt"></p> </td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt"></p> </td>
<td style="vertical-align:top;">&#160;</td>
<td colspan="3" style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">REGIS CORPORATION </p> </td> </tr>
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<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Dated: December 31, 2019</p> </td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt"></p> </td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">By: </p> </td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;margin-bottom:1pt;font-size:10pt;margin-top:0pt;border-bottom:1px solid #000000">/s/ Amanda P. Rusin </p> </td> </tr>
<tr style="page-break-inside:avoid;font-size:10pt;">
<td style="vertical-align:top;padding:0;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt"></p> </td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt"></p> </td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt"></p> </td>
<td style="vertical-align:top;">&#160;</td>
<td style="vertical-align:bottom;"> <p style="font-family:Times New Roman;text-align:left;font-size:10pt;margin-bottom:0pt;margin-top:0pt">Name: Amanda P. Rusin, Title: Secretary </p> </td> </tr> </table> <div></div> <p style="margin-top:0"></p>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 2.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">[Execution Version] </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PORTFOLIO
TRANSFER AGREEMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(UNITED STATES)<SUP STYLE="font-size:85%; vertical-align:top"> </SUP> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS PORTFOLIO TRANSFER AGREEMENT (this &#147;<B>Agreement</B>&#148;), dated as of December&nbsp;30, 2019, is entered into by and between
(x)&nbsp;Regis Corp., a Minnesota corporation (&#147;<B>Buyer</B>&#148;), on the one hand, and (y)&nbsp;The Beautiful Group Management, LLC, The Beautiful Group, LLC, The Beautiful Group Ventures, LLC, The Beautiful Group Ventures USA, LLC, and TBG
IP Holder, LLC, each a Delaware limited liability company (collectively, the &#147;<B>Assignor TBG Entities</B>&#148;) and upon the execution and delivery of the Assignee Joinder (as defined below), Assignee (as defined below), on the other hand.
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. The
Assignor TBG Entities are engaged in the business of owning and operating hairstyling and hair care salons in the United States. The Assignor TBG Entities have informed Buyer that the Assignor TBG Entities intend to enter into an assignment for the
benefit of creditors under California law (the&nbsp;&#147;<B>ABC</B>&#148;), pursuant to General Assignments between the Assignor TBG Entities and Avant Partners, Inc., in its sole and limited capacity as assignee for the benefit of creditors of the
Assignor TBG Entities (&#147;<B>Assignee</B>&#148;), in the forms attached as <U>Exhibits <FONT STYLE="white-space:nowrap">A-1</FONT> through <FONT STYLE="white-space:nowrap">A-5</FONT></U> hereto or otherwise in form and substance satisfactory to
the Buyer (the&nbsp;&#147;<B>General Assignments</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. Pursuant to that certain Second US and Canada Omnibus Settlement
Agreement, dated as of June&nbsp;27, 2019 (the &#147;<B>Second Settlement Agreement</B>&#148;), by and among the Regis Entities (as defined in the Second Settlement Agreement) (including Buyer) and the TBG Entities (as defined in the Second
Settlement Agreement) (including certain of the Assignor TBG Entities), the TBG Entities agreed, in consideration for limited releases of the TBG Entities, the other concessions granted to the TBG Entities by the Regis Entities, the waiver of
certain defaulted payments, and the cancellation of certain secured promissory notes, to cooperate in good faith with the Regis Entities in order to transfer ownership of the salons listed on Annex 1 hereto (such salons, the &#147;<B>Transfer
Portfolio Salons</B>&#148; and such business, the&nbsp;&#147;<B>Transfer Portfolio Business</B>&#148;) to a purchaser designated by the Regis Entities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. The Regis Entities have designated Buyer as the purchaser of the Transfer Portfolio Salons pursuant to the Second Settlement Agreement and
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. Buyer is the primary lessee under the leases for the Transfer Portfolio Salons and, pursuant to the US Sublease (as
defined in the Second Settlement Agreement), the <FONT STYLE="white-space:nowrap">sub-lessor</FONT> to the Assignor TBG Entities for the Transfer Portfolio Salons. Because the Transfer Portfolio Salons and the Transfer Portfolio Business have failed
to generate sufficient revenues to pay operating expenses, Buyer agreed, pursuant to the Second Settlement Agreement, to provide financial support for the Transfer Portfolio Salons&#146; operating expenses in the amount of $2,000 per Transfer
Portfolio Salon per month from the effective date of the Second Settlement Agreement. Even with Buyer&#146;s financial support, the Transfer Portfolio Salons and the Transfer Portfolio Business have continued to generate operating losses. In the
absence of the sale of the Transfer Portfolio Salons to Buyer as set forth herein, the Assignor TBG Entities would otherwise close the Transfer Portfolio Salons and breach the US Sublease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">E. Buyer is also the primary lessee under the leases for the salons listed on <U>Annex 2</U> hereto (such salons, the &#147;<B><FONT
STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons</B>&#148; and collectively with the Transfer Portfolio Salons, the &#147;<B>Salons</B>&#148; and such business, the &#147;<B><FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio
Business</B>&#148; and collectively with the Transfer Portfolio Business, the &#147;<B>Business</B>&#148;) and, pursuant to the US Sublease (as defined in the Second Settlement Agreement), the <FONT STYLE="white-space:nowrap">sub-lessor</FONT> to
the Assignor TBG Entities for the <FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons. The <FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons and the <FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Business
have continued to generate operating losses. In the absence of the sale of the <FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons to Buyer as set forth herein, the Assignor TBG Entities would otherwise close the <FONT
STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons and breach the US Sublease. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">F. The Assignor TBG Entities, acknowledging the agreements made by the TBG Entities and the
Regis Entities under the Second Settlement Agreement and the consideration that the TBG Entities received from the Regis Entities thereunder, and having determined that the transfer of the Business will provide substantial benefit to their creditors
by (i)&nbsp;allowing continued lease payments to landlords of the Salons, (ii)&nbsp;preserving jobs for employees of the Salons, and (iii)&nbsp;relieving the estates of obligations under the Surviving Transaction Agreements (as defined in the Second
Settlement Agreement)<B>,</B> desire to commence the ABC and subject to Assignee&#146;s determination that the transactions contemplated hereby are in the interests of the ABC estate, have Assignee transfer the Salons to Buyer. Buyer desires to
acquire the Salons and continue the operation of the Business and, to the extent determined by Buyer in its business judgment, to continue performance of the leases for the Salons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">G. Buyer, the Assignor TBG Entities, and Assignee desire to enter into the First Amendment to Transition Services Agreement, in the form set
forth hereto as <U>Exhibit B</U> (the &#147;<B>TSA Amendment</B>&#148;), which shall be effective as of the Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties,
intending to be legally bound, hereby agree that the above recitals are incorporated into and shall constitute a part of this Agreement and further agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE ASSET
SALE; THE CLOSING </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.1</B> <B>The Purchased Assets; Assumed Liabilities.</B> (1)&nbsp;On and subject to
the terms and provisions of this Agreement, at the Closing (as defined below), the Assignor TBG Entities and Assignee shall convey, transfer, assign and deliver to Buyer, and Buyer shall acquire from the Assignor TBG Entities and Assignee, all of
the Assignor TBG Entities&#146; and Assignee&#146;s right, title and interest in and to all of the following assets (collectively, the &#147;<B>Purchased Assets</B>&#148;): </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) all tangible personal property located at each Salon as of the Closing Date, which personal property includes furniture, fixtures,
equipment and leasehold improvements; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) all inventory and supplies located at each Salon (and any inventories in transit to any Salon),
in each case, as of the Closing Date, including retail inventory; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) the real property leases in respect of the Salons listed on
<B>Schedule 1.1(c) </B>attached hereto (the &#147;<B>Leases</B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) any contracts listed on <B>Schedule 1.1(d)</B> attached
hereto (the &#147;<B>Additional Contracts</B>&#148; and collectively with the Leases, the &#147;<B>Assumed Contracts</B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) all
prepaid rent relating to any of the Leases as of the Closing Date; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) all cash located at the premises of each Salon as of the Closing
Date (the &#147;<B>Salon Cash</B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) all security deposits in respect of each Salon as of the Closing Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) the intellectual property listed on <B>Schedule 1.1(h)</B> attached hereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) books and records used in or relating to the Salons, the Business or the Purchased Assets; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) the other assets listed on <B>Schedule 1.1(j)</B> attached hereto. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchased Assets shall be transferred and acquired &#147;as is,&#148; &#147;where is,&#148; and subject
to any encumbrances existing as of the Closing Date (other than encumbrances of Archetype Capital Partners, LLC (&#147;<B>Archetype</B>&#148;)) (any &#147;<B>Existing Encumbrances</B>&#148;). The Purchased Assets include only the assets listed above
and no other assets of the Assignor TBG Entities, any Affiliate of the Assignor TBG Entities, or Assignee (collectively, the &#147;<B>Excluded Assets</B>&#148;). For the avoidance of doubt, Buyer is not acquiring any of the following Excluded
Assets: (i)&nbsp;any trade or other accounts receivable of the Assignor TBG Entities, any Affiliate of the Assignor TBG Entities, or Assignee (ii)&nbsp;any cash or cash equivalents with respect to the Business of the Assignor TBG Entities, any
Affiliate of the Assignor TBG Entities, or Assignee (other than prepaid rent, security deposits and Salon Cash), (iii) any tax assets of the Assignor TBG Entities, any Affiliate of the Assignor TBG Entities, or Assignee, and (iv)&nbsp;any other
asset not used or held for use exclusively in the operation of the Business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(2) On and subject to the terms of this Agreement, and
unless such liabilities are Excluded Liabilities (as defined below), Buyer hereby assumes the following liabilities of the Assignor TBG Entities and no others: (A)&nbsp;all liabilities arising out of the Purchased Assets, the Transferred Employees
and the conduct of the Business to the extent arising or occurring at any time after the Closing Date, including the Assumed Contracts; <U>provided, that</U>, Buyer&#146;s obligations in respect of each Lease shall not exceed Buyer&#146;s
obligations under such Lease prior to the Closing and assignment of such Lease to Buyer; (B)&nbsp;the following employee benefits for the Transferred Employees (such benefits, the &#147;<B>Assumed Benefits</B>&#148;): (i) earned and accrued vacation
benefits and paid time off as of the Closing Date, (ii)&nbsp;earned and accrued incentive points, and (iii)&nbsp;bonuses accrued as of December&nbsp;31, 2019, for which the applicable bonus period ends on or after January&nbsp;1, 2020 (the
&#147;<B>Assumed Bonuses</B>&#148;), and (C)&nbsp;the Transfer Taxes contemplated by Section&nbsp;4.2 hereof (collectively, the &#147;<B>Assumed Liabilities</B>&#148;). Notwithstanding the foregoing, Buyer does not assume liabilities under the
Assumed Contracts with respect to landlords of the Transfer Portfolio Salons and <FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons in excess of the liabilities that Buyer had to such landlords prior to Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(3) Notwithstanding Section&nbsp;1.1(2) or anything to the contrary in this Agreement, Buyer does not assume, and shall not in any way be
liable or responsible for, any liabilities or obligations of the Assignor TBG Entities, any Affiliate of the Assignor TBG Entities, Assignee, or the Business, other than the Assumed Liabilities (collectively, the &#147;<B>Excluded
Liabilities</B>&#148;). Without limiting the generality of the foregoing, the Assumed Liabilities do not include, and Buyer shall not be required to assume or to perform or discharge, the following Excluded Liabilities: (i)&nbsp;any liability that
does not primarily relate to the Purchased Assets, (ii)&nbsp;any liability in any way related to any Excluded Assets, (iii)&nbsp;any liability arising out of or relating to any indebtedness or any <FONT STYLE="white-space:nowrap">off-balance</FONT>
sheet liability of the Assignor TBG Entities, (iv)&nbsp;any liability arising out of or relating to the breach of, or indemnification obligations under, <FONT STYLE="white-space:nowrap">non-payment</FONT> in respect of, any of the Assumed Contracts
(including the Leases), to the extent that such payment was owing prior to the Closing Date, or such liability arose or is claimed to have arisen from events that occurred, or circumstances existing, on or prior to the Closing Date, or any liability
under the Leases related to the period on or after the Closing Date except to the extent Buyer was obligated for such liability prior to the Closing Date; (v)&nbsp;any liability with respect to any litigation, suit, action or proceeding initiated at
any time, to the extent that such liability arises or is claimed to have arisen from events that occurred, or circumstances existing, on or prior to the Closing Date, (vi)&nbsp;any liability of the Assignor TBG Entities to any of its Affiliates,
including liabilities resulting from any loans owed by the Assignor TBG Entities to any of its Affiliates, (vii)&nbsp;other than the Transfer Taxes (which shall be assumed by Buyer pursuant to Section&nbsp;1.1(2)), any liability arising out of,
related to or with respect to all Taxes, including Taxes arising out of, relating to or in respect of the Business, the Purchased Assets and/or the Assumed Liabilities, for </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

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any Tax period (or portion thereof) ending on or before the Closing Date, all withholding Taxes that are imposed by any governmental authority in connection with the transactions contemplated by
this Agreement, and all Taxes of the Assignor TBG Entities, any Affiliate of the Assignor TBG Entities, or Assignee, (viii)&nbsp;other than the Assumed Benefits, any liability related to the employment of any Transferred Employee (including any
employee disputes or obligations with respect to compensation, and bonuses), (ix) any liability related to employees other than Transferred Employees, whether or not such employees are at any time hired by Buyer or franchisees of Buyer as new
employees, (x)&nbsp;any liability of the Assignor TBG Entities or any Affiliate of the Assignor TBG Entities arising out of circumstances that exist or existed, or events that occurred, on or prior to the Closing Date under any applicable law
relating to pollution or the protection of the environment, natural resources or, solely as it relates to exposure to hazardous or toxic substances or human health, (xi)&nbsp;any trade accounts payable or other accounts payable, (xii)&nbsp;all
expenses of administration of the ABC, (xiii)&nbsp;any liability related to the violation of any law or regulation, including without limitation any law or regulation relating to employment conditions, wage and hour laws or benefits of any kind and
(xiv)&nbsp;any liability related to <FONT STYLE="white-space:nowrap">non-compliance</FONT> with any law or regulation relating to unclaimed property. &#147;<B>Tax</B>&#148; or &#147;<B>Taxes</B>&#148; means (a)&nbsp;any and all federal, state,
local, or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security, unemployment,
disability, real property, personal property, sales, use, transfer, registration, value added, alternative or <FONT STYLE="white-space:nowrap">add-on</FONT> minimum, estimated, or other tax of any kind or any charge of any kind in the nature of (or
similar to) taxes whatsoever, including any interest, penalty, or addition thereto, whether disputed or not and (b)&nbsp;any liability for the payment of any amounts of the type described in clause (a)&nbsp;of this definition as a result of being a
member of an affiliated, consolidated, combined or unitary group for any period, as a result of any tax sharing or tax allocation agreement, arrangement or understanding, or as a result of being liable for another person&#146;s taxes as a transferee
or successor, by contractual obligation or otherwise. Notwithstanding anything in this paragraph, Assignee makes no representation or warranty that Buyer will not be held legally responsible by a court of competent jurisdiction for any of the
Excluded Liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(4) Following the Closing, Buyer shall be solely responsible for the Assumed Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.2</B> <B>Consideration</B>. As consideration for the Purchased Assets (in addition to the consideration set
forth in the Second Settlement Agreement), Buyer or with respect to clause (c)&nbsp;below, a permitted Affiliate of Buyer, in each case to the extent permitted in such document, shall, at the Closing: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) cancel the Buyer Lease Payment Secured Debt (as defined below); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) assume the Assumed Liabilities, including performance of the Assignor TBG Entities&#146; and Assignee&#146;s liabilities and obligations
(whether financial, payment, performance or otherwise) under the Assumed Contracts to which the Assignor TBG Entities and Assignee are parties, <U>provided that</U>, Buyer does not assume liabilities under the Assumed Contracts with respect to
landlords of the Transfer Portfolio Salons and <FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons in excess of the liabilities that Buyer had to such landlords prior to Closing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) employ, subject to and effective as of the Closing or at such later time as such person accepts Buyer&#146;s or Affiliate of Buyer&#146;s
offer of employment, the persons employed at the Salons as of the Closing Date and listed on <B>Schedule 1.2(c)</B> of the Disclosure Schedule attached hereto (the &#147;<B>Transferred Employees</B>&#148;), and be responsible for the Assumed
Benefits and all obligations and liabilities relating to the Transferred Employees to the extent arising on or after their commencement of employment by Buyer; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) provide the release to the TBG Entities, the Assignor TBG Entities and Assignee as set forth in Section&nbsp;4.13. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.3 Effective Date; Time and Place of Closing</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) This Agreement shall be effective upon execution by Buyer, the Assignor TBG Entities, and Assignee and satisfaction of the following
conditions: (i)&nbsp;the Assignor TBG Entities shall deliver a letter from Archetype, agreeing that its liens and security interests on the Purchased Assets are released as of the date hereof, in the form attached hereto as <U>Exhibit C</U>, and
(ii)&nbsp;the Assignor TBG Entities and/or its Affiliates shall wire to the Payroll Provider (as hereinafter defined) a deposit in the amount of $1,721,457, consisting of the amount of payroll, tax withholding, bonuses (as to which the applicable
bonus period ends in or before December 2019), and other amounts estimated to be payable by the Assignor TBG Entities to Transferred Employees after December&nbsp;31, 2019 in respect of work performed through December&nbsp;31, 2019 (such amount not
to include Assumed Benefits) (the &#147;<B>Transferred Employee Payroll Deposit</B>&#148;). The Transferred Employee Payroll Deposit shall be held for payment of obligations owed by the Assignor TBG Entities to the Transferred Employees that are to
be paid after December&nbsp;31, 2019. Any excess of the Transferred Employee Payroll Deposit over amounts paid to Transferred Employees for work performed prior to December&nbsp;31, 2019, shall be paid (without setoff or recoupment by Buyer, except
for setoff or recoupment of Unpaid <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Lease Obligations), at the direction of Assignee, to Archetype on January&nbsp;29, 2020. As used herein, &#147;<B>Unpaid
<FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Lease Obligations</B>&#148; shall mean unpaid, documented amounts owing under any Leases (as defined herein and in the Canada Transfer Agreement (as defined below)) relating to the <FONT
STYLE="white-space:nowrap">pre-Closing</FONT> period and actually paid by Buyer or its Affiliates based on a good faith belief that such amounts are due and owing under such Leases. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The consummation (the &#147;<B>Closing</B>&#148;) of the transactions contemplated by this Agreement (such transactions, the
&#147;<B>Transfer</B>&#148;) shall take place by the electronic exchange of documents on December&nbsp;31, 2019, immediately after effectiveness of the ABC and the satisfaction of all conditions set forth in Article V (other than conditions that by
their nature are to be satisfied at the Closing) (or to the extent permissible, waiver by the party or parties entitled to the benefit of such conditions), or at such other place, at such other time or on such other date as the parties may mutual
agree (the &#147;<B>Closing Date</B>&#148;). The Closing shall be deemed effective for all tax and accounting purposes as of 11:59 p.m. (prevailing Eastern Time) on the Closing Date in each jurisdiction in which any of the Purchased Assets are
located. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.4 Closing Deliveries.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) At the Closing, the Assignor TBG Entities and Assignee shall deliver to Buyer (i)&nbsp;each General Assignment, executed by the applicable
Assignor TBG Entity and Assignee, (ii)&nbsp;the Trademark and Domain Name Assignment Agreement (United States), executed by TBG IP Holder, LLC and Assignee (the &#147;<B>Trademark Assignment</B>&#148;), in the form attached hereto as <U>Exhibit
D</U>, (iii)&nbsp;a joinder to this Agreement, executed by Assignee, in the form attached hereto as <U>Exhibit E</U> (the &#147;<B>Assignee Joinder</B>&#148;), and (iv)&nbsp;such bills of sale, assignments and other appropriate instruments of
transfer, executed by the Assignor TBG Entities and Assignee, as shall be necessary to vest in Buyer, as of the Closing Date, all right, title and interest of the Assignor TBG Entities and Assignee in and to the Purchased Assets subject to any
Existing Encumbrances, including the Bill of Sale in the form attached hereto as <U>Exhibit F</U> (the &#147;Bill of Sale&#148; and collectively with the Trademark Assignment, the Assignee Joinder, and the TSA Amendment, the &#147;<B>Ancillary
Agreements</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) At the Closing, the Assignor TBG Entities and Assignee shall deliver a certificate, in form and substance
satisfactory to Buyer, conforming to the requirements of Treasury Regulations <FONT STYLE="white-space:nowrap">Section&nbsp;1.1445-2(b)(2).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) At the Closing, the applicable parties shall execute and deliver the TSA Amendment. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.5</B> <B>Assumption and/or Assignment of Contracts</B>. At
Buyer&#146;s request, the Assignor TBG Entities shall make available to Buyer all material documentation and other material information relating to all Assumed Contracts. Any real estate lease or other contract that is not listed as an Assumed
Contract shall not be assumed and assigned to Buyer and all liabilities thereunder shall be Excluded Liabilities. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF ASSIGNOR TBG ENTITIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Assignor TBG Entities hereby represent and warrant to Buyer and Assignee that, except as set forth in the Disclosure Schedule delivered to
Buyer concurrently with the execution of this Agreement, the following representations and warranties are true and correct as of the date hereof and the Closing Date: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.1</B> <B>Organization and Authorization</B>. Each of the Assignor TBG Entities is duly incorporated or formed,
validly existing and in good standing under the laws of its jurisdiction of organization and is duly authorized to conduct business is in good standing in each foreign jurisdiction in which such qualification is necessary, except where the failure
to be so authorized would not have a material adverse effect on such Assignor TBG Entity. Each of the Assignor TBG Entities has full power and authority to execute and deliver this Agreement and the Ancillary Agreements to which such Assignor TBG
Entity is a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the Ancillary Agreements, the performance of the Assignor TBG
Entities&#146; obligations hereunder and thereunder and the consummation of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary proceedings on the part of the Assignor TBG Entities. This Agreement
and<B> </B>each of the Ancillary Agreements to which each Assignor TBG Entity is a party has been duly executed and delivered by such Assignor TBG Entity and constitutes a legal, valid and binding obligation of such Assignor TBG Entity, enforceable
against such Assignor TBG Entity in accordance with its terms. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.2 No Conflict.</B> The execution, delivery and
performance of this Agreement and the Ancillary Agreements, the consummation of the transactions contemplated hereby and thereby and the compliance with the terms of this Agreement and the Ancillary Agreements do not and will not, (i)&nbsp;conflict
with, result in a breach of any provision of, constitute a default under, result in the modification or cancellation of, or give rise to any right of termination or acceleration in respect of, any Assumed Contract, (ii)&nbsp;result in the creation
of any lien upon, or any Person obtaining the right to acquire any of the Purchased Assets, (iii)&nbsp;violate or conflict with any law, rule, regulation, order or ruling of any court, arbitral body or governmental authority, to which any Assignor
TBG Entity is subject, (iv)&nbsp;except as set forth on <B>Schedule 2.2</B> of the Disclosure Schedule, require any authorization, consent, order, permit or approval of, or notice to, or filing, registration or qualification with, any governmental,
administrative or judicial authority or (v)&nbsp;conflict with or result in any breach of any of the provisions of the organizational documents of any Assignor TBG Entity, except in the case of clauses (i)&nbsp;through (iv) as would not have a
material adverse effect on the Business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.3</B> <B>Title to the Purchased Assets</B>. The Assignor TBG
Entities have, and Buyer will acquire, good and valid title in and to all of the Purchased Assets, subject to any Existing Encumbrances. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.4</B> <B>Absence of Certain Changes</B>. Subject to
Section&nbsp;6.13 below and except as set forth on <B>Schedule 2.4</B> of the Disclosure Schedule and the significant decline in sales, undercapitalization of the Business and the related consequences (including but not limited to a significant
amount of salon closures), since January&nbsp;1, 2019, the Business has been conducted in the ordinary course, consistent with past practice, and there has been no material adverse change in the results of operations of the Business. Without
limiting the foregoing, except as set forth on <B>Schedule 2.4</B> of the Disclosure Schedule, since January&nbsp;1, 2019, the Assignor TBG Entities have (i)&nbsp;not materially increased the level of benefits, salary or other compensation payable
or to become payable to any Transferred Employee or (ii)&nbsp;sold or disposed of any of its material assets (other than sales of inventory in the ordinary course of business and salon closures). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.5</B> <B>Real Property</B>. Each Lease is legal, valid, binding, enforceable and in full force and effect,
except as enforceability would be limited pursuant to any Existing Encumbrances. Except as set forth on <B>Schedule 2.5(a)</B> of the Disclosure Schedule, the Assignor TBG Entities (or to their knowledge, any other party to any Lease) is not in
breach or default under such Lease (or the US Sublease with respect to such Lease). To the knowledge of the Assignor TBG Entities, no event has occurred or circumstance exists that, with the delivery of notice, the passage of time or both, would
constitute such material breach or default that would permit the termination of such Lease. The Assignor TBG Entities have not subleased or licensed any Salon under the Leases. <B>Schedule 2.5(b)</B> of the Disclosure Schedule sets forth, in respect
of each Lease, all amounts owing in respect of the Lease for such Salon for the most recent lease payment period ending on or prior to the Closing Date (the &#147;<B>Lease Payments</B>&#148;), and, except as set forth on <B>Schedule 2.5(c)</B> of
the Disclosure Schedule, the Assignor TBG Entities have paid all Lease Payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.6</B> <B>Employment
Matters</B>. None of the Transferred Employees are subject to any collective bargaining agreement or similar agreement with a labor union or similar employee association with respect to their employment by the Assignor TBG Entities or any of their
Affiliates, no labor union or similar employee association has been certified by the National Labor Relations Board (the &#147;<B>NLRB</B>&#148;) or any comparable entity as a bargaining representative with respect to any of the Transferred
Employees and, to the knowledge of the Assignor TBG Entities, no representation petition respecting any of the Transferred Employees has been filed with the NLRB or any comparable entity. To the knowledge of the Assignor TBG Entities, except as set
forth on <B>Schedule 2.6(a)</B> of the Disclosure Schedule, there are no current efforts to organize any of the Transferred Employees into any collective bargaining unit or any solicitation of them to join any labor organization, in each case with
respect to their employment by the Assignor TBG Entities or any Affiliate. With respect to the Business, including, without limitation, the Transferred Employees, the Assignor TBG Entities are in material compliance with all applicable laws
respecting employment and employment practices, pay equity, occupational safety and health standards, terms and conditions of employment, and wages and hours except for instances of noncompliance that, individually or in the aggregate are not
material. Except as set forth on <B>Schedule 2.6(b)</B> of the Disclosure Schedule, there are no outstanding assessments, penalties, fines, liens (other than any Existing Encumbrances), charges, surcharges, or other amounts, in each case, of a
material nature, due or owing pursuant to any workplace safety and insurance/workers&#146; compensation legislation in respect of the Business. <B>Schedule 2.6(c)</B> of the Disclosure Schedule sets forth all wages and other amounts accrued with
respect to Transferred Employees for all periods ending prior to the Closing Date (the &#147;<B>Employee Payments</B>&#148;), and, except as set forth on <B>Schedule 2.6(d)</B> of the Disclosure Schedule and with respect to the Assumed Benefits, the
Assignor TBG Entities have paid all Employee Payments owing on or prior to the date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.7</B>
<B>Compliance with Laws</B>. Except as set forth on <B>Schedule 2.7</B> of the Disclosure Schedule, the Business has been conducted in all material respects in compliance with all applicable laws, rules, regulations, judgments, orders except for
instances of noncompliance that, individually or in the aggregate, would not be reasonably likely to have a material adverse effect on the Business, and, to the Assignor TBG Entities&#146; knowledge, no material action, suit, proceeding, hearing,
complaint, claim, demand, or notice has been filed or commenced against the Assignor TBG Entities or any </P>
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of their Affiliates alleging any failure so to comply except for instances of noncompliance that, individually or in the aggregate, would not be reasonably likely to have a material adverse
effect on the Business or as set forth on Schedule 2.7 of the Disclosure Schedule. Without limiting the generality of the foregoing, except as set forth on <B>Schedule 2.7</B> of the Disclosure Schedule, all material licenses, permits,
authorizations, registrations, certificates and similar rights necessary for the conduct of the Business as presently conducted are held by the Assignor TBG Entities and are in full force and effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.8</B> <B>Sales Taxes</B>. The Assignor TBG Entities have each timely filed all Tax returns, reports,
declarations, statements and other documents required to be filed with the appropriate governmental authorities (&#147;<B>Tax Returns</B>&#148;) for sales Taxes and all such Tax Returns are true and correct in all material respects and were prepared
in substantial compliance with all applicable law. All sales Taxes owed by the Assignor TBG Entities, whether or not shown to be payable on such Tax Returns, including those relating to the Salons, the Business, the Purchased Assets, and/or other
salons owned or operated by the Assignor TBG Entities, have been timely paid. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF BUYER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Buyer hereby represents and warrants to the Assignor TBG Entities and Assignee that the following representations and warranties are true and
correct as of the date hereof and as of the Closing Date: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.1 Incorporation;</B> <B>Authorization; Etc.</B> Buyer is duly
organized, validly existing and in good standing under the laws of its formation. Buyer has full limited authority to execute and deliver this Agreement and the Ancillary Agreements, to perform its obligations hereunder and thereunder and to
consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the Ancillary Agreements, the performance of Buyer&#146;s obligations hereunder and thereunder and the consummation of the transactions
contemplated hereby and thereby have been duly and validly authorized by all necessary limited liability company proceedings on the part of Buyer. This Agreement and each of the Ancillary Agreements has been duly executed and delivered by Buyer and
constitutes a legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement of
creditors&#146; rights in general, moratorium laws or by general principles of equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.2 No Conflict.</B> The
execution, delivery and performance of this Agreement and the Ancillary Agreements by Buyer and the consummation of the transactions contemplated hereby and thereby will not (i)&nbsp;conflict with, result in a breach of any provision of, constitute
a default under, result in the modification or cancellation of, or give rise to any right of termination or acceleration in respect of, any contract, agreement, commitment, understanding, arrangement or restriction of any kind to which Buyer is a
party or to which Buyer is subject, (ii)&nbsp;violate or conflict with any law, rule, regulation, order or ruling of any court, arbitral body or governmental authority, to which Buyer is subject, (iii)&nbsp;require any authorization, consent, order,
permit or approval of, or notice to, or filing, registration or qualification with, any governmental, administrative or judicial authority or (iv)&nbsp;conflict with or result in any breach of Buyer&#146;s organizational documents. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.1 Confidentiality; Press Release</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) From and after the Closing, the Assignor TBG Entities, Buyer, and Assignee shall hold in strict confidence and not use to the detriment of
Buyer or the Assignor TBG Entities, any <FONT STYLE="white-space:nowrap">non-public,</FONT> confidential or proprietary information with respect to this Agreement, the Business and the Purchased Assets or Assumed Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The Assignor TBG Entities and Buyer shall consult with each other concerning a press release or other public statement with respect to
this Agreement and the transactions contemplated hereby. Except as required by applicable law, the Assignor TBG Entities and Assignee shall not issue a press release or public statement (excluding court pleadings and other court documents reasonably
necessary to enforce or protect any of the parties&#146; rights) concerning this Agreement or the transactions contemplated hereby without the prior written approval of Buyer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.2 Transfer Taxes</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Buyer shall pay the cost of any documentary, recording, stamp, sales, excise, transfer, gains, value-added, or other applicable taxes, in
respect of the sale of the Purchased Assets and the filing or recording of any documents or instruments in connection therewith (such taxes, &#147;<B>Transfer Taxes</B>&#148;). Buyer shall prepare and file all returns, reports and forms that are
necessary or appropriate to comply with the provisions of all applicable laws in connection with the payment of Transfer Taxes governed by this Section&nbsp;4.2, and Buyer, the Assignor TBG Entities, and Assignee shall cooperate in good faith to
minimize, to the fullest extent reasonably possible under such laws, the amount of any Transfer Taxes governed by this Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.3 Further Assurances; Consents</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Buyer acknowledges that certain consents and waivers with respect to the transactions contemplated by this Agreement and the Ancillary
Agreements may be required from parties pursuant to certain contracts and leases of the Business (the &#147;<B>Other Contracts</B>&#148;), and that such consents and waivers have not been obtained, including as set forth on <B>Schedule 4.3</B> of
the Disclosure Schedule (collectively, the &#147;<B>Pending Consents and Approvals</B>&#148;). At Buyer&#146;s request, the parties shall use their respective reasonable best efforts to obtain the Pending Consents and Approvals. Until the Pending
Consents and Approvals are obtained, as to each affected Salon, each of the Assignor TBG Entities and Assignee will (x)&nbsp;use its reasonable best efforts to provide Buyer with all of the rights and benefits and pass through to Buyer all
obligations of such Other Contract or arrangement accruing after the Closing to the extent that the Assignor TBG Entities, the Assignor TBG Entities&#146; Affiliates, or Assignee can provide Buyer with such rights and benefits without violating the
Other Contract, (y)&nbsp;use its and their reasonable best efforts to create any arrangement designed to provide such rights and benefits to Buyer and pass through to Buyer all obligations, and (z)&nbsp;use its and their reasonable best efforts to
enforce, at Buyer&#146;s request and expense, and for Buyer&#146;s account, any and all rights of the Assignor TBG Entities, the Assignor TBG Entities&#146; Affiliates, or Assignee arising under any such Other Contract. Buyer agrees that the
Assignor TBG Entities and Assignee shall not have any liability whatsoever to Buyer arising out of or relating to the failure to obtain any Pending Consents and Approvals or because of the termination of any contract as a result thereof. Buyer
further agrees that no representation, warranty or covenant of the Assignor TBG Entities contained herein shall be breached or deemed breached, and no condition shall be deemed not satisfied, as a result of (a)&nbsp;the failure to obtain any Pending
Consents and Approvals, (b)&nbsp;any such termination or (c)&nbsp;any lawsuit, action, proceeding or investigation commenced or threatened by or on behalf of any Person arising out of or relating to the failure to obtain any Pending Consents and
Approvals prior to the date hereof or any termination. From time to time after the Closing Date, Buyer, the Assignor TBG Entities, and Assignee will take such other action and execute such documents as may be reasonably requested by the other party
to carry out the purposes and intents of this Agreement and the transactions contemplated hereby. </P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) On or following the Closing Date, Buyer shall make an offer to employ, effective as of the Closing Date or, if such offer has not then
been accepted, at such later time as such person accepts Buyer&#146;s offer of employment, the Transferred Employees.<B> </B>At Buyer&#146;s request, the Assignor TBG Entities and Assignee shall cooperate with Buyer and assist Buyer in providing
messaging and communications to the Transferred Employees regarding the Transfer as well as offers of employment from Buyer. The Assignor TBG Entities and Assignee shall consult with Buyer prior to providing any messages and communications to the
Transferred Employees and the content of such messages and communications shall be subject to Buyer&#146;s prior approval (which approval shall not to be unreasonably withheld). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) On and before the Closing Date, the Assignor TBG Entities and Buyer shall cooperate to identify TBG Employees (other than the Transferred
Employees) which Buyer may hire as new hires on or following the Closing Date. For the avoidance of doubt, such TBG Employees shall not be considered Transferred Employees and the Assignor TBG Entities shall remain obligated to pay all Accrued Exit
Benefits (as defined below), including, without limitation, accrued vacation benefits, for such TBG Employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.5
Covenants Relating to the Conduct of the Business</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">From the date of this Agreement to the Closing, the Assignor TBG Entities shall
cause the Business to be conducted in the usual, regular and ordinary course in substantially the same manner as previously conducted and, to the extent consistent therewith, use best efforts to keep intact the Business, keep available the services
of the Transferred Employees and preserve their relationships with customers, suppliers, licensors, licensees, distributors and others with whom it deals to the end that the Business shall be unimpaired at the Closing. The Assignor TBG Entities
shall not, and shall not permit any other Person, to do any of the following in respect of the Business without the prior written consent of Buyer: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Sell, lease, license, abandon, mortgage, encumber, transfer or otherwise dispose of any of the Purchased Assets or any interest in any of
the Purchased Assets, except the sale of inventory in the ordinary course consistent with past practice; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Incur or assume any
liabilities, obligations, indebtedness for borrowed money or guarantee any such liabilities, obligations or indebtedness; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) Institute
any material increase in, terminate or adopt any benefit plan applicable to the Transferred Employees; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) Negotiate, amend, extend,
renew, terminate, enter into, waive, release, assign or modify, in any respect, any Assumed Contract or any of the rights of the Assignor TBG Entities thereunder; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) Fail to make any payments or to take any action required pursuant to the terms of any Assumed Contract; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Implement or effect any Salon closing or take any action to terminate any Transferred Employees (other than for cause); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) Declare, set aside or pay any dividends on, or make any distributions (whether in cash, stock, property or otherwise); </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) Institute, release, assign, pay, discharge, compromise, settle or satisfy (or agree to
do any of the preceding with respect to ) any proceedings, claims, liabilities or obligations (whether absolute, accrued, asserted or unasserted, contingent or otherwise) in respect of any of the Business, the Purchased Assets or the Assumed
Liabilities; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) Enter into any contract to do, agree, authorize, commit, adopt resolutions approving or announce an intention to do
any of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.6 Efforts</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) On the terms and subject to the conditions of this Agreement, each party shall use its reasonable best efforts to cause the Closing to
occur, including taking all reasonable actions necessary to comply promptly with all legal requirements that may be imposed on it or any of its Affiliates with respect to the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) On or before December<B> </B>31<B>,</B> 2019, the Assignor TBG Entities shall enter into the General Assignments with Assignee and
commence the ABC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.7 Ordinary Payroll.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) As used in this Section&nbsp;4.7 and Section&nbsp;4.8, &#147;<B>TBG Employees</B>&#148; means all employees or former employees (with
respect to any period during which such former employees were employed by the Assignor TBG Entities or their Affiliates) of the Assignor TBG Entities or their Affiliates. &#147;<B>Payroll Date</B>&#148; shall mean any date prior to the Closing Date
on which the Assignor TBG Entities or their Affiliates are required to pay the TBG Employees, whether pursuant to contractual arrangements, applicable law, or otherwise consistent with past practices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) At least three (3)&nbsp;business days prior to each Payroll Date (<I>i.e</I>., not counting such Payroll Date), Buyer shall deliver an
estimate to the Assignor TBG Entities of the following amount (the &#147;<B>Ordinary</B> <B>Payroll Amount</B>&#148;): the full amount estimated to be necessary to fund payroll and related taxes, benefits, and expenses (including, without
limitation, withholding taxes) for all TBG Employees to be paid on such Payroll Date, <I>plus</I> an additional ten percent (10%) of such amount (such additional ten percent (10%) amount, the &#147;<B>Ordinary Payroll Cushion</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) On or before three (3)&nbsp;business days prior to each Payroll Date (<I>i.e</I>., not counting such Payroll Date), the Assignor TBG
Entities shall remit the Ordinary Payroll Amount for such Payroll Date by wire transfer in immediately available funds to Buyer and/or one or more Affiliates of Buyer or third parties identified in writing by Buyer (the &#147;<B>Payroll
Provider</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) For the avoidance of doubt, the parties hereto agree that (i)&nbsp;the Ordinary Payroll Cushion is intended to
ensure that the Payroll Provider has sufficient funds to fund the actual Ordinary Payroll Amount to be paid on such Payroll Date, (ii)&nbsp;the Ordinary Payroll Cushion does not constitute a fee or compensation for the Payroll Provider, and
(iii)&nbsp;any surplus Ordinary Payroll Cushion remaining after such Payroll Date shall be held by the Payroll Provider to be applied to the Ordinary Payroll Amount for the next Payroll Date or the Stub Payroll Amount, as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.8</B> <B>Stub Payroll</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) As used herein, the &#147;<B>Stub</B> <B>Payroll Amount</B>&#148; shall mean the aggregate amount of $2,433,950, consisting of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) $1,567,338, which is the sum of (x)&nbsp;the full amount estimated by the Assignor TBG Entities to be necessary to fund after the Closing
Date all payroll and related taxes, benefits, and expenses (including, without limitation, bonuses and withholding taxes) for all TBG Employees (other than the Transferred Employees) from the last Payroll Date applicable to such TBG Employees
through the date of termination of their employment by the Assignor TBG Entities, <I>plus</I> (y)&nbsp;an additional ten percent (10%) of the amounts described in the foregoing clause (x) (such additional ten percent (10%) amount, the
&#147;<B>Accrued Payroll Cushion</B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><I>plus </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) $175,612, which is the sum of (x)&nbsp;the full amount estimated by the Assignor TBG Entities to be necessary to fund after the Closing
Date all severance liabilities, unused employee incentive benefits, salary <FONT STYLE="white-space:nowrap">top-offs,</FONT> and earned and/or accrued vacation and other paid time off required to be paid by the Assignor TBG Entities or their
Affiliates to all TBG Employees under applicable state law in connection with such termination (excluding the Assumed Benefits) (the &#147;<B>Accrued Exit Benefits</B>&#148;),<B> </B><I>plus</I> (y)&nbsp;an additional ten percent (10%) of the
amounts described in the foregoing clause (x) (the &#147;<B>Accrued Exit Benefits Cushion</B>&#148; and collectively with the Accrued Payroll Cushion, the &#147;<B>Stub Payroll Cushion</B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><I>plus </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) $691,000,
constituting fifty percent (50%) of the amount of the estimated Assumed Benefits (as defined herein and the Canada Transfer Agreement) (<I>i.e</I>., $1,382,000), which shall be allocated to pay one hundred percent (100%) of the Assumed Bonuses (as
defined herein and the Canada Transfer Agreement), with the balance to be paid to Buyer as reimbursement of a portion of the remaining Assumed Benefits (as defined in this Agreement and the Canada Transfer Agreement) (the &#147;<B>50% Assumed
Benefits Amount</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) As used herein, the &#147;<B>Regis Payroll Services Amount</B>&#148; shall mean $12,747, which is the
amount of fees and expenses payable to Buyer or its Affiliates under the North American TSA (as defined in the Second Settlement Agreement) (as amended by the TSA Amendment) in connection with payroll processing services (including, without
limitation, the creation of IRS <FONT STYLE="white-space:nowrap">W-2</FONT> and Canada Revenue Agency T4 forms for the 2020 tax year) provided or to be provided by Buyer or its Affiliates for the TBG Employees (including TBG Employees under the
Canada Transfer Agreement) through the stated expiration date of the North American TSA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) On or before the Closing Date, the Assignor
TBG Entities shall remit the Stub Payroll Amount and the Regis Payroll Services Amount by wire transfer in immediately available funds to the Payroll Provider. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) For the avoidance of doubt, the Assignor TBG Entities shall be deemed to have terminated the employment of all TBG Employees, including
the Transferred Employees, effective as of December&nbsp;31, 2019. The Assignor TBG Entities acknowledge that (i)&nbsp;any estimates by the Payroll Provider of the Stub Payroll Amount (including the components thereof) are delivered for purposes of
convenience only and were prepared at the request of the Assignor TBG Entities based on calculation methods that the Assignor TBG Entities directed the Payroll Provider to use, and (ii)&nbsp;that the Assignor TBG Entities have sole responsibility
for determining amounts owed to TBG Employees (other than Transferred Employees) and except as otherwise expressly provided herein with regard to Transferred Employees, paying such amounts. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) For the avoidance of doubt, the parties hereto agree that (i)&nbsp;the Stub Payroll
Cushion is intended to ensure that the Payroll Provider has sufficient funds to fund the actual Stub Payroll Amount, (ii)&nbsp;the Stub Payroll Cushion does not constitute a fee or compensation for the Payroll Provider, and (iii)&nbsp;any surplus
Stub Payroll Cushion remaining after payment of all obligations owing to the TBG Employees (with respect to their period of employment by the Assignor TBG Entities and the termination of such employment) shall be remitted by the Payroll Provider, at
the direction of Assignee, to Archetype on January&nbsp;29, 2020. Such surplus shall be refunded without setoff or recoupment, except for setoff or recoupment of Unpaid <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Lease Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Within thirty (30)&nbsp;days following the end of each calendar quarter ending after the Closing Date until the calendar quarter ending
December&nbsp;31, 2020, Buyer shall remit 50% of the following amount (without setoff or recoupment by Buyer, except for setoff or recoupment of Unpaid <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Lease Obligations), at the direction of
Assignee, to Archetype: the amount of unused Assumed Benefits relating to Transferred Employees who have departed the employment of Buyer or its Affiliates or whose employment by Buyer or its Affiliates has otherwise been terminated in such quarter,
which Assumed Benefits were not paid out to such Transferred Employees prior to or upon such departure or termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.9 Termination of Certain Surviving Transaction Agreements</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The US Sublease and US Management Agreement (as defined in the Second Settlement Agreement) shall each be terminated effective as of the
Closing Date; <U>provided, that</U> the provisions in the US Sublease and US Management Agreement that grant Buyer and its Affiliates the benefits of insurance, including Article 13 of the US Sublease and Article VI of the US Management Agreement,
shall survive and remain in full force and effect (the &#147;<B>Surviving Insurance Provisions</B>&#148;) following the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The
Trademark License Agreement (U.S.), dated as of June&nbsp;27, 2019, by and between Regis LLC and The Beautiful Group Management, LLC, shall be terminated effective as the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.10 January Credit Card Receipts</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">At the direction of Assignee, the Assignor TBG Entities agree to instruct their credit card processors and cooperate with Buyer to move all
credit card receipts for the Salons to accounts held by Buyer on January&nbsp;2, 2020. Buyer, the Assignor TBG Entities, and Assignee acknowledge that, after December&nbsp;31, 2019 until the date that the credit card receipts for the Salons are
moved to accounts held by Buyer (the &#147;<B>Credit Card Changeover Date</B>&#148;), the credit card receipts for the Salons will continue to be remitted into accounts held by the Assignor TBG Entities. Within thirty (30)&nbsp;days after Closing,
at the direction of Assignee, the Assignor TBG Entities shall provide an accounting (reasonably satisfactory to Buyer) of all credit card receipts from the Salons for the period after December&nbsp;31, 2019, to and including the Credit Card
Changeover Date (the &#147;<B>Buyer Credit Card Receipts</B>&#148;) and remit all Buyer Credit Card Receipts from the Salons to Buyer. The Assignor TBG Entities and Assignee acknowledge and agree (i)&nbsp;that all Buyer Credit Card Receipts are the
sole property of Buyer, and (ii)&nbsp;to hold all Buyer Credit Card Receipts in trust for Buyer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.11 Salon Cash</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As of the Closing Date, the Assignor TBG Entities shall ensure that each Salon has at least $250.00 in Salon Cash at such Salon. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.12 Buyer Lease Payments</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On or before the Closing Date, Buyer, in its sole discretion, may make any Lease Payments on behalf of the Assignor TBG Entities to any
landlord under any Lease (any such payments, a &#147;<B>Buyer Lease Payment</B>&#148;). Upon the funding by Buyer of any Buyer Lease Payment, Buyer shall be deemed to have made a loan to the Assignor TBG Entities in the amount of such Buyer Lease
Payment (all such loans, the &#147;<B>Buyer Lease Payment Secured Debt</B>&#148;). To secure the Buyer Lease Payment Secured Debt, each of the Assignor TBG Entities hereby grants to Buyer a valid, continuing security interest in all Purchased
Assets, subject to any Existing Encumbrances. The Buyer Lease Payment Secured Debt shall be deemed satisfied and released on the Closing Date and shall be deemed a portion of the consideration paid by Buyer to the Assignor TBG Entities for the
Purchased Assets. This Section&nbsp;4.12 shall survive the termination of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.13 Release</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Conditioned on and effective as of the Closing: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Buyer, on behalf of itself, the Regis Entities, and their respective Affiliates, legal representatives, successors, assigns, members,
shareholders, officers, directors, and managers (collectively, &#147;<B>Buyer Release Parties</B>&#148;), releases the TBG Entities, the Assignor TBG Entities and their respective Affiliates, legal representatives, successors, assigns, members,
shareholders, officers, directors, and managers (collectively, &#147;<B>Assignor Release Parties</B>&#148;) and Assignee from all claims that Buyer Release Parties have against Assignor Release Parties and Assignee under or related to the Second
Settlement Agreement and the Surviving Transaction Agreements (other than the North American TSA (as amended by the TSA Amendment)); <U>provided, that</U>, the foregoing release does not release any claims of Buyer Release Parties arising from or
relating to (i)&nbsp;the Surviving Insurance Provisions (as defined in this Agreement) and the Surviving Insurance Provisions (as defined in the Canada Transfer Agreement) and (ii)&nbsp;claims by creditors of the Assignor TBG Entities or other third
parties against any Buyer Release Party for (x)&nbsp;amounts or other obligations owing by the Assignor TBG Entities or (y)&nbsp;related to operations of the Business prior to January&nbsp;1, 2020, or salons not comprising the Business, including
claims for Taxes owing to governmental authorities by the Assignor TBG Entities (except for Transfer Taxes contemplated by Section&nbsp;4.2 and expressly assumed by Buyer herein). Notwithstanding the foregoing, nothing in this Agreement will extend
or increase the indemnification in Section&nbsp;17 of the Second Settlement Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Each Assignor TBG Entity, on behalf of itself
and the other Assignor Release Parties, releases Buyer Release Parties and Assignee from all claims that Assignor Release Parties have against Buyer Release Parties and Assignee under or related to the Second Settlement Agreement and the Surviving
Transaction Agreements (other than the North American TSA (as amended by the TSA Amendment)). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) By execution of the Assignee Joinder,
Assignee releases Buyer Release Parties from all claims that Assignee has against Assignor Release Parties and Buyer Release Parties under or related to the Second Settlement Agreement and the Surviving Transaction Agreements (other than the North
American TSA (as amended by the TSA Amendment)). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, the releases set forth in this Section&nbsp;4.13 do not
release any claims of Buyer Release Parties, Assignor Release Parties, or Assignee under or related to this Agreement, the Ancillary Agreements, the Canada Transfer Agreement, the Ancillary Agreements (as defined in the Canada Transfer Agreement),
or any other agreement, instrument, or document executed and/or delivered in connection with the foregoing. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.14 December Transfer Portfolio Payment</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On the Closing Date, Buyer hereby agrees to pay the following amount to the Assignor TBG Entities (the&nbsp;&#147;<B>December Transfer
Portfolio Payment</B>&#148;): (i)&nbsp;$219,441.44, which is the amount of the Transfer Portfolio Payment (as defined in the Second Settlement Agreement) for the month of December 2019, as reduced by unpaid obligations under the Leases for Salons
5305 ($4,952), 456 ($31,429), 2409 ($49,947), and 4040 ($16,945) (the &#147;<B>Known Unpaid Lease Payments</B>&#148;) and certain other amounts owing by the Assignor TBG Entities and/or their Affiliates to Buyer and/or its Affiliates, <I>plus</I>
(ii)&nbsp;any Known Unpaid Lease Payments that Buyer has received confirmation from landlords and confirmed in writing to the Assignor TBG Entities have been paid by the Assignor TBG Entities prior to the Closing Date or for which Assignor TBG
Entities provide Buyer with written confirmation showing payment wires have been initiated that will be received into landlords&#146; accounts prior to the Closing Date. The December Transfer Portfolio Payment shall be paid by reducing the 50%
Assumed Benefit Amount to be remitted by the Assignor TBG Entities by the amount of the December Transfer Portfolio Payment. The Assignor TBG Entities acknowledge and agree that the December Transfer Portfolio Payment fully satisfies all remaining
obligations of Buyer to make Transfer Portfolio Payments under the Second Settlement Agreement. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDITIONS PRECEDENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.1</B> <B>Conditions to Each Party&#146;s Obligations</B>. The obligations of Buyer to acquire the Purchased
Assets and assume the Assumed Liabilities, and the obligation of the Assignor TBG Entities and Assignee to transfer the Purchased Assets and assign the Assumed Liabilities is subject to the satisfaction or waiver on or prior to the Closing of the
following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <B>Governmental Approvals</B>. All material authorizations, consents, orders or approvals of, or declarations or
filings with, or expirations of waiting periods imposed by, any federal, state, local or foreign government or any court of competition jurisdiction, administrative agency or commission or other governmental authority or instrumentality, domestic or
foreign (a &#147;<B>Governmental Entity</B>&#148;) necessary for the consummation of the Transfer shall have been obtained or filed or shall have occurred. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B>ABC</B>. The Assignor TBG Entities and Assignee shall have entered into the General Assignments and the ABC shall have commenced, in
each case, on or prior to December&nbsp;31, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <B>No Injunctions or Restraints</B>. No applicable law or order enacted, entered,
promulgated, enforced or issued by any Governmental Entity or other legal restraint or prohibition preventing the consummation of the Transfer shall be in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.2</B> <B>Conditions to the Obligations of Buyer</B>. The obligations of Buyer to acquire the Purchased Assets
and assume the Assumed Liabilities is subject to the satisfaction or waiver on or prior to the Closing of the following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
<B>Representations and Warranties</B>. The representations and warranties of the Assignor TBG Entities in this Agreement shall be true and correct in all material respects, as of the date hereof and as of the Closing Date as though made on the
Closing Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects, on and as of such earlier date), in
each case except for breaches as to matters that, individually or in the aggregate, could not reasonably be expected to have a material adverse effect on the Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B>Covenants</B>. The Assignor TBG Entities and Assignee shall have performed or complied with all obligations and covenants required by
this Agreement to be performed or complied with by the Assignor TBG Entities and Assignee by the time of Closing, including, without limitation, the delivery of the closing deliverables of the Assignor TBG Entities set forth in Section&nbsp;1.4.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <B>Payroll</B>. <B></B>The Assignor TBG Entities shall have remitted by wire transfer to
the Payroll Provider, in immediately available funds, the full amount of the Transferred Employee Payroll Deposit, each Ordinary Payroll Amount, the Stub Payroll Amount, and the Regis Payroll Services Amount as set forth in Sections 1.3, 4.7 and
4.8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <B>Absence of Proceedings</B>. There shall not be pending or threatened any proceeding challenging or seeking to restrain or
prohibit the Transfer or any other transaction contemplated by this Agreement or the Ancillary Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <B>Canada Transfer
Agreement</B>. All conditions precedent under the Canada Transfer Agreement shall have been met. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.3</B>
<B>Conditions to the Obligations of the Assignor TBG Entities and Assignee</B>. The obligations of the Assignor TBG Entities and Assignee to transfer the Purchased Assets and assign the Assumed Liabilities is subject to the satisfaction or waiver on
or prior to the Closing of the following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <B>Representations and Warranties</B>. The representations and warranties of
Buyer in this Agreement shall be true and correct in all material respects, as of the date hereof and as of the Closing Date as though made on the Closing Date, except to the extent such representations and warranties expressly relate to an earlier
date (in which case such representations and warranties shall be true and correct in all material respects, on and as of such earlier date), in each case except for breaches as to matters that, individually or in the aggregate, could not reasonably
be expected to have a material adverse effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B>Covenants</B>. Buyer shall have performed or complied with all obligations and
covenants required by this Agreement to be performed or complied with by Buyer by the time of Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <B>Absence of Proceedings</B>.
There shall not be pending or threatened any proceeding challenging or seeking to restrain or prohibit the Transfer or any other transaction contemplated by this Agreement or the Ancillary Agreements. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.1 <FONT STYLE="white-space:nowrap">Non-Survival.</FONT></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) None of the representations or warranties in this Agreement or in any instrument delivered pursuant to this Agreement or the covenants or
agreements in this Agreement or in any instrument delivered pursuant to this Agreement that are to be performed prior to the Closing shall survive the Closing.&nbsp;This Section&nbsp;6.1 shall not limit any covenant or agreement of the parties which
by its terms contemplates performance after the Closing, including, but not limited, the provisions of Section&nbsp;1.1(4), Article IV and this Article VI. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Buyer acknowledges (on behalf of itself and its Affiliates) that it and its Affiliates, and its and their respective representatives, have
received or been afforded the opportunity to review prior to the date hereof all written materials which the Assignor TBG Entities were required to deliver or make available, as the case may be, to Buyer pursuant to this Agreement on or prior to the
date hereof. Buyer acknowledges (on behalf of itself and its Affiliates) that it and its Affiliates, and its and their respective </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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representatives, have been permitted full and complete access to the books, records, facilities, equipment, tax returns, contracts, insurance policies (or summaries thereof) and other properties
and assets of the Business that it and its Affiliates, and its and their respective representatives, have desired or requested to see and/or review, and that it and its Affiliates, and its and their respective representatives have had a full
opportunity to meet with the partners, officers and employees of the Assignor TBG Entities to discuss the Business and assets of the Business. Buyer acknowledges and agrees (on behalf of itself and its Affiliates) that (i)&nbsp;none of the Assignor
TBG Entities, their Affiliates, Assignee, or any other Person has made any representation or warranty, expressed or implied, with respect to the transactions contemplated by this Agreement or as to the accuracy or completeness of any information
regarding the Assignor TBG Entities or the Business furnished or made available to Buyer and its representatives, except as expressly set forth in this Agreement or the Disclosure Schedule (each of which shall not survive the Closing as set forth
above), (ii) Buyer and its Affiliates have not relied on any representation or warranty from the Assignor TBG Entities, any of their Affiliates, Assignee, or any other Person with respect to the Assignor TBG Entities, the Business, the Purchased
Assets, the Assumed Liabilities or any other matter, except for the representations and warranties expressly set forth in this Agreement, (iii)&nbsp;none of the Assignor TBG Entities, any of their Affiliates or any other Person shall have or be
subject to any liability to Buyer or any other Person resulting from the distribution to Buyer, or Buyer&#146;s use of, any such information and (iv)&nbsp;SHOULD THE CLOSING OCCUR, THE BUSINESS, THE PURCHASED ASSETS AND THE ASSUMED LIABILITIES ARE
ACQUIRED BY BUYER WITHOUT ANY REPRESENTATION OR WARRANTY AS TO MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, IN AN &#147;AS IS&#148; CONDITION AND ON A &#147;WHERE IS&#148; BASIS, AND THAT THE PURCHASED ASSETS ARE SUBJECT TO ORDINARY WEAR
AND TEAR. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.2</B> <B>Governing Law; Jurisdiction; Venue; Waiver of Jury Trial</B>. This Agreement shall be
deemed to be made and be governed by and construed and interpreted in accordance with the laws of the State of Delaware without regard to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">conflicts-of-law</FONT></FONT> principles
that would require the application of any other law. Any dispute shall be adjudicated exclusively in the federal or state courts in the State of Delaware. The parties hereto submit to personal jurisdiction in the State of Delaware<B> </B>for the
enforcement of the provisions of this Agreement and waive any and all rights to object to such jurisdiction for the purposes of litigation to enforce this Agreement. THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
(WHETHER IN CONTRACT OR TORT) BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE PERFORMANCE HEREUNDER. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.3 Entire Agreement</B> This Agreement (including any Annexes, Exhibits and Schedules hereto), the Ancillary Agreements, and
the Second Settlement Agreement constitute the complete agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all prior agreements, understandings, promises, and arrangements, oral or written, between
the parties with respect to such subject matter. Except for the representations and warranties contained in Article II, Buyer agrees that none of the Assignor TBG Entities nor any Person on behalf of the Assignor TBG Entities makes any other express
or implied representation or warranty with respect to the Assignor TBG Entities, the Purchased Assets, the Assumed Liabilities or the Business or with respect to any other information made available to Buyer in connection with the transactions
contemplated by this Agreement. None of the Assignor TBG Entities nor any other Person will have or be subject to any liability or indemnification obligation to Buyer or any other Person resulting from the distribution to Buyer, or Buyer&#146;s use
of, any such information, including any information, documents, projections, forecasts or other material made available to Buyer in expectation of the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.4</B> <B>Expenses</B>. Except as otherwise expressly provided in this Agreement, each party shall pay its own
fees and expenses incurred in connection with the preparation, negotiation, execution and performance of this Agreement and the transactions contemplated hereby whether or not the transactions contemplated hereby are consummated. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.5</B> <B>Notices</B>. All notices, consents, waivers and
other communications required or permitted under this Agreement shall be sufficiently given for all purposes hereunder if in writing and (i)&nbsp;hand delivered, (ii)&nbsp;sent by certified or registered mail, return receipt requested and proper
postage prepaid, (iii)&nbsp;sent by a nationally recognized overnight courier service, (iv)&nbsp;sent by electronic mail or (v)&nbsp;sent by facsimile, in each case to the address, electronic mail address or facsimile number and to the attention of
the Person (by name or title) set forth below (or to such other address and to the attention of such other Person as a party may designate by written notice to the other parties): </P>
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<TD VALIGN="bottom">If to Buyer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Regis Corporation</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">7201 Metro Boulevard</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Minneapolis, MN 55439</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Attn: Eric Bakken</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">E-mail&nbsp;:</FONT> <U>eric.bakken@regiscorp</U>.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Facsimile: (952) <FONT STYLE="white-space:nowrap">947-7200</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">With a copy to:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Ropes&nbsp;&amp; Gray LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">1211 Avenue of the Americas</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">New York, NY 10036</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Attn&nbsp;: Paul S. Scrivano</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">E-mail&nbsp;:</FONT> <U>paul.scrivano@ropesgray</U>.com</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Facsimile: (646) <FONT STYLE="white-space:nowrap">728-2574</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">If to the Assignor TBG Entities:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The Beautiful Group Management, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">c/o Regent Companies, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">9720 Wilshire Boulevard, 6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Fl.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Beverly Hills, CA 90212</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Attn:<U> Legal Department</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">E-mail:</FONT> <U>legal@regent.co</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">With a copy to:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Sulmeyer Kupetz</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">333 South Grand Avenue, Suite 3400</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Los Angeles, CA 90071</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Attn: Victor Sahn</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">E-Mail:</FONT> <U>vsahn@sulmeyerlaw.com</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">If to Assignee:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Avant Partners, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">6532 Vista del Mar, Unit A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Playa del Rey, CA 90293</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Attn: Roy Kim</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">E-mail&nbsp;:</FONT> <U>rpkim@avantpartners.com</U></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">With a copy to:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Lesnick Prince&nbsp;&amp; Pappas LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">315 West Ninth Street, Suite 705</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Los Angeles, CA 90015</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Attn: Matthew A. Lesnick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">E-mail:</FONT> <U>matt@lesnickprince.com</U></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The date of giving of any such notice, consent, waiver or other communication shall be (i)&nbsp;the date of
delivery if hand delivered, (ii)&nbsp;the date of receipt for certified or registered mail, (iii)&nbsp;the day after delivery to the overnight courier service if sent thereby, and (iv)&nbsp;the date of transmission if successfully sent by electronic
mail or facsimile. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.6</B> <B>Successors and Assigns</B>. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns to the extent permitted hereunder. No party may assign any of its rights or delegate any of its obligations under this Agreement without the express prior written consent
of each other party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.7</B> <B>Construction</B>. Captions, titles and headings to articles or sections of
this Agreement are inserted for convenience of reference only and shall not affect the construction or interpretation of this Agreement. All references in this Agreement to &#147;Article&#148; or &#147;Section&#148; refer to the corresponding
articles or sections of this Agreement unless otherwise stated and, unless the context otherwise specifically requires, refer to all subsections thereof. All references in this Agreement to a &#147;party&#148; or &#147;parties&#148; refer to the
parties signing this Agreement. All defined terms and phrases used in this Agreement are equally applicable to both the singular and plural forms of such terms. Wherever the words &#147;include,&#148; &#147;includes&#148; or &#147;including&#148;
are used in this Agreement, they shall be deemed to be followed by the words &#147;without limitation.&#148; As used in this Agreement, &#147;<B>Person</B>&#148; means any individual, firm, corporation, partnership, limited liability company, joint
venture, association, estate, trust, governmental agency or body or other entity, and shall include any successor (by merger or otherwise) of such Person. As used in this Agreement, &#147;<B>Affiliate</B>&#148; means, with respect to any specified
Person, any other person or entity directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person or entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.8</B> <B>Amendments</B>. This Agreement may be amended or modified only by an instrument in writing signed by
each of the parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.9 Third Parties.</B> Nothing in this Agreement, express or implied, is intended to or shall be
construed to confer upon or give any Person other than the parties and their respective successors and permitted assigns, any legal or equitable right, remedy or claim under or with respect to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.10</B> <B>Waiver</B>. Neither any failure nor any delay by any party in exercising any right, power or
privilege under this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege or the
exercise of any other right, power or privilege. The rights and remedies of the parties and their subsidiaries hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. No provision of this
Agreement may be waived except pursuant to a writing executed by the waiving party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.11</B>
<B>Severability</B>. In the event that a court of competent jurisdiction holds any provision of this Agreement invalid, illegal or unenforceable, such decision shall not affect the validity or enforceability of any of the other provisions of this
Agreement, which other provisions shall remain in full force and effect, and the application of such invalid, illegal or unenforceable provision to persons or circumstances other than those as to which it is held invalid, illegal or unenforceable
shall be valid and be enforced to the fullest extent permitted by law. To the extent permitted by applicable law, each party waives any provision of law that renders any provision of this Agreement invalid, illegal or unenforceable in any respect.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.12</B> <B>Execution of this Agreement</B>. This Agreement
may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. This Agreement shall become effective
when one or more counterparts have been executed by each of the parties and delivered to each other party. The exchange of copies of this Agreement and of signature pages by facsimile transmission shall constitute effective execution and delivery of
this Agreement as to the parties and may be used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their original signatures for all purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.13</B> <B>Assignment for the Benefit of Creditors.</B> The Assignor TBG Entities have informed Buyer that the
Assignor TBG Entities and their Affiliates have been and are currently losing money in the operation of the Salons and the Business and that these operating losses are present before factoring in corporate overhead/G&amp;A expenses as an additional
expense in the operation of the Salons and the Business. The Assignor TBG Entities have informed Buyer that the Assignor TBG Entities and their Affiliates are unable to fund a Chapter 11 case and that, even if the Assignor TBG Entities and their
Affiliates were able to fund such a Chapter 11 case (which they are not), consistent with their fiduciary obligations in such a Chapter 11 case, the Assignor TBG Entities and their Affiliates would have to reject or terminate each of the Leases (and
breach the US Sublease) with respect to the Salons immediately upon the filing of such a Chapter 11 case and that the Salons and the Business do not have any residual value to the Assignor TBG Entities or their Affiliates. Based upon these facts,
Buyer and the Assignor TBG Entities have agreed that additional operating losses to and additional claims against the Assignor TBG Entities and their Affiliates would be prevented or limited by entering into the transactions provided for under this
Agreement contemporaneously with the commencement of the ABC. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;7.1 Termination.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding anything to the contrary in this Agreement, this Agreement may be terminated and the Transfer and the other transactions
contemplated by this Agreement abandoned at any time prior to the Closing: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) By mutual written consent of Buyer and the Assignor TBG
Entities; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) By the Assignor TBG Entities if any of the conditions set forth in Section&nbsp;5.1 or Section&nbsp;5.3 shall have become
incapable of fulfillment, and shall not have been waived by the Assignor TBG Entities; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) By Buyer if any of the conditions set forth
in Section&nbsp;5.1 or Section&nbsp;5.2 shall have become incapable of fulfillment, and shall not have been waived by Buyer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) By
Buyer or the Assignor TBG Entities, if the Closing shall not have occurred on or prior to January&nbsp;6, 2020 (the &#147;<B>Outside Date</B>&#148;); provided, however, that the party seeking termination pursuant to this clause (iv)&nbsp;is not then
in material breach of any of its representations, warranties, covenants or agreements contained in this Agreement </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) By Buyer, if: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(1) the ABC shall not have been commenced on or before December&nbsp;31, 2019; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(2) any Salon shall cease operations or &#147;go dark&#148; for more than one
(1)&nbsp;business day; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(3) the Assignor TBG Entities shall have failed timely to perform any covenant set forth in Section&nbsp;4.7 or
4.8. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(4) there shall be a material breach by any Assignor TBG Entity of any representation or warranty of such Assignor TBG Entity, or
any covenant or agreement of such Assignor TBG Entity contained in this Agreement and which breach cannot be cured or has not been cured by the earlier of (i)&nbsp;three (3) days after the giving of written notice by Buyer to the Assignor TBG
Entities of such breach and (ii)&nbsp;the Outside Date; <U>provided</U>, that no cure period shall be required for a breach which by its nature cannot be cured; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(5) the filing of a petition by or against any Assignor TBG Entity or any of its Affiliates under any provision of title 11 of the United
States Code, 11 U.S.C. &#167; 101, <I>et seq</I>., or under any similar state, federal, or foreign law relating to bankruptcy, insolvency or other relief for debtors, or analogous step or procedure for debtors; or the appointment or order for the
appointment of a receiver, administrative receiver, interim receiver, receiver and manager, administrator, examiner, monitor, trustee, custodian or liquidator of or for all or any material part of the assets or property of any Assignor TBG Entity or
any of its Affiliates; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(6) any Assignor TBG Entity shall have entered into an agreement to sell, transfer, or otherwise dispose of a
material portion of the Purchased Assets to a third party other than Buyer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(7) the Portfolio Transfer Agreement (Canada), dated as of
the date hereof, by and between Regis Holdings (Canada), Ltd., a Nova Scotia corporation, and The Beautiful Group Salons (Canada) Ltd., a British Columbia limited company (the &#147;<B>Canada Transfer Agreement</B>&#148;), shall have been
terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In the event of termination by the Assignor TBG Entities or Buyer pursuant to Section&nbsp;7.1, written notice thereof
shall forthwith be given to the other party and the transactions contemplated by this Agreement shall be terminated, without any further action by any party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) If this Agreement is terminated and the transactions contemplated hereby are abandoned as described in Section&nbsp;7.1, this Agreement
shall become null and void and of no further force and effect, except for the provisions of Article VI. Nothing in this Section&nbsp;7.1(c) shall be deemed to release any party from any liability for any breach by such party of the terms and
provisions of this Agreement or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE FOLLOWS] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">21 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned have executed this Portfolio Transfer Agreement as of
the day first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>BUYER</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>REGIS CORP.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/S/ Kersten Zupfer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Kersten Zupfer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">EVP, CFO</TD></TR>
</TABLE></DIV>
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<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>ASSIGNOR TBG ENTITIES</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE BEAUTIFUL GROUP MANAGEMENT, LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE BEAUTIFUL GROUP, LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE BEAUTIFUL GROUP VENTURES, LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE BEAUTIFUL GROUP VENTURES USA, LLC</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>TBG IP HOLDER, LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/S/ Michael Reinstein</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael Reinstein</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Portfolio Transfer Agreement] </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>Acknowledged and Agreed solely with respect to Section&nbsp;4.9:</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>REGIS LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/S/ Kersten Zupfer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Kersten Zupfer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">EVP, CFO</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Portfolio Transfer Agreement] </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">A-1</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL ASSIGNMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(THE
BEAUTIFUL GROUP MANAGEMENT, LLC) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See Attached] </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">A-2</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL ASSIGNMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(THE
BEAUTIFUL GROUP, LLC) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See Attached] </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">A-3</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL ASSIGNMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(THE
BEAUTIFUL GROUP VENTURES, LLC) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See Attached] </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">A-4</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL ASSIGNMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(THE
BEAUTIFUL GROUP VENTURES USA, LLC) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See Attached] </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT <FONT STYLE="white-space:nowrap">A-5</FONT> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GENERAL ASSIGNMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(TBG
IP HOLDER, LLC) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See Attached] </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT TO TRANSITION SERVICES AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See Attached] </P>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT C </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARCHETYPE LETTER </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See
Attached] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT D </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRADEMARK AND DOMAIN NAME ASSIGNMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(UNITED STATES) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See
Attached] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT E </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ASSIGNEE JOINDER </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See
Attached] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT F </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BILL OF SALE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See
Attached] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Annex 1 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Transfer Portfolio Salons </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See
Attached] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Annex 2 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See Attached] </P>
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<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>3
<FILENAME>d858732dex22.htm
<DESCRIPTION>EX-2.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-2.2</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 2.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>[Execution Version] </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PORTFOLIO TRANSFER AGREEMENT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(CANADA) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS PORTFOLIO
TRANSFER AGREEMENT (this &#147;<B>Agreement</B>&#148;), dated as of December&nbsp;30, 2019, is entered into by and between (x)&nbsp;Regis Holdings (Canada), Ltd., a Nova Scotia corporation (&#147;<B>Buyer</B>&#148;), on the one hand, and
(y)&nbsp;The Beautiful Group Salons (Canada) Ltd., a British Columbia limited company (&#147;<B>Seller</B>&#148;), on the other hand. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A. Seller is
engaged in the business of owning and operating hairstyling and hair care salons in Canada. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">B. Pursuant to that certain Second US and
Canada Omnibus Settlement Agreement, dated as of June&nbsp;27, 2019 (the &#147;<B>Second Settlement Agreement</B>&#148;), by and among the Regis Entities (as defined in the Second Settlement Agreement) (including Buyer) and the TBG Entities (as
defined in the Second Settlement Agreement) (including Seller), the TBG Entities agreed, in consideration for limited releases of the TBG Entities, the other concessions granted to the TBG Entities by the Regis Entities, the waiver of certain
defaulted payments, and the cancellation of certain secured promissory notes, to cooperate in good faith with the Regis Entities in order to transfer ownership of the salons listed on Annex 1 hereto (such salons, the &#147;<B>Transfer Portfolio
Salons</B>&#148; and such business, the&nbsp;&#147;<B>Transfer Portfolio Business</B>&#148;) to a purchaser designated by the Regis Entities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">C. The Regis Entities have designated Buyer as the purchaser of the Transfer Portfolio Salons pursuant to the Second Settlement Agreement and
this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">D. Buyer is the primary lessee under the leases for the Transfer Portfolio Salons and, pursuant to the Canada Sublease
(as defined in the Second Settlement Agreement), the <FONT STYLE="white-space:nowrap">sub-lessor</FONT> to Seller for the Transfer Portfolio Salons. Because the Transfer Portfolio Salons and the Transfer Portfolio Business have failed to generate
sufficient revenues to pay operating expenses, an Affiliate of Buyer agreed, pursuant to the Second Settlement Agreement, to provide financial support for the Transfer Portfolio Salons&#146; operating expenses in the amount of $2,000 per Transfer
Portfolio Salon per month from the effective date of the Second Settlement Agreement. Even with Buyer&#146;s financial support, the Transfer Portfolio Salons and the Transfer Portfolio Business have continued to generate operating losses. In the
absence of the sale of the Transfer Portfolio Salons to Buyer as set forth herein, Seller would otherwise close the Transfer Portfolio Salons and breach the Canada Sublease. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">E. Buyer is also the primary lessee under the leases for the salons listed on <U>Annex 2</U> hereto (such salons, the &#147;<B><FONT
STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons</B>&#148; and collectively with the Transfer Portfolio Salons, the &#147;<B>Salons</B>&#148; and such business, the &#147;<B><FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio
Business</B>&#148; and collectively with the Transfer Portfolio Business, the &#147;<B>Business</B>&#148;) and, pursuant to the Canada Sublease (as defined in the Second Settlement Agreement), the <FONT STYLE="white-space:nowrap">sub-lessor</FONT>
to Seller for the <FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons. The <FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons and the <FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Business have continued to
generate operating losses. In the absence of the sale of the <FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons to Buyer as set forth herein, Seller would otherwise close the <FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio
Salons and breach the Canada Sublease. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">F. Seller, acknowledging the agreements made by the TBG Entities and the Regis Entities under the
Second Settlement Agreement and the consideration that Seller and its Affiliates received from the Regis Entities thereunder, and having determined that the transfer of the Business will provide substantial benefit to its creditors by
(i)&nbsp;allowing continued lease payments to landlords of the Salons, (ii)&nbsp;preserving jobs for employees of the Salons, and (iii)&nbsp;relieving the estates of obligations under the Surviving </P>
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Transaction Agreements (as defined in the Second Settlement Agreement), desires to transfer the Salons to Buyer. Buyer desires to acquire the Salons and continue the operation of the Business
and, to the extent determined by Buyer in its business judgment, to continue performance of the leases for the Salons. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">G. Buyer and
Seller desire to enter into the First Amendment to Transition Services Agreement, in the form set forth hereto as Exhibit A (the &#147;<B>TSA Amendment</B>&#148;), which shall be effective as of the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties, intending to be legally bound, hereby agree that the above recitals are incorporated into and shall constitute a part of this
Agreement and further agree as follows: </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE ASSET SALE; THE CLOSING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.1</B> <B>The Purchased Assets; Assumed Liabilities.</B> (1)&nbsp;On and subject to the terms and provisions of
this Agreement, at the Closing (as defined below), Seller shall convey, transfer, assign and deliver to Buyer, and Buyer shall acquire from Seller, all of Seller&#146;s right, title and interest in and to all of the following assets (collectively,
the &#147;<B>Purchased Assets</B>&#148;): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) all tangible personal property located at each Salon as of the Closing Date, which personal
property includes furniture, fixtures, equipment and leasehold improvements; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) all inventory and supplies located at each Salon (and
any inventories in transit to any Salon), in each case, as of the Closing Date, including retail inventory; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) the real property leases
in respect of the Salons listed on <B>Schedule 1.1(c) </B>of the Disclosure Schedule attached hereto (the <B>&#147;Leases</B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d)
any contracts listed on <B>Schedule 1.1(d)</B> of the Disclosure Schedule attached hereto (the &#147;<B>Additional Contracts</B>&#148; and collectively with the Leases, the &#147;<B>Assumed Contracts</B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) all prepaid rent relating to any of the Leases as of the Closing Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) all cash located at the premises of each Salon as of the Closing Date (the &#147;<B>Salon Cash</B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(g) all security deposits in respect of each Salon as of the Closing Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(h) the intellectual property listed on <B>Schedule 1.1(h)</B> of the Disclosure Schedule attached hereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(i) books and records used in or relating to the Salons, the Business or the Purchased Assets; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(j) the other assets listed on <B>Schedule 1.1(j)</B> of the Disclosure Schedule attached hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Purchased Assets shall be transferred and acquired &#147;as is&#148; and subject to any encumbrances existing as of the Closing Date (other than
encumbrances of Archetype Capital Partners, LLC (&#147;<B>Archetype</B>&#148;)) (any &#147;<B>Existing Encumbrances</B>&#148;). The Purchased Assets include only the assets listed above and no other assets of Seller or any Affiliate of Seller
(collectively, the &#147;<B>Excluded Assets</B>&#148;). For the avoidance of doubt, Buyer is not acquiring any of the following Excluded Assets: (i)&nbsp;any trade or other accounts receivable of Seller
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

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or any Affiliate of Seller, (ii)&nbsp;any cash or cash equivalents with respect to the Business of Seller or any Affiliate of Seller (other than prepaid rent, security deposits and Salon Cash),
(iii) any tax assets of Seller or any Affiliate of Seller and (iv)&nbsp;any other asset not used or held for use exclusively in the operation of the Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(2) On and subject to the terms of this Agreement, and unless such liabilities are Excluded Liabilities (as defined below), Buyer hereby
assumes the following liabilities of Seller and no others: (A)&nbsp;all liabilities arising out of the Purchased Assets, the Transferred Employees and the conduct of the Business to the extent arising or occurring at any time after the Closing Date,
including the Assumed Contracts; <U>provided, that</U>, Buyer&#146;s obligations in respect of each Lease shall not exceed Buyer&#146;s obligations under such Lease prior to the Closing and assignment of such Lease to Buyer; (B)<B></B>&nbsp;the
following employee benefits for the Transferred Employees (such benefits, the &#147;<B>Assumed Benefits</B>&#148;): (i) earned and accrued vacation benefits and paid time off as of the Closing Date, (ii)&nbsp;earned and accrued incentive points, and
(iii)&nbsp;bonuses accrued as of December&nbsp;31, 2019, for which the applicable bonus period ends on or after January&nbsp;1, 2020 (the &#147;<B>Assumed Bonuses</B>&#148;), and (C)&nbsp;the Transfer Taxes contemplated by Section&nbsp;4.2 hereof
(collectively, the &#147;<B>Assumed Liabilities</B>&#148;). Notwithstanding the foregoing, Buyer does not assume liabilities under the Assumed Contracts with respect to landlords of the Transfer Portfolio Salons and
<FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons in excess of the liabilities that Buyer had to such landlords prior to Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(3) Notwithstanding Section&nbsp;1.1(2) or anything to the contrary in this Agreement, Buyer does not assume, and shall not in any way be
liable or responsible for, any liabilities or obligations of Seller or any Affiliate of Seller or the Business, other than the Assumed Liabilities (collectively, the &#147;<B>Excluded Liabilities</B>&#148;). Without limiting the generality of the
foregoing, the Assumed Liabilities do not include, and Buyer shall not be required to assume or to perform or discharge, the following Excluded Liabilities: (i)&nbsp;any liability that does not primarily relate to the Purchased Assets, (ii)&nbsp;any
liability in any way related to any Excluded Assets, (iii)&nbsp;any liability arising out of or relating to any indebtedness or any <FONT STYLE="white-space:nowrap">off-balance</FONT> sheet liability of Seller; (iv)&nbsp;any liability arising out of
or relating to the breach of, or indemnification obligations under, <FONT STYLE="white-space:nowrap">non-payment</FONT> in respect of, any of the Assumed Contracts (including the Leases), to the extent that such payment was owing prior to the
Closing Date, or such liability arose or is claimed to have arisen from events that occurred, or circumstances existing, on or prior to the Closing Date, or any liability under the Leases related to the period on or after the Closing Date except to
the extent Buyer was obligated for such liability prior to the Closing Date; (v)&nbsp;any liability with respect to any litigation, suit, action or proceeding initiated at any time, to the extent that such liability arises or is claimed to have
arisen from events that occurred, or circumstances existing, on or prior to the Closing Date, (vi)&nbsp;any liability of Seller to any of its Affiliates, including liabilities resulting from any loans owed by Seller to any of its Affiliates,
(vii)&nbsp;other than the Transfer Taxes (which shall be assumed by Buyer pursuant to Section&nbsp;1.1(2)), any liability arising out of, related to or with respect to all Taxes, including Taxes arising out of, relating to or in respect of the
Business, the Purchased Assets and/or the Assumed Liabilities, for any Tax period (or portion thereof) ending on or before the Closing Date, all withholding Taxes that are imposed by any governmental authority in connection with the transactions
contemplated by this Agreement, and all Taxes of Seller or any Affiliate of Seller, (viii)&nbsp;other than the Assumed Benefits, any liability related to the employment of any Transferred Employee (including any employee disputes or obligations with
respect to compensation, and bonuses), (ix) any liability related to employees other than Transferred Employees, whether or not such employees are at any time hired by Buyer or franchisees of Buyer as new employees, (x)&nbsp;any liability of Seller
arising out of circumstances that exist or existed, or events that occurred, on or prior to the Closing Date under any applicable law relating to pollution or the protection of the environment, natural resources or, solely as it relates to exposure
to hazardous or toxic substances or human health, (xi)&nbsp;any trade accounts payable or other accounts payable, (xii) [intentionally left blank], (xiii) any liability related to the violation of any law or regulation, including without limitation
any law or regulation relating to employment conditions, wage and hour laws or benefits of any kind and (xiv)&nbsp;any liability related to <FONT STYLE="white-space:nowrap">non-compliance</FONT> with any law or regulation relating to unclaimed
property. &#147;<B>Tax</B>&#148; or &#147;<B>Taxes</B>&#148; means (a)&nbsp;any and </P>
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all federal, state, provincial, local, or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs
duties, capital stock, franchise, profits, withholding, social security, unemployment, disability, real property, personal property, sales, goods and services, use, transfer, registration, value added, alternative or
<FONT STYLE="white-space:nowrap">add-on</FONT> minimum, estimated, or other tax of any kind or any charge of any kind in the nature of (or similar to) taxes whatsoever, including any interest, penalty, or addition thereto, whether disputed or not
and (b)&nbsp;any liability for the payment of any amounts of the type described in clause (a)&nbsp;of this definition as a result of being a member of an affiliated, consolidated, combined or unitary group for any period, as a result of any tax
sharing or tax allocation agreement, arrangement or understanding, or as a result of being liable for another person&#146;s taxes as a transferee or successor, by contractual obligation or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(4) Following the Closing, Buyer shall be solely responsible for the Assumed Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.2</B> <B>Consideration</B>. As consideration for the Purchased Assets (in addition to the consideration set
forth in the Second Settlement Agreement), Buyer or with respect to clause (c)&nbsp;below, a permitted Affiliate of Buyer, in each case to the extent permitted in such document, shall, at the Closing: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) cancel the Buyer Lease Payment Secured Debt (as defined below); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) assume the Assumed Liabilities, including performance of Seller&#146;s liabilities and obligations (whether financial, payment,
performance or otherwise) under the Assumed Contracts to which Seller is a party, <U>provided that</U>, Buyer does not assume liabilities under the Assumed Contracts with respect to landlords of the Transfer Portfolio Salons and <FONT
STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons in excess of the liabilities that Buyer had to such landlords prior to Closing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) employ, subject to and effective as of the Closing or at such later time as such person accepts Buyer&#146;s or Affiliate of Buyer&#146;s
offer of employment, the persons employed at the Salons as of the Closing Date and listed on <B>Schedule 1.2(c)</B> of the Disclosure Schedule attached hereto (the &#147;<B>Transferred Employees</B>&#148;), and be responsible for<B> </B>the Assumed
Benefits and all obligations and liabilities relating to the Transferred Employees to the extent arising on or after their commencement of employment by Buyer; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) provide the release to the TBG Entities and Seller as set forth in Section&nbsp;4.14. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.3 Effective Date; Time and Place of Closing.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) This Agreement shall be effective upon execution by Buyer and Seller and satisfaction of the following conditions: (i)&nbsp;Seller shall
deliver a letter from Archetype, agreeing that its liens and security interests on the Purchased Assets are released as of the date hereof, in the form attached hereto as <U>Exhibit B</U>, and (ii)&nbsp;Seller and/or its Affiliates shall wire to the
Payroll Provider (as hereinafter defined) a deposit in the amount of CAD$140,000, consisting of the amount of payroll, tax withholding, bonuses (as to which the applicable bonus period ends in or before December 2019), and other amounts estimated to
be payable by Seller to Transferred Employees after December&nbsp;31, 2019 in respect of work performed through December&nbsp;31, 2019 (such amount not to include Assumed Benefits) (the &#147;<B>Transferred Employee Payroll Deposit</B>&#148;). The
Transferred Employee Payroll Deposit shall be held for payment of obligations owed by Seller to the Transferred Employees that are to be paid after December&nbsp;31, 2019. Any excess of the Transferred Employee Payroll Deposit over amounts paid to
Transferred Employees for work performed prior to December&nbsp;31, 2019, shall be paid (without setoff or recoupment by Buyer, except for setoff or recoupment of Unpaid <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Lease Obligations), at the
direction of Seller, to Archetype on </P>
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January&nbsp;29, 2020. As used herein, &#147;<B>Unpaid <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Lease Obligations</B>&#148; shall mean unpaid, documented amounts owing under any Leases
(as defined herein and in the US Transfer Agreement (as defined below)) relating to the <FONT STYLE="white-space:nowrap">pre-Closing</FONT> period and actually paid by Buyer or its Affiliates based on a good faith belief that such amounts are due
and owing under such Leases. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) The consummation (the &#147;<B>Closing</B>&#148;) of the transactions contemplated by this Agreement
(such transactions, the &#147;<B>Transfer</B>&#148;) shall take place by the electronic exchange of documents on December&nbsp;31, 2019 after the satisfaction of all conditions set forth in Article V (other than conditions that by their nature are
to be satisfied at the Closing) (or to the extent permissible, waiver by the party or parties entitled to the benefit of such conditions), or at such other place, at such other time or on such other date as the parties may mutual agree (the
&#147;<B>Closing Date</B>&#148;). The Closing shall be deemed effective for all tax and accounting purposes as of 11:59 p.m. (prevailing Eastern Time) on the Closing Date in each jurisdiction in which any of the Purchased Assets are located. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;1.4 Closing Deliveries.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) At the Closing, Seller shall deliver to Buyer (i)&nbsp;the Trademark and Domain Name Assignment Agreement (Canada), executed by Seller
(the &#147;<B>Trademark Assignment</B>&#148;), in the form attached hereto as <U>Exhibit C</U>, (ii)&nbsp;such bills of sale, assignments and other appropriate instruments of transfer, executed by Seller, as shall be necessary to vest in Buyer, as
of the Closing Date, all right, title and interest of Seller in and to the Purchased Assets subject to any Existing Encumbrances, including the Bill of Sale in the form attached hereto as <U>Exhibit D</U> (the &#147;<B>Bill of Sale</B>&#148; and
collectively with the Trademark Assignment and the TSA Amendment, the &#147;<B>Ancillary Agreements</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) At the Closing,
Seller shall deliver the Tax Clearance Certificates (as defined below), completed applications for all Tax Clearance Certificates, and completed Value-Added Tax Forms (as defined below); <I>provided</I>, <I>however</I>, that the Tax Clearance
Certificates may be delivered at the Closing or as soon as reasonably practicable thereafter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) At the Closing, the applicable parties
shall execute and deliver the TSA Amendment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;1.5</B> <B>Assumption and/or Assignment of Contracts</B>. At
Buyer&#146;s request, Seller shall make available to Buyer all material documentation and other material information relating to all Assumed Contracts. Any real estate lease or other contract that is not listed as an Assumed Contract shall not be
assumed and assigned to Buyer and all liabilities thereunder shall be Excluded Liabilities. </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF SELLER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Seller hereby represents and warrants to Buyer that, except as set forth in the Disclosure Schedule delivered to Buyer concurrently with the
execution of this Agreement, the following representations and warranties are true and correct as of the date hereof and the Closing Date: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.1</B> <B>Organization and Authorization</B>. Seller is duly incorporated or formed, validly existing and in
good standing under the laws of its jurisdiction of organization and is duly authorized to conduct business is in good standing in each foreign jurisdiction in which such qualification is necessary, except where the failure to be so authorized would
not have a material adverse effect on Seller. Seller and its Affiliates have full power and authority to execute and deliver this Agreement and the Ancillary Agreements to which each of them is a party, to perform each of their obligations hereunder
and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery of this Agreement and the Ancillary Agreements, the performance of Seller&#146;s and its Affiliates&#146; obligations hereunder and
thereunder and the consummation of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary proceedings on the part of Seller and its Affiliates. This Agreement and each of the Ancillary Agreements to
which Seller and its Affiliates is a party has been duly executed and delivered by Seller and its Affiliates and constitutes a legal, valid and binding obligation of Seller and its Affiliates, enforceable against Seller and its Affiliates in
accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, the discretion of courts in granting equitable remedies or other similar laws affecting the enforcement of
creditors&#146; rights in general, moratorium laws or by general principles of equity (the &#147;<B>Bankruptcy and Equity Exception</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;2.2 No Conflict.</B> The execution, delivery and performance of this Agreement and the Ancillary Agreements, the consummation
of the transactions contemplated hereby and thereby and the compliance with the terms of this Agreement and the Ancillary Agreements do not and will not, (i)&nbsp;conflict with, result in a breach of any provision of, constitute a default under,
result in the modification or cancellation of, or give rise to any right of termination or acceleration in respect of, any Assumed Contract, (ii)&nbsp;result in the creation of any lien upon, or any Person obtaining the right to acquire any of the
Purchased Assets, (iii)&nbsp;violate or conflict with any law, rule, regulation, order or ruling of any court, arbitral body or governmental authority, to which Seller or its Affiliates is subject, (iv)&nbsp;except as set forth on <B>Schedule
2.2</B> of the Disclosure Schedule, require any authorization, consent, order, permit or approval of, or notice to, or filing, registration or qualification with, any governmental, administrative or judicial authority or (v)&nbsp;conflict with or
result in any breach of any of the provisions of the organizational documents of Seller or its Affiliates, except in the case of clauses (i)&nbsp;through (iv) as would not have a material adverse effect on the Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.3</B> <B>Title to the Purchased Assets</B>. Seller has, and Buyer will acquire, good and valid title in and to
all of the Purchased Assets, subject to any Existing Encumbrances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.4</B> <B>Absence of Certain
Changes</B>. Subject to Section&nbsp;6.13 below and except as set forth on <B>Schedule 2.4</B> of the Disclosure Schedule and the significant decline in sales, undercapitalization of the Business and the related consequences (including but not
limited to a significant amount of salon closures), since January&nbsp;1, 2019, the Business has been conducted in the ordinary course, consistent with past practice, and there has been no material adverse change in the results of operations of the
Business. Without limiting the foregoing, except as set forth on <B>Schedule 2.4</B> of the Disclosure Schedule, since January&nbsp;1, 2019, Seller has (i)&nbsp;not materially increased the level of benefits, salary or other compensation payable or
to become payable to any Transferred Employee or (ii)&nbsp;sold or disposed of any of its material assets (other than sales of inventory in the ordinary course of business and salon closures). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.5</B> <B>Real Property</B>. Each Lease is legal, valid,
binding, enforceable and in full force and effect, except as enforceability would be limited by the Bankruptcy and Equity Exception or pursuant to any Existing Encumbrances. Except as set forth on <B>Schedule 2.5(a)</B> of the Disclosure Schedule,
Seller (or to the knowledge of Seller, any other party to any Lease) is not in breach or default under such Lease (or the Canada Sublease with respect to such Lease). To the knowledge of Seller, no event has occurred or circumstance exists that,
with the delivery of notice, the passage of time or both, would constitute such material breach or default that would permit the termination of such Lease. Seller has not subleased or licensed any Salon under the Leases. <B>Schedule 2.5(b) </B>of
the Disclosure Schedule sets forth, in respect of each Lease, all amounts owing in respect of the Lease for such Salon for the most recent lease payment period ending on or prior to the Closing Date (the &#147;<B>Lease Payments</B>&#148;), and,
except as set forth on <B>Schedule 2.5(c) </B>of the Disclosure Schedule, Seller has paid all Lease Payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.6</B> <B>Employment Matters</B>. None of the Transferred Employees are subject to any collective bargaining
agreement or similar agreement with a labor union or similar employee association with respect to their employment by Seller or any Affiliate. To the knowledge of Seller, except as set forth on <B>Schedule 2.6(a)</B> of the Disclosure Schedule,
there are no current efforts to organize any of the Transferred Employees into any collective bargaining unit or any solicitation of them to join any labor organization, in each case with respect to their employment by Seller or any Affiliate. With
respect to the Business, including, without limitation, the Transferred Employees, Seller is in material compliance with all applicable laws respecting employment and employment practices, pay equity, occupational safety and health standards, terms
and conditions of employment, and wages and hours except for instances of noncompliance that, individually or in the aggregate are not material. To Seller&#146;s knowledge, except as set forth on <B>Schedule 2.6(b)</B> of the Disclosure Schedule,
there are no outstanding assessments, penalties, fines, liens (other than any Existing Encumbrances), charges, surcharges, or other amounts, in each case, of a material nature, due or owing pursuant to any workplace safety and
insurance/workers&#146; compensation legislation in respect of the Business.<B> Schedule 2.6(c) </B>of the Disclosure Schedule sets forth all wages and other amounts accrued with respect to Transferred Employees for all periods ending prior to the
Closing Date (the &#147;<B>Employee Payments</B>&#148;), and, except as set forth on <B>Schedule</B> <B>2.6(d) </B>of the Disclosure Schedule and with respect to the Assumed Benefits, Seller has paid all Employee Payments owing on or prior to the
date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.7</B> <B>Compliance with Laws</B>. Except as set forth on <B>Schedule 2.7</B> of the
Disclosure Schedule, the Business has been conducted in all material respects in compliance with all applicable laws, rules, regulations, judgments, orders except for instances of noncompliance that, individually or in the aggregate, would not be
reasonably likely to have a material adverse effect on the Business, and, to Seller&#146;s knowledge, no material action, suit, proceeding, hearing, complaint, claim, demand, or notice has been filed or commenced against Seller or any Affiliate of
Seller alleging any failure so to comply except for instances of noncompliance that, individually or in the aggregate, would not be reasonably likely to have a material adverse effect on the Business or as set forth on Schedule 2.7 of the Disclosure
Schedule. Without limiting the generality of the foregoing, except as set forth on <B>Schedule 2.7</B> of the Disclosure Schedule, all material licenses, permits, authorizations, registrations, certificates and similar rights necessary for the
conduct of the Business as presently conducted are held by Seller or its Affiliates and are in full force and effect. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;2.8</B> <B>Sales Taxes</B>. Seller has timely filed all Tax
returns, reports, declarations, statements and other documents required to be filed with the appropriate governmental authorities (&#147;<B>Tax Returns</B>&#148;) for sales and goods and services Taxes and all such Tax Returns are true and correct
in all material respects and were prepared in substantial compliance with all applicable law. All sales and goods and services Taxes owed by Seller, whether or not shown to be payable on such Tax Returns, including those relating to the Salons, the
Business, the Purchased Assets, and/or other salons owned or operated by Seller, have been timely paid. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF BUYER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Buyer hereby represents and warrants to Seller that the following representations and warranties are true and correct as of the date hereof
and as of the Closing Date: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.1 Incorporation; Authorization; Etc.</B> Buyer is duly organized, validly existing and in
good standing under the laws of its formation. Buyer has full limited authority to execute and deliver this Agreement and the Ancillary Agreements, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated
hereby and thereby. The execution and delivery of this Agreement and the Ancillary Agreements, the performance of Buyer&#146;s obligations hereunder and thereunder and the consummation of the transactions contemplated hereby and thereby have been
duly and validly authorized by all necessary limited liability company proceedings on the part of Buyer. This Agreement and each of the Ancillary Agreements has been duly executed and delivered by Buyer and constitutes a legal, valid and binding
obligation of Buyer, enforceable against Buyer in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency or other similar laws affecting the enforcement of creditors&#146; rights in general, moratorium laws
or by general principles of equity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;3.2 No Conflict.</B> The execution, delivery and performance of this Agreement and
the Ancillary Agreements by Buyer and the consummation of the transactions contemplated hereby and thereby will not (i)&nbsp;conflict with, result in a breach of any provision of, constitute a default under, result in the modification or
cancellation of, or give rise to any right of termination or acceleration in respect of, any contract, agreement, commitment, understanding, arrangement or restriction of any kind to which Buyer is a party or to which Buyer is subject,
(ii)&nbsp;violate or conflict with any law, rule, regulation, order or ruling of any court, arbitral body or governmental authority, to which Buyer is subject, (iii)&nbsp;require any authorization, consent, order, permit or approval of, or notice
to, or filing, registration or qualification with, any governmental, administrative or judicial authority or (iv)&nbsp;conflict with or result in any breach of Buyer&#146;s organizational documents. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COVENANTS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.1 Confidentiality; Press Release</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) From and after the Closing, Seller and Buyer shall hold in strict confidence and not use to the detriment of Buyer or Seller, any <FONT
STYLE="white-space:nowrap">non-public,</FONT> confidential or proprietary information with respect to this Agreement, the Business and the Purchased Assets or Assumed Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Seller and Buyer shall consult with each other concerning a press release or other public statement with respect to this Agreement and the
transactions contemplated hereby. Except as required by applicable law, Seller shall not issue a press release or public statement concerning this Agreement or the transactions contemplated hereby without the prior written approval of Buyer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.2 Transfer Taxes</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Buyer shall pay the cost of any documentary, recording, stamp, sales, excise, transfer, gains, value-added, or other applicable taxes,
other than Canadian Value-Added Taxes (as defined below), in respect of the sale of the Purchased Assets and the filing or recording of any documents or instruments in connection therewith (such taxes, &#147;<B>Transfer Taxes</B>&#148;). Buyer shall
pay any applicable goods and services tax, harmonized sales tax and Quebec sales tax (collectively, the &#147;<B>Canadian Value-Added Taxe</B>s&#148;) in respect of its purchase of the Purchased Assets. Seller and Buyer shall cooperate in good faith
in the preparation and filing of all returns, reports and forms that are necessary or appropriate to comply with the provisions of all applicable laws in connection with the payment of taxes governed by this Section&nbsp;4.2, and Buyer and Seller
shall cooperate in good faith to minimize, to the fullest extent possible under such laws, the amount of any taxes governed by this Section&nbsp;4.2. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Seller and the Buyer shall jointly execute an election under subsection 167(1) of Part IX of the <I>Excise Tax Act </I>(Canada) and the
corresponding provisions of any other applicable statute in the form prescribed for such purposes (collectively, the &#147;<B>Value-Added Tax Forms</B>&#148;) such that the sale of the Purchased Assets by Seller will take place without payment of
any applicable Canadian Value-Added Taxes. Buyer shall be responsible for filing the election form(s) referred to above with the applicable governmental authority. Buyer shall indemnify and save harmless Seller from and against any tax, interest
and/or penalties imposed on Seller as a result of any failure to file or refusal by any governmental authority to accept any such election. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.3 Further Assurances; Consents</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Buyer acknowledges that certain consents and waivers with respect to the transactions contemplated by this Agreement and the Ancillary
Agreements may be required from parties pursuant to certain contracts and leases of the Business (the &#147;<B>Other Contracts</B>&#148;), and that such consents and waivers have not been obtained, including as set forth on <B>Schedule 4.3</B> of
the Disclosure Schedule (collectively, the &#147;<B>Pending Consents and Approvals</B>&#148;). At Buyer&#146;s request, the parties shall use their respective reasonable best efforts to obtain the Pending Consents and Approvals. Until the Pending
Consents and Approvals are obtained, as to each affected Salon, Seller will (x)&nbsp;use its reasonable best efforts to provide Buyer with all of the rights and benefits and pass through to Buyer all obligations of such Other Contract or arrangement
accruing after the Closing to the extent that Seller or its Affiliates can provide Buyer with such rights and benefits without violating the Other Contract, (y)&nbsp;use its and their reasonable best efforts to create any arrangement designed to
provide such rights and benefits to Buyer and pass through to Buyer all obligations, and (z)&nbsp;use its and their reasonable best efforts to enforce, at Buyer&#146;s request and expense, and for Buyer&#146;s account, any and all rights of Seller
and its Affiliates arising under any such Other Contract. Buyer agrees that Seller shall not have any liability whatsoever to Buyer arising out of or relating to the failure to obtain any Pending Consents and Approvals or because of the termination
of any contract as a result thereof. Buyer further agrees that no representation, warranty or covenant of Seller contained herein shall be breached or deemed breached, and no condition shall be deemed not satisfied, as a result of (a)&nbsp;the
failure to obtain any Pending Consents and Approvals, (b)&nbsp;any such termination or (c)&nbsp;any lawsuit, action, proceeding or investigation commenced or threatened by or on behalf of any Person arising out of or relating to the failure to
obtain any Pending Consents and Approvals prior to the date hereof or any termination. From time to time after the Closing Date, Buyer and Seller will take such other action and execute such documents as may be reasonably requested by the other
party to carry out the purposes and intents of this Agreement and the transactions contemplated hereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.4 Employee Matters </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) On or following the Closing Date, Buyer shall make an offer to employ, effective as of the Closing Date or, if such offer has not then
been accepted, at such later time as such person accepts Buyer&#146;s offer of employment, the Transferred Employees. At Buyer&#146;s request, Seller shall cooperate with Buyer and assist Buyer in providing messaging and communications to the
Transferred Employees regarding the Transfer as well as offers of employment from Buyer. Seller shall consult with Buyer prior to providing any messages and communications to the Transferred Employees and the content of such messages and
communications shall be subject to Buyer&#146;s prior approval (which approval shall not to be unreasonably withheld). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) On and before
the Closing Date, Seller and Buyer shall cooperate to identify TBG Employees other than the Transferred Employees which Buyer may hire as new hires on or following the Closing Date. For the avoidance of doubt, such TBG Employees shall not be
considered Transferred Employees and Seller shall remain obligated to pay all Accrued Exit Benefits (as defined below), including, without limitation, accrued vacation benefits, for such TBG Employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.5 Clearance Certificates </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">At the Closing or as soon as possible thereafter, Seller shall deliver or cause to be delivered clearance certificates issued pursuant to
section 187 of the <I>Provincial Sales Tax Act</I> (British Columbia), section 51 of the <I>Revenue and Financial Services Act </I>(Saskatchewan), section 45 of the <I>Tax Administration and Miscellaneous Taxes Act </I>(Manitoba) and any equivalent
or corresponding provisions under any other applicable laws of any Canadian province or territory (the &#147;<B>Tax Clearance Certificates</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">At the Closing, Seller shall also deliver or cause to be delivered completed applications for all Tax Clearance Certificates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.6 Covenants Relating to the Conduct of the Business </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">From the date of this Agreement to the Closing, Seller shall cause the Business to be conducted in the usual, regular and ordinary course in
substantially the same manner as previously conducted and, to the extent consistent therewith, use best efforts to keep intact the Business, keep available the services of the Transferred Employees and preserve its relationships with customers,
suppliers, licensors, licensees, distributors and others with whom it deals to the end that the Business shall be unimpaired at the Closing. Seller shall not, and shall not permit any other Person, to do any of the following in respect of the
Business without the prior written consent of Buyer: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Sell, lease, license, abandon, mortgage, encumber, transfer or otherwise dispose of any of the Purchased Assets
or any interest in any of the Purchased Assets, except the sale of inventory in the ordinary course consistent with past practice; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">b.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Incur or assume any liabilities, obligations, indebtedness for borrowed money or guarantee any such
liabilities, obligations or indebtedness; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Institute any material increase in, terminate or adopt any benefit plan applicable to the Transferred
Employees; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Negotiate, amend, extend, renew, terminate, enter into, waive, release, assign or modify, in any respect, any
Assumed Contract or any of the rights of Seller thereunder; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>

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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fail to make any payments or to take any action required pursuant to the terms of any Assumed Contract;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Implement or effect any Salon closing or take any action to terminate any Transferred Employees (other than for
cause); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">g.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Declare, set aside or pay any dividends on, or make any distributions (whether in cash, stock, property or
otherwise); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">h.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Institute, release, assign, pay, discharge, compromise, settle or satisfy (or agree to do any of the preceding
with respect to ) any proceedings, claims, liabilities or obligations (whether absolute, accrued, asserted or unasserted, contingent or otherwise) in respect of any of the Business, the Purchased Assets or the Assumed Liabilities; or
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">i.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Enter into any contract to do, agree, authorize, commit, adopt resolutions approving or announce an intention
to do any of the foregoing. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.7 Efforts </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On the terms and subject to the conditions of this Agreement, each party shall use its reasonable best efforts to cause the Closing to occur,
including taking all reasonable actions necessary to comply promptly with all legal requirements that may be imposed on it or any of its Affiliates with respect to the Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;4.8</B> <B>Ordinary Payroll</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) As used in this Section&nbsp;4.8 and Section&nbsp;4.9, &#147;<B>TBG Employees</B>&#148; means all employees or former employees (with
respect to any period during which such former employees were employed by Seller or its Affiliates) of Seller or its Affiliates. &#147;<B>Payroll Date</B>&#148; shall mean any date prior to the Closing Date on which Seller or its Affiliates are
required to pay the TBG Employees, whether pursuant to contractual arrangements, applicable law, or otherwise consistent with past practices. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) At least three (3)&nbsp;business days prior to each Payroll Date (<I>i.e</I>., not counting such Payroll Date), Buyer shall deliver an
estimate to Seller of the following amount (the &#147;<B>Ordinary</B> <B>Payroll Amount</B>&#148;): the full amount estimated to be necessary to fund payroll and related taxes, benefits, and expenses (including, without limitation, withholding
taxes) for all TBG Employees to be paid on such Payroll Date, <I>plus</I> an additional ten percent (10%) of such amount (such additional ten percent (10%) amount, the &#147;<B>Ordinary Payroll Cushion</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) On or before three (3)&nbsp;business days prior to each Payroll Date (<I>i.e</I>., not counting such Payroll Date), Seller shall remit the
Ordinary Payroll Amount for such Payroll Date by wire transfer in immediately available funds to Buyer and/or one or more Affiliates of Buyer or third parties identified in writing by Buyer (the &#147;<B>Payroll Provider</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) For the avoidance of doubt, the parties hereto agree that (i)&nbsp;the Ordinary Payroll Cushion is intended to ensure that the Payroll
Provider has sufficient funds to fund the actual Ordinary Payroll Amount to be paid on such Payroll Date, (ii)&nbsp;the Ordinary Payroll Cushion does not constitute a fee or compensation for the Payroll Provider, and (iii)&nbsp;any surplus Ordinary
Payroll Cushion remaining after such Payroll Date shall be held by the Payroll Provider to be applied to the Ordinary Payroll Amount for the next Payroll Date, or the Stub Payroll Amount, as applicable. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.9 Stub Payroll</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) As used herein, the &#147;<B>Stub</B> <B>Payroll Amount</B>&#148; shall mean the aggregate amount of CAD$146,885, consisting of: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) CAD$75,567, which is the sum of (x)&nbsp;the full amount estimated by Seller to be necessary to fund after the Closing Date all payroll
and related taxes, benefits, and expenses (including, without limitation, bonuses and withholding taxes) for all TBG Employees (other than the Transferred Employees) from the last Payroll Date applicable to such TBG Employees through the date of
termination of their employment by Seller, <I>plus</I> (y)&nbsp;an additional ten percent (10%) of the amounts described in the foregoing clause (x) (such additional ten percent (10%) amount, the &#147;<B>Accrued Payroll Cushion</B>&#148;); </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman"><I>plus</I> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) CAD$71,318,
which is the sum of (x)&nbsp;the full amount estimated by Seller to be necessary to fund after the Closing Date all severance liabilities, unused employee incentive benefits, salary <FONT STYLE="white-space:nowrap">top-offs,</FONT> and earned and/or
accrued vacation and other paid time off required to be paid by Seller or its Affiliates to all TBG Employees under applicable law in connection with such termination (excluding the Assumed Benefits) (the &#147;<B>Accrued Exit
Benefits</B>&#148;),<B> </B><I>plus</I> (y)&nbsp;an additional ten percent (10%) of the amounts described in the foregoing clause (x) (the &#147;<B>Accrued Exit Benefits Cushion</B>&#148; and collectively with the Accrued Payroll Cushion, the
&#147;<B>Stub Payroll Cushion</B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Seller acknowledges and agrees: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) that the 50% Assumed Benefits Amount (as defined and payable under the US Transfer Agreement) includes fifty percent (50%) of the amount
of estimated Assumed Benefits payable by Seller to Buyer or its Affiliates, which shall be allocated to pay one hundred percent (100%) of the Assumed Bonuses, with the balance to be paid to Buyer as reimbursement of a portion of the remaining
Assumed Benefits; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) that the Regis Payroll Services Amount (as defined and payable under the US Transfer Agreement) includes fees
and expenses payable by Seller to Buyer or its Affiliates under the North American TSA (as defined in the Second Settlement Agreement) (as amended by the TSA Amendment) in connection with payroll processing services provided or to be provided by
Buyer or its Affiliates for the TBG Employees (including, without limitation, the creation of Canada Revenue Agency T4 forms for the 2020 tax year) through the stated expiration date of the North American TSA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) On or before the Closing Date, Seller shall remit the Stub Payroll Amount by wire transfer in immediately available funds to the Payroll
Provider. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) For the avoidance of doubt, Seller shall be deemed to have terminated the employment of all TBG Employees, including the
Transferred Employees, effective as of December&nbsp;31, 2019. Seller acknowledges that (i)&nbsp;any estimates by the Payroll Provider of the Stub Payroll Amount (including the components thereof) are delivered for purposes of convenience only and
were prepared at the request of Seller based on calculation methods that Seller directed the Payroll Provider to use, and (ii)&nbsp;that Seller has sole responsibility for determining amounts owed to TBG Employees (other than Transferred Employees)
and except as otherwise expressly provided herein with regard to Transferred Employees, paying such amounts. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) For the avoidance of doubt, the parties hereto agree that (i)&nbsp;the Stub Payroll
Cushion is intended to ensure that the Payroll Provider has sufficient funds to fund the actual Stub Payroll Amount, (ii)&nbsp;the Stub Payroll Cushion does not constitute a fee or compensation for the Payroll Provider, and (iii)&nbsp;any surplus
Stub Payroll Cushion remaining after payment of all obligations owing to the TBG Employees (with respect to their period of employment by Seller and the termination of such employment) shall be remitted by the Payroll Provider, at the direction of
Seller, to Archetype on January&nbsp;29, 2020. Such surplus shall be refunded without setoff or recoupment, except for setoff or recoupment of Unpaid <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Lease Obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(f) Within thirty (30)&nbsp;days following the end of each calendar quarter ending after the Closing Date until the calendar quarter ending
December&nbsp;31, 2020, Buyer shall remit 50% of the following amount (without setoff or recoupment by Buyer, except for setoff or recoupment of Unpaid <FONT STYLE="white-space:nowrap">Pre-Closing</FONT> Lease Obligations), at the direction of
Seller, to Archetype: the amount of unused Assumed Benefits relating to Transferred Employees who have departed the employment of Buyer or its Affiliates or whose employment by Buyer or its Affiliates has otherwise been terminated in such quarter,
which Assumed Benefits were not paid out to such Transferred Employees prior to or upon such departure or termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.10 Termination of Certain Surviving Transaction Agreements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Canada Sublease and Canada Management Agreement (as defined in the Second Settlement Agreement), shall each be terminated effective as of
the Closing Date; <U>provided, that</U> the provisions in the Canada Sublease and Canada Management Agreement that grant Buyer and its Affiliates the benefits of insurance, including Article 13 of the Canada Sublease and Article VI of the Canada
Management Agreement, shall survive and remain in full force and effect (the &#147;<B>Surviving Insurance Provisions</B>&#148;) following the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">The Trademark License Agreement (Canada), dated as of June&nbsp;27, 2019, by and between Regis Corporation and Seller, shall be terminated
effective as the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.11 January Credit Card Receipts </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Seller agrees to instruct its credit card processors and cooperate with Buyer to move all credit card receipts for the Salons to accounts held
by Buyer on January&nbsp;2, 2020. Buyer and Seller acknowledge that, after December&nbsp;31, 2019 until the date that the credit card receipts for the Salons are moved to accounts held by Buyer (the &#147;<B>Credit Card Changeover Date</B>&#148;),
the credit card receipts for the Salons will continue to be remitted into accounts held by Seller. Within thirty (30)&nbsp;days after Closing, Seller shall provide an accounting (reasonably satisfactory to Buyer) of all credit card receipts from the
Salons for the period after December&nbsp;31, 2019, to and including the Credit Card Changeover Date (the &#147;<B>Buyer Credit Card Receipts</B>&#148;) and remit all Buyer Credit Card Receipts from the Salons to Buyer. Seller acknowledges and
agrees (i)&nbsp;that all Buyer Credit Card Receipts are the sole property of Buyer and (ii)&nbsp;to hold all Buyer Credit Card Receipts in trust for Buyer. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.12 Salon Cash </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">As of the Closing Date, Seller shall ensure that each Salon has at least $250.00 in Salon Cash at such Salon. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.13 Buyer Lease Payments </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On or before the Closing Date, Buyer, in its sole discretion, may make any Lease Payments on behalf of Seller to any landlord under any Lease
(any such payments, a &#147;Buyer Lease Payment&#148;). Upon the funding by Buyer of any Buyer Lease Payment, Buyer shall be deemed to have made a loan to Seller in the amount of such Buyer Lease Payment (all such loans, the &#147;Buyer Lease
Payment Secured Debt&#148;). To secure the Buyer Lease Payment Secured Debt, Seller hereby grants to Buyer a valid, continuing security interest in all Purchased Assets, subject to any Existing Encumbrances. The Buyer Lease Payment Secured Debt
shall be deemed satisfied and released on the Closing Date and shall be deemed a portion of the consideration paid by Buyer to Seller for the Purchased Assets. This Section&nbsp;4.13 shall survive the termination of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;4.14 Release </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">Conditioned on and effective as of the Closing: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Buyer, on behalf of itself, the Regis Entities, and their respective Affiliates, legal representatives, successors, assigns, members,
shareholders, officers, directors, and managers (collectively, &#147;<B>Buyer Release Parties</B>&#148;), releases the the TBG Entities, Seller and their respective Affiliates, legal representatives, successors, assigns, members, shareholders,
officers, directors, and managers (collectively, the &#147;<B>Seller Release Parties</B>&#148;) from all claims that Buyer Release Parties have against Seller Release Parties under or related to the Second Settlement Agreement and the Surviving
Transaction Agreements (other than the North American TSA (as amended by the TSA Amendment)); <U>provided, that</U>, the foregoing release does not release any claims of Buyer Release Parties arising from or relating to (i)&nbsp;the Surviving
Insurance Provisions (as defined in this Agreement) and the Surviving Insurance Provisions (as defined in the US Transfer Agreement) and (ii)&nbsp;claims by creditors of Seller or other third parties against any Buyer Release Party for
(x)&nbsp;amounts or other obligations owing by Seller or (y)&nbsp;related to operations of the Business prior to January&nbsp;1, 2020, or salons not comprising the Business, including claims for Taxes owing to governmental authorities by Seller
(except for Transfer Taxes contemplated by Section&nbsp;4.2 and expressly assumed by Buyer herein). Notwithstanding the foregoing, nothing in this Agreement will extend or increase the indemnification in Section&nbsp;17 of the Second Settlement
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Seller, on behalf of itself and the other Seller Release Parties, releases Buyer Release Parties from all claims that the
Seller Release Parties have against Buyer Release Parties under or related to the Second Settlement Agreement and the Surviving Transaction Agreements (other than the North American TSA (as amended by the TSA Amendment)). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">For the avoidance of doubt, the releases set forth in this Section&nbsp;4.14 do not release any claims of Buyer Release Parties or Seller
Release Parties under or related to this Agreement, the Ancillary Agreements, the US Transfer Agreement, the Ancillary Agreements (as defined in the US Transfer Agreement), or any other agreement, instrument, or document executed and/or delivered in
connection with the foregoing. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDITIONS PRECEDENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.1</B> <B>Conditions to Each Party&#146;s Obligations</B>. The obligations of Buyer to acquire the Purchased
Assets and assume the Assumed Liabilities, and the obligation of Seller to transfer the Purchased Assets and assign the Assumed Liabilities is subject to the satisfaction or waiver on or prior to the Closing of the following conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <B>Governmental Approvals</B>. All material authorizations, consents, orders or approvals of, or declarations or filings with, or
expirations of waiting periods imposed by, any federal, state, local or foreign government or any court of competition jurisdiction, administrative agency or commission or other governmental authority or instrumentality, domestic or foreign (a
&#147;<B>Governmental Entity</B>&#148;) necessary for the consummation of the Transfer shall have been obtained or filed or shall have occurred; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B>No Injunctions or Restraints</B>. No applicable law or order enacted, entered,
promulgated, enforced or issued by any Governmental Entity or other legal restraint or prohibition preventing the consummation of the Transfer shall be in effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.2</B> <B>Conditions to the Obligations of Buyer</B>. The obligations of Buyer to acquire the Purchased Assets
and assume the Assumed Liabilities is subject to the satisfaction or waiver on or prior to the Closing of the following conditions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a)
<B>Representations and Warranties</B>. The representations and warranties of Seller in this Agreement shall be true and correct in all material respects, as of the date hereof and as of the Closing Date as though made on the Closing Date, except to
the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects, on and as of such earlier date), in each case except for
breaches as to matters that, individually or in the aggregate, could not reasonably be expected to have a material adverse effect on the Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B>Covenants</B>. Seller shall have performed or complied with all obligations and covenants required by this Agreement to be performed or
complied with by Seller by the time of Closing, including, without limitation, the delivery of the closing deliverables of the Seller set forth in Section&nbsp;1.4. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <B>Payroll</B>. <B></B>Seller shall have remitted by wire transfer to the Payroll Provider, in immediately available funds, the full
amount of the Transferred Employee Payroll Deposit, each Ordinary Payroll Amount, and the Stub Payroll Amount as set forth in Sections 1.3, 4.8 and 4.9. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(d) <B>Absence of Proceedings</B>. There shall not be pending or threatened any proceeding challenging or seeking to restrain or prohibit the
Transfer or any other transaction contemplated by this Agreement or the Ancillary Agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(e) <B>US Transfer Agreement</B>. All
conditions precedent under the US Transfer Agreement shall have been met. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;5.3</B> <B>Conditions to the
Obligations of Seller</B>. The obligations of Seller to transfer the Purchased Assets and assign the Assumed Liabilities is subject to the satisfaction or waiver on or prior to the Closing of the following conditions: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) <B>Representations and Warranties</B>. The representations and warranties of Buyer in this Agreement shall be true and correct in all
material respects, as of the date hereof and as of the Closing Date as though made on the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties
shall be true and correct in all material respects, on and as of such earlier date), in each case except for breaches as to matters that, individually or in the aggregate, could not reasonably be expected to have a material adverse effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) <B>Covenants</B>. Buyer shall have performed or complied with all obligations and covenants required by this Agreement to be performed or
complied with by Buyer by the time of Closing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) <B>Absence of Proceedings</B>. There shall not be pending or threatened any proceeding
challenging or seeking to restrain or prohibit the Transfer or any other transaction contemplated by this Agreement or the Ancillary Agreements. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.1 <FONT STYLE="white-space:nowrap">Non-Survival.</FONT></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) None of the representations or warranties in this Agreement or in any instrument delivered pursuant to this Agreement or the covenants or
agreements in this Agreement or in any instrument delivered pursuant to this Agreement that are to be performed prior to the Closing shall survive the Closing.&nbsp;This Section&nbsp;6.1 shall not limit any covenant or agreement of the parties which
by its terms contemplates performance after the Closing, including, but not limited, the provisions of Section&nbsp;1.1(4), Article IV and this Article VI. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) Buyer acknowledges (on behalf of itself and its Affiliates) that it and its Affiliates, and its and their respective representatives, have
received or been afforded the opportunity to review prior to the date hereof all written materials which Seller was required to deliver or make available, as the case may be, to Buyer pursuant to this Agreement on or prior to the date hereof. Buyer
acknowledges (on behalf of itself and its Affiliates) that it and its Affiliates, and its and their respective representatives, have been permitted full and complete access to the books, records, facilities, equipment, tax returns, contracts,
insurance policies (or summaries thereof) and other properties and assets of the Business that it and its Affiliates, and its and their respective representatives, have desired or requested to see and/or review, and that it and its Affiliates, and
its and their respective representatives have had a full opportunity to meet with the partners, officers and employees of Seller to discuss the Business and assets of the Business. Buyer acknowledges and agrees (on behalf of itself and its
Affiliates) that (i)&nbsp;none of Seller, Seller&#146;s Affiliates or any other Person has made any representation or warranty, expressed or implied, with respect to the transactions contemplated by this Agreement or as to the accuracy or
completeness of any information regarding the Seller or the Business furnished or made available to Buyer and its representatives, except as expressly set forth in this Agreement or the Disclosure Schedule (each of which shall not survive the
Closing as set forth above), (ii) Buyer and its Affiliates have not relied on any representation or warranty from Seller, any of Seller&#146;s Affiliate or any other Person with respect to the Seller, the Business, the Purchased Assets, the Assumed
Liabilities or any other matter, except for the representations and warranties expressly set forth in this Agreement, (iii)&nbsp;none of Seller, any Seller&#146;s Affiliate or any other Person shall have or be subject to any liability to Buyer or
any other Person resulting from the distribution to Buyer, or Buyer&#146;s use of, any such information and (iv)&nbsp;SHOULD THE CLOSING OCCUR, THE BUSINESS, THE PURCHASED ASSETS AND THE ASSUMED LIABILITIES ARE ACQUIRED BY BUYER WITHOUT ANY
REPRESENTATION OR WARRANTY AS TO MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, IN AN &#147;AS IS&#148; CONDITION AND ON A &#147;WHERE IS&#148; BASIS, AND THAT THE PURCHASED ASSETS ARE SUBJECT TO ORDINARY WEAR AND TEAR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.2</B> <B>Governing Law; Jurisdiction; Venue; Waiver of Jury Trial</B>. This Agreement shall be deemed to be
made and be governed by and construed and interpreted in accordance with the laws of the State of Delaware without regard to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">conflicts-of-law</FONT></FONT> principles that would
require the application of any other law. Any dispute shall be adjudicated exclusively in the federal or state courts in the State of Delaware. The parties hereto submit to personal jurisdiction in the State of Delaware for the enforcement of the
provisions of this Agreement and waive any and all rights to object to such jurisdiction for the purposes of litigation to enforce this Agreement. THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER IN CONTRACT
OR TORT) BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE PERFORMANCE HEREUNDER. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.3 Entire Agreement</B> This Agreement (including any Annexes, Exhibits and
Schedules hereto), the Ancillary Agreements, and the Second Settlement Agreement constitute the complete agreement among the parties hereto with respect to the subject matter hereof and thereof and supersede all prior agreements, understandings,
promises, and arrangements, oral or written, between the parties with respect to such subject matter. Except for the representations and warranties contained in Article II, Buyer agrees that neither Seller nor any Person on behalf of Seller makes
any other express or implied representation or warranty with respect to Seller, the Purchased Assets, the Assumed Liabilities or the Business or with respect to any other information made available to Buyer in connection with the transactions
contemplated by this Agreement. Neither Seller nor any other Person will have or be subject to any liability or indemnification obligation to Buyer or any other Person resulting from the distribution to Buyer, or Buyer&#146;s use of, any such
information, including any information, documents, projections, forecasts or other material made available to Buyer in expectation of the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.4</B> <B>Expenses</B>. Except as otherwise expressly provided in this Agreement, each party shall pay its own
fees and expenses incurred in connection with the preparation, negotiation, execution and performance of this Agreement and the transactions contemplated hereby whether or not the transactions contemplated hereby are consummated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.5</B> <B>Notices</B>. All notices, consents, waivers and other communications required or permitted under this
Agreement shall be sufficiently given for all purposes hereunder if in writing and (i)&nbsp;hand delivered, (ii)&nbsp;sent by certified or registered mail, return receipt requested and proper postage prepaid, (iii)&nbsp;sent by a nationally
recognized overnight courier service, (iv)&nbsp;sent by electronic mail or (v)&nbsp;sent by facsimile, in each case to the address, electronic mail address or facsimile number and to the attention of the Person (by name or title) set forth below (or
to such other address and to the attention of such other Person as a party may designate by written notice to the other parties): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="71%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to Buyer:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regis Corporation</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7201 Metro Boulevard</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Minneapolis, MN 55439</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Eric Bakken</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">E-mail : <U>eric.bakken@regiscorp</U>.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Facsimile: (952)
947-7200</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">With a copy to:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ropes &amp; Gray LLP</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1211 Avenue of the
Americas</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10036</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn : Paul S. Scrivano</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">E-mail : <U>paul.scrivano@ropesgray</U>.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Facsimile: (646)
728-2574</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to Seller:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Beautiful Group Salons (Canada) Ltd.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">c/o
Regent Companies, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9720 Wilshire Boulevard, 6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Fl.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Beverly Hills, CA 90212</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn:<U> Legal Department</U></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">E-mail: <U>legal@regent.co</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">With a copy to:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sulmeyer Kupetz</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">333 South Grand Avenue, Suite
3400</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Los Angeles, CA 90071</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Victor Sahn</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">E-mail:</FONT> <U>vsahn@sulmeyerlaw.com</U></P></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The date of giving of any such notice, consent, waiver or other communication shall be (i)&nbsp;the date of
delivery if hand delivered, (ii)&nbsp;the date of receipt for certified or registered mail, (iii)&nbsp;the day after delivery to the overnight courier service if sent thereby, and (iv)&nbsp;the date of transmission if sent by electronic mail or
facsimile. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.6</B> <B>Successors and Assigns</B>. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns to the extent permitted hereunder. No party may assign any of its rights or delegate any of its obligations under this Agreement without the express prior written consent of
each other party. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.7</B> <B>Construction</B>. Captions, titles and headings to articles or sections of
this Agreement are inserted for convenience of reference only and shall not affect the construction or interpretation of this Agreement. All references in this Agreement to &#147;Article&#148; or &#147;Section&#148; refer to the corresponding
articles or sections of this Agreement unless otherwise stated and, unless the context otherwise specifically requires, refer to all subsections thereof. All references in this Agreement to a &#147;party&#148; or &#147;parties&#148; refer to the
parties signing this Agreement. All defined terms and phrases used in this Agreement are equally applicable to both the singular and plural forms of such terms. Wherever the words &#147;include,&#148; &#147;includes&#148; or &#147;including&#148;
are used in this Agreement, they shall be deemed to be followed by the words &#147;without limitation.&#148; As used in this Agreement, &#147;<B>Person</B>&#148; means any individual, firm, corporation, partnership, limited liability company, joint
venture, association, estate, trust, governmental agency or body or other entity, and shall include any successor (by merger or otherwise) of such Person. As used in this Agreement, &#147;<B>Affiliate</B>&#148; means, with respect to any specified
Person, any other person or entity directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person or entity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.8</B> <B>Amendments</B>. This Agreement may be amended or modified only by an instrument in writing signed by
each of the parties. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section&nbsp;6.9 Third Parties.</B> Nothing in this Agreement, express or implied, is intended to or shall be
construed to confer upon or give any Person other than the parties and their respective successors and permitted assigns, any legal or equitable right, remedy or claim under or with respect to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.10</B> <B>Waiver</B>. Neither any failure nor any delay by any party in exercising any right, power or
privilege under this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or privilege or the
exercise of any other right, power or privilege. The rights and remedies of the parties and their subsidiaries hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. No provision of this
Agreement may be waived except pursuant to a writing executed by the waiving party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.11</B> <B>Severability</B>. In the event that a court of
competent jurisdiction holds any provision of this Agreement invalid, illegal or unenforceable, such decision shall not affect the validity or enforceability of any of the other provisions of this Agreement, which other provisions shall remain in
full force and effect, and the application of such invalid, illegal or unenforceable provision to persons or circumstances other than those as to which it is held invalid, illegal or unenforceable shall be valid and be enforced to the fullest extent
permitted by law. To the extent permitted by applicable law, each party waives any provision of law that renders any provision of this Agreement invalid, illegal or unenforceable in any respect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.12</B> <B>Execution of this Agreement</B>. This Agreement may be executed in one or more counterparts, each of
which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. This Agreement shall become effective when one or more counterparts have been executed by
each of the parties and delivered to each other party. The exchange of copies of this Agreement and of signature pages by facsimile transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be used in
lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile shall be deemed to be their original signatures for all purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;6.13</B> <B>Seller&#146;s Operating Losses.</B> Buyer acknowledges that Seller has informed it that Seller and
its Affiliates have been and are currently losing money in the operation of the Salons and the Business and that these operating losses are present before factoring in corporate overhead/G&amp;A expenses as an additional expense in the operation of
the Salons and the Business. Seller has informed Buyer that, consistent with its and its Affiliates&#146; fiduciary obligations, it would otherwise have to breach or terminate each of the Leases (and breach the Canada Sublease) with respect to the
Salons and that the Salons and the Business do not have any residual value to Seller or to its Affiliates. Based upon these facts, Buyer and Seller have agreed that additional operating losses to, and additional claims against, Seller and its
Affiliates would be prevented or limited by entering into this Agreement and consummating the transactions contemplated hereby. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE
VII </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman"><B>Section</B><B></B><B>&nbsp;7.1</B> <B>Termination</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding anything to the contrary in this Agreement, this Agreement may be terminated and the Transfer and the other transactions
contemplated by this Agreement abandoned at any time prior to the Closing: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) By mutual written consent of Buyer and Seller; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) By Seller if any of the conditions set forth in Section&nbsp;5.1 or Section&nbsp;5.3 shall have become incapable of fulfillment, and
shall not have been waived by Seller; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) By Buyer if any of the conditions set forth in Section&nbsp;5.1 or Section&nbsp;5.2 shall
have become incapable of fulfillment, and shall not have been waived by Buyer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) By Buyer or Seller if the Closing shall not have
occurred on or prior to January<B> </B>6, 2020 (the &#147;<B>Outside Date</B>&#148;); provided, however, that the party seeking termination pursuant to this clause (iv)&nbsp;is not then in material breach of any of its representations, warranties,
covenants or agreements contained in this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) By Buyer, if: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(1) any Salon shall cease operations or &#147;go dark&#148; for more than one (1)&nbsp;business day; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(2) Seller shall have failed timely to perform any covenant set forth in Section&nbsp;4.8 or 4.9. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(3) there shall be a material breach by Seller of any representation or warranty of Seller, or any covenant or agreement of Seller contained
in this Agreement and which breach cannot be cured or has not been cured by the earlier of (i)&nbsp;three (3) days after the giving of written notice by Buyer to Seller of such breach and (ii)&nbsp;the Outside Date; <U>provided</U>, that no cure
period shall be required for a breach which by its nature cannot be cured; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(4) the filing of a petition by or against Seller or any of
its Affiliates under any provision of title 11 of the United States Code, 11 U.S.C. &#167; 101, et seq., or under any similar state, federal, or foreign law relating to bankruptcy, insolvency or other relief for debtors, or analogous step or
procedure for debtors; or the appointment or order for the appointment of a receiver, administrative receiver, interim receiver, receiver and manager, administrator, examiner, monitor, trustee, custodian or liquidator of or for all or any material
part of the assets or property of Seller or any of its Affiliates; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(5) Seller shall have entered into an agreement to sell,
transfer, or otherwise dispose of a material portion of the Purchased Assets to a third party other than Buyer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:18%; font-size:10pt; font-family:Times New Roman">(6) The Portfolio
Transfer Agreement (United States), dated as of the date hereof, by and between (x)&nbsp;Regis Corp., a Minnesota corporation, on the one hand, and (y)&nbsp;The Beautiful Group Management, LLC, The Beautiful Group, LLC, The Beautiful Group Ventures,
LLC, The Beautiful Group Ventures USA, LLC, and TBG IP Holder, LLC (the &#147;<B>Assignor TBG Entities</B>&#148;) and, upon its joinder thereto, Avant Partners, Inc., in its sole and limited capacity as assignee for the benefit of creditors of the
Assignor TBG Entities, on the other hand (the &#147;<B>US Transfer Agreement</B>&#148;), shall have been terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(b) In the event of
termination by Seller or Buyer pursuant to Section&nbsp;7.1, written notice thereof shall forthwith be given to the other party and the transactions contemplated by this Agreement shall be terminated, without any further action by any party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">(c) If this Agreement is terminated and the transactions contemplated hereby are abandoned as described in Section&nbsp;7.1, this Agreement
shall become null and void and of no further force and effect, except for the provisions of Article VI. Nothing in this Section&nbsp;7.1(c) shall be deemed to release any party from any liability for any breach by such party of the terms and
provisions of this Agreement or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE FOLLOWS] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the undersigned have executed this Portfolio Transfer Agreement as of
the day first above written. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>BUYER</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>REGIS HOLDINGS (CANADA), LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/S/ Kersten Zupfer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Kersten Zupfer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">EVP, CFO</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Portfolio Transfer Agreement] </P>
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<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B><U>SELLER</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>THE BEAUTIFUL GROUP SALONS (CANADA) LTD.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/S/ Michael Reinstein</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Michael Reinstein</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Authorized Signatory</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Portfolio Transfer Agreement] </P>
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 <DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B><U>Acknowledged and Agreed solely with respect to Section&nbsp;4.10:</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>REGIS CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/S/ Kersten Zupfer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Kersten Zupfer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">EVP, CFO</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[Signature Page to Portfolio Transfer Agreement] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMENDMENT TO TRANSITION SERVICES AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See Attached] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT B </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARCHETYPE LETTER </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See
Attached] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT C </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TRADEMARK AND DOMAIN NAME ASSIGNMENT AGREEMENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(CANADA) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See Attached]
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT D </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">BILL OF SALE </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See Attached] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Annex 1 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Transfer Portfolio Salons </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[See
Attached] </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Annex 2 </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="white-space:nowrap">Roll-Off</FONT> Portfolio Salons </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">None </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99 </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<IMG SRC="g858732g1231085130171.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Regis Announces a Transaction Involving Certain Salons Operating Under the Regis<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP> and Mastercuts<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Brands </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MINNEAPOLIS -
Regis Corporation (NYSE: RGS), a leader in the haircare industry, whose primary business is franchising, owning, and operating technology enabled hair salons, today announced that The Beautiful Group (TBG) transferred back to Regis approximately 200
mall-based salons operating primarily under the Regis and Mastercuts brands that TBG previously acquired from Regis. As part of the transfer, TBG also transferred back the Mastercuts brand and other ancillary brands, and Regis terminated its
remaining agreements with TBG, including its licenses of the Regis brand to TBG. The transferred salons are locations where Regis has continuing obligations under real estate leases. The transfer was effected in connection with an assignment for the
benefit of creditors by TBG. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;We are pleased to welcome back the many talented stylists serving customers in these salons,&#148; commented Eric
Bakken, Executive Vice President, President &#150; Franchise of Regis Corporation. &#147;We believe that these salons, provide us with an option to ultimately transfer many of these operations to new ownership.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hugh Sawyer, President and CEO of Regis Corporation commented &#147;We remain committed to our strategy of converting to a fully franchised model. However, in
light of TBG&#146;s performance, we determined that resuming operational management of this relatively small number of salons was the best path for us to mitigate our risk and preserve long-term value for our shareholders.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The liabilities assumed by Regis in connection with the transaction are substantially limited to certain employee benefit related payments. The remaining
approximately 300 TBG salons for which Regis has no lease obligation are expected to be closed by TBG. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About Regis Corporation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Regis Corporation (NYSE:RGS) is a leader in beauty salons and cosmetology education. As of&nbsp;September&nbsp;30, 2019, the Company franchised, owned or held
ownership interests in&nbsp;7,092&nbsp;worldwide locations. Regis&#146;franchised and corporate locations operate under concepts such as Supercuts<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, SmartStyle<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, Cost Cutters<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, Roosters<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>&nbsp;and First Choice Haircutters<SUP
STYLE="font-size:85%; vertical-align:top">&reg;</SUP>. Regis maintains an ownership interest in Empire Education Group in the U.S. For additional information about the Company, including a reconciliation of certain
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial information and certain supplemental financial information, please visit the Investor Information section of the corporate website at www.regiscorp.com. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Safe Harbor Statement </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release contains or may contain &#147;forward-looking statements&#148; within the meaning of the federal securities laws, including statements
concerning anticipated future events and expectations that are not historical facts. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking
statements in this document reflect management&#146;s best judgment at the time they are made, but all such statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed in or
implied by the statements herein. Such forward-looking statements are often identified herein by use of words including, but not limited to, &#147;may,&#148; &#147;believe,&#148; &#147;project,&#148; &#147;forecast,&#148; &#147;expect,&#148;
&#147;estimate,&#148; &#147;anticipate,&#148; and &#147;plan.&#148; In addition, the following factors could affect the Company&#146;s actual results and cause such results to differ materially from those expressed in forward-looking statements.
These factors include the continued ability of the Company to implement its strategy, priorities and initiatives; our and our franchisee&#146;s ability to attract, train and retain talented stylists; financial performance of our franchisees;
acceleration of sale of salons to franchisees; if our capital investments in improving technology do not achieve appropriate returns; our ability to manage cyber threats and protect the security of potentially sensitive information about our guests,
employees, vendors or Company information; The Beautiful Group&#146;s inability to operate its salons successfully, as well as maintain adequate working capital; the ability of the Company to maintain a satisfactory relationship with Walmart;
marketing efforts to drive traffic; changes in regulatory and statutory laws including increases in minimum wages; our ability to maintain and enhance the value of our brands; premature termination of agreements with our franchisees; reliance on
information technology systems; reliance on external vendors; consumer shopping trends and changes in manufacturer distribution channels; competition within the personal hair care industry; changes in tax exposure; changes in healthcare; changes in
interest rates and foreign currency exchange rates; failure to standardize operating processes across brands; financial performance of Empire Education Group; the continued ability of the Company to implement cost reduction initiatives; compliance
with debt covenants; changes in economic conditions; changes in consumer tastes and fashion trends; exposure to uninsured or unidentified risks; reliance on our management team and other key personnel or other factors not listed above. Additional
information concerning potential factors that could affect future financial results is set forth under Item&nbsp;1A on <FONT STYLE="white-space:nowrap">Form&nbsp;10-K.</FONT> We undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is directed to any further disclosures made in our subsequent annual and periodic reports filed or furnished with the SEC on <FONT
STYLE="white-space:nowrap">Forms&nbsp;10-K,</FONT> <FONT STYLE="white-space:nowrap">10-Q</FONT> and <FONT STYLE="white-space:nowrap">8-K</FONT> and Proxy Statements on Schedule&nbsp;14A. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">REGIS CORPORATION </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kersten Zupfer </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>investorrelations@regiscorp.com</U> </P>
</DIV></Center>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>7
<FILENAME>rgs-20191230_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>9
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>10
<FILENAME>0001193125-19-326616-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.19.3.a.u2</span><table class="report" border="0" cellspacing="2" id="idp6627309088">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>Dec. 30, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">REGIS CORP<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000716643<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 30,  2019<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation State Country Code</a></td>
<td class="text">MN<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-12725<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">41-0749934<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">7201 Metro Boulevard<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Minneapolis<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">MN<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">55439<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">(952)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">947-7777<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre Commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre Commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Security 12b Title</a></td>
<td class="text">Common Stock, $.05 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RGS<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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