REGIS CORP
EX-10(F)
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<DESCRIPTION>EX-10(F)
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<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit
10(f)</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:auto;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND
AMENDMENT<br>
TO<br>
COMPENSATION AND NON-COMPETITION AGREEMENT</font></b></p>

<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Second
Amendment to Compensation and Non-Competition Agreement is made and entered
into this 9th day of February, 2000, by and between Regis Corporation, a
Minnesota corporation (the &#147;Corporation&#148;), and Myron Kunin (&#147;Kunin&#148;).</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>,
on May 7, 1997, the Corporation and Kunin entered into a Compensation and
Non-Competition Agreement (&#147;Agreement&#148;) providing for Kunin&#146;s continued
services to the Corporation and restricting Kunin from entering into any
business competitive with the business conducted by the Corporation, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>,
the Agreement was amended on November 21, 1997, to permit Kunin to enter into
certain businesses without violating his non-competition covenants, and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>,
the parties desire to modify the Agreement to grant Kunin certain rights in the
event of a Change in Control of the Corporation (as hereinafter defined).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW,
THEREFORE</font></b>, in consideration of the above premises and for
other good and valuable consideration, the parties hereby agree as follows:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Agreement is
hereby amended by adding the following definitions:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Accelerated
Compensation&#148;</font></b> shall be an amount equal to Kunin&#146;s annual
compensation multiplied by the Joint Life Expectancy of Kunin and his spouse,
without any discount to present value.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;text-indent:36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Change
in Control&#148;</font></b> shall be deemed to have occurred at such time as
any of the following events occur: (i) any &#147;person&#148; within the meaning of
Section 2(a)(2) of the Securities Act of 1933 and Section 14(d) of the
Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;), is or has become the
&#147;beneficial owner&#148;, as defined in Rule 13d-3 under the Exchange Act, of twenty
percent (20%) or more of the common stock of the Corporation, or (ii) approval
by the stockholders of the Corporation of (a) any consolidation or merger of
the Corporation in which the Corporation is not the continuing or surviving
corporation or pursuant to which shares of stock of the Corporation would be
converted into cash, securities or other property, or (b) any consolidation or
merger in which the Corporation is the continuing or surviving corporation but
in which the common stockholders of the Corporation immediately prior to the
consolidation or merger do not hold at least a majority of the outstanding
common stock of the continuing or surviving corporation, or (c) any sale,
lease, exchange or other transfer of all or substantially all the assets of the
Corporation, or (iii) individuals who constitute the Corporation&#146;s Board of
Directors on January 1, 2000 (the &#147;Incumbent Board&#148;) have ceased for any reason
to constitute at least a majority thereof, provided that any person becoming a
director subsequent to January 1, 2000 whose election, or nomination for</p>


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<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">election by the
Corporation&#146;s stockholders, was approved by a vote of at least three-quarters
(3/4) of the directors comprising the Incumbent Board (either by specific vote
or by approval of the proxy statement of the Corporation in which such person
is named as nominee for director) shall be, for purposes of this Agreement,
considered as though such person were a member of the Incumbent Board.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#147;Joint
Life Expectancy&#148;</font></b> shall mean the number of years of life
expectancy of Kunin and his spouse at the time of termination of Kunin&#146;s
employment with the Corporation after a Change in Control, as determined by
reference to the table of Joint Life and Last Survivorship Expectancy published
by the Internal Revenue Service in Publication 590 or any successor
publication. If publication of such table is discontinued, Joint Life
Expectancy shall be determined by reference to comparable tables published by a
recognized non-public authority.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Agreement is
hereby amended by adding the following paragraph 7 thereto:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 51.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Change in Control</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 51.85pt;text-indent:25.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding any other
provision of the Agreement, on the day on which a Change in Control occurs, the
Corporation shall pay to Kunin an amount equal to three times the sum of
Kunin&#146;s compensation paid to or earned by Kunin during the twelve months
immediately preceding the Change in Control.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 51.85pt;text-indent:25.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding any other
provision of the Agreement, if Kunin&#146;s employment with the Corporation
terminates at any time following a Change in Control, whether such termination
is initiated by Kunin or by the Corporation (unless the termination is by the
Corporation for cause), Kunin may, as an alternative to receiving continued
annual compensation as provided in paragraph 2 of the Agreement, request
payment in full of his Accelerated Compensation, which shall be paid by the Corporation
to Kunin within five days after Kunin gives notice to the Corporation of his
election to receive such Accelerated Compensation in lieu of his continued
annual compensation. For the purpose of calculating Kunin&#146;s Accelerated
Compensation pursuant to this subparagraph 7(b), Kunin&#146;s annual compensation
shall be assumed to increase annually during the Joint Life Expectancy period
by four percent (4%) of the prior year&#146;s annual compensation. Any such notice
shall be given by Kunin to the Corporation by certified mail or by facsimile
transmission sent either (i) to the Corporation&#146;s principal place of business
and to the attention of the Corporation&#146;s chief executive officer or chief
financial officer, or (ii) to any director of the Corporation at such
director&#146;s place of business, and in either case shall be effective immediately
upon such transmission or two (2) days after such mailing.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt 51.85pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160; </font>In addition to the payments provided in subparagraphs 7(a) and (b)
above, and at the time such payments are made to Kunin, the Corporation shall
pay to Kunin an amount equal to any federal and state income taxes, and any
excise tax imposed on Kunin by Sec. 4999 of the Internal Revenue Code and by
any comparable and applicable state tax law (collectively, &#147;Excise Taxes&#148;), as
a result of the payments provided in subparagraphs 7(a) and (b) above, and as a
result of any accelerated vesting of Kunin&#146;s options to acquire shares of the
Corporation, and shall further pay to Kunin on a &#147;grossed-up&#148; basis all
additional federal and state income taxes and Excise Taxes payable by Kunin as
a result of the payments provided in this subparagraph 7(c), or as a result of
the accelerated vesting of Kunin&#146;s options, so that the net after-tax amount
received by Kunin pursuant to paragraph 7 hereof is equal to the amount that
Kunin would have received if no income taxes or Excise Taxes had been imposed
on income received by or imputed to Kunin by reason of the payments pursuant to
paragraph 7 hereof, or by reason of accelerated vesting of Kunin&#146;s options. The
highest marginal federal and applicable state tax rates shall be used in
calculating the federal and state income taxes payable by Kunin.</p>

<p style="margin:0pt 0pt 12.0pt 25.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All
payments required by this paragraph 7 shall be in addition to, and not in lieu
of, any other payments to which Kunin is entitled under any other agreement
with the Corporation.</font></p>

<p style="margin:0pt 0pt 12.0pt 25.9pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
amounts paid to Kunin pursuant to this paragraph shall be in consideration of
Kunin&#146;s past services to the Corporation and Kunin&#146;s continued services from
the date of this amendment. The payments required hereunder shall not be
reduced or offset by any future earnings by Kunin.&#148;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 24.0pt;text-indent:25.9pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF,</font></b> the parties hereto have executed this Second
Amendment as of the day and year first above written.</p>

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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">REGIS CORPORATION</font></p>
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  <p style="margin:0pt 0pt .0001pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Paul D. Finkelstein</font></p>
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  <p style="margin:0pt 0pt .0001pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Paul D. Finkelstein,</font></p>
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  <p style="margin:0pt 0pt .0001pt;text-indent:18.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Myron Kunin</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Myron Kunin</font></p>
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