The circuit is an open loop rms voltage regulator that will provide 500 watts of power at 90 V rms with good regulation for an input voltage range of 110-130 V rms. With the input voltage applied, capacitor Cl charges until the firing point of Q3 is reached causing it to fire. This turns Q5 on which allows current to flow through the load. As the input voltage increases, the voltage across R10 increases which increases the firing point of Q3. This delays the firing of Q3 because Cl now has to charge to a higher voltage before the peak-point voltage is reached.
Thus the output voltage is held fairly constant by delaying the firing of Q5 as the input voltage increases. For a decrease in the input voltage, the reverse occurs.