Avon Letterhead]Acknowledgement and Agreement • August 3rd, 2018 • Avon Products Inc • Perfumes, cosmetics & other toilet preparations • New York
Pursuant to the letter dated August 2, 2017 regarding the terms of your transition and retirement as Chief Executive Officer of Avon Products, Inc. (“Avon” or the “Company”) (the “Retirement Letter”), this Severance Benefit Letter Agreement and General Release of Claims (this “Agreement”) sets forth the terms and conditions of your severance benefits consistent with the terms of the Avon Products, Inc. Severance Pay Plan (the “Severance Plan”) for Class A Employees. However, because the Severance Plan limits total payouts to any participant to no more than $550,000 for separations that occur in 2018 (the “409A Limit”), and as a Class A Employee your total severance payments are in excess of the amount that would otherwise be provided under the Severance Plan, this Agreement will be provided to you in lieu of any benefits payable under the Severance Plan and you agree that you waive all your rights to benefits under the Severance Plan.
Avon letterhead]Avon Products Inc • August 3rd, 2018 • Perfumes, cosmetics & other toilet preparations • New York
In accordance with your contract of employment, dated as of February 3, 2018, with Avon Cosmetics Limited (the “Employment Contract”), Avon Products, Inc. (the “Company”) has granted to you, effective March 14, 2018 (the “Grant Date”), the right and option to purchase from the Company shares of Stock (“Shares”) at an exercise price per Share (the “Exercise Price”) as set forth in your grant notification (the “Option”). The Option is subject to the terms and conditions set forth in this Stock Option Agreement (this “Agreement”) and your grant notification. Please indicate your acceptance of this award by signing this Agreement and returning your signature to the General Counsel of the Company.
