Form of Retention Restricted Stock Unit Award Agreement



 Exhibit 10.2 
 AVON PRODUCTS, INC. 
 2010 STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 
 1. Grant of Restricted Stock Unit Award. Pursuant to the provisions of its 2010 Stock Incentive Plan (the “Plan”), Avon Products, Inc. (the “Company”) has awarded you
(the “Grantee”) Restricted Stock Units (the “RSUs”), representing the right to receive in the future shares of Stock (the “Shares”) as set forth in the Grantee’s grant notification. These RSUs are subject to the
terms and conditions set forth below, as well as those terms and conditions set forth in the Plan, all of which are hereby incorporated by this reference. All capitalized terms used in this Restricted Stock Unit Award Agreement (this
“Agreement”) shall have the meaning set forth in the Plan unless otherwise defined herein. 
 2. Nature of RSUs; Issuance of
Shares. These RSUs represent a right to receive Shares on the Vesting Date (as defined below) but do not represent a current interest in the Shares. If all the terms and conditions hereof and of the Plan are met, then the Grantee shall be
issued Shares on the Vesting Date (or earlier as provided in this Agreement). In lieu of issuance of Shares, the Company reserves the right to instead make a cash payment to the Grantee equal to the Fair Market Value of the Shares determined as of
the Vesting Date (or earlier as provided in this Agreement). The Company is not liable for any decrease of value of the Company’s Shares. 

3. Restrictions on Transfer of RSUs. These RSUs may not be sold, tendered, assigned, transferred, pledged or otherwise encumbered.

 4. Vesting of RSUs; Voting; Dividends 
 (a) Subject to Section 5, vesting and settlement of the RSUs shall occur on the date set forth in the Grantee’s grant notification (such date the “Vesting Date”). 

(b) The Grantee does not have the right to vote any of the Shares or the right to receive dividends on them prior to the date such Shares
are issued to the Grantee (or if such RSUs are settled in cash, prior to the date the Grantee receives the Fair Market Value of the Shares) pursuant to the terms hereof. However, unless otherwise determined by the Committee, the Grantee shall be
entitled to “Dividend Equivalent Rights” so that the Grantee will receive a cash payment in respect of the Shares in amounts that would otherwise be payable as dividends with respect to such number of Shares, when and as dividends are
paid. 







 5. Separation from Service 

(a) Separation from Service by the Company without Cause. If the Grantee incurs an involuntary Separation from Service by the
Company (and, if applicable, by any Subsidiary for whom the Grantee is employed) other than for Cause, then a pro-rata portion of the RSUs referred to in Section 4(a) above shall become vested and the pro-rata number of such vested Shares shall
be issued to the Grantee within sixty (60) days after such Separation from Service, unless such Grantee is a “specified employee” on the date of Separation from Service, as defined in Code Section 409A and determined pursuant to
procedures and elections made by the Company from time to time, in which case, the Shares shall be issued on the date which is six months after the Separation from Service. The number of Shares that vest shall be determined by multiplying the full
number of Shares subject to the RSU by a fraction, which shall be the number of complete months of employment from date of the grant (the “Grant Date”) to the date of the Separation from Service (typically the last day of active
employment), divided by the number of months from the Grant Date to the Vesting Date. 
 (b) Separation from Service due to
Disability. If the Grantee incurs a Separation from Service due to Disability, then all of the RSUs referred to in Section 4(a) above shall become vested and such vested Shares shall be issued to the Grantee on the Vesting Date. 

(c) Death. If the Grantee dies, then all of the RSUs referred to in Section 4(a) above shall become vested and such vested
Shares shall be issued to the Grantee’s designated beneficiary (or if none, the Grantee’s estate) within sixty (60) days after such death. 
 (d) Separations from Service Causing Forfeiture. All RSUs are forfeited if the Grantee incurs a Separation from Service from the Company (and, if applicable, from any Subsidiary by whom the Grantee
is employed) under any of the following conditions: (i) an involuntary Separation from Service by the Company for Cause prior to the Vesting Date; or (ii) a voluntary Separation from Service (excluding Disability) prior to the Vesting
Date. 
 (e) Change in Control. Notwithstanding any other provision of this Agreement, in the event of a Change in
Control, the vesting and payment of the RSUs shall be governed by the provisions of the Plan regarding a Change in Control, which are incorporated herein by reference. 

  
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 (f) Paid or Unpaid Leave of Absence or Change in Subsidiary Status for Subsidiary
Employing Grantee. For purposes of determining the vesting of RSUs under this Agreement, a paid or unpaid leave of absence of the Grantee shall not constitute a Separation from Service of the Grantee, except to the extent that such leave of
absence constitutes a “separation from service” (as defined in Code Section 409A). During a paid or unpaid leave of absence, until a “separation from service” occurs, the RSUs shall continue to vest as set forth in the grant
notification referred to in Section 4(a) of this Agreement. The Grantee’s employment by a Subsidiary shall be considered a Separation from Service on the date on which such Subsidiary ceases to be a Subsidiary, provided that, in
such event, the calculation of vested Shares to the Grantee pursuant to this Section 5 shall be made on a pro-rata basis in accordance with Section 5(a) but payment shall not be made until the Vesting Date. 

6. Non-Competition/Non-Solicitation/Non-Disclosure 
 The Grantee agrees that, during the Grantee’s employment, beginning on the Grant Date, and for a period of one year after the Grantee’s Separation from Service with the Company (and, if
applicable, a Subsidiary) for any reason whatsoever (including Disability), he or she shall not, without the prior written consent of the Committee, engage in either of the following activities: 

(a) the Grantee shall not directly or indirectly engage or otherwise participate in any business which is competitive with any
significant business of the Company or any Subsidiary, including without limitation, the Grantee’s acceptance of employment with, entrance into a consulting or advisory arrangement with, rendering services to or otherwise facilitating the
business of Amway Corp./Alticor Inc., Beiersdorf (Nivea), De Millus S.A., Ebel Int’l/Belcorp Corp., Faberlic, Forever Living Products LLC USA, Gryphon Development/Limited Brands Inc., Herbalife Ltd., Hermès, Lady Racine/LR
Health & Beauty Systems GmbH, L’Oréal Group/Cosmair Inc., Mary Kay Inc., Mistine/Better Way (Thailand) Co. Ltd., Natura Cosmetics S.A., Neways Int’l, NuSkin Enterprises Inc., O Boticário, Oriflame Cosmetics S.A.,
Reckitt Benckiser PLC, Revlon Inc., Sara Lee Corporation, Shaklee Corp., The Body Shop Int’l PLC, The Estée Lauder Companies Inc., The Procter & Gamble Company, Tupperware Corp., Unilever Group (N.V. and PLC), Virgin Vie,
Virgin Ware, Vorwerk & Co. KG/Jafra Worldwide Holdings (Lux) S.à.R.L. Inc., Yanbal Int’l (Yanbal, Unique), or any of their affiliates; and 

  
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 (b) the Grantee shall not solicit or aid in the solicitation of any employees of the Company
or any Subsidiary to leave their employment. 
 In addition, the Grantee shall not, unless compelled pursuant to an order of a
court or other body having jurisdiction over such matter, communicate or divulge any secret or confidential information, knowledge or data, including without limitation any trade secrets, relating to the Company or a Subsidiary, and their respective
businesses, obtained by the Grantee during his or her employment by the Company or a Subsidiary and which is not otherwise publicly known (other than by reason of an unauthorized act by the Grantee), to anyone other than the Company and those
designated by it. 
 In the event the Company determines that the Grantee has breached any term of this Section 6 or any
non-disclosure, non-compete or non-solicitation covenant set forth in his or her severance agreement, employment contract or any Company policy, in addition to any other remedies the Company may have available to it, unless otherwise determined by
the Committee: (x) all unvested RSUs granted hereunder shall be forfeited; (y) if Shares have been issued to the Grantee in respect of vested RSUs hereunder, the Grantee shall forfeit all such Shares so issued to the Grantee hereunder; and
(z) if cash has been paid to the Grantee in lieu of Shares in respect of vested RSUs hereunder, the Grantee shall pay to the Company all such cash so paid in lieu of Shares to the Grantee hereunder; provided, however, that if the
Grantee no longer holds Shares issued to the Grantee hereunder, the Grantee shall pay to the Company in cash the Fair Market Value of any such Shares on the date such Shares were issued to the Grantee hereunder. 

7. Compensation Recoupment Policy. For those Grantees who are subject to the Company’s Compensation Recoupment Policy, the RSUs and
the Shares issued (or if the Company elected to make a cash payment instead of Shares equal to the Fair Market of the Shares determined as of the Vesting Date (or earlier as provided in this Agreement), the cash payment) to the Grantee in respect of
vested RSUs hereunder are subject to the Company’s Compensation Recoupment Policy, as it is amended from time to time. 
 8. No Right
to Employment, etc. 
 (a) The execution and delivery of this Agreement and the granting of the RSUs hereunder shall not
constitute or be evidence of any agreement or understanding, express or implied, on the part of the Company to employ the Grantee for any specific period. 

  
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 (b) The award of the RSUs hereunder does not entitle the Grantee to any benefit other than
that specifically granted under this Agreement and under the Plan, nor to any future grants or other benefits under the Plan or any similar plan. Any benefits granted under this Agreement and under the Plan are not part of the Grantee’s
ordinary compensation, and shall not be considered as part of such compensation in the event of severance, redundancy or resignation. The Grantee understands and accepts that the benefits granted under the Plan are entirely at the grace and
discretion of the Company and that the Company retains the right to amend or terminate the Plan, and/or the Grantee’s participation therein, at any time, at the Company’s sole discretion and without notice. 

9. Application of Laws. The granting of these RSUs and the delivery of Shares hereunder shall be subject to all applicable laws, rules and
regulations. 
 10. Taxes. By accepting this grant, the Grantee hereby irrevocably elects to satisfy any taxes required to be
withheld by the Company on the date of delivery of any Shares hereunder or on any earlier date on which such taxes may be due by authorizing the Company to withhold a sufficient number of Shares (or cash in lieu thereof if the RSUs are to be settled
in cash) to satisfy such tax obligation. Notwithstanding the preceding sentence, if, on the applicable Vesting Date or on any earlier date on which such taxes may be due, the delivery of Shares is not made because the Grantee has not retired,
because of Code Section 409A requirements or because the Grantee elects pursuant to the Company’s Deferred Compensation Plan to defer the delivery of any Shares payable hereunder or for some other reason, the Grantee hereby irrevocably
elects to satisfy all applicable taxes due on the applicable Vesting Date or on any earlier date on which such taxes may be due with respect to such Shares for which delivery is being deferred by delivering cash to the Company in an amount
sufficient to satisfy all such taxes. 
 11. Code Section 409A. This Agreement will be interpreted in a manner to comply with
the requirements of Code Section 409A. In no event shall the Company, any of its affiliates, any of its agents, or any member of the Board have any liability for any taxes imposed in connection with a failure of the Plan to comply with Code
Section 409A. 
 [Signatures on Next Page] 

  
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 IN WITNESS WHEREOF, the Company, by its duly authorized officer, and the Grantee have
executed this Agreement as of the Grant Date. 
  

			
	AVON PRODUCTS, INC.	  	GRANTEE
		
	      
	  	  

	 Andrea Jung
 Chief Executive
Officer
	  	Name: