First Amendment to the Benefit Restoration Pension Plan of Avon Products, Inc.



 Exhibit 10.27 
 FIRST AMENDMENT TO THE 
 BENEFIT RESTORATION PENSION PLAN OF AVON
PRODUCTS, INC. 
 AS AMENDED AND RESTATED 
 EFFECTIVE JANUARY 1, 2009 
 This FIRST AMENDMENT is made to the Benefit
Restoration Pension Plan of Avon Products, Inc. (the “Plan”), as it was amended and restated on January 1, 2009, by AVON PRODUCTS, INC., a corporation duly organized and existing under the laws of the State of New York (the
“Company”). 
 INTRODUCTION 
 The Company wishes to amend the Plan to conform the Plan to the requirements specified in the Avon Products, Inc. Change in Control Policy, effective as of March 11, 2010. 

AMENDMENTS 
 NOW, THEREFORE, the Company hereby amends the Plan, effective as of March 11, 2010, as follows: 
 1. By redesignating Sections 1.2 through 1.16 of Article I as Sections 1.3 through 1.17, respectively, and adding new Section 1.2 as follows: 

“1.2. “Change in Control Policy” means the Avon Products, Inc. Change in Control Policy effective
March 11, 2010, and as may thereafter be amended from time to time, or any successor plan or policy thereto, if any.” 
 2. By
deleting Section 3.1 in its entirety and substituting thereof, the following: 
 “3.1. Amount of
Supplemental Benefit 
 The annual amount of the Supplemental Benefit payable with respect to a Member,
expressed as a single life annuity, shall be equal to (a) minus (b), where (a) is the annual amount of the Retirement Allowance that would be payable in the form of a single life annuity if: 

(i) the limitations of Code Section 415 were not applicable; 

(ii) the annual compensation limitations under Code Section 401(a)(17) were not applicable; 

(iii) the definition of compensation under the Retirement Plan included compensation electively deferred by the Member
for the ‘Plan Year’ (as defined in the Retirement Plan) to a deferred compensation plan or program maintained by the Company but only to the extent that such compensation would have been included in such definition if it had not been
deferred; 

  
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 (iv) for highly compensated employees (as defined in Code
Section 414), the definition of compensation under the Retirement Plan included the amount of the annual award (as opposed to awards that are based on performance over multiple years) from 2001 to 2005 under the Avon Products, Inc. Management
Incentive Plan or Avon Products, Inc. Executive Incentive Plan that was paid in the form of restricted stock or stock options, plus any premium for superior performance; 

(v) for any Member who is eligible for the benefit referenced in Section 1.2(a) or Section 1.2(b)(2) of the
Retirement Plan, such Member received credit under the Retirement Plan (for age, Credited Service, and Vesting Service, as applicable, as defined in the Retirement Plan) for the number of months for which such Member is eligible to receive severance
payments, if any, under the terms of the Severance Plan at the time of his Separation from Service, provided that such number of months will not exceed twenty-four (24) months, and further provided that such credit will be provided only to the
extent that the total of such Member’s age and Credited Service does not exceed eighty-five (85); 
 (vi)
for any Member who is eligible only for the benefit referenced under Section 1.2(b)(1) of the Retirement Plan, such Member received credit under the Retirement Plan solely for retirement eligibility purposes (and not for age and Credited
Service, as defined in the Retirement Plan) for the number of months for which such Member is eligible to receive severance payments, if any, under the terms of the Severance Plan at the time of his Separation from Service, provided that such number
of months will not exceed twenty-four (24) months, and further provided that such credit will be provided only to the extent that the total of such Member’s age and Credited Service does not exceed eighty-five (85); and 

(vii) for any Member who receives benefits under the Change in Control Policy, the Member received an additional two
years of credit (for age, Credited Service, Vesting Service and/or solely for retirement eligibility purposes, as applicable, as defined in the Retirement Plan, applying such additional credits in the same manner as (v) and (vi) are
applied above to the relevant Member class), provided that such period of additional years of credit will be provided only to the extent that it does not cause the Member’s age and Credited Service to exceed eighty-five (85). 

and where (b) is the Retirement Allowance that is actually payable to the Member. 

For purposes of this Section 3.1, if any benefit under Section 3.1(b) is payable in a form other than a single
life annuity or at a time other than the time that the Supplemental Benefit is payable under the Plan, such benefit shall be converted 

  
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to a single life annuity of Equivalent Actuarial Value that is payable as of the date of the Member’s Separation from Service. For the avoidance of doubt, in order to determine the amount of
the Retirement Allowance under Section 3.1(b), it will be assumed that the Retirement Allowance is payable as a single life annuity beginning at the time of the Member’s Separation from Service, determined using the compensation and
service credits that the Member has accumulated under the Retirement Plan through such Separation from Service, whether or not the Retirement Allowance is actually paid at such time or in such form. 

For purposes of determining the Supplemental Benefit under the Plan, the definition of “compensation” in the
Retirement Plan is modified to exclude severance pay and any payments under the Change in Control Policy from such definition, and thus from consideration under the Plan, only for those Employees whose last day of active employment is on or after
January 1, 2007.” 
 3. By deleting Section 3.2(a) in its entirety and substituting thereof, the following: 

“(a) With respect to Supplemental Benefits that begin to be paid on January 1, 2009 or later, such Supplemental
Benefits will be paid to the Member, subject to Sections 3.2(b) and 3.6, as follows: (1) 80% of the Equivalent Actuarial Value of the Supplemental Benefit will be paid in a lump sum during the month following the month in which the
Member’s Separation from Service (or a change in control as defined in the Change in Control Policy, if later) occurs (the “Lump-Sum Payment Month”); and (2) 20% of the Equivalent Actuarial Value of the Supplemental Benefit will
be paid in sixty equal, monthly installments beginning during the Lump-Sum Payment Month.” 
 Except as specifically
amended hereby, the Plan shall remain in full force and effect as prior to this First Amendment. 

  
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 IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed on the date
set forth below. 
  

					
		 	AVON PRODUCTS, INC.
			
	Dated: December 13, 2010	 	By:	 	         /s/ Lucien Alziari

			
		 	Title:	 	         SVP, Human Resources