Document:

Exhibit 10.3

 

 

AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

 

between

 

COTY INC.,

 

JAB HOLDINGS II B.V.,

 

THE BERKSHIRE FUND STOCKHOLDERS,
and

 

THE WB FUND STOCKHOLDERS

 

Dated as of                     ,
201          

 

    	 

    	

    

TABLE OF CONTENTS

 

	 	 	Page
	RECITALS	 	 
	 	 
	ARTICLE I DEFINITIONS	1
	Section 1.1	Certain Defined
    Terms	1
	Section 1.2	Other Definitional Provisions	6
	 	 
	ARTICLE II CORPORATE GOVERNANCE	6
	Section 2.1	Board Representation	6
	Section 2.2	Committees	8
	Section 2.3	Available Financial Information	8
	Section 2.4	Access	9
	 	 
	ARTICLE III TRANSFERS	9
	Section 3.1	Transfer Restrictions	9
	Section 3.2	Void Transfers	10
	 	 
	ARTICLE IV STANDSTILL AND CONFIDENTIALITY	10
	Section 4.1	Standstill	10
	Section 4.2	Confidentiality	11
	 	 
	ARTICLE V MISCELLANEOUS	12
	Section 5.1	Amendments and Modifications	12
	Section 5.2	Waivers	12
	Section 5.3	Successors, Assigns and Transferees	12
	Section 5.4	Legends	13
	Section 5.5	Notices	13
	Section 5.6	Entire Agreement	15
	Section 5.7	Delays or Omissions	16
	Section 5.8	Governing Law; Jurisdiction	16
	Section 5.9	Submission to Jurisdiction	16
	Section 5.10	Waiver of Jury Trial	17
	Section 5.11	Severability	17
	Section 5.12	Enforcement	17
	Section 5.13	Titles and Subtitles	17
	Section 5.14	Counterparts; Facsimile Signatures	17
	Section 5.15	Other Issuers of Registrable Securities	17

 

	EXHIBIT A	Fund Stockholders
	EXHIBIT B	Assignment and Assumption Agreement

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AMENDED AND RESTATED STOCKHOLDERS AGREEMENT

 

AMENDED AND RESTATED STOCKHOLDERS AGREEMENT,
dated as of                , 201   
(this “Agreement”), between Coty Inc., a Delaware corporation (the “Company”), JAB Holdings
II B.V., a Netherlands corporation (“Parent”), and the Fund Stockholders listed on Exhibit A attached hereto.

 

RECITALS

 

WHEREAS, the Berkshire Fund Stockholders
and the WB Fund Stockholders (each as hereinafter defined) are parties to that certain Stockholders Agreement, as amended, dated
as of January 25, 2011 (the “Original Stockholders Agreement”), with the Company and Parent;

 

WHEREAS, the Company, Parent, the Berkshire
Fund Stockholders and the WB Fund Stockholders desire to amend and restate in its entirety the Original Stockholders Agreement,
all as set forth herein.

 

AGREEMENT

 

In consideration of the foregoing and the
mutual covenants and agreements herein contained, and intending to be legally bound hereby, the parties agree that, subject to
Section 5.6, the Original Stockholders Agreement is hereby amended and restated in its entirety as follows:

 

ARTICLE I
DEFINITIONS

 

Section 1.1 Certain Defined
Terms.

 

As used herein, the following terms shall
have the following meanings:

 

“Affiliate” means, with
respect to any Person, (i) any Person directly or indirectly controlling, controlled by or under common control with such Person,
(ii) any Person directly or indirectly owning or controlling ten percent (10%) or more of any class of outstanding equity securities
of such Person or (iii) any officer, director, general partner or trustee of any such Person described in clause (i) or (ii); provided,
however, that the Fund Stockholders and their Affiliates and any present or future limited partners of the Fund Stockholders shall
be deemed not to be Affiliates of the Company and its Subsidiaries, and Parent, its Affiliates and their Related Parties shall
be deemed not to be Affiliates of the Fund Stockholders and their Affiliates for purposes of this Agreement.

 

“Agreement” has the meaning
assigned to such term in the preamble.

 

“beneficial owner” or
“beneficially own” has the meaning given such term in Rule 13d-3 under the Exchange Act and a Person’s
beneficial ownership of Common Stock or other Voting Securities shall be calculated in accordance with the provisions of such
Rule; provided, however, that for purposes of determining beneficial ownership, (i) a Person shall be deemed to be the beneficial
owner of any security which may be acquired by such Person, whether within sixty

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(60)
days or thereafter, upon the conversion, exchange or exercise of any warrants, options, rights or other securities and (ii) no
Person shall be deemed beneficially to own any security solely as a result of this Agreement.

 

“Berkshire Fund Designee”
has the meaning assigned to such term in Section 2.1(a)(i).

 

“Berkshire Fund Group”
means all of the Berkshire Fund Members.

 

“Berkshire Fund Members”
means the Berkshire Fund Stockholders and, subject to Section 3.1(c), their Permitted Transferees, for so long as such Persons
continue to hold Equity Securities.

 

“Berkshire Fund Stockholders”
means the Berkshire Fund Stockholders listed as such on Exhibit A hereto.

 

“Board” means the Board
of Directors of the Company.

 

“Business Day” means any
day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in the City of
New York.

 

“Class A Common Stock”
has the meaning assigned to such term in the Amended and Restated Certificate of Incorporation of the Company filed with the Secretary
of State of the State of Delaware on _________ __, 201_.

 

“Common Stock” means the
Class A and/or Class B common stock (as the case may be), par value $0.01 per share, of the Company and any securities issued in
respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification,
recapitalization, merger, consolidation, exchange or other similar reorganization.

 

“Company” has the meaning
assigned to such term in the preamble.

 

“Company Business” means
the Company and its Subsidiaries’ manufacture, packaging, marketing, licensing, wholesale sales, either directly or through
third-party distributors, to retailers or retail sales directly to customers, of fragrances, personal and skin care products, color
cosmetics and other beauty products worldwide; provided that the Company Business does not include (i) the sale of components or
raw materials or ingredients used in fragrances, personal and skin care, color cosmetics and other beauty products or (ii) the
retail sale by the Company or its Subsidiaries, in the same retail space, of fragrances, personal and skin care products, color
cosmetics and other beauty products manufactured, distributed and sold by both the Company and competitors of the Company.

 

“Company Competitor”
means any Person (other than the Company or any of its Subsidiaries or any entity resulting from a spin-off, split-off, reorganization,
merger or similar transaction of the Company or any of its Subsidiaries) that is primarily engaged in any business that directly
competes with the Company Business, whether such Person engages in such business directly or through its direct or indirect control
of other Persons.

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“control”
(including the terms “controlled by” and “under common control with”), with respect to the
relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause
the direction of the affairs or management of a Person, whether through the ownership of voting securities by contract or otherwise.

 

“Director” means any member
of the Board.

 

“Equity Securities” means
any and all shares of Common Stock or preferred stock of the Company, securities of the Company convertible into, or exchangeable
or exercisable for, such shares, and options, warrants or other rights to acquire such shares.

 

“Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Fund Designees” has the
meaning assigned to such term in Section 2.1(a)(ii).

 

“Fund Groups” means the
Berkshire Fund Group and the WB Fund Group.

 

“Fund Members” means the
Berkshire Fund Members and the WB Fund Members.

 

“Fund Stockholders” means
the Berkshire Fund Stockholders and the WB Fund Stockholders and, subject to Section 3.1(c), their Permitted Transferees.

 

“GAAP” means generally
accepted accounting principles, as in effect in the United States of America from time to time.

 

“Group” has the meaning
assigned to such term in Section 13(d)(3) of the Exchange Act.

 

“Holdings” means Donata
Holdings B.V., a Dutch company.

 

“Immediate Family” means,
with respect to any specified person, such person’s spouse, parents, children and siblings, including adoptive relationships
and relationships through marriage, or any other relative of such person who shares such person’s home.

 

“IPO” means the first
underwritten public offering of Common Stock pursuant to a registration statement filed under the Securities Act resulting in aggregate
net proceeds (after expenses and underwriting commissions and discounts) of at least $100 million; provided that following such
offering the Common Stock is listed on a United States national securities exchange or quoted on a United States automated quotation
system.

 

“IPO Closing” has the
meaning assigned to such term in Section 5.6.

 

“Original Stockholders Agreement”
has the meaning assigned to such term in the Recitals.

 

“Parent” has the meaning
assigned to such term in the preamble.

 

“Parent Group” means
all of the Parent Members.

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“Parent Members” means
Parent and, subject to Section 3.1(d), its Parent Transferees, for so long as such Persons continue to hold Equity Securities.

 

“Parent Transferee” means
any entity controlled by, or under common control with, Parent, Parentes Holding SE and/or Donata Holding SE.

 

“Permitted Transferee”
means in the case of a Berkshire Fund Member, any entity controlled by, or under common control with, Berkshire Partners LLC or
its Affiliates and, in the case of a WB Fund Member, any entity controlled by, or under common control with, Rhône Capital
LLC or its Affiliates.

 

“Person” means any individual,
corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock company, trust,
unincorporated organization, government or any agency or political subdivisions thereof.

 

“Registration Rights Agreement”
means the Registration Rights Agreement, dated as of January 25, 2011, between the Company, Holdings, the Berkshire Fund Stockholders
and the WB Fund Stockholders.

 

“Related Party” means,
with respect to any specified Person: (i) any Affiliate of such specified Person, or any director, executive officer, general partner
or managing member of such Affiliate; (ii) any Person who serves or within the past five years has served as a director, executive
officer, partner, member or in a similar capacity of such specified Person; (iii) any Immediate Family member or Affiliate of a
Person described in clause (ii); or (iv) any other Person that holds, individually or together with any Affiliate of such other
Person and any member(s) of such Person’s Immediate Family, more than 5% of the outstanding equity or ownership interests
of such specified Person; provided, that, for the avoidance of doubt any limited partners of any Fund Member shall not be Related
Parties of such Fund Member solely as a result of such limited partnership.

 

“Representative” means,
with respect to a Person, the officers, directors, employees, agents, accountants, lawyers, advisors, bankers and other representatives
of such Person.

 

“SEC” means the U.S. Securities
and Exchange Commission.

 

“Securities Act” means
the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Stock Purchase Agreement”
means that certain Stock Purchase Agreement, dated as of December 23, 2010, between the Berkshire Fund Stockholders, the WB Fund
Stockholders, the Company, Holdings and Donata Holding S.E.

 

“Stock Purchase Closing”
means the closing of the purchase of the shares of the Company by the Fund Stockholders pursuant to the Stock Purchase Agreement.

 

“Stock Purchase Closing Date”
means the date of the Stock Purchase Closing.

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“Stockholders” means the
Berkshire Fund Stockholders (or any Permitted Transferees thereof), the WB Fund Stockholders (or any Permitted Transferees thereof),
and Parent (and any Parent Transferees thereof) for so long as such Persons continue to hold Equity Securities.

 

“Stockholder
Designees” has the meaning assigned to such term in Section 2.1(b).

 

“Subsidiary” means (i)
any corporation of which a majority of the securities entitled to vote generally in the election of directors thereof, at the time
as of which any determination is being made, are owned by another entity, either directly or indirectly, and (ii) any joint venture,
general or limited partnership, limited liability company or other legal entity in which an entity is the record or beneficial
owner, directly or indirectly, of a majority of the voting interests or the general partner or managing member.

 

“Subsidiary Securities”
has the meaning assigned to such term in Section 5.15.

 

“Transfer” means, directly
or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily,
or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge,
encumbrance, voting, receipt of dividends or other distributions, hypothecation or similar disposition of, any shares of Equity
Securities beneficially owned by a Person or any interest in any Equity Securities beneficially owned by a Person, including, but
not limited to, any swap or any other agreement including a transaction that transfers or separates, in whole or in part, any of
the economic consequences of ownership of shares of Common Stock and/or voting thereof, whether such transaction is to be settled
by delivery of shares of Common Stock, other securities, cash or otherwise and whether in one or a series of related transactions.
A “Transferee” is a Person to which Equity Securities have been transferred that is not a Permitted Transferee
or a Parent Transferee. Notwithstanding the foregoing, the transfer of Equity Securities by a Person to a broker or nominee shall
not constitute a “Transfer” if the transferor retains, immediately following such transfer, control (direct or indirect)
over the voting and disposition of such Equity Securities and the economic consequences of ownership of such Equity Securities.

 

“Unaffiliated Person”
means any Person or Group that is not (i) any of the Stockholders, (ii) a Related Party of any of the Stockholders, or (iii) a
Related Party of the Company; provided, however, that for purposes of Section 3.2 of this Agreement, each reference to “any
of the Stockholders” in this definition shall be deemed to be replaced with a reference to “any of the Parent Members.”

 

“Underwriting Agreement”
has the meaning assigned to such term in Section 5.6.

 

“Voting Securities” means,
at any time, shares of any class of Equity Securities then entitled to vote generally in the election of Directors.

 

“WB Fund Designee” has
the meaning assigned to such term in Section 2.1(a)(ii).

 

“WB Fund Group” means
all of the WB Fund Members.

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“WB Fund Members” means
the WB Fund Stockholders and their Permitted Transferees for so long as such Persons continue to hold Equity Securities.

 

“WB Fund Stockholders”
means the WB Fund Stockholders listed as such on Exhibit A hereto.

 

Section 1.2 Other Definitional
Provisions.

 

(a) The words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement
as a whole and not to any particular provision of this Agreement, and Article and Section references are to this Agreement unless
otherwise specified.

 

(b) The meanings given to terms
defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

ARTICLE II

CORPORATE GOVERNANCE

 

Section 2.1 Board Representation.

 

(a) Subject to Section 2.1(g),
the Board shall include:

 

(i) one (1) designee of the Berkshire
Fund Group (such person, the “Berkshire Fund Designee”), which Berkshire Fund Designee shall not be a director
or officer of a Company Competitor; and

 

(ii) one (1) designee of the WB
Fund Group (such person, the “WB Fund Designee” and, together with the Berkshire Fund Designee, the “Fund
Designees”), which WB Fund Designee shall not be a director or officer of a Company Competitor.

 

(b) The Company agrees to include
in the slate of nominees recommended by the Board, the Fund Designees as required hereby.

 

(c) In the event that a vacancy
is created at any time by the death, disability, retirement, resignation or removal (with or without cause) of any Director designated
pursuant to clause (i) or (ii) of Section 2.1(a), the remaining Directors and the Company shall cause the vacancy created thereby
to be filled as soon as possible by a new designee of the Stockholder that has the right to designate such Director, who is designated
in the manner specified in this Section 2.1, and the Company hereby agrees to take, at any time and from time to time, all actions
necessary to accomplish the same.

 

(d) Each of the Stockholders agrees
to vote promptly, or act by written consent with respect to, any Voting Securities beneficially owned by it, at each annual or
special meeting of stockholders of the Company at which Directors are to be elected or to take all actions by written consent
in lieu of any such meeting as are necessary, to cause the Fund Designees to be elected to the Board as provided in this Section
2.1. Each of the Stockholders agrees to use its commercially reasonable efforts to cause the election of each such designee to

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the Board, including nominating such individuals to be elected
as members of the Board. In the event that a vacancy is created at any time by the death, disability, retirement, resignation or
removal (with or without cause) of any Director designated pursuant to clause (i) or (ii) of Section 2.1(a) and the remaining Directors
pursuant to Section 2.1(c) have not caused the vacancy created thereby to be filled by a new designee of the applicable Stockholder,
then in such case each Stockholder hereby agrees to take, at any time and from time to time, all actions necessary to fill such
vacancy as provided in Section 2.1(c). Upon the written request of any Stockholder, each other Stockholder shall vote promptly,
or act by written consent with respect to, all Voting Securities beneficially owned by it and otherwise take or cause to be taken
all actions necessary to remove any Director designated by such Stockholder and to elect any replacement Director designated by
such Stockholder. No Stockholder shall take any action to cause the removal of any Director designated by any other Stockholder,
unless such other Stockholder so requests in writing.

 

(e) The Company shall reimburse
each Stockholder Designee for reasonable out-of-pocket expenses incurred by them for the purpose of attending meetings of the Board
or committees thereof and agrees that all members of the Board shall be entitled to the same compensation as may be approved from
time to time.

 

(f) The respective rights of the
Berkshire Fund Group and the WB Fund Group pursuant to Section 2.1, Section 2.2 and Section 2.3 are personal to such Fund Groups
and may not be transferred or assigned to, or exercised by, any Transferee.

 

(g) At such time as (x) the Berkshire
Fund Group ceases in the aggregate to own a number of shares of Common Stock equal to at least a majority of the shares of Common
Stock purchased by the Berkshire Fund Stockholders pursuant to the Stock Purchase Agreement on the Stock Purchase Closing Date,
and/or (y) the WB Fund Group ceases in the aggregate to own a number of shares of Common Stock equal to at least a majority of
the shares of Common Stock purchased by the WB Fund Stockholders pursuant to the Stock Purchase Agreement on the Stock Purchase
Closing Date, such Fund Group shall permanently cease to have the right to designate any Directors pursuant to Section 2.1 and
any rights or obligations pursuant to Section 2.1, Section 2.2, Section 2.3 and Section 2.4 and such sections shall at such time
become void and of no further force or effect with respect to such Fund Group.

 

(h) In the event the Berkshire
Fund Group or the WB Fund Group shall cease to have the right to designate a Director in accordance with Section 2.1(g), the Berkshire
Fund Group or the WB Fund Group shall cause the Berkshire Fund Group’s or the WB Fund Group’s Fund Designee(s), as
the case may be, to resign from the Board and the Directors remaining in office shall decrease the size of the Board to eliminate
such vacancy.

 

(i) The Company agrees to cause
at least one meeting of the Board to be held each fiscal quarter, and to make provisions such that any member of the Board may
attend such meetings by remote means (e.g., by telephone or video conference).

 

(j) The Company shall maintain a
directors’ and officers’ liability insurance policy with such levels of coverage as are reasonably appropriate for
a company in the Company Business of the size of the Company.

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(k) The Fund Designees shall, at
the time of designation, be subject to the reasonable approval of the Company based upon the Fund Designees’ financial, operational
and industry knowledge. The Company acknowledges that, in the case of the Berkshire Fund Group, Bradley M. Bloom is approved to
serve as the Berkshire Fund Group’s Fund Designee, and that in the case of the WB Fund Group, M. Steven Langman is approved
to serve as the WB Fund Group’s Fund Designee.

 

(l) To the extent the Board increases
in size beyond nine (9), the number of Directors designated by each of the Berkshire Fund Group and the WB Fund Group shall be
adjusted to ensure proportional representation (based on the same ratio calculated with respect
to the nine (9) Directors, assuming seven (7) designees other than those of the Berkshire Fund Group and the WB Fund Group, one
(1) designee of the Berkshire Fund Group and one (1) designee of the WB Fund Group); provided that the number of Berkshire Fund
Designee(s) and the WB Fund Designee(s) shall be rounded down to the nearest whole number, but subject to Section 2.1(g), to not
fewer than one designee.

 

Section 2.2 Committees.

 

(a) Subject to Section 2.1(g),
the Company shall cause one (1) Berkshire Fund Designee or one (1) WB Fund Designee to be appointed to and sit on each of the Remuneration
and Nomination Committee and Audit and Finance Committee of the Board, with such Berkshire Fund Designee and WB Fund Designee rotating
every third annual stockholders meeting between the two committees at the Company’s annual stockholders meeting. In the event
that one of the Fund Groups ceases to have the right to designate a Director pursuant to Section 2.1, and the other Fund Group
continues to have such right, such other Fund Group will have the right to have a total of one of its Fund Designees on each of
such committees in the stead of the Fund Group that has lost such right. The Fund Designees are as of the date of this Agreement
in their first such rotation, with the WB Fund Designee on the Remuneration and Nomination Committee and the Berkshire Fund Designee
on the Audit and Finance Committee. Each Director shall be provided upon request with any materials distributed to committees of
the Board, including minutes of the committee meetings, to the extent minutes are prepared, regardless of whether such Director
has been appointed to and sits on such committee.

 

(b) No material decisions of the
Board (other than those delegated to the Remuneration and Nomination Committee and Audit and Finance Committee of the Board) may
be made by a committee instead of by the full Board, unless each Fund Group permitted to appoint a Director pursuant to Section
2.1 is permitted to be represented on the applicable committee by at least one Director pursuant to Section 2.2(a) or by action
of the Board.

 

Section 2.3 Available Financial Information.

 

(a)  Subject to Section 2.1(g),
the Company will deliver the following to the Parent Group and each Fund Group:

 

(i) as soon as available after the
end of each month and in any event within thirty (30) days thereafter, the monthly management report given to the Company’s
executive officers;

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(ii) as soon as available after
the end of each fiscal year of the Company and in any event within ninety (90) days thereafter, (A) the annual financial statements
required to be filed by the Company pursuant to the Exchange Act or (B) a consolidated balance sheet of the Company and its Subsidiaries
as of the end of such fiscal year, and consolidated statements of income, retained earnings and cash flows of the Company and its
Subsidiaries, for such year, in each case prepared in accordance with GAAP and setting forth in each case in comparative form the
figures for the previous fiscal year, all in reasonable detail and accompanied by the opinion of independent public accountants
of recognized national standing selected by the Company; and

 

(iii) with reasonable promptness,
such other information and data (including such information and reports made available to any lender of the Company or any of its
Subsidiaries under any credit agreement or otherwise) with respect to the Company and each of its Subsidiaries as from time to
time may be reasonably requested by any Stockholder.

 

Section 2.4 Access. Subject to Section 2.1(g) and to existing legal or contractual
confidentiality obligations owed to third parties, the Company shall, and shall cause its Subsidiaries, officers, Directors, employees,
auditors and other agents, to afford each Fund Group and its Representatives reasonable access, during normal business hours and
upon reasonable notice, to the officers, employees, auditors, legal counsel, properties, offices, plants and other facilities and
to the books and records of the Company and its Subsidiaries, provided that such access shall not disrupt the normal operations
of the Company or its Subsidiaries. All requests for access pursuant to this Section 2.4 shall be made to and subject to the reasonable
direction of the Chief Financial Officer of the Company or his or her designee.

 

ARTICLE
III

TRANSFERS

 

Section 3.1 Transfer Restrictions.

 

(a) A Fund Member may Transfer
its Equity Securities, subject to the Registration Rights Agreement, Section 3.1(b) and applicable securities laws; provided
that in the case of a direct secondary sale of the Common Stock held by a Fund Stockholder, the Person to which such Equity
Securities are being Transferred is not a Company Competitor.

 

(b) No Fund Member may Transfer any
Equity Securities to any Person (other than a Permitted Transferee) if, to the knowledge of such Fund Member or such Transferee,
as the case may be, after reasonable inquiry (other than in the case of an open market transaction, and in all cases taking into
account the nature of the transaction), the Transferee or a “person” (as such term is used in Sections 13(d) and 14(d)
of the Exchange Act) that directly or indirectly controls such Transferee or any “group” (as such term is used in
Sections 13(d) and 14(d) of the Exchange Act) of which such Transferee or its parent or subsidiary entities is a member is or
would become the “beneficial owner” (as such term is used in Rule 13d-3 under the Exchange Act) of five percent (5%)
or more of all the issued and outstanding Common Stock after giving effect to such Transfer, unless such Transferee, controlling
person or group is permitted to disclose its beneficial ownership of Common Stock pursuant to Schedule 13G under the Exchange
Act and such Transferee, controlling person or group would not, upon consummation

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of the Transfer of the shares of Common Stock, be required to
report its beneficial ownership of Common Stock pursuant to Schedule 13D under the Exchange Act. Notwithstanding the foregoing,
nothing in this Section 3.1(b) shall prohibit a Fund Member (or any Permitted Transferee thereof a signatory hereto) from tendering
into any tender or exchange offer initiated by an Unaffiliated Person that the Board does not, within ten (10) Business Days after
the commencement of such offer, recommend against (or if the Board subsequently changes its recommendation to recommend that the
stockholders of the Company accept such offer).

 

(c) Fund Members may not Transfer
any of their Equity Securities to a Permitted Transferee unless such Permitted Transferee has agreed in writing in the form attached
as Exhibit B hereto to be bound and to comply with all applicable provisions of this Agreement and the Registration Rights Agreement
as a transferee of such Fund Member hereunder. If any Permitted Transferee to which Equity Securities are transferred in accordance
with this Section 3.1(c) ceases to be a Permitted Transferee then this Agreement shall, subject to the continuing rights of the
parties to this Agreement to enforce the provisions of this Section 3.1(c), be deemed terminated as to such Person immediately
before such Person ceased to be a Permitted Transferee, and, in the event that the Transfer to such Person would not have been
permissible under Section 3.1(a) and Section 3.1(b) immediately after its ceasing to be a Permitted
Transferee, then such Person shall, at the time such Person ceases to be a Permitted Transferee, Transfer such Equity Securities
back to the Fund Member from whom such Transfer was made or to a Permitted Transferee of such Fund Member.

 

(d) Any
Parent Transferee to which a Parent Member transfers any Equity Securities shall agree in writing in the form attached as Exhibit
B hereto to be bound and to comply with all applicable provisions of this Agreement and the Registration Rights Agreement as a
transferee of the applicable Parent Member hereunder and shall thereupon succeed to the rights and obligations of the transferring
Parent Member.

 

Section 3.2 Void Transfers. Any Transfer or attempted Transfer of Equity
Securities in violation of Section 3.1 of this Agreement shall be null and void ab initio, shall not be recorded on the
books of the Company or its transfer agent and shall not be recognized by the Company, provided that, for the avoidance of doubt,
a Transfer of Equity Securities to a Permitted Transferee that ceases to be a Permitted Transferee shall not be null and void and
shall instead be subject to the requirements of Section 3.1(c).

 

ARTICLE IV

STANDSTILL AND CONFIDENTIALITY

 

Section 4.1 Standstill. For
a period of four years after the date of this Agreement, unless specifically invited in writing by the Company, each Fund Member
and its Representatives will not in any manner, directly or indirectly, (a) effect or seek, offer or propose (whether publicly
or otherwise) to effect, or announce any intention to effect or cause or participate in or in any way assist or encourage any
other Person to effect or seek, offer or propose (whether publicly or otherwise) to effect or participate in, (i) any acquisition
of any securities (or beneficial ownership thereof) or assets of the Company or any of its Affiliates (other than acquisitions
of securities representing less than 3% of the Company’s then-outstanding voting securities), including rights or options
to acquire such ownership; (ii) any

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tender or exchange offer, merger or other business combination
involving the Company or any of its Affiliates (other than tendering into any tender or exchange offer initiated by an Unaffiliated
Person that the Board does not, within 10 Business Days after the commencement of such offer, recommend against); (iii) any recapitalization,
restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company or any of its Affiliates,
or (iv) any “solicitation” of “proxies” (as such terms are defined in Rule 14a-1 of Regulation 14A under
the Exchange Act, disregarding clause (iv) of Rule 14a-1(l)(2) and including any otherwise exempt solicitation pursuant to Rule
14a-2(b)) or consents to vote any voting securities of the Company or any of its Affiliates; (b) form, join or in any way participate
in a “group” (as defined in Section 13(d)(3) of the Exchange Act and the rules and regulations thereunder) with respect
to any voting securities of the Company or any of its Affiliates or otherwise act in concert with any Person in respect of any
such securities; (c) otherwise act, alone or in concert with others, to seek to control, advise, change or influence the management,
Board, governing instruments, shareholders, policies or affairs of the Company or any of its Affiliates; (d) enter into any discussions
or arrangements with any third party with respect to any of the foregoing; or (e) make any public disclosure, or take any action
that might force the Company, any of its Affiliates or any other Person to make any public disclosure, with respect to the matters
set forth in this Agreement. Each Fund Member agrees during such period that it will not request that the Company (or any of its
Representatives), directly or indirectly, amend or waive any provision of this paragraph (including this sentence). Notwithstanding
anything to the contrary herein, none of the provisions of this Article IV shall apply to any Affiliate of any Fund Member or its
Representatives, unless such Affiliate or its Representatives are at such time in possession
of any material non-public information of the Company received from such Fund Members or their Representatives or unless such Affiliate
is a Permitted Transferee that received a Transfer of Equity Securities in compliance with Section 3.1.

 

Section 4.2 Confidentiality.

 

(a) All information furnished to
any party pursuant to this Agreement shall be kept confidential by the receiving party and its Affiliates that have actually received
such information and shall be used by the receiving party and its Affiliates that have actually received such information only
pursuant to this Agreement, except with the prior written consent of the disclosing party, or except to the extent that such information
(i) is information which the receiving party can demonstrate was already known to the receiving party when received without any
obligation to maintain its confidentiality; (ii) at the time of disclosure or thereafter becomes lawfully obtainable from other
sources through no act or failure to act on the part of the receiving party without any obligation to maintain its confidentiality;
(iii) is required to be disclosed in any document to be filed with any federal, state, municipal or other governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, or in connection with any litigation; (iv) is disclosed
in connection with any consultation with attorneys, accountants, employees, or other advisors under an obligation to keep such
information confidential; or (v) is required to be disclosed by court order or otherwise mandated by law or regulation; provided,
however, that the receiving party shall disclose only so much of the confidential information as is legally required and shall,
in the case of clauses (iii) and (v) of this Section 4.2(a) and to the extent legally permissible, notify the other parties promptly
and in advance of any such disclosure so that an appropriate protective order may be sought or other action may be taken in

    	11

    	

    

consultation between the parties. Notwithstanding anything to
the contrary in this Section 4.2, if a party or any of its Affiliates that have actually received such information are subject
to routine examination by or a blanket request from a governmental regulatory agency, such party and such Affiliates may disclose
any such information as requested by such agency in the course of any such examination, without complying with the foregoing notice
provision, provided that the Company is not a subject of such examination or request. The parties shall establish commercially
reasonable precautions to ensure that their Affiliates, principals, agents, advisors and employees that have actually received
information abide by the terms of this Section 4.2(a). For purposes of this Section 4.2(a), the “Affiliates” of any
Parent Member shall include (i) any Person within the definition of “Parent Transferee”, (x) Joh. A. Benckiser Advisor
Co. LLC, and (y) all of the respective officers, directors, partners, advisors and employees of any Person described in clause
(x) or (y).

 

(b) Notwithstanding anything in
this Section 4.2 to the contrary, a party shall be entitled to disclose otherwise confidential information pertaining to this Agreement
(i) to the extent required by the rules of any listing authority or stock exchange to which such party is subject, (ii) to provide
its investors and prospective investors with certain general information regarding the transactions contemplated by this Agreement
in its annual or quarterly investor reports or other communications to investors or prospective investors consistent with such
party’s standard investor communication and disclosure practices, or (iii) pursuant to customary confidentiality protections
naming the Company as express third-party beneficiary in order to consider or effect a potential Transfer of Equity Securities
in accordance with the terms hereof.

 

ARTICLE V

MISCELLANEOUS

 

Section 5.1 Amendments and Modifications. This Agreement may not be amended, modified
or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated
as an amendment hereto, signed on behalf of each party.

 

Section 5.2 Waivers. No failure or delay of either party in
exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of
any such right, power or remedy, or any abandonment or discontinuance of steps to enforce such right or power, or any course of
conduct, preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The rights, powers
and remedies of the parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise
have hereunder. Any agreement on the part of any party to any such waiver shall be valid only if set forth in a written instrument
executed and delivered by a duly authorized officer on behalf of such party.

 

Section 5.3 Successors, Assigns
and Transferees. This Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their
respective successors and permitted assigns; provided that the Fund Stockholders may assign their respective rights (but may not
delegate their obligations) hereunder only to the extent expressly provided herein and (ii) Permitted Transferees shall have rights
and obligations hereunder only if they become signatories hereto pursuant to Section 3.1(c).

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Section 5.4 Legends.

 

(a) All certificates representing
the Equity Securities and all book-entry Equity Securities held by each Stockholder shall bear a legend, or include a notation,
as appropriate, substantially in the following form:

 

“THE SECURITIES EVIDENCED
HEREBY ARE SUBJECT TO AN AMENDED AND RESTATED STOCKHOLDERS AGREEMENT (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY).
NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED HEREBY MAY BE MADE EXCEPT
IN ACCORDANCE WITH THE PROVISIONS OF SUCH AN AMENDED AND RESTATED STOCKHOLDERS AGREEMENT AND (A) PURSUANT TO A REGISTRATION STATEMENT
EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) PURSUANT TO AN EXEMPTION FROM REGISTRATION THEREUNDER. THE HOLDER
OF THE EQUITY SECURITIES EVIDENCED HEREBY AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH AN AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT.”

 

(b) Upon (i) the sale of any Equity
Securities pursuant to (A) an effective registration statement under the Securities Act, (B) pursuant to Rule 144 under the Securities
Act or (C) another exemption from registration under the Securities Act or (ii) the termination of this Agreement, the certificates
representing such Equity Securities shall be replaced, at the expense of the Company, with certificates or instruments not bearing
the legend required by this Section 5.3; provided that the Company may condition such replacement of certificates under clause
(ii) upon the receipt of an opinion of securities counsel reasonably satisfactory to the Company.

 

Section 5.5 Notices. All notices
and other communications required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal
delivery to the party to be notified; (b) when sent by confirmed facsimile if sent during normal business hours of the recipient,
if not, then on the next Business Day, provided that a copy of such notice is also sent via nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt; (c) five (5) days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (d) one (1) Business Day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to such
party’s address as set forth below or to such other address as the party or a Permitted Transferee or Parent Transferee
shall have furnished to each other party in writing in accordance with this provision:

    	13

    	

    

		(i)	if to the Company to:
	 	 	 
	 	 	Coty Inc.
	 	 	Two Park Avenue, 17th Floor
	 	 	New York, NY 10016
	 	 	Attention: Jules P. Kaufman, Senior Vice President, General Counsel and Secretary
	 	 	Facsimile: 212.479.4328
	 	 	 
	 	 	with a copy (which shall not constitute notice)
to:
	 	 	 
	 	 	JAB Holdings II B.V.
	 	 	Oude Weg 147
	 	 	2031 CC Haarlem
	 	 	The Netherlands
	 	 	Attention: Markus Hopmann
(CFO) and Joachim Creus (Legal Counsel)
	 	 	Facsimile: 31.23.0.2882
	 	 	 
	 	 	and with a copy (which shall not constitute notice)
to:
	 	 	 
	 	 	Gibson, Dunn & Crutcher LLP
	 	 	200 Park Avenue
	 	 	New York, NY 10166
	 	 	Attention: David Wilf
	 	 	Facsimile: 212.351.6277
	 	 	 
	 	(ii)	 if to Parent to:
	 	 	 
	 	 	JAB Holdings II B.V.
	 	 	Oude Weg 147
	 	 	2031 CC Haarlem
	 	 	The Netherlands
	 	 	Attention: Markus Hopmann
(CFO) and Joachim Creus (Legal Counsel)
	 	 	Facsimile: 31.23.0.2882
	 	 	 
	 	 	with a copy (which shall not constitute notice)
to:
	 	 	 
	 	 	Duane Morris LLP
	 	 	1540 Broadway
	 	 	New York, NY 10036-4086
	 	 	Attention: Lee J. Potter, Jr.
	 	 	Facsimile: 212.208.2495
	 	 	 
	 	(iii)	 if to the Berkshire Fund
Group or any Berkshire Fund Member to:
	 	 	 
	 	 	c/o Berkshire Partners LLC

    	14

    	

    

		 	200 Clarendon Street, 35th Floor
	 	 	Boston, MA 02116
	 	 	Attention: Bradley M. Bloom and Sharlyn C. Heslam
	 	 	Facsimile: 617.227.6105
	 	 	 
	 	 	with a copy (which shall not constitute notice)
to:
	 	 	 
	 	 	Weil, Gotshal & Manges LLP
	 	 	100 Federal Street, 34th Floor
	 	 	Boston, MA 02110
	 	 	Attention: Shayla Harlev
	 	 	Facsimile: 617.772.8333
	 	 	 
	 	(iv)	 if to the WB Fund Group or
any WB Fund Member to:
	 	 	 
	 	 	Rhône Group LLC
	 	 	630 Fifth Avenue
	 	 	New York, NY 10111
	 	 	Attention: M. Allison Steiner, General Counsel
	 	 	Facsimile: 212.218.6789
	 	 	 
	 	 	with a copy (which shall not constitute notice)
to:
	 	 	 
	 	 	Sullivan & Cromwell LLP
	 	 	125 Broad Street
	 	 	New York, NY 10004
	 	 	Attention: Richard Pollack
	 	 	Facsimile: 212.558.3588

 

Section 5.6 Entire Agreement.
This Agreement, the Stock Purchase Agreement, the Registration Rights Agreement and the other agreements executed and delivered
in connection therewith, constitute the entire agreement, and supersede all prior written agreements, arrangements, communications
and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings between
the parties with respect to the subject matter hereof and thereof, including the Original Stockholders Agreement; provided that
Section 2.3, Section 3.3, Section 3.4(g), Section 4.1 and Section 7.7 of the Original Stockholders Agreement shall remain in full
force and effect until the closing of the sale of the Class A Common Stock contemplated under that certain underwriting agreement
(the “Underwriting Agreement”), dated as of even date herewith by and among the Company, the selling stockholders
therein named and the underwriters therein named (the “IPO Closing”), at which time such Section 2.3, Section
3.3, Section 3.4(g), Section 4.1 and Section 7.7 shall terminate and shall be of no further force or effect; provided further
that if the Underwriting Agreement is terminated prior to the IPO Closing, then this Agreement shall immediately terminate (provided
that any claims for breaches of this Agreement that occurred while this Agreement was in effect shall survive such termination)
and the Original Stockholders Agreement shall be concurrently reinstated, unchanged and in full force and effect. Notwithstanding
any oral agreement or course of action of the parties or their Representatives to

    	15

    	

    

the contrary,
no party to this Agreement shall be under any legal obligation to enter into or complete the transactions contemplated hereby
unless and until this Agreement shall have been executed and delivered by each of the parties.

 

Section 5.7 Delays or
Omissions. It is agreed that no delay or omission
to exercise any right, power or remedy accruing to any party, upon any breach, default or noncompliance by another party under
this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default
or noncompliance, or any acquiescence therein, or of or in any similar breach, default or noncompliance thereafter occurring. It
is further agreed that any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any
breach, default or noncompliance under this Agreement or any waiver on such party’s part of any provisions or conditions
of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies,
either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative.

 

Section 5.8 Governing Law;
Jurisdiction. This Agreement and all disputes or controversies
arising out of or relating to this Agreement or the transactions contemplated hereby shall be governed by, and construed in accordance
with, the internal laws of the State of New York, without regard to the laws of any other jurisdiction that might be applied because
of the conflicts of laws principles of the State of New York (other than Section 5‐1401 of the New York General Obligations
Law).

 

Section 5.9 Submission to Jurisdiction.
Each of the parties irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement brought
by any other party or its successors or assigns shall be brought and determined in any New York State or federal court sitting
in the Borough of Manhattan in The City of New York (or, if such court lacks subject matter jurisdiction, in any appropriate New
York State or federal court), and each of the parties hereby irrevocably submits to the exclusive jurisdiction of the aforesaid
courts for itself and with respect to its property, generally and unconditionally, with regard to any such action or proceeding
arising out of or relating to this Agreement and the transactions contemplated hereby. Each of the parties agrees not to commence
any action, suit or proceeding relating thereto except in the courts described above in New York, other than actions in any court
of competent jurisdiction to enforce any judgment, decree or award rendered by any such court in New York as described herein.
Each of the parties further agrees that notice as provided herein shall constitute sufficient service of process and the parties
further waive any argument that such service is insufficient. Each of the parties hereby irrevocably and unconditionally waives,
and agrees not to assert, by way of motion or as a defense, counterclaim or otherwise, in any action or proceeding arising out
of or relating to this Agreement or the transactions contemplated hereby, (a) any claim that it is not personally subject to the
jurisdiction of the courts in New York as described herein for any reason, (b) that it or its property is exempt or immune from
jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment
prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) that (i) the suit,
action or proceeding in any such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding
is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

    	16

    	

    

Section 5.10 Waiver of Jury
Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 5.11 Severability. If any provision hereof shall be held invalid
or unenforceable by any court of competent jurisdiction or as a result of future legislative action, so long as the economic and
legal substance of the transactions contemplated hereby are not affected in any manner materially adverse to any party, such holding
or action shall be strictly construed and shall not affect the validity or effect of any other provision hereof, as long as the
remaining provisions, taken together, are sufficient to carry out the overall intentions of the parties as evidenced hereby.

 

Section 5.12 Enforcement. The parties agree that irreparable damage
would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms
or were otherwise breached. Accordingly, each of the parties shall be entitled to specific performance of the terms hereof, including
an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this
Agreement in any New York State or federal court sitting in the Borough of Manhattan in The City of New York (or, if such court
lacks subject matter jurisdiction, in any appropriate New York State or federal court), this being in addition to any other remedy
to which such party is entitled at law or in equity. Each of the parties hereby further waives (a) any defense in any action for
specific performance that a remedy at law would be adequate and (b) any requirement under any law to post security as a prerequisite
to obtaining equitable relief.

 

Section 5.13 Titles and Subtitles. The titles of the sections and subsections
of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement.

 

Section 5.14 Counterparts; Facsimile Signatures. This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. This Agreement
may be executed by facsimile signature(s).

 

Section 5.15 Other Issuers of Registrable Securities. In the event that the Company distributes
securities of a Subsidiary (“Subsidiary Securities”), the Company will, prior to or concurrently with the issuance,
dividend, liquidation, merger, consolidation, recapitalization, reorganization or other transaction in which such Subsidiary Securities
will be distributed cause each applicable Subsidiary to enter into a stockholders agreement with the Stockholders party to this
Agreement providing for the same rights, terms and conditions with respect to such Subsidiary Securities as are provided for in
this Agreement with respect to the Equity Securities.

 

[The remainder of this page is intentionally
left blank]

    	17

    	

    

IN WITNESS WHEREOF, the parties hereto have
executed this Amended and Restated Stockholders Agreement as of the date set forth in the first paragraph hereof.

 

	COTY
    INC.	 
	 	 
	By:	 	 
	 	Name:
    	 
	 	Title:
    	 
	 	 	 
	JAB
    HOLDINGS II B.V.	 
	 	 	 
	By:	 	 
	 	Name:
    	 
	 	Title:
    	 
	 	 	 
	By:	 	 
	 	Name:
    	 
	 	Title:
    	 
	 	 	 

Signature Page to Amended and Restated
Stockholders Agreement

    	 

    	

    

	BERKSHIRE FUND VII, L.P.	 
	 	 
	By:	Seventh Berkshire Associates LLC, its 	 
	 	general partner	 
	 	 	 
	By:	 	 
	 	Name: 	 
	 	Title: 	 
	 	 	 
	BERKSHIRE FUND VII-A, L.P.	 
	 	 
	By:	Seventh Berkshire Associates LLC, its	 
	 	general partner	 
	 	 	 
	By:	 	 
	 	Name: 	 
	 	Title: 	 
	 	 	 
	BERKSHIRE INVESTORS III LLC	 
	 	 
	By:	 	 
	 	Name: 	 
	 	Title: 	 
	 	 	 
	BERKSHIRE INVESTORS IV LLC	 
	 	 
	By:	 	 
	 	Name: 	 
	 	Title: 	 

 

Signature Page to
Amended and Restated Stockholders Agreement

    	 

    	

    

	WORLDWIDE BEAUTY ONSHORE L.P.	 
	 	 	 
	By:	Worldwide Beauty GP L.L.C., its general partner	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	WORLDWIDE BEAUTY OFFSHORE L.P.	 
	 	 
	By:	Worldwide Beauty GP L.L.C., its general partner	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	

Signature Page to Amended and Restated
Stockholders Agreement

    
	 

    	

    

Exhibit A

 

Fund Stockholders

 

Berkshire Fund Stockholders

 

		•	Berkshire Fund VII, L.P.

 

		•	Berkshire Fund VII-A, L.P.

 

		•	Berkshire Investors III LLC

 

		•	Berkshire Investors IV LLC

 

WB Fund Stockholders

 

		•	Worldwide Beauty Onshore L.P.

 

		•	Worldwide Beauty Offshore L.P.

    	 

    	

    

Exhibit B

 

Assignment and Assumption Agreement

 

Pursuant to the Amended and Restated Stockholders
Agreement, dated as of August __, 2012 (the “Stockholders Agreement”), between Coty Inc., a Delaware corporation
(the “Company”), and each of the stockholders of the Company whose name appears on the signature pages listed
therein (each, a “Stockholder” and collectively, the “Stockholders”), [Stockholder Name]
(the “Transferor”) hereby assigns to the undersigned Permitted Transferee the rights that may be assigned thereunder
with respect to the Equity Securities so Transferred, and the undersigned hereby agrees that, having acquired Equity Securities
as permitted by the terms of the Stockholders Agreement, the undersigned shall jointly assume the obligations of the Transferor
under the Stockholders Agreement with respect to the Equity Securities so Transferred. Capitalized terms used but not defined herein
shall have the meanings assigned to them in the Stockholders Agreement. Notices and other communications to the undersigned Permitted
Transferee required or permitted under the Stockholders Agreement shall be addressed as set out below.

 

Listed below is information regarding the
Equity Securities:

 

	 	Number of 

Shares of

Common Stock	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

IN WITNESS WHEREOF, the undersigned has
executed this Assignment and Assumption Agreement as of ___________________, 20_____.

 

	 	 	 	[NAME OF PERMITTED TRANSFEREE]
	 	 	 	 
	 	 	 	 
	 	 	 	Name:
	 	 	 	Title:
	Acknowledged by:	 	[Address]
	COTY INC.	 	 
	 	 	 	 
	By:	 	 	 
	 	Name:	 	 
	 	Title:Exhibit 10.24

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (this “Agreement”)
is entered into as of [_] by and between Coty Inc., a Delaware corporation (the “Company”), and [_] (the “Indemnitee”)
and is effective as of [_] (the “Effective Date”).

 

RECITALS

 

WHEREAS, the Board of Directors has determined
that attracting and retaining qualified persons as directors and officers is in the best interests of the Company’s stockholders
and that the Company should act to assure such persons that there shall be adequate certainty of protection through insurance and
indemnification against risks of claims and actions against them arising out of their service to and activities on behalf of the
Company;

 

WHEREAS, the Company has adopted provisions
in its certificate of incorporation, as amended and restated from time to time (the “Certificate of Incorporation”),
and by-laws, as amended and restated from time to time (the “By-laws”) providing for indemnification and advancement
of expenses of its directors and officers to the fullest extent authorized or permitted by the General Corporation Law of the State
of Delaware (the “DGCL”), and the Company wishes to clarify, enhance and supplement the rights and obligations
of the Company and the Indemnitee with respect to indemnification and advancement of expenses;

 

WHEREAS, in order to induce and encourage
highly experienced and capable persons such as the Indemnitee to serve and continue to serve as directors and officers of the Company
and in any other capacity with respect to the Company as the Company may request, and to otherwise promote the desirable end that
such persons shall resist what they consider unjustified lawsuits and claims made against them in connection with the good faith
performance of their duties to the Company, with the knowledge that certain costs, judgments, penalties, fines, liabilities, and
expenses incurred by them in their defense of such litigation are to be borne by the Company and they shall receive the maximum
protection against such risks and liabilities as may be afforded by applicable law, the Board of Directors of the Company has determined
that the following Agreement is reasonable and prudent to promote and ensure the best interests of the Company and its stockholders;
and

 

WHEREAS, the Company desires to have the
Indemnitee continue to serve as a director or officer of the Company and in any other capacity with respect to the Company as the
Company may request, as the case may be, free from undue concern for unpredictable, inappropriate, or unreasonable legal risks
and personal liabilities by reason of the Indemnitee acting in good faith in the performance of the Indemnitee’s duty to
the Company; and the Indemnitee desires to continue so to serve the Company, provided, and on the express condition, that
he or she is furnished with the indemnity set forth hereinafter.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the Indemnitee’s
continued service as a director or officer of the Company, the parties hereto agree as follows:

    	  

    	

    

1.Definitions. For purposes of
this Agreement:

 

(a)A “Change in Control”
will be deemed to have occurred if the individuals who, as of the Effective Date, constitute the Board of Directors of the Company
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors; provided,
however, that any individual becoming a director subsequent to such effective date whose election, or nomination for election
by the stockholders of the Company, was approved by a vote of at least a majority of the directors then comprising the Incumbent
Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any
such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect
to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a
person other than the Board of Directors.

 

(b)“Disinterested Director”
means a director of the Company who is not or was not a party to the Proceeding in respect of which indemnification is being sought
by the Indemnitee; provided, however, that no Director shall fail to be a Disinterested Director solely as a result
of such Director being party to a Proceeding with respect to the enforcement of rights of the Indemnitee under this Agreement,
the Agreement Regarding Indemnification Obligations, effective as of the Effective Date, by and among the Company, Worldwide Beauty
Onshore L.P., Worldwide Beauty Offshore L.P. and the WB Designee (the “WB Agreement Regarding Indemnification Obligations”),
the Agreement Regarding Indemnification Obligations, effective as of the Effective Date, by and among the Company, Berkshire Fund
VII Investment Corp., Berkshire Fund VII-A Investment Corp., Berkshire Investors III LLC, Berkshire Investors IV LLC and the Berkshire
Designee (together with the WB Agreement Regarding Indemnification Obligations, the “Agreements Regarding Indemnification
Obligations”), the Certificate of Incorporation of the Company or the By-laws of the Company.

 

(c)“Expenses” means
all reasonable direct and indirect costs, fees, and expenses of any type or nature whatsoever incurred in connection with the performance
of the duties of the Indemnitee as a member of the board of directors and includes, without limitation, any cost, fees or expenses
incurred in connection with the preparation for, investigation of, and actual prosecution, defense or settlement of, or acting
as a witness in, any threatened, pending, current or completed action, suit, arbitration, alternative dispute mechanism, inquiry,
judicial, administrative, or legislative hearing, investigation, or any other proceeding, whether brought by or in the right of
the Company or otherwise, including any and all appeals therefrom, whether of a civil, criminal, administrative, legislative, investigative,
or other nature, attorneys’ fees, retainers and expenses, witness fees and expenses, fees and expenses of accountants and
other advisors, retainers and disbursements and advances thereon, the premium, security for, and other costs relating to any bond
(including cost bonds, appraisal bonds, or their equivalents), any expenses incurred by or on behalf of the Indemnitee in connection
with preparing and submitting any requests or statements for indemnification, advancement, contribution or any other right provided
for in this Agreement and any expenses of establishing a right to indemnification or advancement under Sections 9, 11, 13, and
16 hereof, but shall not include the amount of judgments, fines, ERISA excise taxes, or penalties actually levied against the Indemnitee,
or any amounts paid in settlement by or on behalf of the Indemnitee.

    	2

    	

    

(d)“Independent Counsel”
means a law firm or a member of a law firm that neither is presently nor in the past five years has been retained to represent
(i) the Company, its subsidiaries or the Indemnitee in any matter material to any such party or (ii) any other party to the Proceeding
giving rise to a request for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or the Indemnitee in an action to determine the Indemnitee’s right to indemnification
under this Agreement.

 

(e)“Proceeding” means
any action, suit, arbitration, alternative dispute mechanism, inquiry, judicial, administrative, or legislative hearing, investigation,
or any other threatened, pending, or completed proceeding, whether brought by or in the right of the Company or otherwise, including
any and all appeals, whether of a civil, criminal, administrative, legislative, investigative, or other nature, to which the Indemnitee
was or is a party or is threatened to be made a party or is otherwise involved in by reason of the fact that the Indemnitee is
or was a director, officer, employee, agent, manager, fiduciary, or trustee of the Company or while a director, officer, employee,
agent, manager, fiduciary or trustee of the Company is or was serving at the request of the Company as a director, officer, employee,
agent, manager, fiduciary or trustee of another corporation, partnership, limited liability company, joint venture, trust, or any
other enterprise, including service with respect to an employee benefit plan, or by reason of anything done or not done by the
Indemnitee in any such capacity, whether or not the Indemnitee is serving in such capacity at the time any expense, liability,
or loss is incurred for which indemnification or advancement can be provided under this Agreement.

 

2.Service by the Indemnitee. The
Indemnitee shall serve and/or continue to serve as a director or officer of the Company so long as the Indemnitee is duly elected
or appointed and until such time as the Indemnitee’s successor is elected and qualified or the Indemnitee is removed as permitted
by applicable law or tenders a resignation in writing.

 

3.Indemnification and Advancement
of Expenses. The Company shall indemnify and hold harmless the Indemnitee, and shall pay to the Indemnitee (i) all Expenses
incurred by or on behalf of the Indemnitee and (ii) the amount of any judgments, fines, ERISA excise taxes, or penalties actually
levied against the Indemnitee, or any amounts paid in settlement by or on behalf of the Indemnitee, to the fullest extent authorized
by the DGCL, as the same exists or may hereafter be amended, but only to the extent that any such amendments expand the rights
of the Indemnitee, all on the terms and conditions set forth in this Agreement. Without diminishing the scope of the rights provided
by this Section, the rights of the Indemnitee to indemnification and advancement of Expenses provided hereunder shall include
but shall not be limited to those rights hereinafter set forth, except that no indemnification or advancement of Expenses shall
be paid to the Indemnitee:

 

(a)to the extent expressly prohibited
by applicable law;

 

(b)for and to the extent that payment
has previously been made to the Indemnitee under a valid and collectible insurance policy or under a valid and enforceable indemnity
clause, provision of the Certificate of Incorporation or By-laws, or agreement of the Company or any other company or other enterprise
where the Indemnitee is or was serving at the

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request of the Company (and the Indemnitee shall reimburse the Company for any amounts
paid by the Company and subsequently so recovered by the Indemnitee);

 

(c)in respect of any claim brought by
the Indemnitee, except in connection with (i) a judicial proceeding or arbitration (A) pursuant to Section 11 to enforce rights
under this Agreement or (B) to enforce the terms of the Agreements Regarding Indemnification Obligations, or (ii) the enforcement
of any other rights of the Indemnitee to indemnification, advancement or contribution from the Company under any other contract,
the Certificate of Incorporation or By-laws or under statute or other law, including any rights under Section 145 of the DGCL,
unless the action, suit, or proceeding, or part thereof, was authorized or ratified by the Board of Directors of the Company; or

 

(d)with respect to any Proceeding brought
by or in the right of the Company against the Indemnitee that is authorized by the Board of Directors of the Company, except as
provided in Sections 5, 6, and 7 below.

 

4.Indemnity in Proceedings Other than
a Proceeding by or in the Right of the Company. Except as limited by Section 3 above, the Indemnitee shall be entitled to the
indemnification rights provided in this Section if the Indemnitee was or is a party, or is threatened to be made a party to, or
was or is otherwise involved in, any Proceeding (other than a Proceeding by or in the right of the Company). Pursuant to this Section
the Company shall, to the fullest extent permitted by the DGCL, as the same exists or may hereafter be amended, but only to the
extent that any such amendments expand the rights of the Indemnitee, indemnify the Indemnitee from and against all expense, liability,
and loss (including judgments, fines, ERISA excise taxes or penalties, amounts paid in settlement by or on behalf of the Indemnitee,
and Expenses) actually and reasonably incurred by or on behalf of the Indemnitee in connection with such Proceeding, if the Indemnitee
acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to the best interests of, the Company,
and with respect to any criminal Proceeding, had no reasonable cause to believe his or her conduct was unlawful.

 

5.Indemnity in Proceedings by or in
the Right of the Company. Except as limited by Section 3 above, the Indemnitee shall be entitled to the indemnification rights
provided in this Section if the Indemnitee was or is a party, or is threatened to be made a party to, or was or is otherwise involved
in, any Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section the Company
shall, to the fullest extent permitted by the DGCL, as the same exists or may hereafter be amended, but only to the extent that
any such amendments expand the rights of the Indemnitee, indemnify the Indemnitee from and against all Expenses actually and reasonably
incurred by or on behalf of the Indemnitee in connection with such Proceeding if the Indemnitee acted in good faith and in a manner
the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company; provided, however,
that no such indemnification shall be made in respect of any claim, issue, or matter as to which the DGCL, as the same exists or
may hereafter be amended, but only to the extent that any such amendments expand the rights of the Indemnitee, expressly prohibits
such indemnification by reason of any adjudication of liability of the Indemnitee to the Company, unless and only to the extent
that the Court of Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine upon application
that, despite the

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adjudication of liability but in view of all the circumstances of the case, the Indemnitee is entitled to indemnification
for such Expenses, liabilities, and losses as such court shall deem proper.

 

6.Indemnification for Costs, Charges,
and Expenses of Successful Party. Notwithstanding any limitations of Sections 3(c), 4 and 5 above, to the extent that the Indemnitee
has been successful, on the merits or otherwise, in whole or in part, in defense of any Proceeding, or in defense of any claim,
issue, or matter therein, including, without limitation, the dismissal of any action without prejudice, or if it is ultimately
determined, by final judicial decision of a court of competent jurisdiction from which there is no further right to appeal, that
the Indemnitee is otherwise entitled to be indemnified against Expenses or the amount of any judgments, fines, ERISA excise taxes,
or penalties actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf of the Indemnitee, the Company
shall indemnify the Indemnitee from and against all such Expenses actually and reasonably incurred by or on behalf of the Indemnitee
in connection therewith and, to the fullest extent permitted by the DGCL, all such judgments, fines, ERISA excise taxes, or penalties
actually levied against the Indemnitee, or any amounts paid in settlement by or on behalf of the Indemnitee.

 

7.Partial Indemnification. If
the Indemnitee is entitled under any provision of this Agreement or otherwise to indemnification by the Company for some or a portion
of the expense, liability, and loss (including judgments, fines, ERISA excise taxes or penalties, amounts paid in settlement by
or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred by or on behalf of the Indemnitee in connection
with any Proceeding, or in connection with any judicial proceeding pursuant to Section 11 to enforce rights under this Agreement,
but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion
of such expense, liability, and loss (including judgments, fines, ERISA excise taxes or penalties, amounts paid in settlement by
or on behalf of the Indemnitee, and Expenses) actually and reasonably incurred to which the Indemnitee is entitled.

 

8.Indemnification for Expenses as
a Witness. Notwithstanding any other provision of this Agreement, to the maximum extent permitted by the DGCL, as the same
exists or may hereafter be amended, but only to the extent that any such amendments expand the rights of the Indemnitee, the Company
shall indemnify the Indemnitee from and against all Expenses actually and reasonably incurred by or on behalf of the Indemnitee
if the Indemnitee appears as a witness, is legally compelled or asked to respond to discovery requests, or otherwise incurs legal
expenses as a result of or related to the Indemnitee’s service as a director, officer, employee, agent, manager, fiduciary,
or trustee of the Company or service at the request of the Company as a director, officer, employee, agent, manager, fiduciary
or trustee of another corporation, partnership, limited liability company, joint venture, trust, or any other enterprise, including
service with respect to an employee benefit plan, in any threatened, pending, or completed action, suit, arbitration, alternative
dispute mechanism, inquiry, judicial, administrative, or legislative hearing, investigation, or any other threatened, pending,
or completed proceeding, whether of a civil, criminal, administrative, legislative, investigative, or other nature, that is not
a Proceeding.

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9.Determination of Entitlement to
Indemnification. To receive indemnification under this Agreement the Indemnitee shall submit a written request to the Company.
Such request shall include the documentation or information that is reasonably available to the Indemnitee and is reasonably necessary
to determine whether and to what extent Indemnitee is entitled to indemnification. Upon receipt by the Company of a written request
by the Indemnitee for indemnification pursuant to Sections 4 or 5, the entitlement of the Indemnitee to indemnification pursuant
to such Sections, to the extent not previously determined pursuant to the terms of this Agreement, shall be determined by the
following person or persons who shall be empowered to make such determination: (a) the Board of Directors of the Company by a
majority vote of Disinterested Directors, whether or not such majority constitutes a quorum; (b) a committee of Disinterested
Directors designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (c) if (i) there
are no Disinterested Directors, (ii) the Disinterested Directors so direct or (iii) the Indemnitee so requests, Independent Counsel
in a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; or (d) in the event that
a Change in Control has occurred, Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be
delivered to the Indemnitee. Such Independent Counsel shall be selected by the Board of Directors and approved by the Indemnitee,
except that in the event that a Change in Control has occurred, Independent Counsel shall be selected by the Indemnitee. Upon
failure of the Board of Directors to so select such Independent Counsel or upon failure of the Indemnitee so to approve (or so
to select, in the event a Change in Control has occurred), such Independent Counsel shall be selected upon application to a court
of competent jurisdiction. The determination of entitlement to indemnification shall be made and, unless a contrary determination
is made, such indemnification shall be paid in full by the Company not later than 30 calendar days after receipt by the Company
from the Indemnitee of a written request for indemnification. If the person making such determination shall determine that the
Indemnitee is entitled to indemnification as to part (but not all) of the application for indemnification, such person shall reasonably
prorate such partial indemnification among the claims, issues, or matters at issue at the time of the determination. Notwithstanding
Section 16, any reasonable Expenses incurred by the Indemnitee in cooperating with the person making such determination shall
be advanced by the Company (irrespective of the determination as to the Indemnitee’s entitlement to indemnification) and
the Company is liable to indemnify and hold the Indemnitee harmless therefrom. All expenses of the person making such determination
shall be borne by the Company (irrespective of the determination as to the Indemnitee’s entitlement to indemnification).
For the avoidance of doubt, the Company’s entry into this Agreement evidences the Board of Directors’ (i) approval
of the procedures set forth in this Section 9, (ii) agreement and acknowledgment that the procedures set forth in this Section
9 satisfy the requirements of Section 3 of Article VIII of the By-laws, as such provision may be amended from time to time, and
(iii) agreement and acknowledgment that the procedures set forth in this Section 9 constitute the sole procedure for determining
the Indemnitee’s entitlement to indemnification.

 

10.Presumptions and Effect of Certain
Proceedings. The Secretary of the Company shall, promptly upon receipt of the Indemnitee’s written request for indemnification,
advise in writing the Board of Directors or such other person or persons empowered to make the determination as provided in Section
9 that the Indemnitee has made such request for indemnification. In connection with the determination with respect to the Indemnitee’s
entitlement to indemnification hereunder by any person, including a court:

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(a)the Indemnitee shall be presumed to
be entitled to indemnification hereunder and the Company or any person making a determination pursuant to Section 9 shall have
the burden of proof in making any determination contrary to such presumption;

 

(b)The termination of any Proceeding
described in Sections 4 or 5 by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent,
shall not, of itself (i) create a presumption that the Indemnitee did not act in good faith and in a manner the Indemnitee reasonably
believed to be in or not opposed to the best interests of the Company, or with respect to any criminal Proceeding, had reasonable
cause to believe his or her conduct was unlawful or (ii) otherwise adversely affect the rights of the Indemnitee to indemnification
except as may be provided herein;

 

(c)the Indemnitee will be deemed to have
acted in good faith if the Indemnitee’s action or inaction is based on the records or books of account of the Company or
applicable entity, including financial statements, or on information supplied to the Indemnitee by the officers, employees, or
committees of the board of directors of the Company or applicable entity, or on information or records given in reports made to
the Company or applicable entity by an independent certified public accountant or by an appraiser or other expert or advisor selected
by the Company or applicable entity; and

 

(d)the knowledge and/or actions, or failure
to act, of any director, officer, employee or agent of the Company or any applicable entity (other than the Indemnitee) will not
be imputed to the Indemnitee in a manner that limits or otherwise adversely affects Indemnitee’s rights hereunder.

 

The provisions of this Section 10 shall not
be deemed to be exclusive or limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable
standard of conduct set forth in this Agreement. Notwithstanding the foregoing, if the person or persons so empowered to make such
determination shall have failed to make the requested determination with respect to indemnification within 30 calendar days after
receipt by the Company of such request, a requisite determination of entitlement to indemnification shall be deemed to have been
made and the Indemnitee shall be absolutely and unconditionally be entitled to such indemnification, absent actual fraud in the
request for indemnification.

 

11.Remedies of the Indemnitee in
Cases of Determination Not to Indemnify or to Advance Expenses; Right to Bring Suit. In the event that a determination is
made pursuant to Section 9 that the Indemnitee is not entitled to indemnification hereunder or if payment is not timely made following
a determination of entitlement to indemnification pursuant to Sections 9 and 10, or if an advancement of Expenses is not timely
made pursuant to Section 16, the Indemnitee may at any time thereafter bring suit against the Company in a court of competent
jurisdiction in the State of Delaware seeking an adjudication of entitlement to such indemnification or advancement of Expenses.
The Company shall not oppose the Indemnitee’s right to seek any such adjudication. The Company shall be bound by, and shall
not have any right to challenge, any determination made by such court that the Indemnitee is entitled to indemnification or to
the advancement of Expenses hereunder. The Indemnitee shall be bound by, and shall not have any right to challenge, any determination
made by such court that the Indemnitee is not entitled to indemnification or to the advancement of Expenses hereunder. In

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any
suit brought by the Indemnitee to enforce a right to indemnification hereunder (but not in a suit brought by the Indemnitee to
enforce a right to an advancement of Expenses), it shall be a defense that the Indemnitee did not act in good faith and in a manner
the Indemnitee reasonably believed to be in, or not opposed to the best interests of, the Company and, with respect to any criminal
Proceeding, had no reasonable cause to believe his or her conduct was unlawful. Further, in any suit brought by the Company to
recover an advancement of Expenses pursuant to Sections 4 or 5, the Company shall be entitled to recover such Expenses upon a
final judicial decision of a court of competent jurisdiction from which there is no further right to appeal that the Indemnitee
has not met the standard of conduct described above. Neither the failure of the Company (including the Disinterested Directors,
a committee of Disinterested Directors or Independent Counsel) to have made a determination prior to the commencement of such
suit that indemnification of the Indemnitee is proper in the circumstances because the Indemnitee has met the standard of conduct
described above, nor an actual determination by the Company (including the Disinterested Directors, a committee of Disinterested
Directors or Independent Counsel) that the Indemnitee has not met the standard of conduct described above shall create a presumption
that the Indemnitee has not met the standard of conduct described above, or, in the case of such a suit brought by the Indemnitee,
be a defense to such suit. In any suit brought by the Indemnitee to enforce a right to indemnification or to an advancement of
Expenses hereunder, or brought by the Corporation to recover an advancement of Expenses pursuant to the terms of an undertaking,
the burden of proving that the Indemnitee is not entitled to be indemnified, or to such advancement of expenses, under this Section
11 or otherwise shall be on the Company. If a determination is made or deemed to have been made pursuant to the terms of Section
9 or 10 that the Indemnitee is entitled to indemnification, the Company shall be bound by such determination and is precluded
from asserting that such determination has not been made or that the procedure by which such determination was made is not valid,
binding, and enforceable. The Company further agrees to stipulate in any court pursuant to this Section 11 that the Company is
bound by all the provisions of this Agreement and is precluded from making any assertions to the contrary. If the court shall
determine that the Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all
Expenses actually and reasonably incurred by or on behalf of the Indemnitee in connection with such adjudication (including, but
not limited to, any appellate proceedings) to the fullest extent permitted by law, and in any suit brought by the Company to recover
an advancement of Expenses pursuant to the terms of an undertaking, the Company shall pay all Expenses actually and reasonably
incurred by or on behalf of the Indemnitee in connection with such suit to the extent the Indemnitee has been successful, on the
merits or otherwise, in whole or in part, in defense of such suit, to the fullest extent permitted by law.

 

12.Non-Exclusivity of Rights.
The rights to indemnification and to the advancement of Expenses provided by this Agreement shall not be deemed exclusive of any
other right that the Indemnitee may now or hereafter acquire under any applicable law, agreement, vote of stockholders or Disinterested
Directors, provisions of the Certificate of Incorporation or By-laws, or otherwise.

 

13.Expenses to Enforce Agreement.
In the event that the Indemnitee is subject to or intervenes in any action, suit, or proceeding in which the validity or enforceability
of this Agreement is at issue or seeks an adjudication to enforce the Indemnitee’s rights under, or to recover damages for
breach of, this Agreement, the Indemnitee, if the Indemnitee prevails in

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whole or in part in such action, suit, or proceeding,
shall be entitled to recover from the Company and shall be indemnified by the Company against any Expenses actually and reasonably
incurred by or on behalf of the Indemnitee in connection therewith.

 

14.Continuation of Indemnity.
All agreements and obligations of the Company contained herein shall continue during the period the Indemnitee is a director,
officer, employee, agent, manager, fiduciary or trustee of the Company or while a director, officer, employee, agent, manager,
fiduciary or trustee is serving at the request of the Company as a director, officer, employee, agent, manager, fiduciary or trustee
of another corporation or of a partnership, limited liability company, joint venture, trust, or any other enterprise, including
service with respect to an employee benefit plan, and shall continue thereafter with respect to any possible claims based on the
fact that the Indemnitee was a director, officer, employee, agent, manager, fiduciary or trustee of the Company or was serving
at the request of the Company as a director, officer, employee, agent, manager, fiduciary or trustee of another corporation or
of a partnership, limited liability company, joint venture, trust, or other enterprise, including service with respect to an employee
benefit plan. No amendment, alteration or repeal of this Agreement or any provision hereof shall limit or restrict any right of
the Indemnitee under this Agreement in respect of any action taken or omitted by the Indemnitee prior to such amendment, alteration
or repeal. To the extent that a change in the DGCL (or other applicable law), whether by statute or judicial decision, permits
greater indemnification or advancement of Expenses than would be afforded currently under the Certificate of Incorporation, By-laws
or this Agreement, it is the intent of the parties hereto that the Indemnitee enjoy by this Agreement the greater benefits so
afforded by such change. The Indemnitee’s rights under this Agreement are present contractual rights that fully vest upon
the Indemnitee’s first service as a director or officer of the Company. This Agreement shall be binding upon all successors
and assigns of the Company (including any transferee of all or substantially all of its assets and any successor by merger or
operation of law) and shall inure to the benefit of the Indemnitee’s heirs, executors, and administrators.

 

15.Notification and Defense of Proceeding.
Promptly after receipt by the Indemnitee of notice of any Proceeding, the Indemnitee shall, if a request for indemnification or
an advancement of Expenses in respect thereof is reasonably likely to be made against the Company under this Agreement, notify
the Company in writing of the commencement thereof; but the omission so to notify the Company shall not relieve the Company from
any liability that it may have to the Indemnitee. Notwithstanding any other provision of this Agreement, with respect to any such
Proceeding of which the Indemnitee notifies the Company:

 

(a)The Company shall be entitled to participate
therein at its own expense;

 

(b)Except as otherwise provided in this
Section 15(b), to the extent that it may wish, the Company, jointly with any other indemnifying party similarly notified, shall
be entitled to assume the defense thereof, with counsel satisfactory to the Indemnitee. After notice from the Company to the Indemnitee
of its election so to assume the defense thereof, the Company shall not be liable to the Indemnitee under this Agreement for any
expenses of counsel subsequently incurred by the Indemnitee in connection with the defense thereof except as otherwise provided
below. The Indemnitee shall have the right to employ the Indemnitee’s own counsel in such Proceeding, but the fees and expenses
of such counsel incurred after notice from the Company of its assumption of the defense thereof shall be at the expense of the
Indemnitee

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unless (i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall
have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the
defense of such Proceeding, or (iii) the Company shall not within 60 calendar days of receipt of notice from the Indemnitee in
fact have employed counsel to assume the defense of the Proceeding, in each of which cases the fees and expenses of the Indemnitee’s
counsel shall be at the expense of the Company. The Company shall not be entitled to assume the defense of any Proceeding brought
by or on behalf of the Company or as to which the Indemnitee shall have made the conclusion provided for in (ii) above;

 

(c)The Company shall promptly notify
the issuer(s) of the Company’s directors’ and officers’
liability insurance policy or policies in accordance with the requirements of such policy or policies. The Company shall
thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable
as a result of such Proceeding in accordance with the terms of such policies; and

 

(d)The Company shall not be liable to
indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without the Company’s
written consent, or for any judicial or arbitral award if the Company was not given an opportunity, in accordance with this Section
15, to participate in the defense of such Proceeding. The Company shall not settle any Proceeding in any manner that would impose
any penalty or limitation on or disclosure obligation with respect to the Indemnitee without the Indemnitee’s written consent.
Neither the Company nor the Indemnitee shall unreasonably withhold its consent to any proposed settlement.

 

16.Advancement of Expenses. At
the request of the Indemnitee, all Expenses incurred by or on behalf of the Indemnitee in defending or participating in any Proceeding
shall be paid by the Company on an as incurred basis in advance of the final disposition of any related Proceeding, regardless
of whether the Indemnitee will ultimately be entitled to be indemnified for such Expenses. To receive an advancement of Expenses
under this Agreement, the Indemnitee shall submit a written request to the Company. Such request shall reasonably evidence the
Expenses incurred by or on behalf of the Indemnitee and shall include or be accompanied by an undertaking, by or on behalf of the
Indemnitee, to repay all amounts so advanced if it shall ultimately be determined, by final judicial decision of a court of competent
jurisdiction from which there is no further right to appeal, that the Indemnitee is not entitled to be indemnified for such Expenses
by the Company as provided by this Agreement or otherwise. The Indemnitee’s undertaking to repay any such amounts is not
required to be secured and such advanced amounts shall not bear interest. The Company shall not impose on the Indemnitee additional
conditions to advancement or require from the Indemnitee additional undertakings regarding repayment. Each such advancement of
Expenses shall be made within 20 calendar days after the receipt by the Company of such written request. The Indemnitee’s
entitlement to Expenses under this Agreement shall include those incurred in connection with any action, suit, or proceeding by
or on behalf of the Indemnitee seeking an adjudication pursuant to Section 11 of this Agreement (including the enforcement of
this provision) to the extent the court shall determine that the Indemnitee is entitled to an advancement of Expenses hereunder.
Notwithstanding the foregoing, the Company shall not advance or continue to advance Expenses to the Indemnitee if a determination
is reasonably made in good faith that the facts known at the

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time such determination is made demonstrate clearly and convincingly
that the Indemnitee acted in bad faith and in a manner that the Indemnitee did not believe to be in, or not opposed to, the best
interests of the Company, or, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe his
or her conduct was unlawful. Such determination shall be made: (i) by the Board of Directors of the Company by a majority vote
of Disinterested Directors, whether or not such majority constitutes a quorum; (ii) by a committee of Disinterested Directors
designated by a majority vote of such directors, whether or not such majority constitutes a quorum; (iii) if (a) there are no
Disinterested Directors, (b) the Disinterested Directors so direct or (c) the Indemnitee so requests, by Independent Counsel in
a written opinion to the Board of Directors, a copy of which shall be delivered to the Indemnitee; or (iv) in the event that a
Change in Control has occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be
delivered to the Indemnitee. The Company shall not seek from a court, or agree to, a “bar order” which would have
the effect of prohibiting or limiting the Indemnitee’s rights to receive advancement of expenses under this Agreement.

 

17.Contribution. If (i) the Indemnitee
is entitled to indemnification under the DGCL and this Agreement and (ii) the indemnification provided for in this Agreement is
unavailable due to a conflicting statutory scheme, the Company, in lieu of indemnifying the Indemnitee, shall contribute to the
Indemnitee the amount of any judgments, fines, ERISA excise taxes or penalties, amounts paid in settlement by or on behalf of the
Indemnitee, and Expenses to which the Indemnitee is entitled under the DGCL and this Agreement and that is unavailable due to such
conflicting statutory scheme.

 

18.Insurance. To the extent that
the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents
or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise
that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with
its or their terms to the maximum extent of the coverage available for any director, officer, employee, agent or fiduciary under
such policy or policies.

 

19.Severability; Prior Indemnification
Agreements. If any provision or provisions of this Agreement shall be held to be invalid, illegal, or unenforceable for any
reason whatsoever, (a) the validity, legality, and enforceability of the remaining provisions of this Agreement (including, without
limitation, all portions of any paragraphs of this Agreement containing any such provision held to be invalid, illegal, or unenforceable,
that are not by themselves invalid, illegal, or unenforceable) shall not in any way be affected or impaired thereby, and (b) to
the fullest extent possible, the provisions of this Agreement (including, without limitation, all portions of any paragraph of
this Agreement containing any such provision held to be invalid, illegal, or unenforceable, that are not themselves invalid, illegal,
or unenforceable) shall be construed so as to give effect to the intent of the parties that the Company provide protection to the
Indemnitee to the fullest enforceable extent. This Agreement shall supersede and replace any prior indemnification agreements entered
into by and between the Company and the Indemnitee and any such prior agreements shall be terminated upon execution of this Agreement.

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20.Headings; References; Pronouns.
The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof. References herein to section numbers are to sections of this Agreement. All
pronouns and any variations thereof shall be deemed to refer to the singular or plural as appropriate.

 

21.Other Provisions.

 

(a)This Agreement and all of the rights
and duties of the parties to this Agreement arising from or relating in any way to the subject matter of this Agreement, including
any claims, shall be governed by, construed and enforced in accordance with, the internal laws of the State of Delaware, without
regard to the laws of any other jurisdiction that might be applied because of conflicts of laws principles of the State of Delaware.

 

(b)This Agreement may be executed in
two or more counterparts, all of which shall be considered one and the same instrument and shall become effective when one or more
counterparts have been signed by each of the parties and delivered to the other party.

 

(c)This Agreement shall not be deemed
an employment contract between the Company and any Indemnitee who is an officer of the Company, and, if the Indemnitee is an officer
of the Company, the Indemnitee specifically acknowledges that the Indemnitee may be discharged at any time for any reason, with
or without cause, and with or without severance compensation, except as may be otherwise provided in a separate written contract
between the Indemnitee and the Company.

 

(d)In the event of payment under this
Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who
shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution
of such documents necessary to enable the Company effectively to bring suit to enforce such rights.

 

(e)This Agreement may not be amended,
modified, or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically
designated as an amendment hereto, signed on behalf of each party. No failure or delay of either party in exercising any right
or remedy hereunder shall operate as a waiver thereof, and no single or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such right or power, or any course of conduct, shall preclude any other or further exercise
thereof or the exercise of any other right or power.

 

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left blank.]

    	12

    	

    

IN WITNESS WHEREOF, the Company and the Indemnitee
have caused this Agreement to be executed as of the date first written above.

 

	 	COTY INC.
	 	 
	 	 By:	 
	 	 	Name:  
	 	 	Title:
	 	 	 
	 		Indemnitee

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