Document:

Exhibit

    

FIRST AMENDMENT TO THE 
AVON PRODUCTS, INC. 2013 STOCK INCENTIVE PLAN (AMENDED AND RESTATED)
THIS FIRST AMENDMENT is made to the Avon Products, Inc. 2013 Stock Incentive Plan, as amended and restated, by AVON PRODUCTS, INC., a corporation duly organized and existing under the laws of the State of New York (the “Company”).
INTRODUCTION
The Company maintains the Avon Products, Inc. 2013 Stock Incentive Plan, as amended and restated (the “Plan”).  The Company now wishes to amend the Plan to (i) modify the definition of “Committee” and (ii) permit the Committee (as defined in the Plan) to delegate certain of its duties to a subcommittee.  Such amendment would be effective as of March 1, 2016 for awards outstanding under the Plan on or after such date.
AMENDMENT
NOW, THEREFORE, the Company hereby amends the Plan, effective as of March 1, 2016, as follows:
1.  By replacing Section 2(i) in its entirety with the following:
““Committee” means Compensation and Management Development Committee of the Board or such other the committee appointed by the Board to administer the Plan, (i) each member of which must be “independent” under the rules of the New York Stock Exchange, (ii) at least two members of which must satisfy the criteria for being an “outside director” for purposes of Code Section 162(m) and (iii) at least two members of which must satisfy the criteria for being a “non-employee director” for purposes of Rule 16b-3 under the Exchange Act; provided that, with respect to Awards to non-employee directors under an Award Program, “Committee” means the Board or the Nominating and Corporate Governance Committee of the Board.” 

2.   By adding the following sentence to the end of Section 8(a) thereof:

“The Committee may delegate the approval of certain transactions to subcommittees consisting solely of members of the Committee who are (i) “outside directors” for purposes of Code Section 162(m) or (ii) “non-employee directors” for purposes of Rule 16b-3 under the Exchange Act.”

Except as specifically amended hereby, the Plan shall remain in full force and effect as prior to this First Amendment.

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

	Dated: March 1, 2016
	By:       
Title:   

1Exhibit

    

FIRST AMENDMENT TO THE 
AVON PRODUCTS, INC. 2010 STOCK INCENTIVE PLAN
THIS FIRST AMENDMENT is made to the Avon Products, Inc. 2010 Stock Incentive Plan by AVON PRODUCTS, INC., a corporation duly organized and existing under the laws of the State of New York (the “Company”).
INTRODUCTION
The Company maintains the Avon Products, Inc. 2010 Stock Incentive Plan (the “Plan”).  The Company now wishes to amend the Plan to (i) modify the definition of “Committee” and (ii) permit the Committee (as defined in the Plan) to delegate certain of its duties to a subcommittee.  Such amendment would be effective as of March 1, 2016 for awards outstanding under the Plan on or after such date.
AMENDMENT
NOW, THEREFORE, the Company hereby amends the Plan, effective as of March 1, 2016, as follows:
1.  By replacing Section 2(i) in its entirety with the following:
““Committee” means Compensation and Management Development Committee of the Board or such other the committee appointed by the Board to administer the Plan, (i) each member of which must be “independent” under the rules of the New York Stock Exchange, (ii) at least two members of which must satisfy the criteria for being an “outside director” for purposes of Code Section 162(m) and (iii) at least two members of which must satisfy the criteria for being a “non-employee director” for purposes of Rule 16b-3 under the Exchange Act; provided that, with respect to Awards to non-employee directors under an Award Program, “Committee” means the Board or the Nominating and Corporate Governance Committee of the Board.” 

2.   By adding the following sentence to the end of Section 8(a) thereof:

“The Committee may delegate the approval of certain transactions to subcommittees consisting solely of members of the Committee who are (i) “outside directors” for purposes of Code Section 162(m) or (ii) “non-employee directors” for purposes of Rule 16b-3 under the Exchange Act.”

Except as specifically amended hereby, the Plan shall remain in full force and effect as prior to this First Amendment.

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

	Dated: March 1, 2016
	By:       
Title:   

1Exhibit

    

FOURTH AMENDMENT TO THE 
AVON PRODUCTS, INC. 2005 STOCK INCENTIVE PLAN
THIS FOURTH AMENDMENT is made to the Avon Products, Inc. 2005 Stock Incentive Plan by AVON PRODUCTS, INC., a corporation duly organized and existing under the laws of the State of New York (the “Company”).
INTRODUCTION
The Company maintains the Avon Products, Inc. 2005 Stock Incentive Plan (the “Plan”).  The Company now wishes to amend the Plan to (i) modify the definition of “Committee” and (ii) permit the Committee (as defined in the Plan) to delegate certain of its duties to a subcommittee.  Such amendment would be effective as of March 1, 2016 for awards outstanding under the Plan on or after such date.
AMENDMENT
NOW, THEREFORE, the Company hereby amends the Plan, effective as of March 1, 2016, as follows:
1.  By replacing Section 2(i) in its entirety with the following:
““Committee” means Compensation and Management Development Committee of the Board or such other the committee appointed by the Board to administer the Plan, (i) each member of which must be “independent” under the rules of the New York Stock Exchange, (ii) at least two members of which must satisfy the criteria for being an “outside director” for purposes of Code Section 162(m) and (iii) at least two members of which must satisfy the criteria for being a “non-employee director” for purposes of Rule 16b-3 under the Exchange Act; provided that, with respect to Awards to non-employee directors under an Award Program, “Committee” means the Board or the Nominating and Corporate Governance Committee of the Board.” 

2.   By adding the following sentence to the end of Section 8(a) thereof:

“The Committee may delegate the approval of certain transactions to subcommittees consisting solely of members of the Committee who are (i) “outside directors” for purposes of Code Section 162(m) or (ii) “non-employee directors” for purposes of Rule 16b-3 under the Exchange Act.”

Except as specifically amended hereby, the Plan shall remain in full force and effect as prior to this Fourth Amendment.

IN WITNESS WHEREOF, the Company has caused this Fourth Amendment to be executed on the date set forth below.
	
		
	 
	AVON PRODUCTS, INC.

	Dated: March 1, 2016
	By:       
Title:   

1Exhibit

    

FIRST AMENDMENT TO THE 
AVON PRODUCTS, INC. 2013-2017 EXECUTIVE INCENTIVE PLAN
THIS FIRST AMENDMENT is made to the Avon Products, Inc. 2013-2017 Executive Incentive Plan by AVON PRODUCTS, INC., a corporation duly organized and existing under the laws of the State of New York (the “Company”).
INTRODUCTION
The Company maintains the Avon Products, Inc. 2013-2017 Executive Incentive Plan (the “Plan”).  The Company now wishes to amend the Plan to modify the definition of “Committee”.  Such amendment would be effective as of March 1, 2016 for awards outstanding under the Plan on or after such date.
AMENDMENT
NOW, THEREFORE, the Company hereby amends the Plan, effective as of March 1, 2016, as follows:
1.  By replacing the definition of “Committee” under Section II with the following:
“Committee” means the (i) Compensation and Management Development Committee of the Board or (ii) to the extent required to comply with Section 162(m) of the Code, a subcommittee of the Compensation and Management Development Committee of the Board consisting of two or more members, each of whom shall be an “outside director” within the meaning of Section 162(m) of the Code.” 

Except as specifically amended hereby, the Plan shall remain in full force and effect as prior to this First Amendment.

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

	Dated: March 1, 2016
	By:       
Title:   

1Exhibit

EXECUTION COPY

FOURTH AMENDMENT TO THE
BENEFIT RESTORATION PENSION PLAN OF AVON PRODUCTS, INC.
This FOURTH AMENDMENT is made to the Benefit Restoration Pension Plan of Avon Products, Inc. as it was amended and restated as of January 1, 2009, and as it has been amended from time to time thereafter (the “Plan”), by AVON PRODUCTS, INC., a corporation duly organized and existing under the laws of the State of New York (the “Company”).
INTRODUCTION
In connection with the transfer of its North America business to New Avon LLC (“New Avon”), effective as of March 1, 2016, the Company wishes to amend the Plan to:  (1) reflect the cessation of eligibility to participate in, participation in and, to the extent then applicable, any future benefit accruals under the Plan by certain employees of the Company’s North America business and former employees of the Company; and (2) provide for the transfer of all liabilities, benefits and obligations under the Plan with respect to such employees and former employees to a new benefits restoration plan established by New Avon.
AMENDMENTS
NOW THEREFORE, the Company hereby amends the Plan, effective as of 12:00 a.m. on March 1, 2016, as follows:
1.A new last paragraph is added to the Introduction of the Plan to read as follows:
“In connection with the transfer of its North America business to New Avon LLC (“New Avon”), effective as of 12:00 a.m. on March 1, 2016, the Plan was amended to:  (1) reflect the cessation of eligibility to participate in, participation in and, to the extent then applicable, any future benefit accruals under the Plan by certain employees of the Company’s North American business and former employees of the Company; and (2) provide for the transfer of all liabilities, benefits and obligations under the Plan with respect to such employees and former employees from the Plan to a new benefits restoration plan established by New Avon.”
2.    A new ARTICLE 6 is added to the Plan to read as follows:
“ARTICLE 6
SALE OF NORTH AMERICA BUSINESS
Notwithstanding any other provision of this Plan to the contrary, in accordance with the Separation and Investment Agreement, effective as of 12:00 a.m. on March 1, 2016 (the “Plan Spin-Off Date”):
6.1    New Avon LLC Benefits Restoration Plan.  In connection with the transfer of the Company’s North America business to New Avon:
		
	(1)
	each Transferred Employee shall cease to be eligible to participate in this Plan and shall instead become eligible to participate in the New Avon Plan, subject to and in accordance with the terms thereof;

		
	(2)
	each Transferred Member shall cease to be a Member of this Plan and shall instead become a Member of the New Avon Plan, subject to and in accordance with the terms thereof;

		
	(3)
	each Transferred Member who is otherwise eligible to accrue any benefits under this Plan immediately prior to the Plan Spin-Off Date shall cease to accrue benefits under this Plan and shall instead accrue benefits under the New Avon Plan, subject to and in accordance with the terms thereof;

		
	(4)
	all undistributed accrued benefits under this Plan, and all liabilities and obligations associated therewith, on behalf of the Transferred Members shall be transferred from this Plan to the New Avon Plan; and

		
	(5)
	neither the Company nor any of its affiliates (other than New Avon and any of its subsidiaries) or this Plan shall have further liabilities or obligations under this Plan to any Transferred  Employee or Transferred Member.

6.2    Definitions.  For purposes of this Article 6, the following definitions shall have the following meanings:
		
	(1)
	“Transferred Employee” shall mean each Employee of the Company (a) who is eligible to participate in this Plan but is not a Member of this Plan immediately prior to the Plan Spin-Off Date, and (b) who is or is intended to be a Transferred Employee (as defined in the Separation and Investment Agreement);

		
	(2)
	“Transferred Member” shall mean Member of this Plan immediately prior to the Plan Spin-Off Date who is or who is intended to be a Transferred Employee or Former Employee (in each case, as defined in the Separation and Investment Agreement);

		
	(3)
	“New Avon” shall mean New Avon LLC, a Delaware limited liability company;

		
	(4)
	“New Avon Plan” shall mean the New Avon LLC Benefits Restoration Plan; and

		
	(5)
	“Separation and Investment Agreement” shall mean the Separation and Investment Agreement, dated as of December 17, 2015, among the Company, New Avon (f/k/a C-A NA LLC), and Cleveland NA Investor LLC.”

Except as specifically amended hereby, the Plan shall remain in full force and effect as prior to this Fourth Amendment.
[Signature on next page]

IN WITNESS WHEREOF, the Company has caused this Fourth Amendment to the Plan to be executed on the date set forth below.
AVON PRODUCTS, INC.
		
	Dated:  _______________, 2016
	By:                             

Name:  
Title:    

CPAM: 8858670.4

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