Document:

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                                                                    Exhibit 10.3

                         AUTOLOGOUS WOUND THERAPY, INC.
                            LONG-TERM INCENTIVE PLAN

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                                TABLE OF CONTENTS
                                  (CONTINUED)

                                                                            PAGE

ARTICLE 1  PURPOSE...........................................................1

1.1.     GENERAL.............................................................1

ARTICLE 2  EFFECTIVE DATE....................................................1

2.1.     EFFECTIVE DATE......................................................1

ARTICLE 3  DEFINITIONS.......................................................1

3.1.     DEFINITIONS.........................................................1

ARTICLE 4  ADMINISTRATION....................................................4

4.1.     COMPENSATION COMMITTEE..............................................4

4.2.     ACTION BY THE COMPENSATION COMMITTEE................................4

4.3.     AUTHORITY OF COMPENSATION COMMITTEE.................................5

4.4.     NON-U.S. PARTICIPANTS...............................................6

4.5.     DECISIONS BINDING...................................................6

ARTICLE 5  SHARES SUBJECT TO THE PLAN........................................6

5.1.     NUMBER OF SHARES....................................................6

5.2.     LAPSED OR FORFEITED AWARDS..........................................6

5.3.     STOCK DISTRIBUTED...................................................6

5.4.     LIMITATION ON AWARDS................................................6

ARTICLE 6  ELIGIBILITY.......................................................7

6.1.     GENERAL.............................................................7

ARTICLE 7  STOCK OPTIONS.....................................................7

7.1.     GENERAL.............................................................7

7.2.     INCENTIVE STOCK OPTIONS.............................................8

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                                TABLE OF CONTENTS
                                  (CONTINUED)

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ARTICLE 8  STOCK APPRECIATION RIGHTS........................................10

8.1.     GRANT OF SARs......................................................10

8.2.     VESTING OF BENEFITS................................................10

8.3.     OTHER TERMS........................................................11

ARTICLE 9  PERFORMANCE UNITS................................................11

9.1.     GRANT OF PERFORMANCE UNITS.........................................11

9.2.     RIGHT TO PAYMENT...................................................11

9.3.     OTHER TERMS........................................................11

ARTICLE 10  RESTRICTED STOCK AWARDS.........................................11

10.1.    GRANT OF RESTRICTED STOCK..........................................11

10.2.    ISSUANCE AND RESTRICTIONS..........................................11

10.3.    FORFEITURE.........................................................12

10.4.    CERTIFICATES FOR RESTRICTED STOCK..................................12

ARTICLE 11  PHANTOM STOCK AWARDS............................................12

11.1.    GRANT OF PHANTOM STOCK.............................................12

11.2.    ISSUANCE AND RESTRICTIONS..........................................12

11.3.    PAYMENT OF BENEFITS................................................12

11.4.    FORFEITURE.........................................................12

11.5.    OTHER TERMS........................................................13

ARTICLE 12  DIVIDEND EQUIVALENTS............................................13

12.1.    GRANT OF DIVIDEND EQUIVALENTS......................................13

ARTICLE 13  OTHER STOCK-BASED AWARDS........................................13

13.1.    GRANT OF OTHER STOCK-BASED AWARDS..................................13

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                                TABLE OF CONTENTS
                                  (CONTINUED)

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ARTICLE 14  PROVISIONS APPLICABLE TO AWARDS.................................13

14.1.    STAND-ALONE, TANDEM, AND SUBSTITUTE AWARDS.........................13

14.2.    EXCHANGE PROVISIONS................................................14

14.3.    LIMITS ON TRANSFER.................................................14

14.4.    BENEFICIARIES......................................................14

14.5.    STOCK CERTIFICATES.................................................14

14.6.    ACCELERATION UPON DEATH, DISABILITY OR RETIREMENT..................14

14.7.    TERMINATION OF EMPLOYMENT..........................................14

14.8.    FORFEITURE/RESCISSION OF AWARDS; RESTRICTIVE COVENANTS.............15

ARTICLE 15  CHANGES IN CAPITAL STRUCTURE....................................16

15.1.    GENERAL............................................................16

ARTICLE 16  AMENDMENT, MODIFICATION AND TERMINATION.........................16

16.1.    AMENDMENT, MODIFICATION AND TERMINATION............................16

16.2.    AWARDS PREVIOUSLY GRANTED..........................................16

ARTICLE 17  GENERAL PROVISIONS..............................................17

17.1.    NO RIGHTS TO AWARDS................................................17

17.2.    NO SHAREHOLDER RIGHTS..............................................17

17.3.    WITHHOLDINGS.......................................................17

17.4.    NO RIGHT TO CONTINUED SERVICE......................................17

l7.5.    UNFUNDED STATUS OF AWARDS..........................................17

17.6.    INDEMNIFICATION....................................................17

17.7.    RELATIONSHIP TO OTHER BENEFITS.....................................18

17.8.    EXPENSES...........................................................18

17.9.    TITLES AND HEADINGS................................................18

17.10.   GENDER AND NUMBER..................................................18

17.11.   FRACTIONAL SHARES..................................................18

17.12.   GOVERNMENT AND OTHER REGULATIONS...................................18

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                                TABLE OF CONTENTS
                                  (CONTINUED)

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17.13.   GOVERNING LAW......................................................18

17.14.   SEVERABILITY.......................................................18

17.15.   ADDITIONAL PROVISIONS..............................................19

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                         AUTOLOGOUS WOUND THERAPY, INC.
                            LONG-TERM INCENTIVE PLAN

                                    ARTICLE 1
                                     PURPOSE

     1.1 GENERAL. The purpose of the Autologous Wound Therapy, Inc. Long-Term
Incentive Plan (the "Plan") is to promote the success, and enhance the value, of
Autologous Wound Therapy, Inc. (the "Company"), and its related companies by
linking the personal interests of the employees, officers, consultants,
independent contractors, advisors and directors of the Company and its related
companies to those of Company shareholders and by providing such persons with an
incentive for outstanding performance. The Plan is further intended to provide
flexibility to the Company in its ability to motivate, attract, and retain the
services of employees, officers, consultants, independent contractors, advisors
and directors upon whose judgment, interest, and special effort the successful
conduct of the Company's operation is largely dependent. Accordingly, the Plan
permits the grant of incentive awards from time to time to selected employees,
officers, consultants, independent contractors, advisors and directors.
Notwithstanding the foregoing, to the extent necessary to preserve any exemption
under applicable state blue sky laws, a person who is not an employee of the
Company or its related companies will be ineligible to receive Awards under the
Plan until such time, if any, as the Stock shall be traded on a national
securities exchange or on the Nasdaq National Market.

                                    ARTICLE 2
                                 EFFECTIVE DATE

     2.1 EFFECTIVE DATE. The Plan shall be effective as of the date upon which
it shall be approved by the Board (the "Effective Date"). However, the Plan
shall be submitted to the shareholders of the Company for approval within 12
months of the Board's approval thereof. No Incentive Stock Options granted under
the Plan may be exercised prior to approval of the Plan by the Company's
shareholders, and if the Company's shareholders fail to approve the Plan within
12 months of the Board's approval thereof, any Incentive Stock Options
previously granted hereunder shall be automatically converted to Non-Qualified
Stock Options without any further act.

                                    ARTICLE 3
                                   DEFINITIONS

     3.1 DEFINITIONS. When a word or phrase appears in this Plan with the
initial letter capitalized, and the word or phrase does not commence a sentence,
the word or phrase shall generally be given the meaning ascribed to it in this
Section or in Section 1.1 unless a clearly different meaning is required by the
context. The following words and phrases shall have the following meanings:

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         (a) "Award" means any Option, Stock Appreciation Right, Restricted
     Stock Award, Phantom Stock Award, Performance Unit Award, Dividend
     Equivalent Award, or Other Stock-Based Award, or any other right or
     interest relating to Stock or cash, granted to a Participant under the
     Plan.

         (b) "Award Agreement" means any written agreement, contract, or other
     instrument or document evidencing an Award.

         (c) "Board" means the Board of Directors of the Company.

         (d) "Code" means the Internal Revenue Code of 1986, as amended from
     time to time.

         (e) "Compensation Committee" means the Compensation Committee of the
     Board described in Article 4.

         (f) "Company" means Autologous Wound Therapy, Inc., a Delaware
     corporation.

         (g) "Disability" means a "permanent and total disability" as defined in
     Code Section 22(e)(3).

         (h) "Dividend Equivalent" means a right granted to a Participant under
     Article 12 of the Plan.

         (i) "Fair Market Value", on any date, means (i) if the Stock is listed
     on a national securities exchange or is traded over the Nasdaq National
     Market, the closing sales price on such exchange or over such system on
     such date or, in the absence of reported sales on such date, the closing
     sales price on the immediately preceding date on which sales were reported,
     or (ii) if the Stock is not listed on a national securities exchange or
     traded over the Nasdaq National Market, the fair market value shall be as
     determined by an independent appraiser selected by the Compensation
     Committee from time to time or as determined in good faith by the
     Compensation Committee in its sole discretion.

         (j) "Incentive Stock Option" means an Option that is intended to meet
     the requirements of Code Section 422 or any successor provision thereto.

         (k) "Non-Qualified Stock Option" means an Option that is not an
     Incentive Stock Option.

         (l) "Option" means a right granted to a Participant under Article 7 of
     the Plan.

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         (m) "Other Stock-Based Award" means a right, granted to a Participant
     under Article 13 of the Plan.

         (n) "Parent" means a corporation or other entity which owns or
     beneficially owns a majority of the outstanding voting stock or voting
     power of the Company. For Incentive Stock Options, "Parent" means a "parent
     corporation" of the Company as defined in Code Section 424(e).

         (o) "Participant" means a person who, as an employee, officer,
     consultant, independent contractor, advisor or director of the Company, a
     Parent or any Subsidiary, has been granted an Award under the Plan.

         (p) "Performance Unit" means a right granted to a Participant under
     Article 9 of the Plan.

         (q) "Phantom Stock" means a right granted to a Participant under
     Article 11 of the Plan.

         (r) "Plan" means the Autologous Wound Therapy, Inc. Long-Term Incentive
     Plan.

         (s) "Restricted Stock" means Stock granted to a Participant under
     Article 10 of the Plan.

         (t) "Retirement" means a Participant's termination of employment after
     attaining age 65.

         (u) "Stock" means the common stock of the Company, and such other
     securities of the Company as may be substituted for Stock pursuant to
     Article 15.

         (v) "Stock Appreciation Right" or "SAR" means a right granted to a
     Participant under Article 8 of the Plan.

         (w) "Subsidiary" means any corporation, limited liability company,
     partnership or other entity of which a majority of the outstanding voting
     stock or voting power is beneficially owned directly or indirectly by the
     Company. For Incentive Stock Options, "Subsidiary" means a "subsidiary
     corporation" of the Company as defined in Code Section 424(f).

         (x) "Termination Date" means the effective date of the termination of a
     Participant's employment or consultation period with the Company, a Parent
     or any Subsidiary, whether by reason of death, Disability, Retirement,
     resignation, or termination with or without cause.

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         (y) "Vesting" or "Vested Awards" means the percentage of an Award that
     a Participant shall be entitled to retain upon the Participant's
     Termination Date. Unless otherwise provided in an Award Agreement or except
     as otherwise provided in the Plan, all Awards granted under the Plan shall
     be subject to the following vesting schedule, as measured from the date an
     Award is granted:

         Period of Employment/Consultancy                   Vested Percentage
         --------------------------------                   -----------------

         Less than One Year                                       0%
         At Least One Year but Less than Two Years               33%
         At Least Two Years but Less than Three Years            66%
         Three or More Years                                    100%

     Any Awards that are not vested as of the Participant's Termination Date
     shall be forfeited by the Participant unless otherwise specifically set
     forth herein.

         (z) "1933 Act" means the Securities Act of 1933, as amended from time
     to time.

         (aa) "1934 Act" means the Securities Exchange Act of 1934, as amended
     from time to time.

                                    ARTICLE 4
                                 ADMINISTRATION

     4.1 COMPENSATION COMMITTEE. The Plan shall be administered by the
Compensation Committee of the Board or, at the discretion of the Board from time
to time, by the Board. The Compensation Committee shall consist of three or more
members of the Board. The members of the Compensation Committee shall be
appointed by, and may be changed at any time and from time to time in the
discretion of, the Board. During any time that the Board is acting as
administrator of the Plan, it shall have all the powers of the Compensation
Committee hereunder, and any reference herein to the Compensation Committee
(other than in this Section 4.1) shall include the Board.

     4.2 ACTION BY THE COMPENSATION COMMITTEE. For purposes of administering the
Plan, the following rules of procedure shall govern the Compensation Committee.
A majority of the Compensation Committee shall constitute a quorum. The acts of
a majority of the members present at any meeting at which a quorum is present,
and acts approved unanimously in writing by the members of the Compensation
Committee in lieu of a meeting, shall be deemed the acts of the Compensation
Committee. Each member of the Compensation Committee is entitled to, in good
faith, rely or act upon any report or other information furnished to that member
by any officer or other employee of the Company or any Parent or Subsidiary, the
Company's independent certified public accountants, or any executive

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compensation consultant or other professional retained by the Company to assist
in the administration of the Plan.

     4.3 AUTHORITY OF COMPENSATION COMMITTEE. The Compensation Committee has the
exclusive power, authority and discretion to:

         (a) Designate Participants;

         (b) Determine the type or types of Awards to be granted to each
     Participant;

         (c) Determine the number of Awards to be granted and the number of
     shares of Stock to which an Award will relate;

         (d) Determine the terms and conditions of any Award granted under the
     Plan, including but not limited to, the exercise price, grant price, or
     purchase price, any restrictions or limitations on the Award, any schedule
     for lapse of forfeiture restrictions or restrictions on the exercisability
     of an Award, and accelerations or waivers thereof, based in each case on
     such considerations as the Compensation Committee in its sole discretion
     determines;

         (e) Accelerate the vesting or lapse of restrictions of any outstanding
     Award, based in each case on such considerations as the Compensation
     Committee in its sole discretion determines;

         (f) Determine whether, to what extent, and under what circumstances an
     Award may be settled in, or the exercise price of an Award may be paid in,
     cash, Stock, other Awards, or other property, or an Award may be canceled,
     forfeited, or surrendered;

         (g) Prescribe the form of each Award Agreement, which need not be
     identical for each Participant;

         (h) Decide all other matters that must be determined in connection with
     an Award;

         (i) Establish, adopt or revise any rules and regulations as it may deem
     necessary or advisable to administer the Plan;

         (j) Make all other decisions and determinations that may be required
     under the Plan or as the Compensation Committee deems necessary or
     advisable to administer the Plan; and

         (k) Amend any Award Agreement as provided herein.

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     4.4 NON-U.S. PARTICIPANTS. Notwithstanding anything in the Plan to the
contrary, with respect to any Participant who is resident outside of the United
States, the Compensation Committee may, in its sole discretion, amend the terms
of the Plan in order to conform such terms with the requirements of local law or
to meet the objectives of the Plan. The Compensation Committee may, where
appropriate, establish one or more sub-plans for this purpose.

     4.5 DECISIONS BINDING. The Compensation Committee's interpretation of the
Plan, any Awards granted under the Plan, any Award Agreement and all decisions
and determinations by the Compensation Committee with respect to the Plan are
final, binding, and conclusive with respect to all parties.

                                    ARTICLE 5
                           SHARES SUBJECT TO THE PLAN

     5.1 NUMBER OF SHARES. The Company shall make Awards available representing
up to fifteen percent (15%) of the fully diluted common stock of the Company as
of the Effective Date. Not more than 15% of the total authorized shares may be
granted as Awards of Restricted Stock or unrestricted Stock Awards.

     5.2 LAPSED OR FORFEITED AWARDS. To the extent that an Award is canceled,
forfeited, terminates, expires or lapses for any reason, any shares of Stock
subject to the Award will again be available for the grant of an Award under the
Plan and shares subject to SARs or other Awards settled in cash will be
available for the grant of an Award under the Plan.

     5.3 STOCK DISTRIBUTED. Any Stock distributed pursuant to an Award may
consist, in whole or in part, of authorized and unissued Stock, treasury Stock
or Stock purchased on the open market.

     5.4 LIMITATION ON AWARDS.

         (a) OPTIONS AND SARS. The maximum number of shares of Stock that may be
     covered by Options and/or SARs granted to any one individual during any one
     calendar year under the Plan shall be 1,000,000.

         (b) INCENTIVE STOCK OPTIONS. The maximum number of shares of Stock that
     may be issued under Incentive Stock Options granted under the Plan shall be
     1,000,000.

         (c) OTHER AWARDS. The maximum fair market value (measured as of the
     date of grant) of any Awards other than Options and SARs that may be
     received by a Participant (less any consideration paid by the Participant
     for such Award) during any one calendar year under the Plan shall be
     $1,000,000.

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                                    ARTICLE 6
                                   ELIGIBILITY

     6.1 GENERAL. Awards may be granted only to individuals who are employees,
officers, consultants, independent contractors, advisors, affiliates or
directors of the Company, a Parent or a Subsidiary; provided, to the extent
necessary to preserve any exemption under applicable state blue sky laws, a
person who is not an employee of the Company, a Parent or a Subsidiary will be
ineligible to receive Awards under the Plan until such time, if any, as the
Company's common stock shall be traded on a national securities exchange or on
the Nasdaq National Market.

                                    ARTICLE 7
                                  STOCK OPTIONS

     7.1 GENERAL. The Compensation Committee is authorized to grant Options on
the following terms and conditions:

         (a) TYPE OF OPTION. The Compensation Committee may grant Nonqualified
     Stock Option and/or, subject to the specific requirements of Section 7.2
     below, Incentive Stock Options.

         (b) EVIDENCE OF GRANT. All Options shall be evidenced by a written
     Award Agreement between the Company and the Participant. The Award
     Agreement shall include such provisions, not inconsistent with the Plan, as
     may be specified by the Compensation Committee.

         (c) EXERCISE PRICE. Subject to Section 7.2(a), the exercise price per
     share of Stock under an Option shall be determined by the Compensation
     Committee.

         (d) TIME AND CONDITIONS OF EXERCISE. The Compensation Committee shall
     determine the time or times at which an Option may be exercised in whole or
     in part. The Compensation Committee also shall determine the performance or
     other conditions, if any, that must be satisfied before all or part of an
     Option may be exercised. The Compensation Committee may waive any exercise
     provisions at any time in whole or in part based upon factors as the
     Compensation Committee may determine in its sole discretion so that the
     Option becomes exerciseable at an earlier date.

         (e) PAYMENT. The Compensation Committee shall determine the methods by
     which the exercise price of an Option may be paid, the form of payment,
     including, without limitation, cash, shares of Stock, or other property
     (including "cashless exercise" arrangements), and the methods by which
     shares of Stock shall be delivered or deemed to be delivered to
     Participants; provided, if shares of Stock surrendered in payment of the

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     exercise price were themselves acquired otherwise than on the open market,
     such shares shall have been held by the Participant for at least six
     months.

         (f) EXPIRATION OF OPTION. An Option shall expire on the earliest of the
     following dates:

             (1) The expiration date set forth in the Award Agreement
         accompanying such Options.

             (2) If the Participant terminates his employment or consultancy for
         any reason other than as provided in paragraph (3) or (4) below, three
         months after the Participant's Termination Date; provided, if the
         Participant's employment or consultancy is terminated for cause by the
         Company, a Parent or a Subsidiary, or by the Participant without the
         consent of the Company, a Parent or a Subsidiary, the Option shall (to
         the extent not previously exercised) expire immediately.

             (3) If the Participant terminates his employment or consultancy by
         reason of Disability, one year after the Participant's Termination
         Date.

             (4) If the Participant dies while employed or engaged as a
         consultant by the Company, a Parent or Subsidiary, or during the
         three-month period described in paragraph (2) or during the one-year
         period described in paragraph (3) and before the Option otherwise
         expires, one year after the Participant's death. Upon the Participant's
         death, any exercisable Options may be exercised by the Participant's
         beneficiary, determined in accordance with Section 14.6.

     Unless the exercisability of an Option is accelerated as provided in
     Article 14, a Participant may exercise an Option after his Termination Date
     only with respect to the shares that were otherwise vested on the
     Participant's Termination Date.

     7.2 INCENTIVE STOCK OPTIONS. In addition to the foregoing rules, any
Incentive Stock Options granted under the Plan shall comply with the following
additional rules:

         (a) EXERCISE PRICE. The exercise price per share of Stock for any
     Incentive Stock Option shall not be less than the Fair Market Value of a
     share of Stock as of the date of the grant.

         (b) TERM. An Incentive Stock Option shall be exercisable for no longer
     than ten (10) years from the date of its grant.

         (c) EXPIRATION OF INCENTIVE STOCK OPTION. An Incentive Stock Option
     shall expire on the earliest of the following dates; provided, the
     Compensation

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     Committee may, prior to the expiration of the Incentive Stock Option under
     the circumstances described in paragraphs (3), (4) and (5) below, provide
     in writing that the Option will extend until a later date, but if the
     Option is exercised after the dates specified in paragraphs (3), (4) and
     (5) below, it will automatically become a Non-Qualified Stock Option:

             (1) The option expiration date set forth in the Award Agreement
         accompanying such Incentive Stock Option.

             (2) Ten (10) years after the date of grant, unless an earlier time
         is set in the Award Agreement.

             (3) If the Participant terminates his employment for any reason
         other than as provided in paragraph (4) or (5) below, three months
         after the Participant's Termination Date; provided, if the
         Participant's employment is terminated for cause by the Company, a
         Parent or a Subsidiary, or by the Participant without the consent of
         the Company, a Parent or a Subsidiary, the Incentive Stock Option shall
         (to the extent not previously exercised) expire immediately.

             (4) If the Participant terminates his employment by reason of
         Disability, one year after the Participant's Termination Date.

             (5) If the Participant dies while employed by the Company, a Parent
         or a Subsidiary, or during the three-month period described in
         paragraph (3) or during the one-year period described in paragraph (4)
         and before the Option otherwise expires, one year after the
         Participant's death. Upon the Participant's death, any exercisable
         Incentive Stock Options may be exercised by the Participant's
         beneficiary, determined in accordance with Section 14.6.

     Unless the exercisability of the Incentive Stock Option is accelerated as
     provided in Article 14, a Participant may exercise an Incentive Stock
     Option after his Termination Date only with respect to the shares that were
     otherwise vested on the Participant's Termination Date.

         (d) DOLLAR LIMITATION. To the extent that the aggregate Fair Market
     Value of (i) the shares of Stock with respect to Incentive Stock Options,
     plus (ii) the shares of stock of the Company, a Parent or any Subsidiary
     with respect to which other incentive stock options are first exercisable
     by a Participant during any calendar year under all plans of the Company
     and any Parent and Subsidiary exceeds $100,000, such Incentive Stock
     Options shall be treated as Nonqualified Stock Options. For purposes of the
     preceding sentence, the Fair Market Value of the shares of Stock shall be
     determined as of the time the Option or other incentive stock option is
     granted.

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         (e) TEN PERCENT OWNERS. An Incentive Stock Option shall not be granted
     to any individual who, at the date of grant, owns stock possessing more
     than ten percent of the total combined voting power of all classes of stock
     of the Company or any Parent or Subsidiary, unless the exercise price per
     share is at least 110% of the Fair Market Value per share of Stock at the
     date of grant, and the Option expires no later than five years after the
     date of grant.

         (f) GRANT OF INCENTIVE STOCK OPTIONS. No Incentive Stock Options may be
     granted pursuant to the Plan after the day immediately prior to the tenth
     anniversary of the Effective Date.

         (g) RIGHT TO EXERCISE. During a Participant's lifetime, an Incentive
     Stock Option may be exercised only by the Participant or, in the case of
     the Participant's Disability, by the Participant's guardian or legal
     representative.

         (h) NON-EMPLOYEES. An Incentive Stock Option may not granted to any
     non-employee of the Company, a Parent or a Subsidiary.

                                    ARTICLE 8
                            STOCK APPRECIATION RIGHTS

     8.1 GRANT OF SARs. The Compensation Committee is authorized to grant SARs
on such terms and conditions as may be selected by the Compensation Committee.
Upon the exercise of an SAR, the Participant to whom the SAR is granted will
have the right to receive the excess, if any, of:

             (1) The Fair Market Value of one share of Stock on the date of
         exercise; over

             (2) The grant price of the SAR as established by the Compensation
         Committee.

In the case of termination of employment or consultancy by the Company, a Parent
or a Subsidiary (whether with or without cause), the value to be paid to the
Participant for any vested SARs, shall be the excess, if any, of (a) the Fair
Market Value of the Stock as of the date of such termination, over (b) the net
book value of the Stock determined in good faith by the Compensation Committee
in its sole discretion as of the last day of the month immediately preceding the
Termination Date.

     8.2 VESTING OF BENEFITS. A Participant or his beneficiary shall only be
entitled to receive payment for vested SARs as of the Termination Date.

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     8.3 OTHER TERMS. All awards of SARs shall be evidenced by an Award
Agreement. The terms, methods of exercise, methods of settlement, form of
consideration payable in settlement, and any other terms and conditions of any
SAR shall be determined by the Compensation Committee at the time of the grant
of the Award and shall be reflected in the Award Agreement.

                                    ARTICLE 9
                                PERFORMANCE UNITS

     9.1 GRANT OF PERFORMANCE UNITS. The Compensation Committee is authorized to
grant Performance Units on such terms and conditions as may be selected by the
Compensation Committee. The Compensation Committee shall have the complete
discretion to determine the number of Performance Units granted to an
individual. All Awards of Performance Units shall be evidenced by an Award
Agreement.

     9.2 RIGHT TO PAYMENT. A grant of Performance Units gives the Participant
rights, valued as determined by the Compensation Committee, and payable to, or
exercisable by, the Participant to whom the Performance Units are granted, in
whole or in part, as the Compensation Committee shall establish at grant or
thereafter. The Compensation Committee shall set performance goals and other
terms or conditions to payment of the Performance Units in its sole discretion
which, depending on the extent to which they are met, will determine the number
and value of Performance Units that will be paid to the Participant.

     9.3 OTHER TERMS. Performance Units may be payable in cash, Stock, or other
property, and have such other terms and conditions as determined by the
Compensation Committee and reflected in the Award Agreement.

                                   ARTICLE 10
                             RESTRICTED STOCK AWARDS

     10.1 GRANT OF RESTRICTED STOCK. The Compensation Committee is authorized to
make Awards of Restricted Stock in such amounts and subject to such terms and
conditions as may be selected by the Compensation Committee. All Awards of
Restricted Stock shall be evidenced by an Award Agreement.

     10.2 ISSUANCE AND RESTRICTIONS. Any award of Restricted Stock shall be
subject to such restrictions on transferability and other restrictions as the
Compensation Committee may impose in its sole discretion (including, without
limitation, limitations on the right to vote Restricted Stock or the right to
receive dividends on the Restricted Stock). These restrictions may lapse
separately or in combination at such times, under such circumstances, in such
installments, upon the satisfaction of performance goals or otherwise, as the
Compensation Committee determines at the time of the grant of the Award or
thereafter.

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<PAGE>

     10.3 FORFEITURE. Except as otherwise determined by the Compensation
Committee at the time of the grant of the Award or thereafter, upon termination
of employment during the applicable restriction period or upon failure to
satisfy a performance goal during the applicable restriction period, Restricted
Stock that is at that time subject to restrictions shall be forfeited and
reacquired by the Company; provided, the Compensation Committee may provide in
any Award Agreement that restrictions or forfeiture conditions relating to
Restricted Stock will be waived in whole or in part in the event of terminations
resulting from specified causes, and the Compensation Committee may in other
cases waive in whole or in part restrictions or forfeiture conditions relating
to Restricted Stock.

     10.4 CERTIFICATES FOR RESTRICTED STOCK. Restricted Stock granted under the
Plan may be evidenced in such manner as the Compensation Committee shall
determine. If certificates representing shares of Restricted Stock are
registered in the name of the Participant, such certificates shall bear an
appropriate legend referring to the terms, conditions, and restrictions
applicable to such Restricted Stock.

                                   ARTICLE 11
                              PHANTOM STOCK AWARDS

     11.1 GRANT OF PHANTOM STOCK. The Compensation Committee is authorized to
make Awards of Phantom Stock in such amounts and subject to such terms and
conditions as may be selected by the Compensation Committee. All Awards of
Phantom Stock shall be evidenced by an Award Agreement.

     11.2 ISSUANCE AND RESTRICTIONS. Phantom Stock shall be subject to such
restrictions on transferability and other restrictions as the Compensation
Committee may impose. These restrictions may lapse separately or in combination
at such times, under such circumstances, in such installments, upon the
satisfaction of performance goals or otherwise, as the Compensation Committee
determines at the time of the grant of the Award or thereafter.

     11.3 PAYMENT OF BENEFITS. Upon the Retirement, Disability, or death of the
Participant, there shall be paid to the Participant, or in the event of the
Participant's death, to his or her beneficiary or beneficiaries, an amount equal
to the Fair Market Value of the Participant's vested Phantom Stock determined as
of the last day of the month immediately preceding the Termination Date. In the
case of termination of employment by the Company, a Parent or a Subsidiary, the
value to be received by the Participant shall be the book value of such vested
Phantom Stock Award determined in good faith by the Compensation Committee in
its sole discretion as of the last day of the month immediately preceding the
Termination Date

     11.4 FORFEITURE. Except as otherwise determined by the Compensation
Committee at the time of the grant of the Award or thereafter, upon termination
of employment prior to the vesting of any Phantom Stock or upon failure to
satisfy a performance goal specified in the Award Agreement during the
applicable performance period, Phantom Stock that is not fully vested shall be
forfeited; provided, however, the Compensation Committee may provide in any

                                       12
<PAGE>

Award Agreement that restrictions or forfeiture conditions relating to the
Phantom Stock will be waived in whole or in part in the event of terminations
resulting from specified causes, and the Compensation Committee may in other
cases waive in whole or in part restrictions or forfeiture conditions relating
to Phantom Stock.

     11.5 OTHER TERMS. Awards of Phantom Stock may be payable in cash, Stock, or
other property, and have such other terms and conditions as determined by the
Compensation Committee and reflected in the Award Agreement.

                                   ARTICLE 12
                              DIVIDEND EQUIVALENTS

     12.1 GRANT OF DIVIDEND EQUIVALENTS. The Compensation Committee is
authorized to grant Dividend Equivalents subject to such terms and conditions as
may be selected by the Compensation Committee. Dividend Equivalents shall
entitle the Participant to receive payments equal to dividends with respect to
all or a portion of the number of shares of Stock subject to an Award, as
determined by the Compensation Committee. The Compensation Committee may provide
that Dividend Equivalents be paid when accrued or be deemed to have been
reinvested in additional shares of Stock and paid at some future date.

                                   ARTICLE 13
                            OTHER STOCK-BASED AWARDS

     13.1 GRANT OF OTHER STOCK-BASED AWARDS. The Compensation Committee is
authorized, subject to limitations under applicable law, to grant such other
Awards that are payable in, valued in whole or in part by reference to, or
otherwise based on or related to shares of Stock, as deemed by the Compensation
Committee to be consistent with the purposes of the Plan, including without
limitation shares of Stock awarded purely as a "bonus" and not subject to any
restrictions or conditions, convertible or exchangeable debt securities, other
rights convertible or exchangeable into shares of Stock, and Awards valued by
reference to book value of shares of Stock or the value of securities of or the
performance of a Parent or a Subsidiary. The Compensation Committee shall
determine the terms and conditions of such Awards.

                                   ARTICLE 14
                         PROVISIONS APPLICABLE TO AWARDS

     14.1 STAND-ALONE, TANDEM, AND SUBSTITUTE AWARDS. Awards granted under the
Plan may, in the discretion of the Compensation Committee, be granted either
alone or in addition to, in tandem with, or in substitution for, any other Award
granted under the Plan. If an Award is granted in substitution for another
Award, the Compensation Committee may require the surrender of such other Award
in consideration of the grant of the new Award. Awards granted in addition to or
in tandem with other Awards may be granted either at the same time as or at a
different time from the grant of such other Awards.

                                       13
<PAGE>

     14.2 EXCHANGE PROVISIONS. The Compensation Committee may at any time offer
to exchange or buy out any previously granted Award for a payment in cash,
Stock, or another Award (subject to Section 15.1), based on the terms and
conditions the Compensation Committee determines and communicates to the
Participant in writing at the time the offer is made.

     14.3 LIMITS ON TRANSFER. No right or interest of a Participant in any
unexercised or restricted Award may be pledged, encumbered, or hypothecated to
or in favor of any party other than the Company, a Parent or Subsidiary, or
shall be subject to any lien, obligation, or liability of such Participant to
any other party other than the Company, a Parent or Subsidiary. No unexercised
or restricted Award shall be assignable or transferable by a Participant other
than by will or the laws of descent and distribution; provided, the Compensation
Committee may (but need not) permit other transfers as it determines in its sole
discretion.

     14.4 BENEFICIARIES. Notwithstanding Section 14.3, a Participant may, in the
manner determined by the Compensation Committee, designate a beneficiary to
exercise the rights of the Participant and to receive any distribution with
respect to any Award upon the Participant's death. A beneficiary, legal
guardian, legal representative, or other person claiming any rights under the
Plan is subject to all terms and conditions of the Plan and any Award Agreement
applicable to the Participant, except to the extent the Plan and Award Agreement
otherwise provide, and to any additional restrictions deemed necessary or
appropriate by the Compensation Committee. If no beneficiary has been designated
or survives the Participant, payment shall be made to the Participant's estate.
Subject to the foregoing, a beneficiary designation may be changed or revoked by
a Participant at any time provided the change or revocation is filed with the
Compensation Committee.

     14.5 STOCK CERTIFICATES. The issuance of Stock certificates under the Plan
shall be subject to and conditioned upon compliance with all applicable
securities laws, rules and regulations and the rules of any national securities
exchange or automated quotation system on which the Stock is listed, quoted, or
traded. The Compensation Committee may place legends on any Stock certificate to
reference restrictions applicable to the Stock.

     14.6 ACCELERATION UPON DEATH, DISABILITY OR RETIREMENT. Notwithstanding any
other provision in the Plan or any Participant's Award Agreement to the
contrary, upon the Participant's death, Disability or Retirement, all
outstanding Awards shall become fully vested.

     14.7 TERMINATION OF EMPLOYMENT. Whether military, government or other
service or other leave of absence shall constitute a termination of employment
shall be determined in each case by the Compensation Committee at its discretion
and subject to applicable law, and any determination by the Compensation
Committee shall be final and conclusive. A termination of employment shall not
occur in a circumstance in which a Participant transfers from the Company to a
Parent or

                                       14
<PAGE>

a Subsidiary, transfers from a Parent or Subsidiary to the Company, or transfers
from a Parent or Subsidiary to another Parent or Subsidiary.

     14.8 FORFEITURE/RESCISSION OF AWARDS; RESTRICTIVE COVENANTS.

         (a) FORFEITURE/RESCISSION OF AWARDS. The Compensation Committee may
     cancel, rescind, suspend, withhold or otherwise limit or restrict any
     Awards (whether vested or unvested, whether paid or unpaid) at any time, if
     the Participant is not in full compliance with all applicable provisions of
     the Plan, the Award Agreement, and any terms and conditions of the
     Participant's employment (including, without limitation, the provisions of
     Sections 14.9 (b) and (c) of the Plan) with the Company, a Parent or a
     Subsidiary. Upon exercise, payment or delivery pursuant to an Award, the
     Participant shall certify in a manner acceptable to the Company that the
     Participant is in full compliance with all such provisions. In the event
     the Participant fails to comply with such provisions, any unexercised or
     unpaid Awards shall automatically and immediately terminate and be
     forfeited. In addition, in the event the Participant fails to comply with
     such provisions prior to, or during the six month period following such
     exercise, payment or delivery, any Awards granted to the Participant may be
     rescinded within two years thereafter. In the event of rescission, the
     Participant shall pay to the Company the amount of any gain realized or
     payment received in connection with the Award, in such manner and on such
     terms and conditions as may be required, and the Company, a Parent or a
     Subsidiary shall be entitled to set-off against the amount of any such
     Award any amount owed to the Participant by the Company, a Parent or a
     Subsidiary.

         (b) NON-COMPETITION. As a condition to the receipt of Awards hereunder,
     each Participant, upon severance of employment with the Company, a Parent
     or a Subsidiary, shall execute an agreement in writing whereby, in
     consideration of the receipt of any payment under the Plan, Participant
     agrees not to engage in any business or practice, either as a shareholder,
     owner, partner, director, officer, employee, consultant, or otherwise, in
     competition with the Company, a Parent or any Subsidiary, or otherwise take
     any action prejudicial to the interests of the Company, a Parent or any
     Subsidiary, for a period of two (2) years (or such shorter period as
     provided in the employment agreement for a Participant who is not an
     officer or director of the Company) following the Participant's Termination
     Date. For such purposes, a Participant during such protected period shall
     not engage in soliciting business from any client of the Company, a Parent
     or any Subsidiary as set forth within such Participant's employment
     agreement or disclose any "confidential information" to others associated
     with the business of the Company, a Parent or any Subsidiary. For purposes
     of this Article 14, confidential information is defined as any information,
     knowledge or data of the Company the Participant may have received during
     the course of his employment with the Company, a Parent or any Subsidiary
     relating to programs, business processes, methods, designs, equipment,
     materials, procedures, compositions, inventions, financial information

                                       15
<PAGE>

     (including sales figures, projections, or estimates), lists, names,
     addresses, phone numbers of customers or customer employees, or trade
     secrets.

         (c) CONFIDENTIALITY. Each Participant, as a condition to being granted
     Awards hereunder, agrees that the terms of this Plan, the number of Awards
     awarded to the Participant, the vesting schedule, the Fair Market Value or
     net book value of any Performance Unit or the underlying Stock of the
     Company, and any other information regarding the Company, a Parent or any
     Subsidiary, the results of its operations or other matters shall remain
     confidential and the Participant shall not disclose any such information
     without the prior written consent of the Board of Directors. The
     Participant further acknowledges that the Company deems this Plan and all
     information regarding the Participants and Awards awarded hereunder to be
     confidential and proprietary information.

                                   ARTICLE 15
                          CHANGES IN CAPITAL STRUCTURE

     15.1 GENERAL. In the event a stock dividend is declared upon the Stock, the
shares of Stock then subject to each Award shall be increased proportionately
without any change in the aggregate purchase price therefor. In the event the
Stock shall be changed into or exchanged for a different number or class of
shares of stock or securities of the Company or of another corporation, whether
through reorganization, recapitalization, reclassification, share exchange,
stock split-up, combination of shares, merger or consolidation, the
authorization limits under Article 5 on the number of Shares shall be adjusted
proportionately, and there shall be substituted for each such share of Stock
then subject to each Award the number and class of shares into which each
outstanding share of Stock shall be so exchanged, all without any change in the
aggregate purchase price for the shares then subject to each Award, or, subject
to Section 16.2, there shall be made such other equitable adjustment as the
Compensation Committee may, in its sole and absolute discretion, approve.

                                   ARTICLE 16
                     AMENDMENT, MODIFICATION AND TERMINATION

     16.1 AMENDMENT, MODIFICATION AND TERMINATION. Subject to the Compensation
Committee's ability to amend and modify the Plan as provided herein, the Board
may, at any time and from time to time, amend, modify or terminate the Plan
without shareholder approval; provided, the Board may condition any amendment or
modification on the approval of shareholders of the Company if such approval is
necessary or deemed advisable with respect to tax, securities or other
applicable laws, policies or regulations.

     16.2 AWARDS PREVIOUSLY GRANTED. At any time and from time to time, the
Compensation Committee may amend, modify or terminate any outstanding Award
without approval of the Participant; provided, except as otherwise provided in
the Plan, the exercise price of any Option may not be reduced and the original
term of any Option may not be extended.

                                       16
<PAGE>

                                   ARTICLE 17
                               GENERAL PROVISIONS

     17.1 NO RIGHTS TO AWARDS. No Participant or other individual shall have any
claim to be granted any Award under the Plan, and neither the Company nor the
Compensation Committee is obligated to treat Participants or other individuals
uniformly.

     17.2 NO SHAREHOLDER RIGHTS. No Award shall give the Participant any of the
rights of a shareholder of the Company unless and until shares of Stock are in
fact issued to such person in connection with such Award.

     17.3 WITHHOLDINGS. The Company or any Parent or Subsidiary shall have the
authority and the right to deduct or withhold, or require a Participant to remit
to the Company, an amount sufficient to satisfy the minimum taxes (including the
Participant's FICA or Medicare tax obligation) required by law to be withheld
with respect to any taxable event arising as a result of the Plan. With respect
to withholdings required upon any taxable event under the Plan, the Compensation
Committee may, at the time the Award is granted or thereafter, require or permit
that any such withholdings requirement be satisfied, in whole or in part, by
withholdings from the Award shares of Stock having a Fair Market Value on the
date of withholdings equal to the minimum amount (and not any greater amount)
required to be withheld for tax purposes, all in accordance with such procedures
as the Compensation Committee may establish.

     17.4 NO RIGHT TO CONTINUED SERVICE. Nothing in the Plan or any Award
Agreement shall interfere with or limit in any way the right of the Company or
any Parent or Subsidiary to terminate any Participant's employment or status as
an officer or director at any time, nor confer upon any Participant any right to
continue as an employee, officer, consultant, independent contractor, advisor or
director of the Company or any Parent or Subsidiary.

     l7.5 UNFUNDED STATUS OF AWARDS. The Plan is intended to be unfunded and
shall not create a trust or a separate fund or funds. With respect to any
payments not yet made to a Participant pursuant to an Award, nothing contained
in the Plan or any Award Agreement shall give the Participant any rights that
are greater than those of a general unsecured creditor of the Company, a Parent
or a Subsidiary.

     17.6 INDEMNIFICATION. To the extent allowable under applicable law, each
member of the Compensation Committee shall be indemnified and held harmless by
the Company from any loss, cost, liability, or expense that may be imposed upon
or reasonably incurred by such member in connection with or resulting from any
claim, action, suit, or proceeding to which such member may be a party or in
which he may be involved by reason of any action or failure to act under the
Plan and against and from any and all amounts paid by such member in
satisfaction of judgment in such action, suit, or proceeding against him
provided he gives the Company an opportunity, at its own expense, to handle and
defend the same before he undertakes to handle and defend it on his own behalf.
The foregoing right of indemnification

                                       17
<PAGE>

shall not be exclusive of any other rights of indemnification to which such
persons may be entitled under the Company's Articles of Incorporation or Bylaws,
as a matter of law, or otherwise, or any power that the Company may have to
indemnify them or hold them harmless.

     17.7 RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be
taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare or benefit plan of the Company
or any Parent or Subsidiary unless provided otherwise in such other plan.

     17.8 EXPENSES. The expenses of operating and administering the Plan shall
be borne by the Company, its Parent and its Subsidiaries.

     17.9 TITLES AND HEADINGS. The titles and headings of the Sections in the
Plan are for convenience of reference only, and in the event of any conflict,
the text of the Plan, rather than such titles or headings, shall control.

     17.10 GENDER AND NUMBER. Except where otherwise indicated by the context,
any masculine term used herein also shall include the feminine; the plural shall
include the singular and the singular shall include the plural.

     17.11 FRACTIONAL SHARES. No fractional shares of Stock shall be issued and
the Compensation Committee shall determine, in its discretion, whether cash
shall be given in lieu of fractional shares or whether such fractional shares
shall be eliminated by rounding up.

     17.12 GOVERNMENT AND OTHER REGULATIONS. The obligation of the Company to
make payment of Awards in Stock or otherwise shall be subject to all applicable
laws, rules, and regulations, and to such approvals by government agencies as
may be required. The Company shall be under no obligation to register under the
1933 Act, or any state securities act, any of the shares of Stock paid under the
Plan. The shares paid under the Plan may in certain circumstances be exempt from
registration under the 1933 Act, and the Company may restrict the transfer of
such shares in such manner as it deems advisable to ensure the availability of
any such exemption.

     17.13 GOVERNING LAW. To the extent not governed by federal law, the Plan
and all Award Agreements shall be construed in accordance with and governed by
the laws of the State of Delaware.

     17.14 SEVERABILITY. Each provision of the Plan shall be interpreted where
possible in a manner necessary to sustain its legality and enforceability. The
unenforceability of any provision of the Plan in a specific situation, or the
unenforceability of any portion of any provision of the Plan in a specific
situation, shall not affect the enforceability of (a) that provision or a
portion of such provision in another situation, or (b) the other provisions or
portions of provisions of the Plan if such other provisions or the remaining
portions could then continue to conform with the purposes of the Plan and the
terms and requirements of applicable

                                       18
<PAGE>

law. To the extent any provision of the Plan or a portion of such provision is
found to be illegal or unenforceable, the Compensation Committee shall be
authorized and empowered to reform such deficiency to the extent necessary to
make it valid and enforceable under applicable law.

     17.15 ADDITIONAL PROVISIONS. Each Award Agreement may contain such other
terms and conditions as the Compensation Committee may determine; provided, such
other terms and conditions are not inconsistent with the provisions of this
Plan. To the extent any Award Agreement is inconsistent with the terms and
conditions of this Plan, the terms and conditions of this Plan shall govern and
the Compensation Committee shall be authorized and empowered to correct any
defect, omission or inconsistency in any Award Agreement in a manner and to an
extent it shall deem necessary or advisable.

                                    * * * * *

                                       19<PAGE>
                                                                   EXHIBIT 10.22

                                                                  EXECUTION COPY

                              EMPLOYMENT AGREEMENT

                  EMPLOYMENT AGREEMENT amended and restated as of May 9, 2000,
between REVLON CONSUMER PRODUCTS CORPORATION, a Delaware corporation ("RCPC"
and, together with its parent Revlon, Inc. and its subsidiaries the "Company"),
and Douglas Greeff (the "Executive").

                  RCPC wishes to employ the Executive with the Company, and the
Executive wishes to accept employment with the Company, on the terms and
conditions set forth in this Agreement.

                  Accordingly, RCPC and the Executive hereby agree as follows:

I. Employment, Duties and Acceptance.

A. Employment, Duties. RCPC hereby employs the Executive for the Term (as
defined in Section 2.1), to render exclusive and full-time services to the
Company, in the capacity of chief financial officer of Revlon, Inc. and to
perform such other duties consistent with such position (including service as a
director of Revlon, Inc. or director or officer of any affiliate of Revlon, Inc.
if elected) as may be assigned by the Board of Directors and the Chief Executive
Officer of Revlon, Inc. The Executive's title shall be Chief Financial Officer
and Executive Vice President, or such other titles of at least equivalent level
consistent with the Executive's duties from time to time as may be assigned to
the Executive by the Board of Directors (the "Board") and the Chief Executive
Officer (the "CEO") of Revlon, Inc. At all times during the Term, the Executive
shall be the senior-most financial officer of the Company. At all times during
the Term, the Executive shall report directly to the CEO and the Board.

A. Acceptance. The Executive hereby accepts such employment and agrees to render
the services described above. During the Term, the Executive agrees to serve the
Company faithfully and to the best of the Executive's ability, to devote the
Executive's entire business time, energy and skill to such employment, and to
use the Executive's best efforts, skill and ability to promote the Company's
interests. The Executive hereby represents that his performance and execution of
this Agreement will not constitute a breach of any agreement or arrangement to
which he is a party or is otherwise bound. Nothing in this Agreement

<PAGE>

shall preclude the Executive from devoting reasonable periods of time to the
management of his personal assets and investments or from devoting reasonable
periods of time to the performance of civic or charitable activities as long as
such activities do not interfere with the performance of his duties to the
Company. The Executive may serve during the Term on the boards of directors of
other corporations with the prior approval of the Board or the CEO.

A. Location. The duties to be performed by the Executive hereunder shall be
performed primarily at the office of Revlon, Inc. in the New York City
metropolitan area, subject to reasonable travel requirements consistent with the
nature of the Executive's duties from time to time on behalf of the Company.

I. Term of Employment; Certain Post-Term Benefits.

A. The Term. The term of the Executive's employment under this Agreement (the
"Term") shall commence on May 9, 2000 (the "Effective Date") and shall end on
such date as provided pursuant to Section 2.2.

A. End-of-Term Provisions. At any time on or after May 8, 2003 RCPC and the
Executive shall have the right to give written notice of non-renewal of the
Term. In the event either RCPC or the Executive gives such notice of
non-renewal, the Term automatically shall be extended so that it ends
twenty-four months after the last day of the month in which such notice is
given. If RCPC or the Executive shall not theretofore have given such notice,
from and after May 8, 2003 unless and until RCPC or the Executive gives written
notice of non-renewal as provided in this Section 2.2, the Term automatically
shall be extended day-by-day; upon the giving of such notice by RCPC or the
Executive, the Term automatically shall be extended so that it ends twenty-four
months after the last day of the month in which RCPC or the Executive gives such
notice. Non-extension of the Term shall not be deemed to be a breach of this
Agreement by RCPC or the Executive for purposes of Section 4.4, provided,
however, that during any period that the Executive's employment shall continue
following termination of the Term, the Executive shall be eligible for severance
on terms no less favorable than those of the Revlon Executive Severance Policy
as in effect on the date of this Agreement upon the Executive's compliance with
the terms thereof, and the Executive shall be deemed to be an employee at will.

A. Special Curtailment. The Term shall end earlier than the date provided in
Section 2.2, if sooner terminated pursuant to Section 4.

                                       2

<PAGE>

I. Compensation; Benefits.

A. Salary. As compensation for all services to be rendered pursuant to this
Agreement, RCPC agrees to pay the Executive during the Term a base salary,
payable biweekly in arrears, at the annual rate of not less than $650,000
through the period ending February 15, 2001 (the "Base Salary"). Thereafter
during the Term, Base Salary shall be reviewed annually and adjusted upward (but
not downward) in accordance with the Company's policy applicable to the senior
most executives of the Company, provided, however, that Base Salary shall be
increased by 15% on each of March 1, 2001 and March 1, 2002 (in each case, over
the annual rate in effect immediately prior the applicable March 1st) in lieu of
a lesser adjustment pursuant to the aforementioned Company policy if the
Executive has achieved 100% of the individual performance objectives set
annually not later than the March 1, of each year by the Compensation Committee
of the Board of Directors of Revlon, Inc. in its sole discretion (but after
reasonable consultation with the Executive). Notwithstanding the foregoing, the
performance goals with respect to the period ending March 1, 2001 shall be
agreed upon by the Executive and the Compensation Committee of the Board, in
good faith within 90 days following the Effective Date. All payments of Base
Salary or other compensation hereunder shall be less such deductions or
withholdings as are required by applicable law and regulations. In the event
that RCPC, in its sole discretion, from time to time determines to increase the
Base Salary, such increased amount shall, from and after the effective date of
the increase, constitute "Base Salary" for purposes of this Agreement.

A. Bonus. In addition to the amounts to be paid to the Executive pursuant to
Section 3.1, the Executive shall receive an annual bonus of 75% of the
Executive's Base Salary at the rate in effect during the calendar year in which
the bonus is earned, based upon achievement of 100% of the objectives set
annually not later than March 1, of such year by the Compensation Committee of
the Board in its sole discretion (but after reasonable consultation with the
Executive); or in the alternative an annual bonus of up to 150% of the
Executive's Base Salary (determined at the rate in effect during the year prior
to the payment of such bonus, or weighted average rate if more than one rate was
in effect for such year) if such performance objectives are exceeded; and
provided that the Executive's bonus for the year 2000 shall not be less than
$438,000, regardless of the attainment of the objectives for the year 2000 which
objectives shall be set by the Compensation Committee after reasonable
consultation with Executive not later than 90 days from the Effective Date. In
the event that the Executive's employment shall terminate for any reason other
than Cause pursuant to Section 4.3 otherwise than as of a calendar year end, the
Executive's bonus with respect to the calendar year in which employment
terminates shall be prorated for the actual number of days of employment during
such year, and such bonus, if any, shall be payable on the date that executive
bonuses are paid generally, whether or not the Executive remains employed on
such date.

                                       3

<PAGE>

A. Stock Options. The Executive shall be granted (i) on the Effective Date an
option to purchase 100,000 shares of Revlon common stock, (ii) subject to the
Executive's continued employment not later than February 15, 2001, an option to
purchase 50,000 shares of Revlon common stock, and (iii) subject to the
Executive's continued employment not later than February 15, 2002, an option to
purchase 50,000 shares of Revlon common stock, each with a term of 10 years from
the date of grant and an option exercise price equal to the market price of
Revlon common stock on the date of grant and otherwise on terms (other than
number of shares covered) substantially the same as other senior executives of
the Company generally. Subject to the Executive's continued employment with the
Company, the options so recommended shall vest and become and remain exercisable
as to 25% of the shares subject thereto on each of the first through fourth
anniversaries of the date of grant or, if more advantageous to the Executive, on
terms no less favorable than options granted to RCPC's senior most executives
generally. If prior to the end of the Term, the Company shall terminate the
Executive other than for Cause pursuant to Section 4.3, or the Executive shall
terminate his employment on account of Good Reason pursuant to Section 4.4, the
options so recommended shall vest and be exercisable in accordance with the
terms of the Revlon Inc. Amended and Restated 1996 Stock Plan or any plan that
may replace it, as if the Executive had "retired" with the Company's consent
within the meaning of such plan. For purposes of clarification and for the
avoidance of doubt, treating options as if Executive had "retired" shall mean
that each option held by the Executive as of the date of such termination shall
continue to vest in accordance with its terms and provisions of this Agreement
and shall remain exercisable for one year following the date that such option
becomes fully vested and exercisable. In addition, the Executive shall be
recommended to the Compensation Committee or other committee of the Board
administering the Revlon Inc. Amended and Restated 1996 Stock Plan or any plan
that may replace it, as from time to time in effect, to receive, under that Plan
or otherwise, additional annual grants in years after 2002 under terms and
conditions no less favorable than those granted to RCPC's senior most executives
generally.

A. Business Expenses. RCPC shall pay or reimburse the Executive for all
reasonable expenses actually incurred or paid by the Executive during the Term
in the performance of the Executive's services under this Agreement, subject to
and in accordance with applicable expense reimbursement and related policies and
procedures as in effect from time to time.

A. Vacation. During each year of the Term, the Executive shall be entitled to a
vacation period or periods of four weeks taken in accordance with applicable
vacation policy as in effect from time to time.

                                       4

<PAGE>

A. Fringe Benefits.

a) During the Term, the Executive shall be entitled to participate in those
qualified and non-qualified defined benefit, defined contribution, group
insurance, medical, dental, disability and other benefit plans of the Company as
from time to time in effect made available to senior executives of the Company
generally and in the Company's Executive Medical Plan providing for
reimbursement of medical and dental benefits not payable under plans generally
available. Without in any way limiting the foregoing, the Executive shall be
eligible to participate at a "Tier 1" level in the Senior Executive Long-Term
Incentive Plan, (the "LTIP") with a target payout of $500,000 at the end of the
year ending December 31, 2002, subject to the terms of the LTIP a summary of
which is annexed hereto. In addition, in accordance with the directives of the
Compensation Committee of the Board of Directors, during the Term the Executive
shall be eligible to use an outside limousine service selected by the Company
for business purposes. Further, during the Term the Executive shall be entitled
to the use of a Company-provided automobile (Mercedes E430 or equivalent
vehicle) in accordance with the Company's executive automobile policy and
guidelines as from time to time in effect, (including all operating costs
thereof and maintenance and monthly parking in a New York City garage) and the
Executive shall be reimbursed for the initiation fees, dues, assessments and
like fees for membership in one city club of the Executive's choice. In
addition, during the Term, the Executive shall be eligible to participate in all
benefit and prerequisite arrangements that the Company makes available generally
to its senior executives, including, without limitation, the executive tax
preparation program and the executive fitness program.

a) During the Term, RCPC agrees to make available to the Executive additional
life insurance coverage with a death benefit of two times the Executive's Base
Salary from time to time, subject to the insurer's satisfaction with the results
of any required medical examination, to which the Executive hereby agrees to
submit, and shall reimburse the Executive for the premium expense related
thereto and gross the Executive up for the tax payable with respect to such
reimbursement. In addition, the Executive shall be entitled to purchase
additional life insurance coverage with a death benefit of up to three times the
Executive's Base Salary subject to the insurer's satisfaction with the results
of the aforementioned medical examination. Such coverage shall be provided
pursuant to the Company's optional supplemental term insurance program, if
available, or if not, the Executive may select a plan of the Executive's choice
and may designate the beneficiary of such plan.

a) During the Term, RCPC shall maintain an individual policy of disability
insurance, naming the Executive as the insured and the Executive or a designee
as the beneficiary, with a benefit equal to (A) fifty percent of the sum of the
Executive's Base Salary in effect on the date of disability plus the Executive's
most recent annual bonus pursuant to Section 3.2 less (B) the long-term

                                       5

<PAGE>

disability benefit payable under the Company's group disability program as in
effect from time to time (irrespective of whether the Executive has elected to
participate in such long-term disability program).

a) On the Effective Date, RCPC shall loan to the Executive $800,000. Such loan
shall bear interest at a fixed annual rate equal to the applicable federal rate
for May 2000 applicable to mid-term loans, with the interest accrued on the loan
to be due and payable as of May 9, 2001 and on each anniversary thereof
thereafter until such time as the loan shall have been repaid in full. Principal
on such loan shall be payable in equal installments of $160,000 on May 9, 2001
and on each May 9 thereafter. Notwithstanding the foregoing, the total principal
amount of such loan and any accrued, but unpaid interest thereon shall be due
and payable upon the earlier of (x) the January 15 immediately following the
termination of the Executive's employment for any reason or (y) the fifth
anniversary of the Effective Date. Such loan shall be evidenced by a note. Such
loan may be prepaid at any time and from time to time in whole or in part with
any repayments to be applied first to accrued but unpaid interest and next to
the unpaid principal balance on such loan.

a) In furtherance of the Executive's retirement benefit expectations, and
without limiting the Company's ability to modify, in any way, or terminate any
or all of its defined benefit plans, RCPC agrees to guarantee to the Executive a
minimum monthly pension as set forth below:

(1) Commencing with retirement on or after February 1, 2018, RCPC shall pay or
provide a monthly straight life annuity pension amount of $33,333.33, reduced by
the actuarial equivalent of all benefits paid or payable (calculated on a
straight life annuity basis) to or in respect of the Executive under (i) the
Revlon Employees Retirement Plan, the Revlon Pension Equalization Plan, and any
predecessors or successors to either of them, (ii) all other defined benefit
retirement and defined contribution plans, whether or not tax qualified,
maintained at any time by RCPC, Revlon, Inc., any past employer of the
Executive, or the affiliate of any of them, in all cases without regard to
whether the plan has previously terminated, is being currently maintained or is
established and maintained in the future. Such offset for benefits under other
plans shall be determined as of the day this pension starts; shall not be
subsequently adjusted on account of any subsequent benefit accruals or change in
benefit amounts expected under such other plans, whether on account of the
Executive's death or otherwise; and shall disregard benefits derived from
employee before-tax or after-tax contributions to any plan and from employer
matching contributions under any 401(k) plan. Only a percentage (the "Accrued
Percentage") of the amount otherwise payable commencing with the Executive's
retirement on or after February 1, 2018, pursuant to this Section 3.6(v)(a)
shall be paid if the Executive's employment shall terminate prior to February 1,
2011, as follows: the Accrued Percentage for terminations on or after January
31, 2001 and prior to January 31, 2002, shall be 9.09% and thereafter, 9.09%
additional to accrue as of each January 31st on which the

                                       6

<PAGE>

Executive is still employed with the result that the benefit shall be 100%
accrued on and after January 31, 2011. In addition, commencing with the
Executive's retirement on or after February 1, 2011 but prior to February 1,
2018, the Executive shall be entitled to receive the applicable Accrued
Percentage of the amount payable pursuant to this Section 3.6(v)(a) subject to
actuarial reduction for such early commencement.

(1) The Executive may elect to have the pension determined pursuant to
subsection (a) above paid as an actuarially equivalent joint and 50% survivor
annuity with his spouse as beneficiary if she shall survive the Executive and be
legally married to the Executive at the time of his death. Such election shall
be made by the Executive not later than 90 days before the pension benefit is to
start and shall take effect only if the Executive and his spouse are alive and
married to each other on the day the pension starts. If the Executive's spouse
dies after the pension starts and before the Executive, no adjustment shall be
made to the amount of annual pension payable to the Executive.

(1) If the Executive dies before February 1, 2018, a lifetime pension shall be
payable to the spouse, if any, to whom the Executive was legally married on the
date of his death, commencing on February 1, 2018, in a monthly amount
determined as if the Executive had survived to that date and had then elected to
have his benefit paid as an actuarially equivalent joint and 50% survivor
annuity with his spouse as beneficiary; provided, that the amount otherwise
determined in accordance with the foregoing shall be multiplied by the Accrued
Percentage calculated pursuant to the last sentence of Section 3.6(v)(a) as of
the date of the Executive's death (or, if earlier, the date as of which
Executive's employment terminated), and only that accrued amount shall be due to
the surviving spouse.

(1) For purposes of determining actuarial equivalence, the following assumptions
shall be used: an interest rate equal to the AA corporate bond long-term rate in
effect on the first day of the month preceding the month in which the benefit is
to start, the 1983 Group Annuity Mortality Table, and otherwise the reasonable
actuarial assumptions and methods selected by RCPC's primary actuary.

(1) Notwithstanding any other provision of this Agreement, no benefit shall be
payable pursuant to this subsection 3.6(v), and any amounts then being paid
shall cease and the Executive shall immediately reimburse the Company for
amounts theretofore paid, in the event that (x) prior to May 8, 2003 the
Executive terminates his employment during the Term otherwise than as provided
in Section 4.4, (y) the Executive materially breaches this Agreement (including
Section 5, 6 or 7) or (z) RCPC terminates the Executive's employment (under this
Agreement or otherwise) for "Cause" as set forth in Section 4.3 of this
Agreement.

                                       7

<PAGE>

(1) Payments pursuant to this subsection 3.6(v) shall be made quarterly or at
such more frequent intervals as RCPC may elect. RCPC's obligation under this
subsection 3.6(v) shall be an unsecured, unfunded and unaccrued contingent
general obligation of RCPC to be satisfied from its unsegregated general funds,
provided that RCPC shall have the right, if it so elects and the Executive
consents, to defease its obligation hereunder by the purchase and delivery to
the Executive of an annuity on his life in the amount provided for above or to
fund its obligation hereunder through the purchase of insurance or other
instruments, and the Executive agrees to comply with the reasonable requests of
RCPC should RCPC elect to do so, including by submitting to medical examination
required in connection with the purchase of any such insurance.

a) RCPC shall reimburse the Executive for his reasonable attorney's fees and
expenses incurred in connection with the negotiation and preparation of this
Agreement.

A. Special Bonuses. As an additional inducement to the Executive to enter into
and remain in RCPC's employ, RCPC agrees to pay to the Executive a special bonus
on each May 9th commencing on May 9, 2001 and ending with May 9, 2005 equal to
the sum of (i) $160,000 plus (ii) the amount of the interest paid on the loan
provided by Section 3.6(iv), provided the Executive is employed on each such May
9; provided, further, however, that if during the Term, (x) the Executive
terminates his employment for "Good Reason" as defined in Section 4.4 or (y)
RCPC terminates his employment for any reason other than Cause, RCPC agrees to
pay to the Executive a special bonus on the date of such termination, equal to
$800,000 minus the sum of any special bonuses paid through the date of such
termination pursuant to this Section 3.7 plus interest accrued, but unpaid since
the previous May 9 with respect to such loan; provided, further, however, that
if during or after the Term, RCPC terminates the Executive's employment for
reasons constituting "Cause" as defined in Section 4.3, no bonus shall be
payable under this Section 3.7 and (in the case of a material breach of Section
5, 6 or 7 following termination of employment) any bonus theretofore paid under
this Section 3.7 shall be forfeited and repaid to RCPC.

I. Termination.

A. Death. If the Executive shall die during the Term, the Term shall terminate
and no further amounts or benefits shall be payable hereunder except pursuant to
Section 3.6 or any compensation or benefit plan in which the Executive then
participates.

A. Disability. If during the Term the Executive shall become physically or
mentally disabled, whether totally or partially, such that the Executive is
unable to perform the Executive's services hereunder for (i) a period of six

                                       8

<PAGE>

consecutive months or (ii) shorter periods aggregating six months during any
twelve month period, the Company may at any time after the last day of the six
consecutive months of disability or the day on which the shorter periods of
disability shall have equaled an aggregate of six months, by written notice to
the Executive (but before the Executive has returned to active service following
such disability), terminate the Term and no further amounts or benefits shall be
payable hereunder, except that the Executive shall be entitled to receive until
the first to occur of (x) the Executive ceasing to be disabled or (y) the
Executive's attaining the age of 65, continued coverage for the Executive under
the Company paid group life insurance plan and for the Executive and his spouse
and children, if any, under the Company's group medical (including executive
medical) plan, to the extent permitted by such plans and to the extent such
benefits continue to be provided to the Company's senior executives generally.

A. Cause. In the event of (i) conviction of the Executive of a material felony,
(ii) willful or repeated failure by the Executive to perform the Executive's
duties hereunder or (iii) fraud on the part of the Executive or other material
breach by the Executive of this Agreement, RCPC may at any time by written
notice to the Executive terminate the Term for "Cause" and, upon such
termination, the Executive shall be entitled to receive no further amounts or
benefits hereunder, except as required by law or any compensation or benefit
plan in which the Executive then participates. The Executive shall not be deemed
to have been terminated for Cause unless (i) reasonable notice has been
delivered to him setting forth the reasons for the Company's intention to
terminate for Cause, and (ii) a period of ten (10) days has elapsed since
delivery of such notice during which Executive was afforded an opportunity to
cure, if capable of remedy, the reasons for the Company's intention to terminate
for Cause.

A. Company Breach; Other Termination. In the event of (i) the breach of any
material provision of this Agreement by the Company, (ii) the failure of the
Compensation Committee (or other appropriate Committee of the Board) to fully
grant the options contemplated by Section 3.3, (iii) a material adverse change
in the position, title or reporting structure of the Executive, (iv) a
relocation of Revlon, Inc.'s headquarters outside the New York metropolitan area
or the relocation of the Executive's principal place of employment to any
location other than such headquarters, or (v) a material failure by RCPC to pay
compensation or benefits when due to the Executive pursuant to this Agreement;
the Executive shall be entitled to terminate the Executive's employment and the
Term upon 30 days' prior written notice to the Company. Such termination of the
Executive's employment and the Term shall be deemed a termination for "Good
Reason". In addition, RCPC shall be entitled to terminate the Term and the
Executive's employment at any time and without prior notice otherwise than
pursuant to the provisions of Section 4.2 or 4.3. In consideration of the
Executive's covenant in Section 5.2 upon termination under this Section 4.4 by
the Executive, or in the event RCPC so terminates the Term otherwise than
pursuant to the provisions of Section 4.2 or 4.3, RCPC agrees, and the Company's
sole obligation

                                       9

<PAGE>

arising from such termination (except as otherwise provided in Sections 3.6 and
3.7 and Section 3.3 (solely with regard to vesting and exercisability of
options) or any compensation or benefit plan in which the Executive then
participates) shall be (at the Executive's election by written notice within 10
days after such termination), for RCPC either:

a) to make payments in lieu of Base Salary in the amounts prescribed by Section
3.1, to pay the Executive the guaranteed portion of any annual bonus
contemplated by Section 3.2 and to continue the Executive's participation in the
benefits provided for in subsections (i), (ii) and (iii) of Section 3.6 (except,
in the case of subsection (i), the use of the limousine service) (in each case
less amounts required by law to be withheld) through the date on which the Term
would have expired pursuant to Section 2.2 if RCPC had given notice of
non-renewal on or as promptly as permitted by Section 2.2 after the date of
termination, provided that (1) such benefit continuation is subject to the terms
of such plans, (2) group life insurance continuation is subject to a limit of
two years pursuant to the terms thereof, (3) the Executive shall cease to be
covered by medical and/or dental plans of the Company at such time as the
Executive becomes covered by like plans of another company, (4) the Executive
shall, as a condition, execute such release, confidentiality, non-competition
and other covenants as would be required in order for the Executive to receive
payments and benefits under Revlon Executive Severance Policy as in effect on
the date of this Agreement and (5) any cash compensation paid or payable or any
non-cash compensation paid or payable in lieu of cash compensation earned by the
Executive from other employment or consultancy during such period shall reduce
the payments provided for herein payable with respect to such other employment
or consultancy (it being understood that the Executive shall have no obligation
to repay to the Company any amounts previously paid to the Executive hereunder
by the Company as a result of any compensation earned by Executive after the
date of such payment), or

a) to make the payments and provide the benefits prescribed by the Executive
Severance Policy of the Company as in effect on the date of this Agreement
(except that the provision in Paragraph IIIC(ii) establishing a limit of six
months of payments shall not be applicable to the Executive) upon the
Executive's compliance with the terms thereof.

A. Litigation Expenses. If RCPC and the Executive become involved in any action,
suit or proceeding relating to the alleged breach of this Agreement by RCPC or
the Executive, or any dispute as to whether a termination of the Executive's
employment is with or without Cause or a resignation of employment is with or
without Good Reason, then if and to the extent that a final judgment in such
action, suit or proceeding is rendered in favor of the Executive, RCPC shall
reimburse the Executive for all expenses (including reasonable attorneys' fees)
incurred by the Executive in connection with such action, suit or proceeding or
the portion thereof adjudicated in favor of the Executive. Such costs shall be
paid to the Executive

                                       10

<PAGE>

promptly upon presentation of expense statements or other supporting information
evidencing the incurrence of such expenses.

I. Protection of Confidential Information; Non-Competition.

A. The Executive acknowledges that the Executive's services will be unique, that
they will involve the development of Company-subsidized relationships with key
customers, suppliers, and service providers as well as with key Company
employees and that the Executive's work for the Company has given and will give
the Executive access to highly confidential information not available to the
public or competitors, including trade secrets and confidential marketing,
sales, product development and other data and place which it would be
impracticable for the Company to effectively protect and preserve in the absence
of this Section 5 and the disclosure or misappropriation of which could
materially adversely affect the Company. Accordingly, the Executive agrees:

1. except in the course of performing the Executive's duties provided for in
Section 1.1, not at any time, whether before, during or after the Executive's
employment with the Company, to divulge to any other entity or person any
confidential information acquired by the Executive concerning the Company's or
its affiliates' financial affairs or business processes or methods or their
research, development or marketing programs or plans, any other of its or their
trade secrets, any information regarding personal matters of any directors,
officers, employees or agents of the Company or its affiliates or their
respective family members, or any information concerning the circumstances of
the Executive's employment and any termination of the Executive's employment
with the Company or any information regarding discussions related to any of the
foregoing. The foregoing prohibitions shall include, without limitation,
directly or indirectly publishing (or causing, participating in, assisting or
providing any statement, opinion or information in connection with the
publication of) any diary, memoir, letter, story, photograph, interview,
article, essay, account or description (whether fictionalized or not) concerning
any of the foregoing, publication being deemed to include any presentation or
reproduction of any written, verbal or visual material in any communication
medium, including any book, magazine, newspaper, theatrical production or movie,
or television or radio programming or commercial. In the event that the
Executive is requested or required to make disclosure of information subject to
this Section 5.1.1 under any court order, subpoena or other judicial process,
the Executive will promptly notify RCPC, take all reasonable steps requested by
RCPC to defend against the compulsory disclosure and permit RCPC to control with
counsel of its choice any proceeding relating to the compulsory disclosure. The
Executive acknowledges that all information, the disclosure of which is
prohibited by this section, is of a confidential and proprietary character and
of great value to the Company.

                                       11

<PAGE>

1. to deliver promptly to the Company on termination of the Executive's
employment with the Company, or at any time that RCPC may so request, all
memoranda, notes, records, reports, manuals, drawings, blueprints and other
documents (and all copies thereof) relating to the Company's business and all
property associated therewith, which the Executive may then possess or have
under the Executive's control.

A. In consideration of RCPC's covenant in Section 4.4, the Executive shall (i)
in all respects fully to comply with the terms of the Employee Agreement as to
Confidentiality and Non-Competition referred to in Revlon Executive Severance
Policy (the "Non-Competition Agreement"), whether or not the Executive is a
signatory thereof, with the same effect as if the same were set forth herein in
full, and (ii) in the event that the Executive shall terminate the Executive's
employment otherwise than as provided in Section 4.4, the Executive shall comply
with the restrictions set forth in paragraph 9(e) of the Non-Competition
Agreement through the earliest date on which the Term would have expired
pursuant to Section 2.2 if RCPC had given notice of non-renewal on or as
promptly as permitted by Section 2.2 after the date of termination, subject only
to the Company continuing to make payments equal to the Executive's Base Salary
during such period, notwithstanding the limitation otherwise applicable under
paragraph 9(d) thereof or any other provision of the Non-Competition Agreement.

A. If the Executive commits a breach of any of the provisions of Section 5.1 or
5.2 hereof, RCPC shall have the following rights and remedies:

1. the right and remedy to immediately terminate all further payments and
benefits provided for in this Agreement, except as may otherwise be required by
law in the case of qualified benefit plans.

1. the right and remedy to have the provisions of this Agreement specifically
enforced by any court having equity jurisdiction, it being acknowledged and
agreed that any such breach will cause irreparable injury to the Company and
that money damages and disgorgement of profits will not provide an adequate
remedy to the Company, and, if the Executive attempts or threatens to commit a
breach of any of the provisions of Section 5.1 or 5.2, the right and remedy to
be granted a preliminary and permanent injunction in any court having equity
jurisdiction against the Executive committing the attempted or threatened breach
(it being agreed that each of the rights and remedies enumerated above shall be
independent of the others and shall be severally enforceable, and that all of
such rights and remedies shall be in addition to, and not in lieu of, any other
rights and remedies available to RCPC under law or in equity), and

                                       12

<PAGE>

1. the right and remedy to require the Executive to account for and pay over to
the Company all compensation, profits, monies, accruals, increments or other
benefits (collectively "Benefits") derived or received by the Executive as the
result of any transactions constituting a breach of any of the provisions of
Section 5.1 or 5.2 hereof, and the Executive hereby agrees to account for and
pay over such Benefits as directed by RCPC.

A. If any of the covenants contained in Section 5.1, 5.2 or 5.3, or any part
thereof, hereafter are construed to be invalid or unenforceable, the same shall
not affect the remainder of the covenant or covenants, which shall be given full
effect, without regard to the invalid portions.

A. If any of the covenants contained in Section 5.1 or 5.2, or any part thereof,
are held to be unenforceable because of the duration of such provision or the
area covered thereby, the parties agree that the court making such determination
shall have the power to reduce the duration and/or area of such provision so as
to be enforceable to the maximum extent permitted by applicable law and, in its
reduced form, said provision shall then be enforceable.

B. The parties hereto intend to and hereby confer jurisdiction to enforce the
covenants contained in Sections 5.1, 5.2 and 5.3 upon the courts of any state
within the geographical scope of such covenants. In the event that the courts of
any one or more of such states shall hold such covenants wholly unenforceable by
reason of the breadth of such covenants or otherwise, it is the intention of the
parties' hereto that such determination not bar or in any way affect RCPC's
right to the relief provided above in the courts of any other states within the
geographical scope of such covenants as to breaches of such covenants in such
other respective jurisdictions, the above covenants as they relate to each state
being for this purpose severable into diverse and independent covenants.

A. Any termination of the Term or the Executive's employment shall have no
effect on the continuing operation of this Section 5.

A. Pursuant to Sections 4.4 and 5.2, the Executive is subject to certain
non-competition covenants set forth in the Non-Competition Agreement referred to
in the Revlon Executive Severance Policy, which covenants extend beyond the
Executive's termination of employment. If prior to January 1, 2003 the Executive
shall terminate his employment pursuant to Section 4.4. or the Company shall
terminate the Executive's employment other than for Cause pursuant to Section
4.3, then the restrictions on entering competitive employment otherwise
applicable shall not survive more than 12 months following any such termination
of employment (but all other covenants shall remain applicable in accordance
with their terms).

                                       13

<PAGE>

I. Inventions and Patents.

A. The Executive agrees that all processes, technologies and inventions
(collectively, "Inventions"), including new contributions, improvements, ideas
and discoveries, whether patentable or not, conceived, developed, invented or
made by him during the Term shall belong to the Company, provided that such
Inventions grew out of the Executive's work with the Company or any of its
subsidiaries or affiliates, are related in any manner to the business
(commercial or experimental) of the Company or any of its subsidiaries or
affiliates or are conceived or made on the Company's time or with the use of the
Company's facilities or materials. The Executive shall further: (a) promptly
disclose such Inventions to the Company; (b) assign to the Company, without
additional compensation, all patent and other rights to such Inventions for the
United States and foreign countries; (c) sign all papers necessary to carry out
the foregoing; and (d) give testimony in support of the Executive's
inventorship.

A. If any Invention is described in a patent application or is disclosed to
third parties, directly or indirectly, by the Executive within two years after
the termination of the Executive's employment with the Company, it is to be
presumed that the Invention was conceived or made during the Term.

A. The Executive agrees that the Executive will not assert any rights to any
Invention as having been made or acquired by the Executive prior to the date of
this Agreement, except for Inventions, if any, disclosed to the Company in
writing prior to the date hereof.

I. Intellectual Property.

Notwithstanding and without limiting the provisions of Section 6, the Company
shall be the sole owner of all the products and proceeds of the Executive's
services hereunder, including, but not limited to, all materials, ideas,
concepts, formats, suggestions, developments, arrangements, packages, programs
and other intellectual properties that the Executive may acquire, obtain,
develop or create in connection with or during the Term, free and clear of any
claims by the Executive (or anyone claiming under the Executive) of any kind or
character whatsoever (other than the Executive's right to receive payments
hereunder), The Executive shall, at the request of RCPC, execute such
assignments, certificates or other instruments as RCPC may from time to time
deem necessary or desirable to evidence, establish, maintain, perfect, protect,
enforce or defend its right, title or interest in or to any such properties.

                                       14

<PAGE>

I. Indemnification and Directors and Officers Insurance.

RCPC will indemnify the Executive, to the maximum extent permitted by applicable
law, against all costs, charges and expenses incurred or sustained by the
Executive in connection with any action, suit or proceeding to which the
Executive may be made a party, brought by any shareholder of the Company
directly or derivatively or by any third party by reason of any act or omission
of the Executive as an officer, director or employee of the Company or of any
subsidiary or affiliate of the Company. In addition, the Executive shall be
covered by RCPC's directors and officers liability insurance policy to the same
extent as the other senior most executives of RCPC.

I. Notices.

All notices, requests, consents and other communications required or permitted
to be given hereunder shall be in writing and shall be deemed to have been duly
given if delivered personally, sent by overnight courier or mailed first class,
postage prepaid, by registered or certified mail (notices mailed shall be deemed
to have been given on the date mailed), as follows (or to such other address as
either party shall designate by notice in writing to the other in accordance
herewith):

                  If to the Company, to:

                  Revlon Consumer Products Corporation
                  625 Madison Avenue
                  New York, NY 10022
                  Attention:  General Counsel

                  If to the Executive, to the Executive's principal residence as
reflected in the records of the Company.

I. General.

A. This Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of New York applicable to agreements made between
residents thereof and to be performed entirely in New York.

A. The section headings contained herein are for reference purposes only and
shall not in any way affect the meaning or interpretation of this Agreement.

A. This Agreement sets forth the entire agreement and understanding of the
parties relating to the subject matter hereof, and supersedes all

                                       15

<PAGE>

prior agreements, arrangements and understandings, written or oral, relating to
the subject matter hereof. No representation, promise or inducement has been
made by either party that is not embodied in this Agreement, and neither party
shall be bound by or liable for any alleged representation, promise or
inducement not so set forth.

A. This Agreement, and the Executive's rights and obligations hereunder, may not
be assigned by the Executive, nor may the Executive pledge, encumber or
anticipate any payments or benefits due hereunder, by operation of law or
otherwise. RCPC may assign its rights, together with its obligations, hereunder
(i) to any affiliate or (ii) to a third party in connection with any sale,
transfer or other disposition of all or substantially all of any business to
which the Executive's services are then principally devoted, provided that no
assignment shall relieve RCPC from its obligations hereunder to the extent the
same are not timely discharged by such assignee.

A. This Agreement may be amended, modified, superseded, canceled, renewed or
extended and the terms or covenants hereof may be waived, only by a written
instrument executed by both of the parties hereto, or in the case of a waiver,
by the Party waiving compliance. The failure of either party at any time or
times to require performance of any provision hereof shall in no manner affect
the right at a later time to enforce the same. No waiver by either party of the
breach of any term or covenant contained in this Agreement, whether by conduct
or otherwise, in any one or more instances, shall be deemed to be, or construed
as, a further or continuing waiver of any such breach, or a waiver of the breach
of any other term or covenant contained in this Agreement.

A. This Agreement may be executed in two or more counterparts, each of which
shall he deemed to be an original but all of which together will constitute one
and the same instrument.

I. Subsidiaries and Affiliates.

As used herein, the term "subsidiary" shall mean any corporation or other
business entity controlled directly or indirectly by the corporation or other
business entity in question, and the term "affiliate" shall mean and include any
corporation or other business entity directly or indirectly controlling,
controlled by or under common control with the corporation or other business
entity in question.

                                       16

<PAGE>

                  IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first above written

                                    REVLON CONSUMER PRODUCTS CORPORATION

                                    By: /s/ Robert Kretzman
                                        ---------------------------------------

                                    /s/ Douglas H. Greeff
                                    -------------------------------------------
                                    Douglas Greeff, the Executive

                                       17

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