Document:

Exhibit
4.1

							
	Rights
Certificate No.
:			THE
TERMS AND CONDITIONS OF THE RIGHTS OFFERING ARE SET FORTH IN THE
COMPANY’S PROSPECTUS SUPPLEMENT DATED DECEMBER 18, 2006 TO THE
PROSPECTUS DATED DECEMBER 13, 2005 (TOGETHER, THE
‘‘PROSPECTUS’’) AND ARE INCORPORATED HEREIN BY
REFERENCE. COPIES OF THE PROSPECTUS ARE AVAILABLE UPON REQUEST FROM
D.F. KING & CO., INC., THE INFORMATION
AGENT.			NUMBER
OF
RIGHTS:
	 			REVLON,
INC.			CUSIP No: 761525 13
8
	 			Incorporated
under the laws of the State of
Delaware			 
	SUBSCRIPTION
RIGHTS
CERTIFICATE
	Evidencing
Subscription Rights to Purchase Shares of Class A Common Stock of
Revlon,
Inc.
	 			Subscription
Price: $1.05 per
Share			 
	THE
SUBSCRIPTION RIGHTS WILL EXPIRE IF NOT EXERCISED ON OR BEFORE 5:00
P.M., NEW YORK CITY TIME,
ON JANUARY 19, 2007, UNLESS EXTENDED BY
THE
COMPANY
	

REGISTERED
OWNER:

    

				
	THIS
CERTIFIES THAT the registered owner whose name is inscribed hereon is
the owner of the number of subscription rights
(‘‘Rights’’) set forth above. Each Right
entitles the holder thereof, or its assigns, to subscribe for and
purchase 0.2308 shares of Class A common stock, with par value of $1.05
per share, of Revlon, Inc., a Delaware corporation, at a subscription
price of $1.05 per share (the ‘‘Basic Subscription
Privilege’’), pursuant to a rights offering (the
‘‘Rights Offering’’), on the terms and subject
to the conditions set forth in the Prospectus and the
‘‘Instructions as to Use of Revlon, Inc. Subscription
Rights Certificates’’ (the
‘‘Instructions’’) accompanying this
Subscription Rights Certificate. In the event of any inconsistency
between the Prospectus and the Instructions, the Prospectus shall
govern. Revlon, Inc. will not be issuing fractional shares. As an
example, a Rights holder of 50 Rights would calculate the number of
shares of Class A common stock it would have the right to purchase in
the Rights Offering pursuant to its Basic Subscription Privilege, by
multiplying the 0.2308 shares per Right subscription ratio times the 50
Rights to get a product of 11.54 shares. Since fractional shares of
Class A common stock will not be issued in the Rights Offering, such a
Rights holder will be entitled			to purchase 11 shares of Class A
common stock in the Rights Offering pursuant to its Basic Subscription
Privilege. If any shares of Class A common stock available for purchase
in the Rights Offering are not purchased by other holders of Rights
pursuant to the exercise of their Basic Subscription Privilege (the
‘‘Excess Shares’’), any Rights holder that
exercises its Basic Subscription Privilege in full may also subscribe
for a number of Excess Shares at the $1.05 per share subscription price
pursuant to the terms and conditions of the Rights Offering, subject to
proration, as described in the Prospectus (the
‘‘Over-Subscription Privilege’’). The Rights
represented by this Subscription Rights Certificate may be exercised by
completing Form 1 and any other appropriate forms on the reverse side
hereof and by returning the full payment of the subscription price for
each share of Class A common stock in accordance with the Instructions.
The Rights evidenced by this Subscription Rights Certificate may also
be transferred or sold by completing the appropriate forms on the
reverse side hereof in accordance with the
Instructions.
	

    

Transferable
on the books of Revlon, Inc. in person or by duly authorized attorney
upon surrender of this Subscription Rights Certificate properly
endorsed in accordance with the terms and conditions set forth in the
Prospectus. This Subscription Rights Certificate is not valid unless
countersigned by the transfer agent and registered by the
registrar.

Dated:

													
	 			/s/
David L.
Kennedy        			 			/s/
Robert K.
Kretzman        			 
	 			David
L. Kennedy
President and Chief Executive
Officer			 			Robert K.
Kretzman
Executive Vice President, Chief Legal Officer
and
General
Counsel			 
	

COUNTERSIGNED
AND REGISTERED:
    AMERICAN STOCK TRANSFER & TRUST
COMPANY,
                                    (New
York, N.Y.)            TRANSFER
AGENT
                                                                                AND
REGISTRAR

By:
                                                                AUTHORIZED
SIGNATURE

   
	 
		DELIVERY OPTIONS FOR SUBSCRIPTION RIGHTS
		CERTIFICATE
	 

	 
		 
	 

	 
			
				
				  By Mail or Over Night
				  Courier:
 American Stock Transfer
				  & Trust Company
 Operations
				  Center
 Attn: Exchange
				  Department
 6201 15th
				  Avenue
 Brooklyn, NY
				  11219
				

			 	
				
				  By Hand:
 American Stock Transfer & Trust
				  Company
 Attn: Exchange
				  Department
 59 Maiden Lane, Plaza
				  Level
 New York, NY
				  10038
				

			 

 

	 
		Delivery other than in the manner or to the
		addresses listed above will not constitute valid delivery.
	 

	 
		PLEASE PRINT ALL INFORMATION CLEARLY AND
		LEGIBLY.
	 

	 
		FORM 1-EXERCISE OF SUBSCRIPTION RIGHTS

	 

	 
		To subscribe for shares pursuant to your
		Basic Subscription Privilege, please complete line (a) and sign under Form 5
		below. To subscribe for shares pursuant to your Over-Subscription Privilege,
		please also complete line (b) and sign under Form 5 below.
	 

	 
		(a) EXERCISE OF BASIC SUBSCRIPTION
		PRIVILEGE:
	 

	 
		 
	 

	 
			
				
				  I exercise
				

			 	
				
				   
				

			 	
				
				    Rights x
				

			 	
				
				  0.2308
				

			 	
				
				  =
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  (no. of Rights)
				

			 	
				
				   
				

			 	
				
				  (ratio)
				

			 	
				
				   
				

			 	
				
				  (no. of new shares) 
(rounded down to nearest 
whole number)
				

			 

 

	 
		 
	 

	 
			
				
				  Therefore, I apply for
				

			 	
				
				   
				

			 	
				
				    shares x
				

			 	
				
				  $
				

			 	
				
				   1.05
				

			 	
				
				   = $
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  (no. of new shares)
(rounded down to nearest
 whole number)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  (subscription price)
				

			 	
				
				   
				

			 	
				
				  (amount enclosed)
				

			 

 

	 
		(b) EXERCISE OF OVER-SUBSCRIPTION
		PRIVILEGE
	 

	 
		If you have exercised your Basic Subscription
		Privilege in full and wish to subscribe for additional shares pursuant to your
		Over-Subscription Privilege:
	 

	 
		 
	 

	 
			
				
				  I apply for
				

			 	
				
				   
				

			 	
				
				    shares x
				

			 	
				
				  $
				

			 	
				
				   1.05
				

			 	
				
				   = $
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  (no. of new shares)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  (subscription price)
				

			 	
				
				   
				

			 	
				
				  (amount enclosed)
				

			 

 

	 
		Total Amount of Payment Enclosed =
		$__________________
	 

	 
		METHOD OF PAYMENT (CHECK ONE)
	 

	 
		 
	 

	 
				
				
				  Check or bank draft drawn on a U.S.
				  bank, or postal, telegraphic or express money order payable to “American
				  Stock Transfer & Trust Company, as Subscription Agent.” Funds paid by
				  an uncertified check may take at least five business days to clear.
				

			 

		
		   
		

				
				
				  Wire transfer of immediately
				  available funds directly to the account maintained by American Stock Transfer
				  & Trust Company, as Subscription Agent, for purposes of accepting
				  subscriptions in this Rights Offering at JPMorgan Chase Bank, 55 Water Street,
				  New York, New York 10005, ABA #021000021, Account #323-836895.
				

			 

 

	 
		FORM 2-SALE OR TRANSFER TO DESIGNATED
		TRANSFEREE OR THROUGH BANK OR BROKER
	 

	 
		To sell or transfer your subscription rights
		to another person, complete this form and have your signature guaranteed under
		Form 6. To sell your subscription rights through your bank or broker, sign
		below under this Form 2 and have your signature guaranteed under Form 6, but
		leave the rest of this Form 2 blank.
	 

	 
		For value received ______________ of the
		subscription rights represented by this Subscription Rights Certificate are
		assigned to:
	 

	 
		 
	 

	 
			

				
				  (Print Full Name of
				  Assignee)
  
				

			 
	
				
				  (Print Full Address)

				   
				

			 
	
				
				  Tax ID or Social Security
				  No.
  
				

			 
	
				
				  Signature(s)

				   
				

			 

 

	 
		FORM 3-  CHECK HERE TO SELL ALL OF
		YOUR UNEXERCISED SUBSCRIPTION RIGHTS THROUGH AMERICAN STOCK TRANSFER &
		TRUST COMPANY, AS SUBSCRIPTION AGENT.
	 

	 
		 CHECK HERE TO SELL LESS THAN ALL OF YOUR UNEXERCISED
		SUBSCRIPTION RIGHTS THROUGH AMERICAN STOCK TRANSFER & TRUST COMPANY, AS
		SUBSCRIPTION AGENT, AND ATTACH SEPARATE INSTRUCTIONS TO THE SUBSCRIPTION AGENT
		AS TO THE ACTION TO BE TAKEN WITH RESPECT TO THE UNEXERCISED SUBSCRIPTION
		RIGHTS NOT SOLD. I WISH TO HAVE _______________ OF MY UNEXERCISED SUBSCRIPTION
		RIGHTS SOLD.
	 

	 
		If you want the Subscription Agent to attempt
		to sell all or some of your unexercised subscription rights, check the
		appropriate box above on this Form 3, sign under Form 5 and have your signature
		guaranteed under Form 6.
	 

	 
		FORM 4-DELIVERY TO DIFFERENT ADDRESS
	 

	 
		If you wish for the Class A common stock
		underlying your subscription rights, a certificate representing unexercised
		subscription rights or the proceeds of any sale of subscription rights to be
		delivered to an address different from that shown on the face of this
		Subscription Rights Certificate, please enter the alternate address below, sign
		under Form 5 and have your signature guaranteed under Form 6.
	 

	 
		________________________________________________________________________________________________________________________________________________________________

	 

	 
		________________________________________________________________________________________________________________________________________________________________

	 

	 
		________________________________________________________________________________________________________________________________________________________________
	 

	 
		FORM 5-SIGNATURE
	 

	 
		TO SUBSCRIBE: I acknowledge that I have
		received the Prospectus for this Rights Offering and I hereby irrevocably
		subscribe for the number of shares indicated above on the terms and conditions
		specified in the Prospectus.
	 

	 
		TO SELL: If I have completed Form 3, I
		authorize the sale by the Subscription Agent, according to the procedures
		described in the Prospectus, of some or all of the subscription rights
		represented by this Subscription Rights Certificate but not exercised hereby as
		so indicated above.
	 

	 
		_________________________________________________________________________________________________________________________________________________________________

		Signature(s)
	 

	 
		IMPORTANT: The signature(s) must correspond
		with the name(s) as printed on the reverse of this Subscription Rights
		Certificate in every particular, without alteration or enlargement, or any
		other change whatsoever.
	 

	 
		FORM 6-SIGNATURE GUARANTEE
	 

	 
		This form must be completed if you have
		completed any portion of Forms 2, 3 or 4.
	 

	 	
			 
				Signature Guaranteed:
			 

		  	
			 
				 
			 

		  
	 	
			 
				 (Name of Bank or Firm)
			 

		  

	 	By:	
			 
				 
			 

		  
	 	
			 
				 (Signature of Officer)
			 

		  

	 
		IMPORTANT: The signature(s) should be
		guaranteed by an eligible guarantor institution (bank, stock broker, savings
		& loan association or credit union) with membership in an approved
		signature guarantee medallion program pursuant to Securities and Exchange
		Commission Rule 17Ad-15.
	 

	 
		FOR INSTRUCTIONS ON THE USE OF
		REVLON, INC. SUBSCRIPTION RIGHTS CERTIFICATES, CONSULT D.F. KING & CO., THE
		INFORMATION AGENT, TOLL FREE, AT (800) 949-2583 AND BANKS AND BROKERS MAY CALL
		THE INFORMATION AGENT AT (212) 269-5550.Exhibit
10.1

	
				
	

STOCK
PURCHASE AGREEMENT

by and
between

Revlon,
Inc.

and

MacAndrews
& Forbes Holdings Inc.

Dated
December  18,
2006

	
				
	

TABLE OF
CONTENTS

										
	 			 			Page
	SECTION
1.    DEFINITIONS					1	

	SECTION
2.    THE RIGHTS OFFERING					2	

	2.1			BASIC
SUBSCRIPTION PRIVILEGE					2	

	2.2			SUBORDINATION
OF OVER-SUBSCRIPTION PRIVILEGE					2	

	2.3			OPTION
TO PURCHASE ADDITIONAL
SHARES					2	

	2.4			BACK-STOP					3	

	2.5			THE
RIGHTS
OFFERING					3	

	SECTION
3.    REPRESENTATIONS AND WARRANTIES OF THE
INVESTOR					4	

	3.1			ORGANIZATION					4	

	3.2			DUE
AUTHORIZATION					4	

	3.3			DUE
EXECUTION; ENFORCEABILITY					4	

	3.4			NO
CONFLICTS					4	

	3.5			INVESTMENT
REPRESENTATIONS AND WARRANTIES					4	

	SECTION
4.    REPRESENTATIONS AND WARRANTIES OF THE
COMPANY					5	

	4.1			ORGANIZATION					5	

	4.2			DUE
AUTHORIZATION					5	

	4.3			DUE
EXECUTION; ENFORCEABILITY					5	

	4.4			CONSENTS					5	

	4.5			NO
CONFLICTS					5	

	4.6			DUE
ISSUANCE AND AUTHORIZATION OF CAPITAL
STOCK					6	

	SECTION
5.    ADDITIONAL
COVENANTS					6	

	5.1			LISTING
OBLIGATION					6	

	5.2			COOPERATION
WITH THE RIGHTS OFFERING AND RELATED
MATTERS					6	

	5.3			LEGENDS					6	

	5.4			REGISTRATION
RIGHTS					6	

	5.5			FURTHER
ASSURANCES					6	

	SECTION
6.    MISCELLANEOUS.					6	

	6.1			NOTICES					6	

	6.2			SURVIVAL
OF REPRESENTATIONS AND WARRANTIES,
ETC.					7	

	6.3			ASSIGNMENT					7	

	6.4			ENTIRE
AGREEMENT					7	

	6.5			WAIVERS
AND AMENDMENTS					7	

	6.6			GOVERNING
LAW; JURISDICTION; VENUE;
PROCESS					7	

	6.7			COUNTERPARTS					8	

	6.8			HEADINGS					8	

	6.9			NO
THIRD PARTY
BENEFICIARIES					8	

	

i

STOCK
PURCHASE AGREEMENT

THIS STOCK PURCHASE AGREEMENT (this
‘‘Agreement’’) is made this
18th day of December, 2006 by and between Revlon, Inc., a
Delaware corporation (the
‘‘Company’’), and MacAndrews
& Forbes Holdings Inc., a Delaware corporation
(‘‘M&F’’).

W
I T N E S S E T H:

WHEREAS, in connection with, and as part
of, the transactions contemplated by the Investment Agreement, dated as
of February  20,  2004 by and between the Company and
M&F, as amended through the date hereof (the
‘‘2004 Investment
Agreement’’), the Company will effect a rights
offering with aggregate proceeds, together with the proceeds from the
private placement of Class A Common Stock contemplated in this
Agreement, of up to approximately $100  million (the
‘‘Aggregate Offering
Amount’’), by distributing to each holder of
record of Class A Common Stock and Class B Common Stock (together, the
‘‘Common Stock’’), at no
charge, one transferable right (the
‘‘Rights’’), for each share
of Common Stock held by such holder as of 5:00 p.m. New York City time
on December  11,  2006 (the ‘‘Rights
Offering Record Date’’), to purchase shares
(‘‘Rights Shares’’) of Class
A Common Stock (the ‘‘Rights
Offering’’);

WHEREAS, each holder of a
Right will be entitled to purchase 0.2308 of a Rights Share per Right
(the ‘‘Basic Subscription
Privilege’’) at $1.05 per Rights Share (as
appropriately adjusted for any stock split, combination,
reorganization, recapitalization, stock dividend, stock distribution or
similar event, the ‘‘Subscription
Price’’);

WHEREAS, each holder of Rights
who exercises in full its Basic Subscription Privilege will be
entitled, on a pro rata basis, to subscribe for additional
Rights Shares at the Subscription Price (the
‘‘Over-subscription
Privilege’’), to the extent that other holders of
Rights (except for M&F and its affiliates (the
‘‘Investor’’), which agrees,
as set forth herein, not to exercise its Basic Subscription Privilege
or its Over-subscription Privilege) do not exercise all of their Basic
Subscription Privileges;

WHEREAS, in order to facilitate the
Rights Offering, the Investor is willing, as set forth herein, to agree
to purchase, upon consummation of the Rights Offering and at the
Subscription Price, such number of shares of Class A Common Stock as is
sufficient to ensure that the aggregate proceeds from the Rights
Offering and the Investor’s purchase of Rights Shares hereunder
equal $75  million (the ‘‘Backstopped
Amount’’);

WHEREAS, in order to facilitate
the Rights Offering, the Investor is willing, as set forth herein, to
agree not to exercise its Over-subscription Privilege, which will
maximize the Over-subscription Privilege of the other holders of Class
A Common Stock;

WHEREAS, the Rights Offering shall not be
conditioned upon the Company raising the Aggregate Offering Amount and
shall be consummated as long as the Company raises the Backstopped
Amount (including giving effect to the Investor’s purchase
pursuant to Section 2.1 hereof); and

WHEREAS, the Board of
Directors of the Company (the ‘‘Board of
Directors’’) has determined that the Rights
Offering, this Agreement and the transactions contemplated hereby are
advisable and in the best interests of the Company.

NOW,
THEREFORE, in consideration of the premises and the mutual covenants
and agreements contained in this Agreement, the parties hereto hereby
agree as follows:

Section 1.    Definitions. For
purposes of this Agreement, the following terms will have the meaning
set forth
below:

‘‘Affiliate’’
of any Person means any Person that directly or indirectly controls, or
is under common control with, or is controlled by, such Person. As used
in this definition, ‘‘control’’ (including
with its correlative meanings, ‘‘controlled
by’’ and ‘‘under common control
with’’) shall mean the possession, directly or
indirectly, of the power to direct or cause the direction of the
management or policies of a Person (whether through ownership of
securities or partnership or other ownership interests, by contract or
otherwise).

‘‘Aggregate Offering
Amount’’ has the meaning assigned to it in the
Preamble.

‘‘Backstopped
Amount’’ has the meaning assigned to it in the
Preamble.

‘‘Basic Subscription
Privilege’’ has the meaning assigned to it in the
Preamble.

‘‘Board of
Directors’’ has the meaning assigned to it in the
Preamble.

‘‘Class A Common
Stock’’ means the Company’s Class A Common
Stock, par value $0.01 per share.

‘‘Class B
Common Stock’’ means the Company’s Class B
Common Stock, par value $0.01 per
share.

‘‘Common
Stock’’ has the meaning assigned to it in the
Preamble.

‘‘Company’’
has the meaning assigned to it in the Preamble.

‘‘DOL’’ means the U.S.
Department of
Labor.

‘‘Dollars’’ and
‘‘$’’ mean dollars in lawful
currency of the United States of
America.

‘‘Fidelity’’
means Fidelity Management & Research
Co.

‘‘Independent Pricing
Committee’’ means a committee of the Board of
Directors composed solely of independent directors within the meaning
of Section 303A.02 of the NYSE Listed Company Manual and the
Board’s Guidelines for Assessing Director Independence formed by
the Board of Directors to review, evaluate and approve, or, at its
election, to recommend to the Board of Directors, the terms, timing and
other related matters of the Rights Offering, including the
Subscription
Price.

‘‘Investor’’
has the meaning assigned to it in the
Preamble.

‘‘M&F’’
has the meaning assigned to it in the
Preamble.

‘‘NYSE’’
means the New York Stock Exchange.

‘‘Option
to Purchase Additional Shares’’ has the meaning
assigned to it in Section 2.3
hereof.

‘‘Over-subscription
Privilege’’ has the meaning assigned to it in the
Preamble.

‘‘Person’’
includes all natural persons, corporations, business trusts, limited
liability companies, associations, companies, partnerships, joint
ventures and other entities, as well as governments and their
respective agencies and political
subdivisions.

‘‘Registration
Statement’’ has the meaning assigned to it in
Section 2.5(a)
hereof.

‘‘Rights’’ has
the meaning assigned to it in the
Preamble.

‘‘Rights Offering’’
has the meaning assigned to it in the
Preamble.

‘‘Rights Offering Record
Date’’ has the meaning assigned to it in the
Preamble.

‘‘Rights
Shares’’ has the meaning assigned to it in the
Preamble.

‘‘Subscription
Price’’ has the meaning assigned to it in the
Preamble.

‘‘2004 Investment
Agreement’’ has the meaning assigned to it in the
Preamble.

Section 2.     The Rights Offering.

2.1    Basic Subscription Privilege.    The
Investor agrees, upon the consummation of the Rights Offering and at
the Subscription Price, to acquire the number of shares of Class A
Common Stock as equals the number of Rights Shares that the Investor
would otherwise have been entitled to purchase in the Rights Offering,
and agrees not to exercise or sell the Basic Subscription Privilege in
the Rights Offering but rather will allow it to expire. The
Investor’s obligation to purchase the shares of Class A Common
Stock pursuant to this Section 2.1 is conditioned upon the consummation
of the Rights Offering in accordance with its
terms.

2.2    Subordination of Over-subscription
Privilege.    M&F (on behalf of itself and each Investor)
agrees to subordinate and not exercise or sell the Over-subscription
Privilege to which the Investor would otherwise be entitled in the
Rights Offering but rather will allow it to
expire.

2.3    Option to Purchase Additional
Shares.    M&F will have the right, but not the
obligation, to purchase upon consummation of the Rights Offering and at
the Subscription Price, shares of Class A 

2

Common Stock in excess of the Backstopped
Amount, in the event the Rights Offering is not fully subscribed after
holders of Class A Common Stock other than M&F exercise their Basic
Subscription Privileges and Over-subscription Privileges;
provided, however, that the total proceeds of the
Rights Offering and the private placement contemplated in this
Agreement, including any purchases pursuant to this Section 2.3 shall
not exceed the Aggregate Offering Amount (the
‘‘Option to Purchase Additional
Shares’’). M&F will advise the Company in
writing of the number, if any, of shares of Class A Common Stock that
M&F desires to purchase pursuant to this Section 2.3 by 3.00 p.m.
(eastern time) on the business day following the expiration of the
Rights Offering.

2.4    Back-stop.    At
the closing of the Rights Offering, pursuant to the terms and subject
to the conditions of this Agreement and the Rights Offering as set
forth in the Registration Statement, the Investor shall, on the same
terms and Subscription Price as the Rights Offering, purchase such
number of shares of Class A Common Stock as is sufficient to ensure
that the aggregate proceeds from (i) the Rights Offering, (ii) the
Investor’s purchase pursuant to Section 2.1 hereof and (iii) the
Investor’s purchase pursuant to this Section 2.4, equal the
Backstopped Amount. The Investor’s obligation to purchase the
shares of Class A Common Stock pursuant to this Section 2.4 is
conditioned upon the consummation of the Rights Offering in accordance
with its terms.

2.5    The Rights
Offering.

(a)    As promptly as
practicable after the date of this Agreement, the Company will prepare
a prospectus supplement to its currently effective registration
statement (including each amendment and supplement thereto, the
‘‘Registration Statement’’)
on Form S-3, covering the issuance of the Rights and the Rights Shares.
The Company will not permit any securities other than the Rights and
the Rights Shares to be included in the prospectus supplement. The
prospectus supplement will be provided to the Investor and its counsel
prior to its dissemination to the distributees of the Rights. The
Registration Statement will comply in all material respects with the
provisions of applicable federal securities laws. The Company promptly
will correct any information provided by it for use in the Registration
Statement if, and to the extent, that such information becomes false or
misleading in any material respect, and the Company will take all steps
necessary to cause the prospectus supplement, as so corrected to be
disseminated to the distributees of the Rights as and to the extent
required by applicable federal securities laws. The Investor and its
counsel will be given a reasonable opportunity to review and comment
upon the prospectus supplement, in each instance before it is so
used.

(b)    Promptly following the date
hereof, the Company will commence the Rights Offering. In the Rights
Offering, the Company will distribute, at no charge, one Right to each
holder of record of Common Stock for each share of Common Stock held by
such holder as of the Rights Offering Record Date. In accordance with
the terms of the Rights Offering, each such Right shall be
transferable. The Rights will entitle the holder to purchase, at the
election of the holder thereof, 0.2308 of a Rights Share at the
Subscription Price; provided that, no fractional Rights Shares
will be issued and the Subscription Price multiplied by the aggregate
number of Rights Shares offered shall not exceed the Aggregate Offering
Amount. The Rights Offering will remain open for at least thirty (30)
days.

(c)    Each holder of Rights who
exercises in full its Basic Subscription Privilege will be entitled to
subscribe for additional Rights Shares at the Subscription Price to the
extent that other holders of Rights (except for the Investor which,
pursuant to Sections 2.1 and 2.2 hereof, has agreed not to exercise its
Basic Subscription Privilege and its Over-subscription Privilege) elect
not to exercise all of their Rights in the Basic Subscription
Privilege. If the number of Rights Shares remaining after the exercise
of all Basic Subscription Privileges (except by the Investor) is not
sufficient to satisfy all requests for Rights Shares under the
Over-subscription Privileges, the Rights holders who exercised their
Over-subscription Privileges will be allocated such remaining Rights
Shares in proportion to the number of Rights Shares they have purchased
through the Basic Subscription
Privilege.

(d)    If the pro rata
allocation exceeds the number of Rights Shares requested in the
Over-subscription Privilege, then each Rights holder only will receive
the number of Rights Shares 

3

requested, and the remaining Rights Shares
from such Rights holder’s pro rata allocation will be
divided among other Rights holders exercising their Over-subscription
Privilege. If the pro rata allocation is less than the number
of Rights Shares requested in the Over-subscription Privilege, then the
excess funds paid by that Rights holder as the Subscription Price for
the Rights Shares not issued will be returned to such Rights holder
without interest or deduction.

(e)    The
closing of the purchase of the Rights Shares to be purchased in the
Rights Offering and the shares of Class A Common Stock to be purchased
by the Investor hereunder will occur at the time, for the Subscription
Price, in the manner, and on the terms and conditions of the Rights
Offering as will be set forth in the Registration
Statement.

(f)    The Company will pay all of
its expenses associated with the Registration Statement and the Rights
Offering, including, without limitation, filing and printing fees, fees
and expenses of any subscription and information agents, its counsel
and accounting fees and expenses, costs associated with clearing the
Rights Shares for sale under applicable state securities laws and
listing fees.

Section 3.    Representations and Warranties
of the Investor.    M&F (on behalf of itself and each
Investor) represents and warrants to the Company as of the date hereof
as
follows:

3.1    Organization.    M&F
and each Investor (a) is duly organized, validly existing and in good
standing under the laws of the State of Delaware and (b) has all
corporate power and authority to consummate the transactions
contemplated by this Agreement.

3.2    Due
Authorization.    M&F has the requisite corporate power and
authority to enter into, execute and deliver this Agreement and to
perform its obligations hereunder and has taken all necessary corporate
action required for the due authorization, execution, delivery and
performance by it of this Agreement.

3.3    Due
Execution; Enforceability.    This Agreement has been duly and
validly executed and delivered by M&F and constitutes its valid and
binding obligation, enforceable against it in accordance with its
terms, subject to applicable bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and similar laws affecting
creditors’ rights and remedies generally and subject, as to
enforceability, to general principles of equity, including principles
of commercial reasonableness, good faith and fair dealing (regardless
of whether enforcement is sought in a proceeding at law or in
equity).

3.4    No Conflicts.    The
execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereunder will not (a)
conflict with or result in any breach of any provision of
M&F’s certificate of incorporation or by-laws, (b) except for
the filings, permits, authorizations, consents and approvals as may be
required under, and other applicable requirements of, federal
securities laws, applicable state securities or blue sky laws and the
rules and regulations of the NYSE, conflict with or result in the
breach of the terms, conditions or provisions of or constitute a
default (or an event which with notice or lapse of time or both would
become a default) under, or give rise to any right of termination,
acceleration or cancellation under, any material agreement, lease,
mortgage, license, indenture, instrument or other contract to which
M&F is a party or by which any of M&F’s properties or
assets are bound (other than the consent of Fidelity pursuant to the
Stockholders Agreement which consent has been obtained), or (c) except
for the filings, permits, authorizations, consents and approvals as may
be required under, and other applicable requirements of, federal
securities laws, applicable state securities or blue sky laws and the
rules and regulations of the NYSE, result in a violation of any law,
rule, regulation, order, judgment or decree (including, without
limitation, federal and state securities laws and regulations)
applicable to M&F or by which any of M&F’s properties or
assets are bound or affected, except in the case of clauses (b) or (c),
where such conflicts or violations would not prevent or materially
delay M&F’s ability to consummate the transactions
contemplated by this
Agreement.

3.5    Investment
Representations and Warranties.    (a) The shares of Class A
Common Stock being acquired by such Investor hereunder are being
acquired for its own account, for the purpose of investment and not
with a view to or for sale in connection with any public resale or
distribution thereof in violation of applicable securities
laws.

(b)    Such Investor is an
‘‘accredited investor’’ within the meaning
of Rule 501(a) promulgated under the Securities Act of 1933, as
amended.

4

Section 4.    Representations and
Warranties of the Company.    The Company represents and
warrants to the Investor as of the date hereof as
follows:

4.1    Organization. The Company (a)
is duly organized, validly existing and in good standing under the laws
of the State of Delaware, (b) is duly qualified or licensed to do
business as a foreign corporation and is in good standing under the
laws of each jurisdiction where the nature of the property owned or
leased by it or the nature of the business conducted by it makes such
qualification or license necessary, except where the failure to be so
qualified or licensed would not reasonably be expected to either
prevent or materially delay its ability to perform its obligations
hereunder, and (c) has all corporate power and authority to carry on
its business as it now is being conducted and to consummate the
transactions contemplated by this Agreement, including the issuance of
the Class A Common Stock.

4.2    Due
Authorization. The Company has the requisite corporate power and
authority to enter into, execute and deliver this Agreement, including
the issuance of the Class A Common Stock and to perform its obligations
hereunder, and has taken all necessary corporate action required for
the due authorization, execution, delivery and performance by it of
this Agreement, including the issuance of the Class A Common
Stock.

4.3    Due Execution; Enforceability.
This Agreement has been duly and validly executed and delivered by the
Company and constitutes its valid and binding obligation, enforceable
against it in accordance with its terms, subject to applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and similar laws affecting creditors’ rights and
remedies generally and subject, as to enforceability, to general
principles of equity, including principles of commercial
reasonableness, good faith and fair dealing (regardless of whether
enforcement is sought in a proceeding at law or in equity).

4.4    Consents.    Except for filings,
permits, authorizations, consents and approvals as may be required
under, and other applicable requirements of, federal securities laws,
applicable state securities or blue sky laws and the rules and
regulations of the NYSE or the need to obtain an exemption, if
required, from the DOL (which may be obtained on a retroactive basis)
with respect to the issuance of the Rights or otherwise, to its best
knowledge, neither the execution, delivery or performance of this
Agreement, including the issuance of the Class A Common Stock, by it,
nor the consummation by it of its obligations and the transactions
contemplated by this Agreement, including the issuance of the Class A
Common Stock requires any consent of, authorization by, exemption from,
filing with, or notice to any governmental entity or any other Person
(other than the consent of Fidelity pursuant to the Stockholders
Agreement which consent has been
obtained).

4.5    No Conflicts.    The
execution, delivery and performance of this Agreement, including the
issuance of the Class A Common Stock and the consummation of the
transactions contemplated hereunder will not (a) conflict with or
result in any breach of any provision of its certificate of
incorporation or by-laws, (b) except for the filings, permits,
authorizations, consents and approvals as may be required under, and
other applicable requirements of, federal securities laws, applicable
state securities or blue sky laws and the rules and regulations of the
NYSE or the need to obtain an exemption, if required, from the DOL
(which may be obtained on a retroactive basis) with respect to the
issuance of the Rights or otherwise, conflict with or result in the
breach of the terms, conditions or provisions of or constitute a
default (or an event which with notice or lapse of time or both would
become a default) under, or give rise to any right of termination,
acceleration or cancellation under, any material agreement, lease,
mortgage, license, indenture, instrument or other contract to which it
is a party or by which any of its properties or assets are bound (other
than the consent of Fidelity pursuant to the Stockholders Agreement
which consent has been obtained), or (c) except for the filings,
permits, authorizations, consents and approvals as may be required
under, and other applicable requirements of, federal securities laws,
applicable state securities or blue sky laws and the rules and
regulations of the NYSE or the need to obtain an exemption, if
required, from the DOL (which may be obtained on a retroactive basis)
with respect to the issuance of the Rights or otherwise, result in a
violation of any law, rule, regulation, order, judgment or decree
(including, without limitation, federal and state securities laws and
regulations) applicable to it or by which any of its properties or
assets are bound or affected, except in the case of clauses (b) or (c),
where such conflicts or violations would not prevent or materially
delay its ability to consummate the transactions contemplated by this
Agreement, including the issuance of the Class A Common
Stock.

5

4.6    Due Issuance and
Authorization of Capital Stock.    No shares of capital stock of
the Company are subject to preemptive rights or any other similar
rights of any or all of the stockholders of the Company. The shares of
Class A Common Stock to be issued and delivered to the Investor
pursuant to the terms hereof will be, upon issuance, duly authorized,
validly issued, fully paid and non-assessable, and will not be subject
to preemptive rights or other similar rights of any or all stockholders
of the Company and will not impose personal liability upon the Investor
thereof.

Section 5.    Additional Covenants.    The
Company and the Investor hereby agree to do the
following:

5.1    Listing
Obligation.    So long as the Company has Class A Common Stock
listed on the NYSE or any other stock exchange, the Company will take
all reasonable steps necessary, and pay all reasonable fees required,
to list, prior to consummating the Rights Offering, all of the shares
of Class A Common Stock acquired by the Investor hereunder and the
Rights Shares on the NYSE or such other stock exchanges on which the
Class A Common Stock then is listed. Following the initial listing of
such shares, the Company, consistent with the Board of Directors’
fiduciary duties, will use its commercially reasonable best efforts to
maintain the listing of such shares whenever the Class A Common Stock
is listed on any such
exchange.

5.2    Cooperation with the Rights
Offering and Related Matters.    M&F will, and will cause
its Affiliates to, cooperate with the Company and use its commercially
reasonable efforts and take, or cause to be taken, all commercially
reasonable actions in order to facilitate the successful consummation
of the Rights Offering. In particular, the Company is undertaking the
Rights Offering in reliance on the Investor’s commitment under
Sections 2.1 and 2.4 hereof to provide the Company with funds up to the
Backstopped Amount as contemplated by this Agreement and the 2004
Investment Agreement, including, without limitation, Sections 2.1 and
2.4 hereof. The Company will cooperate with the Investor and use its
commercially reasonable efforts and take all commercially reasonable
actions in order to facilitate the successful consummation of the
Rights Offering.

5.3    Legends.    The
Investor agrees with the Company that the certificates evidencing the
shares of Class A Common Stock to be purchased by the Investor
hereunder will bear the following
legends:

‘‘THE SECURITIES EVIDENCED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS THERE IS AN
EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT COVERING SUCH
SECURITIES OR THE SECURITIES ARE SOLD AND TRANSFERRED IN A TRANSACTION
THAT IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
REQUIREMENTS OF SUCH
ACT.’’

‘‘PLEASE BE ADVISED
THAT THESE SHARES ARE HELD BY AN
‘‘AFFILIATE’’ FOR PURPOSES OF RULE 144
PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEREFORE,
ANY PROSPECTIVE TRANSFEREE OF THE SHARES EVIDENCED BY THE CERTIFICATE
SHOULD OBTAIN THE NECESSARY OPINION OF COUNSEL PRIOR TO ACQUIRING THESE
SHARES.’’

5.4    Registration
Rights.    The Company and the Investor acknowledge that the
purchase of shares of Class A Common Stock by the Investor hereunder
will result in the issuance to the Investor of
‘‘Registrable Securities’’ as defined in
that certain Registration Rights Agreement dated as of March
5,  1996, as amended.

5.5    Further
Assurances.    From time to time after the date of this
Agreement, the parties hereto shall execute, acknowledge and deliver to
the other parties such other instruments, documents, and certificates
and will take such other actions as the other parties may reasonably
request in order to consummate the transactions contemplated by this
Agreement and the 2004 Investment Agreement.

Section
6.    Miscellaneous.

6.1    Notices.    Any
notice or other communication required or which may be given pursuant
to this Agreement will be in writing and either delivered personally to
the addressee, telecopied to the 

6

addressee, sent via electronic mail or mailed,
certified or registered mail, postage prepaid, and will be deemed given
when so delivered personally, telecopied, or sent via electronic mail,
or, if mailed, five (5) days after the date of mailing, as
follows:

(i)    if to the Investor,
to:

		MacAndrews & Forbes Holdings Inc.
35 East
62nd Street
New York, NY 10021
Attention: General
Counsel
Facsimile:
212-572-5056

(ii)    if to the
Company, to:

		Revlon, Inc.
237 Park Avenue
New
York, NY 10017
Attention: General Counsel
Facsimile:
212-527-5693
Email:
robert.kretzman@revlon.com

6.2    Survival
of Representations and Warranties, etc.    All representations
and warranties made in, pursuant to or in connection with this
Agreement will survive the execution and delivery of this Agreement
indefinitely, notwithstanding any investigation at any time made by or
on behalf of any party hereto; and all statements contained in any
certificate, instrument or other writing delivered by or on behalf of
any party hereto required to be made pursuant to the terms of this
Agreement or required to be made in connection with or in contemplation
of the transactions contemplated by this Agreement will constitute
representations and warranties by such party pursuant to this
Agreement.

6.3    Assignment.    This
Agreement will be binding upon and inure to the benefit of each and all
of the parties to this Agreement, and, except as set forth below,
neither this Agreement nor any of the rights, interests or obligations
hereunder will be assigned by any of the parties to this Agreement
without the prior written consent of the other parties. This Agreement,
or the Investor’s rights and obligations hereunder, may be
assigned, delegated or transferred, in whole or in part, by the
Investor to any Affiliate of the Investor over which the Investor or
any of its Affiliates exercises investment authority, including,
without limitation, with respect to voting and dispositive rights;
provided, any such assignee assumes the rights and obligations of the
Investor hereunder and agrees in writing to be bound by the terms of
this Agreement in the same manner as the Investor. Notwithstanding the
foregoing, no such assignment shall relieve the Investor of its
obligations hereunder if such assignee fails to perform such
obligations. Notwithstanding the provisions of this Section 6.3, the
Investor may satisfy its obligations under Sections 2.1, 2.2, or 2.4
hereof by causing an Affiliate of the Investor to satisfy its
obligations under such Sections.

6.4    Entire
Agreement.    This Agreement and the 2004 Investment Agreement
contain the entire agreement by and between the Company and the
Investor with respect to the transactions contemplated by this
Agreement and the 2004 Investment Agreement and supersede all prior
agreements and representations, written or oral, with respect
thereto.

6.5    Waivers and
Amendments.    This Agreement may be amended, modified,
superseded, cancelled, renewed or extended, and the terms and
conditions of this Agreement may be waived, only by a written
instrument signed by the parties or, in the case of a waiver, by the
party waiving compliance. No delay on the part of any party in
exercising any right, power or privilege pursuant to this Agreement
will operate as a waiver thereof, nor will any waiver on the part of
any party of any right, power or privilege pursuant to this Agreement,
nor will any single or partial exercise of any right, power or
privilege pursuant to this Agreement, preclude any other or further
exercise thereof or the exercise of any other right, power or privilege
pursuant to this Agreement. The rights and remedies provided pursuant
to this Agreement are cumulative and are not exclusive of any rights or
remedies which any party otherwise may have at law or in
equity.

6.6    Governing Law; Jurisdiction;
Venue; Process.    THIS AGREEMENT WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW 

7

YORK WITHOUT REGARD TO ANY CHOICE OF LAW OR
CONFLICT OF LAW PROVISION OR RULE THAT WOULD CAUSE THE APPLICATION OF
THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. Any
legal or equitable action or proceeding arising out of or in connection
with this Agreement or in any certificate, report or other instrument
delivered under or pursuant to any term of this Agreement will be
brought only in the courts of the State of New York, in the County and
City of New York or of the United States District Court for the
Southern District of New York, and by execution and delivery of this
Agreement, each of the parties hereby irrevocably accepts for itself
and in respect of its property, generally and unconditionally, the
exclusive jurisdiction of the aforesaid courts. Each of the parties
hereby irrevocably waives any objection which it may now or hereafter
have to laying of jurisdiction or venue of any actions or proceedings
arising out of or in connection with this Agreement or in any
certificate, report or other instrument delivered under or pursuant to
any term of this Agreement brought in the courts referred to above and
hereby further irrevocably waive and agree, not to plead or claim in
any such court that any such action or proceeding has been brought in
an inconvenient forum. Each of the parties further agrees that the
mailing by certified or registered mail, return receipt requested, of
any process required by any such court will constitute valid and lawful
service of process against it, without necessity for service by any
other means provided by statute or rule of court. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN
ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED
HEREBY.

6.7    Counterparts.    This
Agreement may be executed in two or more counterparts, which may be by
facsimile, each of which will be deemed an original but all of which
together will constitute one and the same instrument. All such
counterparts will be deemed an original, will be construed together and
will constitute one and the same
instrument.

6.8    Headings.    The
headings in this Agreement are for reference purposes only and will not
in any way affect the meaning or interpretation of this
Agreement.

6.9    No Third Party
Beneficiaries.    No Person other than the parties hereto and
their successors and permitted assigns is intended to be a beneficiary
of this Agreement.

[Execution Page
Follows]

8

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

										
	 			REVLON,
INC.
	 			 			 			 
	 			By:			/s/
Robert K.
Kretzman
	 			 			Name:			Robert K.
Kretzman
	 			 			Title:			Executive
Vice President,
 Chief Legal Officer and General Counsel
	 			 			 			 
	 			 			 			 
	 			MACANDREWS
& FORBES HOLDINGS
INC.
	 			 			 			 
	 			By:			/s/
Barry F.
Schwartz
	 			 			Name:			Barry F.
Schwartz
	 			 			Title:			Executive
Vice President
and General
Counsel
	

9

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