Document:

EMPLOYMENT AGREEMENT, Amended and Restated as of April 27, 2007, between
		REVLON CONSUMER PRODUCTS CORPORATION, a Delaware corporation (“RCPC”
		and, together with its parent Revlon, Inc. and its subsidiaries, the
		“Company”), and David Kennedy (the “Executive”).
	 

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

	 
		Accordingly, RCPC and the Executive hereby
		agree as follows:
	 

	 
		1. Employment, Duties and Acceptance.
	 

	 
		1.1 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 president and chief executive officer of Revlon,
		Inc. (“Revlon”) and RCPC, reporting to the Board of Directors of each
		of Revlon and RCPC, and to perform such other duties consistent with such
		position (including service as a director or officer of any subsidiary of
		Revlon, Inc., if elected) as may be assigned by the Board of Directors of
		Revlon. The Executive’s title shall be President and Chief Executive
		Officer of Revlon and RCPC, 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 Revlon’s Board of Directors. RCPC agrees to
		use its best efforts to cause the Executive to be elected to the Board of
		Directors of Revlon and of RCPC, so that the Executive may serve as a member of
		both Boards throughout the Term.
	 

	 
		1.2 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. 
	 

	 
		1.3 Location. The
		duties to be performed by the Executive hereunder shall be performed primarily
		at the office of RCPC 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.
	 

	 
		1.4 Performance Warranty. As an inducement for the Company to enter into this
		Agreement, you hereby represent that you are not a party to any contract,
		agreement or understanding which prevents, prohibits or limits you in any way
		from entering into and fully performing your obligations under this Agreement
		and any duties and responsibilities that may be assigned to you
		hereunder.
	 

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

	 
		2.1 The
		Term. The term of the Executive’s
		employment under this Agreement (the “Term”) shall commence as of the
		date first set forth above (the “Effective Date”) and shall end on
		the later of December 31, 2008 or twenty-four months after RCPC provides to the
		Executive a notice of non-renewal, unless in either case sooner terminated
		pursuant to Section 4. Non-extension of the Term shall not be deemed to be a
		breach of this Agreement by RCPC for purposes of Section 4.4. Additionally, the
		Executive may terminate the Term at any time upon sixty (60) days’ prior
		written notice to the Company and such termination shall not be deemed a breach
		of this Agreement. During any period that the Executive’s employment shall
		continue following the end of the Term, the Executive shall be deemed an
		employee at will, provided, however, that the Executive shall be eligible for
		severance on the terms and subject to the conditions of the Revlon Executive
		Severance Policy as in effect from time to time (the “Executive Severance
		Policy”), provided that the Severance Period for the Executive under the
		Executive Severance Policy shall be 24 months, subject to the terms and
		conditions of such policy.
	 

	 
		2.2 Special Curtailment. The Term shall end earlier than the date provided in
		Section 2.1, if sooner terminated pursuant to Section 4.
	 

	 
		3. Compensation; Benefits.
	 

	 
		3.1 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 in bi-weekly
		arrears, at the annual rate of not less than $1,300,000 (the “Base
		Salary”). All payments of Base Salary or other compensation hereunder
		shall be less such deductions or withholdings as are required by applicable law
		and regulations. The Base Salary shall be reviewed by Revlon’s Board of
		Directors or Compensation Committee from time to time. In the event that
		Revlon’s Board of Directors or Compensation Committee, in its sole
		discretion, 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. 
	 

	 
		3.2 Bonus. The
		Executive shall be eligible to participate in the Revlon Executive Bonus Plan
		as in effect from time to time (or such plan or plans, if any, as may succeed
		it) (the “Bonus Plan”) with maximum bonus eligibility of 150% of Base
		Salary for significantly over-achieving performance objectives set by the
		Compensation Committee or its designee and target bonus eligibility of 100% of
		Base Salary for achieving performance objectives set by the Compensation
		Committee or its designee, subject to the terms and conditions of such Bonus
		Plan. In the event that the Executive’s employment shall terminate 
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		pursuant to Section 4.4 during any calendar
		year, the Executive’s bonus with respect to the year during which such
		termination occurs shall be prorated for the actual number of days of active
		employment during such year and such bonus as prorated shall be payable (i) if
		and to the extent bonuses are payable to executives under the Bonus Plan for
		that year based upon achievement of the objectives set for that year and not
		including any discretionary bonus amounts which may otherwise be payable to
		other executives despite non-achievement of bonus objectives for such year and
		(ii) on the date bonuses would otherwise be payable to executives under the
		Bonus Plan. Notwithstanding anything herein or contained in the Bonus Plan to
		the contrary, in the event that the Executive’s employment shall terminate
		pursuant to Section 4.4 during any calendar year, the Executive shall be
		entitled to receive his bonus (if not already paid) with respect to the year
		immediately preceding the year of termination (if bonuses with respect to such
		year are payable to other executives based upon achievement of bonus objectives
		and not based upon discretionary amounts which may be paid to other executives
		despite non-achievement of bonus objectives) as and when such bonuses would
		otherwise be payable to executives under the Bonus Plan, despite the fact that
		Executive may not be actively employed on such date of payment.
	 

	 
		3.3 Stock-Based Compensation. In the event of any “Change of Control”, as
		defined on Schedule A, all then unvested stock options and restricted shares
		held by the Executive shall immediately vest and be fully exercisable. 
	 

	 
		3.4 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 the Company’s applicable expense reimbursement and related policies
		and procedures as in effect from time to time.
	 

	 
		3.5 Vacation. During
		each year of the Term, the Executive shall be entitled to a vacation period or
		periods in accordance with the vacation policy of the Company as in effect from
		time to time, but not less than four weeks.
	 

	 
		3.6 Fringe Benefits.
		During the Term, the Executive shall be entitled to participate in those
		qualified and non-qualified defined benefit, defined contribution, group life
		insurance, medical, dental, disability and other benefit plans and programs of
		the Company as from time to time in effect (or their successors) generally made
		available to other executives of the Executive’s level and in such other
		plans and programs and in such perquisites as may be generally made available
		to senior executives of the Company of the Executive’s level generally.
		Further, during the Term, the Executive will be eligible (a) to participate in
		Revlon’s Executive Financial Counseling and Tax Preparation Program, as
		from time to time in effect, (b) to receive a car allowance at the rate of
		$15,000 per annum, which is intended to cover lease, insurance, operating and
		maintenance costs under the car allowance program as in effect from time to
		time, and (c) to participate in a special rate for personal training sessions
		at a strength and conditioning center located on 55th Street here in
		NYC on a basis consistent with other executives at Executive’s
		level.
	 

	 
		4. Termination.
	 

	 
		4.1 Death. If the
		Executive shall die during the Term, the Term shall terminate and no further
		amounts or benefits shall be payable hereunder, other than (i) for accrued, but
		unpaid, Base Salary as of such date and (ii) pursuant to life insurance
		provided under Section 3.6(a). 
	 

	 
		4.2 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 consecutive months
		or (ii) shorter periods aggregating six months during any twelve month period,
		RCPC 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.
	 

	 
		4.3 Cause. 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 for accrued, but
		unpaid, salary as of such date and as required by law. As used herein the term
		“Cause” shall mean gross neglect by the Executive of the
		Executive’s duties hereunder, conviction of the Executive of any felony,
		conviction of the Executive of any lesser crime or offense involving the
		property of the Company or any of its affiliates, misconduct by the Executive
		in connection with the performance of the Executive’s duties hereunder or
		other material breach by the Executive of this Agreement (specifically
		including, without limitation, Section 1.4), any breach of the Revlon Code of
		Business Conduct, or the Employee Agreement as to Confidentiality and
		Non-Competition, or any other conduct on the part of the Executive which would
		make the Executive’s continued employment by the Company prejudicial in
		any material respect to the best interests of the Company. 
	 

	 
		4.4 Company Breach; Other Termination. The Executive shall be entitled to terminate the Term
		and the Executive’s employment upon 60 days’ prior written notice (if
		during such period RCPC fails to cure any such breach) in the event that RCPC
		materially breaches any of its obligations hereunder. 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 arising from such termination shall be (at the Executive’s
		election by written notice within 10 days after such termination), for RCPC
		either 
	 

	 
		 
	 

	 
		 
	 

	 
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		(i) to make payments in lieu of Base Salary
		in the amounts prescribed by Section 3.1, to pay the Executive any annual bonus
		contemplated by Section 3.2 and to continue the Executive’s participation
		in the medical, dental and group life insurance plans of the Company in which
		the Executive was entitled to participate pursuant to Section 3.6 (in each case
		less amounts required by law to be withheld) through the date on which the Term
		would have expired pursuant to Section 2.1, if RCPC had given notice of
		non-renewal on the date of termination (such period shall be referred to as the
		“Severance Period”), provided that (1) such benefit continuation is
		subject to the terms of such plans, (2) life insurance continuation is subject
		to a limit of two years, (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) any bonus payments required
		pursuant to this Section 4.4(i) shall be payable as and when bonuses would
		otherwise be payable to executives under the Bonus Plan as then in effect, (5)
		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 the Executive Severance Policy
		referred to in clause (ii) below, and (6) 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
		(but not including any pension or retirement benefits payable by The Coca Cola
		Company or Coca Cola Amatil Limited) shall reduce the payments provided for
		herein payable with respect to such other employment or consultancy, or 
	 

	 
		(ii) to make the payments and provide the
		benefits prescribed by the Executive Severance Policy of the Company as in
		effect from time to time, upon the Executive’s compliance with the terms
		and conditions thereof, provided that the Severance Period for the Executive
		shall be 24 months.
	 

	 
		Any compensation earned by the Executive from
		other employment or a consultancy (but not including any pension or retirement
		benefits payable by The Coca Cola Company or Coca Cola Amatil Limited) shall
		reduce the payments required pursuant to clause (i) above or shall be governed
		by the terms of the Executive Severance Policy in the case of clause (ii)
		above.
	 

	 
		4.5 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, 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.
	 

	 
		4.6 No
		Mitigation. In no event shall the
		Executive be obligated to seek other employment.
	 

	 
		4.7 Internal Revenue Code 409A.
		Internal Revenue Code section 409A (“Section 409A”) imposes
		additional taxes and interest on compensation or benefits deferred under
		certain nonqualified deferred compensation plans (as defined under the Code and
		related regulations). These plans may include, among others, nonqualified
		retirement plans, bonus plans, stock option plans, employment agreements and
		severance agreements. Revlon reserves the right to provide compensation or
		benefits under any such plan in amounts, at times and in a manner that
		minimizes taxes, interest or penalties as a result of section 409A, including
		any required withholdings.
	 

	 
		5. Protection of Confidential Information;
		Non-Competition.
	 

	 
		5.1 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 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 plans 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:
	 

	 
		5.1.1 except in the course of performing the
		Executive’s duties provided for in Section 1.1, not at any time, whether
		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 or over the internet. 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, at its
		expense, to control with counsel of its choice any proceeding relating to the
		
	 

	 
		 
	 

	 
		 
	 

	 
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		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.
	 

	 
		5.1.2 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.
	 

	 
		5.2 In consideration of RCPC’s covenant
		in Section 4.4, the Executive agrees (i) in all respects fully to comply with
		the terms of the Employee Agreement as to Confidentiality and Non-Competition
		referred to in the 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 date on which the Term would then otherwise have expired pursuant
		to Section 2.1, 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. 
	 

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

	 
		5.3.1 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,
	 

	 
		5.3.2 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
		Sections 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
	 

	 
		5.3.3 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 Sections 5.1 or
		5.2 hereof, and the Executive hereby agrees to account for and pay over such
		Benefits as directed by RCPC. 
	 

	 
		5.4 If any of the covenants contained in
		Sections 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.
	 

	 
		5.5 If any of the covenants contained in
		Sections 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.
	 

	 
		5.6 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 or country within the geographical scope of
		such covenants. In the event that the courts of any one or more of such states
		or country 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 or country
		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.
	 

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

	 
		6. Inventions and Patents.
	 

	 
		6.1 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 
	 

	 
		 
	 

	 
		 
	 

	 
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		countries; (c) sign all papers necessary to
		carry out the foregoing; and (d) give testimony in support of the
		Executive’s inventorship.
	 

	 
		6.2 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.
	 

	 
		6.3 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.
	 

	 
		7. Intellectual Property.
	 

	 
		Notwithstanding and without limitation 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.
	 

	 
		8. Revlon Code of Business Conduct.
	 

	 
		In consideration of the Company’s
		execution of this Agreement, you agree in all respects to fully comply with the
		terms of the Revlon Code of Business Conduct, annexed at Schedule B,
		whether or not you are a signatory thereof, with the same effect as if the same
		were set forth herein in full.
	 

	 
		9. Indemnification.
	 

	 
		Subject to the terms, conditions and
		limitations of its by laws and applicable Delaware law, RCPC will defend and
		indemnify the Executive 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.
	 

	 
		10. 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) provided that all notices to the Company shall be sent simultaneously
		by fax and email, 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 
	 

	 
		237 Park Avenue 
	 

	 
		New York, New York 10017
	 

	 
		Attention: Robert K. Kretzman, Executive Vice
		President, Human Resources, Chief Legal Officer and General Counsel
	 

	  

	 
		Fax: 212-527-5693
	 

	 
		Email: robert.kretzman@revlon.com
	 

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

	 
		11. General.
	 

	 
		11.1 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.
	 

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

	 
		11.3 This Agreement sets forth the entire
		agreement and understanding of the parties relating to the subject matter
		hereof, and supersedes all prior agreements, arrangements and understandings,
		written or oral, relating to the subject 
	 

	 
		 
	 

	 
		 
	 

	 
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		matter hereof including any offer letter or
		term sheets. 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.
	 

	 
		11.4 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 pursuant to clause (ii)
		shall relieve RCPC from its obligations hereunder to the extent the same are
		not timely discharged by such assignee.
	 

	 
		11.5 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.
	 

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

	 
		12. 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.
	 

	 
		13. Change of Control 
	 

	 
		13.1 Change of Control Payments and Benefits. 
	 

	 
		(a) Extension of Term.
		In the event of any Change of Control, as defined on Schedule A, the
		Term of the Executive’s Agreement shall be automatically extended for 24
		months from the effective date (the “COC Effective Date”) of any such
		Change of Control (the “Extended Term”). 
	 

	 
		(b) Benefit Continuation; Bonus and Salary
		Payment. If during the Extended Term,
		the Executive terminates the Term of his employment for “Good Reason”
		(as defined below in subclause (b)(iii)) or if the Company terminates the Term
		of the Executive’s employment other than for “Cause” (as defined
		in Section 4.3 of the Agreement):
	 

	 
		(i) the Company shall provide for a period of
		two years from such termination date all fringe benefits then provided to the
		Executive, including, without limitation, qualified and non-qualified defined
		benefit, defined contribution, insurance, medical (including the Revlon
		Executive Supplemental Medical Plan), dental, disability, automobile, financial
		planning, tax preparation and other benefit plans and programs of the Company
		as from time to time in effect (or their successors) in which the Executive
		participated on the COC Effective Date or in lieu of providing such benefits
		the Company shall make a cash payment to the Executive equal to the value of
		such benefits.
	 

	 
		(ii) the Company shall immediately pay to the
		Executive in a cash lump sum payment two times the sum of (A) the greater of
		the Executive’s base salary in effect on (1) the COC Effective Date or (2)
		such termination date plus (B) the average amount of the gross bonus amounts
		earned by the Executive over the five calendar years preceding such
		termination. 
	 

	 
		(iii) “Good Reason” means, for
		purposes of this subclause (b) only (and not for any other purpose or reason
		under this Agreement): (A) a material adverse change in the Executive’s
		job responsibilities; (B) any reduction in the Executive’s base salary;
		(C) any reduction in the Executive’s annual bonus opportunity; (D) any
		reduction in the Executive’s aggregate value of benefits; or (E) the
		Executive’s being required by the Company to relocate beyond a 50 mile
		radius of the Executive’s then current residence.
	 

	 
		(iv) The Executive shall have no duty to
		mitigate by seeking other employment or otherwise and no compensation earned by
		the Executive from other employment, a consultancy or otherwise shall reduce
		any payments provided for under this Agreement.
	 

	 
		(c) Equity Compensation. In the event of any Change of Control, all then
		unvested stock options and restricted shares held by the Executive shall
		immediately vest and be fully exercisable and all restrictions shall lapse.
		
	 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		(d) Governing Provision. In the event of any conflict between this Section 13 of
		the Agreement and any other section or provision of the Agreement, the section
		which provides the Executive with most favored treatment in the event of a
		Change of Control shall govern and prevail.
	 

	 
		13.2 Section 280G.
	 

	 
		(a) If the aggregate of all amounts and
		benefits due to the Executive under this Agreement or any other plan, program,
		agreement or arrangement of the Company or any of its Affiliates, which, if
		received by the Executive in full, would constitute “parachute
		payments” as such term is defined in and under Section 280G of the Code
		(collectively, “Change of Control Benefits”), reduced by all Federal,
		state and local taxes applicable thereto, including the excise tax imposed
		pursuant to Section 4999 of the Code, is less than the amount the Executive
		would receive, after all such applicable taxes, if the Executive received
		aggregate Change of Control Benefits equal to an amount which is $1.00 less
		than three times the Executive’s “base amount”, as defined in
		and determined under Section 280G of the Code, then such Change of Control
		Benefits shall be reduced or eliminated to the extent necessary so that the
		Change of Control Benefits received by the Executive will not constitute
		parachute payments. If a reduction in the Change of Control Benefits is
		necessary, reduction shall occur in the following order unless the Executive
		elects in writing a different order, subject to the Company’s consent
		(which consent shall not be unreasonably withheld): first, a reduction of cash
		payments not attributable to equity awards which vest on an accelerated basis;
		second, the cancellation of accelerated vesting of stock awards; third, the
		reduction of employee benefits; and fourth, a reduction in any other
		“parachute payments”. If acceleration of vesting of stock award
		compensation is to be reduced, such acceleration of vesting shall be cancelled
		in the reverse order of the date of grant of the Executive’s stock awards
		unless the Executive elects in writing a different order for
		cancellation.
	 

	 
		(b) It is possible that after the
		determinations and selections made pursuant to Section 13.2(a) above the
		Executive will receive Change of Control Benefits that are, in the aggregate,
		either more or less than the amounts contemplated by Section 13.2(a) above
		(hereafter referred to as an “Excess Payment” or
		“Underpayment”, respectively). If there is an Excess Payment, the
		Executive shall promptly repay the Company an amount consistent with this
		Section 13.2. If there is an Underpayment, the Company shall pay the Executive
		an amount consistent with this Section 13.2.
	 

	 
		(c) The determinations with respect to this
		Section 13.2 shall be made by an independent auditor (the “Auditor”)
		compensated by the Company. The Auditor shall be the Company’s regular
		independent auditor, unless the Executive objects to the use of that firm, in
		which event the Auditor shall be a nationally-recognized United States public
		accounting firm chosen by the Company and approved by the Executive (which
		approval shall not be unreasonably withheld or delayed). For purposes of this
		Agreement, the term “Code” shall mean the Internal Revenue Code of
		1986, as amended, including all final regulations promulgated thereunder and
		any reference to a particular section of the Code shall include any provision
		that modifies, replaces or supersedes such section. 
	 

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

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  REVLON CONSUMER PRODUCTS
				  CORPORATION
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Robert K. Kretzman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				  Robert K. Kretzman
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				  Executive Vice President, Human
				  Resources, Chief Legal Officer and General Counsel
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 /s/ David Kennedy
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  David Kennedy
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		SCHEDULE A
	 

	 
		CHANGE IN CONTROL
	 

	 
		A “Change of Control” shall be
		deemed to have occurred if the event set forth in any one of the following
		paragraphs shall have occurred:
	 

	 
		(i) any Person, other than one or more
		Permitted Holders, is or becomes the beneficial owner (as defined in Rules
		13d-3 and 13d-5 under the Exchange Act, except that for purposes of this
		definition a Person will be deemed to have “beneficial ownership” of
		all shares that any such Person has the right to acquire, whether such right is
		exercisable immediately or only after the passage of time), directly or
		indirectly, of more than 50% of the total voting power of the Voting Stock of
		the Company; provided that under such circumstances the Permitted Holders do
		not have the right or ability by voting power, contract or otherwise to elect
		or designate for election a majority of the Board of Directors of the Company
		(for the purposes of this clause (i) and clause (iii), such other Person will
		be deemed to beneficially own any Voting Stock of a specified corporation held
		by a parent corporation, if such other Person beneficially owns, directly or
		indirectly, more than 50% of the voting power of the Voting Stock of such
		parent corporation and the Permitted Holders do not have the right or ability
		by voting power, contract or otherwise to elect or designate for election a
		majority of the Board of Directors of such parent corporation);
	 

	 
		(ii) during any period of two consecutive
		years, individuals who at the beginning of such period constituted the Board of
		Directors of the Company (together with any new directors whose election by
		such Board of Directors or whose nomination for election by the shareholders of
		the Company was approved by a vote of 66-2/3% of the directors of the Company
		then still in office who were either directors at the beginning of such period
		or whose election or nomination for election was previously so approved) cease
		for any reason to constitute a majority of the Board of Directors of the
		Company then in office; 
	 

	 
		(iii) the shareholders of the Company approve
		a plan of complete liquidation or dissolution of the Company or there is
		consummated an agreement for the sale or disposition by the Company of all or
		substantially all of the Company’s assets to an entity in which any
		Person, other than one or more Permitted Holders is or becomes the Beneficial
		Owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that
		for purposes of this definition a Person will be deemed to have
		“beneficial ownership” of all shares that any Person has the right to
		acquire, whether such right is exercisable immediately or only after the
		passage of time), directly or indirectly, of securities of such entity
		representing 50% or more of the combined voting power of such entity’s
		Voting Stock, and the Permitted Holders “beneficially own” (as so
		defined) directly or indirectly, in the aggregate a lesser percentage of the
		total voting power of the Voting Stock of such entity than such other Person
		and do not have the right or ability by voting power, contract or otherwise to
		elect or designate for election a majority of the Board of Directors of such
		entity; or
	 

	 
		(iv) a “Change of Control” shall
		have occurred under, and as defined in, the indenture governing Revlon Consumer
		Products Corporation’s 8 5/8% Senior Subordinated Notes Due 2008 or any
		other Subordinated Obligations of Revlon Consumer Products Corporation so long
		as such 8 5/8% Senior Subordinated Notes Due 2008 or Subordinated Obligations
		are outstanding. 
	 

	 
		Notwithstanding the foregoing, a “Change
		of Control” shall not be deemed to have occurred by virtue of the
		consummation of any transaction or series of integrated transactions
		immediately following which the record holders of the common stock of the
		Company immediately prior to such transaction or series of transactions
		continue to have substantially the same combined voting power of the
		Voting Stock in an entity which owns all or substantially all of the assets of
		the Company immediately following such transaction or series of
		transactions.
	 

	 
		“Capital Stock” of any Person shall
		mean any and all shares, interests, rights to purchase, warrants, options,
		participations or other equivalents of or interests in (however designated)
		equity of such Person, including any Preferred Stock, but excluding any debt
		securities convertible into or exchangeable for such equity. 
	 

	 
		“Company” means Revlon, Inc.
		together with its subsidiaries, including, without limitation, Revlon Consumer
		Products Corporation.
	 

	 
		“8 5/8% Senior Subordinated Notes Due
		2008” means Revlon Consumer Products Corporation’s 8 5/8% Senior
		Subordinated Notes due 2008 and any notes exchanged therefor.
	 

	 
		“Exchange Act” shall mean the
		Securities Exchange Act of 1934, as amended from time to time. 
	 

	 
		“Permitted Holders” means Ronald O.
		Perelman (or in the event of his incompetence or death, his estate, heirs,
		executor, administrator, committee or other personal representative
		(collectively, “heirs”)) or any Person controlled, directly or
		indirectly, by Ronald O. Perelman or his heirs.
	 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
	 

	 

	 
		“Person” shall have the meaning
		given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections
		13(d) and 14(d) thereof, except that such term shall not include (i) the
		Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding
		securities under an employee benefit plan of the Company or any of its
		affiliates, (iii) an underwriter temporarily holding securities pursuant to an
		offering of such securities, or (iv) a corporation owned, directly or
		indirectly, by the stockholders of the Company in substantially the same
		proportions as their ownership of stock of the Company.
	 

	 
		“Preferred Stock,” as applied to
		the Capital Stock of the Company, means Capital Stock of any class or classes
		(however designated) which is preferred as to the payment of dividends, or as
		to the distribution of assets upon any voluntary or involuntary liquidation or
		dissolution of the Company, over shares of Capital Stock of any other class of
		the Company. 
	 

	 
		“Subordinated Obligations” has the
		meaning ascribed thereto in the indenture for Revlon Consumer Products
		Corporation’s 91⁄2% Senior Notes due 2011.
	 

	 
		“Voting Stock” means all classes of
		Capital Stock of the Company then outstanding and normally entitled to vote in
		the election of Directors.
	 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		SCHEDULE B
	 

	 
		REVLON CODE OF BUSINESS CONDUCT
	 

	 
		 
	 

	 
		 
	 

	 
		10EMPLOYMENT AGREEMENT, dated as of April 27, 2007 between REVLON CONSUMER PRODUCTS CORPORATION, a Delaware corporation (“RCPC” and, together with its parent Revlon, Inc. and its subsidiaries, the “Company”), and Alan T. Ennis (the “Executive”).

RCPC wishes to employ the Executive 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:

1. Employment, Duties and Acceptance.

1.1 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, with responsibility for all financial operations of the Company, including without limitation, treasury, controllers group, accounting, internal audit, internal control over financial reporting, investor relations and tax, and such other duties and responsibilities consistent with such position (including service as a director of the Company or director or officer of any subsidiary of the Company if so elected) as may be assigned to the Executive from time to time by the Company’s President and Chief Executive Officer of Revlon, Inc. (the “CEO”). The Executive’s title shall be Executive
Vice President, Chief Financial Officer, or such other title of at least equivalent level consistent with the Executive’s duties from time to time as may be assigned to the Executive. The Executive shall be a member of the Operating Committee or such other committee of the Company’s most senior executives as may succeed the Operating Committee from time to time and report to the CEO or his designee.

1.2 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. 

1.3 Location. The duties to be performed by the Executive hereunder shall be performed primarily at the office of RCPC 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.

1.4 Performance Warranty. As an inducement for the Company to enter into this Agreement, the Executive hereby represents that the Executive is not a party to any contract, agreement or understanding which prevents, prohibits or limits the Executive in any way from entering into and fully performing the Executive’s obligations under this Agreement and any duties and responsibilities that may be assigned to the Executive hereunder.

2.
  Term of Employment; Certain Post-Term Benefits.

2.1 The Term. The Term of the Executive’s employment under this Agreement (the “Term”) shall commence on the date hereof (the “Effective Date”) and shall end twenty-four (24) months after RCPC provides to the Executive a notice of non-renewal, unless in either case sooner terminated pursuant to Section 4. During any period that the Executive’s employment shall continue following the end of the Term, the Executive shall be deemed an employee at will, provided, however, that the Executive shall be eligible for severance on the terms and subject to the conditions of the Company’s severance policy that is applicable to the Executive, as such policy is in effect from time to time, provided that the severance and benefit continuation period for the Executive under such policy
shall be not less than 24 months, subject to the terms and conditions of such policy.        

2.2 Special Curtailment. The Term shall end earlier than the date provided in Section 2.1, if sooner terminated pursuant to Section 4.

3. Compensation; Benefits.

3.1 Salary. The Company agrees to pay the Executive during the Term a base salary, payable bi-weekly, at the annual rate of not less than that currently in effect on the Effective Date (the “Base Salary”). All payments of Base Salary or other compensation hereunder shall be less such deductions or withholdings as are required by applicable law and regulations. The Executive will be considered for merit increases in connection with the Executive’s performance evaluations, which are performed in accordance with the Company’s salary administration policies and procedures. 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 and shall not thereafter be decreased. 

3.2 Bonus. The Executive shall be eligible to participate in the Revlon Executive Bonus Plan as in effect from time to time, or such plan or plans, if any, as may succeed it (the “Bonus Plan”) with maximum bonus eligibility of 100% of 

 

 

Base Salary for significantly over-achieving performance objectives set by the Compensation Committee or its designee and target bonus eligibility of 75% of Base Salary for achieving performance objectives set by the Compensation Committee or its designee, subject to the terms and conditions of such Bonus Plan. In the event that the Executive’s employment shall terminate pursuant to Section 4.4 during any calendar year, the Executive’s bonus with respect to the year during which such termination occurs shall be prorated for the actual number of days of active employment during such year and such bonus as prorated shall be payable (i) if and to the extent bonuses are payable to executives under the Bonus Plan for that year based upon achievement of the objectives set for that year and not including any discretionary bonus amounts which may otherwise be payable to other executives despite
non-achievement of bonus objectives for such year and (ii) on the date bonuses would otherwise be payable to executives under the Bonus Plan. Notwithstanding anything herein or contained in the Bonus Plan to the contrary, in the event that the Executive’s employment shall terminate pursuant to Section 4.4 during any calendar year, the Executive shall be entitled to receive the Executive’s bonus (if not already paid) with respect to the year immediately preceding the year of termination (if bonuses with respect to such year are payable to other executives based upon achievement of bonus objectives and not based upon discretionary amounts which may be paid to other executives despite non-achievement of bonus objectives) as and when such bonuses would otherwise be payable to executives under the Bonus Plan, despite the fact that Executive may not be actively employed on such date of payment.

3.3 Stock-Based Compensation. The Executive shall be eligible for recommendation to the Compensation Committee or other committee of the Board administering the Second Amended and Restated Revlon, Inc. Stock Plan or any plan that may replace it, as from time to time in effect, to receive an award of stock options, restricted shares or other awards during the Term, at levels, on terms, and at such times as are generally applicable to other senior executives of the Executive’s level, provided that the Executive must be actively employed on the date of such grant.

3.4 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 the Company’s applicable expense reimbursement and related policies and procedures as in effect from time to time.

3.5 Vacation. During each year of the Term, the Executive shall be entitled to a vacation period or periods in accordance with the vacation policy of the Company as in effect from time to time, but not less than four weeks.

3.6 Fringe Benefits. During the Term, the Executive shall be entitled to participate in those qualified and non-qualified defined benefit, defined contribution, group life insurance, medical, dental, disability and other benefit plans and programs of the Company as from time to time in effect (or their successors) generally made available to other executives of the Executive’s level and in such other plans and programs and in such perquisites, as from time to time in effect, as may be generally made available to senior executives of the Company of the Executive’s level generally. Further, during the Term, the Executive will be eligible (a) to participate in Revlon’s Executive Financial Counseling and Tax Preparation Program, as from time to time in effect, (b) to receive a car allowance at the
rate of $15,000 per annum, under the car allowance program as in effect from time to time, and (c) to participate in a special rate for personal training sessions at a strength and conditioning center located on 55th Street here in NYC on a basis consistent with other executives at Executive’s level, as such program is in effect from time to time.

3.7 Internal Revenue Code Section 409A. Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended, and/or its related rules and regulations, imposes additional taxes and interest on compensation or benefits deferred under certain nonqualified deferred compensation plans (as defined under the Code and related regulations). These plans may include, among others, nonqualified retirement plans, bonus plans, stock option plans, employment agreements and severance agreements. RCPC reserves the right to provide compensation or benefits under any such plan in amounts, at times and in a manner that minimizes taxes, interest or penalties as a result of Section 409A, including any required withholdings.

4. Termination.

4.1 Death. If the Executive shall die during the Term, the Term shall terminate and no further amounts or benefits shall be payable hereunder, other than (i) for accrued, but unpaid, Base Salary as of such date and (ii) pursuant to life insurance provided under Section 3.6. 

4.2 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 consecutive months or (ii)  shorter periods aggregating six months during any twelve month period, RCPC 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.

4.3 Cause. 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 for accrued, but unpaid, salary as of such date and as required by law. As used herein the term “Cause” shall mean gross neglect by the Executive of the Executive’s duties hereunder, conviction of the Executive of any felony, conviction of the Executive of any

 

 

2

 

 lesser crime or offense involving the property of the Company or any of its affiliates, misconduct by the Executive in connection with the performance of the Executive’s duties hereunder or other breach by the Executive of this Agreement (specifically including, without limitation, Section 1.4), any breach of the Revlon Code of Business Conduct, including, without limitation, the Code of Ethics for Senior Financial Officers, or the Employee’s Agreement as to Confidentiality and Non-Competition, or any other conduct on the part of the Executive which would make the Executive’s continued employment by the Company prejudicial to the best interests of the Company. 

4.4 Company Breach; Other Termination. The Executive shall be entitled to terminate the Term and the Executive’s employment upon 60 days’ prior written notice (if during such period RCPC fails to cure any such breach) in the event that RCPC materially breaches any of its obligations hereunder. 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 arising from such termination
shall be (at the Executive’s election by written notice within 10 days after such termination), for RCPC either 

(i) to make payments in lieu of Base Salary in the amounts prescribed by Section 3.1, to pay the Executive the portion, if any, of any annual bonus contemplated by Section 3.2 and to continue the Executive’s participation in the medical, dental and group life insurance plans and other perquisites of the Company in which the Executive was entitled to participate pursuant to Section 3.6 (in each case less amounts required by law to be withheld) through the date on which the Term would have ended pursuant to Section 2.1, if RCPC had given notice of non-renewal on the date of termination (such period shall be referred to as the “Severance Period”), provided that (1) such benefit continuation is subject to the terms of such plans, (2) life insurance continuation is subject to a limit of two years, (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) any bonus payments required pursuant to this Section 4.4(i) shall be payable as and when bonuses would otherwise be payable to executives under the Bonus Plan as then in effect, (5) 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 the Company’s severance policy that is applicable to the Executive referred to in clause (ii) below, and (6) 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, or 

(ii) to make the payments and provide the benefits prescribed by, and in accordance with the terms and conditions of, the Company’s severance policy that is applicable to the Executive, as such policy is in effect from time to time.

Any compensation earned by the Executive from other employment or a consultancy shall reduce the payments required pursuant to clause (i) above or shall be governed by the terms of the applicable severance policy in the case of clause (ii) above.

4.5 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, then if and to the extent that a final, non-appealable, 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.

5. Protection of Confidential Information; Non-Competition.

5.1 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 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 plans 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:

5.1.1 except in the course of performing the Executive’s duties provided for in Section 1.1, not at any time, whether 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 

 

 

3

 

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 or over the internet. 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, at its expense, 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.

5.1.2 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, including, without limitation, computer disks or data (including data retained on any computer), and any home office equipment or computers purchased or provided by Revlon or other materials.

5.2 In consideration of RCPC’s covenant in Section 4.4, the Executive agrees (i) in all respects fully to comply with the terms of the Employee Agreement as to Confidentiality and Non-Competition (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 date on which the Term would then otherwise have expired pursuant to Section 2.1, 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. 

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

5.3.1 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,

5.3.2 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 Sections 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

5.3.3 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 Sections 5.1 or 5.2 hereof, and the Executive hereby agrees to account for and pay over such Benefits as directed by RCPC. 

5.4 If any of the covenants contained in Sections 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.

5.5 If any of the covenants contained in Sections 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.

5.6 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 or country within the geographical scope of such covenants. In the event that the courts of any one or more of such states or country 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 or country 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.

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

 

 

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6. Inventions and Patents.

6.1 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 the Executive 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.

6.2 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.

6.3 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.

7. Intellectual Property.

Notwithstanding and without limitation 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.

8. Revlon Code of Business Conduct.

In consideration of the Company’s execution of this Agreement, the Executive agrees in all respects to fully comply with the terms of the Revlon Code of Business Conduct, annexed at Schedule A, including, without limitation, the Code of Ethics for Senior Financial Officers, annexed at Schedule B, whether or not the Executive is a signatory thereof, with the same effect as if the same were set forth herein in full.

9. Indemnification.

Subject to the terms, conditions and limitations of its by laws and applicable Delaware law, RCPC will defend and indemnify the Executive 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.

10. 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), provided that all notices to the Company shall be sent simultaneously by fax and email, 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 

237 Park Avenue

New York, New York 10017

Attention: Robert K. Kretzman, Executive Vice President, Human Resources and Chief Legal Officer

Fax: 212-527-5693

Email: robert.kretzman@revlon.com

 

 

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

11. General.

11.1 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. Each party to this Agreement hereby waives the right to a jury trial in any lawsuit arising out of or relating to this Agreement or Executive’s employment by or termination of employment with the Company.

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

11.3 This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter hereof, and supersedes all prior agreements, arrangements and understandings, written or oral, relating to the subject matter hereof including any offer letter or term sheets. 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.

11.4 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 pursuant to clause (ii) shall relieve RCPC from its obligations hereunder to the extent the same are not timely discharged by such assignee.

11.5 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.

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

12. 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.

13. Change of Control.

13.1 Change of Control Payments and Benefits.

(a) Extension of Term. In the event of any Change of Control, as defined on Schedule C, the Term of the Executive’s Agreement shall be automatically extended for 24 months from the effective date (the “COC Effective Date”) of any such Change of Control (the “Extended Term”). 

(b) Benefit Continuation; Bonus and Salary Payment. If during the Extended Term, the Executive terminates the Term of his employment for “COC Good Reason” (as defined below in subclause (b)(iii)) or if the Company terminates the Term of the Executive’s employment other than for “Cause” (as defined in Section 4.3 of the Agreement)—

(i) the Company shall provide for a period of two years from such termination date all fringe benefits then provided to the Executive, including, without limitation, qualified and non-qualified defined benefit, defined contribution, insurance, medical, dental, disability, automobile, financial planning, tax preparation and other benefit plans and programs of the Company as from time to time in effect (or their successors) in which the Executive participated on the COC Effective Date or in lieu of providing such benefits the Company shall make a cash payment to the Executive equal to the value of such benefits.

(ii) the Company shall immediately pay to the Executive in a cash lump sum payment two times the sum of (A) the greater of the Executive’s base salary in effect on (1) the COC Effective Date or (2) such termination date plus (B) the average amount of the gross bonus amounts earned by the Executive over the five calendar years preceding 

 

 

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such termination (or if employed by the Company for less than five calendar years, the actual number of calendar years for which the Executive was eligible to receive a bonus payment).

(iii) “COC Good Reason” means, for purposes of this subclause (b) only (and not for any other purpose or reason under this Agreement): (A) a material adverse change in the Executive’s job responsibilities; (B) any reduction in the Executive’s base salary; (C) any reduction in the Executive’s annual bonus opportunity; (D) any reduction in the Executive’s aggregate value of benefits; or (E) the Executive’s being required by the Company to relocate beyond a 50 mile radius of the Executive’s then current residence.

(iv) The Executive shall have no duty to mitigate by seeking other employment or otherwise and no compensation earned by the Executive from other employment, a consultancy or otherwise shall reduce any payments provided for under this Agreement.

(c) Equity Compensation. In the event of any Change of Control, all then unvested stock options and restricted shares held by the Executive shall immediately vest and be fully exercisable and all restrictions shall lapse.

(d) Governing Provision. In the event of any conflict between this Section 13 of the Agreement and any other section or provision of the Agreement, the section which provides the Executive with most favored treatment in the event of a Change of Control shall govern and prevail.

13.2 Section 280G.

(a) If the aggregate of all amounts and benefits due to the Executive under this Agreement or any other plan, program, agreement or arrangement of the Company or any of its Affiliates, which, if received by the Executive in full, would constitute “parachute payments” as such term is defined in and under Section 280G of the Code (collectively, “Change of Control Benefits”), reduced by all Federal, state and local taxes applicable thereto, including the excise tax imposed pursuant to Section 4999 of the Code, is less than the amount the Executive would receive, after all such applicable taxes, if the Executive received aggregate Change of Control Benefits equal to an amount which is $1.00 less than three times the Executive’s “base amount”, as defined in and determined under Section 280G of the Code, then such Change of Control Benefits shall be
reduced or eliminated to the extent necessary so that the Change of Control Benefits received by the Executive will not constitute parachute payments. If a reduction in the Change of Control Benefits is necessary, reduction shall occur in the following order unless the Executive elects in writing a different order, subject to the Company’s consent (which consent shall not be unreasonably withheld): first, a reduction of cash payments not attributable to equity awards which vest on an accelerated basis; second, the cancellation of accelerated vesting of stock awards; third, the reduction of employee benefits; and fourth, a reduction in any other “parachute payments”. If acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of the Executive’s stock awards unless the Executive elects in writing a different order for cancellation.

(b) It is possible that after the determinations and selections made pursuant to Section 13.2(a) above the Executive will receive Change of Control Benefits that are, in the aggregate, either more or less than the amounts contemplated by Section 13.2(a) above (hereafter referred to as an “Excess Payment” or “Underpayment”, respectively). If there is an Excess Payment, the Executive shall promptly repay the Company an amount consistent with this Section 13.2. If there is an Underpayment, the Company shall pay the Executive an amount consistent with this Section 13.2.

(c) The determinations with respect to this Section 13.2 shall be made by an independent auditor (the “Auditor”) compensated by the Company. The Auditor shall be the Company’s regular independent auditor, unless the Executive objects to the use of that firm, in which event the Auditor shall be a nationally-recognized United States public accounting firm chosen by the Company and approved by the Executive (which approval shall not be unreasonably withheld or delayed). For purposes of this Agreement, the term “Code” shall mean the Internal Revenue Code of 1986, as amended, including all final regulations promulgated thereunder and any reference to a particular section of the Code shall include any provision that modifies, replaces or supersedes such section. 

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

 

	
                         
 	
                         
 	
                         
 	
                        REVLON CONSUMER PRODUCTS CORPORATION
 
	
                         
 	
                         
 	
                          
 	
                         
 	
                        By: 
 	
                        
 /s/ Robert K. Kretzman
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        Robert K. Kretzman
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        Executive Vice President, Human Resources
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        and Chief Legal Officer
 

 

	
                         
 	
                         
 	
                          
 	
                         
 	
                         
 	
                        
 /s/ Alan T. Ennis
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                        Alan T. Ennis
 

 

 

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SCHEDULE A

REVLON CODE OF BUSINESS CONDUCT

 

 

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SCHEDULE B

REVLON CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS

 

 

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SCHEDULE C

A “Change of Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs shall have occurred:

(i) any Person, other than one or more Permitted Holders, is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this definition a Person will be deemed to have “beneficial ownership” of all shares that any such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company; provided that under such circumstances the Permitted Holders do not have the right or ability by voting power, contract or otherwise to elect or designate for election a majority of the Board of Directors of the Company (for the purposes of this clause (i) and clause (iii), such other Person will be deemed to beneficially own any Voting Stock of a specified corporation held by a parent
corporation, if such other Person beneficially owns, directly or indirectly, more than 50% of the voting power of the Voting Stock of such parent corporation and the Permitted Holders do not have the right or ability by voting power, contract or otherwise to elect or designate for election a majority of the Board of Directors of such parent corporation);

(ii) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors of the Company (together with any new directors whose election by such Board of Directors or whose nomination for election by the shareholders of the Company was approved by a vote of 66-2/3% of the directors of the Company then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of Directors of the Company then in office; 

(iii) the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets to an entity in which any Person, other than one or more Permitted Holders is or becomes the Beneficial Owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this definition a Person will be deemed to have “beneficial ownership” of all shares that any Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of securities of such entity representing 50% or more of the combined voting power of such entity’s Voting Stock, and the Permitted Holders “beneficially own” (as so defined) directly or
indirectly, in the aggregate a lesser percentage of the total voting power of the Voting Stock of such entity than such other Person and do not have the right or ability by voting power, contract or otherwise to elect or designate for election a majority of the Board of Directors of such entity; or

(iv) a “Change of Control” shall have occurred under, and as defined in, the indenture governing Revlon Consumer Products Corporation’s 8 5/8% Senior Subordinated Notes Due 2008 or any other Subordinated Obligations of Revlon Consumer Products Corporation so long as such 8 5/8% Senior Subordinated Notes Due 2008 or Subordinated Obligations are outstanding. 

Notwithstanding the foregoing, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the record holders of the common stock of the Company immediately prior to such transaction or series of transactions continue to have substantially the same combined voting power of the Voting Stock in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions.

“Capital Stock” of any Person shall mean any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into or exchangeable for such equity. 

“Company” means Revlon, Inc. together with its subsidiaries, including, without limitation, Revlon Consumer Products Corporation.

“8 5/8% Senior Subordinated Notes Due 2008” means Revlon Consumer Products Corporation’s 8 5/8% Senior Subordinated Notes due 2008 and any notes exchanged therefore.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

“Permitted Holders” means Ronald O. Perelman (or in the event of his incompetence or death, his estate, heirs, executor, administrator, committee or other personal representative (collectively, “heirs”)) or any Person controlled, directly or indirectly, by Ronald O. Perelman or his heirs.

“Person” shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding 

 

 

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securities under an employee benefit plan of the Company or any of its affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

“Preferred Stock,” as applied to the Capital Stock of the Company, means Capital Stock of any class or classes (however designated) which is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of the Company, over shares of Capital Stock of any other class of the Company. 

“Subordinated Obligations” has the meaning ascribed thereto in the indenture for Revlon Consumer Products Corporation’s 91⁄2% Senior Notes due 2011.

“Voting Stock” means all classes of Capital Stock of the Company then outstanding and normally entitled to vote in the election of Directors.

 

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