Document:

Amendment, dated as of March 27, 2008, to the Employment Agreement

 Exhibit 10.1 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 This amendment (this “Amendment”) is entered
into as of the 27th day of March, 2008, by and between Avon Products, Inc., a New York corporation (the “Corporation”), and Brian Connolly (the “Executive”). 
 WHEREAS, the parties hereto previously entered into an employment agreement dated as of March 23, 2007 (the “Employment Agreement”); and

 WHEREAS, the Executive has since announced his intent to retire from employment with the Corporation on March 31, 2008; and

 WHEREAS, in order to comply with recent guidance issued under Section 409A of the Internal Revenue Code of 1986, as amended
(“Section 409A”), the parties hereto wish to amend the Employment Agreement solely for the purpose of complying with Section 409A in accordance with the terms set forth herein; 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. The third sentence in the second paragraph of
Section 5(b) of the Employment Agreement is hereby deleted in its entirety. 
 2. Sections 5(b)(i), 5(b)(ii), and 5(b)(iii) of the
Employment Agreement are hereby deleted in their entirety and replaced with the following paragraph: 
 “For purposes of
this Agreement, the Separation Date is expected to be, and will be no later than, March 31, 2008. As a severance payment, the Executive will receive his twenty-four (24) months of Base Salary as follows: (A) nine (9) months of
Base Salary will be paid in equal bi-weekly installments over the period beginning October 1, 2008 and ending on December 31, 2008; (B) twelve (12) months of Base Salary will be paid in equal bi-weekly installments over the
period beginning January 1, 2009 and ending on May 31, 2009; and (C) three (3) months of Base Salary will be paid in a lump sum in June 2009. 
 3. The last two sentences of Section 5(b) of the Employment Agreement are hereby deleted in their entirety and replaced with the following: 
 “In addition to the cash payments specified above in this Section 5(b), the Executive will be entitled to continued coverage
under the Corporation’s medical, dental, and life insurance plans through May 31, 

 
2009. The continuation of all other perquisites will be subject to the Corporation’s standard severance terms and conditions then in effect and as they
may be amended by the Corporation from time to time.” 
 4. The last sentence of Section 5(c)(i) of the Employment Agreement is
hereby deleted and replaced with the following: 
 “Such special MIP award may not be deferred into the Avon Products, Inc. Deferred
Compensation Plan (the “DCP”). Such special MIP award will be paid to the Executive by the Corporation during the calendar year following the calendar year in which the Executive’s Separation Date occurs, but in no event during the
six-month period immediately following the Separation Date.” 
 5. Section 5(c)(ii) of the Employment Agreement is hereby deleted
in its entirety and replaced with the following: 
 “(ii) SERP Benefits. This Section 5(c)(ii) is an
“Outside Agreement” under Section 4.6 of the Supplemental Executive Retirement and Life Plan of Avon Products, Inc. (the “SERP”). Capitalized terms used in this Section 5(c)(ii) but not defined herein shall have the
meaning set forth in the SERP. For purposes of this Section 5(c)(ii), “Severance Period” shall mean the period of time beginning on the day after the Executive’s Separation Date and continuing through the last day on which the
Executive receives a payment under Section 5(b) above, if any, but in no event later than May 31, 2009. 
 Except
with the written consent of the Executive, no amendment to the SERP after March 23, 2007 will reduce the amount of the SERP benefits payable to the Executive (or his Beneficiary or Dependent Children) under the terms of this
Section 5(c)(ii). 
 In order to comply with Internal Revenue Code Section 409A, this agreement makes certain
changes to the SERP and, for purposes of Section 409A compliance, this agreement will be deemed to have amended the non-conforming provisions of the SERP. To the extent that the provisions of the SERP are inconsistent with the terms of this
agreement, the terms of this agreement will control. By entering into this agreement, the Executive (I) acknowledges that his SERP benefits will be payable in accordance with the provisions of this agreement, (II) consents to the
amendments to the SERP contained in this agreement, and (III) waives any rights to benefits that the Executive otherwise may have 

  

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under Section 10 of the SERP by virtue of the amendments contained in this agreement. The Executive also waives any rights that he may have under the
rabbi trust agreement that may provide a source of SERP benefits. By virtue of receiving benefits under the SERP, the Executive will not be entitled to any retirement benefit under the Benefit Restoration Pension Plan of Avon Products, Inc. (the
“BRP”) and hereby waives any right that he may otherwise have to a benefit under the BRP. 
 Supplemental
Retirement Allowance 
 Provided that the Executive does not resign (except for a Constructive Termination) or is not
terminated for “Cause” before March 31, 2008, the Executive’s Supplemental Retirement Allowance (SERP retirement benefits) will be calculated as follows: 
 (I) 2% of the Executive’s Average Final Compensation (in determining Average Final Compensation, the SERP will include the
Executive’s severance pay paid during the Severance Period, and in no event will the Executive’s “compensation” in 2008 and 2009 for this purpose be less than $600,000 for each year) multiplied by the Executive’s Creditable
Service up to twenty-five (25) years; plus 
 (II) 1% of the Executive’s Average Final Compensation (in determining
Average Final Compensation, the SERP will include the Executive’s severance pay paid during the Severance Period, and in no event will the Executive’s “compensation” in 2008 and 2009 for this purpose be less than $600,000 for
each year) multiplied by the Executive’s Creditable Service in excess of twenty-five years (where Creditable Service includes the Executive’s years of service during the Severance Period); minus 
 (III) the Actuarial Equivalent of the benefit that would be payable to the Executive as a single life annuity under the PRA on
June 1, 2009, as if the Executive elected to receive his benefit at such time in such form, regardless of whether the Executive actually elects to begin payment of his benefits under the PRA on June 1, 2009 and regardless of the form of
payment the Executive actually elects under the PRA. 
 The Supplemental Retirement Allowance is payable beginning June 2009.
The Supplemental Retirement Allowance will be payable as follows: (A) 80% of the benefit as a lump-sum benefit payable in June 2009; and (B) 20% of the benefit in sixty (60) equal monthly installments beginning in June 2009.

  

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 If the Executive resigns (except for a Constructive Termination) before March 31,
2008 or is terminated for “Cause,” his Supplemental Retirement Allowance will be equal to the benefit he would have received under the BRP on such date had he been eligible for the BRP, in accordance with the benefit calculation terms of
the BRP on his Separation Date. The Supplemental Retirement Allowance in such circumstances will be payable beginning in June 2009. The Supplemental Retirement Allowance as herein calculated in this paragraph will be payable as follows: (A) 80%
of the benefit as a lump-sum benefit payable in June 2009; and (B) 20% of the benefit in sixty (60) equal monthly installments beginning in June 2009. 
 The Supplemental Retirement Allowance described in this Section 5(c)(ii) overrides the provisions of the SERP where there is a
conflict. 
 Beneficiary Allowance 
 In the event that the Executive should die (i) while actively employed with the Corporation, or (ii) after such employment ends
but before the Supplemental Retirement Allowance begins to be paid to him in June 2009 (unless such employment ends due to a resignation by the Executive (other than a Constructive Termination) before March 31, 2008 or a termination by the
Corporation with “Cause”), then the Executive’s Beneficiary will receive a Beneficiary Allowance (SERP death benefit) beginning in June 2009. In such case, the Beneficiary Allowance will be payable to the Executive’s Beneficiary
as if the Executive continued to receive Creditable Service and severance pay includible in Average Final Compensation through May 31, 2009, and the Beneficiary will receive a Beneficiary Allowance in the same form and in the same amount as if
the Executive then began to receive his Supplemental Retirement Allowance. If the Executive dies after the actual Supplemental Retirement Allowance begins to be paid to him, then no Beneficiary Allowance will be payable. 
 If the Executive dies after his active employment with the Corporation ends but before June 1, 2009 (and only if such employment ends
due to a resignation by the Executive (other than a Constructive Termination) before March 31, 2008 or a termination by the Corporation with “Cause”), then the Executive’s Beneficiary will be entitled to a Beneficiary Allowance
equal to the amount that the Executive would have 

  

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received under the BRP on such date had he been eligible for the BRP, in accordance with the benefit calculation terms of the BRP on the date of his
employment termination as if the Executive’s Beneficiary was his beneficiary under the BRP. The time of payment and form of such Beneficiary Allowance shall continue to be as set forth in the previous paragraph. 
 Unless the Executive elects in writing otherwise prior to his death, his Beneficiary is deemed to be his spouse. In the event that the
Executive elects for a trust or his estate to be his Beneficiary, then the Beneficiary Allowance will be determined as if the Beneficiary (his trust or estate) were five (5) years younger than him on the date of his death. 
 The Beneficiary Allowance described in this Section 5(c)(ii) overrides the provisions of Sections 5.1 and 5.2 of the SERP.

 Dependent Child Allowance 
 In the event that the Executive should die (i) while actively employed with the Corporation, or (ii) after such employment ends
but before the Supplemental Retirement Allowance begins to be paid to him in June 2009 (unless such employment ends due to a resignation by the Executive (other than a Constructive Termination) before March 31, 2008 or a termination by the
Corporation with “Cause”), each “Dependent Child” at the time of the Executive’s death, for up to four (4) such children, will receive an annual Dependent Child Allowance (the SERP dependent child death benefit)
beginning in the first month following the Executive’s death. This Dependent Child Allowance will continue to be paid to each such Dependent Child on each anniversary of the initial payment date as long as such child remains a “Dependent
Child” on the subsequent payment date. After the date of the Executive’s death, no individual can become a “Dependent Child.” The Dependent Child Allowance is payable in addition to the death benefit described in the
“Beneficiary Allowance” subsection above. If the Executive dies (A) after his active employment with the Corporation ends but before June 1, 2009 (and only if such employment terminated due to a resignation by the Executive
(other than a Constructive Termination) before March 31, 2008 or a termination by the Corporation with “Cause”), or (B) after the Supplemental Retirement Allowance begins to be paid to him, then no Dependent Child Allowance will
be payable. 
  

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 A “Dependent Child” is a child of the Executive that is unmarried and either:
(I) has not attained age 21 at the time of the Executive’s death; or (II) is Incapacitated and has not attained age 25 at the time of the Executive’s death. “Incapacitated” is defined in accordance with a child’s
eligibility for federal SSI benefits and means that the Executive’s child has a physical or mental condition(s) on the date of the Executive’s death that began prior to the child’s attainment of age 19, that very seriously limits his
or her activities, and that has lasted or can be expected to last for one year or to result in his or her death. A “child” for these purposes is a child born to or legally adopted by the Executive as of the date of the Executive’s
death. 
 The amount of the annual Dependent Child Allowance is equal to ten percent (10%) of the monthly Beneficiary
Allowance, determined as if such Beneficiary Allowance were payable as a monthly single life annuity, multiplied by twelve (12). In the event that the Beneficiary of the Beneficiary Allowance is the Executive’s spouse, the amount specified in
this paragraph as being payable to each Dependent Child will be increased to add an additional ten percent (10%) of the amount payable to the Executive’s spouse under the PRA. 
 If there are more than four Dependent Children, the total amount otherwise payable to the four Dependent Children shall be divided equally
among all Dependent Children at the time such payment is made. When a child ceases to be a Dependent Child, the total allowance then payable will be reallocated among the remaining Dependent Children to the extent applicable; provided that no
Dependent Child shall be entitled to an allowance in excess of the benefit set forth above. 
 The Dependent Child Allowance
described in this Section 5(c)(ii) overrides Section 5.3 of the SERP.” 
 6. A new Section 5(c)(iv) is hereby added to
the Employment Agreement as follows: 
 “SLIP Benefits. The Executive will continue to participate in the SLIP
portion of the SERP plan document (the “SLIP”) while he is actively employed by the Corporation, and during the period up to and including May 31, 2009 during which he is receiving severance payments, if any. In order to comply with
Internal Revenue Code Section 409A, this agreement makes certain changes to the SLIP and, for purposes of Internal Revenue Code Section 409A compliance, this agreement will be deemed to have 

  

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amended the non-conforming provisions of the SLIP. To the extent that the provisions of the SLIP are inconsistent with the terms of this agreement, the terms
of this agreement will control. By signing this agreement, the Executive consents to the amendments to the SLIP contained in this agreement, and waives any rights to the benefits that he otherwise may have under Section 10 of the SERP (relating
to the SLIP) by virtue of the amendments contained in this agreement. 
 The Executive’s SLIP benefit will become payable
if the Executive dies while he is actively employed by the Corporation, or during the period up to and including May 31, 2009 during which he is receiving severance payments, if any, provided that the Executive does not resign from employment
(except for a Constructive Termination) prior to March 31, 2008 and is not terminated for “Cause.” In all other circumstances, no SLIP benefit will be payable. If the SLIP benefit becomes payable due to the Executive’s death, the
SLIP benefit payable to the Executive’s Beneficiary will be $1,000,000.” 
 7. The first sentence of the penultimate paragraph in
Section 7(g) of the Employment Agreement is hereby deleted in its entirety and replaced with the following: 
 “If at the time of a
payment of the DCP benefit, the Executive has not violated the covenants of this agreement, the Executive’s DCP benefit will be deemed to be paid to him but the Executive hereby assigns and agrees to pay the Corporation from the DCP benefit
payment an amount equal to the entire DCP benefit amount, or, if lesser: (a) twenty-four months’ of Base Salary; multiplied by (b) a fraction, the numerator of which is 29 minus the number of full months that have occurred since the
Separation Date (the “DCP Assigned Amount”), and the denominator of which is 29.” 
 8. The fourth sentence of the penultimate
paragraph in Section 7(g) of the Employment Agreement is hereby deleted in its entirety and replaced with the following: 
 “Such
payment will be made to the Executive by the Corporation within ten (10) business days following, and no earlier than, the 29-month anniversary of the Separation Date.” 
 9. A new paragraph is hereby added to the end of Section 9 of the Employment Agreement as follows: 
 “In order to avoid unfavorable tax treatment for participants, including the Executive, the Corporation must amend the SERP and the

  

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SLIP (and the related rabbi trust agreement) to comply with Section 409A. In order to amend these plans, the documents require consent from each
participant. By signing this agreement, the Executive acknowledges that his SERP and SLIP benefits will be payable in accordance with this agreement and the Executive is waiving his right to approve and consent to the amendments that will be made to
the SERP, the SLIP document, and the related rabbi trust document, including to comply with Section 409A, and such amendments may be made to such documents without the Executive’s consent.” 
 10. Continued Validity of the Employment Agreement. Except as amended and superseded by this Amendment, the Employment Agreement will remain in
full force and effect, will continue to bind the parties hereto, and will continue to govern the terms and conditions of the Executive’s continued employment with the Corporation. To the extent that the terms of this Amendment conflict or are
inconsistent with the terms of the Employment Agreement, the terms of this Amendment will govern. 
 11. Effect of Equity Awards and Other
Benefits. This Amendment will not supersede, or otherwise derogate from, any restrictive covenant or other obligation that the Executive may have under any equity award granted to the Executive by the Corporation or in any Corporation benefit
plan in which the Executive participates (for example, forfeiture provisions and/or obligations with respect to competition and confidentiality assumed by the Executive in connection with his stock option awards, Section 9.5 of the SERP, and
Section 4.7 of the BRP). 
 12. Amendment Effective Date. This Amendment will become binding and effective once both parties
hereto have executed this Amendment. 
 13. Severability. The provisions of this Amendment are severable and it is the intent of the
parties hereto that the provisions of this Amendment be enforced to the fullest extent permissible under the laws of each jurisdiction in which enforcement is sought. The invalidity or unenforceability of any provision of this Amendment will not
affect the validity or enforceability of any other provision of this Amendment. 
 14. Governing Law; Jurisdiction. This Amendment
will be governed by and construed in accordance with the laws of the State of New York without regard to its conflict of laws principles. Any action at law or in equity for the enforcement of this Amendment, by either party, shall be instituted only
in state or federal court having proper jurisdiction located within the State of New York, County of New York. 
  

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 15. Counterparts. This Amendment may be executed in two or more counterparts, each of which shall
be an original and all of which shall be deemed to constitute one and the same instrument. 
 16. Successors. This Amendment is
personal to the Executive and, without the written consent of the Corporation, shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Amendment shall inure to the benefit of and be enforceable
by the Executive’s legal representatives. This Amendment shall inure to the benefit of and be binding upon the Corporation and its successors. The Corporation shall require any successor to all or substantially all of the business and/or assets
of the Corporation, whether direct or indirect, by purchase, merger, consolidation, acquisition of stock, or otherwise, by an agreement in form and substance satisfactory to the Executive, expressly to assume and agree to assume this Amendment in
the same manner and to the same extent as the Corporation would be required to perform if no such succession had taken place. 
 [Remainder
of page intentionally left blank. Signature page follows.] 
  

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 IN WITNESS WHEREOF, the Executive has signed this Amendment, and the Corporation has caused this
Amendment to be signed in its name and on its behalf, all effective as of the day and year first written above. 
  

			
	AVON PRODUCTS, INC.
		
	By:	 	 /s/ Lucien Alziari

	Name:	 	Lucien Alziari
	Title:	 	SVP, HR
	
	BRIAN CONNOLLY
	
	 /s/ Brian Connolly

  

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 EXHIBIT A – GENERAL RELEASE 
 In consideration of the special severance benefits being provided to me under my employment agreement dates March 23, 2007, as it was amended in
March 2008 (collectively, the “Agreement”), I agree, on behalf of myself and my heirs, executors, administrators, and assigns, to forever release, dismiss, and discharge (except as provided by the terms and conditions of the Agreement)
Avon Products, Inc. (“Avon” or the “Company”) and its affiliated companies and their respective current and former officers, directors, associates, employees, agents, employee benefit plans, employee benefit plan fiduciaries,
employee benefit plan trustees, shareholders, and assigns, each and all of them in every capacity, personal and representative (collectively referred to as the “Avon Released Parties”), from any and all actions, causes of action, claims,
demands, judgments, charges, contracts, obligations, debts, and liabilities of whatever nature (“Losses”), that I and my heirs, executors, administrators, and assigns have or may hereafter have against the Avon Released Parties or any of
them arising out of or by reason of any cause, matter, or thing whatsoever from the beginning of the world to the date hereof, including, without limitation, my employment relationship with Avon and the termination of such relationship, all matters
arising under any federal, state, or local statute, rule, or regulation, or principle of contract law or common law, any breach of contract, wrongful discharge, tort, breach of common-law duty, breach of fiduciary duty and violation of laws
prohibiting any form of employment discrimination or other unlawful employment practice, including without limitation: the Worker Adjustment and Retraining Notification Act of 1988, as amended, 29 U.S.C. §§ 2101 et
seq.; Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §§ 2000 et seq.; the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §§ 621
et seq. (the “ADEA”); the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. §§ 12101 et seq.; the Employee Retirement Income Security Act of 1974, as
amended, 29 U.S.C. §§ 1001 et seq.; the National Labor Relations Act of 1935, as amended, 29 U.S.C. §§ 151 et seq.; the Family and Medical Leave Act of 1993, as amended,
29 U.S.C. §§ 2601 et seq.; New York Human Rights Law, as amended, N.Y. Exec. Law §§ 290 et seq.; the New York City Human Rights Law, as amended, N.Y.C. Admin. Code
§§ 8-101 et seq.; and any other equivalent federal, state, or local statute, rule, or regulation; provided that I do not release or discharge the Avon Released Parties (i) from any Losses arising under the ADEA that
arise after the date on which I execute this general release, and (ii) from any claims for a breach by the Company of its obligations under the Agreement. It is understood that nothing in this general release shall preclude or prevent me from
challenging the validity of this general release solely with respect to my waiver of any Losses arising under the ADEA on or before the date on which I execute this general release. It is further understood that nothing in this general release is to
be construed as an admission on behalf of the Avon Released Parties of any wrongdoing with respect to me, any such wrongdoing being expressly denied. 
  

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 It also is understood that this release does not release the Avon employee benefit plans from any claims
for vested benefits that I have under the terms of any of the Company’s employee benefit plans applicable to me. 
 I represent and
warrant that I have not filed any complaint, charge, claim, or proceeding against any of the Avon Released Parties before any federal, state, or local agency, court, or other body relating to my employment and the cessation thereof. I further agree
that, if I or any other person files an action, complaint, charge, claim, or proceeding against any of the Avon Released Parties, I will not seek or accept any monetary relief in such action, complaint, charge, claim, or proceeding. 
 I further represent and understand that by signing this release, I agree that I will, as may be reasonably requested from time to time by Avon,
(i) advise and consult on matters within or related to my expertise and knowledge in connection with the business of Avon, (ii) make myself available to Avon to respond to requests for information concerning matters involving facts or
events relating to Avon, and (iii) assist with respect to pending and future litigation, investigations, arbitration, or other dispute resolution matters. In agreed upon circumstances, I understand that if the Salary Continuation Period is
still continuing, I will be reimbursed for reasonable out-of-pocket expenses only. In agreed upon circumstances, I understand that if the Salary Continuation Period has ended, I will be paid at the rate of my current salary as of my last day of
active employment for time expended by me at Avon’s request on such matters, and that I will receive reimbursement for reasonable out-of-pocket expenses incurred in connection with such assistance. I understand that I will not be credited with
any compensation, service or age credit for purposes of eligibility, vesting, or benefit accrual under any employee benefit plan of Avon. 
 I further represent and warrant that I fully understand the terms of this general release, that I have been encouraged to seek the benefit of advice of counsel, and that I knowingly and voluntarily, of my own free will, without any duress,
being fully informed, and after due deliberation, accept its terms and sign below as my own free act. I understand that as a result of executing this general release, I will not have the right to assert that Avon or any other Avon Released Party
unlawfully terminated my employment or violated any of my rights in connection with my employment. 
 I understand that in the event Avon
receives any inquiries from prospective employers, it shall be the policy of Avon to respond by advising that Avon’s policy is to provide information only as to service dates and positions held and by providing such information. 
 I acknowledge that I am hereby being advised by Avon to consult with 

  

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legal counsel before signing this general release. Further, I have 45 days to consider whether to sign this general release, during which time Avon will not
change or revoke the offer contained in the Agreement. I understand that if I do not execute this general release and return it to Avon within 7 days of the date on which I received the Agreement, then I will not be entitled to any benefits under
the Agreement. As long as I sign and return this general release and the Agreement within such time period, I will have seven days immediately thereafter to revoke my decision by delivering written notice of such revocation to the Senior
Vice-President Human Resources. If I do not revoke my decision during that seven-day period, then this general release and the Agreement will become effective on the eighth day. 
 This general release shall be governed by the laws of the State of New York without giving effect to its conflict of laws principles and federal law
where applicable. 
  

							
		 	    3/27/2008	 		 	 /s/ Brian Connolly

		 	            Date	 		 	Signature
				
		 		 		 	 Brian Connolly

		 		 		 	Print Name

  

 3Separation Agreement, dated as of August 7, 2007

 Exhibit 10.2 
 Personal & Confidential 
 August 7, 2007 
 Mr. Gilbert L. Klemann II 
 [Home Address] 
 Dear Gil: 
 This letter is an amendment to and supersedes your Employment Agreement dated January 1, 2001 (the “Employment
Agreement”). This letter sets forth the terms and conditions relating to your separation from employment with Avon Products, Inc. (“Avon” or the “Company”) and the benefits that the Company is prepared to offer to you in
lieu of benefits under the Company’s severance program and of benefits provided under the Employment Agreement provided that you agree to and fulfill the conditions for such additional benefits outlined in this letter. 
 1. Separation Date. Your last day of active employment with Avon will be December 31, 2007 (the “Separation Date”). At that time,
you will receive a payment for any earned, but unused, vacation benefits through the Separation Date. The remaining provisions of this letter, including the benefits provided to you under Paragraphs 2 through 9 below, are conditioned upon your
complying with the terms of this letter, including signing and not revoking the general release attached as Exhibit A to this letter. 
 If
you voluntarily terminate employment prior to the Separation Date or are terminated by Avon for “Cause” before the Separation Date, this letter will become null and void and the terms of your Employment Agreement will govern. For purposes
of this letter agreement, a termination for “Cause” shall mean a termination of the employment relationship between you and Avon due to your discharge for any of the following reasons: (a) continued failure to perform substantially
your duties with Avon, as determined by Avon (other than any such failure resulting from your temporary incapacity during physical or mental illness); (b) willful conduct which is demonstrably and materially injurious to Avon, monetarily, or
otherwise; (c) personal dishonesty in the 

 
performance of your duties; (d) breach of fiduciary duty involving personal profit; (e) conviction of a felony or a misdemeanor; or
(f) willful or repeated violation of any Avon rule or procedure, including without limitation, absenteeism, violation of safety rules and insubordination. Any other type of termination of employment (e.g., disability, termination
not for “Cause”, etc.) will not void the terms of this letter. After the Separation Date, you will remain on Avon’s payroll, as set forth and subject to the conditions below, through the expiration of the Continuation Period (as
defined below). 
 2. Special Salary Continuation Payments. Because you will be a “key employee” on your Separation Date,
your special salary continuation payments are subject to certain limitations under Internal Revenue Code (“Code”) Section 409A (hereinafter called “409A”). To comply with 409A, you will receive salary continuation payments
for the period beginning on the first payroll period which begins on or after July 1, 2008 and continuing until the final payroll period which ends immediately on or after July 26, 2010 (the “Payment Period”). The aggregate
amount of such salary continuation payments will be equivalent to two year’s base salary and will be payable in equal bi-weekly installments, less any and all required taxes and other withholdings. Base salary for these purposes is $535,000.

 You will not accrue any vacation days during the Continuation Period (defined as beginning on the day after the Separation Date and
continuing through the expiration of the Payment Period) or thereafter. 
 3. Tax-Qualified Retirement Plans. 
 You will not be entitled to continue to participate in the Avon Personal Savings Account Plan after the Separation Date. 
 You are 100% vested in your Avon Products, Inc. Personal Retirement Account Plan (“PRA”) benefit. You will be considered a terminated
participant for purposes of the PRA at the end of the Continuation Period. 
 4. Restoration Plan. You are 100% vested in your Benefit
Restoration Plan of Avon Products, Inc. (the “Restoration Plan”) benefit. You will be considered a terminated participant for purposes of the Restoration Plan in accordance with the terms of the Restoration Plan. 
 5. MIP Awards. You will be eligible for a 2007 and 2008 Management Incentive Plan (“MIP”) Award. The 2007 MIP Award, if any, will be
based on actual performance, with individual goals determined at 100% achievement. Any such 2007 MIP Award will be paid to you at the same time the MIP Award is payable to all participants in 2008 unless you have already elected to defer such 2007
MIP Award to 

  

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the Avon Products, Inc. Deferred Compensation Plan (the “DCP”). The 2008 MIP Award will be guaranteed to be at least 100% of target (70% of your
base salary at December 31, 2007). You will not be permitted to defer the 2008 MIP Award. Your 2008 MIP Award will be paid at the same time the MIP Award is payable to all participants in 2009. You will not be eligible for a 2009 or 2010 MIP
Award and by agreeing to the terms in this letter, you hereby waive any such right that you may have to all or any portion of any MIP award for 2009 or 2010. 
 6. Performance Cash Plan Awards. You will be eligible to participate in any awards under the 2005-2007 Performance Cash Plan and under the 2006-2007 Turnaround Incentive Plan (“Incentive Awards”).
Such Incentive Awards will be payable in 2008, in accordance with the terms of the Plans at the same time the Incentive Awards are payable to all participants, unless you have elected to defer such Incentive Awards to the DCP. 
 You will not be eligible to participate in any other future performance plans established on or after the date of this letter and you hereby waive any
such right that you may have to participate in any other future performance plans established on or after the date of this letter. 
 7.
Participation in Deferred Compensation Plan. As a participant in DCP, distributions under the DCP will be made in accordance with the terms of the DCP. After the Separation Date, you will no longer be eligible to defer any compensation into
the DCP and you waive any right to participate therein. 
 8. Stock Options and Restricted Stock Units. The attached Statement of
Stock Options and Restricted Stock Units lists your outstanding stock option and restricted stock unit vesting schedules. 
 Prior to your
scheduled Separation Date, your outstanding stock options and outstanding restricted stock units will continue to vest according to the terms of the applicable stock option agreement(s) and restricted stock unit agreement(s), respectively, and all
other aspects of your stock options and restricted stock units will continue to be governed by the applicable stock option agreement(s) and restricted stock unit agreement(s), respectively. 
 The Company agrees to amend all of your outstanding restricted stock unit agreements so that upon your scheduled Separation Date, provided you have not
voluntarily terminated employment or have not been terminated by the Company for Cause, any restricted stock units which have not vested at the time of your Separation Date will become 100% vested. The restricted stock units will be payable in
accordance with the terms of the applicable restricted stock unit agreements. 
  

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 The Company agrees to amend all of your outstanding stock option agreements so that upon the Separation
Date, provided you have not voluntarily terminated employment or have not been terminated by the Company for Cause, your stock options will continue to vest and be fully vested no later than the end of the Continuation Period and your stock options
will continue to be exercisable for their full ten-year terms. Notwithstanding the foregoing, in no event will you be entitled to exercise any stock option once that stock option has expired at the end of its original term. 
 9. Welfare Benefits and Perquisites. 
 (a) During the Continuation Period and provided that you are a participant in such plans as of the Separation Date, you will continue to be eligible to participate in the Company’s Supplemental Life Insurance Plan and its Group Life
Insurance coverage and Supplemental Life Insurance coverage at the contribution levels that you had selected prior to the Separation Date, if each such plan permits such continuation of coverage after your Separation Date at the time of your
Separation Date. 
 (b) During the Continuation Period and provided that you are a participant in such plans as of the Separation Date, you
will be eligible to participate in the Company’s Medical Insurance and Dental Insurance at the contribution levels previously selected; provided that (i) to the extent that any such benefit is provided via reimbursement to you, no such
reimbursement will be made by the Company later than the end of the year following the year in which the underlying expense is incurred, (ii) any such benefit provided by the Company in any year will not be affected by the amount of any such
benefit provided by the Company in any other year, and (iii) under no circumstances will you be permitted to liquidate or exchange any such benefit for cash or any other benefit. In the event that, during the Continuation Period, you should
become employed by another employer and are provided with medical and/or dental coverage, you may either drop your Avon coverage or continue your coverage under both plans. If you become covered under both plans, your coverage will be coordinated
between the two plans with your new employer’s plan serving as the primary payer. Employment with another company, however, will not cause any change in your continued entitlement to salary continuation and any other benefits set forth in this
letter, subject to the restrictions of Paragraph 11 below. In the event that your health insurance coverage ceases during the Continuation Period due to a “qualifying event,” or due to the expiration of the Continuation Period, you will
then be entitled to continued coverage under the federal law known as “COBRA” for the period provided therein at your own expense, provided you comply with the requirements of “COBRA”. If, at the conclusion of the Continuation
Period, you are eligible to retire under the Avon Products, Inc. Retirement Medical Plan, then you will be eligible for retiree medical coverage, subject to plan terms and any caps or limitations imposed thereon by Avon. 
  

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 (c) You will continue to receive: (i) the Home Security benefit through the end of your annual
contract; (ii) Financial Planning and Tax Preparation Services for 2008, 2009, 2010 and the first quarter of 2011; (iii) your car flex allowance accruals for three months after your Separation Date; and (iv) your Executive Health Exam
for up to three months after your Separation Date (as long as you have not yet received an Executive Health Exam for 2007); provided that: (x) to the extent that any such benefit is provided via reimbursement to you, no such reimbursement will
be made by the Company later than the end of the year following the year in which the underlying expense is incurred, (y) any such benefit provided by the Company in any year will not be affected by the amount of any such benefit provided by
the Company in any other year, and (z) under no circumstances will you be permitted to liquidate or exchange any such benefit not already in cash for cash or any other benefit. Any payment or reimbursement to you for the benefits set forth in
this Paragraph 9(c) shall not be made until July 1, 2008. 
 (d) Any continued participation in Avon’s employee benefit plans
(including the plans listed in this Paragraph 9) will be in accordance with the provisions of the relevant plan documents, including any amendments to those plans that may be enacted from time to time, and any applicable elections that you may have
on file with Avon. Nothing in this letter is intended to limit Avon’s right to amend, modify or terminate any or all of its employee benefit plans and programs. 
 10. E-mail and Voicemail. Your e-mail and voicemail will be discontinued as of the Separation Date. 
 11. Your Obligations to Avon. In consideration of and as a condition to your receiving the benefits being provided to you hereunder, you agree to the following provisions. 
 (a) Effectiveness of Our Agreement and Your Continued Service Obligation. You will not be entitled to receive the benefits set forth in this letter
unless you have signed and delivered to me this letter and the general release attached as Exhibit A and these documents have become effective (the “Effective Date” of these documents is set forth in the attached general release).

 (b) Non-Disclosure of Information. You will not knowingly use or disclose, without Avon’s written consent (which may only be
provided by the Chief Executive Officer of Avon), any secret, confidential, or proprietary information or knowledge relating to Avon or any of its affiliated companies, and their respective businesses, that you obtained during or as a result of your
employment with Avon, such as, but not limited to, financial information and projections, marketing information and plans, product formulations and production methods, intellectual property and trade secrets, and other types of information not
generally available to the public. 
  

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 (c) Non-Disparagement. You will not knowingly take any action or make any statement, whether
written or oral, whether in public or private, that disparages or defames the goodwill or reputation of Avon or any of its associated companies, or of any of their directors, officers, and associates. 
 (d) Confidentiality of Our Agreement. You will not disclose the terms and conditions of this letter to anyone, except as required by law or to
your immediate family, financial and tax advisors, and legal counsel after securing their similar commitment of strict confidentiality. 
 (e) No-Hire and Non-Solicitation. You will not, without Avon’s prior written consent (which may only be provided by the Chief Executive Officer of Avon), effective immediately and continuing for the duration of the Continuation
Period, directly or indirectly, hire or solicit for hire, or aid in such solicitation of, whether as an employee or an independent contractor, any employee of Avon or an affiliated company, including any solicitation of an employee to leave his or
her Avon employment to work for any other employer. 
 (f) Non-Competition. You will not, without Avon’s prior written consent
(which may only be provided by the Chief Executive Officer of Avon), effective immediately and continuing through the end of the Continuation Period, directly or indirectly, accept employment with, act as a consultant or independent contractor to,
or otherwise provide services to any direct selling business or any cosmetics business (collectively, “Restricted Businesses”). Restricted Businesses include, without limitation, Amway Corporation / Alticor Inc., O Boticário, Ebel
International / Belcorp Corporation, De Millus, S.A., Faberlic, Forever Living Products, LLC USA, Herbalife Ltd., Hermès, Lady Racine / LR-International Cosmetic and Marketing GmbH, Mary Kay Cosmetics, Inc., Natura Cosmetics S.A., Mistine /
Better Way (Thailand) Co. Ltd., Neways International, Newcup International, NuSkin Enterprises, Inc., Oriflame Cosmetics S.A., Sara Lee Corporation, Revlon, Inc., The Body Shop International PLC, Shaklee Corporation, Tupperware Corporation, the
Unilever Group (N.V. and PLC), L’Oréal Group / Cosmair, Inc., The Estée Lauder Companies Inc., The Procter & Gamble Company, Reckitt Benckiser PLC, Gryphon Development / Limited Brands, Inc., Victory Corporation PLC
(Virgin Vie, The Virgin Cosmetics Company, Virgin Ware), Vorwerk & Co. KG / Jafra Worldwide Holdings (Lux) S.àR.L., Inc., Yanbal International (Yanbal, Unique), or any of their affiliates. As set forth more fully in Paragraph 15
below, no geographic limitation on this restriction is appropriate, and such a limitation would be counter to the protections that Avon is seeking to obtain by agreeing to provide you with the benefits set forth in this letter. 
  

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 (g) Cooperation. If deemed necessary by the Company, you will reasonably assist and cooperate with
the Company (and its directors, agents, and attorneys) in all respects in connection with the conduct of any pending or future action, proceeding, internal investigation, governmental or regulatory investigation, civil or administrative proceeding,
arbitration, or litigation involving the Company or any of its associated companies, including, without limitation, any such action, proceeding, investigation, arbitration, or litigation in which you are called to testify, and you will promptly
respond to all reasonable requests by the Company relating to information that may be in your possession or under your control. This obligation shall exist regardless of whether the Company or any of its associated companies is named as a party or
as a subject or target of any action, proceeding, investigation, arbitration, or litigation. You will also cooperate with the Company and be reasonably available to the Company with respect to continuing or future matters arising out of your
employment or any other relationship with the Company and its associated companies, whether such matters are business-related, legal, or otherwise. You will perform all acts and execute and deliver all documents that may be reasonably necessary to
fulfill the obligations created by this Subparagraph (g). Subject to applicable law and the Articles and Bylaws of the Company, the Company will promptly reimburse you for any reasonable out-of-pocket and travel expenses incurred by you in
connection with your fulfillment of your obligations under this Subparagraph (g), provided that such expenses have been approved by the Company, in writing, prior to your incurring the expense. It is agreed that: (i) the Company will provide
you with reasonable advance notice regarding these activities, to the extent possible; and (ii) any requests made hereunder by the Company will be made in good faith and will not unreasonably interfere with your duties to any subsequent
employer. 
 (h) Forfeiture of Benefits. By signing this letter, you acknowledge that you understand that violations of any of the
covenants contained in this letter are material and that any violations may forfeit, at Avon’s sole discretion, your unpaid benefits and payments under this letter (including salary continuation), but do not relieve you of your continuing
obligations under this letter. In connection with the foregoing, Avon’s Senior Vice President of Human Resources or General Counsel will give you notice of any alleged violations of the covenants contained in this letter and you will have
thirty (30) days to respond to such allegation; however, the absence of such notice shall not relieve you from any of your obligations under this letter. 
 (i) Equitable Relief. You acknowledge that the remedy at law for your breach of this Paragraph 11 will be inadequate, and that the damages flowing from such breach will not be readily susceptible to being
measured in monetary terms. Accordingly, upon a violation of any part of this Paragraph 11, the Company will be entitled to immediate injunctive relief (or other equitable relief) and may obtain a temporary order restraining any further violation.
No bond or other security will be 

  

 7 

 
required to obtain such relief, and you consent to the issuance of such equitable relief. Nothing in this Subparagraph (i) will be deemed to limit the
Company’s remedies at law or in equity that may be pursued or availed of by the Company for any breach by you of any part of Paragraph 11. 
 12. Return of Company Property. On the Separation Date, or at any other time upon request by Avon, you will be required to promptly deliver to Avon, and not keep in your possession, duplicate, or deliver to any other person or
entity, any and all property that belongs to Avon or any of its affiliated companies, including without limitation, computer hardware and software, palm pilots, pagers, cell phones, other electronic equipment, keys, credit cards, identification
cards, records, data, and other documents and information, including any and all copies of the foregoing. 
 13. Entire Agreement;
Amendments. You acknowledge that the entire consideration for your signing this letter and executing the general release attached as Exhibit A is expressly stated in this document and that the Employment Agreement is hereby superseded. All other
promises or agreements of any kind that have been made by or between the parties hereto (or by any other person or entity related to such parties) related to the subject matter of this letter are superseded by this letter. You agree that this letter
may not be changed orally and may only be amended by a writing signed by the parties hereto. Notwithstanding the foregoing or any other provision of this Agreement, this Agreement will not supersede, or otherwise derogate from, any restrictive
covenant or other obligation that you may have under any equity award granted to you by Avon or in any Avon benefit plan in which you participate (for example, obligations with respect to competition and confidentiality assumed by you in connection
with your stock option awards). 
 14. Internal Revenue Code Section 409A. In the event that amendments to this letter are
necessary in order to comply with current or future guidance or interpretations under 409A, including amendments necessary to ensure that your compensation will not be subject to 409A, you and the Company will discuss and seek to agree to such
amendments, on a prospective and/or retroactive basis, as may be necessary or desirable to comply with 409A. 
 15. Severability; Judicial
Modification. You agree that the provisions of this letter are severable and that it is your and the Company’s intent that the restrictions contained in this letter be enforced to the fullest extent permissible under the laws of each
jurisdiction in which enforcement is sought. If any of the restrictions contained in this letter are for any reason held by a court to be excessively broad as to duration, activity, geographical scope, or subject, then such restrictions will be
construed, judicially modified, or “blue penciled” in such jurisdiction so as to thereafter be limited or reduced to the extent required to be enforceable in such jurisdiction in accordance with applicable 

  

 8 

 
law. If any of the restrictions contained in this letter are held to be invalid, illegal, or unenforceable in any respect under any applicable law in any
jurisdiction, then such invalidity, illegality, or unenforceability will not affect any other provision of this letter or any other jurisdiction, but such restrictions will be reformed, construed, and enforced in such jurisdiction as if such
invalid, illegal, or unenforceable restrictions had never been contained in this letter. You acknowledge and understand that, due to (a) the nature of the restrictions contained in this letter, (b) the global nature of the Company’s
business and your position within the Company, and (c) the technological advancements in electronic communications around the world, any geographic restriction of your obligations under Paragraph 11 above would be inappropriate and counter to
the protections sought by the Company thereunder. 
 16. Voluntary Nature of Your Agreement; Right to Consult with Counsel. You are
not required to accept and agree to this letter. Any election to do so by you is completely voluntary. By signing this letter, you warrant and represent that you have read this entire letter (including the attached general release), that you have
had an opportunity to consult fully with an attorney or have voluntarily waived that opportunity, and that you fully understand the meaning and intent of this letter (including the attached general release). 
 17. Governing Law; Jurisdiction. You agree that this letter will be governed by and construed in accordance with the laws of the State of New
York, without regard to its conflict of laws principles. Any action at law or in equity for the enforcement of this letter, by either party, other than an action by the Company to enforce the restrictions contained in Paragraph 11 above, shall be
instituted only in state or federal court having proper jurisdiction located within the State of New York, County of New York. An action by the Company to enforce the restrictions contained in Paragraph 11 above may be brought within any court in
the State of New York, County of New York, or in any other court having proper jurisdiction. 
 18. No Waiver. No waiver by either of
the parties hereto of a breach of or a default under any of the provisions of this letter shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature. The failure of either of the parties, on one or more
occasions, to enforce any of the provisions of this letter or to exercise any right or privilege hereunder shall not be construed as a waiver of any such provisions, rights, or privileges hereunder, or a waiver of any subsequent breach or default of
a similar nature. 
 19. Death. In the event of your death after the date of this letter agreement, the remaining unpaid payments will
continue to be paid to your spouse or other beneficiary, as designated in writing to us, as if you had not died. Your benefits will be governed by the relevant benefit plans in which participate. 
  

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 20. Counterparts. This letter may be executed in two or more counterparts, each of which shall be
an original and all of which shall be deemed to constitute one and the same instrument. 
 21. Successors. 
 (a) This letter agreement is personal to you, and without written prior consent of Avon, shall not be assignable by you otherwise than by will or the laws
of descent and distribution. This letter agreement shall inure to the benefit of and be enforceable by your legal representatives. 
 (b)
This letter agreement shall inure to the benefit of and be binding upon Avon and its successors. Avon shall require any successor to all or substantially all of its business and/or assets, whether direct or indirect, by purchase, merger,
consolidation, acquisition of stock, or otherwise, by an agreement in form and substance satisfactory to you, expressly to assume in writing and agree to perform this letter agreement in the same manner and to the same extent as Avon would be
required to perform if no such succession had taken place. 
 22. Mitigation. You shall not be required to mitigate the amount of any
payment provided in this letter by seeking other employment or otherwise, nor shall the amount of any payment provided for in this letter (subject to Paragraph 9(b)) be reduced as a result of any payment to you as the result of employment by another
employer after the Separation Date or by any other compensation. 
 23 Non-Disparagement. Avon agrees that it will not knowingly take
any action or make any statement, whether written or oral, whether in public or private, that disparages or defames your reputation. 
 * * *
* * * 
 Should you elect not to accept the terms contained in this letter, then you will be provided only with the benefits under the
provisions of the Employment Agreement and you will be notified by separate letter of your right to continued health insurance coverage, at your own expense, under the federal law known as COBRA. 
 If you do not sign this letter and return it to Avon within 21 days of the date on which you receive this letter, then this offer will automatically be
considered withdrawn and void and you will not be entitled to any benefits hereunder. If you sign and return this letter and the attached general release within this 21-day time period, then you will have seven days immediately thereafter to revoke
your decision by delivering written notice of revocation to the Chief Executive Officer of Avon. If you do not revoke your decision during that seven-day period, then this letter will become binding and effective on the eighth day. 
  

 10 

 Your signature below signifies your voluntary acceptance of the terms of this letter and your election to
receive benefits hereunder, which benefits you acknowledge are in excess of those provided under your Employment Agreement. Please sign and date both copies of this letter and the attached general release in the spaces provided, returning one copy
to Avon and retaining the other copy for your records. If you elect not to accept this offer, please notify me, in writing, as soon as practicable of your decision. 
  

 11 

 We thank you for your contributions to Avon, and wish you success with your future endeavors. 

 

			
	Sincerely,
	
	Avon Products, Inc.
		
	By:	 	 /s/ Lucien Alziari

		 	Lucien Alziari
		 	Senior Vice President Human Resources

 Cc: Andrea Jung, Chairman and Chief Executive Officer 
  

					
	Accepted and agreed to:	  		  	
			
	 /s/ Gilbert L. Klemann, II
	  		  	  Date: 8/7/07  

  

 12 

 EXHIBIT A- GENERAL RELEASE 
 In consideration of the special severance benefits being provided to me under the letter to which this general release is attached as an exhibit (the
“Letter”), I agree, on behalf of myself and my heirs, executors, administrators, and assigns, to forever release, dismiss, and discharge (except as provided by the terms and conditions of the Letter) Avon Products, Inc. (“Avon”
or the “Company”) and its affiliated companies and their respective current and former officers, directors, associates, employees, agents, employee benefit plans, employee benefit plan fiduciaries, employee benefit plan trustees,
shareholders, and assigns, each and all of them in every capacity, personal and representative (collectively referred to as the “Avon Released Parties”), from any and all actions, causes of action, claims, demands, judgments, charges,
contracts, obligations, debts, and liabilities of whatever nature (“Losses”), that I and my heirs, executors, administrators, and assigns have or may hereafter have against the Avon Released Parties or any of them arising out of or by
reason of any cause, matter, or thing whatsoever from the beginning of the world to the date hereof, including, without limitation, my employment relationship with Avon and the termination of such relationship, all matters arising under any federal,
state, or local statute, rule, or regulation, or principle of contract law or common law, any breach of contract, wrongful discharge, tort, breach of common-law duty, breach of fiduciary duty and violation of laws prohibiting any form of employment
discrimination or other unlawful employment practice, including without limitation: the Worker Adjustment and Retraining Notification Act of 1988, as amended, 29 U.S.C. §§ 2101 et seq.; the Fair Labor Standards
Act of 1938, as amended, 29 U.S.C. §§ 201 et seq.; the Family and Medical Leave Act of 1993, as amended, 29 U.S.C. §§ 2601 et seq.; Title VII of the Civil Rights
Act of 1964, as amended, 42 U.S.C. §§ 2000e et seq.; the Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §§ 621 et seq. (the “ADEA”);
the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. §§ 12101 et seq.; the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. §§ 1001 et
seq.; the National Labor Relations Act of 1935, as amended, 29 U.S.C. §§ 151 et seq.; the New York State Human Rights Law, as amended, N.Y. Exec. Law §§ 290 et seq.; the New York
City Human Rights Law, as amended, N.Y.C. Admin. Code §§ 8-101 et seq.; and any other equivalent federal, state, or local statute, rule, or regulation; provided that I do not release or discharge the Avon
Released Parties (i) from any Losses arising under the ADEA that arise after the date on which I execute this general release, and (ii) from any claims for a breach by the Company of its obligations under the Letter. It is understood that
nothing in this general release shall preclude or prevent me from challenging the validity of this general release solely with respect to my waiver of any Losses arising under the ADEA on or before the date on which I executive this general release.
It is understood that nothing in this general release is to be construed as an admission on behalf of the Avon Released Parties of any wrongdoing with respect to me, any such wrongdoing being expressly denied. 
  

 13 

 It also is understood that this release does not release the Avon employee benefit plans from any claims
for vested benefits that I have under the terms of any of the Company’s employee benefit plans applicable to me. 
 I represent and
warrant that I have not filed any complaint, charge, claim, or proceeding against any of the Avon Released Parties before any federal, state, or local agency, court, or other body relating to my employment and the cessation thereof. I further agree
that if, I or any other person files an action, complaint, charge, claim, or proceeding against any of the Avon Released Parties, I will not seek or accept any monetary relief in such action, complaint, charge, claim, or proceeding. 
 I further represent and understand that by signing this release, I agree that I will, as may be reasonably requested from time to time by Avon,
(i) advise and consult on matters within or related to my expertise and knowledge in connection with the business of Avon, (ii) make myself available to Avon to respond to requests for information concerning matters involving facts or
events relating to Avon, and (iii) assist with respect to pending and future litigation, investigations, arbitration, or other dispute resolution matters. In agreed upon circumstances, I understand that I will be paid at the rate of my current
salary as of my last day of active employment for time expended by me at Avon’s request on such matters, and that I will receive reimbursement for reasonable out-of-pocket expenses incurred in connection with such assistance. I understand that
I will not be credited with any compensation, service or age credit for purposes of eligibility, vesting, or benefit accrual under any employee benefit plan of Avon. 
 I further represent and warrant that I fully understand the terms of this general release, that I have been encouraged to seek the benefit of advice of counsel, and that I knowingly and voluntarily, of my own free
will, without any duress, being fully informed, and after due deliberation, accept its terms and sign below as my own free act. I understand that as a result of executing this general release, I will not have the right to assert that Avon or any
other Avon Released Party unlawfully terminated my employment or violated any of my rights in connection with my employment. 
 I understand
that in the event Avon receives any inquiries from prospective employers, it shall be the policy of Avon to respond by advising that Avon’s policy is to provide information only as to service dates and positions held and by providing such
information. 
 I acknowledge that I am hereby being advised by Avon to consult with legal counsel before signing this general release, and
that I am encouraged and cautioned by Avon to consult with an attorney prior to my signing this general release. Further, I have 21 days to consider whether to sign this general release, during which time Avon will not 

  

 14 

 
change or revoke the offer contained in the Letter. However, I am not required to consult an attorney or to delay accepting such offer and I may choose to
sign this general release at any time during the 21-day consideration period. I understand that if I do not execute this general release and return it to Avon within 21 days of the date on which I received the Letter, then I will not be entitled to
any benefits under the Letter. As long as I sign and return this general release and the Letter within such time period, I will have seven days immediately thereafter to revoke my decision by delivering written notice of such revocation to the
Senior Vice-President Human Resources. If I do not revoke my decision during that seven-day period, then this general release and the Letter will become effective on the eighth day (the “Effective Date”). 
 This general release shall be governed by the laws of the State of New York without giving effect to its conflict of laws principles. 
  

					
	 /s/ Gilbert L. Klemann, II
	 		  	  8/7/07  
	Gilbert L. Klemann, II	 		  	Date

  

 15

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