Document:

Document

Fixed-Term Employment Agreement

Coty Italia S.r.l.
via Ferrante Aporti 28, Milan (Italy) (the „Company“)

and

Ms.    Anna    von    Bayern,    born in XXX on  XXX, residing   at   XXX, (the "Employee”).

Preamble

The Company is a company of Coty-Group with the ultimate parent company Coty Inc., (“Coty”) which has its head offices at Empire State Building, 350 Fifth Avenue, New York, NY 10118. This fixed-term employment agreement (“Agreement”) replaces any former agreements signed between any entity of the Coty Group and the employee.

    1.    Employment, Description of Scope
1.1        The employment relationship shall commence on 1st September 2020 and shall end on 31 December 2020.
1.2    The Employee confirms that Employee is not bound by any non-competition restrictions or other understanding    preventing Employee from entering into this Agreement and starting the activities for the Company.

1.3    The Employee shall act as Chief Corporate Affairs Officer.

1.4    The Employee shall report to Coty CEO. In the execution of the Employee’s duties, the Employee shall follow Company and Coty policies.

1.5    The place of employment shall be the Company’s registered office provided, whereas the Employee’s activities may require a significant amount of business travel.

1.6     The Employee is a key management employee (leitender Angestellter) pursuant to Section 5 (3) Works Constitution Act (Betriebsverfassungsgesetz).
2.        Working Hours
The regular weekly working time of the employee is [40] hours.
3.        Remuneration

3.1     The Employee shall receive a monthly gross salary in the amount of EUR 25.000.

3.2    Any services rendered beyond general working hours, in particular work rendered on Sundays and public holidays as well as overtime is compensated by the fixed salary and there is no claim for additional compensation.

3.3     The employee will receive in the first open trading window following her start date Restricted Stock Units (RSU) or Cash Units with a value of US$2,900,000 (two million nine thousand U.S. dollars) calculated as being a number of Restricted Stock Units or Cash Units equal to this amount divided by the 30-day average stock price prior to the grant date. These Units will vest by third on each of the first, second and third anniversary of the grant date. This program covers all variable pay. All equity grants are subject to discretionary review and approval of Coty’s Board of Directors.

4.        Vacation
4.1    The Employee is entitled to the statutory minimum vacation.
4.2     In planning vacation the Employee will consider the business requirements of the Company and will coordinate vacation days with her immediate Supervisor.

5.        Absence / Illness

5.1    In each case of unforeseen absence, the Employee shall inform the Company without delay thereof and of foreseeable length of his absence. At the same time, the Employee shall inform the Company about any assignments which are to be completed on an urgent basis.
5.2     In the case of  sickness,  the Employee shall be obliged to present a doctor’s certificate of inability to work giving the probable duration thereof before the end of the third calendar day from the beginning of inability to work. Should the inability to work last longer than given in the doctor’s certificate a new doctor’s certificate shall be submitted within three days. This obligation shall also apply after expiration of the statutory period of continued payment of remuneration in the event of sickness.

6.    Benefits
6.1    The entitlement to a company car, if any, refers to the Company’s local policies as applicable from time to time.
6.2     Any work related travel shall be subject to the Coty Travel Policy as applicable from time to time. All travel expenses must be properly accounted for and documented and shall be filed for reimbursement without delay. Any request for reimbursement shall be subject to local tax rules, the provisions of the Coty Travel Policy, and must first be approved by the Employee’s immediate supervisor.
7.Term / Probationary Period / Termination / Release from Duties / Obligation to Return

7.1    The employment relationship shall be for an definite period, and will end    without    further communication on 31 December 2020.

7.2     Either party may terminate this Agreement by four weeks notice to the fifteenth or the end of a month.

Extended terms of notice, which are mandatory for a termination by the Company, shall be mandatory for a termination by the Employee as well.

7.3    The right to terminate the employment relationship with immediate effect for good cause remains unaffected.

7.4    Any notice of termination has to be in writing.

7.5    Upon termination of this Agreement – regardless of the identity of the terminating party – the Company shall be entitled to release the Employee from her work duties subject to continued payment of the contractual remuneration. For the period of the release from duties, Section 615 sent. 2 of the German Civil Code (Bürgerliches Gesetzbuch) shall apply. The Employee shall be obliged to inform the Company without being asked to do so about the amount of income that he received during the period of the release from duties.

7.6     Upon terminating her employment for any reason or whenever so directed by the Company or Coty, the Employee will return any documents, papers, drawings, plans, diskettes, tapes, data, manuals, forms, notes, tables, calculations, reports, or other items which Employee has received, or in or on which Employee has stored or recorded Company or Coty data or information, in the course of her employment as well as all copies and any material into which any of the foregoing has been incorporated and any other Company or Coty property which may be in her possession or control, to the Company or to such entity as Coty may direct, without right of retention.

8.    Code of Business Conduct, Confidentiality

8.1     The Employee will comply with Coty Code of Business Conduct, a copy of which has been provided to the Employee.
8.2     The Employee shall not disclose, directly or indirectly, during or any time following employment, to others or use for Employee’s own benefit or for the benefit of others and agrees to keep strictly confidential all information concerning the Company or any other entity within Coty unless such use or disclosure has been approved in advance and in writing by the Company or Coty. This duty of confidentiality applies in addition to all applicable laws regarding the protection of trade secrets and includes, but is not limited to, any internal papers and documents, business secrets or know-how, proprietary information, business or marketing plans, cost calculations, financial or other data, profit plans, inventions, discoveries, processes, drawings, notes, customer or supplier information and any other internal information which the Employee has received, used, observed, been exposed to or had access to in the course of her employment with an entity of Coty.

9.        Exclusionary Periods

9.1     All claims arising from the employment relationship shall be forfeited if they are not asserted against the other Party in writing within three months of their maturity.

9.2    Should the other Party reject the claim or it does not take a position on it within three weeks of the assertion of the claim, the claim shall be forfeited if it is not asserted in court within three months of the rejection or the expiration of the three-week period.
9.3    Sec. 9.1 and 9.2 shall also apply to claims associated with the employment relationship.

9.4     Sec. 9.1, 9.2 and 9.3 shall not apply for claims in the meaning of Section 309 No. 7 of the German Civil Code (Bürgerliches Gesetzbuch), claims for liability due to intentional conduct as well as for claims which can neither be restricted nor excluded or which cannot be waived, e.g. such as claims under the provisions of the Minimum Wage Act (Mindestlohngesetz).

10.    Written Form
Modifications of and amendments to this Agreement shall only be valid if made in writing. This shall also apply to the abolishment or modification of or amendment to the foregoing written form requirement.

11.General,    applicable law, severability clause
11.1     This Agreement relates only to the Employee’s employment with the Company. Nothing within this Agreement shall be construed as to constitute an employment agreement with Coty or any of its entities, other than the contracting Company.
11.2      The provisions of this Agreement shall be subject to the laws of Germany. This shall not apply with regard to the Coty APP. With regard to this, the provisions stipulated in the plan rules shall apply.
11.3    Any grievance relating to employment should be referred to Employee’s Department Head.
11.4     If one or more of the provisions of this Agreement is or becomes wholly or partly invalid or unenforceable, or if this Agreement fails to cover an issue which the parties would have covered had they thought of it at the time of the Agreement, such invalidity, unenforceability or missing provision shall not affect the validity of the remaining provisions of this Agreement. Such invalid, unenforceable or missing provision shall be replaced by a valid provision which best reflects the intentions of the parties to this Agreement in accordance with the valid provisions of this Agreement, applicable laws and the Company and Coty Policies referred to in this Agreement.
 
Any references to the masculine gender herein are for convenience only.

The English version of this Agreement is binding.

Unterschriften/Signatures Coty Italia S.r.l.
Datum/Date:21 December 2020    Datum/Date:21 December 2020_

/s/ Gianluca Tordi                      /s/ Mauro Riccio
         _     
Name:    Gianluca Tordi    Name:    Mauro Riccio
Position:    Senior HR Director Italy    Position:    Interim MD & CFO Italy

Mitarbeiterin/Employee:

         /s/ Anna von Bayern

Datum/Date:21 December 2020

      Anna von BayernDocument

EMPLOYMENT CONTRACT

between

Coty Italia S.r.l. in the person of its legal representative, with registered offices in Milan, via Ferrante    Aporti 8, VAT number 00157700204 (hereinafter, the “Company”

and

Ms. Anna Von Bayern, born in XXX on  XXX, Fiscal Code XXX (hereinafter, the “Executive”)

(the Company and the Executive may be referred to separately as the “Party” and, jointly, the
“Parties”)

WHEREAS

a)the Company is part of the Coty Group (together with the Company, the “Group” active, among other things, in the production, commercialization and marketing of products and accessories in the fashion/luxury/cosmetics sector (the “Products");
b)the Company offered to the Executive a position in its structure;
c)the Parties therefore intend to establish an open-ended employment relationship (the “Relationship” under the full terms and conditions set out under this employment contract (the “Contract”).

the following is agreed and stipulated.

Article 1     General Provisions

1.The premises form an integral part of this Contract.
2.The Parties mutually agree that the Contract is fully compliant with the conditions set out over the course of the negotiations between them.

Article 2     Effective date, level and job title

1.The Executive is hired with effect from 1 January 2021, with the level and status of dirigente pursuant to the provisions of the National Collective Bargaining Agreement for Executives of the Industrial Sector (the “N.C.B.A.”).
2.The Executive, in recognition of the activity carried out in favour of the Company under the terms of a fixed-term employment contract subject to German law for the period September-December 2020 is granted, for all legal and contractual purposes, a conventional seniority dating from 1 September 2020.
3.The Executive is assigned the duties of Chief Corporate Affairs Officer (the “Duties”, without prejudice to any of the employer's prerogatives pursuant to art. 2103 of the Italian Civil Code. The actual content and nature of the Duties is set out under Attachment A to this Contract.    

Article 3       Workplace

1.The Executive's place of work is at  the  Company  offices in Milan, Palazzo Aporti, via Ferrante Aporti 8.

2.Travel in Italy and abroad will be essential to the Executive’s Duties and will be part of her normal activity, with the right exclusively to reimbursement of travel, board and lodging expenses, under the conditions of Group and Company policies, as better detailed under article 7 below.

Article 4    Annual base salary

1.The Company  shall pay  the  Executive,  as compensation  for  her  activities and  for  all of  her obligations, a fixed annual gross salary equal of Euro 750.000,00 (seven hundred fifty thousand/00), in 14 monthly installments (the “Fixed Salary”).
2.The Fixed Salary  has  been  determined  as  a  special  condition  of  best  favour  and  also  as  an anticipation, and absorption, of any possible improvement that may derive from any source of regulation of the Relationship,  including  collective  ones,  and  represents  the  monetary compensation  for  the  particular  characteristics and   methods  of  performance  of  the  Relationship itself, also with reference to working hours, place of work and necessity of  travel. It therefore replaces any other treatment, excluding any item, institution, remuneration or compensation provided for by any source of regulation of the Relationship.

3.The Fixed Salary has also been determined  as already  remunerative  of: (a) any  activity carried  out by the Executive within the scope of the Relationship, including any functions and responsibilities  connected with corporate offices of any kind and/or appointments,  also pursuant  to art. 2381 of the Italian Civil Code, entrusted to the Executive, with therefore any further compensation waived herein by the Executive, unless differently agreed upon on a case to case basis; (b) any discomfort entailed by the need of  constant  travel,  which will  be part of the ordinary working activity (for which see also  under  article 7  below);  (c) any  expenses  -  personal  or  family-related -  to  be sustained for her relocation to Italy.

Article 5    Special obligations of the Executive

1.In light of the high profile of her role within the Company structure, the Executive  expressly undertakes:
a)to peruse and comply with all  regulations applicable  to  the  Company ' s  activities  and  the Relationship (including the provisions of the Company's Code of Ethics or other Company policies, circulars, regulations, and/or organizational models pursuant to Legislative Decree 231/2001, from time to time in force);
b)to carry out the Relationship and its Duties with the utmost professionalism and to the best of her ability, with commitment, spirit of initiative and proactive approach consistent with the nature of her status and the prestige of the Company;
c)to act as a positive reference point for colleagues, collaborators and partners of the Company, and to behave, even outside the work context, in a manner appropriate to the role covered and such as to constitute a concrete declination of the values and principles expressed in the Code of Ethics, avoiding conduct inconsistent with the Duties or with the prestige and image of the Company;
d)to refrain from any conduct, even omissive, which may, even potentially, cause or facilitate the imitation and/o counterfeiting and/ or confusion, or in any case the undue exploitation by third parties, of Products and/or any production or sales method or process that is the responsibility of the Company or other Group companies, as well as the relevant trademarks and distinctive signs and in general the relative notoriety;
e)to prevent and avoid situations of conflict of interest, even potential or indirect ones;

f)not to offer customers, suppliers or other interlocutors, public or private, of the Company, gifts of any kind, except in the context of promotional policies validated by the Company in compliance with applicable regulations, and not to receive gifts unless of modest or symbolic value;
g)to refrain from issuing, unless authorized in writing or within the context of an official Company resolution, to any information body, in any place, place or occasion, including social networks, comments or statements of any kind relating to the Company, the Products or other Group companies and related activities, or to information or news of which the Executive has become aware over the course of the Relationship and while carrying out the Duties.

Article 6     Holidays

1.The Executive shall be entitled to 35 days of holiday per year, pursuant to the provisions set out under the N.C.B.A.
2.In selecting the actual days of vacation, the Executive shall take into account the relevant     Company and business needs.
3.In any event, it is hereby expressly stated that the Executive, in light of her high role and status within the Company organization, is fully entitled to freely select her holidays.

Article 7    Travel expenses

1.The Company shall reimburse the Executive, or bear directly, all travel, board and lodging expenses to be sustained in the performance of her Duties and in the interest of the Company, within the limits and under the conditions set out under the Company or Group policies in force.
2.Since travel, as already stated under article 3.2. above,  will be an essential  and  constant part of the Executive's Duties, and in light of the fact that the Fixed Salary is extremely higher than the minimum legal standard set out under the relevant N.C.B.A., the Parties agree in considering not applicable to the Relationship the travel indemnity set out under article 10 of the N.C.B.A.
3.The Parties mutually agree and acknowledge that point 2. above provides an individual special regulation allowed by, compliant with, and substitutive of the provisions set out under article 10 of the N.C.B.A.

Article 8    Long term incentive plan

1.The Parties mutually acknowledge that in October 2020 the Executive has received a grant of Restricted Stock Units (RSUs) with a grant date value of US$2,900,000 (two million nine hundred thousand U.S. dollars) calculated as being a number of Restricted Stock Units equal to this amount divided by the 30-day average stock price prior to the grant date. These Restricted Stock Units will vest by a third on each of the first, second and third anniversary of the grant date.
2.The above-mentioned program, subject to Group policies and regulations, covers all variable pay connected to the Relationship.

3.All future equity grants are subject to discretionary review and  approval of the Company’s Board of Directors or a committee thereof.

Article  9     Further benefits

1.For the execution of the Contract, a company car will be made available  to  the  Executive, according to  Company policies, which the Executive may  also  use for  personal reasons. The value of the private use of the car for tax and contribution purposes will  be calculated according to the regulations in force from time to time. In lieu of the car, as an alternative benefit the Company may opt for the payment of a car allowance.

2.Dating from 1 January 2021 the Executive shall be  enrolled in the  Company benefits programs in force, at the conditions set out therein.  It is hereby  clarified  and  agreed  that  the conventional seniority set out  under  article 3.2. above will not be taken into  consideration  to  the  purposes  of the above-mentioned benefits programs. Detailed information describing said programs will be provided to the Executive by  the  Human Resources  Department.  The Company  reserves the right to  amend,  modify or  terminate  any of its employee  benefit  plans or  programs at  any  time and for any reason, and the Executive shall  not be entitled to any compensation or alternative benefit or pecuniary right with reference to their hypothetical modification or discontinuance.

Article 10    Non-compete agreement

1.The Executive will be bound by the non-competition  and  non-solicitation  agreement  provided under the RCA in Attachment B, which is undersigned together with this Contract.

2.As compensation for the obligations arising from the non-competition agreement, the Company will pay the Executive, after the termination of the Relationship, the amount set out under the above-mentioned Attachment B.

Article 11    Confidentiality

1.Without prejudice to laws and regulations currently in force, the Executive will not, during the Relationship or at any time thereafter, directly or indirectly disclose or use, for her own benefit or the benefit of any third party, any information disclosed  to  or  acquired,  developed,  learned  or known as a result of or in connection with her employment with the Company, that is not generally known in  the  industry in  which  the  Company  and  its affiliates are engaged  or ascertained  from public or published information, about the Company and its affiliates (including without limitation its business, products, processes, systems and services, in existence or under development), its customers, vendors and suppliers (“Confidential Information”).

2.The Executive expressly acknowledges that, because Confidential Information is extremely valuable, the Company and its affiliates take appropriate measures to maintain its confidentiality, and that she has an obligation to safeguard and  protect Confidential Information  from  disclosure and use. 

3.The Executive is under the obligation not to take with her any documents, materials or things that embody or contain Confidential Information when she leaves Coty, and to return all  such documents, material and  things to the Company prior to  her departure. If ever asked or requested to disclose any Confidential Information, pursuant to legal process or otherwise,  the  Executive agrees to contact the Company and to seek (to the extent permitted by law) it s consent prior to such disclosure. These confidentiality obligations are permanent and do not lapse upon the termination of the Relationship.

4.More detailed rules and obligations are set out under the RCA provided under Attachment B, which forms an integral part of this Contract.

Article 12 Final provisions

1.This Contract shall be regulated and governed by the laws of Italy.
2.For matters not expressly regulated herein, reference is to be made to the N.C.B.A.
3.This Contract contains the entire understanding of the Parties with reference to  its subject matter, and supersedes and replaces all prior agreements and understandings, both written and oral, between the Company and the Executive. The parties mutually acknowledge and agree that no other representation, promise or regulation concerning the Relationship have been made or provided except as specifically set forth in the Contract.
4.Any other employment relationship between the Executive and the Company, or between the Executive and a company of the Group, if any, is to be considered hereby mutually terminated to all legal and contractual purposes.

5.Any amendment to this Contract must be made in writing and signed by a duly authorized officer of the Company.

Milan, 1 January 2021

For Coty Italy S.r.l.

/s/ Mauro Riccio

Mauro Riccio
Interim MD & CFO Italy

/s/ Simone Dominici

Simone Dominici
EVP EMEA

For Executive

/s/ Anna von Bayern

Anna Von Bayern

ATTACHMENT A

Chief Corporate Affairs Officer - Duties

Serve as  the  Chief  Corporate  Affairs  Officer  of  the  global  organization,  with  primary  responsibilities for global communication s, investor relations, and public affairs including the following:

•Lead investor relations to enhance stockholder value via strategic investor relations program
•Lead internal and external communications strategy by developing and implementing integrated communications plans and processes
•Provide strategic counsel to the Chief Executive Officer and Board of Directors on developing vision and message to internal and external stakeholders

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