Document:

Exhibit

Exhibit 10.16

	
	
	

Sublease Agreement of Real Property
for Non-Residential Purposes

By and Between

Cosmed Indústria de Cosméticos e medicamentos S.A.

and

Savoy Indústria de Cosméticos S.A.

With respect to CECI (Barueri)

São Paulo, February 1st, 2016

	
					
	 
	 
	 
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Sublease Agreement of Real Property for Non-Residential Purposes

By this private instrument:

I.    On the one side:

(a)    Cosmed Indústria de Cosméticos e Medicamentos S.A., a publicly-held corporation existing and organized under the laws of the Federative Republic of Brazil, with its principal place of business located in the City of Barueri, State of São Paulo, Brazil, at Rua Ceci, 282, Mod. 01, Centro Empresarial Tamboré, 06460-120, enrolled with the CNPJ/MF under No. 61.082.426/0002-07, herein represented by its legal representatives, hereinafter referred to as “Sub Lessor”;

II.    On the Other side:

(b)    Savoy Indústria de Cosméticos S.A., a Brazilian company existing and organized under the laws of the Federative Republic of Brazil, with headquarters in the City of Goiânia, State of Goiás, at Avenida C, 171, Quadra 403, Lote 14, 822, Sala 2, Setor Jardim América, 74275-010, enrolled with CNPJ/MF under No. 15.392.876/0001-06, with its Bylaws duly registered before the Board of Trade of the State of Goias (“JUCEG”) under NIRE 52.300.016.941, herein represented by the undersigned duly authorized to execute this Agreement, hereinafter referred to as “Sub Lessee”; and

Sub Lessor and Sub Lessee hereinafter jointly referred to as the “Parties”, and each of them, individually and indistinctly referred to as a “Party”, 

And

III.    As Guarantor:

(c)    Coty Brasil Indústria E Comércio De Cosméticos Ltda., a limited liability company with headquarters in the City of Rio de Janeiro, State of Rio de Janeiro, at Rua Senador Dantas, 71, sala 1406, Centro, 20031-202, enrolled with the CNPJ/MF under No. 00.999.968/0001-73, herein represented in accordance with its incorporation documents, by the undersigned duly authorized to execute this Agreement, as it was declared by them, hereinafter referred to as the “Guarantor”,

Whereas:

(i)    on August 13, 2010, Sub Lessor, in the capacity of lessee, and the Eliver Empreendimentos Imobiliários Ltda., in the capacity of lessor, executed a lease agreement for non-residential purposes, amended on August 31, 2010 and May 21, 2015 (the “Lease Agreement”), which object is the lease of the real property located at Avenida Ceci, 282, Centro 

	
					
	 
	 
	 
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Empresarial Tamboré, Tamboré, City of Barueri, State of São Paulo, Brazil, registered in the real estate record file N. 129,194 of the Real Estate Registry Office of Barueri/SP, with total built area of 2,739 sqm (“Leased Property”);

(ii)    Sub Lessee is interested in subleasing part of the Leased Property, consisting of seventy six percent (76%) of the Leased Property, described and identified in accordance with the blueprint attached hereto as Exhibit (ii), with the right to use common areas of the Leased Property, and Sub Lessor is interested in granting such part of the Leased Property in sublease to Sub Lessee; 
  
(iii)    the Lessor has agreed to grant its consent to the sublease, as required in the Lease Agreement, provided that Sub Lessor shall remain liable for all the obligations assumed in the Lease Agreement, in accordance with the consent letter attached to this instrument as Exhibit (iii); and

(iv)    this Agreement is executed in the context of and in connection with the Shares and Trademarks Sale and Purchase Agreement, entered into between Sub Lessor and Cosmed, together with other Parties, on November 02, 2015 (the “SPA”);

now, therefore, the Parties hereto enter into this Sublease Agreement of Real Property for Non-Residential Purposes (the “Agreement”) under the following terms and conditions:

Section 1.    Object

1.1.    The object hereof is: (i) the sublease of part of the real property located at Avenida Ceci, 282, Centro Empresarial Tamboré, Tamboré, City of Barueri, State of São Paulo, Brazil; and (ii) the right to use common areas of the Leased Property (“Common Areas”), duly identified in the blueprint attached herein as Exhibit 1.1, pursuant to the terms and conditions of this Agreement and additional rules of use yet to be instituted by the Parties.

Section 2.     Purpose And Conditions of the Subleased Property

2.1.    The Subleased Property shall be used exclusively for the performance of the Sub Lessee activities. The Sub Lessee is allowed to carry out any other activity in the Subleased Property provided for herein, provided that Sub Lessee complies with any applicable rules and licenses.

2.1.1.    The Sub Lessor hereby represents that, to its knowledge, there is no restriction of urban, environmental, sanitation, roads and security nature preventing the performance by the Sub Lessee of its activities in the Subleased Property.

2.1.2.    The Sub Lessor hereby represents that the Subleased Property is in perfect conditions for the use of the Sub Lessee to performance its current activities, including, 

	
					
	 
	 
	 
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but not limited, to infrastructure aspects, electricity, water, sewer, among others, undertaking to present all necessary documents for the obtainment of the required authorization and licenses by Sub Lessee for development of its activities in the Subleased Property.

2.1.3. The Sub Lessor represents and warrants that the activities that shall be undertaken by the Sub Lessee in the Subleased Property are permitted by zoning ordinances, environmental legislation and legislation concerning the protection of green areas and water sources, and that all licenses and authorizations that may be required for the exercise of Sub Lessee’s activities in the Subleased Property are obtainable, considering the structure and the activity currently developed by the Sub Lessor in Leased Area.
 
2.1.4.    The Sub Lessee shall inspect and examine the Subleased Property along with its accessories, and the Subleased Property’s conditions shall be described in a photographic inspection report, which shall be signed by the Parties until February 1st, 2016. This inspection report, once prepared and agreed by the Parties, shall be attached as Exhibit 2.1.4 (the “Inspection Report of the Property”). 

Secton 3.    Sublease Term

3.1.    This Agreement shall be in effect until December 31, 2016, beginning on the Business Closing Date, as defined in the SPA, which shall be automatically renewed once for the same period, unless otherwise expressed in writing by the Parties (the “Term”).

3.2.    In the event the Sub Lessee obtains the licenses for the development of its activities in the Subleased Property (which evidence of filing constitutes Exhibit 3.2) prior to the end of the Term, Sub Lessor undertakes to assign the Lease Agreement to Sub Lessee and (i) Sub Lessee undertakes to accept such Lease Agreement entirely, and (ii) sub lease back part of such Lease Agreement with respect to the part of the property which is currently used by Sub Lessor consisting of twenty four percent (24%). 

3.2.1.    In the event of Section 3.2, Sub Lessee shall pay to the Sub Lessor, within ten (10) business days following the execution of any assignment and sublease documents, the amount of R$ 5,500,000.00 (five million and five hundred thousand Reais), corresponding to the improvements made by Sub Lessor and the additional assets listed in the Exhibit 3.2.1.

Section 4.     The Rent

4.1.    The Sub Lessee shall pay to Sub Lessor a monthly rent in the amount of R$ 114,250.00 (one hundred and fourteen thousand, two hundred and fifty Reais) (the “Rent”), to be paid to Sub Lessor until the twentieth (20th) day of the month following each monthly rental period, by means of a wire transfer of immediately available funds to the bank account of 

	
					
	 
	 
	 
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the Sub Lessor, in bank Bradesco S.A., branch 02372, account 0006462-9, and the deposit shall be valid as receipt and evidence of release of such obligation. 

4.2.    On each anniversary of the effectiveness of this Agreement, the Rent shall be annually adjusted by the variation of the General Market Price Index (Índice Geral de Preços de Mercado), disclosed by Fundação Getúlio Vargas (“IGP-M/FGV”) or, in case of its extinction, by its substitute or, if there is no substitute, by the Consumer Price Index, also disclosed by Fundação Getúlio Vargas (“IPC/FGV”) or by the index to be mutually agreed by the Parties.

4.3.    If the Rent is not paid on the due date stipulated above, Sub Lessee shall be subject to the payment of the debt plus a penalty of eight percent (8%), besides the payment of interest corresponding to one percent (1%) per month, as well as monetary adjustment, calculated pro rata tempore, according to the indexes set forth in Section 4.2 above. 

Section 5.    Expenses

5.1. During the Term of this Agreement, the Parties agree to share between them the use of certain materials and services related to the Subleased Property (the “Resources”), as well as the corresponding costs and expenses incurred in the effective use of such Resources, as required for the performance of the routine and supporting activities of the Parties (the “Supporting Activities”), without any profit intent.

5.2. The Parties agree that no compensation shall be due to any of them as a consequence of the operation, management and sharing of the Resources and of the Supporting Activities pursuant to Section 5.1 above, other than the reimbursement, by Sub Lessee, of the costs and expenses incurred by the Sub Lessor as a result of the use of the common Resources and Supporting Activities.

5.3    Cost Sharing Criteria.    All costs and expenses incurred as a result of the Supporting Activities and to the common use of the Resources will be shared between the Parties, based on the percentage that the Subleased Property represents of the Property, as indicated in Exhibit 5.3 hereto. 

5.4.    It is hereby agreed that the Sub Lessee shall reimburse the Sub Lessor for any common and ordinary costs and expenses related to the sharing of the Resources and to the performance of the Supporting Activities, as applicable. However, the Sub Lessee shall not be responsible for any additional amounts incurred by the Sub Lessor due to its own negligence, malpractice or default (such as, but not limited to, fines and interests related to the late payment of any amounts due).

5.5.    Audit Rights.

(i)    No payment by the Sub Lessee or acceptance by the Sub Lessor shall question 

	
					
	 
	 
	 
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the right of the Sub Lessee to question the validity of any Debt Note or payment; provided, however,  that neither Party shall be required to adjust any Debt Note or payment unless a written claim is presented within twenty (20) days from the date on which such Debt Note was paid; and provided further, that neither party shall be entitled to challenge any Debt Note or payment made following the twentieth (20th) day following receipt of such payment or Debt Note.

(ii)    Any claims arising out of or in connection with Expenses shall be settled through amicable consultation between the Parties, as follows: such consultation shall begin immediately between the Parties’ respective appointed representatives, after one Party has delivered a written request for discussion to the other Party detailing the Debt Note or payment in question.

(iii)    In the event that the appointed representatives cannot resolve the claim or dispute within five (5) business days from the receipt of the request referred to in item (ii) above they shall escalate the discussion to each Party’s appointed senior representatives.

(iv)    In the event that no agreement is reached through the above-mentioned discussions within thirty (30) days following the date on which such request was received by the non-disputing Party, then the Party disputing the Debt Note or payment shall have the right to have an unaffiliated third party-expert (the “Expert”) to audit and review the costs on which the disputed Debt Note or payment are based and all other relevant information in possession of the other Party related thereto. The audit shall be conducted during normal business hours, and at a place and date mutually agreed between the Parties.

(v)     The determination of the Expert shall be final and binding on the Parties, except in cases of fraud or manifest error.

(vi)    Amounts not so disputed shall be deemed accepted and shall be paid, notwithstanding disputes on other items, within the term set forth in this Agreement.

5.6.    Labor Aspects.    Each Party shall have no any employment relationship with the other Party. Each Party is and will be solely liable for all obligations related to its employees, including those arising out of labor, tax, social security laws or of any other nature.

5.6.1.    For the avoidance of doubt, it is hereby agreed that any obligation resulting from any eventual labor claim of employees allocated for the activities of each Party shall not be reimbursed by the other Party.

5.7.    Procedures for Reimbursement. For the purposes of reimbursement of the costs and expenses due by Sub Lessee to the Sub Lessor under this Agreement, the Sub Lessor shall, at the closing of each calendar month, provide the Sub Lessee with a complete report detailing the Expenses incurred during that month, and their respective calculation (the “Expenses 

	
					
	 
	 
	 
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Report”). Each Expenses Report shall be accompanied by the relevant debt note issued by the Sub Lessor, to enable its payment by Sub Lessee (the “Debt Note”).

5.8.    Except as otherwise agreed by the Parties, the Debt Note shall be paid by means of a wire transfer of immediately available funds to the bank accounts of the Sub Lessor, as indicated in Section 4.1 above.

Section 6.     Indemnification

6.1.    Each Party shall indemnify, defend and hold harmless the other Party and its respective Affiliates from and against any claims, suits, actions, proceedings, damages, losses, liability, costs and expenses, including reasonable attorneys’ fees, arising out of or resulting from: (a) non-compliance with any law, regulation, ordinance, rule or provisions of this Agreement applicable to the respective Party, its assets and employees  and to the payment of the Expenses, and (b) negligence, errors or omissions by the Party when performing its activities and its obligations under this Agreement.

6.2.     This Agreement does not imply joint and several liabilities between the Parties for any labor, social security or tax obligations assumed by any of them. The Parties are independent and will not interfere in each other businesses and activities.

Section 7.    Improvements

7.1.    Sub Lessee cannot make any construction, improvement and/or modification to Property without the prior written consent of the Sub Lessor.

7.2.    Any improvements introduced in the Subleased Property by the Sub Lessee shall be incorporated thereto and the Sub Lessee shall not be entitled to any reimbursement at the time of the return of the Subleased Property.

7.3.    Sub Lessor shall provide to Sub Lessee and execute any documents and take any measures necessary for the obtainment of the licenses required for the exercise of Sub Lessee’s activities in the Subleased Property.

Section 8.    Assignment

8.1.    Sub Lessee cannot transfer this Agreement, and/or assign the rights and obligations provided in this Agreement, as well as lend the Subleased Property, without the prior written consent of Sub Lessor, except for any affiliates of the Sub Lessee, in which case no prior consent shall be required from the Sub Lessor.

Section 9.    Return of the Subleased Property

	
					
	 
	 
	 
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9.1.    Should this Agreement expire for any reason, the Sub Lessee shall return the Subleased Property to the Sub Lessor at the same conditions as received, except for wear and tear resulting from normal use and modifications made to the Subleased Property pursuant to Section 7 above.

9.2.    Sub Lessor undertakes to perform maintenance and any repairs of structural nature in the Subleased Property, in accordance with the provisions of Article 23 of Law No. 8,245/1991, in the conditions delivered, as described in the Inspection Report, except for regular wear and tear.

9.3.    The return of the Subleased Property shall be preceded by an inspection of the Subleased Property by the Parties, who shall jointly prepare and sign a return inspection report, where any damages and/or improvements to the Subleased Property and the value thereof shall be reasonably described, except for regular wear and tear.  

Section 10.    Guarantee

10.1.    The Guarantor underwrites this Agreement jointly and severally with Sub Lessee to guarantee the faithful compliance of its obligations undertaken herein until the date of the effective restitution of the possession of the Subleased Property to the Sub Lessor. The Guarantor hereby waives the rights set forth in articles 827, and 835, of the Brazilian Civil Code, as well as the benefits of articles 836, 837, 838, and 839, of the Brazilian Civil Code, and acknowledges that the extension of its responsibility comprises the timely payment of the expenses incurred with the consumption of electricity, water, gas, real estate taxes, and other public services or charges applicable to the Subleased Property.

10.2.    In case of judicial or extrajudicial reorganization, corporate reorganization, bankruptcy or insolvency of the Guarantor, Sub Lessee will be required to, no later than thirty (30) days as from the date of the relevant event, replace the Guarantor for another one of similar financial condition to the Guarantor.

Section 11.    Breach and Penalties

11.1.    The Parties undertake to respect the present Agreement in all its clauses and conditions, and the Party that breaches any contractual or legal provision and does not cure that infraction within the terms of Section 11.3 below shall be subject to a fine of three (3) monthly rents in effect at the time of the breach, which shall be paid in full regardless of the period elapsed of this Agreement, including any extensions.

11.2.    The penalty set forth in Section 11.1 above shall not apply to contractual breach by the late payment of rent and charges, which shall be subject to the penalty set forth in Section 4.3 above.

	
					
	 
	 
	 
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11.3.    In case of infraction of the obligations established in this Agreement or of any others set forth under the law, the innocent Party shall notify the other Party in writing, giving the latter a maximum of fifteen (15) days counted from the receipt of the notice to cure the breach, or another agreed term in case of notorious impossibility to cure the breach within said term (“Cure Period”). If the infringing Party does not cure it within the Cure Period, the present Agreement may be terminated, with due regard to the application of the contractual fine established in Section 11.1 above.

11.4.    Sub Lessee will not be subject to penalties in case it decides to terminate the Agreement before the end of the contractual term. 

Section 12.    Obligations of the Sub Lessee

12.1.    With due regard to other obligations undertaken pursuant to the terms and conditions of this Agreement and the applicable law, the Sub Lessee hereby agrees to:

		
	(i)
	pay to the Sub Lessor the rent and the Expenses in a timely manner;

		
	(ii)
	to send to the Sub Lessor, in writing and in a timely manner, any notice containing special instructions or procedures to be adopted in the context of the matters related to the Agreement; and

		
	(iii)
	to grant Sub Lessor access to the data center (centro de processamento de dados), support and information technology assets’ office of Sub Lessor located in the Subleased Property, as identified in Exhibit 12.1(iii). Sub Lessor shall have free and full access to such areas, at any day and time, with no restriction or need of prior notice to Sub Lessee or scheduling.

Secton 13.    Obligations of the Sub Lessor

13.1.    With due regard to other obligations undertaken pursuant to the terms and conditions of this Agreement and the applicable law, the Sub Lessor hereby represents that:

		
	(i)
	The Leased Property is regular in the public records, free and clear of any liens and encumbrances, and is in process of obtaining the relevant licenses, especially with respect to the municipality of Barueri, the Fire Department and the Real Estate Registry Office; and

		
	(ii)
	The Leased Property is free from any materials that may cause damages to human health or any hazardous materials that may represent soil and water contamination. 

	
					
	 
	 
	 
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13.2.    Except when the prior consent of the Property’s owner is required, Sub Lessor, undertakes to: 

		
	(i)
	Exert its best efforts to promptly attend any and all legal requests made by public authorities related to the Leased Property to guarantee, at all times, the safety and the uninterrupted activities of Sub Lessee in the Subleased Property; 

		
	(ii)
	Ensure to Sub Lessee, for the entire lease period, peaceful use, and full access to the Subleased Property; 

		
	(iii)
	Guarantee security, operation, and infrastructure necessary for the regular occupation and activities of Sub Lessee in the Subleased Property, so that the Subleased Property is, at all times, in compliance with the applicable legislation for purposes of security;

		
	(iv)
	Immediately remove any materials that may cause damage to human health or hazardous materials that may represent contamination in the Subleased Property and take all necessary measures to decontaminate the Subleased Property;

		
	(v)
	Authorize the entrance of the Sub Lessee employees in the Leased Property, provided they are previously registered by the Sub Lessor; and

		
	(vi)
	Present, within twenty (20) days from this date, the consents from the grantor bank and the insurance company with respect to the terms of this Agreement, with their respective declarations, confirming the validity of the guarantee and the insurance, under penalty of default under the Lease Agreement.

Section 14.    General Provisions

14.1.    Upon a previous arrangement of time and date and provided that the Sub Lessee’s activities are not disturbed, Sub Lessor may inspect the Subleased Property.

14.2.    No amendment or waiver of this Agreement shall be valid unless made in writing and signed by both Parties.

14.3.    In case of expropriation of the Subleased Property, the Parties shall no longer be obligated to comply with this Agreement, it being preserved the right of defense of the Sub Lessee before the expropriating agent. 

14.4.    If any term or provision of this Agreement is considered illegal, invalid or unenforceable for any reason, such illegality, invalidity or unenforceability shall not affect any other term or provision of this Agreement. 

	
					
	 
	 
	 
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14.5.    This Agreement will be valid and binding on the Parties and their successors of any kind and future purchasers of the Leased Property. 

14.6.    All employees of the Sub Lessee are authorized to enter and lease the Subleased Property. 

14.7.    Notices. All notices, requests, demands, court notifications, services of process, citations and other communications relating to this Agreement shall be made in writing and sent by email, express delivery, or registered mail or personally delivered, to the following addresses:

If to Sub Lessor:
Av. Magalhães de Castro, 4.800, 24th floor, Continental Tower
Cidade Jardim - São Paulo/SP
#######@hypermarcas.com.br

If to Sub Lessee:
Av. Ceci, 171, Quadra 403, Lote 14, no 822, Sala 2,
Setor Jardim América, Zip Code 74275-010
Barueri/SP
#######@cotyinc.com

or to any other address that may be indicated in writing by any of the Parties pursuant to this Section 14.7.

14.8.    This Agreement shall be governed by and construed in accordance with the laws of the Federate Republic of Brazil.

14.9.    Any and all dispute of any nature related to and/or resulting from, directly or indirectly from this Agreement and/or its exhibits, comprising the aspects related to its existence, validity, effectives, interpretation, compliance, breach or termination, even if not including all the Parties, shall be resolved by jurisdiction of São Paulo, State of São Paulo, renouncing to any other jurisdiction. 

14.10.    This Agreement is executed in both Portuguese and English versions. To the extent there is a discrepancy between these two versions, for any and all legal purposes, the Portuguese version of this Agreement shall prevail.

In Witness Whereof, the Parties, together with the Guarantor, execute this Agreement in three (3) counterparts of equal form and content in the presence of the undersigned witnesses.

São Paulo, February 1st, 2016.

	
					
	 
	 
	 
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Signature Page of Savoy Indústria de Cosméticos S.A. of the Sublease Agreement of Real Property for Non-Residential Purposes with respect to CECI (Barueri) entered into by and between Cosmed Indústria de Cosméticos e Medicamentos S.A. and Savoy Indústria de Cosméticos S.A.

Savoy Indústria de Cosméticos S.A.

	
					
	/s/Laurent Nielly
	 
	/s/Nicolas Fisher

	Name:    
	Laurent Nielly
	 
	Name:
	Nicolas Fisher

	Title:
	Chief Financial Officer
	 
	Title:
	Authorized Signer

Signature Page of Coty Brasil Indústria de Cosméticos Ltda. of the Sublease Agreement of Real Property for Non-Residential Purposes with respect to CECI (Barueri) entered into by and between Cosmed Indústria de Cosméticos e Medicamentos S.A. and Savoy Indústria de Cosméticos S.A.

Coty Brasil Indústria De Cosméticos Ltda.

	
					
	/s/Eric Breitman
	 
	/s/Peter Gilmartin

	Name:    
	Eric Breitman
	 
	Name:
	Peter Gilmartin

	Title:
	Authorized Signatory
	 
	Title:
	Authorized Signatory

Signature Page of Cosmed Indústria de Cosméticos e Medicamentos S.A. of the Sublease Agreement of Real Property for Non-Residential Purposes with respect to CECI (Barueri) entered into by and between Cosmed Indústria de Cosméticos e Medicamentos S.A. and Savoy Indústria de Cosméticos S.A.

Cosmed Indústria de Cosméticos e Medicamentos S.A.
	
					
	/s/Martim Prado Mattos
	 
	Armando Luis Ferreira

	Name:    
	Martim Prado Mattos
	 
	Name:
	Armando Luis Ferreira

	Title:
	D. Executive Financeire e de Controladoria
	 
	Title:
	Director Tributario

Signature page of witnesses of the Sublease Agreement of Real Property for Non-Residential Purposes with respect to CECI (Barueri) entered into by and between Cosmed Indústria de Cosméticos e Medicamentos S.A. and Savoy Indústria de Cosméticos S.A.

	
							
	1.
	/s/Rodrigo Soares dos Santos
	 
	2.
	/s/Mariana Apda. de Moraes

	Name:    
	Rodrigo Soares dos Santos
	 
	Name:
	Mariana Apda. de Moraes

	ID:
	RG:27.831.331-0
	 
	ID:
	RG: 46.040.765-X

[ FLOOR PLAN  ]Exhibit

Exhibit 10.27
EMPLOYMENT AGREEMENT
This Employment Agreement (the “Agreement”) is entered into this day of 7th June, 2016 between Coty Services UK Limited, a company incorporated in England and Wales with the company number 325646  (the “Company”) and Sebastien Froidefond (“Executive”). The Company is a direct or indirect subsidiary of Coty Inc., ("Coty Inc.") which has its head offices at 350 Fifth Avenue, New York, NY 10118. 
RECITALS
		
	A
	The parties desire that Executive will become employed by the Company on 1 July 2016, or such earlier date as agreed by the parties.

		
	B
	The parties desire to set forth in this Agreement the terms of Executive’s employment with the Company.

NOW, THEREFORE, the parties agree as follows:
		
	1.
	Employment

		
	1.1
	In General

The Company agrees to employ Executive on 1 July, 2016, or such date as agreed by the parties (the “Effective Date”), and Executive accepts such employment, on the terms and conditions set forth in this Agreement.  Executive’s period of employment with Coty SAS shall count towards Executive’s period of continuous employment, which began on 24th August, 2015.
		
	2.
	Duties

		
	2.1
	Chief Human Resources Officer

		
	2.1.1
	Executive shall be the Company’s CHRO, reporting to the Chief Executive Officer, and shall serve on the Company’s Executive Committee. Executive shall perform all duties customarily associated with his office and shall perform such additional duties consistent with his position as may be assigned to him from time to time by the Chief Executive Officer.  

		
	2.1.2
	Subject to Section 2.1.3, Executive shall devote his entire business time, attention, and energies to the business of the Company during Executive’s employment with the Company and shall use his best efforts to perform such responsibilities faithfully and efficiently.  Executive shall comply with the Coty Code of Business Conduct, as in effect from time to time.  Executive’s working hours are 9am to 5pm Monday to Friday, including an unpaid hour for lunch, plus such additional hours required for the proper performance of his duties under his employment.  Executive agrees, in accordance with Regulation 5 of the Working Time Regulations 1998, that the provisions of Regulation 4(1) do not apply to Executive, and that Executive shall give the Company three months’ notice in writing if he wishes Regulation 4(1) to apply to him.

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	2.1.3
	Nothing herein shall prohibit Executive from pursuing charitable activities that are unrelated to the Company’s business as long as they do not violate Section 7, conflict with the interests of the Coty group, or interfere with the performance of his duties pursuant to this Agreement.

		
	2.2
	Location

Executive’s position will be based at the Company’s principal office in London.  Notwithstanding the foregoing, Executive will be required to travel extensively within the normal course of his duties.  Executive may also be required to relocate in accordance with the Company's needs, such relocation being subject to the terms of the Company’s International Transfer Policy.
		
	3.
	Compensation and Benefits

Executive’s compensation and benefits during his employment under this Agreement shall be as follows:
		
	3.1
	Salary

The Company shall pay Executive base salary (“Salary”) at an annual rate of £320,000 payable in equal monthly instalments in arrears.  Executive’s Salary shall be payable in accordance with the Company’s normal payroll practices as in effect from time to time.
		
	3.2
	Bonus

Executive shall be eligible to participate in the Coty Annual Performance Plan (the “APP”), with a Target Award of sixty percent (60%) of Executive’s Salary.  The actual APP award (“Bonus”) will depend on the value of Coty financial metrics, and will be between 0 and 3.6 times the Target Award (i.e., a maximum potential award of 216% of Executive’s Salary). 
Executive understands that the APP is a discretionary bonus plan and may be amended or terminated by Coty in its sole discretion at any time, and that a Bonus is not guaranteed by Coty.  In order to be entitled to receive any Bonus, Executive must remain in employment on the date of payment.
		
	3.3
	Long-Term Incentive Plan

With respect to each calendar year during which Executive is employed by the Company and subject in each case to his continued employment through the date of grant, at or about the time that the Company makes annual grants generally to its senior officers Executive shall receive annual equity based incentive compensation awards pursuant to and in accordance with the Company’s then effective equity incentive plan and the Company’s generally applicable incentive compensation practices as in effect from time to time.  Subject to the discretion of the Board (or the appropriate committee thereof) to modify the form and/or size of such award, it is currently expected that that annual grants to Executive shall be with respect to restricted stock units with a value of US$600,000, with each such unit representing the right to receive upon vesting one share of the Related Common Stock (the “Annual RSUs”), having terms and conditions established in accordance with the terms of such plan that the Board (or the appropriate committee thereof) determines to be appropriate. Executive will participate to the 2016 annual grant.

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3.4    Sign-On Bonus
Executive shall be entitled to receive a sign-on bonus of such amount as is necessary to result in the Executive receiving US$600,000 after the deduction of tax and national insurance contributions and the payment of any further tax due from Executive in respect of such bonus, to be paid within 90 days of the Effective Date (the “Sign-on Bonus”).  Executive’s entitlement to the Sign-on Bonus shall be conditional on Executive remaining in employment for the period of at least five years from the Effective Date.  Accordingly, in the event that the Executive ceases to be an employee of the Company before the fifth anniversary of the Effective Date, other than due to death, disability or ill-health, he shall repay to the Company an amount equal to the sum of:
(A ÷ 60) x (60 - B), where 
“A” is the Sign-On Bonus less any income tax of social security contributions withheld by the Company at the time of payment, or subsequently paid by Executive in relation to the Sign-on Bonus; and
“B” is the number of whole months which have passed between the Effective Date and the date on which Executive’s employment terminates, up to a maximum of 60.
		
	3.5
	Benefits 

Executive shall be eligible to participate in the Company’s employee benefit plans in effect from time to time for employees of the Company generally.  
		
	3.6
	Pension

Executive shall be entitled to join the Company’s pension scheme subject to eligibility criteria and subject to the rules of the Scheme as amended from time to time. 
		
	3.7
	Automobile 

Executive shall be given a car allowance of £13,200 per annum payable in monthly instalments, or use of a Company car in accordance with Company policy.
		
	3.8
	Schooling and Tax Assistance

Schooling fees will be paid for, or reimbursed by, the company as defined in the Company International Transfer policy.
Executive will benefit from the tax assistance provided by Company Tax Consultant (currently PriceWaterhouseCoopers) to help him properly report his Coty income in required geographies. The assistance ends when the employment ends.
		
	4.
	Business Expenses 

Executive will be required to apply for an American Express credit card to use for company expenses incurred during the operation of day to day duties. This card will be registered in Executive’s name and Executive will be responsible for making the monthly payments. Subject to production of valid receipts; the Company will reimburse Executive for these expenses subject to the terms of the Coty Travel & Expenses policy as in effect from time to time.

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	5.
	Vacation 

Executive shall accrue paid vacation at the rate of twenty-five (25) work days per year (in addition to the usual 8 public holidays in England), subject to the terms and conditions of the Company’s standard vacation policies for its employees as in effect from time to time (the “Vacation Policy”), including, without limitation, such overall limitations on accrued but unused vacation as the Vacation Policy may provide.  In scheduling vacation Executive shall duly consider the business requirements of the Company.
		
	6.
	Sickness Absence

In case of illness the Company will continue to pay the base salary less such sums as Executive is entitled to receive by way of statutory sick pay and any other sickness or invalidity benefits from any local institution, public health insurance, or any other insurance or scheme which is wholly or partly funded by a Coty or Company scheme for the period of four weeks; after a period of employment of between one to five years, the duration of sick pay as outlined in the preceding sentence shall be 13 weeks; after a period of employment of at least 5 years the duration of sick pay as outlined in the preceding sentence shall be 26 weeks. 
Without prejudice to Executive’s right to statutory sick pay ("SSP"), and provided that Executive complies with obligations regarding employer notification and medical certificate documentation, Executive will be entitled to full pay as stated above.
Any payment made hereunder in respect of a day of sickness will include the SSP entitlement and will be reduced by any other sickness benefit to which Executive may be entitled or any benefit to which Executive may be entitled under any long term disability scheme operated by the Company.  

		
	7.
	Health & Safety

The Company has a detailed health and safety policy, which includes a statement of intent, organisation responsibilities and arrangements, all of which are available on request.

It shall be the responsibility of every employee to take all reasonable care for the health and safety of himself/herself and that of fellow employees and to report any hazards, which cannot be controlled personally.  Employees shall also co-operate with the company by observing safety rules and complying with any measures designed to ensure a safe and healthy working environment.  Failure to comply with policy and procedures may result in disciplinary action and, in serious cases, dismissal.

		
	8.
	Data Protection

Executive consents to the holding and processing of personal data provided by him to the Employer for all purposes relating to this employment, including but not limited to administering and maintaining personnel records, paying and reviewing salary and other remuneration and benefits, undertaking performance appraisals and reviews, maintaining sickness and other absence records and taking decisions as to fitness for work.

Executive further acknowledges and agrees that the Company may, in the course of its duties as an employer, be required to disclose personal data relating to him, after the end 

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of his employment.  This does not affect Executive’s rights under the Data Protection Act 1998.

		
	9.
	Equal Opportunities

The Company is an equal opportunities employer.  No job applicant or employee will receive less favourable treatment on grounds of age, sex, sexual orientation, disability, marital status, creed, colour, race religion or ethnic origins, or be disadvantaged by conditions or requirements that cannot be shown to be justifiable.  It is the duty of all employees to ensure that this policy is observed at all times.  The Company will seek to ensure that individuals are selected and promoted on the basis of their aptitude, skills and ability.
If an employee believes that the Company or any of its employees has acted in breach of the policy, they should immediately raise the matter through the grievance procedure.  In the event that such complaints are found to be well founded, disciplinary action will be taken against those responsible and in serious cases may result in dismissal.  In particular the Company regards with severity any instances of age, sex, race or disability harassment, in accordance with the Coty Code of Business Conduct.

		
	10.
	Confidentiality

Commencing on the Effective Date and at all times thereafter, Executive shall not use for any purpose or disclose to any third party any Confidential Information (as defined below) other than (i) in the performance of Executive’s duties under this Agreement, (ii) as may otherwise be required by law, regulation or legal process, or (iii) as may be required by a governmental authority, agency or body.  “Confidential Information” means any proprietary and/or confidential information relating to Coty, Coty’s customers, or other parties with which Coty has a business relationship or that may provide Coty with a competitive advantage, and includes, without limitation, trade secrets; inventions (whether or not patentable); technology and business processes; business, product, strategic, or marketing plans; negotiating strategies; sales and other forecasts; financial information; client lists or other intellectual property; information relating to compensation and benefits; compilations of public information that become proprietary as a result of Coty’s compilation of such public information for use in its business; and documents (including any electronic record, videotapes or audiotapes) and oral communications incorporating Confidential Information.  Executive shall also comply with any confidentiality obligations of Coty to a third party that Executive knows or should know about, whether arising under a written agreement or otherwise.  Information shall not be deemed Confidential Information if it is or becomes generally available to the public other than as a result of an unauthorized disclosure or action by Executive or at Executive’s direction or by any other person who directly or indirectly receives such information from Executive.  Because Confidential Information is extremely valuable, the Company takes measures to maintain its confidentiality and guard its secrecy.  Confidential Information may be copied, disclosed or used by Executive during his employment with the Company only as necessary to carry out Company business and, where applicable, only as required or authorized under the terms of any agreements between the Company and any third party.  If Executive is ever asked to disclose any information or materials that are subject to these confidentiality restrictions, pursuant to legal process or otherwise, Executive must contact the Company to seek the Company's written consent prior to any disclosure.

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	11.
	Non-Competition; Non-Solicitation

Executive will enter into the Company’s standard restrictive covenant agreement for senior executives contained in the Confidentiality and Non-Competition Agreement attached at Annex 1.  Participation in LTIP and other company equity plans is subject to the execution of such agreement, a copy of which has been given to Executive.
		
	12.
	Company Property

		
	12.1
	In General

Executive agrees that all patents, patentable inventions, copyrights, trade secret rights, trademark rights and associated goodwill, rights in know-how, and all other intellectual property rights, as well as all their physical and intangible embodiments, that are conceived, discovered, developed, created or reduced to practice by Executive, solely or in collaboration with others, during the period of his employment with the Company and that relate in any manner to the business of Coty that Executive may be directed to undertake, investigate or experiment with or that Executive may become associated with in performing services for the Company or for Coty (collectively, “Intellectual Property”) are the sole property of the Company.  At the Company's request or in the event any Intellectual Property is deemed for any reason to be owned by Executive, Executive shall hold them on trust for the Company and Executive also agrees at the request of the Company to assign (or cause to be assigned) fully to the Company all such Intellectual Property.  Executive hereby irrevocably waives any and all moral rights which Executive has or may become entitled to under the Copyright Designs and Patents Act 1988 (or any equivalent laws anywhere in the world) in relation to any existing or future works, the Intellectual Property which are vested in the Company pursuant to this Section 12.1.
		
	12.2
	Further Assurances

Executive agrees to assist the Company or its designee, at the Company’s expense, in every lawful way to secure, document and record the Company’s rights in Intellectual Property, including the disclosure to the Company of all pertinent information and data with respect to all Intellectual Property, the execution of all documents, applications, specifications, oaths, assignments and all other instruments that the Company may deem necessary in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns and nominees the sole and exclusive right, title and interest in and to all Intellectual Property.  Executive also agrees that Executive’s obligation to execute or cause to be executed any such instrument or papers shall continue after the termination of this Agreement.  Executive further agrees not to assert or make a claim of ownership of any Intellectual Property, and that Executive shall not file any applications for patents or copyright or trademark registration relating to any Intellectual Property.
		
	12.3
	Pre-Existing Materials

Executive agrees that if in the course of performing services for the Company Executive incorporates into or in any way uses in creating Intellectual Property any pre-existing invention, improvement, development, concept, discovery, works, or other proprietary right or information owned by Executive or in which Executive has an interest, (i) Executive shall inform the Company, in writing before incorporating such invention, improvement, development, concept, discovery or other proprietary information into any 

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Intellectual Property, and (ii) Executive hereby grants the Company a nonexclusive, royalty-free, perpetual, irrevocable, worldwide license to make, have made, modify, sell, copy and distribute, and to use or exploit in any way and in any medium, whether or not now known or existing, such item as part of or in connection with such Intellectual Property.  Executive shall not incorporate any invention, improvement, development, concept, discovery, intellectual property or other proprietary information owned by any party other than Executive into any Intellectual Property without the Company’s prior written permission.
		
	12.4
	Power of Attorney

Executive irrevocably appoints the Company and its duly authorized officers and agents to be his attorney in his name and on his behalf to act for and on Executive’s behalf to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of patents, copyright, trademark and mask work registrations with the same legal force and effect as if executed by Executive, if the Company is unable, because of Executive’s unavailability, dissolution, mental or physical incapacity, or for any other reason, to secure Executive’s signature for the purpose of applying for or pursuing any application for patents or mask work or copyright or trademark registrations covering the Intellectual Property owned by the Company pursuant to this Section 12.  A certificate in writing, signed by any director or the secretary of the Company, that any document or act falls within the authority conferred by this Agreement shall be conclusive evidence that such is the case so far as any third party is concerned.  
		
	13.
	Termination for Cause

		
	13.1
	Termination for Cause

The Company may terminate Executive’s employment and this Agreement with immediate effect for Cause.  In such event the Company shall have no further obligations to Executive under this Agreement or otherwise except for any earned but unpaid Salary through the date of termination, any accrued but unused vacation, and any other vested benefits to which Executive is entitled in accordance with the terms of any plan of the Company (the “Accrued Compensation”).
13.2    Cause Definition 
“Cause” means:
		
	(a)
	Executive’s wilful and continued failure to substantially perform his duties for the Company or to carry out the business plan of the Company as determined by the Board;

		
	(b)
	Executive’s conviction for, or guilty plea to, an arrestable criminal offence (other than an offence under road traffic legislation for which a non-custodial penalty is imposed);

		
	(c)
	Any act of gross misconduct by Executive;

		
	(d)
	The wilful or continued negligent engaging by Executive in conduct which is materially injurious to the Company, financially or otherwise; or

		
	(e)
	Executive’s breach of any material term of this Agreement or the Company’s policies and procedures, as in effect from time to time.

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	14.
	Termination Without Cause

		
	14.1
	Notice and Garden Leave

		
	14.1.1
	Either party may terminate Executive’s employment and this Agreement at any time by giving six months’ prior written notice to the other party.  In the case of notice from the Executive, such notice shall disclose details of his new employer or affiliation, if any.  The Company may in its absolute discretion (but is not obliged to) terminate Executive’s employment with immediate effect by making a payment in lieu of notice of an amount equal to the basic salary which Executive would have been entitled to receive under this Agreement during the notice period referred to in this Section 14.1.1 if notice had been given, or during the remainder of the notice period if notice has already been served by either party.  Where the Company elects to terminating the employment of Executive by making a payment in lieu of notice, the Company may choose in its absolute discretion to pay to Executive this sum in equal monthly instalments in arrears, on the dates on which Executive’s salary would usually have been paid.

		
	14.1.2
	Where notice of termination has been served by either party the Company may in its absolute discretion require Executive to take “Garden Leave” for all or any part of the notice period.  If the Executive is asked to take Garden Leave he may not attend at his place of work or any of the premises of Coty.  Executive may be required not to carry out any duties during the remaining period of employment.  Executive may be asked to resign immediately from any offices he holds with Coty.  During Garden Leave Executive may not without prior written permission of the Company contact or attempt to contact any client, customer, supplier, agent, professional adviser, broker or banker of Coty or any employee (save for personal reasons) of Coty.  During any period of Garden Leave Executive will continue to receive full salary and benefits and all of the obligations that Executive has to the Company under this Agreement and at common law remain in full force and effect.

		
	14.2
	Termination Benefits

If the Company terminates Executive’s employment without Cause, Executive shall receive, without duplication, the following:
		
	14.2.1
	Executive shall be entitled to his Accrued Compensation.

		
	14.2.2
	Provided that Executive executes a settlement agreement containing a general release of claims in the form prescribed by the Company (a “General Release”), Executive shall be eligible for a continuation of his base Salary for the 6-month period immediately following the date his employment terminates (his “Separation Date”).

If Executive voluntarily terminates his employment in accordance with this Section, he shall receive, without duplication, his Accrued Compensation.
		
	15.
	Death and Disability

In the event of Executive’s death while employed by the Company, this Agreement shall automatically terminate.  Thereafter, Executive’s designated beneficiary (or, if there is no such beneficiary, Executive’s estate) shall receive any Accrued Compensation as of the date of 

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Executive’s death.  In no event shall a payment pursuant to this Section 15 be made later than the 60th day after Executive’s death.  For purposes of determining whether Executive’s employment has terminated due to his “Disability,” Disability shall be defined in accordance with the provisions of the long-term disability scheme operated by the Company in which Executive participates.

		
	16.
	Other Consequences of Termination of Employment

		
	16.1
	Termination of Benefits

Except as otherwise provided in this Agreement, Executive’s participation in all Company benefit plans and programs shall be governed by the terms of the applicable plan and program documents and award agreements.  For the avoidance of doubt, Executive’s Accrued Compensation as of his termination of employment for any reason shall not include any APP amount except to the extent provided by the terms of the APP or this Agreement.  Company reserves the right to alter the terms of any benefit plan, or to withdraw it.
		
	16.2
	Resignation from Positions

If Executive’s employment with the Company terminates for any reason, Executive shall resign at that time from all officer positions that Executive may have held with Coty.  Executive hereby irrevocably appoints the Company and its duly authorized officers and agents to be his attorney in his name to execute such documents or instruments as the Company may deem reasonably necessary or desirable to effect such resignation or resignations.
		
	16.3
	Return of Company Property

Upon terminating his employment for any reason or whenever so directed by the Company, Executive shall return any documents, papers, drawings, plans, diskettes, tapes, data, manuals, forms, notes, tables, calculations, reports, or other items which Executive has received, or in or on which Executive has stored or recorded Coty data or information, in the course of his employment as well as all copies and any material into which any of the foregoing has been incorporated and any other Coty property which may be in his possession or control, to the Company or to such entity as Coty may direct, without right of retention.
		
	17.
	Deductions and Taxation

		
	17.1
	Except as otherwise expressly provided in this Agreement or in any Company benefit plan applicable to Executive, all amounts payable under this Agreement shall be paid in accordance with the Company’s ordinary payroll practices less such deductions and income and payroll tax withholding as may be required under applicable law.  Any property, benefits and perquisites provided to Executive under this Agreement shall be taxable to Executive as provided by law.

		
	17.2
	In the event of the termination of Executive’s employment for any reason, the Company reserves the right, to the extent permitted by law and in addition to any other remedy the Company may have, to deduct from any monies that are otherwise payable to Executive, to the extent not prohibited by law, all monies Executive may owe to the Company at the time of or subsequent to the termination of Executive’s employment with the Company (including, without limitation, any negative vacation balance) all monies Executive may owe to the Company at the time of or subsequent to the termination of Executive’s 

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employment with the Company (including, without limitation, any negative vacation balance).  To the extent any law requires an employee’s consent to the offset provided in this Section 17.2 and permits such consent to be obtained in advance, this Agreement shall be deemed to provide the required consent.
		
	17.3
	Executive shall make such agreements or elections for UK tax purposes in relation to the acquisition, holding or disposal of any shares or other securities that the Executive holds in Coty Inc and shall be required by the Company by notice in writing from time to time within such time limits as shall be specified by such notice and shall indemnify and hold harmless the Company and Coty Inc against any failure by Executive to comply with its obligations under this clause 17.3.

		
	18.
	Survival; Remedies

		
	18.1
	Survival 

The respective rights and obligations of the parties under this Agreement shall survive any termination of this Agreement to the extent necessary for the intended preservation of such rights and obligations.
		
	18.2
	Dispute Resolution

		
	18.2.1
	Any dispute or controversy arising under or in connection with this Agreement that cannot be mutually resolved by the parties to this Agreement and their respective advisors and representatives shall be resolved exclusively in the courts of England and Wales.  Each party hereto hereby irrevocably accepts and submits to the exclusive jurisdiction of such courts for purposes of this Agreement.

		
	18.2.2
	The parties shall maintain strict confidentiality with respect to any proceeding commenced or maintained under the provisions of this Agreement, except as may be required by law.

		
	18.3
	Injunctive Relief

The Company has entered into this Agreement in order to obtain the benefit of Executive’s unique skills, talent, and experience.  It is understood by both parties to this Agreement that the protections to Coty provided herein are meant for the reasonable protection of the business of Coty and not to impair the ability of Executive to earn a living.  Executive acknowledges and agrees that any violation of Section 10, 11, or 12 shall result in irreparable damage to the Company, and accordingly the Company may obtain injunctive and other equitable relief for any breach or threatened breach of such sections, in addition to any other remedies available to the Company.  
		
	19.
	Severability

If a court determines that any portion of this Agreement is invalid or unenforceable, the remainder of this Agreement shall not thereby be affected and shall be given full effect without regard to the invalid provisions.  If the final judgment of a court of competent jurisdiction or other authority (including an arbitrator) declares that any term or provision is invalid or unenforceable, the parties agree that the court or other authority making such determination shall have the power to reduce the scope, duration, area, or applicability of the term or provision, to delete specific words or phrases, or to replace any invalid, void, or unenforceable term or provision with a term or provision that is valid and enforceable 

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and that comes closest to expressing the intent of the invalid or unenforceable term or provision.
		
	20.
	No Duplication

The payments and benefits provided in this Agreement in respect of a termination of employment are in lieu of any other salary, bonus or benefits payable by the Company, including, without limitation, any severance or income continuation or protection under any Company plan that may now or hereafter exist.  All such payments and benefits shall constitute liquidated damages, paid in full and final settlement of all obligations of the Company to Executive under this Agreement.
		
	21.
	Notices

Any notice to be given under this Agreement to Executive may be served by being handed to him personally or by being sent by recorded delivery first class post to him at his usual or last known address; and any notice to be given to the Company may be served by being left at or by being sent by recorded delivery first class post to its registered office for the time being.  Any notice served by post shall be deemed to have been served on the day (excluding Sundays and public and bank holidays) next following the date of posting and in proving such service it shall be sufficient proof that the envelope containing the notice was properly addressed and posted as a prepaid letter by recorded delivery first class post.
		
	22.
	Assignment

This Agreement is for the performance of personal services by Executive and may not be assigned by Executive, except that the rights of Executive hereunder shall pass upon Executive’s death to Executive’s designated beneficiary (or, if there is no such beneficiary, Executive’s estate), provided that Executive shall be entitled, to the extent not prohibited by applicable law, to select and change a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder following Executive’s death by giving the Company written notice thereof.  This Agreement shall be binding upon and inure to the benefit of the Company’s successors and assigns.  Without limiting the foregoing, the Company may assign its rights and delegate its duties hereunder in whole or in part to any transferee of all or a portion of the assets or business to which Executive’s employment relates.
		
	23.
	Governing Law

The Courts of England and Wales shall have jurisdiction over all disputes arising out of or in reference to this Agreement, provided however that as to any claims or causes of action against Coty, the appropriate State and Federal courts located in New York, New York, shall have exclusive jurisdiction and venue and the parties hereby consent to such exclusive jurisdiction and venue.  
		
	24.
	No Implied Contract

Nothing in this Agreement shall be construed to impose any obligation on the Company to establish or maintain any benefit, welfare or compensation plan or program or to prevent the modification or termination of any benefit, welfare or compensation plan or program or any action or inaction with respect to any such benefit, welfare or compensation plan or program.

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25.Counterparts
This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.  An electronically scanned copy of an executed counterpart shall be given the same effect as the original for purposes of the preceding sentence.
		
	26.
	Construction

		
	26.1
	Headings

All descriptive headings in this Agreement are intended solely for convenience, and no provision of this Agreement is to be construed by reference to any heading.
		
	26.2
	Contra Proferentem Doctrine Inapplicable

This Agreement shall not be construed for or against any party to this Agreement because that party drafted or caused that party’s legal representative to draft any of its provisions.
		
	27.
	Third Party Rights

Save as expressly provided in this Agreement, a person who is not a party to this agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this Agreement. Executive will, at the request of the Company, enter into a separate agreement with any entity within Coty that the Company may require under the terms of which he will agree to be bound by provisions of this Agreement and the document attached at Annex 1 which are to the benefit of such other entity.
		
	28.
	Entire Agreement

This Agreement and any documents referred to herein constitute the entire agreement by the parties with respect to the matters covered herein and supersedes any prior agreement, condition, practice, custom, usage and obligation with respect to such matters insofar as any such prior agreement, condition, practice, custom, usage or obligation might have given rise to any enforceable right.  No agreements, understandings or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party that are not expressly set forth in this Agreement.
	
			
	/s/Sébastien Froidefond
	 
	 

	Sébastien Froidefond
	 
	 

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SIGNED as a DEED and DELIVERED on the date first written above by
Sebastien Froidefond in the presence of:    

Witness name:        Vignaud Emmanuele
Witness signature:    /s/Vignaud Emmanuele
Witness address     14 Rue de Septembre 7502 Paris

SIGNED as a DEED and DELIVERED on the date first written above by        
COTY SERVICES UK LIMITED acting by    
[ ] in the presence of:    

Witness name:    Manuel Martinez
Witness signature:  /s/Manuel Martinez
Witness address      21 Cleveland Avenue W4-LSN London

EXECUTED by 
COTY INC acting by    
[ ] :    

/s/Lambertus J.H. Becht
Lambertus J.H. Becht

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