Document:

Exhibit

Exhibit 10.3

	
			
	Termination Agreement
	 
	Beendigungs-vereinbarung

	(herein referred to as “this Agreement”)
	 
	(nachfolgend als „diese Vereinbarung“ bezeichnet)

	between
	 
	zwischen

	Avon Cosmetics GmbH 
Zeppelinstraße 3 
85399 Hallbergmoos
	 
	Avon Cosmetics GmbH 
Zeppelinstraße 3 
85399 Hallbergmoos

	(hereinafter referred to as “Avon Germany”)
	 
	(nachfolgend als „Avon Deutschland“ bezeichnet)

	and
	 
	und

	Avon Products Inc. 
Principal Executive Offices: 
Building 6, Chiswick Park 
London W4 5HR 
United Kingdom
	 
	Avon Products Inc. 
Principal Executive Offices: 
Building 6, Chiswick Park 
London W4 5HR 
Vereinigtes Königreich

	and
	 
	und

	John Higson 
Bergstrasse 12 
86573 Obergriesbach 
Germany
	 
	John Higson 
Bergstrasse 12 
86573 Obergriesbach 
Deutschland

	(hereinafter referred to as “Employee”)
	 
	(nachfolgend als „Mitarbeiter“ bezeichnet)

	1.         It is agreed between the parties hereto that the employee’s employment relationship with Avon Germany under the agreement dated 20 September 1999 as well as any preceding or subsequent agreements, amendments and 
	 
	1.          Die Vertragsparteien sind sich darüber einig, dass das Arbeitsverhältnis des Mitarbeiters mit Avon Deutschland gemäß dem Vertrag vom 20. September 1999 nebst etwaigen vorherigen bzw. nachfolgenden Abreden, 

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	addenda hereto shall be terminated with effect as of 30 September 2017 (the “Termination Date”).                    
   
	 
	Änderungen oder Ergänzungen hierzu mit Wirkung zum 30. September 2017 beendet wird („Beendigungstermin“).

	2.    It is agreed between the parties hereto that the employee’s employment relationship with Avon Products, Inc. and any parent, subsidiary or other affiliated company of Avon Products, Inc. (collectively, the “Companies”) as well as any preceding or subsequent agreements, amendments and addenda hereto shall be terminated with effect as of the Termination Date.
	 
	2.    Die Vertragsparteien sind sich darüber einig, dass das Arbeitsverhältnis des Mitarbeiters mit der Avon Products, Inc. sowie etwaigen Mutter-, Tochter- oder sonstigen verbundenen Unternehmen der Avon Products, Inc. (gemeinsam die „Avon-Gesellschaften“) sowie etwaige vorherige bzw. nachfolgende Abreden, Änderungen oder Ergänzungen hierzu mit Wirkung zum Beendigungstermin beendet werden.

	3.    There are no other employments or service contracts between the Employee and the Companies.    
	 
	3.    Es bestehen keine sonstigen Arbeits- oder Dienstverträge zwischen dem Mitarbeiter und den Avon-Gesellschaften.

	4.    Any existing directorships and officerships that the Employee holds with Avon Germany or the Companies shall cease on the Termination Date.
	 
	4.    Bestehende Ämter, die der Mitarbeiter in unternehmensleitenden Gremien bzw. als leitender Angestellte bei Avon Deutschland oder den Avon-Gesellschaften innehat, enden zum Beendigungstermin.

	5.    Until the Termination Date, the Employee shall receive his monthly gross base salary of EUR 43,069 (EUR 516,837 annualized).
	 
	5.    Der Mitarbeiter erhält bis zum Beendigungstermin sein monatliches Brutto-Grundgehalt i. H. v. EUR 43.069 (EUR 516.837 auf Jahresbasis umgerechnet).

	Medical coverage will be paid as previously up to the Termination Date. After the Termination Date no
	 
	Die Krankenversicherung des Mitarbeiters wird bis zum Beendigungstermin wie bisher

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	medical coverage will be paid any more.
	 
	bezahlt. Nach dem Beendigungstermin wird keine Krankenversicherung mehr bezahlt.

	6.    The Employee shall receive benefits according to the applicable provisions of the International Retirement Plan.  In terms of the Employee’s other pension entitlements, the trustees of the relevant pension scheme(s) shall be notified of the Employee's termination of employment and shall provide written confirmation of the Employee's accrued entitlement under the relevant pension scheme(s).
	 
	6.    Der Mitarbeiter erhält Vorsorgeleistungen gemäß den geltenden Bestimmungen des International Retirement Plans. In Bezug auf die sonstigen Pensionsansprüche des Mitarbeiters werden die Treuhänder des/der jeweiligen Pensionsplans/Pensionspläne über die Beendigung des Arbeitsverhältnisses des Mitarbeiters informiert und diese werden die erworbenen Pensionsanwartschaften des Mitarbeiters gemäß dem/den jeweiligen Pensionsplan/Pensionsplänen schriftlich bestätigen.

	Furthermore, Employee remains eligible pursuant to the applicable policies of the Companies, for tax filing support services from the Companies’ selected vendor for tax years in which the income Employee received for services provided to the Companies generates multi-country tax filings.
	 
	Darüber hinaus bleibt der Mitarbeiter weiterhin gemäß den geltenden Richtlinien der Avon-Gesellschaften berechtigt, die Unterstützungsleistungen des von den Avon-Gesellschaften ausgewählten Anbieters bei Steuererklärungen für die Steuerjahre in Anspruch zu nehmen, in denen das Einkommen des Mitarbeiters für Leistungen, die der Mitarbeiter für die Avon-Gesellschaften erbracht hat, die Einreichung von Steuererklärungen in mehreren Ländern erfordert.

	7.    The Employee is a participant in the Avon Products, Inc. 2013-2017 Executive Incentive Plan (EIP).
	 
	7.    Der Mitarbeiter nimmt an dem Avon Products, Inc. 2013-2017 Executive Incentive Plan (EIP) teil. 

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	Payments, if any, of the EIP award are governed by the terms of the EIP and are triggered by the attainment of performance measures, as determined in accordance with Avon Products, Inc.’s policies.  Payment, if any, of the 2017 EIP award, will be made in 2018 at the same time active 2017 Annual EIP participants receive their payments.  The Employee is not eligible for an award for any years after the Termination Date under the EIP or any other bonus program.   
	 
	Etwaige Leistungen nach dem EIP erfolgen gemäß den Bedingungen des EIP und werden durch die Erreichung von Leistungszielen ausgelöst, die gemäß den Richtlinien von Avon Products, Inc. festgelegt werden. Etwaige Leistungen nach dem EIP 2017 werden zum gleichen Zeitpunkt in 2018 ausgezahlt, an dem aktive Teilnehmer an dem EIP 2017 ihre Leistungen ausgezahlt bekommen. Der Mitarbeiter hat keinen Anspruch auf Leistungen nach dem EIP oder einem sonstigen Bonusprogramm für die Jahre nach dem Beendigungstermin.

	The parties are agreed that the Employee does not participate in any other annual incentive or bonus plan or program (including, but not limited to the Management Incentive Plan (MIP)), and has no claims based on any other program.
	 
	Die Parteien sind sich darüber einig, dass der Mitarbeiter an keinem sonstigen jährlichen Incentive bzw. Bonusplan oder -Programm (insbesondere dem Management Incentive Plan (MIP)) teilnimmt und er keine diesbezüglichen Ansprüche auf der Grundlage eines sonstigen Programms hat.

	8.    Each currently outstanding equity award in Avon Products, Inc. (such as restricted stock units, performance restricted stock units and stock options) that has been granted to the Employee will continue to be subject to and governed by the applicable equity agreement(s) and the applicable stock incentive plan(s) (including, but not limited to, terms and conditions regarding vesting and settlement of awards) – i.e., the Avon Products Inc. 2016 Omnibus
	 
	8.    Sämtliche derzeit ausstehenden Leistungsprämien, die in Aktien der Avon Products, Inc. gewährt werden (etwa Aktien mit Veräußerungssperre (restricted stock units), Aktien bei der Erreichung vorgegebener Leistungsziele (performance restricted stock units) und Aktienoptionen), die dem Mitarbeiter gewährt wurden, unterliegen weiterhin den geltenden Mitarbeiterbeteiligungsvereinbarun

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	Incentive Plan, the Avon Products, Inc. 2013 Stock Incentive Plan or the Avon Products, Inc. 2005 Stock Incentive Plan.
	 
	gen bzw. werden durch diese weiterhin bestimmt (insbesondere den Bestimmungen und Bedingungen in Bezug auf die Ausübung und Abwicklung der gewährten Aktien(-Optionen)), d. h. der Avon Products Inc. 2016 Omnibus Incentive Plan, der Avon Products, Inc. 2013 Stock Incentive Plan bzw. der Avon Products, Inc. 2005 Stock Incentive Plan.

	The regulations under such plans shall remain valid and binding regarding such stock awards. To the extent the Companies are obligated to remit wage tax with respect to any stock award, the Employee shall reimburse the Companies the amount remitted; the Companies may withhold the amount of wage tax probably becoming due from the amount which is payable.
	 
	Die Regelungen dieser Pläne bleiben in Bezug auf die Gewährung dieser Aktien-(Optionen) gültig und bindend. Soweit die Avon-Gesellschaften verpflichtet sind, Lohnsteuer auf die Gewährung dieser Aktien(-Optionen) abzuführen, erstattet der Mitarbeiter den Avon-Gesellschaften den insoweit abgeführten Betrag; die Avon-Gesellschaften sind berechtigt, die auf den auszuzahlenden Betrag voraussichtlich fällige Lohnsteuer einzubehalten.

	The Employee has no other claims to remuneration or bonus or otherwise to payments or benefits-in-kind against Avon Germany or the Companies.
	 
	Der Mitarbeiter hat keine sonstigen Ansprüche gegen Avon Deutschland oder die Avon-Gesellschaften auf Vergütung, Boni oder sonstige Zahlungen und Sachleistungen.

	9.    On the Termination Date, the Employee shall receive as compensation for the loss of the job pursuant to §§ 9, 10 KSchG (German Act Against Unfair Dismissal) a severance payment of EUR 1,033,674 gross plus an additional amount of EUR 32,000
	 
	9.    Der Mitarbeiter erhält am Beendigungstermin als Ausgleich für den Verlust seines Arbeitsplatzes gemäß §§ 9, 10 KSchG eine Abfindung i. H. v. EUR 1.033.674 brutto sowie einen Zusatzbetrag i. H. v. EUR 32.000 brutto. Diese Beträge sind zur

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	gross. These amounts are due on the first administratively feasible regular payroll date of Avon Germany following the Termination Date. The Employee shall pay any income tax associated with these payments.   
	 
	Auszahlung fällig am ersten administrativ machbaren Gehaltsabrechnungsdatum der Avon Deutschland nach dem Beendigungstermin. Der Mitarbeiter zahlt die im Zusammenhang mit diesen Zahlungen anfallende Einkommensteuer.

	10.    The payments described in Sec. 9 of this Agreement also include compensation for the post-contractual non-competition clause agreed to in this Sec. 10 of this Agreement in the amount required by section 74(2) German Commercial Code. The parties agree that a period of post-contractual non-competition applies for the duration of 24 months following the Termination Date, i.e. until  30 September 2019, in accordance with the provisions set out below:   
	 
	10.    Die in Ziffer 9 dieser Vereinbarung genannten Zahlungen umfassen auch eine Entschädigung für das in Ziffer 10 dieser Vereinbarung vereinbarte nachvertragliche Wettbewerbsverbot in der in § 74 Abs. 2 HGB vorgeschriebenen Höhe. Die Parteien sind sich einig, dass das nachvertragliche Wettbewerbsverbot für einen Zeitraum von 24 Monaten ab dem Beendigungstermin, d. h. bis zum 30. September 2019, gemäß den nachfolgenden Bestimmungen gilt:

	10.1    With respect to subject matter, this prohibition of competition applies to all areas in which Avon Germany is engaged at the time the prohibition starts.  With respect to subject matter, the prohibition of competition further applies to all areas in which the Companies are engaged at the time the prohibition starts.
	 
	10.1    Dieses Wettbewerbsverbot gilt inhaltlich für alle Bereiche, in denen Avon Deutschland zu Beginn des Wettbewerbsverbots tätig ist. Ferner gilt das Wettbewerbsverbot inhaltlich für alle Bereiche, in denen die Avon-Gesellschaften zu Beginn des Wettbewerbsverbots tätig sind.

	With respect to territory, the prohibition of competition refers to the entire area of activity of Avon Germany at the time when the prohibition starts.  With respect to territory, the prohibition of
	 
	Das Wettbewerbsverbot bezieht sich räumlich auf den gesamten Tätigkeitsbereich von Avon Deutschland zu Beginn des Wettbewerbsverbots. Räumlich bezieht sich das

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	competition refers further to the entire area of activity of the Companies at the time when the prohibition starts.
	 
	Wettbewerbsverbot ferner auf den gesamten Tätigkeitsbereich der Avon-Gesellschaften zu Beginn des Wettbewerbsverbots.

	This subject matter and territorial area of application is collectively referred to as “area of business”.
	 
	Der inhaltliche und räumliche Geltungsbereich des Wettbewerbsverbots wird zusammenfassend als „Geschäftsbereich“ bezeichnet.

	The prohibition of competition shall apply with respect to any competing activity in the area of business of Avon Germany whether by any direct or indirect, self-employed activity, as independent contractor, as employee or in a similar position, whether by establishing or participating in any competing enterprise, by any consulting activity or in any other manner.  The same applies with respect to any competing activity in the area of business of the Companies.
	 
	Das Wettbewerbsverbot gilt in Bezug auf sämtliche Wettbewerbsaktivitäten im Geschäftsbereich von Avon Deutschland, gleich ob durch eine direkte oder indirekte selbstständige Tätigkeit, als unabhängiger Auftragnehmer, als Angestellter oder in einer vergleichbaren Position, ob durch Gründung von oder Beteiligung an einem Konkurrenzunternehmen, durch eine etwaige Beratungstätigkeit oder auf sonstige Art und Weise. Gleiches gilt auch für eine etwaige Wettbewerbstätigkeit im Geschäftsbereich der Avon-Gesellschaften.

	10.2    The Employee has the further duty not to attempt in any manner to solicit, to try to solicit or to accept from any customer of Avon Germany or the Companies any business within the area of business of Avon Germany or the Companies or to persuade or otherwise cause any customer of Avon Germany or the Companies to cease or reduce the business with Avon Germany or the Companies. “Customer” shall
	 
	10.2    Der Mitarbeiter ist ferner verpflichtet, sich nicht um etwaige Geschäfte eines Kunden von Avon Deutschland bzw. von den Avon-Gesellschaften innerhalb des Geschäftsbereichs von Avon Deutschland bzw. von den Avon-Gesellschaften zu bemühen, dies zu versuchen oder solche zu übernehmen bzw. einen Kunden von Avon Deutschland oder von den Avon-Gesellschaften dazu zu

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	mean any customer of Avon Germany and the Companies with which business relations exist at the Termination Date or have existed during the preceding 12 months before the Termination Date.   
	 
	bewegen bzw. zu veranlassen, das Geschäft mit Avon Deutschland oder mit den Avon-Gesellschaften einzustellen bzw. zu reduzieren. „Kunde“ bezeichnet jeden Kunden von Avon Deutschland oder von den Avon-Gesellschaften, mit dem Geschäftsbeziehungen zum Beendigungstermin bestehen bzw. in den zwölf Monaten vor dem Beendigungstermin bestanden.

	The employee will not for a third party solicit or procure the services of or endeavour to entice away from Avon Germany or the Companies any employee or independent contractor, particularly in leading positions or with specific know-how.   
	 
	Der Mitarbeiter wird sich für keinen Dritten um die Dienste eines Mitarbeiters oder eines unabhängigen Auftragnehmers von Avon Deutschland bzw. von den Avon-Gesellschaften, insbesondere solche in leitenden Positionen oder mit bestimmten Sachkenntnissen, bemühen bzw. versuchen diese abzuwerben.

	10.3    The Employee is, even after the end of his employment contract, obliged to maintain strict confidentiality concerning business and trade secrets of Avon Germany and the Companies as well as concerning any other confidential matters which are marked as such or which are recognizable as confidential and the content of this Agreement, unless there are legal obligations to disclose such information. 
	 
	10.3    Der Mitarbeiter ist auch nach Beendigung seines Arbeitsvertrages verpflichtet, über Geschäfts- und Betriebsgeheimnisses von Avon Deutschland und von den Avon-Gesellschaften sowie über sonstige vertrauliche Angelegenheiten, die als solche gekennzeichnet oder erkennbar sind, und den Inhalt dieser Vereinbarung absolute Vertraulichkeit zu wahren, es sei denn, dass gesetzliche Verpflichtungen zur Offenlegung dieser Informationen bestehen.

	10.4    If the Employee breaches the post-contractual prohibition of competition or the obligation to confidentiality according to Sec.
	 
	10.4    Verstößt der Mitarbeiter gegen das nachvertragliche Wettbewerbsverbot oder die Vertraulichkeitsverpflichtung

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	10.3 of this Agreement, he will be obliged to pay a contractual penalty of two monthly gross salaries. If such a breach consists in capital participation in a competitor company or entry into a long-term contract (e.g. employment, service, commercial agency or consultancy agreement), the contractual penalty will be newly incurred for each commenced month in which the capital participation or contract continues (continuing breach). Several breaches each result in a separate contractual penalty, even several times in any one month, as the case may be. If individual or several breaches occur within a continuing breach, the penalty shall apply for each and every month of the continuing breach and for each and every such individual breach.   
	 
	gemäß Ziffer 10.3 dieser Vereinbarung, ist er zur Zahlung eine Vertragsstrafe i. H. v. zwei Bruttomonatsgehältern verpflichtet. Besteht ein solcher Verstoß in einer Beteiligung an einem Konkurrenzunternehmen oder im Abschluss eines langfristigen Vertrages (z. B. Arbeits-, Dienst-, Handelsvertretungs- oder Beratungsvertrags), wird die Vertragsstrafe erneut für jeden angefangenen Monat verwirkt, in dem die Kapitalbeteiligung bzw. der Vertrag fortbesteht (Dauerverstoß). Mehrere Verstöße führen jeweils zu einer gesonderten Vertragsstrafe, auch mehrmals innerhalb eines Monats. Kommt es zu einzelnen oder mehreren Verstößen innerhalb eines Dauerverstoßes, gilt die Vertragsstrafe für jeden einzelnen Monat des Dauerverstoßes sowie jeden einzelnen solchen Verstoß.

	Any further claims of the Companies resulting from any non-compliance with the post-contractual prohibition of competition shall remain unaffected by the aforesaid provision.   Notwithstanding anything to the contrary, there shall be no obligation by Avon Germany or the Companies to pay the compensation according to Sec. 9 with respect to the post-contractual non-competition prohibitions of Sec. 10 for the time when the Employee breaches the post-contractual prohibition of competition.  In addition, any other
	 
	Alle weiteren Ansprüche der Avon-Gesellschaften aufgrund der Nichteinhaltung des nachvertraglichen Wettbewerbsverbots bleiben von der vorstehenden Regelung unberührt. Ungeachtet anders lautenden Bestimmungen dieser Vereinbarung besteht keine Verpflichtung seitens Avon Deutschland oder der Avon-Gesellschaften zur Zahlung der Abfindung gemäß Ziffer 9 in Bezug auf das nachvertragliche Wettbewerbsverbot gemäß Ziffer 10 für den Zeitraum, in dem

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	outstanding compensation due to the Employee may be offset to the extent legally permissible for any damage or penalty claims resulting from any non-compliance with the post-contractual prohibition of competition or the obligation to confidentiality.
	 
	der Mitarbeiter gegen das nachvertragliche Wettbewerbsverbot verstößt. Ferner kann eine sonstige, dem Mitarbeiter zustehende Entschädigung – soweit rechtlich zulässig – mit etwaigen Ansprüchen auf Schadensersatz oder Vertragsstrafen verrechnet werden, die sich aus einer Nichteinhaltung des nachvertraglichen Wettbewerbsverbots oder der Verschwiegenheitsverpflichtung ergeben.

	11.    The Employee shall return all work equipment, documents, objects, records and other material which were handed over to him by the Companies or which otherwise came into his possession in the course of or in respect to his employment. This obligation regarding the return of documents shall expressly also apply to copies of such documents, discs, other data carriers or handwritten notes. 
	 
	11.    Der Mitarbeiter ist verpflichtet, sämtliche Arbeitsmittel, Unterlagen, Gegenstände, Aufzeichnungen oder sonstigen Materialien, die ihm von den Avon-Gesellschaften während oder in Zusammenhang mit seiner Beschäftigung übergeben worden sind bzw. auf sonstige Weise in seinen Besitz gelangt sind, zurückzugeben. Diese Verpflichtung zur Rückgabe von Unterlagen gilt auch ausdrücklich für etwaige Kopien dieser Unterlagen, CDs/DVDs, sonstiger Datenträger oder handschriftlicher Notizen.

	Any right of retention with respect to any such documents, objects, records and material to be returned shall be excluded.   
	 
	Jedwedes Zurückbehaltungsrecht in Bezug auf diese Unterlagen, Gegenstände, Aufzeichnungen und Materialien ist ausgeschlossen.

	12.    The Employee can purchase the company car directly from CFC Car Fleet Concept GmbH with a separate purchase contract. If the Employee decides not to purchase
	 
	12.    Der Mitarbeiter kann mit gesondertem Kaufvertrag seinen Dienstwagen direkt von CFC Car Fleet Concept GmbH erwerben. Entscheidet sich der Mitarbeiter,

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	the company car, he will return the company car to Avon Germany together with all keys, papers and other car accessories no later than the Termination Date without being asked. 
	 
	sein Dienstwagen nicht zu kaufen, ist er verpflichtet, diesen nebst sämtlichen Fahrzeugschlüsseln, Fahrzeugpapieren sowie sonstigem Zubehör an Avon Deutschland  spätestens bis zum Beendigungstermin zurückzugeben.

	13.    Other than provided in this Agreement there are no other mutual financial claims between the parties under the employment relationship and/or as a result of its termination, no matter of what kind, whether known or unknown. Also there are no other mutual financial claims and rights between the Employee and the Companies.  This does not apply to claims arising from liability for intent, to claims to payment of the minimum wage according to the Minimum Wage Act, AEntG or AÜG and/or for other statutory mandatory minimum working conditions and other claims based on law, collective bargaining agreements or works agreements which cannot be waived.
	 
	13.    Soweit in dieser Vereinbarung nicht anders vorgesehen, bestehen zwischen den Parteien keine weiteren gegenseitigen finanziellen Ansprüche aus dem Arbeitsverhältnis und/oder infolge seiner Beendigung, gleich welcher Art und ungeachtet ob diese bekannt oder unbekannt sind. Es bestehen auch keine weiteren gegenseitigen finanziellen Ansprüche oder Rechte zwischen dem Mitarbeiter und den Avon-Gesellschaften. Dies gilt nicht für Ansprüche aus einer Haftung für vorsätzliches Verhalten, Ansprüche auf Zahlung eines Mindestlohns gemäß dem MiLoG, AEntG oder AÜG und/oder andere zwingende gesetzliche Mindestarbeitsbedingungen und für sonstige Ansprüche aus Gesetz, Tarifvertrag oder Betriebsvereinbarung, auf die nicht verzichtet werden kann.

	Notwithstanding anything to the contrary, nothing in this Agreement is intended to supersede, cancel, release or waive any rights by the Companies under the Avon Products, Inc. Amended & Restated Compensation Recoupment Policy or with respect to violations of the
	 
	Ungeachtet anders lautender Bestimmungen dieser Vereinbarung begründen keine Bestimmungen dieser Vereinbarung eine Ablösung, Aufhebung, Freistellung von oder einen Verzicht auf etwaige Rechte seitens der Avon-Gesellschaften gemäß der Avon Products, Inc.

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	Avon Code of Conduct and any claims for breaches of this Agreement. In addition, for the avoidance of doubt, the tax equalization benefits that Employee has already been provided by the Companies continues to be subject to the terms and conditions of the applicable tax equalization policies of the Companies, which includes, but is not limited to, the obligation of the Employee to cooperate with Avon Germany and the Companies and repay to Avon Germany and/or the Companies, as applicable, any tax balances or other amounts determined by Avon Germany and/or the Companies to be owed by Employee as a result of the finalization of the tax equalization process for any applicable tax years.
	 
	Amended & Restated Compensation Recoupment Policy oder in Bezug auf Verstöße gegen den Avon Code of Conduct (Verhaltenkodex) sowie etwaige Ansprüche wegen einer Verletzung dieser Vereinbarung. Darüber hinaus und zur Vermeidung von Zweifeln gilt, dass die Steuerausgleichsvorteile, die dem Mitarbeiter bereits von den Avon-Gesellschaften gewährt worden sind, weiterhin den einschlägigen Bedingungen und Bestimmungen der Steuerausgleichsrichtlinien der Avon-Gesellschaften unterliegen, die insbesondere die Verpflichtung des Mitarbeiters umfassen, mit Avon Deutschland und den Avon-Gesellschaften zusammen zu arbeiten und Avon Deutschland und/oder den Avon-Gesellschaften etwaige Steuerguthaben oder sonstige von Avon Deutschland und/oder den Avon-Gesellschaften festgesetzte Beträge zurück zu erstatten, die ggfs. nach Abschluss des Steuerausgleichsverfahrens von dem Mitarbeiter für den jeweiligen Steuerjahre geschuldet werden.

	14.  In consideration of the severance benefits herein and the other terms and conditions of this Agreement, the Employee agrees, on behalf of himself and his heirs, executors, administrators, and assigns, to forever release, dismiss, and discharge Avon Germany, Avon Products, Inc. and the Companies and each of their respective current and former officers, directors, 
	 
	14.    Unter Berücksichtigung der in dieser Vereinbarung vorgesehenen Abfindungsleistungen sowie der sonstigen Bedingungen und Bestimmungen dieser Vereinbarung verpflichtet sich der Mitarbeiter, im eigenen Namen sowie im Namen seiner Erben, Testamentsvollstrecker, Nachlassverwalter und Rechtsnachfolger, Avon 

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	associates, employees, agents, employee benefit plans, employee benefit plan fiduciaries, employee benefit plan trustees, employee benefit plan administrators, representatives, attorneys, shareholders, successors 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, suits, losses, demands, judgments, charges, contracts, obligations, debts, and liabilities of whatever nature, that he or his 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. 

	 
	Deutschland, Avon Products, Inc. und die Avon-Gesellschaften sowie deren jeweiligen ehemaligen und derzeitigen leitenden Angestellten, Mitglieder in Leitungsgremien, Angestellte, Mitarbeiter, Bevollmächtigten, Pensionspläne, Treuhänder von Pensionsplänen, Verwalter von Pensionsplänen, Vertreter, Anwälte, Gesellschafter, sowie Rechtsnachfolger, d. h. jeden und alle von ihnen sowie in jeder Eigenschaft, persönlich und als Vertreter (gemeinsam als die „Freigestellten Avon-Parteien“ bezeichnet), von sämtlichen Klagen, Klagegründen, Ansprüchen, Verlusten, Forderungen, Urteilen, Vorwürfen, Verträgen, Verpflichtungen, Schulden und Verbindlichkeiten jedweder Art, die er oder seine Erben, Testamentsvollstrecker, Nachlassverwalten und Rechtsnachfolger gegen die Freigestellten Avon-Parteien oder einzelne davon aus oder aufgrund von irgendeiner Ursache, Angelegenheit oder Sache haben oder ggfs. haben, dauerhaft freizustellen, zu entlasten und zu entbinden.

	Nothing in this Agreement is to be construed as an admission on behalf of the Avon Released Parties of any wrongdoing with respect to the Employee, any such wrongdoing being expressly denied.

	 
	Keine Bestimmung in dieser Vereinbarung kann als Zugeständnis eines Fehlverhaltens seitens der Freigestellten Avon-Parteien gegenüber dem Mitarbeiter ausgelegt werden; ein solches Fehlverhalten wird ausdrücklich bestritten.

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	Neither Avon Germany nor the Companies make any representation to the Employee about the tax effects on the provisions of this Agreement or otherwise, and neither Avon Germany nor the Companies shall have liability to the Employee in the event that the Employee becomes subject to taxation under any jursidiction (other than any tax reporting and/or withholding obligations that the Companies may have under applicable law).
	 
	Weder Avon Deutschland noch die Avon-Gesellschaften machen dem Mitarbeiter gegenüber irgendwelche Zusicherungen in Bezug auf die steuerlichen oder sonstigen Auswirkungen der Bestimmungen dieser Vereinbarung, und weder Avon Deutschland noch die Avon-Gesellschaften haften dem Mitarbeiter gegenüber, falls der Mitarbeiter in einer Jurisdiktion steuerpflichtig werden sollte (ausgenommen hiervon sind steuerliche Melde- bzw. Einbehaltungspflichten, denen die Avon-Gesellschaften gemäß einschlägigen Gesetzen ggfs. unterliegen).

	15.     This Agreement constitutes the entire agreement between the parties. There are no oral side agreements. 
	 
	15.       Diese Vereinbarung stellt die gesamte Vereinbarung zwischen den Parteien dar. Mündliche Abreden bestehen nicht.

	16.   Changes to this Agreement shall be valid only if in writing and signed by all parties. This applies also with respect to any waiver or amendment of this written form clause.  If any provision of this Agreement is or becomes legally invalid, this shall not affect the validity of the remaining provisions hereof.
	 
	16.   Änderungen zu dieser Vereinbarung sind nur wirksam, sofern diese schriftlich erfolgen und von alle Parteien unterzeichnet werden. Dies gilt auch für den Verzicht auf dieses Schriftformerfordernis oder dessen Änderung. Sollte eine Bestimmung dieser Vereinbarung rechtlich ungültig sein oder werden, bleiben die sonstigen Bestimmungen dieser Vereinbarung davon unberührt.

	17.     This Agreement is subject to German law. The employee acknowledges that he has no claims 
	 
	17.  Diese Vereinbarung unterliegt dem deutschen Recht. Der Mitarbeiter erkennt an, dass er keine Ansprüche 

Page 14/17

	
			
	against any of the Companies in any relevant jurisdiction.
	 
	gegen eine der Avon-Gesellschaften irgendeiner Jurisdiktion hat.

	18.    The    German     version    of    this Agreement shall be authoritative.
	 
	18. Die deutsche  Version  dieser Vereinbarung ist die maßgebliche.

	[Signatures follow on next page]
	 
	[Unterschriften folgen auf der nächsten Seite]

Page 15/17

	
			
	John Higson
/s/ John Higson________________
Signature

19/09/17_____________________
Date

	 
	John Higson 
/s/ John Higson _____________
Unterschrift

19/09/17___________________
Datum

	Avon Cosmetics GmbH
/s/ Zoltan Radeczky, GM___________
Signature

Zoltan Radeczky, GM______________
Name/Title

22-09-2017______________________
Date

	 
	Avon Cosmetics GmbH
/s/ Zoltan Radeczky, GM_________
Unterschrift

Zoltan Radeczky, GM____________
Name/Position 

22-09-2017____________________
Datum

	Avon Products, Inc.
/s/ Susan Ormiston________________
Signature

Susan Ormiston
Sr. Vice President, Chief Human Resources Officer__________________________
Name/Title

19-09-2017______________________
Date

	 
	Avon Products, Inc.
/s/ Susan Ormiston______________
Unterschrift

Susan Ormiston
Sr. Vice President, Chief Human Resources Officer________________________
Name/Position 

19-09-2017____________________
Datum

	Avon Products, Inc. on behalf of the Companies
/s/ Susan Ormiston_________________
Signature

Susan Ormiston
Sr. Vice President, CHRO
___________________________
Name/Title

	 
	Avon Products, Inc. für die Avon-Gesellschaften
/s/ Susan Ormiston_______________
Unterschrift

Susan Ormiston
Sr. Vice President, CHRO _____________________________
Name/Position 

Page 16/17

	
			
	19-09-2017____________________
Date

Signature/Date
/s/ John Higson__________________
John Higson hereby confirms that he has received a counterpart of this Agreement signed by the Parties in original.
	 
	19-09-2017____________________
Datum

Unterschrift/Datum

/s/ John Higson_____________________
John Higson bestätigt hiermit, dass er eine von der Parteien unterzeichnete Ausfertigung dieser Vereinbarung im Original erhalten hat.

Page 17/17Exhibit

Exhibit 10.4

[Avon Letterhead]

August 31, 2017
Personal & Confidential
Fernando Acosta
9001 Banyan Drive 
Coral Gables, FL 33156

Re:    Severance Benefit Letter Agreement and General Release of Claims
Dear Fernando:

This Severance Benefit Letter Agreement and General Release of Claims (this “Agreement”) sets forth the terms and conditions of your benefits under an individual severance agreement with Avon Products, Inc. (“Avon” or the “Company”) that provides benefits in excess of the benefits available under the Avon Products, Inc. Severance Pay Plan (the “Severance Plan”).  The Severance Plan limits total payouts to any participant to no more than $540,000 for separations that occur in 2017 (the “409A Limit”).  Because your total severance payments are in excess of the amount that would otherwise be provided under the Severance Plan, this Agreement will be provided to you in lieu of any benefits payable under the Severance Plan and you agree that you waive all your rights to benefits under the Severance Plan.
The severance benefits being offered to you are as follows:
		
	a.
	Basic Severance Benefits:  As long as you work through the Separation Date (defined below in numbered Paragraph 1), you are eligible for a severance payment representing two weeks of your base salary, less deductions (the “Basic Severance”); or

		
	b.
	Additional Severance Benefits:  As an alternative to the Basic Severance, you may elect to receive a collection of benefits consisting of payment to you of an amount greater than the Basic Severance amount plus certain other benefits as described below.  For clarity, this collection of severance benefits will be called “Additional Severance Benefits.”  The Additional Severance Benefits are payable instead of the Basic Severance.  The Additional Severance Benefits are being offered to you 

        

in consideration of this Agreement, and, if applicable, the Second General Release (as defined below).  
To be eligible for the Additional Severance Benefits, as detailed below, you must:  (1) work through the Separation Date; (2) timely sign this Agreement; (3) allow this Agreement to become effective and irrevocable (by not revoking it within seven days of your signature); and (4) if you signed this Agreement before the Separation Date, you must timely sign another general release of claims (the “Second General Release”) and allow the Second General Release to become effective and irrevocable (by not revoking it within seven days of your signature). A copy of this Second General Release is included with the Agreement.   See the Paragraph below entitled Permissible Time to Sign Agreement and Possible Second General Release regarding the timing requirements for deciding whether to execute these documents and the accompanying instructions in the Second General Release.  
If your employment does not end for any reason, or if you are transferred or receive certain offers of employment from Avon or its affiliates to commence promptly after the Separation Date, consistent with the Severance Plan, your eligibility to receive either Basic Severance or Additional Severance Benefits will cease.
Until this Agreement and, if applicable, the Second General Release becomes effective, you are not eligible for and do not have a binding right to severance benefits beyond the Basic Severance (two weeks of base salary, less deductions).  If you elect not to sign the Agreement, you are entitled to retain the Basic Severance. The below Paragraphs briefly describe the treatment of your benefits after the Separation Date (defined in Paragraph 1), including the enhanced severance benefits available to you if you elect the Additional Severance Benefits. Please note, however, that the actual written plan documents for the relevant benefit plans set forth the terms and conditions of benefits and control in the event of differences described herein.
		
	1.
	Last Day of Active Employment 

Your last day of active employment with Avon will be November 1, 2017 (the “Separation Date”). You must work through the Separation Date to either receive Basic Severance or Additional Severance Benefits. 
Regardless of whether you work through the Separation Date or whether you elect the Additional Severance Benefits, if you are entitled to any payment for accrued but unused paid time off benefits (e.g., vacation) through your last day of work, in accordance with applicable law, or the terms of an applicable Avon policy, you will receive a separate payment representing such amount(s), if any.  

        

		
	2.
	Salary Continuation

You must work through the Separation Date to either receive Basic Severance or Additional Severance Benefits.  For example, if, prior to the Separation Date, you (i) voluntarily resign your employment, (ii) are terminated by Avon for cause (as defined in the Severance Plan), or (iii) are terminated by Avon for poor performance (as defined in the Severance Plan), you will not have met the requirement to work through the Separation Date.
If you work through the Separation Date, you will be eligible for either Basic Severance or Additional Severance Benefits:  
Basic Severance:  If you do not elect the Additional Severance Benefits, you are eligible for an automatic two-week severance period (two weeks of your base salary), less applicable deductions, paid in accordance with the next-scheduled payroll cycle following the Separation Date.  
Additional Severance Benefits:  If you elect the Additional Severance Benefits, you will receive salary continuation for 24 months immediately following the Separation Date (referred to as the “Salary Continuation Period”) based upon your annual salary as in effect on the Separation Date.  Avon payroll will calculate the total amount of salary continuation payable, in accordance with Avon’s normal payroll practices.
Because you are one of the top 50 highest paid employees at Avon (a “specified employee”), under Internal Revenue Code Section 409A (“Section 409A”), the section which governs nonqualified deferred compensation (including separation agreements), certain limitations may apply on how the separation payments will be made to you if the total severance payments exceed the 409A Limit.  Since your total severance payments under the Additional Severance Benefits are expected to exceed the 409A Limit, you will receive your severance in two tranches:
		
	(a)
	The first tranche (“Tranche A”) will be equal to the 409A Limit, payable over the Salary Continuation Period in substantially equal, bi-weekly installments (less applicable deductions) on each of Avon’s regular payroll dates.  

		
	(b)
	The second tranche (“Tranche B”) will be equal to the remaining amount of salary continuation owed to you under this Agreement in excess of the 409A Limit, payable from the first administratively feasible Avon regular payroll date that occurs in the seventh month following the Separation

    

        

Date through the end of the Salary Continuation Period, in substantially equal, bi-weekly installments (less applicable deductions) on each of Avon’s regular payroll dates.  
Where both tranches are being paid at the same time, there will be one check paid to you by Avon.  
For the avoidance of doubt, payments under Tranche A are intended to be exempt from the requirements of Section 409A.  Payments under Tranche B are intended to either be exempt from the requirements of Section 409A or satisfy any applicable requirements of Section 409A for payments of nonqualified deferred compensation to specified employees.
The Additional Severance Benefits are instead of the Basic Severance and any severance benefits that may otherwise be contemplated under any agreement with Avon or any Avon plan, policy or program. 
During the Salary Continuation Period, as explained below, you will be eligible to continue to participate in certain of Avon’s benefit plans 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.  You will not, however, accrue any vacation days or be eligible for any other benefits provided to active employees during the Salary Continuation Period, other than those expressly provided for herein and/or as otherwise required by law.
Notwithstanding the foregoing, if you are receiving the Additional Severance Benefits in the form of salary continuation but you accept a position with another business entity, Avon may elect, in its sole discretion, to pay any remaining cash severance payments to you in the form of a lump sum payment (except that any such election to accelerate payment will not apply to the extent that it would violate Section 409A), in which case your participation in all Avon benefit plans (for example, the active medical plan) will cease, and you will no longer have a “Salary Continuation Period.” However, as used in Paragraphs 11(c), 11(d), or 11(e), below, the “Salary Continuation Period” shall mean the entire period of time that you would have received salary continuation payments under this Paragraph 2 had you not received all or a portion of your severance payments in the form of a lump sum payment.
		
	3.
	Retirement Plans

		
	a.
	Avon Products, Inc. Personal Retirement Account Plan (“PRA”)

        

Additional Severance Benefits:  If you elect the Additional Severance Benefits, during the Salary Continuation Period you will continue to be credited with service under the PRA pursuant to and in accordance with the terms of the PRA, including any amendments to the PRA that may be enacted from time to time.   This means that as a participant under the Cash Balance benefit formula, you can only continue to accrue vesting service, if applicable, during the Salary Continuation Period.  In the month following the end of the Salary Continuation Period, you first may take a distribution from the PRA in the form you then elect in accordance with the terms of the PRA.
Basic Severance:  If you do not elect the Additional Severance Benefits, your PRA benefit will be calculated with the service you have earned through the Separation Date in accordance with the terms of the PRA.  In the month following the Separation Date, you may first take your PRA benefit in the form you then elect in accordance with the terms of the PRA.
		
	b.
	Benefit Restoration Plan of Avon Products, Inc.  

Additional Severance Benefits:  If you elect the Additional Severance Benefits, your benefit under the Benefit Restoration Pension Plan of Avon Products, Inc. (the “Restoration Plan”), if payable, will be calculated and paid taking into account the Salary Continuation Period in accordance with the terms of the Restoration Plan.  
Basic Severance:  If you do not elect the Additional Severance Benefits, your Restoration Plan benefit will be calculated based upon your service through the Separation Date only and, if payable, will be paid in accordance with the terms of the Restoration Plan.
If you are considered a specified employee under Section 409A at the time of the Separation Date, payments of benefits under the Restoration Plan will be subject to a six-month delay from the Separation Date, and so any benefits payable to you under the Restoration Plan will not commence until the seventh month following the Separation Date.

        

		
	4.
	Avon Personal Savings Account Plan:  With respect to the Avon Personal Savings Account Plan (the “PSA”), also known as the 401(k) Plan, you are considered a terminated employee on the Separation Date.  Even if you elect the Additional Severance Benefits, you will not be entitled to participate in the PSA during the Salary Continuation Period.  Whether or not you elect the Additional Severance Benefits, upon the Separation Date, you may take a distribution of your benefits immediately.  You may roll over the contents of your PSA account into an Individual Retirement Account or other tax-deferred savings account in accordance with the PSA and applicable tax rules.  Please consult with your accountant or tax advisor before doing so.  Any outstanding PSA loans you may have are payable within three months after your Separation Date if you do not make arrangements to continue to make regular loan repayments after the Separation Date through the PSA third party administrator, Empower Retirement.  You should contact Empower Retirement if you have an outstanding plan loan.    

		
	5.
	Cash Incentive Award  

As a reminder, all cash incentive awards are subject to Avon’s compensation recoupment policy.
Annual EIP:  You are currently a participant in the Avon Products, Inc. 2013-2017 Executive Incentive Plan (the “Annual EIP”) for 2017.  Regardless of whether or not you elect the Additional Severance Benefits, payments, if any, of the Annual EIP award are governed by the terms of the Annual EIP and are triggered by the attainment of performance measures, as determined in accordance with Company policies.  Payment, if any, of the 2017 Annual EIP award, will be made in 2018 at the same time active 2017 Annual EIP participants receive their payments.  Even if you elect the Additional Severance Benefits, you are not eligible for an award for any years after 2017 under the Annual EIP or any other bonus program.
		
	6.
	Deferred Compensation Plan

Regardless of whether or not you elect the Additional Severance Benefits, under the Avon Products, Inc. Deferred Compensation Plan (the “DCP”) distributions will begin in accordance with the terms of such plan and any elections you may have made under such plan, including any amendments to such plan that may be enacted from time to time.  If you elect the Additional Severance Benefits, during the Salary Continuation Period, you are not eligible to defer any monies into the DCP.  Your DCP form and timing of payment elections are available online at http://retirementnq.prudential.com.

        

		
	7.
	Equity Awards

Regardless of whether or not you elect the Additional Severance Benefits, each equity award (such as restricted stock units and stock options) will continue to be governed by the applicable equity agreement(s) and the applicable stock incentive plan(s) (including, but not limited to, terms and conditions regarding vesting and settlement of awards). 
		
	8.
	Career Transition and Development Services 

Additional Severance Benefits:  If you elect the Additional Severance Benefits, Avon will reimburse you for  career transition and development services (outplacement services) provided by a vendor of your choice up to a total maximum gross amount of $18,000.  Such outplacement services and request for reimbursement (accompanied by appropriate documentation) must be completed within the twelve (12) months immediately following the Separation Date. 
Basic Severance:  If you do not elect the Additional Severance Benefits, no career transition and development services will be provided to you.
		
	9.
	Health and Welfare Plans 

Additional Severance Benefits:  If you elect the Additional Severance Benefits, during the Salary Continuation Period, and provided that you are a participant in the applicable Avon plan as of the Separation Date, you generally will continue to be eligible to participate in the following benefit plans:  Medical, Dental, Vision, Employee Assistance Program, Group Life Insurance, Supplemental Group Life Insurance, Group Accidental Death and Dismemberment (“AD&D”) and Supplemental Group AD&D.  For those plans requiring premium payments, you will be required to pay the same portion of the total premium as an active associate pays.  If you elect to continue Medical, Dental and/or Vision coverage, your benefit coverage level will be provided at the benefit coverage level that you previously selected, subject to Avon’s right to amend, modify, or terminate such arrangements at any time.  But note, however, because you are considered one of the top 25% highest paid associates at Avon per IRS regulations, you will be paying your entire premiums on an after-tax basis and your Form W-2s will include imputed income equal to value of the subsidized premiums being provided by Avon, as required by the Internal Revenue Code.  Because of this required tax treatment, the cost to you of continuing coverage may be substantially higher than while you were actively employed.  You may wish to consult a tax advisor to see how this change may impact you. 

        

Also, in the event that during the Salary Continuation Period you should become employed by another employer and are provided with medical and/or dental insurance coverage, you may either drop your Avon coverage or continue your coverage under both plans.  Under the second alternative, your coverage will be coordinated between the two plans, with your new employer’s plan serving as the primary payer.  In the event that your group health plan coverage ceases during the Salary Continuation Period due to a “qualifying event,” or due to the expiration of the Salary Continuation Period, you will then be entitled to elect continued coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) at your own expense, assuming you satisfy the requirements of COBRA.  
In addition, pursuant to Section 409A, the following rules apply to your continued receipt of the above welfare benefits to the extent those benefits are not exempt from the requirements of Section 409A:  (x) to the extent that any such benefit is provided via reimbursement to you, no such reimbursement will be made by Avon later than the end of the year following the year in which the underlying expense is incurred; (y) any such benefit provided by Avon in any year will not be affected by the amount of any such benefit provided by Avon in any other year; and (z) under no circumstances will you be permitted to liquidate or exchange any such benefit for cash or any other benefit.
Basic Severance:  If you do not elect the Additional Severance Benefits, your participation in the Medical, Dental, Vision, Employee Assistance Program, Group Life Insurance, Supplemental Group Life Insurance, Group AD&D and Supplemental Group AD&D will generally end on the Separation Date (or no later than the last day of the month in which Basic Severance ceases, pursuant to the terms of each plan and/or policy).  You are entitled to elect to continue group health plan coverage under COBRA at your own expense, assuming you satisfy the requirements of COBRA.  Information regarding COBRA coverage will be sent to you under separate cover if you do not elect the Additional Severance Benefits.
Other Welfare Benefits
Regardless of whether or not you elect the Additional Severance Benefits, your participation in the Short-Term and Long-Term Disability plans, the Flexible Spending Accounts, and the Transit Incentive Plan will cease following the Separation Date (except that you may continue to participate in the Health Care Flexible Spending Account for the remainder of the calendar year in which the Separation Date occurs in accordance with COBRA, assuming you satisfy the requirements of COBRA and assuming that you elect COBRA).  You will receive 

        

separate paperwork required to elect COBRA continuation coverage for the Health Care Flexible Spending Account.
If you participate in the Transit Incentive Program, you will have 90 days after the Separation Date to spend the remaining pre-tax and after-tax funds on your WageWorks Transit Commuter Card.  After the 90-day period has expired, the post-tax contributions will be returned to you.  Pre-tax contributions, per regulations, will be forfeited.  For more information please contact WageWorks at 877-924-3967.
Also, when your group life insurance coverage terminates (either immediately, or if you elect the Additional Severance Benefits, at the end of the Salary Continuation Period, if any), you may be entitled to convert the group coverage to individual life insurance coverage.  Please contact the group life insurance vendor (currently Liberty Mutual at 888-787-2129) before your group life insurance coverage terminates for details.
		
	10.
	Perquisites

		
	a.
	Transportation Allowance 

Additional Severance Benefits:  If you elect the Additional Severance Benefits, you will be entitled to receive a transportation allowance for the three-month period following your last day of active employment.  Normally this will be paid in the same manner as it is paid as when you were an active employee.  However, because you are a specified employee under Section 409A, you will be paid this benefit in a lump sum payment in the seventh month following the Separation Date.  
Basic Severance:  If you do not elect the Additional Severance Benefits, your eligibility for a Transportation Allowance will end on the Separation Date.

		
	b.
	Executive Health Exam

Additional Severance Benefits:  If you elect the Additional Severance Benefits and if you have not already received your annual Executive Health Exam in the calendar year in which your Severance Date occurs, you may still receive the exam for up to the earlier of three months following the Separation Date or the end of the calendar year in which the Separation Date occurs.  Note, however, that because you are considered a “specified employee” under Section 409A, reimbursements for an Executive Health Exam after the Separation Date will be

        

subject to a six-month delay from the Separation Date, and so any such reimbursements will be payable to you no earlier than the seventh month following the Separation Date.  
Basic Severance:  If you do not elect the Additional Severance Benefits, your eligibility for an Executive Health Exam will end on the Separation Date.

		
	c.
	Financial Planning and Tax Preparation 

Regardless of whether or not you elect the Additional Severance Benefits, your eligibility for Financial Planning and Tax Preparation will end on the Separation Date.  
Your receipt of the above perquisite(s) is subject to the following rules:  (x) to the extent that any such perquisite is provided via reimbursement to you, no such reimbursement will be made by Avon later than the end of the year following the year in which the underlying expense is incurred; (y) any such perquisite provided by Avon in any year will not be affected by the amount of any such perquisite provided by Avon in any other year; and (z) under no circumstances will you be permitted to liquidate or exchange any such perquisite for cash or any other benefit. 
		
	11.
	Your Obligations to Avon 

Additional Severance Benefits:  Except as otherwise provided in this Agreement, in consideration of your election of the Additional Severance Benefits, you further agree to the following:
		
	a.
	Confidentiality:  You agree to keep and hold in strict trust all Confidential Information that you obtained or generated during or as a result of your employment at Avon.  You promise not to knowingly use, disclose, copy, distribute or reverse-engineer, directly or through persons interposed, without Avon’s prior written consent (which may only be provided by the Chief Executive Officer), as and from this date, and at any time, Avon’s Confidential Information.  For this purpose, “Confidential Information” means any secret, confidential, and/or proprietary information or knowledge relating to Avon or related to any of Avon’s affiliated companies, and/or their respective businesses, agents, employees, customers and independent sales representatives, that is not generally known to the public.  Such Confidential Information includes, but is not limited to, financial information and projections, marketing information and plans, product formulations, samples, processes, production methods, intellectual property and trade secrets, data,

    
    

        

know-how, sales, market development programs and plans, and other types of information not generally known to the public, including non-public unpublished or pending patent applications and all related patent rights, techniques, formulae, processes, discoveries, improvements, ideas, conceptions, compilations of data, and developments, whether or not patentable and whether or not copyrightable.  Notwithstanding your confidentiality obligations, you are permitted to disclose Confidential Information that is required to be disclosed by you pursuant to judicial order or other legal mandate, provided that you have given Avon prompt notice of the disclosure requirement, and that you fully cooperate with any efforts by Avon to obtain and comply with any protective order imposed on such disclosure.  
 
In accordance with the Defend Trade Secrets Act of 2016, you are hereby notified by Avon that you will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that:  (i) is made (x) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  You are further notified by Avon that, if you file a lawsuit for retaliation by an employer for reporting a suspected violation of law, then you may disclose the employer’s trade secrets to your attorney and use the trade secret information in the court proceeding if you:  (A) file any document containing the trade secret under seal; and (B) do not disclose the trade secret, except pursuant to court order.
 
		
	b.
	Use of Confidential Information:  You agree that you will not use Avon’s Confidential Information in connection with any publicity, advertising, endorsement or other promotion.  You further agree not to use Avon’s trademarks, logos, service marks or other intellectual property in any form of advertising, publicity or release without Avon’s prior written approval.  You understand that nothing in this Agreement shall be construed to prevent lawful communications regarding working conditions, or other terms and conditions of employment protected under Section 7 of the National Labor Relations Act or applicable state law.

 
		
	c.
	Non-solicitation:  You will not, without Avon’s prior written consent (which may only be provided by the Chief Executive Officer), during the Salary Continuation Period, directly or indirectly hire, solicit, or aid in the solicitation of, any employee of Avon or an affiliated company, including any 

        

solicitation or recruitment of such employee to take him or her away from or to leave his or her Avon employment to work for any other employer or other entity.

		
	d.
	Non-competition:  Notwithstanding anything else in this Agreement, you will not, during the Salary Continuation Period, without Avon’s prior written consent (which may only be provided by the Chief Executive Officer), accept employment with, or act as a consultant or independent contractor to, any company engaged in the direct selling business or beauty business within or without the United States including, but not limited to, the following: Amway Corp./Alticor Inc., Amore Pacific, Arabela, Arbonne, Beiersdorf (Nivea), COTY, De Millus S.A., Ebel Int’l/Belcorp Corp., Elizabeth Arden, Faberlic,  Herbalife Ltd., Inter Parfums, Jequiti, Lady Racine/LR Health & Beauty Systems GmbH, LG Health & Household, L’Occitane, L’Oréal Group/Cosmair Inc., Mary Kay Inc., Mistine/Better Way (Thailand) Co. Ltd., Natura Cosmetics S.A., Neways Int’l, NuSkin Enterprises Inc., O Boticário, Oriflame Cosmetics S.A., Origami Owl, Reckitt Benckiser PLC, Revlon Inc., Rodan & Fields, Shaklee Corp., Shiseido, Stella & Dot, Silpada, The Body Shop Int’l PLC, The Estée Lauder Companies Inc., The Procter & Gamble Company, Tupperware Corp., Unilever Group (N.V. and PLC), Vorwerk & Co. KG/Jafra Worldwide Holdings (Lux) S.à.R.L. Inc., Yanbal Int’l (Yanbal, Unique), Younique or any of their affiliates.   

		
	e.
	By signing this Agreement and, if applicable, the Second General Release, you are agreeing that you may be reasonably requested from time to time by Avon:  (x) to advise and consult on matters within or related to your expertise and knowledge in connection with the business of Avon; (y) to make yourself available to Avon to respond to requests for information concerning matters involving facts or events relating to Avon; and (z) to assist with pending and future litigation, investigations, arbitrations, and/or other dispute resolution matters.  If you provide such consultation during the Salary Continuation Period, Avon will only reimburse you for reasonable related out-of-pocket expenses.  If you provide such consultation after the Salary Continuation Period ends, you shall be paid at your current salary rate, and in accordance with applicable law, for time expended by you at Avon’s request on such matters, and shall also receive reimbursement for reasonable out-of-pocket expenses incurred in connection with such assistance.  You understand that, with respect to any consultation services provided by you under this paragraph, you 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, unless such employee benefit plan otherwise expressly and specifically provides for such credit.

		
	f.
	By signing this Agreement and, if applicable, the Second General Release, you acknowledge that you understand that violations of any of the preceding covenants are material and that any violations may result in a forfeiture, at Avon’s sole discretion, of your benefits and payments under this Agreement in excess of the Basic Severance (including salary continuation, whether or not already paid), but do not relieve you of your continuing obligations under this Agreement.  You agree that Avon’s remedies at law for any breach by you of the preceding covenants will be inadequate and that Avon will also have the right to obtain immediate injunctive relief, without a bond, so as to prevent any continued breach of any of these covenants, in addition to any other available legal remedies.  It is understood that any remedy available at law or in equity shall be available to Avon should the preceding covenants be breached.  

		
	g.
	By signing this Agreement and the Second General Release, if applicable, to the fullest extent allowed by law, you agree not to commence, join, participate in, or assist any lawsuit, action, investigation or proceeding arising from or relating to any act or omission by any of the “Avon Released Parties” (as that term is defined both in this Agreement in Paragraph 20 below and, if applicable, in the Second General Release) unless you are compelled by law to do so and you also agree not to  recover or seek to recover any damages, backpay or other monetary relief as part of any action or class action brought by any other individual, the EEOC, or any other civil rights or governmental agency.

 
		
	12.
	E-Mail and Voicemail:  You acknowledge and understand that your access to Avon’s e-mail and voicemail, as well as other communication systems, will be discontinued as of the Separation Date.

 
		
	13.
	Return of Avon Property:  On or before the Separation Date, you agree to promptly deliver to Avon, and not keep in your possession, duplicate, or deliver to any other person or entity, any and all property (whether in hard copy, physical form, or electronic form) that belongs to Avon or any of its affiliated companies, including, without limitation, automobiles, computer hardware and software, cell phones, Blackberrys, iPhones, Androids, other smartphones, iPads, other tablets, thumb drives, other electronic equipment, keys, credit cards, identification cards, records, files, data, and other documents and information, including any and all copies of the foregoing.

        

		
	14.
	Employment Inquiries:  You understand and agree that, in the event Avon receives any inquiries from your 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.  

		
	15.
	Entire Agreement and Amendments to Agreement: You acknowledge that the only consideration for your execution and non-revocation of this Agreement (which includes a general release of claims) and, if applicable, your execution and non-revocation of the Second General Release are the benefits which are expressly stated in this document.  All other promises or agreements of any kind, including but not limited to, your employment offer letter agreement with Avon dated February 8, 2012, that have been made by or between the parties or by any other person or entity whatsoever that are related to the subject matter of this Agreement are superseded, revoked and cancelled by this Agreement, except that any arbitration, nondisclosure, intellectual property protection, non-solicit, non-compete or classified information provisions and/or agreements with the Company continue to apply in accordance with their terms (and the greater protection to Avon applies in the event of any conflict between this Agreement and such other agreements) and any plans (such as the PRA), equity award agreements, or policies that are referenced in this Agreement as continuing to be applicable (including, without limitation, the Company’s “Associate Arbitration Policy”) are not superseded and will remain in effect. In addition, any compensation recoupment provisions, practices or policies will continue to apply, as applicable. You agree that this Agreement and, if applicable, the Second General Release, may not be changed orally, by email, or by any other form of electronic communication, but only by a written agreement signed by both you and an authorized representative of Avon.

		
	16.
	Severability:  You agree that the provisions of this Agreement and, if applicable, the Second General Release, are severable.  If a provision or any part of a provision is held to be invalid under any law or ruling, all of the remaining provisions of this Agreement and, if applicable, the Second General Release will remain in full force and effect and be enforceable to the extent allowed by law.  If any restriction contained in this Agreement or, if applicable, the Second General Release is held to be excessively broad as to duration, activity, or scope, then you agree that such restriction may be construed, “blue-penciled” or judicially modified so as to be limited or reduced to the extent required to be enforceable under applicable law.  

        

		
	17.
	Voluntary Nature:  You are not required to elect the Additional Severance Benefits.  Any election to do so by you is completely voluntary.  By signing this Agreement and, if applicable, the Second General Release, you warrant and represent that you have read this entire Agreement and, if applicable, the Second General Release, that you have had an opportunity to consult fully with an attorney, and that you fully understand the meaning and intent of this Agreement and, if applicable, the Second General Release.  Further, you knowingly and voluntarily, of your own free will, without any duress, being fully informed, and after due deliberation, accept its terms and sign below as your own free act.  You understand that as a result of executing this Agreement and, if applicable, the Second General Release, you will not have the right to assert that Avon or any other Avon Released Party (as defined both in this Agreement in Paragraph 20 below and, if applicable, in the Second General Release) unlawfully terminated your employment or violated any of your rights in connection with your employment.

		
	18.
	Governing Law:  You agree that this Agreement (which includes a general release of claims) and, if applicable, the Second General Release 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, and federal law where applicable.  Any legal action to enforce this Agreement, and, if applicable the Second General Release, by either party, shall be subject to arbitration in accordance with Avon’s “Associate Arbitration Policy”.  To the extent that Avon is seeking equitable relief to enforce your obligations under this Agreement, Avon may seek such relief as provided in the Paragraph above entitled Your Obligations to Avon in any federal, state or local court in any jurisdiction.  

		
	19.
	Election Not to Accept the Additional Severance Benefits:  Should you elect not to accept the Additional Severance Benefits, you will be provided only with the Basic Severance (two weeks of base salary, less applicable withholdings) and continued coverage under certain Avon benefit plans during that period (or, for some plans, until the last day of the month in which such payments end, in accordance with the terms of such plans (which control in the event of any discrepancy herein)).  Following this two-week salary continuation period, you will be notified by a separate letter of your right to elect continued group health plan coverage, at your own expense, under COBRA, as applicable.  

		
	20.
	General Release of Claims

In consideration of the severance benefits herein (i.e., the acceptance of the Additional Severance Benefits) and the other terms and conditions of this 

        

Agreement, you agree, on behalf of yourself and your heirs, executors, administrators, and assigns, to forever release, dismiss, and discharge (except as provided by this Agreement) Avon and its affiliated companies and each of their respective current and former officers, directors, associates, employees, agents, employee benefit plans, employee benefit plan fiduciaries, employee benefit plan trustees, employee benefit plan administrators, representatives, attorneys, shareholders, successors 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, suits, losses, demands, judgments, charges, contracts, obligations, debts, and liabilities of whatever nature (“Claims”), that you and your 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:
		
	•
	All Claims arising from your employment relationship with Avon and the termination of such relationship;

		
	•
	All Claims arising under any federal, state, or local constitution, statute, rule, or regulation, or principle of contract law or common law;

		
	•
	All Claims for breach of contract, wrongful discharge, tort, breach of common-law duty, or breach of fiduciary duty;

		
	•
	All Claims for violation of laws prohibiting any form of employment discrimination or other unlawful employment practice, including without limitation, as applicable:

		
	o
	The Worker Adjustment and Retraining Notification Act of 1988, as amended, 29 U.S.C. §§ 2101 et seq.;

		
	o
	Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §§ 2000e et seq.;

		
	o
	The Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §§ 621 et seq. (the “ADEA”);

		
	o
	The Americans with Disabilities Act of 1990, as amended, 42 U.S.C. §§ 12101 et seq.;

		
	o
	The Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. §§ 1001 et seq.;

        

		
	o
	The Family and Medical Leave Act of 1993, as amended, 29 U.S.C. §§ 2601 et seq.;

		
	o
	The Genetic Information Nondiscrimination Act of 2008, as amended, 42 U.S.C. §§ 2000ff et seq.; 

		
	o
	The National Labor Relations Act of 1935, as amended, 29 U.S.C. §§ 151 et seq. (the “NLRA”);

		
	o
	the Fair Credit Reporting Act, as amended, 15 U.S.C. §§ 1681 et seq.;

		
	o
	“Whistleblower” laws (other than as provided for in Paragraph 22 herein) and laws protecting “whistleblowers” from retaliation;

		
	o
	The New York State Human Rights Law, as amended, N.Y. Exec. Law §§ 290 et seq.; the New York State Worker Adjustment and Retraining Notification Act, as amended, N.Y. Labor Law §§ 860 et seq.; Article 6 of the New York Labor Law, as amended, N.Y. Labor Law §§ 190 et seq.; the New York Nondiscrimination for Legal Actions Law, as amended, N.Y. Labor Law § 201-d; the New York State Fair Credit Reporting Act, as amended, N.Y. Gen. Bus. Law §§ 380 et seq.; Article 23-A of the New York State Corrections Law, as amended, N.Y. Correc. Law §§ 750 et seq.; the New York City Human Rights Law, as amended, N.Y.C. Admin. Code §§ 8-101 et seq.; the New York City Earned Sick Time Act, as amended, N.Y.C. Admin. Code §§ 20-911 et seq.; the New York City Stop Credit Discrimination in Employment Act, as amended, N.Y.C. Admin. Code §§ 8-102(29), 8-107(9)(d), 8-107(24); and the New York City Fair Chance Act, as amended, N.Y.C. Admin. Code §§ 8-102(5), 8-107(9) et seq.;

		
	o
	Any other state’s and local government’s human rights laws, anti-discrimination laws, and “plant closing”/mini-WARN Act laws;

		
	o
	Anti-retaliation laws, including without limitation retaliation claims under the New York State Workers' Compensation Law, as amended, N.Y. Workers' Comp. Law § 120, and the New York State Disability Benefits Law, as amended, N.Y. Workers' Comp. Law § 241; 

		
	o
	The Florida Civil Human Rights Act; and

        

		
	o
	Any other federal, state, or local constitution, statute, rule, or regulation; 

provided, that you do not release or discharge the Avon Released Parties:  (x) from any Claims arising after the date on which you execute this Agreement (except, where applicable, you later execute and do not revoke the Second General Release); (y) from any Claims for a breach by Avon of its obligations under this Agreement; or (z) from any Claims that by law cannot be released or waived.  It is understood that the release herein does not release the Avon employee benefit plans from any claims for vested benefits that you have under the terms of any of Avon’s employee benefit plans applicable to you.  It is further understood that nothing in this General Release of Claims shall preclude or prevent you from challenging the validity of this General Release of Claims solely with respect to any waiver of any Claims arising under the ADEA after the date on which you execute this General Release of Claims. 
Nothing in this Agreement is to be construed as an admission on behalf of the Avon Released Parties of any wrongdoing with respect to you, any such wrongdoing being expressly denied. 
You represent and warrant that you 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 your employment and the cessation thereof or to any claim released in this Agreement, and that you are not currently aware of any facts or basis for filing such a complaint, charge, claim, or proceeding against any of the Avon Released Parties.  Except as otherwise provided in this Agreement, you agree that, if you or any other person or entity files an action, complaint, charge, claim, or proceeding against any of the Avon Released Parties, you will not seek or accept any monetary, equitable, or other relief in such action, complaint, charge, claim, or proceeding (including without limitation, relief that would provide you with reinstatement to employment with Avon) and that you will take all available steps/procedures to withdraw and/or dismiss the complaint, charge, claim or proceeding, regardless of who filed or initiated such complaint, charge, claim, or proceeding, whether pursued solely on your behalf or on behalf of a greater class of individuals.
If you are employed in, or, were formerly employed in the State of California, you additionally acknowledge that you are aware of and familiar with the provisions of Section 1542 of the California Civil Code, which provides as follows: 
“A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the 

        

time of executing the general release which if known by him must have materially affected his settlement with the debtor.”
If you are employed in, or, were formerly employed in the State of California, by signing this Agreement, you hereby waive and relinquish all rights and benefits which you may have under Section 1542 of the California Civil Code and under the law of any other state or jurisdiction to the same or similar effect.  You represent and warrant that you have the authority to enter into this general release on your behalf individually and to bind all persons and entities claiming through you.
You acknowledge:  (w) that you are receiving valuable consideration in exchange for your execution of this Agreement, and if applicable, the Second General Release, that you would not otherwise be entitled to receive; (x) that you were given at least twenty-one (21) days in which to consider this Agreement and the Second General Release; (y) that any changes made to this Agreement, whether material or immaterial, will not restart the twenty-one (21) day consideration period; and (z) that you are entitled to revoke this Agreement and the Second General Release (if applicable) in writing, within seven (7) days after you sign each, respectively.  Such revocation must be delivered to the Company as provided herein within the applicable seven (7)-day period, in which case you will receive no benefits other than Basic Severance and neither this Agreement, nor your election to accept the Additional Severance Benefits, will go into effect.
		
	21.
	Additional Representations 

		
	a.
	You acknowledge that you have been paid in full (or will be paid in full pursuant to the Company’s normal payroll practice policy) for all hours that you have worked for Avon, that you have properly reported all hours worked, and that other than what is provided for in this Agreement (and under the terms and conditions of the employee benefit plans and equity agreements and plans referenced herein), you have no other rights to any other compensation or benefits.

		
	b.
	You further acknowledge that you have not been denied any leave requested under the Family and Medical Leave Act (“FMLA”) or applicable state leave laws and that, to the extent applicable, you have been returned to your job, or an equivalent position, following any FMLA or state leave taken pursuant to the FMLA or state laws.

        

		
	c.
	You acknowledge, understand and agree that you have reported (or will timely report for occurrences that occur after the date that you sign this Agreement) to Avon any work related injury or illness that occurred up to and including the Separation Date.

		
	d.
	You acknowledge and certify that you have complied with Avon’s Code of Conduct (the “Code”) and its principles, and you agree to continue to comply with the Code through the Separation Date.

		
	22.
	Reservation of Certain Rights

You understand that nothing in this Agreement is intended, and nothing in this Agreement will be construed, to prevent, interfere with, or otherwise restrict communications or actions protected or required by applicable law, including the legitimate exercise of any Section 7 rights under the NLRA that you may have during your employment with Avon (such as discussing terms and conditions of employment and other workplace conditions).  
Protection of Whistleblower Rights:  This Agreement is not intended to, and shall be interpreted in a manner that does not, limit or restrict you from exercising any legally protected rights that you may have under any applicable statutes, regulations and rules intended to protect whistleblowers (including pursuant to Rule 21F under the Securities Exchange Act of 1934, as amended).  
		
	23.
	Compliance with Laws/Tax Treatment:  Avon will comply with all payroll/tax withholding requirements and will include in income these benefits as required by law.  Avon cannot guarantee the tax treatment of any of these benefits and makes no representation regarding the tax treatment.

		
	24.
	Internal Revenue Code Section 409A:  The parties hereto have a made a good faith effort to comply with current guidance under Section 409A.  The intent of the parties hereto is that payments and benefits under this Agreement comply with or be exempt from Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith, including, without limitation, that references to “termination of employment” and like terms, with respect to payments and benefits that are provided under a “nonqualified deferred compensation plan” (as defined in Section 409A) that is not exempt from Section 409A, will be interpreted to mean “separation from service” (as defined in Section 409A).  In the event that amendments to this Agreement are necessary in order to comply with Section 409A or to minimize or eliminate any income inclusion and penalties under Section 409A (e.g., under any document or operational correction program), Avon and you agree to negotiate in 

        

good faith the applicable terms of such amendments and to implement such negotiated amendments, on a prospective and/or retroactive basis, as needed.  To the extent that any amount payable or benefit to be provided under this Agreement constitutes an amount payable or benefit to be provided under a “nonqualified deferred compensation plan” (as defined in Section 409A) that is not exempt from Section 409A, and such amount or benefit is payable or to be provided as a result of a “separation from service” (as defined in Section 409A), and you are a specified employee (as defined in Section 409A and determined pursuant to procedures adopted by Avon from time to time) on your separation from service date, then, notwithstanding any other provision in this Agreement to the contrary, such payment or benefit will not be made or provided to you during the six (6) month period following your separation from service.  Notwithstanding the foregoing, Avon makes no representation to you about the effect of Section 409A on the provisions of this Agreement and Avon shall have no liability to you in the event that you become subject to taxation under Section 409A (other than any tax reporting and/or withholding obligations that Avon may have under applicable law).
 
		
	25.
	Advice of Counsel:  You acknowledge that you have been and are hereby advised by Avon to consult with an attorney about this Agreement and its General Release of Claims (and, if applicable, the Second General Release) prior to signing (at your own expense) and you represent that you did so to the extent that you deemed appropriate or you knowingly and voluntarily waived your right to do so. You represent and warrant that you fully understand the terms of this Agreement and its General Release of Claims (and, if applicable, the Second General Release), and you knowingly and voluntarily, of your own free will, without any duress, being fully informed, and after due deliberation, accept its terms and sign below as your own free act.  You understand that, as a result of signing this Agreement and, if applicable, the Second General Release, you will not have the right to assert that Avon or any other Avon Released Party unlawfully terminated your employment or violated any of your rights in connection with your employment.

 
		
	26.
	Challenge to the Validity of the Agreement and Communication with Government Agency:  Nothing in this Agreement:  (y) limits or affects your right to challenge the validity of the General Release of Claims under the ADEA or the Older Workers Benefit Protection Act; or (z) precludes you from filing an administrative charge or otherwise communicating with any federal, state or local government office, official or agency.  However, you promise and agree never to seek or accept any damages or other legal remedies, or any equitable remedies or relief (including, without limitation, relief that would provide you with 

        

reinstatement to employment with Avon), and hereby waive any right to recovery of any such damages, remedies or other relief for you personally with respect to any claim released by Paragraph 20, regardless of whether another person or entity or you initiate the underlying action related to the Claim.  You also promise and agree not to voluntarily offer to be a witness and/or voluntarily provide evidence in support of any lawsuit brought by a third party (excluding governmental agencies) against Avon or the Avon Released Parties (as defined in the General Release of Claims above).
 
		
	27.
	Permissible Time to Sign Agreement and Possible Second General Release.  If you do not sign this Agreement and return it to Avon within twenty-one (21) days after the date on which you receive this Agreement and, if applicable, if you do not sign the Second General Release and return it within twenty-one (21) days following the Separation Date, then the offer of Additional Severance Benefits described herein will expire and you will not be entitled to any Additional Severance Benefits beyond the Basic Severance.  As long as you sign and return this Agreement within this time period, you will have seven (7) days immediately after the date of your signature to revoke your decision by delivering, within the seven (7) day period, written notice of revocation to the Senior Vice President, Human Resources.  If you do not revoke your decision during that seven (7)-day period, then this Agreement will become effective on the eighth (8th) day.  Note that similar consideration and revocation rules apply to the Second General Release (except that the consideration period begins on the Separation Date and the revocation period begins on the date you sign the Second General Release).  If you timely sign and return this Agreement and, if applicable, the Second General Release and do not revoke the Agreement, and, if applicable, the Second General Release, each will become effective, respectively, on the day following the expiration of their respective seven (7)-day revocation periods.

 
You understand that the present offer of the Additional Severance Benefits is made without prejudice and is conditional upon its unqualified acceptance and compliance with the execution and delivery requirements described above for this Agreement, and, if applicable, for the Second General Release.  Note that the Agreement includes an agreement regarding your ongoing obligation to protect and preserve the confidentiality of the Confidential Information obtained or accessed while you were in the employ of Avon.
Your signature below signifies your voluntary acceptance of the terms of this Agreement, its confidentiality clauses and your election to receive the Additional Severance Benefits, which benefits you acknowledge are in excess and in lieu of those provided under Avon’s regular severance pay plan(s) and policies.

        

A duplicate copy of this Agreement and the Second General Release is attached for your files.  Please sign and date both copies of this Agreement, in the spaces provided, returning one copy to Avon and retaining the other copy for your records.  If you elect not to accept the Additional Severance Benefits, please notify Avon, in writing, as soon as practicable of your decision.  Your failure to timely return the executed Agreement, and if applicable, the Second General Release, will be treated as your failure to elect the Additional Severance Benefits.

[Signatures on next page]

        

We thank you for your contributions to Avon, and wish you success with your future career.
Sincerely,
AVON PRODUCTS, INC.

By: /s/ Susan Ormiston    
Susan Ormiston
SVP, Chief Human Resources Officer

You have carefully reviewed, understood and agree with the terms and conditions specified in this Agreement above.  You have signed to indicate your acceptance thereof.

Date: 12/SEP/2017_____    By: /s/ Fernando Acosta________
          Fernando Acosta

        

SECOND GENERAL RELEASE
		
	A.
	General Release of Any Claims That May Have Arisen During the Period From the Date of “Severance Benefit Letter Agreement and General Release of Claims” Through the Date of This Second General Release:  

As one of the conditions of my eligibility for, and in consideration of my receipt of, the severance benefits referred to as the “Additional Severance Benefits” and set forth in the Severance Benefit Letter Agreement and General Release of Claims between Avon Products, Inc. (“Avon”) and Fernando Acosta dated August 31, 2017  (the “Agreement”), and in consideration of the other terms and conditions of the Agreement, I agree, on behalf of myself and my heirs, executors, administrators, and assigns, to forever release, dismiss, and discharge (except as otherwise provided by the Agreement and this Second General Release), Avon and its affiliated companies and each of their respective current and former officers, directors, associates, employees, agents, employee benefit plans, employee benefit plan fiduciaries, employee benefit plan trustees, employee benefit plan administrators, representatives, attorneys, shareholders, successors, 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, suits, losses, demands, judgments, charges, contracts, obligations, debts, and liabilities of whatever nature (“Claims”), 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 date I signed the Agreement to the date hereof, including, without limitation:
		
	•
	All Claims arising from my employment relationship with Avon and the termination of such relationship;

		
	•
	All Claims arising under any federal, state, or local constitution, statute, rule, or regulation, or principle of contract law or common law;

		
	•
	All Claims for breach of contract, wrongful discharge, tort, breach of common-law duty, or breach of fiduciary duty;

		
	•
	All Claims for violation of laws prohibiting any form of employment discrimination or other unlawful employment practice, including without limitation, as applicable:

		
	o
	The Worker Adjustment and Retraining Notification Act of 1988, as amended, 29 U.S.C. §§ 2101 et seq.;

        

		
	o
	Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §§ 2000e et seq.;

		
	o
	The Age Discrimination in Employment Act of 1967, as amended, 29 U.S.C. §§ 621 et seq. (the “ADEA”);

		
	o
	The Americans with Disabilities Act of 1990, as amended, 42 U.S.C. §§ 12101 et seq.;

		
	o
	The Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. §§ 1001 et seq.;

		
	o
	The Family and Medical Leave Act of 1993, as amended, 29 U.S.C. §§ 2601 et seq.;

		
	o
	The Genetic Information Nondiscrimination Act of 2008, asS amended, 42 U.S.C. §§ 2000ff et seq.; 

		
	o
	The National Labor Relations Act of 1935, as amended, 29 U.S.C. §§ 151 et seq. (the “NLRA”);

		
	o
	the Fair Credit Reporting Act, as amended, 15 U.S.C. §§ 1681 et seq.;

		
	o
	“Whistleblower” laws (other than as provided for in Paragraph C(vii) below) and laws protecting “whistleblowers” from retaliation; 

		
	o
	The New York State Human Rights Law, as amended, N.Y. Exec. Law §§ 290 et seq.; the New York State Worker Adjustment and Retraining Notification Act, as amended, N.Y. Labor Law §§ 860 et seq.; Article 6 of the New York Labor Law, as amended, N.Y. Labor Law §§ 190 et seq.; the New York Nondiscrimination for Legal Actions Law, as amended, N.Y. Labor Law § 201-d; the New York State Fair Credit Reporting Act, as amended, N.Y. Gen. Bus. Law §§ 380 et seq.; Article 23-A of the New York State Corrections Law, as amended, N.Y. Correc. Law §§ 750 et seq.; the New York City Human Rights Law, as amended, N.Y.C. Admin. Code §§ 8-101 et seq.; the New York City Earned Sick Time Act, as amended, N.Y.C. Admin. Code §§ 20-911 et seq.; the New York City Stop Credit Discrimination in Employment Act, as amended, N.Y.C. Admin. Code §§ 8-102(29), 8-107(9)(d), 8-

    
    

        

107(24); and the New York City Fair Chance Act, as amended, N.Y.C. Admin. Code §§ 8-102(5), 8-107(9) et seq.;
		
	o
	Any other state’s and local government’s human rights laws, anti-discrimination laws, and “plant closing”/mini-WARN Act laws;

		
	o
	Anti-retaliation laws, including without limitation retaliation claims under the New York State Workers' Compensation Law, as amended, N.Y. Workers' Comp. Law § 120, and the New York State Disability Benefits Law, as amended, N.Y. Workers' Comp. Law § 241; 

		
	o
	The Florida Civil Human Rights Act; and

		
	o
	Any other federal, state, or local constitution, statute, rule, or regulation; 

provided that I do not release or discharge the Avon Released Parties:  (1) from any Claims arising after the date on which I execute this Second General Release; (2) from any Claims for a breach by Avon of its obligations under the Agreement or this Second General Release; or (3) from any Claims that by law cannot be released or waived.  It is understood that this Second General Release does not release the Avon employee benefit plans from any claims for vested benefits that I may have under the terms of any of Avon’s employee benefit plans applicable to me.  It is further understood that nothing in this Second General Release will preclude or prevent me from challenging the validity of the Second General Release solely with respect to any waiver of any Claims arising under the ADEA after the date on which I execute this Second General Release.
		
	A.
	 

		
	B.
	Challenge to the Validity of the Agreement and Communication with Government Agency: 

Nothing in this Second General Release (i) limits or affects my right to challenge the validity of the Second General Release of Claims under the ADEA or the Older Workers Benefit Protection Act; or (ii) precludes me from filing an administrative charge or otherwise communicating with any federal, state or local government office, official or agency.  However, I promise and agree never to seek or accept any damages or other legal remedies, or any equitable remedies or relief (including, without limitation, relief that would provide me with reinstatement to employment with Avon), and hereby waive any right to recovery of any such damages, remedies or other relief for myself personally with respect to any Claim released by Paragraph A, regardless of whether another person or entity or I initiate the underlying action related to the Claim.  I also promise and agree not to voluntarily offer to be a witness and/or voluntarily provide 

        

evidence in support of any lawsuit brought by a third party (excluding governmental agencies) against one or more of the Avon Released Parties.
C.Other Representations and Reservation of Certain Rights:
I make the following additional representations, which I acknowledge the Company has relied upon in entering into this Second General Release:
		
	i.
	Nothing in this Second 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.  

		
	ii.
	I represent and warrant that as of today’s date, 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 or to any claim released in the Agreement or this Second General Release, and that I am not currently aware of any facts or basis for filing such a complaint, charge, claim, or proceeding against any of the Avon Released Parties.  Except as otherwise provided in the Agreement and this Second General Release, I agree that, if I or any other person or entity files an action, complaint, charge, claim, or proceeding against any of the Avon Released Parties, I agree that, to the maximum extent permitted by law, I will not seek or accept any monetary, equitable, or other relief in such action, complaint, charge, claim, or proceeding (including without limitation relief that would provide me with reinstatement to employment with Avon), and that I will take all available steps/procedures to withdraw and/or dismiss the complaint, charge, claim or proceeding, regardless of who filed or initiated such complaint, charge, claim or proceeding, whether pursued solely on my behalf or on behalf of a greater class of individuals.    

		
	iii.
	If I am employed in, or was formerly employed in, the State of California, I acknowledge that I am aware of and familiar with the provisions of Section 1542 of the California Civil Code, which provides as follows:

“A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the general release which if known by him must have materially affected his settlement with the debtor.”

        

If I am employed in, or was formerly employed in, the State of California, by signing this Second General Release, I hereby waive and relinquish all rights and benefits which I may have under Section 1542 of the California Civil Code and under the law of any other state or jurisdiction to the same or similar effect.  
		
	iv.
	I represent and warrant that I have the authority to enter into this Second General Release on my behalf individually and to bind all persons and entities claiming through me.

		
	v.
	I understand that nothing in the Agreement or this Second General Release will limit or interfere with any rights that I may have under Section 7 of the NLRA.  

		
	vi.
	I acknowledge and certify that I have complied with Avon’s Code of Conduct and its principles.

		
	vii.
	Protection of Whistleblower Rights:  I understand that this Second General Release is not intended to, and shall be interpreted in a manner that does not, limit or restrict me from exercising any legally protected rights that I may have under any applicable statutes, regulations and rules intended to protect whistleblowers (including pursuant to Rule 21F under the Securities Exchange Act of 1934, as amended).  

		
	viii.
	I acknowledge that Avon has advised me, and hereby advises me, to consult with legal counsel prior to signing the Agreement and the Second General Release.  I represent and warrant that I fully understand the terms of the Agreement and the Second General Release, that I have been encouraged to seek the benefit of advice of counsel and either have done so or have knowingly and voluntarily waived my right to do so, 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 signing the Agreement and the Second General Release (subject to Paragraph B above), 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 with Avon or the cessation thereof.

I acknowledge that I was afforded at least twenty-one (21) days (the “consideration period”) to consider whether to sign this Second General Release (it was included with my Agreement) during which time Avon did not change or revoke the terms of this Second General Release or the Agreement.  I understand that, in order to 

        

receive the Additional Severance Benefits, I must sign and return this Second General Release no earlier than my last day of active employment and no later than the end of the consideration period specified in my Agreement.
I understand that if I do not sign this Second General Release and return it to Avon within the time period specified above, then I will not be entitled to any Additional Severance Benefits beyond the basic severance as defined in the Agreement.  I understand that, as long as I sign and return this Second General Release within the consideration period, I will have seven (7) days immediately after the date of my signature in which I may revoke my decision to sign this Second General Release by delivering, within the seven (7) day period, written notice of revocation to the Senior Vice President, Human Resources.  If I do not revoke my decision during that seven (7)-day period, then this Second General Release will become effective on the eighth (8th) day after I sign it and will be irrevocable.
I acknowledge:  (w) that I am receiving valuable consideration in exchange for the execution of the Agreement and this Second General Release that I would not otherwise be entitled to receive; (x) that I was given at least twenty-one (21) days in which to consider the Agreement and a separate twenty-one (21) days in which to consider the Second General Release; (y) that any changes made to the Agreement or Second General Release, whether material or immaterial, will not restart their respective twenty-one (21) day consideration periods; and (z) that I am entitled to revoke the Agreement and the Second General Release in writing, within seven (7) days after I sign each, respectively.  Such revocation must be delivered to the Company as provided herein within the applicable seven (7)-day period, in which case I will receive no benefits other than basic severance and neither the Agreement, the Second General Release, nor my election to accept the Additional Severance Benefits, will go into effect.
This Second General Release shall be governed by the laws of the State of New York without giving effect to its conflict of laws principles.  

		
	Date: _________________
	By: ___________________________ 
     Fernando Acosta

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