Document:

EX-10.01

 EXHIBIT 10.01 

AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT 

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into effective as of
April 22, 2016 (the “Effective Date”), by and between Entercom Communications Corp., a Pennsylvania corporation (“Employer” or the “Company”), and David J. Field (“Executive”).

 RECITALS 
 A.
Prior to the Effective Date, Executive has rendered services to Employer in the position of President and Chief Executive Officer upon and subject to the terms, condition and other provisions of that certain Amended and Restated Employment Agreement
between Executive and Employer dated as of December 23, 2010 (the “Prior Agreement”). 
 B. Effective as of the
Effective Date, Employer desires to continue to retain the services of Executive upon and subject to the terms, conditions and other provisions set forth herein. 

C. Executive desires to continue to render services to Employer upon and subject to the terms, conditions and other provisions set forth
herein. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the premises, the mutual promises hereinafter set forth, and other good and valuable consideration had and
received, the parties hereby agree as follows: 
 1. Employment. Upon and subject to the terms, conditions and other provisions of
this Agreement, Employer shall continue to employ Executive, and Executive hereby accepts such continued employment and agrees to exercise and perform faithfully, exclusively and to the best of his ability on behalf of Employer during the Employment
Term (as defined herein), the duties and responsibilities of President and Chief Executive Officer of Employer, with the general powers and duties of management usually vested in said office. 

2. Executive’s Services and Duties. 

2.1 During the Employment Term, Executive shall: 

2.1.1 Observe and conform to the policies and directions promulgated from time to time by Employer’s Board of Directors (the
“Board”); 
 2.1.2 Use all reasonable efforts to serve Employer faithfully, diligently and competently and to the best of
his ability; and 
 2.1.3 Devote his full business time, energy, ability, attention and skill to his employment hereunder. 

2.2 The services to be performed by Executive hereunder may be changed or adjusted from time to time at the reasonable discretion of the
Board. 
 2.3 Except with the prior written approval of the Board, Executive during the Employment Term will not: (i) accept any other
employment with a third party; (ii) serve on the board of directors or similar body of any other business entity in any way directly or indirectly competitive with the business of the Company; or (iii) engage, directly or indirectly, in
any other business activity (whether or not pursued for pecuniary advantage) that is or may be competitive with, or that might place Executive in a competing position to or otherwise conflict with, that of Employer or any of its subsidiaries,
affiliates or divisions. 

  
 1 

 3. Term. Unless terminated earlier as provided in this Agreement, the term of this
Agreement shall commence on the Effective Date and shall terminate and expire on the third anniversary thereof (the “Employment Term”). The Employment Term shall automatically renew for an additional twelve (12) months from
year to year thereafter, unless either party gives at least one hundred twenty (120) days prior written notice of its election to either terminate or to renegotiate the terms of this Agreement at the end of the original or any then current
renewal term. 
 4. Compensation and Other Benefits. As compensation in full for the services to be rendered by Executive hereunder,
during the Employment Term, Employer shall pay, and Executive shall be entitled to receive, the following compensation and benefits, which compensation and benefits shall be subject to all appropriate federal, state and local withholding taxes: 

4.1 A signing bonus of one million dollars ($1,000,000). 

4.2 An annual salary in the amount of one million dollars ($1,000,000) to be paid consistent with the standard payroll practices of Employer
in place from time-to-time (the “Base Compensation”). Beginning April 22, 2017, and each April 22 thereafter during the Employment Term, Executive’s Base Compensation shall be automatically increased by three
(3) percent. 
 4.3 Executive shall have the opportunity to earn an annual performance bonus (the “Annual Bonus”) to
be determined by the Compensation Committee of the Board (the “Compensation Committee”) to be based on criteria to be established by the Compensation Committee in its discretion. For any fiscal year of the Company, Executive’s
target bonus amount under this Section 4.3 shall be one hundred fifty percent (150%) of the Base Compensation for each such fiscal year; provided, however, that the Compensation Committee shall determine the actual
bonus amount to be paid for each such fiscal year based on the Company’s and Executive’s performance. Such Annual Bonus shall be payable as soon as reasonably practicable following, and in no event later than two and one-half (2 1⁄2) months following, the end of the fiscal year for which such Annual Bonus is earned. 

4.4 Executive shall be entitled to participate in or receive health, disability and life insurance, vacation and similar or other fringe
benefits as Employer provides from time-to-time to its most senior executive officers. Nothing in this Section 4.4, however, is intended, or shall be construed to require Employer to institute or continue any, or any particular, plan or
benefits other than insurance benefits which Executive may at his cost continue pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”). In addition, Executive shall be entitled to use the
aircraft that the Company owns or leases from time to time (including time-shares and jet cards) for personal travel use for himself and his family and other personal and business associates, provided that Executive reimburses the Company for the
incremental usage fees, fuel charges and in-flight expenses incurred by the Company in connection with any non-business use (but without any allocation of overhead, capital or maintenance charges related thereto). 

4.5 During the Employment Term, Executive shall either be provided with a Company-owned automobile for his business and personal use or be
provided with a monthly automobile allowance of $1,200. 
 5. Equity Compensation. 

5.1 As soon as reasonably practicable following the Effective Date, the Board or the Compensation Committee shall grant Executive 450,000 RSUs
pursuant to the Plan. Provided that, except as set forth in Section 5.1.4, the Executive remains continuously employed in active service by the Company from the date of grant through the Achievement Date (as defined below), the grant of RSUs
pursuant to this Section 5.1 shall vest as described below: 
 5.1.1 Upon the achievement of one (1) or more of the
applicable performance targets set forth below as of any date after the Effective Date and on or prior to the thirtieth (30th) day following the third (3rd) anniversary of the Effective Date (the “Achievement Date”), a
percentage of the RSUs shall become vested on the Achievement Date equal to the highest corresponding percentage in the schedule set forth below. 

  
 2 

 5.1.2 The shares underlying any portion of the RSUs to become so vested shall be delivered to
Executive within ten (10) days of the Achievement Date. Any portion of these RSUs that have not vested pursuant to this Section 5.1.2 by the Achievement Date shall terminate unvested. 

5.1.3 The performance targets for these RSUs shall be, as of any date: (i) the share price of our Class A common stock that
represents a three (3) year Compound Annual Growth Rate (“Three Year CAGR”) of Total Shareholder Return of eight percent (8%), twelve percent (12%) and sixteen percent (16%) targets set forth in the table below, less
(ii) the value of any dividends paid on each share of the Company’s Class A common stock during the period commencing on the Effective Date and through such date. 

 

					
	 Three Year CAGR*
	  	Percentage of RSUs to Vest Upon
Attainment of Performance Target	 
	 8%
	  	 	33 1⁄3	% 
	 12%
	  	 	33 1⁄3	% 
	 16%
	  	 	33 1⁄3	% 

  

	*	Targets calculated rounding to two (2) decimal places. 

 For purposes of this Agreement,
“Total Shareholder Return” shall mean: (A) (i) the volume-weighted average closing price over any consecutive twenty (20) trading day period of a share of the Company’s Class A common stock minus (ii) the
volume-weighted average closing price of the Company’s Class A common stock for the twenty (20) trading days prior to the Effective Date (the “Base Price”), divided by (B) the Base Price (in each case, with such
adjustments as are necessary, in the judgment of the Board and/or the Compensation Committee to equitably calculate Total Shareholder Return in light of any stock splits, reverse stock splits, stock dividends, dividends in kind, significant asset
sales and other extraordinary transactions or other changes in the capital structure of the Company). All closing prices shall be the New York Stock Exchange closing price on the date in question. All determinations with respect to Total Shareholder
Return and the Three Year CAGR shall be made by the Board or the Compensation Committee in their sole discretion, acting in good faith, and the applicable performance targets shall not be achieved and the shares shall not vest until the Compensation
Committee certifies that such performance targets have been met (which the Compensation Committee agrees to act promptly and in good faith in so doing). 

5.1.4 No grant of RSUs pursuant to this Section 5.1 shall vest if applicable performance targets are not met by the Achievement
Date. If the Term of this Agreement expires without renewal and Executive’s employment ends during the thirty (30) day period following the third (3rd) anniversary of the Effective
Date (other than for reasons set forth in Section 10.3), the requirement for continued employment under Section 5.1 shall be waived for the period from the termination of employment through the Achievement Date. 

5.2 As soon as reasonably practicable following the Effective Date, the Board or the Compensation Committee shall grant Executive 225,000
restricted stock units pursuant to the Entercom Equity Compensation Plan. Provided that the Executive remains continuously employed in active service by the Company from the date of grant through such date, 50% of the restricted stock units shall
vest on the date that is two (2) years from the Effective Date, 25% of the restricted stock units shall vest on the date that is three (3) years from the Effective Date and 25% of the restricted stock units shall vest on the date that is
four (4) years from the Effective Date. The restricted stock units shall contain such other reasonable terms (consistent with the Company’s customary form of restricted stock unit agreement and not inconsistent with this Agreement) as the
Board and/or the Compensation Committee determine. 
 6. Certain Business Expenses. Employer shall reimburse Executive for business
expenses: (a) which are reasonable and necessary for Executive to perform and were incurred by Executive in the course of the performance of his duties pursuant to this Agreement and in accordance with Employer’s general policies; and
(b) for which Executive has submitted vouchers and completed an expense report in the form required by Employer as consistent with Employer’s policies in place from time to time. The reimbursement of any business expense shall be made no
later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year. 

  
 3 

 7. Confidential Information. 

7.1 Executive acknowledges that, because of his employment hereunder, he will be in a confidential relationship with Employer and will have
access to confidential information and trade secrets of Employer and the subsidiaries, affiliates and divisions thereof. Executive acknowledges and agrees that the following constitutes confidential and/or trade secret information belonging
exclusively to Employer (collectively, “Confidential Information”): 
 (a) all information related to customers including,
without limitation, customer lists, the identities of existing, past or prospective customers, prices charged or proposed to be charged to customers, customer contacts, special customer requirements and all related information; 

(b) all marketing plans, materials and techniques; 

(c) all methods of business operation and related procedures of Employer; and 

(d) all patterns, devices, compilations of information, copyrightable material and technical information, if any, in each case which relates
in any way to the business of Employer or any subsidiary, affiliate or division thereof. 
 7.2 Executive agrees that: 

7.2.1 Except in the limited performance of his duties under this Agreement, Executive shall not use for his own benefit or disclose to any
third party Confidential Information acquired by reason of his employment under this Agreement or his former status as an officer and shareholder of Employer, including, but not limited to, Confidential Information belonging or relating to Employer
or its subsidiaries, affiliates, divisions or customers; 
 7.2.2 Executive shall not induce or persuade other employees of Employer or
former or current employees of Employer or any subsidiary, affiliate or division thereof, to join him in any activity prohibited by this Section 7; 

7.2.3 For the twelve (12) month period following any termination of Executive’s employment with the Company, Executive shall not,
without the express prior written permission of the Company, employ, offer to employ, counsel a third party to employ, or participate in any manner in the recommendation, recruitment or solicitation of the employment of any person who was an
employee of the Company on the date of the termination of Executive’s employment or at any time within the ninety (90) days prior thereto. In the event that any such person shall be employed in a position under Executive’s direct
supervision within such twelve (12) month period without the Company’s express prior written permission, it shall be conclusively presumed that this restriction has been violated. 

7.2.4 So long as Executive is employed by the Company and for a period of twelve (12) months thereafter Executive shall not directly or
indirectly, provide any service either as an employee, employer, consultant, contractor, agent, principal, partner, substantial stockholder, corporate officer or director of or for a company or enterprise which competes in any material manner with
the then present or Planned Business Activities (as defined below) of the Company, including without limitation, audio programming, production, engineering, promotion or broadcasting regardless of the method of its delivery, which methods include,
without limitation, AM, FM, satellite, PCS, cable, Internet, or any other means. For purpose of the foregoing “Planned Business Activities” shall mean a business initiative materially discussed by the Board or which is currently
under consideration by the Board or which has been approved by the Board. 
 7.2.5 This Section 7 shall survive termination of
this Agreement. 

  
 4 

 8. Employer Property. 

8.1 Any patents, inventions, discoveries, applications or processes, software and computer programs devised, planned, applied, created,
discovered or invented by Executive in the course of his employment under this Agreement and which pertain to any aspect of the business of Employer or its subsidiaries, affiliates, divisions or customers, shall be the sole and absolute property of
Employer and Executive shall make prompt report thereof to Employer and promptly execute any and all documents reasonably requested to assure Employer the full and complete ownership thereof. 

8.2 All records, files, lists, drawings, documents, equipment and similar items relating to Employer’s business which Executive shall
prepare or receive from Employer shall remain Employer’s sole and exclusive property. Upon termination of this Agreement, Executive shall return promptly to Employer all property of Employer in his possession and Executive represents that he
will not copy, or cause to be copied, printed, summarized or compiled, any software, documents or other materials originating with and/or belonging to Employer. Executive further represents that he will not retain in his possession any such
software, documents or other materials in machine or human readable forms. The requirements of this Section 8.2 shall not be applicable to Executive’s “rolodex” and other similar list of personal business associates and
contacts at the time of termination that is not part of the Employer’s books and records (collectively, “Executive Property”). 

8.3 This Section 8 shall survive termination of this Agreement. 

9. Executive Representations and Warranties. Executive warrants and represents to and covenants with Employer as follows: 

9.1 No Conflict. The execution, delivery and performance of this Agreement by Executive does not conflict with or violate any provision
of or constitute a default under any agreement, judgment, award or decree to which Executive is a party or by which Executive is bound. No consent of any third party is necessary for Executive to enter into this Agreement and comply fully with his
obligations hereunder. Executive is not party to or bound by any other employment agreement, non-compete agreement, confidentiality agreement or similar agreement. 

9.2 Enforceable Agreement. This Agreement is the valid enforceable agreement of Executive, enforceable against him in accordance with
its terms. 
 10. Termination. Executive’s employment hereunder may be terminated by the Board under the following
circumstances: 
 10.1 Death. Executive’s employment hereunder shall terminate automatically upon his death. 

10.2 Disability. This Agreement shall terminate on Executive’s physical or mental disability or infirmity which, in the opinion of
a competent physician mutually selected in advance of such disability or infirmity by Executive and the Compensation Committee, renders Executive unable to perform his duties under this Agreement for more than one hundred twenty (120) days
during any one hundred eighty (180) day period (“Disability”). 
 10.3 Cause. The Board may terminate
Executive’s employment hereunder for “Cause” in the event of any one or more of the following (each as determined by the Board in its sole discretion), provided that, with respect to clause (ii) below, the Company provides
written notice to Executive upon the occurrence of any such event, following which Executive fails to cure such event within thirty (30) days: (i) Executive has engaged in fraud, embezzlement, theft, commission of a felony or proven
dishonesty in the course of his employment or service; (ii) Executive has breached any material provision of his employment or service contract with the Company, including, without limitation, any covenant against competition and/or raiding of
the Company’s employees, non-employee directors or key advisors; or (iii) Executive has disclosed trade secrets or confidential information of the Company to persons not entitled to receive such information. 

  
 5 

 10.4 Good Reason. Executive may terminate this Agreement for “Good
Reason” upon written notice to the Employer within thirty (30) days of the occurrence of any of the events set forth in Section 10.4(a) or 10.4(b) as constituting “Good Reason,” in which case the Board shall be
treated as having terminated Executive’s employment hereunder without Cause. 
 “Good Reason” means: 

(a) (i) the assignment to Executive of any duties inconsistent in any material respect with his position (including status, offices and
titles), authority, duties or responsibilities which remains uncured thirty (30) days after receipt of notice thereof given by Executive; or (ii) any other action by Employer which results in a material diminishment in such position,
authority, duties or responsibilities, and which remains uncured thirty (30) days after receipt of notice thereof given by Executive; 

(b) any material breach by the Company in performing its obligations hereunder and which remains uncured thirty (30) days after receipt
of notice thereof given by Executive; or 
 (c) following the Company’s notice to Executive of its intent to either terminate or
renegotiate the terms of this Agreement that is timely given under Section 3 , the Company’s failure to, no later than thirty (30) days before the expiration of the original or any then current renewal term, offer continued
employment to Executive as of the expiration of this Agreement on terms and conditions no less favorable than those provided to Executive under this Agreement. An offer of continued employment shall be deemed to be on terms and conditions no less
favorable than those provided to Executive under this Agreement if it provides for a term of at least one (1) year and: (A) an annual base salary, potential bonus opportunity and severance protections no less favorable than that provided
to Executive under this Agreement; and (B) incentives consistent with the Company’s past practices with respect to Executive. 

10.5 Notice. Any termination of Executive’s employment by the Board shall be communicated by written Notice of Termination to
Executive and any termination by Executive of his employment with Employer for “Good Reason” shall be communicated by written notice to the Employer within thirty (30) days of the occurrence of the event set forth in
Section 10.4(a) or 10.4(b) which constitutes “Good Reason.” No notice shall be required in the event of the occurrence of the event set forth in Section 10.4(c) which constitutes “Good Reason.” In the
event Executive or the Employer fails to provide written notice under this Section 10.5 and the other party fails to object to such failure prior to Executive’s Date of Termination, any requirement to provide written Notice of
Termination under this Agreement shall be deemed waived. 
 10.6 “Date of Termination” shall mean: (i) if
Executive’s employment is terminated by his death, the date of his death; (ii) if Executive’s employment is terminated by reason of his Disability, the date on which Executive is determined by a competent physician to suffer from such
Disability in accordance with Section 10.2; (iii) if Executive’s employment is terminated pursuant to Section 10.3 or 10.4 above, the date specified in the Notice of Termination (or if no Notice of Termination is
provided, the last date on which Executive renders services to Employer in the capacity of an employee); and (iv) if Executive’s employment hereunder shall be terminated by the Board for any other reason than those specified above, the
effective date of written notice to Executive (or if no such written notice is provided, the last date on which Executive renders services to Employer in the capacity of an employee). 

10.7 Employment At Will. Executive hereby agrees that, subject only to compliance with Employer’s obligations under
Section 11 hereunder, the Board may dismiss him under this Section 10 without regard to: (i) any general or specific policies (whether written or oral) of Employer relating to the employment or termination of its
employees; (ii) any statements made to Executive, whether made orally or contained in any document, pertaining to Executive’s relationship with Employer; or (iii) assignment of Cause by the Board. Inclusion under any benefit plan or
compensation arrangement will not give Executive any right or claim to any benefit hereunder except to the extent such right has become fixed under the terms of this Agreement. 

  
 6 

 10.8 Termination Obligations. 

10.8.1 Executive hereby acknowledges and agrees that all personal property and equipment furnished to or prepared by Executive in the course
of or incident to his employment belong to Employer and shall be promptly returned to Employer upon termination of the Employment Term. “Personal Property” includes, without limitation, all books, manuals, records, reports, notes,
contracts, customer or other lists, blueprints, and other documents, or materials, or copies thereof, whether in hard copy or in any electronic format, and all other proprietary information relating to the business of Employer or any subsidiary,
affiliate or division thereof, but shall exclude Executive Property. Following termination, Executive will not retain any written or other tangible material containing any Confidential Information or other proprietary information of Employer or any
subsidiary, affiliate or division thereof. 
 10.8.2 Upon termination of the Employment Term, Executive shall be deemed to have resigned
from all offices and directorships, if any, then held with Employer or any of its direct or indirect subsidiaries or other affiliates; provided, however, that Executive shall not be deemed to have resigned from the Board. 

10.8.3 The representations and warranties contained in this Section 10.8 and Executive’s obligations under
Section 7 and Section 8 hereof shall survive termination of the Employment Period and the expiration or termination of this Agreement. 

11. Compensation Upon Death, Termination During Disability, Other Terminations. 

11.1 Death or Disability. If at any time Executive’s employment hereunder shall be terminated as a result of Executive’s death
or Disability, then: 
 11.1.1 Employer shall pay Executive (or, if applicable, Executive’s estate): (i) the Base Compensation
through the date of termination; (ii) on the sixtieth (60th) day after Executive’s termination, any Annual Bonus earned, but unpaid, as of the date of termination for the
immediately preceding fiscal year, paid in accordance with Section 4.2 (except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement with the Company); (iii) an amount for
reimbursement, within 60 days following submission by Executive (or, if applicable, Executive’s estate) to the Company of appropriate supporting documentation) for any unreimbursed business expenses properly incurred by Executive pursuant to
Section 6 and in accordance with Company policy prior to the termination date; and (iv) such employee benefits, if any, as to which Executive (or, if applicable, Executive’s estate) or his dependents may be entitled under the
employee benefit plans of the Company (the amounts described in clauses (i) through (iv) hereof being referred to as the “Accrued Rights”); 

11.1.2 Employer shall pay Executive (or, if applicable, Executive’s estate) on the sixtieth (60th) day after Executive’s termination in a single lump sum the sum of: (A) two (2) years’ Base Compensation; and (B) two (2) times the highest Annual Bonus paid to
Executive during the preceding three (3) year period. 
 11.1.3 If Executive or Executive’s dependents elect to continue
applicable health insurance coverage under COBRA following such termination, then the Company shall pay Executive’s monthly COBRA premium for continued health insurance coverage for Executive and Executive’s eligible dependents until the
earlier of: (i) eighteen (18) months following the termination date; or (ii) the date upon which Executive and his eligible dependents become eligible for comparable coverage under a group health insurance plan maintained by
subsequent employer. 
 11.1.4 All of Executive’s then outstanding stock based rights which are subject to vesting on the basis of
Company performance (including without limitation the restricted stock unit grant under Section 5) shall become vested, exercisable and payable with respect to all of the equity subject thereto (and all options and similar rights shall
remain exercisable with respect to such equity for up to an additional two (2) years from the termination date, but in no event longer than for the original term of the options). 

  
 7 

 11.2 Cause or Voluntary Termination without Good Reason. If at any time Executive’s
employment hereunder shall be terminated for Cause or if Executive voluntarily terminates his employment other than for Good Reason, Employer shall pay Executive the Accrued Rights. 

11.3 Other Termination. If Executive’s employment hereunder shall be terminated by Executive for Good Reason or by Employer for
any reason other than for Cause, death or Disability, then: 
 11.3.1 Employer shall pay Executive the Accrued Rights. 

11.3.2 If such termination occurs prior to the execution of a binding agreement which would result in a Change in Control if consummated or
more than two years following a Change in Control, Employer shall pay Executive on the sixtieth (60th) day after Executive’s termination a single lump sum in an amount equal to the
greater of : 
 (a) the sum of: (i) the remaining Base Compensation payable during the Employment Term; and
(ii) the remaining Annual Bonus(es) (or pro-rated portion thereof) payable during the Employment Term, determined assuming the amount of each such remaining Annual Bonus is equal to the highest Annual Bonus paid to Executive during the
preceding three (3) year period, and with respect to both (i) and (ii) above further determined assuming Executive’s continued employment hereunder for the remaining Employment Term but, until such time as the automatic renewal
provisions of Section 3 shall become operative, without regard to the automatic renewal provisions of Section 3; or 

(b) the sum of (i) two (2) years’ Base Compensation; and (ii) two (2) times the highest Annual Bonus
paid to Executive during the preceding three (3) year period. 
 11.3.3 If such termination occurs following the execution of a
binding agreement which would result in a Change in Control if consummated or prior to two years following a Change in Control, Employer shall pay Executive, on the sixtieth (60th) day after
Executive’s termination, a single lump sum in an amount equal to the sum of: (i) three (3) years’ Base Compensation; and (ii) three (3) times the highest Annual Bonus paid to Executive during the preceding three
(3) year period. 
 11.3.4 If Executive elects to continue his health insurance coverage under COBRA following such termination, then
the Company shall pay Executive’s monthly COBRA premium for continued health insurance coverage for Executive and Executive’s eligible dependents until the earlier of (i) eighteen (18) months following the termination date, or
(ii) the date upon which Executive and his eligible dependents become eligible for comparable coverage under a group health insurance plan maintained by subsequent employer. 

11.3.5 If such termination occurs during the period commencing with the execution of a binding agreement which would result in a Change in
Control if consummated and ending twenty four (24) months following the consummation of such Change in Control, all of Executive’s then-outstanding stock based rights which are subject to vesting solely on the basis of time shall become
vested, exercisable and payable with respect to all of the equity subject thereto (and all options and similar rights shall remain exercisable with respect to such equity for up to an additional two (2) years from the termination date, but in
no event longer than for the original term of the options). Executive’s outstanding stock options shall be amended by the Board or the Compensation Committee to the extent necessary to provide for the accelerated exercisability and extended
term as provided herein. 
 11.3.6 All of Executive’s then-outstanding stock based rights which are subject to vesting on the basis of
the Company’s performance (including without limitation the restricted stock unit grant under Section 5) shall become vested, exercisable and payable with respect to all of the equity subject thereto (and all options and similar
rights shall remain exercisable with respect to such equity for up to an additional two (2) years from the termination date, but in no event longer than for the original term of the options). 

11.4 Change in Control. For purposes of this Agreement, “Change in Control” shall mean any transaction or series of
related transactions the consummation of which results in Executive (or Executive’s Immediate Family) holding or having a beneficial interest in shares of the Company’s capital stock having less than

  
 8 

 
fifty percent (50%) of the voting power of the Company’s outstanding capital stock; provided that any such transaction is a bona fide transaction between the Company and a third
party (or parties) unrelated to Executive, as determined by the Board in good faith. For purposes of this Agreement, “Immediate Family” shall mean any person, trust or estate who qualifies as a “Permitted Class B
Transferee” as set forth in the Company’s Articles of Incorporation. 
 11.5 Release of Claims. As a condition to the
receipt of any benefits described hereunder subsequent to the termination of the employment of Executive (other than those payable on account of Executive’s death), Executive shall be required to execute, and not subsequently revoke, within
sixty (60) days following the termination of his employment a release in a form reasonably acceptable to Employer of all claims arising out of his employment or the termination thereof including, but not limited to, any claim of discrimination
under state or federal law, but excluding claims for indemnification under any agreement to which Executive is a party or pursuant to Employer’s charter or by-laws or policies of insurance maintained by Employer. 

11.6 Separation from Service. Notwithstanding any provision to the contrary in the Agreement, in order to be eligible to receive any
termination benefits under this Agreement that are deemed deferred compensation subject to Section 409A of the Code, the Executive’s termination of employment must constitute a “separation from service” within the meaning of
Treas. Reg. Section 1.409A-1(h) (a “Separation from Service”). 
 12. Parachute Payments.

 12.1 If it is determined (as hereafter provided) that Executive would be subject to the excise tax imposed by Code Section 4999
to which Executive would not have been subject but for any payment or stock option or restricted stock vesting (collectively a “Payment”) occurring pursuant to the terms of this Agreement or otherwise as in connection with a change
in the ownership or effective control of Employer or a change in the ownership of a substantial portion of the assets of the Employer within the meaning of Code Section 280G(b)(2)(A)(i) (such tax, a “Parachute Tax”), then
Executive shall be entitled to receive an additional payment or payments (a “Gross-Up Payment”) in an amount such that, after payment by Executive of all taxes (including any Parachute Tax) imposed upon the Gross-Up Payment,
Executive retains an amount of the Gross-Up Payment equal to the Parachute Tax imposed upon the Payment (and taxes on such additional payments pursuant to this Section 11). The Gross-up Payment shall be made no later than the last day of
Executive’s taxable year following the taxable year in which Executive remits any taxes under Section 4999 of the Code to the Internal Revenue Service. 

12.2 Subject to the provisions of Section 12.1 hereof, all determinations required to be made under this Section 12,
including whether a Parachute Tax is payable by Executive and the amount of such Parachute Tax and whether a Gross-Up Payment is required and the amount of such Gross-Up Payment, shall be made by the nationally recognized firm of certified public
accountants (the “Accounting Firm”) used by the Company prior to the Change in Control (or, if such Accounting Firm declines to serve, the Accounting Firm shall be a nationally recognized firm of certified public accountants
selected by the Company). For purposes of making the calculations required by this Section, the Accounting Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations
concerning the application of Sections 280G and 4999 of the Code, provided that the Accounting Firm’s determinations must be made with substantial authority (within the meaning of Section 6662 of the Code). The Accounting Firm shall
be directed by the Company or Executive to submit its preliminary determination and detailed supporting calculations to both the Company and Executive within fifteen (15) calendar days after the determination date, if applicable, and any other
such time or times as may be requested by the Company or Executive. If the Accounting Firm determines that any Parachute Tax is payable by Executive, the Company shall pay the required Gross-Up Payment to, or for the benefit of, Executive within
five business days after receipt of such determination and calculations and in any event by no later than the last day of the taxable year of the Executive following the taxable year in which the related taxes must be remitted to the relevant taxing
authorities. If the Accounting Firm determines that no Parachute Tax is payable by Executive, it shall, at the same time as it makes such determination, furnish Executive with an opinion that he has substantial authority not to report any Parachute
Tax on his federal tax return. Any good faith determination by the Accounting Firm as to the amount of the Gross-Up Payment shall be binding upon the Company and Executive absent a contrary determination by the Internal Revenue Service or a court of
competent jurisdiction; provided, however, that no such determination shall eliminate or reduce the Company’s obligation to provide any Gross-Up Payments that shall be due as a result of such contrary determination. As a result of
the uncertainty in the application of Code Section 4999 

  
 9 

 
at the time of any determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments that will not have been made by the Company should have been made (an
“Underpayment”), consistent with the calculations required to be made hereunder. In the event of a final determination by the Internal Revenue Service that an Underpayment has occurred, Executive shall direct the Accounting Firm to
determine the amount of the Underpayment that has occurred and to submit its determination and detailed supporting calculations to both the Company and Executive as promptly as possible. Any such Underpayment shall be promptly paid by the Company
to, or for the benefit of, Executive within five business days after receipt of such determination and calculations. Provided, however, that in no event shall any Underpayment be made later than the last day of the taxable year of the
Executive following the taxable year in which the related taxes must be remitted to the relevant taxing authorities. 
 12.3 The Company and
Executive shall each provide the Accounting Firm access to and copies of any books, records and documents in the possession of the Company or Executive, as the case may be, reasonably requested by the Accounting Firm, and otherwise cooperate with
the Accounting Firm in connection with the preparation and issuance of the determination contemplated by Section 12.2 hereof. 

12.4 The federal tax returns filed by Executive (and any filing made by a consolidated tax group which includes the Company) shall be prepared
and filed on a basis consistent with the determination of the Accounting Firm with respect to the Parachute Tax payable by Executive, as the same may be amended or supplemented. Executive shall make proper payment of the amount of any Parachute Tax,
and at the request of the Company, provide to the Company true and correct copies (with any amendments) of his federal income tax return as filed with the Internal Revenue Service, and such other documents reasonably requested by the Company,
evidencing such payment. 
 13. Legal Fees. The Company shall reimburse Executive for all professional fees and expenses related to
legal, tax and financial advice obtained by Executive in connection with the negotiation and execution of this Amended and Restated Employment Agreement up to a maximum amount of $25,000. 

14. Notices. All notices and other communications and legal process shall be in writing and shall be personally delivered, transmitted
by telecopier, telex or cable, or transmitted by Federal Express or other reputable commercial overnight delivery service which provides evidence of delivery, as elected by the party giving such notice, addressed as follows: 

 

			
	 If to Employer:
	  	Entercom Communications Corp.
		  	401 E. City Avenue, Suite 809
		  	Bala Cynwyd, Pennsylvania 19004
		  	Attention: Secretary and General Counsel
		
	 If to Executive:
	  	As set forth on the signature page hereto.

 Notices shall be deemed to have been given: (i) on the first business day after posting, if
delivered by overnight courier as described above, (ii) on the date of receipt if delivered personally, or (iii) on the next business day after transmission if transmitted by telecopier, telex or cable (and appropriate receipt of
transmission is confirmed by telecopy or telephone). Any party hereto may change its address for purposes hereof by notice to the other parties hereto. 

15. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 
 16. Headings. The headings herein are for convenience only, do not
constitute a part of this Agreement, and shall not be deemed to limit or affect any of the provisions hereof. 
 17. Entire
Understanding. This Agreement constitutes the entire agreement and understanding between the parties hereto with respect to the employment of Executive by Employer, and supersedes all other prior agreements, representations and understandings,
both written and oral, between the parties hereto with respect to the subject matter hereof, including without limitation the Prior Agreement. 

  
 10 

 18. Amendments. This Agreement may not be modified or changed except by written instrument
signed by each of the parties hereto. 
 19. Governing Law. This Agreement shall be governed by and construed in accordance with the
internal laws of the Commonwealth of Pennsylvania, without regard to principles of conflicts of law. 
 20. Dispute Resolution
Process. The parties hereby agree that, in order to obtain prompt and expeditious resolution of any disputes under this Agreement, each claim, dispute or controversy of whatever nature, arising out of, in connection with, or in relation to the
interpretation, performance or breach of this Agreement (or any other agreement contemplated by or related to this Agreement or any other agreement between Employer and Executive), including without limitation any claim based on contract, tort or
statute, or the arbitrability of any claim hereunder (a “Claim”), shall be settled, at the request of any party of this Agreement, by final and binding arbitration conducted in Montgomery County, Pennsylvania. All such Claims shall
be settled by one arbitrator in accordance with the Commercial Arbitration Rules then in effect of the American Arbitration Association. Such arbitrator shall be provided through the CPR Institute for Dispute Resolution (“CPR”) by
mutual agreement of the parties; provided that, absent such agreement, the arbitrator shall be appointed by CPR. In either event, such arbitrator may not have any preexisting, direct or indirect relationship with any party to the dispute.
Each party hereto expressly consents to, and waives any future objection to, such forum and arbitration rules. Judgment upon any award may be entered by any state or federal court having jurisdiction thereof. Except as required by law
(including, without limitation, the rules and regulations of the Securities and Exchange Commission), neither party nor the arbitrator shall disclose the existence, content, or results of any arbitration hereunder without the prior written consent
of all parties. 
 Adherence to this dispute resolution process shall not limit the right of Employer or Executive to obtain any provisional
remedy, including without limitation, injunctive or similar relief set forth in Section 29 , from any court of competent jurisdiction as may be necessary to protect their respective rights and interests pending arbitration.
Notwithstanding the foregoing sentence, this dispute resolution procedure is intended to be the exclusive method of resolving any Claims arising out of or relating to this Agreement. 

The arbitration procedures shall follow the substantive law of the Commonwealth of Pennsylvania, including the provisions of statutory law
dealing with arbitration, as it may exist at the time of the demand for arbitration, insofar as said provisions are not in conflict with this Agreement and specifically excepting therefrom sections of any such statute dealing with discovery and
sections requiring notice of the hearing date by registered or certified mail. 
 21. Waiver of Jury Trial. Consistent with the
intention of Section 20, each signatory to this Agreement further waives its respective right to a jury trial of any claim or cause of action arising out of this Agreement or any dealings between any of the signatories hereto relating to
the subject matter of this Agreement. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this Agreement, including, without limitation, contract
claims, tort claims, and all other common law and statutory claims. This waiver is irrevocable, meaning that it may not be modified either orally or in writing, and this waiver shall apply to any subsequent amendments, supplements or other
modifications to this Agreement or to any other document or agreement relating to the transactions contemplated by this Agreement. 
 22.
Construction. Whenever in this Agreement the context so requires, references to the masculine shall be deemed to include feminine and the neuter, references to the neuter shall be deemed to include the masculine and feminine, references to
the plural shall be deemed to include the singular and references to the singular shall be deemed to include the plural. 
 23.
Conflict. In the event of any conflict between the provisions of this Agreement and the policies and practices of Employer the provisions of this Agreement shall govern. 

  
 11 

 24. Cooperation. Each party hereto shall cooperate with the other party and shall take
such further action and shall execute and deliver such further documents as may be necessary or desirable in order to carry out the provisions and purposes of this Agreement. 

25. Waiver. No amendment or waiver of any provision of this Agreement shall in any event be effective, unless the same shall be in
writing and signed by the parties hereto, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. The failure of any party to insist, in any one or more instances, upon
performance of any of the terms, covenants or conditions of this Agreement shall not be construed as a waiver or relinquishment of any rights granted hereunder or any such term, covenant or condition. 

26. Negotiation of Agreement. Any rule of law, or any legal decision that would require interpretation of any ambiguities in this
Agreement against the party that drafted it, shall be of no application and is hereby expressly waived. The provisions of this Agreement shall be interpreted in a reasonable manner to effect the intentions of the parties and this Agreement. 

27. Parties in Interest; Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective permitted successors, assigns, heirs and/or personal representatives, except that neither this Agreement nor any interest herein shall be assigned or assignable by operation of law or otherwise, by Executive without the prior written
consent of Employer, which such consent Employer may grant or withhold in its discretion. Employer may, without the consent of Executive, assign this Agreement or any interest herein, by operation of law or otherwise, to: (a) any successor to
all or substantially all of its stock, assets or business by dissolution, merger, consolidation, transfer of assets, or otherwise; or (b) any direct or indirect subsidiary, affiliate or division of Employer or of any such successor referred in
(a) hereof. Nothing in this Agreement, expressed or implied, is intended to confer on any person other than the parties and their respective successors and permitted assigns any rights or remedies under or by reason of this Agreement. 

28. Severability. If any provision of this Agreement shall be deemed invalid, unenforceable or illegal, then notwithstanding such
invalidity, unenforceability or illegality, the remainder of this Agreement shall continue in full force and effect. 
 29. Injunctive
Relief. In the event of breach by Executive of the terms of Section 7 or Section 8, Employer shall be entitled to enforce the specific performance of this Agreement by Executive and to enjoin Executive from any further
violation of either such provisions and to exercise such remedies cumulatively or in conjunction with all other rights and remedies provided by law. 

30. Section 409A. 

30.1 Notwithstanding anything herein to the contrary, if the Executive is deemed at the time of his termination of employment with the Company
to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the termination benefits to which Executive is entitled under this Agreement is required
in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s termination benefits shall not be provided to Executive prior to the earlier of: (i) the expiration of the
six-month period measured from the date of the Executive’s Separation from Service with the Company; or (ii) the date of Executive’s death. Upon the earlier of such dates, all payments deferred pursuant to this Section 30.1
shall be paid in a lump sum to the Executive, and any remaining payments due under the Agreement shall be paid as otherwise provided herein. The determination of whether the Executive is a “specified employee” for purposes of
Section 409A(a)(2)(B)(i) of the Code as of the time of his separation from service shall made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation
Treas. Reg. Section 1.409A-1(i) and any successor provision thereto). Notwithstanding the foregoing or any other provisions of this Agreement, the Company and Executive agree that, for purposes of the limitations on nonqualified deferred
compensation under Section 409A of the Code, each payment of compensation under this Agreement shall be treated as a right to receive a series separate and distinct payments of compensation for purposes of applying the Section 409A of the
Code. 

  
 12 

 30.2 The Company and Executive acknowledge and agree that, to the extent applicable, this
Agreement shall be interpreted in accordance with, and the parties agree to use their best efforts to achieve timely compliance with, Section 409A of the Code and the Department of Treasury Regulations and other interpretive guidance issued
thereunder (“Section 409A”), including without limitation any such regulations or other guidance that may be issued after the Effective Date.

(Signature page follows) 

  
 13 

 31. Executive Acknowledgement. Executive represents and agrees that he fully understands
his right to discuss all aspects of this Agreement with his private attorney, and that to the extent, if any, that he desired, he availed himself of such right. Executive further represents that he has carefully read and fully understands all of the
provisions of this Agreement, that he is competent to execute this Agreement, that his agreement to execute this Agreement has not been obtained by any duress and that he freely and voluntarily enters into it, and that he has read this document in
its entirety and fully understands the meaning, intent and consequences of this document. 
 IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first written above. 
  

									
	 “EXECUTIVE”

				
	 /DAVID J. FIELD/
	 		 		 	 4/22/16

	David J. Field	 		 		 	Date
				
	Address for Notice:	 		 		 	
				
	 401 E. City Avenue
 Suite 809

Bala Cynwyd, PA 19004
	 		 		 	
				
	“EMPLOYER”	 		 		 	
				
	 Entercom Communications Corp.,
 a
Pennsylvania corporation
	 		 		 	
					
	By:	 	 /ANDREW P. SUTOR, IV/
	 		 		 	 4/22/16

		 	Andrew P. Sutor, IV	 		 		 	Date
		 	Senior Vice President	 		 		 	
		 	and Secretary	 		 		 	

  
 14Exhibit 4.1

 

 

ESCROW AGREEMENT

among

REVLON ESCROW CORPORATION

and

U.S. BANK NATIONAL ASSOCIATION, as Trustee

CITIBANK, N.A., as Escrow Agent

 

Dated as of August 4, 2016

ESCROW AGREEMENT (this “Agreement”), dated as of August 4, 2016, by and among Revlon Escrow Corporation, a Delaware corporation (the “Escrow Issuer”), U.S. Bank National Association, a national banking association organized and existing under the laws of the United States of America, solely in its capacity as trustee under the Indenture (as defined herein) (in such capacity, the “Trustee”), and Citibank, N.A., a national banking association organized and existing under the laws of the United States of America (“Citibank”) and acting through its Agency and Trust Division and solely in its capacity as escrow agent under this Agreement, and any successors appointed pursuant to the terms hereof (Citibank in such capacity, the “Escrow Agent”).  The Escrow Issuer and the Trustee are sometimes collectively referred to herein as the “Interested Parties.”

R E C I T A L S

WHEREAS, this Agreement is being entered into in connection with the Purchase Agreement (the “Purchase Agreement”) dated as of July 21, 2016, among the Escrow Issuer and the Initial Purchasers (as defined therein) and in connection with the Indenture (the “Indenture”) dated as of August 4, 2016 (the “Closing Date”), between the Escrow Issuer and the Trustee, relating to the Notes (as defined below);

WHEREAS, pursuant to the terms of the Indenture and the Purchase Agreement, the Escrow Issuer is issuing (the “Offering”) $450,000,000 aggregate principal amount of its 6.250% Senior Notes due 2024 (the “Notes”);

WHEREAS, concurrently with the closing of the Offering the Initial Purchasers, on behalf of the Escrow Issuer and in accordance with the Purchase Agreement, will deposit with the Escrow Agent, as hereinafter provided, the gross proceeds of the Offering (which, for the avoidance of doubt, shall equal $450,000,000);

WHEREAS, the funds deposited with the Escrow Agent are intended to be used, (A) upon satisfaction of the conditions set forth in Section 3(a), by the Company (as defined below), to fund, in part, the purchase price of the Acquisition (as defined below), to repay, refinance or retire certain existing debt of the Company and of Elizabeth Arden (as defined below), and to pay any related fees, expenses and other related payments, with any remaining proceeds to be used for general corporate purposes; or (B) to fund the Special Mandatory Redemption Price;

WHEREAS, as security for its obligations under the Notes and the Indenture, the Escrow Issuer wishes to grant to the Trustee, for the sole and exclusive benefit of the holders of the Notes, a first priority security interest in and lien on the Escrow Account (as defined herein);

WHEREAS, the Interested Parties wish to appoint Citibank as Escrow Agent, and Citibank is willing to accept such appointment and to act as Escrow Agent, in each case upon the terms and conditions of this Agreement; and

WHEREAS, the parties have entered into this Agreement in order to set forth the conditions upon which, and the manner in which, funds will be held in and disbursed from the Escrow Account and released from the security interest and lien described above.

-1-

A G R E E M E N T

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby irrevocably acknowledged, the parties hereto agree as follows:

1.             Defined Terms.  All terms used but not defined herein shall have the meanings ascribed to them in the Indenture; provided, however, that the Escrow Agent shall not be deemed to have any knowledge of or duty to ascertain the meaning of any capitalized term not otherwise defined in this Agreement. In addition to any other defined terms used herein, the following terms shall constitute defined terms for purposes of this Agreement and shall have the meanings set forth below:

“Acquisition” means the merger of Acquisition Sub with and into Elizabeth Arden, pursuant to, and as contemplated by, the Merger Agreement.

“Acquisition Sub” means RR Transaction Corp., a Florida corporation and subsidiary of the Company.

“Additional Amount” means, (i) with respect to the Initial Outside Date, an amount of cash, which, together with the Escrowed Funds already deposited and the anticipated income thereon, will provide cash to the Escrow Agent in an amount sufficient to pay the Special Mandatory Redemption Price on such Initial Outside Date, and (ii) with respect to any Extended Outside Date specified in an Outside Date Extension Notice, an amount of cash, which, together with the Escrowed Funds already deposited and the anticipated income thereon, will provide cash to the Escrow Agent in an amount sufficient to pay the Special Mandatory Redemption Price on such Extended Outside Date.

“Agreement” has the meaning ascribed to it in the recitals.

“Authorized Person” has the meaning ascribed to it in Section 14.

“Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York City.

“Citibank” has the meaning ascribed to it in the recitals.

“Closing Date” has the meaning ascribed to it in the recitals.

“Code” has the meaning ascribed to it in Section 5(a).

“Collateral” has the meaning ascribed to it in Section 8(a).

“Company” means Revlon Consumer Products Corporation, a Delaware corporation.

“Elizabeth Arden” means Elizabeth Arden, Inc., a Florida corporation.

-2-

“Escrow Account” has the meaning ascribed to it in Section 2.

“Escrow Agent” has the meaning ascribed to it in the recitals.

“Escrowed Funds” has the meaning ascribed to it in Section 2.

“Escrow Issuer” has the meaning ascribed to it in the recitals.

“Escrow Merger” means the merger of the Escrow Issuer with and into the Company, with the Company as the surviving corporation.

“Escrow Property” has the meaning ascribed to it in Section 2.

“Escrow Release Notification Deadline” means 2:00 p.m., New York City time, on the date that is three Business Days before the Outside Date then in effect.

“Extended Outside Date” has the meaning ascribed to it in Section 3(c).

“Indemnified Party” has the meaning ascribed to it in Section 7(b).

 “Indenture” has the meaning ascribed to it in the recitals.

“Initial Outside Date” means September 12, 2016.

“Interested Parties” has the meaning ascribed to it in the recitals.

“IRS” has the meaning ascribed to it in Section 5(a).

“Mandatory Redemption Event” has the meaning ascribed to it in Section 3(b).

“Merger Agreement” means that certain Agreement and Plan of Merger, dated as of June 16, 2016, by and among the Parent, the Company, Acquisition Sub, and Elizabeth Arden, pursuant to which Acquisition Sub will merge with and into Elizabeth Arden, with Elizabeth Arden surviving the merger as a wholly owned subsidiary of the Company, as it may be amended or supplemented from time to time.

“Moody’s” means Moody’s Investor Service, Inc. and its successors.

“New Senior Facilities” means (A) the new seven-year $1,800.0 million senior secured term loan facility to be entered into on or prior to the Release Date by and among the Company, as borrower, the Parent, the lenders party thereto, Citibank, as Administrative Agent and Collateral Agent, and the other signatories party thereto, and (B) the new five-year $400.0 million senior secured asset-based revolving credit facility to be entered into on or prior to the Release Date by and among the Company, as borrower, the Parent and various subsidiaries of the Company, as guarantors, the lenders party thereto, and the other signatories party thereto.

-3-

“Notes” has the meaning ascribed to it in the recitals.

“Notice” has the meaning ascribed to it in Section 6(c).

“Order” has the meaning ascribed to it in Section 6(c).

“Outside Date” means the Initial Outside Date or, if an Outside Date Extension Notice has been delivered by the Escrow Issuer, the Extended Outside Date then in effect.

“Outside Date Extension Notice” means a notice provided by the Escrow Issuer to the Trustee and the Escrow Agent in accordance with Section 14 to extend the Outside Date pursuant to Section 3(c) hereof.

“Parent” means Revlon, Inc., a Delaware corporation.

“Purchase Agreement” has the meaning ascribed to it in the recitals.

“Release” has the meaning ascribed to it in Section 3(a).

“Release Date” means the date when all of the conditions precedent to the release of the Escrow Property described in Section 3(a) hereof are satisfied.

“Release Notice” means an Officer’s Certificate requesting release of the Escrow Property signed by an Authorized Person of the Escrow Issuer in the form attached hereto as Annex I, certifying as to the matters specified therein.

“S&P” means Standard & Poor’s Ratings Services, a division of the McGraw Hill Companies, and its successors.

“Secured Obligations” has the meaning ascribed to it in Section 8(a).

“Special Mandatory Redemption” has the meaning ascribed to it in Section 3(b).

“Special Mandatory Redemption Date” has the meaning ascribed to it in Section 3(b).

“Special Mandatory Redemption Price” means 100% of the gross proceeds received from the Offering, plus accrued and unpaid interest on the Notes from the Closing Date to (but not including) the Special Mandatory Redemption Date.

“Special Redemption Notice” has the meaning ascribed to it in Section 3(b).

“Trustee” has the meaning ascribed to it in the recital.

“UCC” means the Uniform Commercial Code as in effect in the State of New York.

-4-

2.             Establishment of Escrow Account.  Concurrently with the execution and delivery hereof, (A) the Escrow Agent shall establish a non-interest-bearing escrow account in the name of the Escrow Agent for the benefit of the Trustee entitled “Escrow Account for Revlon Escrow Corporation  – Project Rouge” (the “Escrow Account”) at its office located at 388 Greenwich Street, 14th Floor, New York, New York 10013, (B) the Escrow Issuer will cause the Initial Purchasers to deposit with the Escrow Agent the gross proceeds from the sale of the Notes in the amount of US$450,000,000 and (C) the Escrow Issuer shall deposit or cause to be deposited with the Escrow Agent the Additional Amount in the amount of US$2,968,750 with respect to the Initial Outside Date (the amounts referred to in clauses (B) and (C), together with any subsequently deposited Additional Amounts, the “Escrowed Funds,” and together with any investment income or proceeds received from the investment thereof from time to time pursuant to Section 4 below, collectively, the “Escrow Property”), and the Escrow Agent shall hold the Escrow Property in the Escrow Account.

3.             Claims and Payment; Release from Escrow.

(a)          If, at any time on or prior to the Escrow Release Notification Deadline, the Escrow Agent receives the Release Notice from the Escrow Issuer (a copy of which shall be provided by the Escrow Issuer to the Initial Purchasers, Latham & Watkins LLP, the Initial Purchasers’ counsel, and the Trustee), the Escrow Agent will, as promptly as practicable on the same Business Day, release all Escrow Property (the “Release”) then held by it as directed and in the manner set forth in the Release Notice; provided that the Release Notice shall be received by the Escrow Agent by 11:00 a.m. local time in the City of New York on such Business Day.  In the event that a Release Notice is received after 11:00 a.m. New York City time, the Escrow Agent shall use commercially reasonable efforts to disburse the Escrow Property on such date, but shall not be required to disburse the Escrow Property until the next succeeding Business Day.  The Escrow Agent shall be fully protected in acting in reliance upon such Release Notice, and shall have no duty or obligation to determine whether such Release Notice complies with the terms of the Indenture.

(b)          In the event that (1) the Acquisition is not consummated on or prior to the applicable Outside Date, (2) the Escrow Agent shall not have received the Release Notice certifying that the Release conditions have been met at or prior to the Escrow Release Notification Deadline, or (3) at any time prior to the applicable Outside Date, the Merger Agreement is terminated (any such event being a “Special Mandatory Redemption Event”), the Escrow Issuer shall redeem all of the Notes (the “Special Mandatory Redemption”) at the Special Mandatory Redemption Price on the Special Mandatory Redemption Date (as defined below).  Notice of the occurrence of a Special Mandatory Redemption Event, substantially in the form of Annex II, will be delivered to the Trustee and the Escrow Agent by the Escrow Issuer (a “Special Redemption Notice”) within one Business Day following the occurrence of a Special Mandatory Redemption Event.  Concurrently with the delivery of the Special Redemption Notice, the Escrow Issuer will instruct the Trustee to, at the Escrow Issuer’s expense, deliver, by first-class mail to each holder’s registered address or otherwise in accordance with the Depository Trust Company’s procedures, with a copy to the Escrow Agent, a Special Redemption Notice stating that a Special Mandatory Redemption will occur on a specified date, which shall be no earlier than one Business Day, but no later than two Business Days, after the Trustee’s delivery of such notice (the date of such redemption, the “Special Mandatory Redemption Date”).  In the event that the Escrow Agent receives the Trustee’s Special Redemption Notice after 1:00 p.m. New York City time at least one (1) Business Day prior to the Special Redemption Date, the Escrow Agent shall use commercially reasonable efforts to disburse the Escrow Property on the Special Mandatory Redemption Date, but shall not be required to disburse the Escrow Property until the next succeeding Business Day (which shall then become the Special Mandatory Redemption Date).

-5-

(c)          At any time prior to the Escrow Release Notification Deadline, the Escrow Issuer, may from time to time, provide an Outside Date Extension Notice in order to extend the Initial Outside Date (or, if the Outside Date has previously been extended, the Extended Outside Date then in effect), to a date as specified in such Outside Date Extension Notice by the Escrow Issuer that is not later than the six-month anniversary of the date the Notes are issued (such date, the “Extended Outside Date”).  An Outside Date Extension Notice shall be effective only if (i) the required notice is given no later than the Escrow Release Notification Deadline, (ii) the Outside Date is extended in increments of no less than 30 days (unless the extension is until the then-applicable outside termination or similar date in the Merger Agreement); (iii) the then-applicable outside termination or similar date in the Merger Agreement is not later than such proposed Extended Outside Date; and (iv) concurrently with or prior to the delivery of such Outside Date Extension Notice, the Escrow Issuer (or one or more of its affiliates) deposits an Additional Amount in respect of such Outside Date Extension Notice in the Escrow Account.  The Escrow Agent shall be fully protected in acting in reliance upon such Outside Date Extension Notice, and shall have no duty or obligation to determine whether such Outside Date Extension Notice complies with the terms of the Indenture.

4.             Investment of Funds.

(a)          The Escrow Agent shall hold the Escrow Property and shall invest and reinvest the Escrow Property, at the written instruction of the Escrow Issuer, in any one of the following:  (1) Citibank’s dollars on deposit in custody account (“DDCA”), or (2) money market funds registered under the Investment Company Act of 1940, whose shares are registered under the Securities Act, and rated “AAAm” or “AAAm-G” by S&P and “Aaa” if rated by Moody’s, including any mutual fund for which the Escrow Agent or its affiliate serves as investment manager, administrator, shareholder servicing agent, and/or custodian, subject to the availability of such investment with the Escrow Agent.  In the absence of written instructions from the Escrow Issuer, the Escrow Property shall be posted to the DDCA and will initially yield a rate of 15 basis points.  The Escrow Agent will exercise reasonable efforts to notify the Interested Parties no less than 30 days prior upon any change in this rate.  Interest will be credited to the Escrow Account monthly, on the second Business Day of the following month, and will be reported on a Form 1099 INT, if applicable.  The DDCA will be insured up to the limits permitted by the Federal Deposit Insurance Corporation.  Notwithstanding anything in this Agreement to the contrary, no income earned on funds posted to the DDCA will be disbursed until credited to the Escrow Account.  If all or a portion of the Escrowed Funds are deposited with the Escrow Agent after 11:00 a.m. New York City time, the Escrow Agent shall have no obligation to invest or reinvest the Escrowed Funds held in the Escrow Account until the following Business Day.  Requests or instructions under this Section 4(a) received after 11:00 a.m. New York City time by the Escrow Agent will be treated as if received on the following Business Day.

-6-

(b)          The Escrow Agent is hereby authorized and directed to sell or redeem any such investments as it deems necessary to make any payments or distributions required under this Agreement.  The Escrow Agent shall have no responsibility or liability for any loss in the value of any investment made pursuant to this Agreement, or for any loss, cost or penalty resulting from any sale or liquidation of the Escrow Property, except to the extent such loss results, in whole or in part, from Escrow Agent’s gross negligence, fraud or willful misconduct (as finally adjudicated by a court of competent jurisdiction); provided, however, that notwithstanding the foregoing, under no circumstances shall the Escrow Agent have any liability for any loss in the value of any investment made, to the extent that such investment was executed in accordance with the terms of this Agreement.  The Escrow Agent is hereby authorized to execute purchases and sales of investments through the facilities of its own trading or capital markets operations or those of any affiliated entity.  The Escrow Agent does not have a duty nor will it undertake any duty to provide investment advice.

5.             Tax Matters.

(a)          The Interested Parties agree any earnings or proceeds received on or distributions of earnings or proceeds from the Escrow Property during a calendar year period shall be treated as the income of the Escrow Issuer and shall be reported on an annual basis by the Escrow Agent on the appropriate United States Internal Revenue Service (“IRS”) Form 1099 (or IRS Form 1042-S), as required pursuant to the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations thereunder.   The Interested Parties and the Escrow Agent agree that the Escrow Agent will not be responsible for providing tax reporting and withholding for payments which are for compensation for services performed by an employee or independent contractor.

(b)          If IRS imputed interest requirements apply, the Interested Parties are solely responsible to inform the Escrow Agent, provide the Escrow Agent with all imputed interest calculations, and direct the Escrow Agent to disburse imputed interest amounts.  The Escrow Agent shall rely solely on such provided calculations and information and shall have no responsibility for the accuracy or completeness of any such calculations or information or for the failure of the Interested Parties to provide such calculations or information.

(c)          The Interested Parties shall upon the execution of this Agreement provide the Escrow Agent with a duly completed and properly executed IRS Form W-9 or applicable IRS Form W-8, in the case of a non-U.S. person, for each payee, together with any other documentation and information requested by the Escrow Agent in connection with the Escrow Agent’s tax reporting obligations under the Code and the regulations thereunder.  With respect to the Escrow Agent’s tax reporting obligations under the Code, the Foreign Account Tax Compliance Act and the Foreign Investment in Real Property Tax Act and any other applicable law or regulation, the Interested Parties understand that, in the event valid U.S. tax forms or other required supporting documentation are not provided to the Escrow Agent, the Escrow Agent may be required to withhold tax from the Escrow Property and report account information on any earnings, proceeds or distributions from the Escrow Property.

-7-

(d)          Unless if arising from the Escrow Agent’s gross negligence or willful misconduct (as finally adjudicated by a court of competent jurisdiction), should the Escrow Agent become liable for the payment of taxes, including withholding taxes relating to any funds, including interest and penalties thereon, held by it pursuant to this Agreement or any payment made hereunder, the Escrow Agent shall satisfy such liability to the extent possible from the Escrow Property.  The Escrow Agent shall exercise reasonable efforts to notify the Escrow Issuer in writing prior to making any such payment from the Escrow Property.  The Escrow Issuer agrees to indemnify and hold the Escrow Agent harmless pursuant to Section 7(b) hereof from any liability or obligation on account of taxes, assessments, interest, penalties, expenses and other governmental charges that may be assessed or asserted against the Escrow Agent.

(e)          The Escrow Agent’s rights under this Section shall survive the termination of this Agreement or the resignation or removal of the Escrow Agent.

6.             Concerning the Escrow Agent.

(a)          Escrow Agent Duties.  Each Interested Party acknowledges and agrees that (i) the duties, responsibilities and obligations of the Escrow Agent shall be limited to those expressly set forth in this Agreement, each of which is administrative or ministerial (and shall not be construed to be fiduciary) in nature, and no duties, responsibilities or obligations shall be inferred or implied, (ii) the Escrow Agent shall not be responsible for any of the agreements referred to or described herein (including without limitation the Indenture and the Purchase Agreement), or for determining or compelling compliance therewith, and shall not otherwise be bound thereby, and (iii) the Escrow Agent shall not be required to expend or risk any of its own funds to satisfy payments from the Escrow Property hereunder.

(b)          Liability of Escrow Agent.  The Escrow Agent shall not be liable for any damage, loss or injury resulting from any action taken or omitted in the absence of gross negligence or willful misconduct (as finally adjudicated by a court of competent jurisdiction).  In no event shall the Escrow Agent be liable for indirect, incidental, consequential, punitive or special losses or damages (including but not limited to lost profits), regardless of the form of action and whether or not any such losses or damages were foreseeable or contemplated.  The Escrow Agent shall be entitled to act in accordance with or rely upon any instruction, notice, request or other instrument delivered to it without being required to determine the authenticity or validity thereof or the truth or accuracy of any information stated therein.  The Escrow Agent may act in reliance upon any signature believed by it in good faith to be genuine and may assume that any person purporting to make any statement or execute any document in connection with the provisions hereof has been duly authorized to do so.  The Escrow Agent may consult with counsel satisfactory to it, and the opinion or advice of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it in good faith and in accordance with the opinion and advice of such counsel.  The Escrow Agent may perform any and all of its duties through its agents, representatives, attorneys, custodians and/or nominees; provided that the Escrow Agent shall remain liable for the actions or failures to act of such agents, representatives, attorneys, custodians and/or nominees to the same extent it would have been liable had it performed such actions or failed to act itself.  The Escrow Agent shall not incur any liability for not performing any act or fulfilling any obligation hereunder by reason of any occurrence beyond its control (including, without limitation, any provision of any present or future law or regulation or any act of any governmental authority, any act of God or war or terrorism, or the unavailability of the Federal Reserve Bank wire services or any electronic communication facility).

-8-

(c)          Reliance on Orders.  The Escrow Agent is authorized to comply with final orders issued or process entered by any court with respect to the Escrow Property, without determination by the Escrow Agent of such court’s jurisdiction in the matter.  If any portion of the Escrow Property is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, the Escrow Agent, after having provided notice to the Escrow Issuer, is authorized to rely upon and comply with any such order, writ, judgment or decree which it is advised is binding upon it without the need for appeal or other action; and if the Escrow Agent complies with any such order, writ, judgment or decree, it shall not be liable to any of the Interested Parties hereto or to any other person or entity by reason of such compliance even though such order, writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated. Notwithstanding the foregoing, upon the Escrow Agent becoming aware of any such order, process, judgment, decree, stay or injunction described above (any of the foregoing, an “Order”), the Escrow Agent shall, to the extent permitted by applicable law and process, notify the Escrow Issuer of such Order in writing, which notice shall provide reasonably detailed information with respect to such Order such that the Escrow Issuer would be able to seek to vacate or oppose such Order (the “Notice”).  With respect to any such Order, during the 60 days after delivery of such Notice, the Escrow Agent shall, except as required by applicable law or process, take no action with respect to the Escrow Property until the Escrow Issuer has had the opportunity to vacate or oppose such Order in good faith.

7.             Compensation, Expense Reimbursement and Indemnification.

(a)          Compensation.  The Escrow Issuer covenants and agrees to pay the Escrow Agent’s fees and expenses specified in Schedule A.  Any reasonable and documented attorney’s fees incurred in connection with the preparation and negotiation of this Agreement shall be due and payable upon the execution of this Agreement.

(b)          Indemnification.  The Escrow Issuer covenants and agrees to indemnify the Escrow Agent and its employees, officers, directors, affiliates, and agents (each, an “Indemnified Party”) for, hold each Indemnified Party harmless from, and defend each Indemnified Party against, any and all claims, losses, actions, liabilities, reasonable costs, damages and reasonable expenses of any nature incurred by any Indemnified Party, arising out of or in connection with this Agreement or with the administration of its duties hereunder, including but not limited to reasonable attorneys’ fees, costs and expenses, except to the extent such loss, liability, damage, cost or expense shall have been finally adjudicated by a court of competent jurisdiction to have resulted solely from the Indemnified Party's own gross negligence or willful misconduct. The foregoing indemnification and agreement to hold harmless shall survive the termination of this Agreement and the resignation or removal of the Escrow Agent.

-9-

8.             Grant of Security Interest; Instructions to Escrow Agent.

   

(a)          The Escrow Issuer hereby irrevocably grants a first priority security interest in and lien on, and pledges, assigns, transfers and sets over to the Trustee for its own benefit and the benefit of the holders of the Notes, all of its respective right, title and interest in, to the extent applicable, the Escrow Account, the Escrow Property, and all other property now or hereafter placed or deposited in, or delivered to the Escrow Agent for placement or deposit in, the Escrow Account in accordance with the terms of this Agreement, including, without limitation, all funds held therein, and all investments held by (or otherwise maintained in the name of) the Escrow Agent pursuant to Section 4 (collectively, the “Collateral”), in order to secure all obligations and indebtedness of the Escrow Issuer under the Indenture, the Notes and any other obligation, now or hereafter arising, of every kind and nature, owed by the Escrow Issuer under the Indenture or the Notes to the holders of the Notes or to the Trustee or any predecessor Trustee (collectively, the “Secured Obligations”).  The Escrow Agent hereby acknowledges the Trustee’s security interest and lien as set forth above.  The Escrow Issuer shall take all actions and shall direct the Trustee in writing to take all actions necessary on its part to insure the continuance of a perfected first priority security interest in the Collateral in favor of the Trustee in order to secure all Secured Obligations.  The Escrow Issuer shall not grant or cause or permit any other person to obtain a security interest, encumbrance, lien or other claim, direct or indirect, on the Escrow Issuer’s right, title or interest in the Escrow Account or on any Collateral.

 (b)         The Escrow Issuer and the Trustee hereby irrevocably instruct the Escrow Agent to, and the Escrow Agent shall:

(i)          maintain the Escrow Account for the sole and exclusive benefit of the Trustee on its behalf and on behalf of the holders of the Notes to the extent specifically required herein; treat all property in the Escrow Account as financial assets (as defined in Section 8-102(a) of the UCC); take all steps reasonably specified in writing by the Escrow Issuer pursuant to this Section 8 to cause the Trustee to enjoy continuous perfected first priority security interest under the UCC (provided, however, that the Escrow Agent shall not be required to file financing or continuation statements), any other applicable statutory or case law or regulation of the State of New York and any applicable law or regulation of the United States in the Collateral and except as otherwise required by law, maintain the Collateral free and clear of all liens, security interests, safekeeping or other charges, demands and claims of any nature now or hereafter existing in favor of anyone other than the Trustee;

(ii)          promptly notify the Trustee if the Escrow Agent receives written notice that any person other than the Trustee has or purports to have a lien or security interest upon any portion of the Collateral; and

(iii)          in addition to disbursing amounts held in escrow pursuant to and in accordance with Sections 3(a) and 3(b), upon receipt of written notice from the Trustee of the acceleration of the maturity of the Notes and direction from the Trustee to disburse the Escrow Property to the Trustee, as promptly as practicable, disburse all funds and other Collateral held in the Escrow Account to the Trustee or as otherwise directed by the Trustee, including liquidating any investments held by the Escrow Agent hereunder, to or as directed by the Trustee.  In addition, upon an Event of Default (as defined in the Indenture) and for so long as such Event of Default continues, the Trustee may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party under the UCC or other applicable law.  Upon receipt of written instructions from the Trustee upon which the Trustee is exercising control over the Escrow Account, and instructing the Escrow Agent to take any action in respect of the Collateral held by the Escrow Agent hereunder, the Escrow Agent shall be entitled to rely conclusively upon, and to act in accordance with, such instructions, without further inquiry, and the Escrow Agent shall have no duty or responsibility to determine whether an Event of Default has occurred and is continuing, if applicable, or whether the Trustee has complied with the terms of the Indenture.

-10-

The lien and security interest provided for in this Section 8 shall automatically terminate and cease as to, and shall not extend or apply to, and the Trustee and the Escrow Agent shall have no security interest in, any funds disbursed by the Escrow Agent to, or on behalf of, the Escrow Issuer pursuant to this Agreement to the extent not inconsistent with the terms hereof.  For the avoidance of doubt, the Escrow Issuer shall not require the consent of the Escrow Agent or the Trustee to file UCC termination statements upon termination of this Agreement in accordance with Section 18 hereof.  The Escrow Agent shall not have any right to receive compensation from the Trustee and shall have no authority to obligate the Trustee or to compromise or pledge its security interest hereunder.  Accordingly, the Escrow Agent is hereby directed to cooperate with the Trustee in the exercise of its rights in the Collateral provided for herein.

(c)          Any money collected by the Trustee pursuant to Section 8(b)(iii) shall be applied as provided in Section 6.10 of the Indenture.  Any surplus of such cash or cash proceeds held by the Trustee and remaining after indefeasible payment in full of all the obligations under the Indenture shall be paid over to the Escrow Issuer promptly or as a court of competent jurisdiction may direct.  Neither the Trustee nor the Escrow Agent shall have any liability for any shortfall to the extent of the Special Mandatory Redemption Price.

(d)          The Escrow Issuer will execute and deliver or cause to be executed and delivered, or use its commercially reasonable best efforts to procure, all assignments, instruments and other documents, deliver any instruments to the Trustee and take any other actions that are necessary or desirable to perfect, continue the perfection of, or protect the first priority of the Trustee’s security interest in and to the Collateral, to protect the Collateral against the rights, claims, or interests of third persons or to effect the purposes of this Agreement.  The Escrow Issuer shall pay all reasonable costs incurred in connection with any of the foregoing, it being understood that the Trustee shall have no duty to determine whether to file or record any document or instrument relating to Collateral.  Neither the Trustee nor the Escrow Agent shall have any duty or obligation to file or record any document or otherwise to see to the grant or perfection of any security interest granted hereunder.

(e)          The Escrow Agent represents that it is a “securities intermediary” and that the Escrow Account is a “securities account” (as each such term is defined in the UCC).  The “Securities Intermediary’s Jurisdiction” (within the meaning of Section 8-110(e) of the UCC) of the Escrow Agent shall be the State of New York.

-11-

(f)          The Escrow Issuer hereby confirms that the arrangements established under this Section 8 constitute “control” by the Trustee of the Escrow Account, as each of those terms is defined in Article 9 of the UCC as adopted in the State of New York.  Other than the Indenture and the other provisions of this Agreement, the Escrow Agent and the Escrow Issuer have not entered and will not enter into any other agreement with respect to control of the Escrow Account or purporting to limit or condition the obligation of the Escrow Agent to comply with any orders or instructions of the Trustee with respect to the Escrow Account as set forth in this Section 8.  In the event of any conflict with respect to control over the Escrow Account between this Agreement and the Indenture (or any portion hereof or thereof), on the one hand, and any other agreement now existing or hereafter entered into, on the other hand, the terms of this Agreement shall prevail.

(g)          The Escrow Agent hereby agrees that any security interest in, lien on, encumbrance, claim or right of setoff against, the Escrow Account or any funds therein that it now has or subsequently obtains shall be subordinate to the security interest of the Trustee in the Escrow Account and the funds therein or credited thereto.  Except as expressly permitted herein, the Escrow Agent agrees not to exercise any present or future right of recoupment or set-off against the Escrow Account or to assert against the Escrow Account any present or future security interest, banker’s lien or any other lien or claim (including claim for penalties) that the Escrow Agent may at any time have against or in the Escrow Account or any funds therein.

9.             Dispute Resolution.  In the event of any disagreement among any of the Interested Parties to this Agreement, or between any of them and any other person, resulting in adverse claims or demands being made with respect to the subject matter of this Agreement, or in the event that the Escrow Agent, in good faith, is in reasonable doubt as to any action the Escrow Agent should take hereunder, the Escrow Agent may, at its option, refuse to comply with any claims or demands and refuse to take any other action hereunder, so long as such disagreement continues or such doubt exists, and in any such event, the Escrow Agent shall not be liable in any way or to any person for its failure or refusal to act, and the Escrow Agent shall be entitled to continue to so refuse to act and refrain from acting until the Escrow Agent shall have received (i) a final non-appealable order, judgment or decree by a court of competent jurisdiction or a final non-appealable arbitration decision, or (ii) a written agreement executed by each of the Interested Parties involved in such disagreement, in which case the Escrow Agent shall be authorized to disburse the Escrow Property in accordance with such final court order, judgment, decree, decision or agreement.  The Escrow Agent shall be entitled to receive (from and at the reasonable expense of the presenting party) an opinion of counsel to the effect that any order, judgment or decree is final and not subject to appeal.  The Escrow Agent shall have the option, after 30 calendar days’ notice to the Interested Parties of its intention to do so, to petition (by means of filing an action in interpleader or any other appropriate method) any court of competent jurisdiction, for instructions with respect to any dispute or uncertainty, and to the extent required or permitted by law, pay into such court the Escrow Property for holding and disposition in accordance with the instructions of such court.  The reasonable costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the Escrow Agent in connection with such proceeding shall be paid by the Escrow Issuer.

10.           Entire Agreement; Exclusive Benefit.  This Agreement, and solely as between the Escrow Issuer and the Trustee, the terms incorporated from the Indenture, constitutes the entire agreement between the parties and sets forth in its entirety the obligations and duties of the Escrow Agent with respect to the Escrow Property.  This Agreement is for the exclusive benefit of the parties to this Agreement and their respective permitted successors, and shall not be deemed to give, either expressly or implicitly, any legal or equitable right, remedy, or claim to any other entity or person whatsoever.  No party may assign any of its rights or obligations under this Agreement without the prior written consent of the other parties.

-12-

11.           Resignation and Removal.

(a)          The Escrow Issuer may remove the Escrow Agent at any time by giving to the Escrow Agent 15 calendar days’ prior written notice of removal signed by an Authorized Person of the Escrow Issuer.  The Escrow Agent may resign at any time by giving to each of the Interested Parties 15 calendar days’ prior written notice of resignation.

(b)          Within 15 calendar days after giving the foregoing notice of removal to the Escrow Agent or within 15 calendar days after receiving the foregoing notice of resignation from the Escrow Agent, the Interested Parties shall appoint a successor escrow agent and give notice of such successor escrow agent to the Escrow Agent.  If a successor escrow agent has not accepted such appointment by the end of such (i) 15-day period, in the case of the Escrow Agent’s removal, or (ii) 15-day period, in the case of the Escrow Agent’s resignation, the Escrow Agent may either safe keep the Escrow Property until a successor escrow agent is appointed, without any obligation to invest the same or continue to perform under this Agreement, or apply to a court of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate relief.

(c)          Upon receipt of notice of the identity of the successor escrow agent, the Escrow Agent shall deliver the Escrow Property then held hereunder to the successor escrow agent, or hold such Escrow Property until all such fees, costs and expenses are paid to it.  Upon delivery of the Escrow Property to the successor escrow agent, the Escrow Agent shall have no further duties, responsibilities or obligations hereunder.

12.           Governing Law; Jurisdiction; Waiver of Jury Trial.  This Agreement shall be construed and interpreted in accordance with the laws of the State of New York without giving effect to the conflict of laws principles thereof.  The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the federal and state courts located in the Borough of Manhattan, City, County and State of New York, for any proceedings commenced regarding this Agreement.  The parties irrevocably submit to the jurisdiction of such courts for the determination of all issues in such proceedings and irrevocably waive any objection to venue or inconvenient forum for any proceeding brought in any such court. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY PROCEEDING RELATING TO THIS AGREEMENT.

13.           Representations and Warranties.  Each of the Escrow Agent and the Interested Parties represents and warrants that it has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder; and that this Agreement has been duly approved by all necessary action and constitutes its valid and binding agreement enforceable in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, moratorium, reorganization or other similar laws affecting the enforcement or creditors’ rights and subject to general equity principles.

-13-

14.           Notices; Instructions.

(a)          Any notice or instruction hereunder shall be in writing in English, and shall be effective upon actual receipt by the addressed party or parties in accordance with the terms hereof.  Any notice or instruction must be executed by an authorized person of each of the parties delivering such notice or instruction (the person(s) so designated from time to time, the “Authorized Persons”).  Each of the applicable persons designated on Schedule B and Schedule C attached hereto have been duly appointed to act as Authorized Persons hereunder and individually have full power and authority to execute and deliver any notices or instructions, to amend, modify or waive any provisions of this Agreement, and to take any and all other actions permitted under this Agreement, all without further consent or direction from, or notice to, any other party.  Any instruction regarding funds transfer should contain a selected test word also evidenced on Schedule B and Schedule C.  Any change in designation of Authorized Persons shall be provided by written notice, signed by an Authorized Person, and actually received and acknowledged by the Escrow Agent.  Any communication from the Escrow Agent that the Escrow Agent deems to contain confidential, proprietary, and/or sensitive information shall be encrypted in accordance with the Escrow Agent’s internal procedures.  The Interested Parties agree that the above security procedures are commercially reasonable.

If to the Escrow Issuer:

Revlon Escrow Corporation

c/o Revlon Consumer Products Corporation

One New York Plaza

New York, NY 10004

Attention:          Michael T. Sheehan

Telephone:         (212) 527-5539 

Facsimile:            (212) 527-4821

E-mail:          michael.sheehan@revlon.com

with a copy to (which shall not constitute notice):

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019

Attention:          Lawrence G. Wee, Esq. and Catherine Goodall, Esq.

Facsimile:          (212) 492-0052

-14-

If to the Trustee:

U.S. Bank National Association

Global Corporate Trust Services

60 Livingston Avenue

EP-MN-WS3C

St. Paul, Minnesota 55107-2292

Attention:  Rick Prokosch

Telephone: (651) 466-6619

Facsimile:  (651) 466-7430

E-mail:       Rick.Prokosch@usbank.com

with a copy to (which shall not constitute notice):

Waller Lansden Dortch & Davis, LLP

511 Union Street, Suite 2700

Nashville, TN 37219

 

Attention: Beth Vessel, Esq.

Facsimile: (615) 244-6804

If to the Escrow Agent:

Citibank, N.A.

Agency & Trust

388 Greenwich Street, 14th Floor

New York, NY  10013

Attn.:  Paolo Ippolito

Telephone:  (212) 816-8831

E-mail:  cts.spag@citi.com, paolo.ippolito@citi.com

(b)          Any funds to be paid by the Escrow Agent hereunder shall be sent by wire transfer pursuant to the instructions set forth on Schedule D, or as otherwise may be instructed by the Interested Parties.

(c)          Payments for the benefit of the Escrow Agent shall be sent by wire transfer pursuant to the following instructions: CITIBANK, N.A., ABA:  [                     ] ; Account Name:   [                                 ] ; A/C#.:   [                     ] ; Ref:   [                                                                                  ] .

15.           Amendment; Waiver.  Any amendment of this Agreement shall be binding only if evidenced by a writing signed by each of the parties to this Agreement.  No waiver of any provision hereof shall be effective unless expressed in writing and signed by the party to be charged, and no such waiver shall be deemed to constitute a continuing waiver of similar or other breaches unless explicitly specified.  Any amendment or waiver of any provision of this Agreement and any consent to any departure by the Escrow Issuer from any provision of this Agreement shall be effective only if made or duly given in compliance with all of the terms and provisions of the Indenture, and neither the Escrow Agent nor the Trustee shall be deemed, by any act, delay, indulgence, omission or otherwise, to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default (each as defined in the Indenture) or in any breach of any of the terms and conditions hereof.  No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  A waiver by the Escrow Agent, the Escrow Issuer or the Trustee of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy that the Escrow Agent, the Escrow Issuer or the Trustee would otherwise have on any future occasion.  The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any rights or remedies provided by law.

-15-

16.           Severability.  The invalidity, illegality or unenforceability of any provision of this Agreement shall in no way affect the validity, legality or enforceability of any other provision.  If any provision of this Agreement is held to be unenforceable as a matter of law, the other provisions shall not be affected thereby and shall remain in full force and effect.

17.           Mergers and Conversions.  Any corporation or entity into which the Escrow Agent may be merged or converted or with which it may be consolidated, or any corporation or entity resulting from any merger, conversion or consolidation to which the Escrow Agent will be a party, or any corporation or entity succeeding to the business of the Escrow Agent will be the successor of the Escrow Agent hereunder without the execution or filing of any paper with any party hereto or any further act on the part of any of the parties hereto except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding.

18.           Termination.  This Agreement shall terminate and the Escrow Account shall be closed upon the distribution of all Escrow Property from the Escrow Account established hereunder in accordance with the terms of this Agreement, subject, however, to the survival of obligations specifically contemplated in this Agreement to so survive.

19.           Counterparts.  This Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.  Scanned signatures on counterparts of this Agreement shall be deemed original signatures with all rights accruing thereto except in respect to any Non-US entity, whereby originals are required.

[Remainder of Page Left Intentionally Blank]

-16-

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed by a duly authorized representative as of the day and year first written above.

 

	
 

	
CITIBANK, N.A.,

	
 

	
 

	
as Escrow Agent

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Camille Tomao

	
 

	
 

	
 

	
Name: Camille Tomao

	
 

	
 

	
 

	
Title: Director

	
 

	
 

	
 

	
Date: 8/4/16

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

		
U.S. BANK NATIONAL ASSOCIATION,

	 	 	
as Trustee 

	 	 		 
	 	 		 
	 	
By:

	/s/ Richard Prokosch	 
	 	 	
Name: Richard Prokosch

	 
	 	 	
Title: Vice President

	 
	 	 	
Date:

	 
	 	 		 
	 	 		 
	 	
REVLON ESCROW CORPORATION

	 	 	 	 
	 	 		 
	 	
By:

	/s/ Michael T. Sheehan	 
	 	 	
Name: Michael T. Sheehan

	 
	 	 	
Title: Vice President and Secretary

	 
	 	 	
Date:

	 

A-1

SCHEDULE A

ESCROW AGENT FEE SCHEDULE

Acceptance Fee

 

To cover the acceptance of the Escrow Agent role, the study of the Escrow Agreement and all supporting documents submitted in connection with the execution and delivery of this transaction, communication with other members of the working group. To be paid in advance.

 

Waived

 

Annual Escrow Fee:

 

To  cover  the  administrative  functions  of  the  Escrow  Agent  under  the  agreement,  including  the establishment  and  maintenance  of  the  Adjustment   Escrow  and  Indemnification  Escrow  account, safekeeping of assets, maintenance of the records, follow-up of the agreement provisions, and other duties required of the agent under the terms of the Escrow agreement.

 

Waived

 

Legal Fee:

 

To cover fees and expenses of external legal counsel, on behalf of Citibank, N.A. in connection with the review and negotiation of governing documents:

 

AT COST (IF APPICABLE)

A-2

Schedule Assumptions

	
●

	
Opening of escrow holding $450 million dollars from High Yield Note offering

	
●

	
Distributions will be made in accordance with escrow agreements

	
●

	
Documentation to be subject to internal approval and satisfactory review by Citibank, N.A. including all applicable AML and KYC requirements

	
●

	
Agreement will be governed by New York law

	
●

	
The funds held in the escrow account will be deposited in Citi's Dollars on Deposit in Custody Account ("DDCA") and earn a return of 15bps (please note that this return is subject to change upon 30 days' notice by Citibank)

	
●

	
Should escrow proceeds be held through quarter end (September 30th, 2016), balances would need to be transferred and invested over quarter end into an approved Money Market Fund from which a list of providers will be provided by Citibank Agency & Trust

 This proposal shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to the conflicts of laws principles thereof.    The above schedule of fees does not include charges for out-of-pocket expenses or for any services of an extraordinary nature that Citibank, N.A. or its legal counsel may be called upon from time to time to perform in either an agency or fiduciary capacity, nor does it include the fees of Citibank, N.A.'s legal counsel.  Fees are also subject to satisfactory review of the documentation, and we reserve the right to modify them should the characteristics of the transaction change from what is described herein.  The Acceptance Fee is payable upon execution of the relevant documentation. The fees are payable annually in advance. Should this schedule of fees be accepted and agreed upon and work commenced on this transaction but subsequently halted and the transaction is not consummated, the Acceptance Fee and legal fees incurred, if any, will still be payable by you in full.  This Fee Schedule is offered for, and applicable to the transaction described on page one only, and is guaranteed for sixty (60) days from the date on this proposal.  After sixty (60) days, this offer can be extended only in a writing signed by Citibank, N.A.

In accordance with US regulations regarding anti-money laundering and terrorist financing, Federal law requires us to obtain, verify and record information that identifies each business or entity that opens an account or establishes a relationship with Citibank, N.A. What this means for you: when you open an account or establish a relationship, we will ask for and independently verify your business name, a street address and a tax identification number, all of which Federal  law requires us to obtain.   In accordance  with the Unlawful Internet Gambling  Act (the "Act"), Citibank, N.A. accounts or other Citibank, N.A. facilities in the United States may not be used to process "restricted transactions" as such term is defined in U.S. 31 CFR Section 132.2(y).

Citi may wish to refer to this transaction for marketing purposes, both internally and externally, without disclosing any confidential or sensitive non-publicly available information. By signing this proposal, you consent to Citi's use of this information, including company names and logos at its sole discretion.  If you wish to withdraw your consent for Citi to use any information externally, then please mark this box ☐.

A-3

	
Signed:

	
 

	
Agreed and Accepted:

	
CITIBANK, N.A.

	
 

	
REVLON CONSUMER PRODUCTS CORPORATION

	
 

	
 

	
 

	
/s/ Daniel G. Ulrich

	
 

	
/s/ Michael T. Sheehan

	
Daniel G. Ulrich

	
 

	
Michael T. Sheehan

	
Director

	
 

	
Senior Vice President, Deputy General Counsel & Secretary

	
 

	
 

	
 

	
             7/25/2016

	
 

	
 

	
(Print Name & Title & Date)

	
 

	
(Print Name & Title & Date)

	
 

	
 

	
 

 

A-4

SCHEDULE B

AUTHORIZED LIST OF SIGNERS

Each of the following person(s) is authorized to execute documents and to direct the Escrow Agent as to all matters, including funds transfers, on the Escrow Issuer’s behalf.

	
REVLON ESCROW CORPORATION

	
 

	
 

	
 

	
Specimen Signature

	
 

	Name	
Juan Figuereo

	
 

	
 

	
Title  

	Vice President	
/s/ Juan Figuereo

	
 

	
Phone

	
212-527-6645

	
 

	
     

	
 

	E-mail Address	
Juan.Figuereo@Revlon.com

	
 

	
     

	
 

	 	 	 	 	 
	Name	
Siobhan Anderson

	
 

	
 

	
Title  

	Vice President, Treasurer and Controller	
/s/ Siobhan Anderson

	
 

	
Phone

	
212-527-4656

	
 

	

	
 

	E-mail Address	
Siobhan.Anderson@Revlon.com

	
 

	

	
 

	 	 	 	 	 
	Name	
Mitra Hormozi

	
 

	
 

	
Title  

	Vice President	
/s/ Mitra Hormozi

	
 

	
Phone

	
212-527-5188

	
 

	

	
 

	E-mail Address	
Mitra.Hormozi@Revlon.com

	
 

	

	
 

	 	 	 	 	 
	Name	
Michael T. Sheehan

	
 

	
 

	
Title  

	Vice President and Secretary	
/s/ Michael T. Sheehan

	
 

	
Phone

	
212-527-5539

	
 

	

	
 

	E-mail Address	
Michael.Sheehan@Revlon.com

	
 

	

	
 

	 	 	 	 	 
	Name	
Yossi Almani

	
 

	
 

	
Title  

	Vice President and Assistant Secretary	/s/ Yossi Almani	
 

	
Phone

	
212-527-4002

	
 

	

	
 

	E-mail Address	
Yossi.Almani@Revlon.com

	
 

	

	
 

 

The Escrow Agent may confirm the instructions received by return call to one of the telephone numbers listed below.

                                                       

	     Telephone Number (including Country code)	 Name
	
         212-527-5539

	
Michael T. Sheehan

	
         212-527-4002

	
Yossi Almani

	   	    
	    	     

 

Test Word

 

	
 

	
Project Rouge

	
 

 

B-1

Test words must contain at least 8 alphanumeric characters.  The Escrow Agent is authorized to seek confirmation of such notice or instruction by telephone call back to the applicable person(s) set forth above and the Escrow Agent may rely upon the confirmations of anyone purporting to be the person(s) so designated, and further to ensure the accuracy of the notice or instruction it receives, the Escrow Agent may record such call backs.  If the Escrow Agent is unable to verify or is not satisfied in its sole discretion with the verification it receives, it will not execute the instruction until all issues have been resolved to its satisfaction.

B-2

SCHEDULE C

AUTHORIZED LIST OF SIGNERS

Each of the following person(s) is authorized to execute documents and to direct the Escrow Agent as to all matters, including funds transfers, on the Trustee’s behalf.

	
U.S. NATIONAL BANK ASSOCIATION

	
 

	
 

	
 

	
Specimen Signature

	
 

	Name	
Rick Prokosh

	
 

	
 

	
Title  

	Vice President	
/s/ Rick Prokosh

	
 

	
Phone

	
651-466-6619

	
 

	

	
 

	E-mail Address	
rick.prokosch@usbank.com

	
 

	

	
 

	 	 	 	 	 
	Name	
 

	 	

	
 

	
Title  

	    	 	      	
 

	
Phone

	
 

	
 

	

	
 

	E-mail Address	
 

	
 

	

	
 

	 	 	 	 	 
	Name	
 

	 	

	
 

	
Title  

	   	 	     	
 

	
Phone

	
 

	
 

	

	
 

	E-mail Address	
 

	
 

	

	
 

 

The Escrow Agent may confirm the instructions received by return call to one of the telephone numbers listed below.

	     Telephone Number (including Country code)    	 Name
	
 

	
 

	
     

	
 

	 	 
	 	 

Test Word

 

	
 

	
 

	
 

 

Test words must contain at least 8 alphanumeric characters.  The Escrow Agent is authorized to seek confirmation of such notice or instruction by telephone call back to the applicable person(s) set forth above and the Escrow Agent may rely upon the confirmations of anyone purporting to be the person(s) so designated, and further to ensure the accuracy of the notice or instruction it receives, the Escrow Agent may record such call backs.  If the Escrow Agent is unable to verify or is not satisfied in its sole discretion with the verification it receives, it will not execute the instruction until all issues have been resolved to its satisfaction.

C-1

SCHEDULE D

WIRE INSTRUCTIONS

 

Revlon Escrow Corporation

 

As instructed by Revlon Escrow Corporation.

Initial Purchasers

 

Wire Instructions:

Beneficiary:

Merrill Lynch Pierce Fenner & Smith Inc

100 N TRYON ST

Mail Code: NC1-007-08-28

Charlotte, NC 28255

 

Account #:                                        [                     ] 

Beneficiary's Bank:

BANK OF AMERICA, NA

Dallas, TX USA

ABA #:                                              [                     ] 

SWIFT:                                             [                     ] 

D-1

ANNEX I

FORM OF OFFICER’S CERTIFICATE - RELEASE NOTICE

REVLON ESCROW CORPORATION

c/o Revlon Consumer Products Corporation

One New York Plaza

New York, NY 10004

[                ], 201_

Citibank, N.A., as Escrow Agent

Agency & Trust

388 Greenwich Street, 14th Floor

New York, NY  10013

Attn: Paolo Ippolito

Email: cts.spag@citi.com

U.S. Bank National Association, as Trustee

Global Corporate Trust Services

60 Livingston Avenue

EP-MN-WS3C

St. Paul, Minnesota 55107-2292

Merrill Lynch, Pierce, Fenner & Smith

             Incorporated

One Bryant Park

New York, New York 10036

Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

(with a copy to Latham & Watkins LLP,

as counsel to the Initial Purchasers)

885 Third Avenue

New York, NY 10022-4834

Attention: Michael Benjamin

 

Re:             Release Notice Officer’s Certificate

 

Ladies and Gentlemen:

We refer to the Escrow Agreement, dated as of August 4, 2016 (the “Escrow Agreement”) among you (the “Escrow Agent”), U.S. Bank National Association, as the Trustee under the indenture dated as of August 4, 2016 (the “Indenture”), and Revlon Escrow Corporation, a Delaware corporation (the “Escrow Issuer”).  Capitalized terms used herein shall have the meaning given in the Escrow Agreement.

This Officer’s Certificate constitutes the Release Notice under the Escrow Agreement.

The Escrow Issuer hereby notifies you and certifies to you as follows pursuant to Section 3(a) of the Escrow Agreement:

1.          All conditions precedent to the consummation of the Acquisition set forth in the documents relating to the Acquisition (including the Merger Agreement) have been or will be satisfied in all material respects or waived substantially concurrently with the Release;

2.          All conditions precedent to the consummation of the Escrow Merger set forth in the documents related to the Escrow Merger have been or will be satisfied in all material respects or waived substantially concurrently with the Release;

3.          The Acquisition and the Escrow Merger will be consummated promptly after, and in any event on the same day as, the Release, in accordance with the terms of the Merger Agreement and the Escrow Merger;

4.          All conditions precedent to the execution and delivery of the documents related to the New Senior Facilities and the availability of sufficient funds thereunder (when taken together with the Escrow Property and cash on hand) to complete the Transactions (as defined in the Indenture) (other than the Release) shall have been satisfied in all material respects or waived prior to or substantially concurrently with the Release; and

5.          The Company and the Subsidiary Guarantors (as defined in the Indenture) shall promptly after, and in any event on the same day as, the Release, execute and deliver a supplemental indenture confirming that the Company assumes the obligations of the Escrow Issuer under the Notes and the Indenture and each Subsidiary Guarantor (as defined in the Indenture) guarantees performance and payment of such obligations under the Indenture.

[SIGNATURE PAGE FOLLOWS]

The Escrow Issuer hereby notifies you and certifies to you that the release of the Escrow Property from the Escrow Account is currently permitted in accordance with Section 3 of the Escrow Agreement and instructs you to release such amounts as set forth on Schedule 1 hereto.  The Escrow Agent is entitled to rely on the foregoing in disbursing Escrow Property as specified in this Release Notice, without further inquiry.

 

	
 

	
REVLON ESCROW CORPORATION

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
By:

	
/s/ Michael T. Sheehan

	
 

	
 

	
Name:

	
Michael T. Sheehan

	
 

	
 

	
Title: 

	Vice President and Secretary

SCHEDULE 1

WIRE INSTRUCTIONS

1.          $441,000,000, in one wire (or as directed by the Escrow Issuer) to the Company in accordance with the instructions below:

 

	
Proceeds to be delivered:

	
[                    ]

	
Name of Bank:

	
[                    ]

	
ABA Number of Bank:

	
[                    ]

	
Account Number at Bank:

	
[                    ]

	
Name of Account:

	
[                    ]

	
OBI Field F/F/C #:

	
[                    ]

	
Attention:

	
[                    ]

2.          $9,000,000, in one wire, representing the Initial Purchasers’ discounts and commissions in relation to the offering of the Notes to Merrill Lynch, Pierce, Fenner & Smith Incorporated, in accordance with the wire instructions below:

Initial Purchasers

 

Wire Instructions:

Beneficiary:

Merrill Lynch Pierce Fenner & Smith Inc

100 N TRYON ST

Mail Code: NC1-007-08-28

Charlotte, NC 28255

 

Account #:                                        [                     ] 

Beneficiary's Bank:

BANK OF AMERICA, NA

Dallas, TX USA

ABA #:                                              [                     ] 

SWIFT:                                             [                     ] 

D-1

ANNEX II

FORM OF SPECIAL REDEMPTION NOTICE

REVLON ESCROW CORPORATION

c/o Revlon Consumer Products Corporation

One New York Plaza

New York, NY 10004

[                ], 201_

Citibank, N.A., as Escrow Agent

Agency & Trust

388 Greenwich Street, 14th Floor

New York, NY  10013

Attn: Paolo Ippolito

Email: cts.spag@citi.com

U.S. National Bank Association

Global Corporate Trust Services

60 Livingston Avenue

EP-MN-WS3C

St. Paul, Minnesota 55107-2292

Facsimile No.: (651) 466-7430

Re:             Special Redemption Notice

 

Ladies and Gentlemen:

We refer to the Escrow Agreement, dated as of August 4, 2016 (the “Escrow Agreement”) among Citibank, N.A. (the “Escrow Agent”), U.S. Bank National Association, as the Trustee under the indenture dated as of August 4, 2016 (the “Indenture”), and Revlon Escrow Corporation, a Delaware corporation (the “Escrow Issuer”).  Capitalized terms used herein shall have the meaning given in the Escrow Agreement.

Pursuant to Section 3(b) of the Escrow Agreement, we hereby notify the Escrow Agent and the Trustee that a Mandatory Redemption Event has occurred because [the Acquisition was not consummated on or prior to the applicable Outside Date] [you did not receive a Release Notice certifying that the Release conditions had been met on or prior to the date that was three Business Days prior to the applicable Outside Date]  [the Merger Agreement has been terminated].

Pursuant to the terms of the Escrow Agreement, the Escrow Agent is hereby instructed, prior to 11:00 a.m. (New York City time) on the Special Mandatory Redemption Date, to release:

		ii.	$[ ], representing the Special Mandatory Redemption Price, to the Trustee by wire transfer of immediately available funds at: [ ];

		iii.	after payment of the Special Mandatory Redemption Price to the Trustee, the remainder of all available Escrowed Funds to the Escrow Issuer by wire transfer of immediately available funds at: [ ].

[Signature Page Follows]

	
 

	
REVLON ESCROW CORPORATION

	 
	
 

	
 

	
 

	 
	
 

	
 

	
 

	 
	
 

	
By: 

	
 

	 
	
 

	
Name:

	
Michael T. Sheehan

	 
	
 

	
Title:

	
Vice President and Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]