Document:

Employment Agreement between Thomas J. Quinlan III and the Company

 Exhibit 10.1 
 R.R. Donnelley & Sons Company 
 111 South Wacker Drive 
 Chicago, IL 60606-4301 
 Amended and Restated as
of April 30, 2007 
 Mr. Thomas J. Quinlan III 
 18 Sunset Hill Drive 
 Staten Island, NY 10301 
 Dear
Tom: 
 The purpose of this letter is to amend and restate in its entirety the Employment Agreement, dated as of November 5, 2002 and
amended as of April 25, 2005, between you and R.R. Donnelley & Sons Company (the “Company”). You are currently the Group President, RR Donnelley Global Services and Chief Financial Officer of the Company and, effective
April 30, 2007, you shall serve as President and Chief Executive Officer of the Company in accordance with the terms and provisions of this Agreement as well as any employment and other policies applicable to employees of the Company and its
subsidiaries from time to time during the term of your employment. All capitalized terms used but not defined in the text of this letter shall have the meanings assigned to such terms in Annex A. 
 We and you hereby acknowledge that your employment with the Company constitutes “at-will” employment and that either party may terminate this
Agreement at any time, upon written notice of termination within a reasonable period of time before the effective date of the termination. With respect to the terms of your employment with the Company, you will have the customary duties,
responsibilities and authorities of a president and chief executive officer at a corporation of a similar size and nature. You will report to the board of directors of the Company (the “Board”). 
 I. Compensation 
 You will receive the
following compensation and benefits, from which the Company may withhold any amounts required by applicable law: 
 (i) The Company will pay
you a base salary (“Base Salary”) at the rate of $900,000 per year. This Base Salary will be paid in accordance with the normal payroll practices of the Company. 
 (ii) You will be eligible to receive an annual bonus (the “Annual Bonus”) at a target level of 150% of Base Salary in respect of each fiscal
year of the Company in accordance with the Company’s annual incentive compensation plan and payable if the Company achieves the performance objectives set forth by the Board (or any designated committee thereof) from time to time. The Annual
Bonus shall be approved by the Board. 

 (iii) In addition, you will continue to be eligible to participate in any nonqualified pension plans and
qualified plans in the same manner as you currently participate or may elect to participate from time to time after the date of this Agreement. 
 (iv) You shall be eligible for four (4) weeks vacation annually. 
 (v) You shall be eligible for a car allowance pursuant to
policies applicable to senior officers of the Company from time to time during the term of your employment. 
 (vi) You shall be eligible for
an allowance for financial planning (including tax advice and legal fees related thereto) pursuant to policies applicable to senior officers of the Company from time to time during the term of your employment. 
 (vii) You shall be eligible for supplemental term life insurance benefits and supplemental long-term disability benefits pursuant to policies applicable
to senior officers of the Company from time to time during the term of your employment, provided that you are insurable in accordance with standard underwriting requirements (including passing any physical exams and providing any information
necessary to obtain such insurance coverage). 
 II. Severance 
  

	 	(i)	Termination Not Following a Change in Control 

 If,
prior to a Change in Control, the Company terminates your employment as President and Chief Executive Officer without Cause or if you terminate your employment for Good Reason: 
 (A) the Company will pay you an amount equal to two times your Annualized Total Compensation, subject to the execution by you of a customary release,
which amount shall be payable in equal installments over the twenty-four (24) months following the date your employment with the Company is terminated (the “Termination Date”); 
 (B) the Company will provide to you a continuation of all benefits, including a car allowance and other related benefits, if any, which you were eligible
to receive immediately prior to such termination, for the twenty-four (24) months following the Termination Date; and 
 (C) all
outstanding stock options, restricted stock or restricted stock unit awards or other equity grants (other than performance shares or performance share units) issued to you will vest 100% immediately as of the Termination Date. 
 Upon any termination of your employment prior to a Change in Control, any performance shares or performance share units will vest in accordance with the
applicable award agreement. Your rights of indemnification under the Company’s and any of its subsidiaries organizational documents, any plan or agreement at law or otherwise and your rights thereunder to director’s and officer’s
liability insurance coverage for, in both cases, actions as an officer and director of the Company and its affiliates shall survive any termination of your employment. In the event of any termination, you agree to resign as an officer and director
of the Company and its subsidiaries and affiliates. 
  

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	 	(ii)	Termination Following a Change in Control 

 If,
following a Change in Control, the Company terminates your employment as President and Chief Executive Officer without Cause or if you terminate your employment for Good Reason: 
 (A) the Company will pay you an amount equal to three times your Annualized Total Compensation, subject to the execution by you of a customary release,
which amount shall be paid to you in a lump sum as soon as is reasonably practicable following the Termination Date; 
 (B) the Company will
provide to you a continuation of all benefits, including a car allowance and other related benefits, if any, which you were eligible to receive immediately prior to such termination, for the thirty-six (36) months following the Termination
Date; 
 (C) the Company will make the additional payments provided in Annex B, if applicable; 
 (D) all outstanding stock options, restricted stock or restricted stock unit awards or other equity grants (other than performance shares or performance
share units) issued to you will vest 100% immediately as of the Termination Date and any performance shares or performance share units will vest in accordance with the applicable award agreement; and 
 (E) you shall be entitled to a pro rata bonus under the Company’s annual bonus program in effect for the year in which the Termination Date occurs,
which pro rata bonus shall be paid at the same time as annual bonuses for such year are paid to the Company’s senior executives and shall be equal to the amount, if any, which you would have received under such plan (without regard to any
executive-specific objectives), on the basis of the Company’s actual performance for the year, had your employment not terminated, multiplied by a fraction, the numerator of which is the number of days in the year elapsed prior to the
Termination Date and the denominator of which is 365. 
 Your rights of indemnification under the Company’s and any of its subsidiaries
organizational documents, any plan or agreement at law or otherwise and your rights thereunder to director’s and officer’s liability insurance coverage for, in both cases, actions as an officer and director of the Company and its
affiliates shall survive any termination of your employment. In the event of any termination, you agree to resign as an officer and director of the Company and its subsidiaries and affiliates. 
 Notwithstanding the foregoing, any termination by the Company without Cause or termination by you for Good Reason which takes place within six
(6) months prior to a Change in Control, shall be, presumptively, a termination following a Change in Control. 
 III. Compliance with
Section 409A of the Internal Revenue Code. 
 All payments and benefits pursuant to this letter shall be subject to the
provisions of this Section III. If you are a “Specified Employee” of the Company for purposes of Internal Revenue Code Section 409A (“Code Section 409A”) at the time of a payment event set forth in this letter, 

  

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then no severance or other payments or benefits pursuant to this letter shall be made to you by the Company until the amount of time has passed that is
necessary to avoid incurring excise taxes under Code Section 409A. Should this Section III result in a delay of payments to you, on the first day any such payments may be made without incurring a penalty pursuant to Code Section 409A (the
“409A Payment Date”), the Company shall begin to make such payments as provided for in this letter, provided that any amounts that would have been payable earlier but for the application of this Section III, shall be paid in lump-sum on
the 409A Payment Date. For purposes of this provision, the term Specified Employee shall have the meaning set forth in Section 409A(2)(B)(i) of the Internal Revenue Code of 1986, as amended or any successor provision and the treasury
regulations and rulings issued thereunder. If any compensation or benefits provided by this letter may result in the application of Code Section 409A, the Company shall, in consultation with you, modify this letter in the least restrictive
manner necessary in order to exclude such compensation from the definition of “deferred compensation” within the meaning of such Code Section 409A or in order to comply with the provisions of Code Section 409A of the Code and
without any diminution in the value of the payments or benefits to you. 
 IV. General 
 You agree (i) that at all times both during and after your employment, you will respect the confidentiality of Company’s and its subsidiaries
and affiliates’ confidential information and will not disparage the Company and its subsidiaries and affiliates or their officers, directors or employees, and (ii) during your employment and for twenty-four (24) months thereafter, you
will not (a) accept a position with, or provide material services to, an entity that competes with a portion of the Company’s business representing more than $25 million of the Company’s revenues on the date of your departure,
(b) solicit or hire, or assist others in the solicitation or hiring of, the Company’s employees or (c) interfere with the Company’s business relationships with any material customers or suppliers. 
 All notices or communications under this Agreement must be in writing, addressed; (i) if to the Company, to the attention of the Chief Human
Resources Officer at the Company’s address first written above and (ii) if to you, at your address first written above (or to any other addresses as either party may designate in a notice duly delivered as described in this paragraph). Any
notice or communication shall be delivered by telecopy, by hand or by courier. Notices and communications may also be sent by certified or registered mail, return receipt requested, postage prepaid, addressed as above and the third business day
after the actual date of mailing shall constitute the time at which notice was given. 
 Any controversy or claim arising out of or relating
to this Agreement or the breach of this Agreement that cannot be resolved by you and the Company, including any dispute as to the calculation of any payments hereunder, and the terms of this Agreement, shall be determined by a single arbitrator in
Chicago, Illinois, in accordance with the rules of the American Arbitration Association. The decision of the arbitrator shall be final and binding and may be entered in any court of competent jurisdiction. The arbitrator may award the party he
determines has prevailed in the arbitration any legal fees and other fees and expenses that may be incurred in respect of enforcing its respective rights under this Agreement. This Agreement shall be interpreted in accordance with the laws of
Illinois. 
  

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 This Agreement sets forth the entire agreement between us with respect to the matters set forth herein,
and fully supersedes any prior agreements or understandings between us. This Agreement may be executed in counterparts. This Agreement may not be modified or terminated orally. 
 If the foregoing terms and conditions are acceptable and agreed to by you, please sign on the line provided below to signify such acceptance and
agreement and return the executed copy to the Chief Human Resources Officer of the Company, at the Company’s address first written above. 
  

									
		 		 	R.R. Donnelley & Sons Company
					
		 		 		 	By:	 	 /s/ Suzanne S. Bettman

		 		 		 	Name:	 	Suzanne S. Bettman
		 		 		 	Title:	 	EVP, General Counsel
		 		 		 		 	
	Accepted and Agreed as of this 30th day of April, 2007	 		 		 	
				
	 /s/ Thomas J. Quinlan III
	 		 		 	
	Thomas J. Quinlan III	 		 		 	

  

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 Annex A 
 Definitions 
 a. “Annualized Total Compensation” means Base Salary plus Annual Bonus
(as if all necessary targets and objectives were met at target level) for one year at the rate in effect immediately before the Termination Date. 
 b. “Cause” means (i) the willful and continued failure of Executive to perform substantially his duties with the Company (other than any such failure resulting from Executive’s incapacity due to physical or mental
illness or any such failure subsequent to Executive being delivered a notice of termination without Cause by the Company or delivering a notice of termination for Good Reason to the Company) after a written demand for substantial performance is
delivered to Executive by the Chairman or the Board that specifically identifies the manner in which the Chairman or the Board believes that Executive has not substantially performed Executive’s duties, (ii) the willful engaging by
Executive in illegal conduct or misconduct which is demonstrably and materially injurious (monetarily or otherwise) to the Company or its subsidiaries and affiliates, (iii) conviction of or the pleading of nolo contendere with regard to,
a felony or any crime involving fraud, dishonesty or moral turpitude, or (iv) refusal or failure to attempt in good faith to follow the written direction of the Chairman or the Board (provided that such written direction is consistent with
Executive’s duty and station) promptly upon receipt of such written direction. A termination for Cause after a Change in Control shall be based only on events occurring after such Change in Control; provided, however, the foregoing
limitation shall not apply to an event constituting Cause which was not discovered by the Company prior to a Change in Control. For purpose of this paragraph (a), no act or failure to act by Executive shall be considered “willful” unless
done or omitted to be done by Executive in bad faith and without reasonable belief that Executive’s action or omission was in the best interests of the Company or its subsidiaries and affiliates. Any act, or failure to act, based upon authority
given pursuant to a resolution duly adopted by the Board or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Company.
Notwithstanding the foregoing, the Company shall provide Executive a reasonable amount of time, after a notice and demand for substantial performance is delivered to Executive, to cure any failure to perform, and if such failure is so cured within a
reasonable amount of time thereafter, such failure shall not be deemed to have occurred. 
 c. “Change in Control” means the
occurrence of any one of the following events: 
 (i) individuals who, on the date of this Agreement, constitute the Board (the
“Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date of this Agreement, whose election or nomination for election was approved by a
vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such
nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to directors or as a result of
any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director; 
  

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 (ii) any “person” (as such term is defined in Section 3(a)(9) of the Securities Exchange
Act of 1934 (the “Exchange Act”) and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing 35% or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of the Board (the “Company Voting Securities”); provided, however, that the event
described in this paragraph (ii) shall not be deemed to be a Change in Control by virtue of any of the following acquisitions: (A) by the Company or any subsidiary, (B) by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any subsidiary, (C) by any underwriter temporarily holding securities pursuant to an offering of such securities, or (D) pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii); 
 (iii) the consummation of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or any of its
Subsidiaries that requires the approval of the Company’s stockholders, whether for such transaction or the issuance of securities in the transaction (a “Business Combination”), unless immediately following such Business Combination:
(A) more than 50% of the total voting power of (x) the corporation resulting from such Business Combination (the “Surviving Corporation”), or (y) if applicable, the ultimate parent corporation that directly or indirectly has
beneficial ownership of 100% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by Company Voting Securities that were outstanding immediately prior to such Business
Combination (or, if applicable, is represented by shares into which such Company Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the same proportion as the
voting power of such Company Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation
or the Parent Corporation), is or becomes the beneficial owner, directly or indirectly, of 35% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation) other than persons set forth in (A) through (F) of paragraph (ii) and (C) at least a majority of the members of the board of directors of the Parent Corporation (or, if there is no Parent
Corporation, the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination (any
Business Combination which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); 
 (iv) the closing of a sale of all or substantially all of the Company’s assets, other than to an entity or in a manner where the voting securities immediately prior to such sale represent directly or indirectly
after such sale at least 50% of the voting securities of the entity acquiring such assets in approximately the same proportion as prior to such sale; or 
 (v) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company. 
  

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 Notwithstanding the foregoing, a Change in Control of the Company shall not be deemed to occur solely because any person
acquires beneficial ownership of more than 35% of the Company Voting Securities as a result of the acquisition of Company Voting Securities by the Company which reduces the number of Company Voting Securities outstanding; provided, that if after
such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control of the
Company shall then occur. 
 d. “Good Reason” means, without Executive’s express written consent, the occurrence of any
of the following events: 
 (i) a change in the Executive’s duties or responsibilities (including reporting responsibilities) that taken
as a whole represents a material and adverse diminution of the Executive’s duties, responsibilities or status with the Company (other than a temporary change that results from or relates to the incapacitation of the Executive due to physical or
mental illness); 
 (ii) a reduction by the Company in Executive’s rate of annual base salary or annual target bonus opportunity
(including any material and adverse change in the formula for such annual bonus target) as the same may be increased from time to time thereafter; 
 (iii) any requirement of the Company that Executive’s office be more than seventy-five (75) miles from Executive’s place of residence as of the date of this Agreement; or 
 (iv) any material breach of the Agreement by the Company. 
 Notwithstanding the foregoing, a Good Reason event shall not be deemed to have occurred if the Company cures such action, failure or breach within ten (10) days after receipt of notice thereof given by Executive. Executive’s right
to terminate employment for Good Reason shall not be affected by Executive’s incapacities due to mental or physical illness and Executive’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any
event or condition constituting Good Reason; provided, however, that Executive must provide notice of termination of employment within ninety (90) days following Executive’s knowledge of an event constituting Good Reason or such event
shall not constitute Good Reason under this Agreement. 
  

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 Annex B 
 Gross-Up Payments 
 (a) Anything in this Agreement to the contrary notwithstanding, in the event it
shall be determined that any payment, award, benefit or distribution (or any acceleration of any payment, award, benefit or distribution) by the Company (or any of its affiliated entities) or any entity which effectuates a Change in Control (or any
of its affiliated entities) to or for the benefit of Executive (whether pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Annex B) (the “Payments”) would be
subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with
any such interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Company shall pay to Executive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by
Executive of all taxes (including any Excise Tax) imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. For purposes of determining the amount of the Gross-up
Payment, the Executive shall be deemed to (i) pay federal income taxes at the highest marginal rates of federal income taxation for the calendar year in which the Gross-up Payment is to be made, and (ii) pay applicable state and local
income taxes at the highest marginal rate of taxation for the calendar year in which the Gross-up Payment is to be made, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.
Notwithstanding the foregoing provisions of this Annex B, if it shall be determined that Executive is entitled to a Gross-Up Payment, but that the Payments would not be subject to the Excise Tax if the Payments were reduced by an amount that is less
than 10% of the portion of the Payments that would be treated as “parachute payments” under Section 280G of the Code, then the amounts payable to Executive under this Agreement shall be reduced (but not below zero) to the maximum
amount that could be paid to Executive without giving rise to the Excise Tax (the “Safe Harbor Cap”), and no Gross-Up Payment shall be made to Executive. The reduction of the amounts payable hereunder, if applicable, shall be made by
reducing first the payments under Section I(a)(ii), unless an alternative method of reduction is elected by Executive. For purposes of reducing the Payments to the Safe Harbor Cap, only amounts payable under this Agreement (and no other Payments)
shall be reduced. If the reduction of the amounts payable hereunder would not result in a reduction of the Payments to the Safe Harbor Cap, no amounts payable under this Agreement shall be reduced pursuant to this provision. 
 (b) Subject to the provisions of paragraph (a) of this Annex B, all determinations required to be made under this Annex B, including whether and
when a Gross-Up Payment is required, the amount of such Gross-Up Payment, the reduction of the Payments to the Safe Harbor Cap and the assumptions to be utilized in arriving at such determinations, shall be made by the public accounting firm that is
retained by the Company as of the date immediately prior to the Change in Control (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and Executive within fifteen (15) business days of the
receipt of notice from the Company or the Executive that there has been a Payment, or such earlier time as is requested by the Company (collectively, the “Determination”). In the event that the Accounting Firm is serving as accountant or
auditor for the individual, entity or group effecting the Change in 

  

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Control, Executive may appoint another nationally recognized public accounting firm to make the determinations required hereunder (which accounting firm
shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company and the Company shall enter into any agreement requested by the Accounting Firm in connection with the
performance of the services hereunder. The Gross-up Payment under this Annex B with respect to any Payments shall be made no later than thirty (30) days following such Payment. If the Accounting Firm determines that no Excise Tax is payable by
Executive, it shall furnish Executive with a written opinion to such effect, and to the effect that failure to report the Excise Tax, if any, on Executive’s applicable federal income tax return will not result in the imposition of a negligence
or similar penalty. In the event the Accounting Firm determines that the Payments shall be reduced to the Safe Harbor Cap, it shall furnish Executive with a written opinion to such effect. The Determination by the Accounting Firm shall be binding
upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the Determination, it is possible that Gross-Up Payments which will not have been made by the Company should have been
made (“Underpayment”) or Gross-up Payments are made by the Company which should not have been made (“Overpayment”), consistent with the calculations required to be made hereunder. In the event that the Executive thereafter is
required to make payment of any Excise Tax or additional Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment (together with interest at the rate provided in
Section 1274(b)(2)(B) of the Code) shall be promptly paid by the Company to or for the benefit of Executive. In the event the amount of the Gross-up Payment exceeds the amount necessary to reimburse the Executive for his Excise Tax, the
Accounting Firm shall determine the amount of the Overpayment that has been made and any such Overpayment (together with interest at the rate provided in Section 1274(b)(2) of the Code) shall be promptly paid by Executive (to the extent he has
received a refund if the applicable Excise Tax has been paid to the Internal Revenue Service) to or for the benefit of the Company. Executive shall cooperate, to the extent his expenses are reimbursed by the Company, with any reasonable requests by
the Company in connection with any contests or disputes with the Internal Revenue Service in connection with the Excise Tax and the Executive shall permit the Company to control issues related to the Excise Tax (at its expense) to permit a
representative of the Company to accompany the Executive to any conference with any taxing authority and to promptly deliver to the Company copies of any written communications and summaries of any verbal communications with any taxing authority
regarding the Excise Tax. 
  

 10Employment Agreement, between Avon and Brian Connolly

 Exhibit 10.2 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT, by and between AVON PRODUCTS, INC., a New York corporation
(“Avon” or the “Corporation”) and BRIAN CONNOLLY (the “Executive”), dated as of March 23, 2007. 
 WITNESSETH 
 WHEREAS, the Corporation desires to recognize the Executive’s commitment to the Corporation and to
confirm the right of the Executive to certain employment, compensation and severance benefits; 
 NOW, THEREFORE, in consideration of the
promises and mutual covenants herein contained, and other good and valuable consideration, the Corporation, and the Executive do hereby agree as follows: 
 1. Employment. The Corporation shall employ the Executive and the Executive agrees to serve as an executive of the Corporation, in such capacities, and upon such conditions as are hereinafter set forth and
shall serve in such other executive capacities as may be determined by the Corporation from time to time. 
 2. Term. The Executive
shall be considered an at-will employee and his employment may be terminated by either party subject to the obligations of the parties upon such termination as may be set forth hereinafter. 
 3. Position and Duties. 
 (a)
Position. The Executive shall continue to serve as Executive Vice President Global Sales. 
 (b) Business Time. The Executive
agrees to devote his full business time during normal business hours to the business and affairs of the Corporation and to use his best efforts to perform faithfully and efficiently the responsibilities assigned to him hereunder, to the extent
necessary to discharge such responsibilities. The Executive’s continuing to serve on any boards and committees on which he is serving or with which he is otherwise associated immediately preceding the date hereof, or his service on any other
boards or committees of which the Corporation has knowledge and does not object, in writing, within thirty (30) days after first becoming aware of such service, shall not be deemed to interfere with the performance of the Executive’s
services to the Corporation. 
  

 4. Compensation. The Executive shall be entitled to the following compensation for as long as the
Executive remains an employee of the Corporation: 
 (a) Base Salary. The Executive shall receive a base salary (the “Base
Salary”) payable in bi-weekly installments of $600,000. The Corporation shall review the Base Salary periodically and in light of such review may increase (but not decrease) the Base Salary taking into account any change in the Executive’s
responsibilities, increases in compensation of other executives with comparable responsibilities, performance of the Executive and other pertinent factors, and such adjusted Base Salary shall then constitute “Base Salary” for purposes of
this agreement. Neither the Base Salary nor any increase in the Base Salary after the date hereof shall serve to limit or reduce any obligation of the Corporation hereunder. 
 (b) Annual Bonus. For each fiscal year of the Corporation during which he is employed by the Corporation, the Executive shall be eligible to
receive an annual bonus (“Annual Bonus”) under the Avon Products, Inc. Management Incentive Plan or the Avon Products, Inc Executive Incentive Plan (collectively the “MIP”), whichever is applicable, or a successor annual
incentive award plan for senior officers. Such Annual Bonus shall be determined on the basis of an annual target bonus opportunity of at least eighty percent (80%) of the Base Salary paid to the Executive with respect to such fiscal year, which
annual target bonus opportunity may be increased but not decreased except for annual reductions of up to ten percent (10%) that apply to all officers of the Corporation. Each Annual Bonus will be paid in accordance with the terms of the MIP.

 (c) Incentive and Savings Plans, Retirement and Death Benefit Programs. The Executive shall be entitled to participate in all
incentive and savings plans and programs, including stock option plans and equity-based compensation plans, and in all employee retirement and executive death benefit plans (including a supplemental life insurance program) on a basis no less
favorable than that basis generally available to executives of the Corporation holding comparable positions or having comparable responsibilities who become an elected or appointed officer of the Corporation on or after the date on which the
Executive first became an elected or appointed officer of the Corporation. The Executive is entitled to a death benefit under the Corporation’s supplemental life insurance program of $500,000. 
 (d) Other Benefit Plans. The Executive, his spouse, and their eligible dependents (as defined in, and to the extent permitted by, the applicable
plan), as the case may be, shall be entitled to participate in or to be covered under all medical, dental, disability, group life, severance, accidental death and travel accident insurance plans and programs of the Corporation and any affiliated
company on a basis no less favorable than that basis generally available to executives of the Corporation holding comparable positions or having comparable responsibilities who become an elected or appointed officer of the Corporation on or after
the date on which the Executive first became an elected or appointed officer of the Corporation. 
  

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 (e) Other Perquisites. The Executive shall also be entitled to: 
 (i) prompt reimbursement for all reasonable expenses incurred by the Executive in accordance with the policies and procedures of the Corporation;

 (ii) paid vacation and fringe benefits on the same basis as is made available to other senior officers of the Corporation; and

 (iii) all forms of perquisites made available to senior officers of the Corporation. 
 5. Termination Events — Payments and Benefits. 
 (a) Termination by the Corporation for Cause or Voluntary Termination by the Executive . The Corporation at any time may terminate the Executive’s employment for Cause and the Executive may voluntarily
terminate employment at any time. For purposes of this agreement, a termination for “Cause” shall mean a termination of the employment relationship between the Executive and the Corporation due to the Executive’s discharge for any of
the following reasons: (i) the Executive’s continued failure to perform substantially his duties with the Corporation, as determined by the Corporation in its sole discretion (other than any such failure resulting from the Executive’s
temporary incapacity during physical or mental illness); (ii) the Executive’s willful conduct which is demonstrably and materially injurious to the Corporation, monetarily, or otherwise; (iii) the Executive’s personal dishonesty
in the performance of his duties; (iv) the Executive’s breach of fiduciary duty involving personal profit; (v) the Executive is convicted of a felony or a misdemeanor; or (vi) the Executive willfully or repeatedly violates any
Corporation rule or procedure, including without limitation, absenteeism, violation of safety rules and insubordination. Any other type of termination of employment (e.g. disability, termination not for “Cause”, etc.) will
not be considered a “For Cause” termination of employment. Upon a termination by the Corporation for Cause or a voluntary termination by the Executive, the Executive will receive his accrued vacation pay and his unpaid Base Salary.
Payments of benefits from all employee benefit plans will be governed by the terms of such plans. 
 (b) Termination by the Corporation
not for Cause, on Account of a, Disability, Death or Retirement or by the Executive on Account of Constructive Termination. If the Corporation terminates the Executive’s employment not for Cause, the Executive’s employment terminates
on account of Disability, death or Retirement, or the Executive terminates his employment for reasons of Constructive Termination, in lieu of benefits under the Avon Products, Inc. Severance Pay Plan or its successor, the Executive will receive cash
payments equal to twenty-four (24) months of Base Salary determined at the Executive’s last day of active employment (the “Separation Date”). For purposes of this agreement, Disability shall be defined in the Avon Products, Inc.
Long Term Disability Plan. Retirement will mean retirement in accordance with the terms of the Avon Products, Inc. Personal Retirement Account Plan (the “PRA”). Constructive Termination will be a termination by the Executive upon any of
the following events: (I) a reduction in Base Salary under Section 4(a) above; (II) a reduction in the Annual Bonus target opportunity (excluding annual reductions of up to 10% that apply to all officers of the Corporation) specified in
Section 4(b) above; (III) a 

  

 3 

 
change of more than twenty-five (25) miles in the office or location where the Executive is based; (IV) a demotion to an office below Executive Vice
President, Global Sales; (V) a change in the Corporation’s strategic corporate goals, business plans or personnel, which in the opinion of the Executive, negatively impacts the office of the Executive Vice President, Global Sales; or (VI)
a material reduction in his employee benefit programs (unless applicable to all the Corporation’s officers). 
 All payments specified
below will have all required taxes and other withholdings made. In the event that the payments below are made over a specified period, such payments will be in equal bi-weekly installments. The method and period of payments will depend upon the
Executive’s Separation Date and will assume that the Executive is a “specified employee” as such term is defined under Internal Revenue Code Section 409A on such Separation Date. The Executive will not accrue any vacation days
after the Separation Date. 
 (i) Separation Date is on or before June 30, 2008. If the Executive’s Separation Date is on
or before June 30, 2008, he will receive salary continuation payments and, depending on the Separation Date, a lump sum cash payment, in the aggregate amount of twenty-four months of Base Salary. For the period beginning no earlier than the
later of January 1, 2008 or the date which is six months after the Executive’s Separation Date (the “Waiting Period Date”) and continuing until May 31, 2009 (the “Payment Period”), the Executive will receive:
(A) for the period beginning on the Waiting Period Date and continuing through December 31, 2008, he will receive salary continuation payments, which, when added to the amount of Base Salary already paid to him as an active employee for
such calendar year is equivalent to one year’s Base Salary; (B) for the period beginning on January 1, 2009 and ending on May 31, 2009, he will receive salary continuation payments equivalent to one year’s Base Salary. In
addition, no later than June 30, 2009, the Executive will receive a lump sum cash payment equal to the remaining amount of the total twenty-four months of Base Salary due the Executive which has not yet been paid by May 31, 2009.

 (ii) Separation Date is on or after July 1, 2008 but before May 31, 2009. If the Executive’s Separation Date is on
or after July 1, 2008 but before May 31, 2009, he will receive salary continuation payments and a lump sum cash payment, in the aggregate amount of twenty-four (24) months of Base Salary. For the period beginning no earlier than the
date which is six months after the Executive’s Separation Date and continuing until May 31, 2009 (the “Payment Period”), the amount of such salary continuation payments will be one year’s Base Salary. In addition, no later
than the later of June 30, 2009, or the date which is six months after the Executive’s Separation Date, the Executive will receive a lump sum cash payment equal to the remaining amount of the total twenty-four months due the Executive
which has not yet been paid by May 31, 2009. 
 (iii) Separation Date is on or after June 1, 2009. If the Executive’s
Separation Date is on or after June 1, 2009, Executive will receive a lump sum cash payment equal to twenty-four months of Base Salary no later than six months after the Executive’s Separation Date. 
  

 4 

 In the event the Executive dies during employment or, after the Separation Date, before the Executive has received
twenty-four months of Base Salary, the Executive’s spouse or beneficiary, as the Executive has designated in writing to Avon, will receive any portion of the twenty-four months of Base Salary that had not been paid at the time of the
Executive’s death. 
 In addition to the cash payments specified in Section 5(b)(i)-(iii) above, the Executive would also be entitled to
continuing coverage under medical, dental and life insurance plans through May 31, 2009. All other perquisites will be subject to the standard severance terms. 
 (c) Benefits. Generally, any post-termination benefits payable from an employee benefit plan under Sections 5 (a) or (b) above will be governed by the terms of such plan. Notwithstanding the preceding
sentence the following benefits will be modified: 
 (i) MIP Awards. In addition, to any MIP awards normally payable under the MIP
relating to the years prior to and including the year in which the Separation Date occurs, if the Executive’s employment terminates under Section 5(b) above, for the calendar year following the calendar year in which the Separation Date
occurs, Executive will be entitled to a MIP Award of 100% of the target award (80% of Base Salary as specified in Section 4(b) above) based upon one year of the Executive’s Base Salary at the rate in effect on the Separation Date. Such
special MIP award may not be deferred into the Avon Products, Inc. Deferred Compensation Plan. 
 (ii) SERP Benefits. This agreement
will be treated as an outside agreement under Section 2.16 of the Supplemental Executive Retirement and Life Plan of Avon Products, Inc. (the “SERP”) and will override any SERP provisions to the contrary as indicated below. First, no
amendment to the SERP after the date of this agreement is permitted to reduce the benefits payable under this section, nor can the rate of accrual under the SERP be reduced before May 31, 2009. Second, if the Executive dies prior to
May 31, 2009, the Executive’s beneficiary will be treated as if the Executive had not died for purposes of crediting service under the SERP and the Executive will continue to receive credited service under the SERP through May 31,
2009 as if the Executive had survived at which point, the Executive’s beneficiary will be treated as if s/he were the Executive for purposes of benefit payments under the SERP. If the Executive dies on or after May 31, 2009, the SERP
benefits normally payable in such event will be payable. Third, if the Separation Date occurs after December 31, 2007 under Section 5(b) above, the SERP benefit payable as an annuity upon retirement under the SERP will not be less than the
SERP benefit payable as an annuity upon retirement under the SERP had the Executive terminated on December 31, 2007 with salary continuation payable in accordance with 5(b)(i) above. 
 (iii) Restricted Stock Units. Upon the Executive’s Separation Date under Section 5(b) above, any unvested restricted stock units on
such date will become 100% vested and will be payable in accordance with the terms of the outstanding restricted stock unit awards. 
  

 5 

 6. Release and Agreement to Covenants and Other Obligations. 
 Prior to any payments under this agreement, the Executive will be required to sign, and the Executive hereby agrees to sign, a release agreeing to and
confirming the covenants and other obligations listed in Section 7 below. Such release will include a waiver of all claims the Executive may have (including claims under the Age Discrimination in Employment Act). The Corporation may withhold
any payments under this agreement until such release has been signed, and for an additional seven (7) days after such release as has been signed. The release shall be similar to the release attached as Exhibit A. 
 7. Covenants and Other Obligations. 
 The Executive agrees to the following covenants and obligations: 
 (a) Non-Disclosure of Information. The Executive will not
knowingly use or disclose, without Avon’s written consent (which may only be provided by the Chief Executive Officer of Avon), any secret, confidential, or proprietary information or knowledge relating to Avon or any of its affiliated
companies, and their respective businesses, that he obtained during or as a result of his employment with Avon, such as, but not limited to, financial information and projections, marketing information and plans, product formulations and production
methods, intellectual property and trade secrets, and other types of information not generally available to the public. 
 (b)
Non-Disparagement. The Executive will not knowingly take any action or make any statement, whether written or oral, whether in public or private, that disparages or defames the goodwill or reputation of Avon or any of its associated
companies, or of any of their directors, officers, and associates. 
 (c) Confidentiality of Our Agreement. The Executive will not
disclose the terms and conditions of this agreement to anyone, except as required by law or to the Executive’s immediate family, financial and tax advisors, and legal counsel after securing their similar commitment of strict confidentiality.

 (d) No-Hire and Non-Solicitation. The Executive will not, without Avon’s prior written consent (which may only be provided by
the Chief Executive Officer of Avon), effective immediately and continuing for twenty-nine months after the Separation Date, directly or indirectly, hire or solicit for hire, or aid in such solicitation of, whether as an employee or an independent
contractor, any employee of Avon or an affiliated company, including any solicitation of an employee to leave his or her Avon employment to work for any other employer. 
 (e) Non-Competition. The Executive will not, without Avon’s prior written consent (which may only be provided by the Chief Executive Officer of Avon), effective immediately and continuing until 29 months
after the Separation Date, directly or indirectly, accept employment with, act as a consultant or independent contractor to, or otherwise provide services to any direct selling business or any cosmetics business (collectively, “Restricted
Businesses”). Restricted Businesses include, without limitation, Amway Corporation / Alticor Inc., O Boticário, Ebel International / Belcorp Corporation, 

  

 6 

 
De Millus, S.A., Faberlic, Forever Living Products, LLC USA, Herbalife Ltd., Hermès, Lady Racine / LR-International Cosmetic and Marketing GmbH, Mary
Kay Cosmetics, Inc., Natura Cosmetics S.A., Mistine / Better Way (Thailand) Co. Ltd., Neways International, Newcup International, NuSkin Enterprises, Inc., Oriflame Cosmetics S.A., Sara Lee Corporation, Revlon, Inc., The Body Shop International PLC,
Shaklee Corporation, Tupperware Corporation, the Unilever Group (N.V. and PLC), L’Oréal Group / Cosmair, Inc., The Estée Lauder Companies Inc., The Procter & Gamble Company, Reckitt Benckiser PLC, Gryphon Development /
Limited Brands, Inc., Victory Corporation PLC (Virgin Vie, The Virgin Cosmetics Company, Virgin Ware), Vorwerk & Co. KG / Jafra Worldwide Holdings (Lux) S.àR.L., Inc., Yanbal International (Yanbal, Unique), or any of their
affiliates. No geographic limitation on this restriction is appropriate, and such a limitation would be counter to the protections that Avon is seeking to obtain by agreeing to provide the Executive with the benefits set forth in this agreement.

 (f) Cooperation. If deemed necessary by the Corporation, the Executive will reasonably assist and cooperate with the Corporation
(and its directors, agents, and attorneys) in all respects in connection with the conduct of any pending or future action, proceeding, internal investigation, governmental or regulatory investigation, civil or administrative proceeding, arbitration,
or litigation involving the Corporation or any of its associated companies, including, without limitation, any such action, proceeding, investigation, arbitration, or litigation in which the Executive is called to testify, and the Executive will
promptly respond to all reasonable requests by the Corporation relating to information that may be in the Executive’s possession or under his control. This obligation shall exist regardless of whether the Corporation or any of its associated
companies is named as a party or as a subject or target of any action, proceeding, investigation, arbitration, or litigation. The Executive will also cooperate with the Corporation and be reasonably available to the Corporation with respect to
continuing or future matters arising out of the Executive’s employment or any other relationship with the Corporation and its associated companies, whether such matters are business-related, legal, or otherwise. The Executive will perform all
acts and execute and deliver all documents that may be reasonably necessary to fulfill the obligations created by this subsection (f). Subject to applicable law and the Articles and Bylaws of the Corporation, the Corporation will promptly reimburse
the Executive for any reasonable out-of-pocket and travel expenses incurred by the Executive in connection with his fulfillment of his obligations under this subsection (f), provided that such expenses have been approved by the Corporation, in
writing, prior to his incurring the expense. It is agreed that: (i) the Corporation will provide him with reasonable advance notice regarding these activities, to the extent possible; and (ii) any requests made hereunder by the Corporation
will be made in good faith and will not unreasonably interfere with the Executive’s duties to any subsequent employer. 
 (g)
Forfeiture of Benefits. The Executive acknowledges and understands that violations of any of the covenants contained in this agreement are material and that any violations will require the Executive to immediately forfeit any cash payments
not yet paid at the time of the violation. However, in the event that the violations occur after all cash payments have been made, the Executive hereby agrees that he will pay to Avon the DCP Payment Amount (defined below). A forfeiture under this
section, however, does not relieve the Executive of his continuing obligations under 

  

 7 

 
this agreement. The DCP Payment Amount is equal to twenty-four months of Base Salary multiplied by a fraction, the numerator of which is number of partial or
complete months there are remaining between the date of the violation and the date which is 29 months after the Separation Date, and the denominator of which is 29. All payments specified below will have all required taxes and other withholdings
made. 
 The Executive agrees that if, at the time of a payment of the DCP benefit, it has been determined by Avon that the Executive has
violated the covenants in this agreement, the Executive’s DCP benefit will be paid to him but the Executive hereby assigns and agrees to pay to the Corporation an amount equal to the DCP Payment Amount immediately upon receipt of such payment.
Regardless of whether the Executive must pay all or a portion of the DCP benefit to the Corporation, the full amount of DCP benefit payable (including the DCP Payment Amount) will be taxable to the Executive and Avon will issue a Form W-2 for the
Executive for such year based upon the full amount of the DCP benefit payable (including the DCP Payment Amount). 
 If at the time of a
payment of the DCP benefit, the Executive has not violated the covenants of this agreement, the Executive’s DCP benefit will be deemed to be paid to him but the Executive hereby assigns and agrees to pay the Corporation from the DCP benefit
payment an amount equal to the entire DCP benefit amount, or, if lesser: (a) twenty-four months’ of Base Salary; multiplied by (b) a fraction, the numerator of which is 29 minus the number of full months that have occurred since the
Separation Date (the “DCP Assigned Amount”). Even though the Executive assigns and agrees to pay the DCP Assigned Amount to the Corporation, the full amount of DCP benefit payable (including the DCP Assigned Amount) will be taxable to the
Executive and Avon will issue a FormW-2 to the Executive for such year based upon the full amount of the DCP benefit payable (including the DCP Assigned Amount). If the Executive does not violate the terms of this agreement by the date which is 29
months after the Separation Date, Avon will repay the Executive the DCP Assigned Amount plus an amount equal to the amount the DCP Assigned Amount would have earned or lost from the January following the Executive’s Separation Date through the
date which is 29 months after the Separation Date had such amount been hypothetically invested in the investment funds the Executive has elected to invest all of his DCP benefit through the Separation Date. Such payment will occur as soon as
administratively possible following the date which is 29 months after the Separation Date. Such earnings payable, if any, will be taxable to the Executive upon payment and Avon will issue a Form W-2 for the Executive for such year for such earnings,
if any. If, however, prior to repayment to the Executive by Avon of the DCP Assigned Amount, Avon determines, in its sole discretion that the Executive has violated the covenants of this agreement, Avon shall retain the DCP Assigned Amount.

 Both parties agree that the amounts to be paid directly to Avon in the event of a violation of this agreement constitute a reasonable
estimate of the monetary damages that Avon would suffer in the event of a breach of the provisions of this Section 7 and both parties also agree that such amounts do not constitute a penalty. In addition the above potential assignment of DCP
benefits, the Executive also acknowledges that Section 9 of the SERP includes additional specific forfeiture provisions. In connection with the foregoing, Avon’s Senior Vice President of Human Resources or Senior Vice President &
General Counsel will give the Executive notice of any alleged violations of 

  

 8 

 
the covenants contained in this agreement and the Executive will have seven (7) days to respond to such allegation; however, the absence of such notice
shall not relieve the Executive from any of his obligations under this agreement. 
 (h) Equitable Relief. The Executive acknowledges
that the remedy at law for his breach of the covenants under this agreement will be inadequate, and that the damages flowing from such breach will not be readily susceptible to being measured in monetary terms. Accordingly, upon a violation of any
part of this agreement, the Corporation will be entitled to immediate injunctive relief (or other equitable relief) and may obtain a temporary order restraining any further violation. No bond or other security will be required to obtain such relief,
and the Executive consents to the issuance of such equitable relief. Nothing in this subsection (h) will be deemed to limit the Corporation’s remedies at law or in equity that may be pursued or availed of by the Corporation for any breach
by the Executive for any part of this agreement. 
 8. Entire Agreement; Amendments. The Executive acknowledges that the entire
consideration signing this agreement and executing the general release at the Separation Date is expressly stated in this document and that all prior agreements are hereby superseded. All other promises or agreements of any kind that have been made
by or between the parties hereto (or by any other person or entity related to such parties) related to the subject matter of this agreement are superseded by this agreement. The Executive agrees that this agreement may not be changed orally and may
only be amended by a writing signed by the parties hereto. Notwithstanding the foregoing or any other provision of this agreement, this agreement will not supersede, or otherwise derogate from, any restrictive covenant or other obligation that the
Executive may have under any equity award granted to the Executive by Avon or in any Avon benefit plan in which the Executive participates (for example, obligations with respect to competition and confidentiality assumed by the Executive in
connection with his stock option awards). 
 9. Internal Revenue Code Section 409A. The Executive and Avon acknowledge that the
requirements of Internal Revenue Code Section 409A (“Section 409A”) are still being developed and interpreted by government agencies, that certain issues under Section 409A remain unclear at this time, and that the parties hereto
have made a good faith effort to comply with current guidance under Section 409A. Notwithstanding anything in this agreement to the contrary, in the event that amendments to this agreement are necessary in order to comply with current or future
guidance or interpretations under Section 409A, including amendments necessary to ensure that compensation will not be subject to Section 409A, the Executive agrees that the Corporation will be permitted to make such amendments, on a
prospective and/or retroactive basis, in its sole discretion. 
 In establishing the payment schedules in this agreement, Avon and the
Executive have attempted to comply with Section 409A’s “specified employee rule.” In the event that such payment schedules do not comply with such rule, and to the extent that any amount payable under this agreement constitutes
an amount payable under a “nonqualified deferred compensation plan” (as defined in Section 409A) following a “separation from service” (as defined in Section 409A), then, notwithstanding any other provision herein to
the contrary, such payment will not be made until the date that is six 

  

 9 

 
months following the Executive’s “separation from service.” 
 10. Severability; Judicial Modification. The Executive agrees that the provisions of this agreement are severable and that it is Executive’s and the Corporation’s intent that the restrictions
contained in this agreement be enforced to the fullest extent permissible under the laws of each jurisdiction in which enforcement is sought. If any of the restrictions contained in this agreement are for any reason held by a court to be excessively
broad as to duration, activity, geographical scope, or subject, then such restrictions will be construed, judicially modified, or “blue penciled” in such jurisdiction so as to thereafter be limited or reduced to the extent required to be
enforceable in such jurisdiction in accordance with applicable law. If any of the restrictions contained in this agreement are held to be invalid, illegal, or unenforceable in any respect under any applicable law in any jurisdiction, then such
invalidity, illegality, or unenforceability will not affect any other provision of this agreement or any other jurisdiction, but such restrictions will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal, or
unenforceable restrictions had never been contained in this agreement. The Executive acknowledges and understands that, due to (a) the nature of the restrictions contained in this agreement, (b) the global nature of the Corporation’s
business and the Executive’s position within the Corporation, and (c) the technological advancements in electronic communications around the world, any geographic restriction of the Executive’s obligations under Section 7 above
would be inappropriate and counter to the protections sought by the Corporation thereunder. 
 11. Governing Law; Jurisdiction. The
Executive agrees that this agreement will be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws principles. Any action at law or in equity for the enforcement of this agreement, by
either party, other than an action by the Corporation to enforce the restrictions and obligations contained in Section 7 above, shall be instituted only in state or federal court having proper jurisdiction located within the State of New York,
County of New York. An action by the Corporation to enforce the restrictions contained in Section 7 above may be brought within any court in the State of New York, County of New York, or in any other court having proper jurisdiction.

 11. No Waiver. No waiver by either of the parties hereto of a breach of or a default under any of the provisions of this agreement
shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature. The failure of either of the parties, on one or more occasions, to enforce any of the provisions of this agreement or to exercise any right or
privilege hereunder shall not be construed as a waiver of any such provisions, rights, or privileges hereunder, or a waiver of any subsequent breach or default of a similar nature. 
 12. Counterparts. This agreement may be executed in two or more counterparts, each of which shall be an original and all of which shall be deemed
to constitute one and the same instrument. 
 13. Successors. 
 (a) This agreement is personal to the Executive, and without written 

  

 10 

 
prior consent of Avon, shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This agreement shall inure to
the benefit of and be enforceable by the Executive’s legal representatives. 
 (b) This agreement shall inure to the benefit of and be
binding upon Avon and its successors. Avon shall require any successor to all or substantially all of the business and/or assets of the Corporation, whether direct or indirect, by purchase, merger, consolidation, acquisition of stock, or otherwise,
by an agreement in form and substance satisfactory to the Executive, expressly to assume and agree to assume this agreement in the same manner and to the same extent as Avon would be required to perform if no such succession had taken place.

 (c) This agreement is effective even if Andrea Jung is no longer Chief Executive Officer and Chairman of the Board of the Corporation
before the Executive’s Separation Date and Avon is responsible to make the payments and to pay the benefits under this agreement and under any relevant plans. 
  

	 	14.	Notices. 

 All notices and other communications
hereunder shall be in writing and shall be given by hand-delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the Executive: at the address listed on the last page hereof or such other address as provided to the Corporation in writing by the Executive.

  

			
	If to the Corporation:	  	Avon Products, Inc.
		  	1345 Avenue of the Americas
		  	New York, New York 10019
		  	ATTN: Corporate Secretary

 (with a copy to the General Counsel or to such other address as either party shall have furnished to the other in
writing in accordance herewith). Notice and communications shall be effective when actually received by the addressee. 
  

 11 

 IN WITNESS WHEREOF, the Executive has hereunto set his hand and the Corporation has caused this agreement
to be executed in its name and on its behalf, and its corporate seal to be hereunto affixed and attested by its Secretary, all effective as of the day and year first written above. 
  

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

		 	Lucien Alziari
		 	Senior Vice President
		 	Human Resources

  

	
	ATTEST:
	
	 /s/ Gilbert L. Klemann, II

	 Gilbert L. Klemann II, Senior Vice President
 and General
Counsel

	
	(CORPORATE SEAL)

  

			
	EXECUTIVE:
		
	By:	 	 /s/ Brian Connolly

		 	Brian Connolly
		
	Address:	 	 (omitted)

		 	  

  

 12 

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

 It also is understood that this release does not release the Avon employee benefit plans from any claims for vested benefits that I have
under the terms of any of the Company’s employee benefit plans applicable to me. 
 I represent and warrant that I have not filed any
complaint, charge, claim, 

  

 13 

 
or proceeding against any of the Avon Released Parties before any federal, state, or local agency, court, or other body relating to my employment and the
cessation thereof. I further agree that if, I or any other person files an action, complaint, charge, claim, or proceeding against any of the Avon Released Parties, I will not seek or accept any monetary relief in such action, complaint, charge,
claim, or proceeding. 
 I further represent and understand that by signing this release, I agree that I will, as may be reasonably requested
from time to time by Avon, (i) advise and consult on matters within or related to my expertise and knowledge in connection with the business of Avon, (ii) make myself available to Avon to respond to requests for information concerning
matters involving facts or events relating to Avon, and (iii) assist with respect to pending and future litigation, investigations, arbitration, or other dispute resolution matters. In agreed upon circumstances, I understand that I will be paid
at the rate of my current salary as of my last day of active employment for time expended by me at Avon’s request on such matters, and that I will receive reimbursement for reasonable out-of-pocket expenses incurred in connection with such
assistance. I understand that I will not be credited with any compensation, service or age credit for purposes of eligibility, vesting, or benefit accrual under any employee benefit plan of Avon. 
 I further represent and warrant that I fully understand the terms of this general release, that I have been encouraged to seek the benefit of advice of
counsel, and that I knowingly and voluntarily, of my own free will, without any duress, being fully informed, and after due deliberation, accept its terms and sign below as my own free act. I understand that as a result of executing this general
release, I will not have the right to assert that Avon or any other Avon Released Party unlawfully terminated my employment or violated any of my rights in connection with my employment. 
 I understand that in the event Avon receives any inquiries from prospective employers, it shall be the policy of Avon to respond by advising that
Avon’s policy is to provide information only as to service dates and positions held and by providing such information. 
 I acknowledge
that I am hereby being advised by Avon to consult with legal counsel before signing this general release, and that I am encouraged and cautioned by Avon to consult with an attorney prior to my signing this general release. Further, I have 21 days to
consider whether to sign this general release, during which time Avon will not change or revoke the offer contained in the Letter. However, I am not required to consult an attorney or to delay accepting such offer and I may choose to sign this
general release at any time during the 21-day consideration period. I understand that if I do not execute this general release and return it to Avon within 21 days of the date on which I received the Agreement, then I will not be entitled to any
benefits under the Agreement. As long as I sign and return this general release and the Agreement within such time period, I will have seven days immediately thereafter to revoke my decision by delivering written notice of such revocation to the
Senior Vice-President Human Resources. If I do not revoke my decision during that seven-day period, then this general release and the Letter will become effective on the eighth day (the “Effective Date”). 
  

 14 

 This general release shall be governed by the laws of the State of New York without giving effect to its
conflict of laws principles. 
  

							
	  
	  		  	  
	  	
	 Brian Connolly
	  		  	Date	  	

  

 15

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