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SERIES A-1 PREFERRED STOCK REPURCHASE AGREEMENT

            This SERIES A-1 PREFERRED STOCK REPURCHASE AGREEMENT, dated as of February 27, 2020 (this “Agreement”) is made and entered into by and between Coty Inc., a Delaware corporation (“Buyer”), Pierre Laubies and Elmfort Invest B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands (“Elmfort” and each of Pierre Laubies and Elmfort, a “Seller”).

            WHEREAS, Elmfort holds 6,925,341 shares of Series A-1 Preferred Stock, par value $0.01 per share (“Series A-1 Preferred Stock”), of Buyer purchased by Pierre Laubies pursuant to a subscription agreement, by and between Buyer and Pierre Laubies, dated February 4, 2019 (the “February 2019 Shares”); and

            WHEREAS, Pierre Laubies purchased an additional 980,000 shares of Series A-1 Preferred Stock of Buyer pursuant to a subscription agreement, by and between Buyer and Pierre Laubies, dated June 17, 2019 (the “June 2019 Shares,” and together with the February 2019 Shares, the “Shares”). 

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the parties agree as follows:

1.Purchase of Series A-1 Preferred Stock.  (a) Elmfort agrees to sell to Buyer, and Buyer agrees to purchase from Elmfort, the 6,925,341 February 2019 Shares for a purchase price of $19,001,058 and (b) Pierre Laubies agrees to sell to Buyer, and Buyer agrees to purchase from Pierre Laubies, the 980,000 June 2019 Shares for a purchase price of $0, for an aggregate total purchase price for all Shares of $19,001,058 (the “Purchase Price”).

2.Closing.  

(a) At the closing (the “Closing”) of the purchase and sale of the Shares, which shall take place as soon as reasonably practicable following the date hereof but in any event no later than March 2, 2020, each Seller will (i) sell to Buyer the Shares held by such Seller free and clear of all liens, other than any restrictions arising under the applicable securities laws, and (ii) cause to be delivered to Buyer evidence of the registration of the Shares held by such Seller in Buyer’s name with Buyer’s transfer agent.

(b) At the Closing, Buyer will make payment of the Purchase Price in respect of the Shares, in immediately available funds by wire transfer to a bank account designated by each Seller, with reference “Series A-1 Payment Purchase Price.”

3.Representations and Warranties of the Sellers.  Each Seller hereby represents and warrants to Buyer that (i) such Seller owns and will deliver the Shares held by such Seller to Buyer at Closing, free and clear of any and all liens, claims, options, security interests and encumbrances of any kind, except any restrictions under applicable federal and state securities laws, and such Seller will convey to Buyer good, valid and marketable title to the Shares held by such Seller, except any restrictions under applicable federal and state securities laws, (ii) such Seller has all requisite power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, in each case, without the need of any waiver or consent of any entity, person or governmental authority, (iii) this 

Agreement and the transactions contemplated hereby have been duly authorized by all necessary action by such Seller, and, to the extent necessary under applicable community property or other law, such Seller’s spouse, as applicable and (iv) this Agreement has been duly and validly executed and delivered by such Seller and constitutes the valid and binding obligation of such Seller, enforceable in accordance with its terms.  Each Seller hereby understands and acknowledges that (i) neither Buyer nor any of its affiliates, principals, stockholders, partners, employees or agents has provided such Seller with any investment advice or rendered any opinion to such Seller as to Buyer or whether the sale of the Shares held by such Seller is prudent or suitable, and such Seller is not relying on any representation or warranty of Buyer other than those set forth in Section 4 hereof, and (ii) each of the Sellers and Buyer and their affiliates may possess nonpublic information regarding Buyer which has not been disclosed and that may impact the value of the Shares (the “Information”).

4.Representations and Warranties of Buyer.   Buyer hereby represents and warrants to each Seller that (i) Buyer has all requisite power and authority to execute, deliver and perform its obligations under this Agreement and to consummate the transactions contemplated hereby, in each case, without the need of any waiver or consent of any entity, person or governmental authority (ii) this Agreement and the transactions contemplated hereby have been duly authorized by all necessary corporate action by Buyer, (iii) this Agreement has been duly and validly executed and delivered by Buyer and constitutes the valid and binding obligation of Buyer, enforceable in accordance with its terms, (iv) Buyer has carefully reviewed all information that it and its advisers deem necessary to make its decision to enter into the transaction, (v) Buyer is a sophisticated investor, an “accredited investor” as that term is defined in Rule 501(a)(3) of Regulation D promulgated under the Securities Act of 1933, as amended, and has the capacity to evaluate the risks and merits of the transactions contemplated by this Agreement, (vi) Buyer has made an informed decision with respect to the transactions contemplated by this Agreement without reliance on any advice from such Seller, and (vi) Buyer is acquiring the Shares for investment and not with a view toward distribution in a manner which would violate the Securities Act of 1933.

5.Limitation on Liability.

5.1 None of Buyer, its affiliates, principals, stockholders, partners, employees or agents shall have any liability to the Sellers or their respective affiliates, partners, agents, grantors or beneficiaries, as applicable, due to or in connection with Buyer’s use or non-disclosure of the Information or otherwise as a result of the transactions contemplated hereby, and each Seller hereby irrevocably waives any claim that it might have based on the failure of Buyer to disclose the Information.

5.2 All sums payable under this Agreement or for breach of any of the representations and warranties shall be paid free and clear of all deductions or withholdings whatsoever, save only as provided in this Agreement or as required by law. Buyer shall not be obligated to pay any additional amounts to the Sellers as a result of any withholding taxes relating to the transactions contemplated hereby.

6.Tax Indemnity.  Any taxes relating to the transactions contemplated hereby shall be borne by the Sellers. If such taxes are paid by Buyer or any of its affiliates, the Sellers shall promptly reimburse Buyer for such payment.

7.Miscellaneous.

7.1 Governing Law.  This Agreement, and any claim, controversy or dispute arising under or related to this Agreement, the relationship of the parties, and/or the interpretation and enforcement of the rights and duties of the parties, shall be governed by, and shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to the conflict of laws rules thereof or that would result in the application of the laws of any other jurisdiction.

7.2 Jury Trial Waiver. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

7.3 Submission to Jurisdiction. Any action, suit or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall only be brought in a state or federal court located in the State of Delaware, and each party consents to the exclusive jurisdiction and venue of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding.

7.4 Further Assurances. The parties hereto agree to sign or execute all such other deeds and documents and do such other things as may be necessary or desirable for more completely and effectually carrying out the terms and intention of this Agreement.

7.5 Binding Effect. This Agreement shall be binding upon the parties hereto and their respective successors and permitted assigns, and shall inure to the benefit of the parties hereto, their respective successors and permitted assigns.

7.6 No Assignment. This Agreement shall not be assigned by any party hereto without the express prior written consent of the other parties hereto.

7.7 Counterparts. This Agreement may be signed in any number of counterparts (including by facsimile or other electronic transmission), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each party hereto shall have received counterparts hereof signed by all of the parties hereto.

7.8 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded, but as consistent with its objectives as possible, and shall be enforceable in accordance with its terms.

7.9 Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations and agreements with respect to the subject matter hereof.

7.10 Third Party Beneficiaries. This Agreement is for the benefit of the parties hereto and is not intended to confer any rights upon any other third parties.

7.11 Amendments. This Agreement may not be modified, amended or supplemented except in a writing signed by each of the parties hereto.

7.12 Specific Performance; Remedies. Each party acknowledges and agrees that the other party would be damaged irreparably if any provision of this Agreement were not performed in accordance with its specific terms or were otherwise breached. Accordingly, the parties will be entitled to an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically this Agreement and its provisions in addition to any other remedy to which they may be entitled, at law or in equity. Except as expressly provided herein, the rights, obligations and remedies created by this Agreement are cumulative and in addition to any other rights, obligations or remedies otherwise available at law or in equity. Except as expressly provided herein, nothing herein will be considered an election of remedies.

7.13 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

7.14 Confidentiality. Each of the Sellers and Buyer shall maintain the confidentiality of the terms of this Agreement and the transactions contemplated hereby unless otherwise required by law or regulatory authority, or other legal process, except that each of the Sellers and Buyer may disclose the terms of this Agreement and the transactions contemplated hereby to its affiliates, attorneys, accountants and other professionals and in connection with the enforcement of its respective rights and obligations hereunder, provided that such persons are made aware of the confidentiality provisions and such Seller or Buyer, as the case may be, is responsible for the failure of such persons to respect the confidentiality obligations.

7.15 Fees and Expenses. Each party will bear its own costs and expenses incurred in connection with the preparation, execution and performance of this Agreement and the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants.

[Signature Page Follows.]

            IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above.

COTY INC. (as “Buyer”)

By: /s/ Pierre-Andre Terisse                                 
Name: Pierre-André Terisse 
Title:   Chief Financial Officer and Chief
 Operating Officer

     ELMFORT INVEST B.V.

By: /s/ Pierre Laubies                                           
Name: Pierre Laubies

PIERRE LAUBIES

By: /s/ Pierre LaubiesDocument

COTY 

EMPLOYMENT CONTRACT FOR AN INDEFINITE PERIOD OF TIME

BETWEEN

(1)  Coty Management B.V., established at Schiphol Boulevard 393, 1118 BJ Schiphol, duly
represented in the present matter by Jaap Bruinsma in his capacity as Senior HR
Director Global HQ & Benelux, hereinafter "the employer"; and

(2)  Ms. Kristen Blazewicz, born on XXXX, hereinafter "the employee";

WHEREAS

The parties wish to enter into an employment contract for an indefinite period of time and record the details of that agreement in writing as follows;

AGREE UNDER THE FOLLOWING TERMS

1.  COMMENCEMENT DATE, POSITION AND DUTIES
  1.1   The employee shall enter the employer's service with effect from 15 March 2020 in the position of Chief Legal Officer, General Counsel and Secretary. The employee will report to the CEO.
1.2 The employee will perform all the work that, having regard to the employer's activities, forms part of or may be deemed to form part of the position.
1.3 The employer may also require the employee to carry out work other than the duties forming part of the normal performance of employee's job if and insofar as the employee may reasonably be asked to carry out that other work.

2. WORK  LOCATION
2.1 The employee will normally perform the agreed duties from the employer's premises in Amsterdam but is prepared to perform the duties at or from other locations where this is necessary for the proper performance of employee's job or in the company's interest.
2.2 The employer reserves the right to transfer the employee to another business location.

3.  DURATION OF EMPLOYMENT CONTRACT AND TERMINATION
3.1 This employment contract is entered into for an indefinite period of time.
3.2 Either party may terminate the contract with due observance of the agreed terms in the Confidentiality, Non-Competition and Non-Solicitation agreement ("RCA").
3.3 Notice must be given in writing to the end of a calendar month.
3.4 The employment contract terminates in any case by operation of law, without prior notice, on the day the employee reaches the applicable statutory pensionable age (AOW-gerechtigde leeftijd).

4. PROBATIONARY PERIOD
4.1 The parties agree a probationary period of two months from the date of commencement of employment, during which period either party may terminate the employment contract with immediate effect. 

5. WORKING HOURS AND OVERTIME WORKING
5.1 The employment contract is entered into for 40 hours per week.
5.2 The days and times during which the work is to be performed will be specified by the employer in the Employee Handbook.  In doing so, the employer will take the employee’s wishes into account insofar as is compatible with the proper conduct of business. 
5.3 Insofar as in the employer's opinion the performance of the work so requires, the employee undertakes to perform additional work outside the set working hours. 
5.4 The nature of the duties of employee involves that they also have to be carried out beyond the normal working hours. The overtime working and/or additional work is deemed to form part of the employee's duties and to be covered by the relevant remuneration.

6. SALARY AND HOLIDAY ALLOWANCE
6.1 The employee's annual salary, based on fulltime (100%), at the time of concluding the contract is € 450.000,00 gross per year including holiday allowance of 8%. The monthly gross salary will amount to € 34.722,22.
6.2 The monthly salary will be paid around the 25th of the month or ultimately by the end of the month by payment into a bank account to be specified by the employee.
6.3 The year for the calculation of the holiday allowance runs from 1 June up to and including 31 May of the current year. The holiday allowance is paid out annually together with the salary for May. Employees who have been with the company for part of that period only shall receive holiday allowance on a pro rata temporize basis. Holiday allowance shall also be calculated in line with any salary adjustments made during the aforesaid period and this as of the effective date of the salary adjustment.
6.4 All the statutory deductions such as wage withholding tax and national insurance contributions will be deducted from the gross salary and the gross holiday allowance. The employer will provide a statement (pay slip) containing details of the deductions made from the gross salary and the gross holiday allowance. An annual statement will be provided at the end of the year. Employee agrees with receiving the statements digitally.

7. RULES ON TERMS AND CONDITIONS OF EMPLOYMENT
7.1 Except insofar as expressly stated otherwise in this employment contract, the Employee Handbook and Code of Conduct and RCA form an integral part of the present employment contract. By employee's signature to this contract the employee acknowledges the receipt of a copy of these rules and the agreement thereto.
7.2 The rules apply insofar as no express provision to the contrary is made in this employment contract.
7.3 Additional arrangements agreed upon in the offer letter as signed by employee and dated 10 January 2020, insofar as not included in this contract, form part of the employment contract.

8. BONUS / INCENTIVE SCHEMES
8.1 The employee will participate in our Annual Performance Plan in accordance with the policy as long as the employee meets the requirements for eligibility. As a result, the employee will be eligible to a yearly on target performance bonus of 70% of the employee's gross annual base salary, based on achieved results against company targets. The employee must be actively employed by Coty on the day the APP award is paid (usually in October) to be eligible.
8.2 The employee will also participate in the Equity & Long-Term Incentive Plan and the Coty Elite program in accordance with the policies, as long as the employee meets the requirements for eligibility.

9. HOLIDAY ENTITLEMENT
9.1 The employee is entitled to 30 days of paid leave in each holiday year (based on full time). In case of a fulltime employment contract, 20 of these days of paid leave are statutory holidays; the others are holidays in excess of the statutory entitlement. 
9.2 The holiday year runs from 1 January to 31 December of each calendar year.
9.3 Holiday dates are determined by the employer on the basis of a proposal by the employee. 
9.4 The statutory holiday entitlement accrued in a calendar year will lapse six months after the end of the calendar year. The extra statutory holiday entitlement accrued in a calendar year will lapse five years after the end of the calendar year.
9.5 Where the employee is not employed for the whole holiday year, the employee will be entitled to 1/12th of the above number of holiday days for each month of employment.
9.6 During the period that employee is unable to perform work because of illness,  employee will accrue statutory holiday entitlement. From one month of illness the employee will not accrue extra statutory holiday entitlement.
9.7 Holiday days normally have to be taken in the holiday year to which they relate.
9.8 Employer can appoint a maximum of 2 days per calendar year as mandatory vacation days without consulting employee. 

10. INCAPACITY FOR WORK
10.1 If the employee is unfit for work, the employee must inform the direct manager accordingly without delay on the first day of employee's incapacity for work. When reporting sick, the employee shall also provide the employer with the information that the employer requires to determine whether it must continue to pay the employee's wages.
10.2 Further detailed information and rules regarding illness are included in the Employee Handbook. 

11. SUPPLEMENTARY INSURANCE COVER
11.1  The employer has taken out group disablement benefit shortfall insurances cover for its employees (WGA-hiaatverzekering and WIA-exedentverzekering).
11.2 Further detailed information regarding these insurances is included in the Insurance appendix.

12. MOBILITY ALLOWANCE OR LEASE CAR

12.1 The employee is entitled to a mobility allowance or lease car at the moment of entering this employment agreement in accordance with the Mobility Policy. This entitlement may change in accordance with the Mobility Policy.

13. COMPANY PROPERTY AND OTHER PROVIDED ITEMS
13.1  The employee will use and deal with the company property entrusted to employee for the performance of employee's duties in accordance with its proper purpose and will generally treat it with due care, as it benefits a good employee. The employee must inform the employer immediately of any defect in or loss of any item of company property.
13.2 The employee undertakes to hand back to the employer all items in employee's possession that are the property of the employer and all documents relating to the employer and/or its affiliated companies when the employment contract ends.
13.3 If the employee does not carry out any work for the employer for an uninterrupted period of more than one month, due to incapacity for work or otherwise, the employer may similarly require the employee to hand back the items of company property entrusted to the employee for the remainder of employee's absence.

14. PENSION
14.1 The employee participates in the collective pension scheme of the employer. The pension regulations are included in the Pension appendix. 

15. PROHIBITION OF OUTSIDE WORK

15.1 Except with the prior permission in writing from the employer the employee may not carry out work of whatever nature, whether paid of otherwise, either for employee or for and/or on behalf of third parties during the term of the employment contract.

16. CONFIDENTIALITY CLAUSE

16.1 Both during the term of the employment contract and after its end the employee shall
observe strict confidentiality on all matters that come to employee's knowledge in the
performance of employee's duties relating to the business affairs and interests of the
employer's company or its affiliated companies. This includes statements on social media.

16.2 This duty of confidentiality also applies to all details and particulars of the employer's
business associates and clients that come to the employee's knowledge in the course of
employee's duties.

16.3 Breaching the confidentiality provides an urgent reason for dismissal and / or declaration in respect of the crime under article 272 and / or article 273 of the Dutch Criminal Law.

16.4 The Employee declares and confirms that he is not bound by any non-competition/ nonsolicitation agreement towards his former(s) employers or any agreement that restrains his capabilities to perform his contractual duties within the company.

16.5 The Employee formally acknowledges that the Company expects from him a strict respect of the confidentiality obligation he should be bound towards his former(s) employers. Consequently, the employee is formally requested to not share, use, store, print any of their confidential information and trade secrets during the course of his employment with the Company.

17. ADDITIONS, VARIATIONS AND CHANGES

17.1 This employment contract is deemed to represent the full agreement between the parties as it exists at the moment of signing the contract.
17.2 Any additions or variations to this employment contract are valid only if and insofar as they have been agreed by the parties in writing or confirmed in writing by the employer.

17.3 The employer may change one or more of the terms and conditions of employment
resulting from this contract in the cases specified in article 7 :613 of the Dutch Civil Code (i.e. where the employer has such a weighty interest in the change in question that on criteria of reasonableness and fairness the employer's interest must prevail over the interest of the employee negatively affected by the change).

17.4 The employer is also entitled to change the pension agreement, as mentioned in article 20 of this agreement, without consent of the employee. The employer will only be able to change without consent in case its substantial interests outweigh the interests of the
employee in accordance with the standards of reasonableness and fairness. The pension agreement will therefore be changed.

        The requirement of overriding interests of the employer is applicable if:

(a)  any relevant change occurs on the fiscal, social and / or pension legislation, or if;
(b)  the financial situation of the employer necessitates an alteration, or if;
(c) an obligation of a sectorial pension fund is applicable or appears to be applicable.

18. APPLICABLE LAW

18.1 This contract and further contracts flowing from it shall be governed solely by the law of
the Netherlands.

19. DOCUMENTS 

19.1 Employee hereby declares to be familiar with the content of the hereafter mentioned
documents, which form an integral part of this employment contract. These documents,
and if necessary, to be decided upon later regulations, are or will be delivered per e-mail to employee/can be consulted and downloaded by employee through employer's intranet.

–Employee Handbook
–Code of Conduct (signature required)
–RCA (signature required)
–Mobility Policy 
–Social Media Policy
–GDPR
–Travel & Expenses Policy
–Pension appendix (in development)
–Insurance appendix as referred to in paragraph 11 (WGA-hiaat or WIA-excedent) (in development)

So agreed, drawn up in duplicate and signed
at Amsterdam
on 27 January 2020

SIGNATURE

Employer       Employee
Coty Management B.V.

/S/ Jaap Bruinsma     /S/ Kristin Blazewicz
Jaap Bruinsma      Kristin Blazewicz 
Senior HR Director Global HQ & Benelux

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