Document:

Restricted Stock Unit Agreement

 Exhibit 10.27 
 RESTRICTED STOCK UNIT AGREEMENT 
 This Agreement (“Agreement”)
is entered into effective as of November 4, 2010 (the “Effective Date”), by and between Plains Exploration & Production Company, a Delaware corporation (the “Company”), and James C. Flores
(“Employee”). 
 WHEREAS, the Company and Employee are parties to the Plains
Exploration & Production Company Amended and Restated Employment Agreement, effective as of June 9, 2004, and as amended by the Amendment to Plains Exploration & Production Company Amended and Restated Employment Agreement
(the “Amendment”), effective March 12, 2008 (as amended, the “Employment Agreement”); 
 WHEREAS, the Amendment sets forth certain terms with respect to a Long-Term Retention Grant (as defined in the Amendment); and 

WHEREAS, the parties wish to modify the terms of the Long-Term Retention Grant to make the terms consistent with the
Company’s other restricted stock unit agreements in consideration for additional continued services of Employee on behalf of the Company. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as of the
Effective Date as follows: 
  

	 	1.	 In the event of (a) a Change in Control prior to Employee’s termination of employment, (b) Employee’s termination of employment due to his
death or Disability, or (c) Employee’s termination of employment either by the Company without Cause or by Employee for Good Reason (each an “Acceleration Event”), all RSUs not yet credited to Employee’s Account
pursuant to the Long-Term Retention Grant automatically shall be credited to Employee’s Account, and shall be one hundred percent vested, as of the date of such Acceleration Event (each such accelerated RSU being an “Accelerated
RSU”); provided, however, that in the event of Employee’s death, an RSU will only be an Accelerated RSU in the event such RSU would have been credited to Employee’s Account within the five years following the death of the
Employee. Subject to Paragraph 3 below, payment of an Accelerated RSU shall be paid in a single lump sum as of the business day next following the Acceleration Event, unless such payment would result in the additional tax (“Penalty
Tax”) provided by Section 409A of the Code, in which event such payment shall not be made to Employee until the earlier of (i) the date(s) such Accelerated RSU(s) would otherwise have become payable to Employee had it instead
become vested on the applicable vesting date(s) as provided in Section 19 of the Amendment or (ii) the date payment can be made without being subject to such Penalty Tax. 

 

	 	2.	 As used herein and in Section 19 of the Amendment, the term “Change in Control” shall have the meaning assigned in the Company’s 2004
Stock Incentive Plan, 2010 Incentive Award Plan or the successor equity plan under which the above RSU is granted pursuant to the Long-Term Retention Grant. 

	 	3.	 Except as modified by Paragraph 1 above, the provisions of Section 19 of the Amendment relating to the trust funding, the delay in payment if Employee is
a “specified employee,” and compliance with Section 409A of the Code shall be applicable to the Accelerated RSUs. Except as modified by Paragraph 2 above, if the RSUs do not become Accelerated RSUs pursuant to Paragraph 1, all of the
provisions of Section 19, including, without limitation, the requirements that Employee remain employed on the RSU crediting and RSU vesting dates and the crediting and vesting acceleration events shall continue to apply to the RSUs without
change. 

  

	 	4.	 Notwithstanding anything in the Employment Agreement to the contrary, upon the vesting and payment of an Accelerated RSU, as the case may be, Employee, in his
sole discretion, shall direct the Company to either (i) withhold (or “net”) from the Accelerated RSUs such number of Shares otherwise payable to Employee as required to meet the Company’s required tax withholding obligations
under applicable laws or (ii) pay the Company such amount of money as required to meet the Company’s required tax withholding obligations. No payment of an Accelerated RSU shall be made pursuant to this Agreement until Employee has
satisfied in full the Company’s applicable tax withholding requirements with respect to such event. 

  

	 	5.	 Unless otherwise provided, capitalized terms not defined herein shall have the meanings ascribed to them in the Employment Agreement.

  

	 	6.	 This Agreement shall continue until all obligations of the Company hereunder have been satisfied in full. 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement effective for all
purposes as of the Effective Date. 
  

			
	PLAINS EXPLORATION & PRODUCTION COMPANY
		
	By:	 	 /s/   Winston M. Talbert

		 	 Winston M. Talbert

		 	 Executive Vice President & Chief Financial Officer

		 	 Date: November 4, 2010

  

			
		
	By:	 	 /s/   John F. Wombwell

		 	John F. Wombwell
		 	Executive Vice President & General Counsel
		 	 Date: November 4, 2010

  

			
	
	EMPLOYEE
		
	By:	 	 /s/   James C. Flores

		 	James C. Flores
		 	 Date: November 4, 2010

  

 
  

  
 3First Amendment to the Avon Products, Inc. Deferred Compensation Plan

 Exhibit 10.22 
 FIRST AMENDMENT TO THE 
 AVON PRODUCTS, INC. DEFERRED COMPENSATION PLAN

 AS AMENDED AND RESTATED 
 EFFECTIVE JANUARY 1, 2008 
 This FIRST AMENDMENT is made to the Avon
Products, Inc. Deferred Compensation Plan, as it was amended and restated effective as of January 1, 2008, (the “Plan”) by AVON PRODUCTS, INC., a corporation duly organized and existing under the laws of the State of New York (the
“Company”). 
 INTRODUCTION 
 Effective January 1, 2011, the Company wishes to amend the definition of Base Salary to include short term disability payments. This amendment is being made to conform the Plan to a similar amendment
being made to the Avon Personal Savings Account Plan (the 401(k) Plan). 
 AMENDMENT 

NOW, THEREFORE, the Company hereby adds a new paragraph to the final flush language of Section 1.4, effective January 1, 2011,
to read as follows: 
 “Effective January 1, 2011, short term disability payments shall be considered part of a
Participant’s “Base Salary.” 
 Except as specifically amended hereby, the Plan shall remain in full force and
effect as prior to this First Amendment. 

 IN WITNESS WHEREOF, the Company has caused this First Amendment to the amended and restated
plan effective as of January 1, 2008 to be executed on the date first set below. 
  

					
	 	 	 AVON PRODUCTS, INC.

			
	 Dated: December 7, 2010
	 	By:	 	         /s/ Lucien Alziari

			
		 	Title:	 	         SVP, Human ResourcesFirst Amendment to the Benefit Restoration Pension Plan of Avon Products, Inc.

 Exhibit 10.27 
 FIRST AMENDMENT TO THE 
 BENEFIT RESTORATION PENSION PLAN OF AVON
PRODUCTS, INC. 
 AS AMENDED AND RESTATED 
 EFFECTIVE JANUARY 1, 2009 
 This FIRST AMENDMENT is made to the Benefit
Restoration Pension Plan of Avon Products, Inc. (the “Plan”), as it was amended and restated on January 1, 2009, by AVON PRODUCTS, INC., a corporation duly organized and existing under the laws of the State of New York (the
“Company”). 
 INTRODUCTION 
 The Company wishes to amend the Plan to conform the Plan to the requirements specified in the Avon Products, Inc. Change in Control Policy, effective as of March 11, 2010. 

AMENDMENTS 
 NOW, THEREFORE, the Company hereby amends the Plan, effective as of March 11, 2010, as follows: 
 1. By redesignating Sections 1.2 through 1.16 of Article I as Sections 1.3 through 1.17, respectively, and adding new Section 1.2 as follows: 

“1.2. “Change in Control Policy” means the Avon Products, Inc. Change in Control Policy effective
March 11, 2010, and as may thereafter be amended from time to time, or any successor plan or policy thereto, if any.” 
 2. By
deleting Section 3.1 in its entirety and substituting thereof, the following: 
 “3.1. Amount of
Supplemental Benefit 
 The annual amount of the Supplemental Benefit payable with respect to a Member,
expressed as a single life annuity, shall be equal to (a) minus (b), where (a) is the annual amount of the Retirement Allowance that would be payable in the form of a single life annuity if: 

(i) the limitations of Code Section 415 were not applicable; 

(ii) the annual compensation limitations under Code Section 401(a)(17) were not applicable; 

(iii) the definition of compensation under the Retirement Plan included compensation electively deferred by the Member
for the ‘Plan Year’ (as defined in the Retirement Plan) to a deferred compensation plan or program maintained by the Company but only to the extent that such compensation would have been included in such definition if it had not been
deferred; 

  
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 (iv) for highly compensated employees (as defined in Code
Section 414), the definition of compensation under the Retirement Plan included the amount of the annual award (as opposed to awards that are based on performance over multiple years) from 2001 to 2005 under the Avon Products, Inc. Management
Incentive Plan or Avon Products, Inc. Executive Incentive Plan that was paid in the form of restricted stock or stock options, plus any premium for superior performance; 

(v) for any Member who is eligible for the benefit referenced in Section 1.2(a) or Section 1.2(b)(2) of the
Retirement Plan, such Member received credit under the Retirement Plan (for age, Credited Service, and Vesting Service, as applicable, as defined in the Retirement Plan) for the number of months for which such Member is eligible to receive severance
payments, if any, under the terms of the Severance Plan at the time of his Separation from Service, provided that such number of months will not exceed twenty-four (24) months, and further provided that such credit will be provided only to the
extent that the total of such Member’s age and Credited Service does not exceed eighty-five (85); 
 (vi)
for any Member who is eligible only for the benefit referenced under Section 1.2(b)(1) of the Retirement Plan, such Member received credit under the Retirement Plan solely for retirement eligibility purposes (and not for age and Credited
Service, as defined in the Retirement Plan) for the number of months for which such Member is eligible to receive severance payments, if any, under the terms of the Severance Plan at the time of his Separation from Service, provided that such number
of months will not exceed twenty-four (24) months, and further provided that such credit will be provided only to the extent that the total of such Member’s age and Credited Service does not exceed eighty-five (85); and 

(vii) for any Member who receives benefits under the Change in Control Policy, the Member received an additional two
years of credit (for age, Credited Service, Vesting Service and/or solely for retirement eligibility purposes, as applicable, as defined in the Retirement Plan, applying such additional credits in the same manner as (v) and (vi) are
applied above to the relevant Member class), provided that such period of additional years of credit will be provided only to the extent that it does not cause the Member’s age and Credited Service to exceed eighty-five (85). 

and where (b) is the Retirement Allowance that is actually payable to the Member. 

For purposes of this Section 3.1, if any benefit under Section 3.1(b) is payable in a form other than a single
life annuity or at a time other than the time that the Supplemental Benefit is payable under the Plan, such benefit shall be converted 

  
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to a single life annuity of Equivalent Actuarial Value that is payable as of the date of the Member’s Separation from Service. For the avoidance of doubt, in order to determine the amount of
the Retirement Allowance under Section 3.1(b), it will be assumed that the Retirement Allowance is payable as a single life annuity beginning at the time of the Member’s Separation from Service, determined using the compensation and
service credits that the Member has accumulated under the Retirement Plan through such Separation from Service, whether or not the Retirement Allowance is actually paid at such time or in such form. 

For purposes of determining the Supplemental Benefit under the Plan, the definition of “compensation” in the
Retirement Plan is modified to exclude severance pay and any payments under the Change in Control Policy from such definition, and thus from consideration under the Plan, only for those Employees whose last day of active employment is on or after
January 1, 2007.” 
 3. By deleting Section 3.2(a) in its entirety and substituting thereof, the following: 

“(a) With respect to Supplemental Benefits that begin to be paid on January 1, 2009 or later, such Supplemental
Benefits will be paid to the Member, subject to Sections 3.2(b) and 3.6, as follows: (1) 80% of the Equivalent Actuarial Value of the Supplemental Benefit will be paid in a lump sum during the month following the month in which the
Member’s Separation from Service (or a change in control as defined in the Change in Control Policy, if later) occurs (the “Lump-Sum Payment Month”); and (2) 20% of the Equivalent Actuarial Value of the Supplemental Benefit will
be paid in sixty equal, monthly installments beginning during the Lump-Sum Payment Month.” 
 Except as specifically
amended hereby, the Plan shall remain in full force and effect as prior to this First Amendment. 

  
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 IN WITNESS WHEREOF, the Company has caused this First Amendment to be executed on the date
set forth below. 
  

					
		 	AVON PRODUCTS, INC.
			
	Dated: December 13, 2010	 	By:	 	         /s/ Lucien Alziari

			
		 	Title:	 	         SVP, Human Resources

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