Document:

Form of Stock Option Award Agreement

 Exhibit 10.1 

AVON PRODUCTS, INC. 

2010 STOCK INCENTIVE PLAN 

STOCK OPTION AGREEMENT 
  

 
 1. Grant
of Option. Pursuant to the provisions of its 2010 Stock Incentive Plan (the “Plan”), Avon Products, Inc. (the “Company”) has granted to you (the “Optionee”) the right and option to purchase from the Company
shares of Stock (the “Option”) at a fixed price (the “Grant Price”) per share as set forth in the Optionee’s grant notification. All capitalized terms used in this Stock Option Agreement (this “Agreement”) shall
have the meaning set forth in the Plan, unless the context requires a different meaning. 
 2. Exercise of Option.

 (a) This Option shall be exercisable in the installments outlined in the Optionee’s grant notification. The entire
Option is fully exercisable after the final vesting date. To the extent that any of the installments is not exercised when it becomes exercisable, it shall not expire, but shall continue to be exercisable at any time thereafter until this Option
shall terminate, expire or be surrendered. An exercise shall be for whole shares only. 
 (b) Shares may be purchased through
the Company’s authorized agent: (i) on-line, (ii) via the telephone or (iii) through a broker. The Optionee shall designate one, or a combination, of the following methods of purchase: 

(i) tender to the Company’s authorized agent of a check for the full Grant Price of the shares with respect to which such Option or
portion thereof is exercised, or 
 (ii) by delivery to the Company’s authorized agent of a number of shares of
Stock (which may include an attestation of ownership of such shares of Stock) having an aggregate Fair Market Value of not less than the product of the Grant Price multiplied by the number of shares the Optionee intends to purchase upon exercise of
the Option on the date of delivery, or 
 (iii) instructions to the Company’s authorized agent that shares of Stock
acquired as a result of the option exercise be 

 
immediately sold and that the Company’s authorized agent deliver the full Grant Price to the Company, together with any tax withholdings, whereupon the net cash proceeds and/or shares of
Stock shall be forwarded to the Optionee. The Company may establish special terms and conditions for this “cashless” exercise, and at any time may terminate availability of this form of purchase. 

3. Expiration of Option. The Option shall expire or terminate and may not be exercised to any extent by the Optionee as of
the first to occur of the following events: 
 (a) The tenth anniversary of the date of grant (the “Grant Date”), or
such earlier time as the Company may determine is necessary or appropriate in light of applicable laws; or 
 (b) The second
anniversary of the date of the Optionee’s Separation from Service by reason of death; or 
 (c) The date of the
Optionee’s Separation from Service for Cause; or 
 (d) The date that is ninety days after Separation from Service of the
Optionee for a reason other than for Cause, death, Disability or Retirement, but only to the extent the Option is exercisable as of the date of such Separation from Service (with any unexercisable portion of the Option terminating on the date of any
such Separation from Service); or 
 (e) Unless otherwise determined by the Committee, the Optionee’s violation of any
non-disclosure, non-compete or non-solicitation covenant applicable to the Optionee as set forth in Section 4 of this Agreement or in his or her severance agreement, employment contract or any Company policy, regardless of whether or not the
Optionee has incurred a Separation from Service due to Disability, Retirement or otherwise. 
 In the event of Separation from
Service because of death, the entire Option shall immediately become exercisable as to all shares, notwithstanding Section 2(a) of this Agreement. In the event of Separation from Service because of Disability or Retirement, the Option shall
continue to vest according to the schedule as set forth in the grant notification referred to in Section 2(a) of this Agreement and be exercisable through the tenth anniversary of the Grant Date. 

 

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 A paid or unpaid leave of absence of the Optionee or other period during which the Optionee
is entitled to salary continuation shall not constitute a Separation from Service of the Optionee. During a paid or unpaid leave of absence or such other period during which the Optionee is entitled to salary continuation, the Option shall continue
to vest according to the schedule set forth in the grant notification referred to in Section 2(a) of this Agreement. 
 For
purposes of this Agreement, the Optionee’s employment by a Subsidiary shall be considered a Separation from Service on the date on which such Subsidiary ceases to be a Subsidiary. 

4. Non-Competition/Non-Solicitation/Non-Disclosure. The Optionee agrees that, at any time prior to any exercise of the
Option granted hereunder, and for a period of one year after the later of completion of all such exercises of the Option or the Optionee’s Separation from Service with the Company for any reason whatsoever (including Retirement or Disability),
he or she shall not, without the prior written consent of the Committee, engage in any of the following activities: 
 (a) The
Optionee shall not directly or indirectly engage or otherwise participate in any business which is competitive with any significant business of the Company or any Subsidiary, including without limitation, the Optionee’s acceptance of employment
with, entrance into a consulting or advisory arrangement with, rendering services to or otherwise facilitating the business of Amway Corp./Alticor Inc., Beiersdorf (Nivea), De Millus S.A., Ebel Int’l/Belcorp Corp., Faberlic, Forever Living
Products LLC USA, Gryphon Development/Limited Brands Inc., Herbalife Ltd., Hermès, Lady Racine/LR Health & Beauty Systems GmbH, L’Oréal Group/Cosmair Inc., Mary Kay Inc., Mistine/Better Way (Thailand) Co. Ltd.,
Natura Cosmetics S.A., Neways Int’l, NuSkin Enterprises Inc., O Boticário, Oriflame Cosmetics S.A., Reckitt Benckiser PLC, Revlon Inc., Sara Lee Corporation, Shaklee Corp., The Body Shop Int’l PLC, The Estée
Lauder Companies Inc., The Proctor & Gamble Company, Tupperware Corp., Unilever Group (N.V. and PLC), Virgin Vie, Virgin Ware, Vorwerk & Co. KG/Jafra Worldwide Holdings (Lux) S.à.R.L. Inc., Yanbal Int’l (Yanbal,
Unique), or any of their affiliates; 
 (b) The Optionee shall not solicit or aid in the solicitation of any employees of the
Company or any Subsidiary to leave their employment; or 
  

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 (c) The Optionee shall not, unless compelled pursuant to an order of a court or other body
having jurisdiction over such matter, communicate or divulge any secret or confidential information, knowledge or data, including without limitation any trade secrets, relating to the Company or a Subsidiary, and their respective businesses,
obtained by the Optionee during his or her employment by the Company or a Subsidiary and which is not otherwise publicly known (other than by reason of an unauthorized act by the Optionee), to anyone other than the Company and those designated by
it. 
 In the event the Company determines that the Optionee has breached any term of this Section 4 or any non-disclosure,
non-compete or non-solicitation covenant set forth in his or her severance agreement, employment contract or any Company policy, in addition to any other remedies the Company may have available to it, unless otherwise determined by the Committee,
(i) all unexercised portions of the Option granted hereunder shall terminate to the extent the Option has not been exercised and (ii) if the Option has been exercised, the Optionee shall forfeit all shares of Stock issued to the Optionee
in connection with the exercise of the Option hereunder; provided, however, that the Company shall return to the Optionee the lesser of any consideration paid by the Optionee in exchange for Stock issued to the Optionee hereunder or
the Fair Market Value of the Stock forfeited hereunder at the time of forfeiture; and provided, further, that if the Optionee no longer holds shares of Stock issued to the Optionee hereunder, the Optionee shall pay to the Company in
cash the excess of the Fair Market Value of any such shares of Stock on the date such shares of Stock were issued to the Optionee hereunder over any consideration paid by the Optionee in exchange for such shares of Stock. 

5. Compensation Recoupment Policy. For those Optionees who are subject to the Company’s Compensation Recoupment
Policy, the Option and the shares of Stock issued to the Optionee in connection with the exercise of the Option hereunder are subject to the Company’s Compensation Recoupment Policy. 

6. Application of Laws. The granting of these Options and the delivery of shares hereunder shall be subject to all
applicable laws, rules and regulations. 
 7. Tax Withholding. No delivery of shares may be made to the Optionee
until the Company has received all amounts required for federal, state or local tax withholding. The method of withholding shall be subject to such rules as the Company may adopt from time to time.

  

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It is recognized by both parties that, based on current laws, the difference between the Fair Market Value of the shares purchased by an option exercise and the Grant Price of such shares
generally will constitute ordinary taxable income for U.S. federal income and social security tax purposes and for most state and local income tax purposes. 

8. Notice. Any notice required to be given hereunder to the Optionee shall be addressed to the Optionee at his or her
current address shown on the Company’s records. Notice shall be sent by mail, express delivery or, if practical, by electronic delivery or hand delivery. 

9. No Acquired Rights. The award of this Option does not entitle Optionee to any benefit other than that specifically
granted under this Agreement and under the Plan, nor to any future awards or other benefits under the Plan or any similar plan. Any benefits granted under this Agreement and under the Plan are not part of Optionee’s ordinary compensation, and
shall not be considered as part of such compensation in the event of severance, redundancy or resignation. Optionee understands and accepts that the benefits granted under the Plan are entirely at the grace and discretion of the Company and that the
Company retains the right to amend or terminate the Plan, and/or Optionee’s participation therein, at any time, at the Company’s sole discretion and without notice. 

10. Other Provisions. The provisions set forth in the Plan relating to stock options are specifically incorporated by
reference in this Agreement. 
 IN WITNESS WHEREOF, the Company, by its duly authorized officer, and the Optionee have executed
this Agreement as of the Grant Date. 
  

					
	AVON PRODUCTS, INC.	 		 	OPTIONEE
			
	  
	 		 	  

	Andrea Jung	 		 	Name:
	Chief Executive Officer	 		 	

  

 5Form of Restricted Stock Unit Award Agreement

 Exhibit 10.2 

AVON PRODUCTS, INC. 

2010 STOCK INCENTIVE PLAN 

RESTRICTED STOCK UNIT AWARD AGREEMENT 
  

 
 1. Grant
of Restricted Stock Unit Award. Pursuant to the provisions of its 2010 Stock Incentive Plan (the “Plan”), Avon Products, Inc. (the “Company”) has awarded you (the “Grantee”) Restricted Stock Units (the
“RSUs”), representing the right to receive in the future shares of Stock (the “Shares”) as set forth in the Grantee’s grant notification. These RSUs are subject to the terms and conditions set forth below, as well as those
terms and conditions set forth in the Plan, all of which are hereby incorporated by this reference. All capitalized terms used in this Restricted Stock Unit Award Agreement (this “Agreement”) shall have the meaning set forth in the Plan.

 2. Nature of RSUs; Issuance of Shares. These RSUs represent a right to receive Shares on the Vesting
Date (as defined below) but do not represent a current interest in the Shares. If all the terms and conditions hereof and of the Plan are met, then the Grantee shall be issued certificates for the respective number of Shares on the Vesting Date (or
earlier as provided in this Agreement). In lieu of issuance of Shares, the Company reserves the right to instead make a cash payment to the Grantee equal to the Fair Market Value of the Shares determined as of the Vesting Date (or earlier as
provided in this Agreement). The Company is not liable for any decrease of value of the Company’s Shares. 
 3.
Restrictions on Transfer of RSUs. These RSUs may not be sold, tendered, assigned, transferred, pledged or otherwise encumbered. 

4. Vesting of RSUs; Voting; Dividends.  

(a) Subject to Section 5, vesting and settlement of the RSUs shall occur on the date set forth in the Grantee’s grant
notification (such date the “Vesting Date”). 
 (b) The Grantee does not have the right to vote any of the Shares or
to receive dividends on them prior to the date such Shares are to be issued to the Grantee pursuant to the terms hereof. However, unless otherwise determined by the Committee, the Grantee shall be entitled to “Dividend Equivalent Rights”
so that the Grantee will receive a cash 

 
payment in respect of the Shares in amounts that would otherwise be payable as dividends with respect to such number of Shares, when and as dividends are paid. 

5. Separation from Service. 

(a) Separation from Service by the Company without Cause. If the Grantee incurs an involuntary Separation from Service by the
Company (and, if applicable, by any Subsidiary for whom the Grantee is employed) other than for Cause and the Grantee will not be eligible for Retirement at the end of the salary continuation period for which the Grantee is eligible under a
severance pay plan of the Company or some other agreement between the Grantee and the Company, in either case as in effect on the date hereof, then a pro-rata portion of the RSUs referred to in Section 4(a) above shall become vested and the
appropriate number of such vested Shares shall be issued to the Grantee within sixty (60) days after such Separation from Service, unless such Grantee is a “specified employee” on the date of Separation from Service, as defined in
Code Section 409A and determined pursuant to procedures and elections made by the Company from time to time, in which case, the vested Shares shall be issued on the date which is six months after the Separation from Service. The number of
Shares that vest shall be determined by multiplying the full number of Shares subject to the RSU by a fraction, which shall be the number of complete months of employment from the date of grant (the “Grant Date”) to the date of the
Separation from Service (typically the last day of active employment), divided by the number of months from the Grant Date to the Vesting Date. 

(b) Separation from Service due to Retirement. If the Grantee incurs a voluntary Separation from Service due to Retirement, or the
Grantee incurs an involuntary Separation from Service by the Company (and, if applicable by any Subsidiary for whom the Grantee is employed) other than for Cause and the Grantee will be eligible for Retirement at the end of the payment period for
which the Grantee is eligible under a severance pay plan of the Company or some other agreement between the Grantee and the Company (as if the Grantee made any available election under such plan or agreement to extend the salary continuation period
by the maximum period available to such Grantee), in either case as in effect on the date hereof (disregarding any election permitted to the Grantee under such plan or agreement), then all of the RSUs referred to in Section 4(a) above shall
become vested and such vested Shares shall be issued to the Grantee on the Vesting Date. 
 (c) Separation from Service due
to Disability. If the Grantee incurs a Separation from Service due to Disability, then all of the RSUs referred 

 

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to in Section 4(a) above shall become vested and such vested Shares shall be issued to the Grantee on the Vesting Date. 

(d) Death. If the Grantee dies, then all of the RSUs referred to in Section 4(a) above shall become vested and such vested
Shares shall be issued to the Grantee’s designated beneficiary (or if none, the Grantee’s estate) within sixty (60) days after such death. 

(e) Separation from Service by the Company for Cause or by the Grantee for Any Reason Other than Retirement, Disability or Death.
If the Grantee incurs an involuntary Separation from Service by the Company (and, if applicable, by any Subsidiary for whom the Grantee is employed) for Cause, or if the Grantee incurs a voluntary Separation from Service for any reason other than
Retirement, Disability or death, then all RSUs shall be forfeited. 
 (f) Paid or Unpaid Leave of Absence or Change in
Subsidiary Status for Subsidiary Employing Grantee. For purposes of determining the vesting of RSUs under this Agreement, a paid or unpaid leave of absence of the Grantee shall not constitute a Separation from Service of the Grantee, except to
the extent that such leave of absence constitutes a “separation from service” (as defined in Code Section 409A). During a paid or unpaid leave of absence, until a “separation from service” occurs, the RSUs shall continue to
vest as set forth in the grant notification referred to in Section 4(a) of this Agreement. The Grantee’s employment by a Subsidiary shall be considered a Separation from Service on the date on which such Subsidiary ceases to be a
Subsidiary, provided that, in such event, any issuance of vested shares to the Grantee pursuant to this Section 5 shall be made on the Vesting Date. 

6. Non-Competition/Non-Solicitation/Non-Disclosure. The Grantee agrees that, during the Grantee’s employment,
beginning on the Grant Date, and for a period of one year after the Grantee’s Separation from Service with the Company (and, if applicable, a Subsidiary) for any reason whatsoever (including Retirement or Disability), he or she shall not,
without the prior written consent of the Committee, engage in any of the following activities: 
 (a) The Grantee shall not
directly or indirectly engage or otherwise participate in any business which is competitive with any significant business of the Company or any Subsidiary, including without limitation, the Grantee’s acceptance of employment with, entrance into
a consulting or advisory arrangement with, rendering services to or otherwise facilitating the business of Amway Corp./Alticor Inc., Beiersdorf (Nivea), De Millus S.A., Ebel Int’l/Belcorp Corp., Faberlic, Forever Living

  

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Products LLC USA, Gryphon Development/Limited Brands Inc., Herbalife Ltd., Hermès, Lady Racine/LR Health & Beauty Systems GmbH, L’Oréal Group/Cosmair Inc., Mary
Kay Inc., Mistine/Better Way (Thailand) Co. Ltd., Natura Cosmetics S.A., Neways Int’l, NuSkin Enterprises Inc., O Boticário, Oriflame Cosmetics S.A., Reckitt Benckiser PLC, Revlon Inc., Sara Lee Corporation, Shaklee Corp., The Body
Shop Int’l PLC, The Estée Lauder Companies Inc., The Proctor & Gamble Company, Tupperware Corp., Unilever Group (N.V. and PLC), Virgin Vie, Virgin Ware, Vorwerk & Co. KG/Jafra Worldwide Holdings (Lux)
S.à.R.L. Inc., Yanbal Int’l (Yanbal, Unique), or any of their affiliates; 
 (b) The Grantee shall not solicit
or aid in the solicitation of any employees of the Company or any Subsidiary to leave their employment; or 
 (c) The Grantee
shall not, unless compelled pursuant to an order of a court or other body having jurisdiction over such matter, communicate or divulge any secret or confidential information, knowledge or data, including without limitation any trade secrets,
relating to the Company or a Subsidiary, and their respective businesses, obtained by the Grantee during his or her employment by the Company or a Subsidiary and which is not otherwise publicly known (other than by reason of an unauthorized act by
the Grantee), to anyone other than the Company and those designated by it. 
 In the event the Company determines that the
Grantee has breached any term of this Section 6 or any non-disclosure, non-compete or non-solicitation covenant set forth in his or her severance agreement, employment contract or any Company policy, in addition to any other remedies the
Company may have available to it, unless otherwise determined by the Committee, (i) all unvested RSUs granted hereunder shall be forfeited, (ii) if shares of Stock have been issued to the Grantee in respect of vested RSUs hereunder, the
Grantee shall forfeit all such shares of Stock so issued to the Grantee hereunder and (iii) if cash has been paid to the Grantee in lieu of shares of Stock in respect of vested RSUs hereunder, the Grantee shall pay to the Company all such cash
so paid in lieu of shares of Stock to the Grantee hereunder; provided, however, that if the Grantee no longer holds shares of Stock issued to the Grantee hereunder, the Grantee shall pay to the Company in cash the Fair Market Value of
any such shares of Stock on the date such shares of Stock were issued to the Grantee hereunder. 
 7. Compensation
Recoupment Policy. For those Grantees who are subject to the Company’s Compensation Recoupment Policy, the RSUs and the shares of Stock issued to the Grantee in respect of RSUs 

 

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hereunder are subject to the Company’s Compensation Recoupment Policy. 

8. No Right to Employment, etc. 

(a) The execution and delivery of this Agreement and the granting of the RSUs hereunder shall not constitute or be evidence of any
agreement or understanding, express or implied, on the part of the Company to employ the Grantee for any specific period. 
 (b)
The award of the RSUs hereunder does not entitle the Grantee to any benefit other than that specifically granted under this Agreement and under the Plan, nor to any future grants or other benefits under the Plan or any similar plan. Any benefits
granted under this Agreement and under the Plan are not part of the Grantee’s ordinary compensation, and shall not be considered as part of such compensation in the event of severance, redundancy or resignation. The Grantee understands and
accepts that the benefits granted under the Plan are entirely at the grace and discretion of the Company and that the Company retains the right to amend or terminate the Plan, and/or the Grantee’s participation therein, at any time, at the
Company’s sole discretion and without notice. 
 9. Application of Laws. The granting of these RSUs and the
delivery of Shares hereunder shall be subject to all applicable laws, rules and regulations. 
 10. Taxes. By
accepting this grant, the Grantee hereby irrevocably elects to satisfy any taxes required to be withheld by the Company on the date of delivery of any Shares hereunder or on any earlier date on which such taxes may be due by authorizing the Company
to withhold a sufficient number of Shares (or cash in lieu thereof if the RSUs are to be settled in cash) to satisfy such tax obligation. Notwithstanding the preceding sentence, if, on the applicable vesting date or on any earlier date on which such
taxes may be due, the delivery of Shares is not made because the Grantee has not retired or because of Internal Revenue Code Section 409A requirements or because the Grantee elects pursuant to the Company’s Deferred Compensation Plan to
defer the delivery of any Shares payable hereunder or for some other reason, the Grantee hereby irrevocably elects to satisfy all applicable taxes due on the applicable vesting date or on any earlier date on which such taxes may be due with respect
to such Shares for which delivery is being deferred by delivering cash to the Company in an amount sufficient to satisfy all such taxes. 

11. Code Section 409A. This Agreement will be interpreted in a manner to comply with the requirements of Code
Section 409A. 
  

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 IN WITNESS WHEREOF, the Company, by its duly authorized officer, and the Grantee have
executed this Agreement as of the Grant Date. 
  

					
	AVON PRODUCTS, INC.	 		 	GRANTEE
			
	  
	 		 	  

	Andrea Jung	 		 	Name:
	Chief Executive Officer	 		 	

  

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