Document:

EXHIBIT
10.31

SECOND AMENDMENT TO INVESTMENT AGREEMENT

THIS
SECOND AMENDMENT TO INVESTMENT AGREEMENT (this
"Amendment") is made as of this 7th
day of March 2005 by and between Revlon, Inc., a Delaware corporation
(the "Company"), and MacAndrews
& Forbes Holdings Inc. (formerly known as Mafco Holdings Inc.), a
Delaware corporation (the
"Investor").

W I T N E S S E
T H:

WHEREAS, the parties have entered into an
Investment Agreement dated February 20, 2004, which agreement was
amended on March 24, 2004 (as amended, the "Investment
Agreement");

WHEREAS, the parties have
determined to provide for the acceleration of the timing of the
Investor's obligation to back-stop the Third Stage Offering to
October 31, 2005 if certain conditions have been met; and

WHEREAS, the parties have determined to amend the Investment
Agreement pursuant to Section 9.6 thereof, as provided herein.

NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained in this Amendment, the parties
hereto hereby agree as follows:

Section
1.    Definitions. Capitalized terms used herein and not
defined shall have the meaning ascribed to such terms in the Investment
Agreement.

Section 2.    Definitions in Investment
Agreement. The following definition is added to Section 1 of the
Investment Agreement:

"Credit
Agreement" means the Credit Agreement, dated as of
July 9, 2004, between RCPC and certain of its subsidiaries, the Lenders
party thereto, Citicorp USA, Inc., as Term Loan Administrative Agent,
Citicorp USA, Inc., as Collateral Agent, UBS Securities LLC, as
Syndication Agent, and Citigroup Global Markets Inc., as Sole Lead
Arranger and Sole Bookrunner.

Section 3.    Back-Stop of
the Third Stage Rights Offering.

  3.1    Amendment to Section
5.2.    Section 5.2 of the Investment Agreement is hereby
deleted in its entirety and amended and restated by replacing such
section with the following:

"5.2
Back-stop of the Third Stage Offerings. In the event that the
Third Stage Offering Amount exceeds $0, the Investor will, by March 31,
2006, purchase shares of Class A Common Stock for an aggregate amount
of cash (such aggregate purchase price, the "Third
Stage Back-Stop Amount") which will, upon
contribution by the Company to RCPC as a capital contribution or to
purchase capital stock, permit RCPC to reduce RCPC's
indebtedness, other than revolving indebtedness unless there is a
corresponding commitment reduction, in an aggregate principal amount
equal to the Third Stage Offering Amount. The Investor may satisfy its
obligations by making an investment in Class A Common Stock in an
amount equal to the Third Stage Back-Stop Amount pursuant to any
transaction approved by the Board of Directors, which may include a
rights offering;

provided, however, that in the event
that (i) RCPC has not consummated, on or before October 31, 2005, the
8 1/8% Senior Notes Redemption (as such term is
defined in the Credit Agreement), and (ii) the Company consummates any
Third Stage Offering at any time on or prior to October 31, 2005, the
Investor will, on October 31, 2005, purchase shares of Class A Common
Stock for an aggregate amount of cash equal to the Third Stage
Back-Stop Amount, which will, upon contribution by the Company to RCPC
as a capital contribution or to purchase capital stock and upon
satisfaction by the Company of Section 5.3 of this Agreement, permit
RCPC to reduce RCPC's indebtedness, other than revolving
indebtedness unless there is a corresponding commitment reduction, in
an aggregate principal amount equal to the Third Stage Offering
Amount."

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  3.2    No
Other Effect.    For the avoidance of doubt, this Amendment
shall not (i) affect the Company's obligations in the Investment
Agreement, including with respect to the Third Stage Offerings, (ii)
reduce the Third Stage Offering Amount (which is currently
$109,661,000), (iii) affect Section 5.4 of the Investment Agreement, or
(iv) except as set forth above, affect the Investor's obligations
to purchase shares of Class A Common Stock for an aggregate amount of
cash equal to the Third Stage Back-Stop Amount."

Section 4.    Miscellaneous.

  4.1    Ratification of Investment
Agreement.    As modified hereby, the Investment Agreement and
its terms and provisions are hereby ratified and confirmed for all
purposes and in all respects.

  4.2    Counterparts.    This
Amendment may be executed in two or more counterparts, which may be by
facsimile, each of which will be deemed an original but all of which
together will constitute one and the same instrument. All such
counterparts will be deemed an original, will be construed together and
will constitute one and the same instrument.

  4.3    Headings.    The headings
in this Amendment are for reference purposes only and will not in any
way affect the meaning or interpretation of this Amendment.

[Execution Page Follows]

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IN WITNESS WHEREOF, the parties have duly
executed this Amendment as of the date first above written.

		REVLON, INC.

			
		By: 	/s/ ROBERT K.
KRETZMAN

 Name:  Robert K. Kretzman

Title:     Executive Vice President,

              Chief Legal
Officer

		MACANDREWS & FORBES HOLDINGS INC.

			
		By: 	/s/ TODD J. SLOTKIN

Name:  Todd J. Slotkin
 Title:     Executive
Vice President and

              Chief Financial
Officer

Acknowledged and Agreed
 pursuant to Section
9.10 of
 the Investment Agreement:

Fidelity
Management & Research Co.

/s/ NATE VAN
DUZER                

Authorized
Signature

Nate Van Duzer, Director, Restructuring and
General Counsel

(Type or Print Name and
Title of Authorized Signatory)

3<PAGE>

                                                                   EXHIBIT 10.48
--------------------------------------------------------------------------------
NOTICE OF GRANT OF STOCK OPTIONS            LA JOLLA PHARMACEUTICAL CO.
AND OPTION AGREEMENT                        ID: 33-0361285
                                            6455 Nancy Ridge Drive
                                            San Diego, CA  92121
                                            (858) 452-6600
--------------------------------------------------------------------------------

NAME                                        OPTION NUMBER:______________________
ADDRESS                                     PLAN:         2004
                                            ID:_________________________________

--------------------------------------------------------------------------------

Effective ________, you have been granted a(n) Incentive Stock Option to buy
________ shares of La Jolla Pharmaceutical Co. (the Company) stock at $______
per share.

The total option price of the shares granted is $         .

Shares in each period will become fully vested on the date shown.

         Shares            Vest Type          Full Vest         Expiration
         ------            ---------          ---------         ----------
         ______            _________          _________         __________

--------------------------------------------------------------------------------

By your signature and the Company's signature below, you and the Company agree
that these options are granted under and governed by the terms and conditions of
the Company's Stock Option Plan as amended and the Option Agreement, all of
which are attached and made a part of this document.

--------------------------------------------------------------------------------

____________________________________        ____________________________________
La Jolla Pharmaceutical Co.                 Date

____________________________________        ____________________________________
Name                                        DateRegistered Stock Agreement dated November 23, 2004

 

Exhibit 10.3

RESTRICTED STOCK AGREEMENT

     THIS AGREEMENT, dated as of the 23rd day of November 2004, between DYCOM
INDUSTRIES, INC., a Florida corporation (the “Company”), and TIMOTHY R. ESTES (the
“Participant”).

     WHEREAS, the Participant is the Executive Vice President and Chief Operating Officer of the
Company and, pursuant to the Amended and Restated Employment Agreement between the Company and the
Participant, as may be amended from time to time (the “Employment Agreement”), the Company
hereby grants to the Participant 3,500 restricted shares (“Restricted Stock”) of common
stock, par value $.0331/3 per share, of the Company (the “Common Stock”) under the
Company’s 2003 Long-Term Incentive Plan (the “Plan”), subject to the terms and conditions
hereinafter set forth;

     NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the parties
hereto agree as follows:

     1. Definitions; Incorporation of Plan Terms. 

     Capitalized terms used herein without definition shall have the meanings assigned to them in
the Plan, a copy of which is attached hereto. This Award Agreement and the Restricted Stock shall
be subject to the Plan, the terms of which are incorporated herein by reference, and in the event
of any conflict or inconsistency between the Plan and this Award Agreement, the Plan shall govern.
The date of grant with respect to the Restricted Stock shall be November 23, 2004 (the “Grant
Date”).

     2. Grant of Restricted Stock.

     Subject to the terms and conditions contained herein and in the Plan, the Company hereby
grants 3,500 shares of Restricted Stock to the Participant as of the Grant Date.

     3. Vesting of Restricted Stock.

     Unless previously vested or forfeited in accordance with the terms of the Plan or this Award
Agreement, the Restricted Stock shall vest and become non-forfeitable in four equal annual
installments commencing on December 31, 2005; provided that the Participant remains in the
employ of the Company through such dates.

     Except to the extent otherwise provided by the Plan or this Award Agreement, in the event the
Participant’s employment is terminated on or before December 31, 2005, (i) because of death, (ii)
by reason of disability (as defined in paragraph 5(b) of the Employment Agreement), (iii) by the
Company for any reason other than for Cause (as defined in paragraph 5(a) of the Employment
Agreement) or (iv)

 

 

by the Participant for Good Reason (as defined in paragraph 5(c) of the Employment Agreement),
then the Restricted Stock shall be deemed to be immediately and fully vested and all restrictions
shall lapse on the date of such termination or resignation.

     4. Termination of Employment.

     Except to the extent otherwise provided by the Plan or this Award Agreement, in the event of
the Participant’s termination of employment for any reason, the Participant shall immediately
forfeit all unvested Restricted Stock as of the date of such termination.

     5. Change in Control. 

     In the event that the Participant’s employment is terminated without Cause or he resigns for
Good Reason during the 13-month period commencing on the date of a Change of Control, all unvested
Restricted Stock shall immediately and fully vest and all restrictions shall lapse. For purposes
of this Paragraph 5, “Change in Control” shall have the meaning set forth in paragraph 5(c) of the
Employment Agreement.

     6. Nontransferability of the Restricted Stock.

     Unless determined otherwise by the Committee, Restricted Stock may not be sold, pledged,
assigned, hypothecated, transferred or disposed of in any manner other than by will or by the laws
of descent or distribution or pursuant to a “qualified domestic relations order” as defined in the
Internal Revenue Code of 1986, as amended, or Title I of the Employee Retirement Income Security
Act of 1974, as amended, and the rules and regulations thereunder, prior to the date that such
Restricted Stock becomes vested and non-forfeitable; provided, however, that
Restricted Stock shall be transferable, in whole or in part, with the written consent of the
Committee, to trusts established wholly or in part for the benefit of the Participant’s immediate
family members. Such transfers are subject to the terms and conditions of the Plan and this Award
Agreement. The restrictions on transferability set forth above shall not apply to Restricted Stock
after the date that such Restricted Stock becomes vested and non-forfeitable as set forth herein.

     7. Rights as a Stockholder.

     The Participant shall have, with respect to the Restricted Stock, all of the rights of a
stockholder of the Company, including, if applicable, the right to vote the Restricted Stock and to
receive any cash dividends, subject to the restrictions set forth in the Plan and this Award
Agreement.

     8. Dividends and Distributions.

     Any Common Stock or other securities of the Company received by the Participant as a result of
a distribution to holders of Restricted Stock or as a dividend on

2

 

the Restricted Stock shall be subject to the same restrictions as such Restricted Stock, and
all references to Restricted Stock hereunder shall be deemed to include such Common Stock or other
securities.

     9. Issuance of Certificates.

     The Participant shall be issued four certificates in respect of the Restricted Stock at the
Grant Date, each certificate representing twenty-five percent (25%) of the Common Stock covered by
the award of Restricted Stock. Such certificates shall be held in custody by the Company until the
restrictions thereon shall have lapsed and that, as a condition of any award of Restricted Stock,
the Participant shall deliver a stock power, endorsed in blank, relating to the Common Stock
covered by such award.

     10. Taxes and Withholdings.

     No later than the date as of which an amount first becomes includable in the gross income of
the Participant for applicable income tax purposes with respect to Restricted Stock, the
Participant shall pay to the Company or make arrangements satisfactory to the Committee regarding
payment of any federal, state or local taxes of any kind required by law to be withheld with
respect to such amount.

     Unless otherwise determined by the Committee, in accordance with rules and procedures
established by the Committee, the minimum required withholding obligations may be settled with
Common Stock, including Common Stock that is part of the Award that gives rise to the withholding
requirement. The obligation of the Company under this Award Agreement shall be conditional upon
such payment or arrangements and the Company shall, to the extent permitted by law, have the right
to deduct any such taxes from any payment of any kind otherwise due to the Participant.

     11. Notices.

     All notices and other communications under this Award Agreement shall be in writing and shall
be given by hand delivery to the other party or by facsimile, overnight courier, or registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

     If to the Participant: at the last known address on record at the Company.

     If to the Company: at 4440 PGA Boulevard, Palm Beach Gardens, Florida 33410-6542,
Attention: Michael K. Miller, General Counsel and Secretary;

or to such other address or facsimile number as any party shall have furnished to the other in
writing in accordance with this Paragraph 11. Notice and communications shall be effective when
actually received by the addressee.

3

 

     12. Successor.

     Except as otherwise provided hereunder, this Award Agreement shall be binding upon and shall
inure to the benefit of any successor or successors of the Company, and to any transferee or
successor of the Participant pursuant to Paragraph 6.

     13. Governing Law.

     The interpretation, performance and enforcement of this Award Agreement shall be governed by
the laws of the State of Florida without reference to principles of conflict of laws, as applied to
contracts executed in and performed wholly within the State of Florida.

     14. Severability.

     If any provision of this Award Agreement shall be held illegal or invalid for any reason, such
illegality or invalidity shall not affect the remaining provisions of this Award Agreement, but
this Award Agreement shall be construed and enforced as if such illegal or invalid provision had
never been included herein.

     15. No Restriction on Right of Company to Effect Corporate Changes.

     Neither the Plan nor this Award Agreement shall affect or restrict in any way the right or
power of the Company or its shareholders to make or authorize any adjustment, recapitalization,
reorganization or other change in the capital structure or business of the Company, or any merger
or consolidation of the Company, or any issue of stock or of options, warrants or rights to
purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are
superior to or affect the Common Stock or the rights thereof or which are convertible into or
exchangeable for Common Stock, or the dissolution or liquidation of the Company, or any sale or
transfer of all or any part of the assets or business of the Company, or any sale or transfer of
all or any part of its assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise.

     16. Exchange Act. 

     Notwithstanding anything contained in the Plan or this Award Agreement to the contrary, if the
consummation of any transaction under the Plan or this Award Agreement would result in the possible
imposition of liability on the Participant pursuant to Section 16(b) of the Exchange Act, the
Committee shall have the right, in its sole discretion, but shall not be obligated, to defer such
transaction to the extent necessary to avoid such liability, but in no event for a period in excess
of 180 days.

4

 

     17. Amendment.

     This Award Agreement may not be modified, amended or waived except by an instrument in writing
signed by both parties hereto. The waiver by either party of compliance with any provision of this
Award Agreement shall not operate or be construed as a waiver of any other provision of this Award
Agreement, or of any subsequent breach by such party of a provision of this Award Agreement.

     18. Claim to Awards and Employment Rights.

     The Participant shall not have any claim or right to receive or be eligible to receive any
additional Awards under the Plan. Neither the Plan nor this Award Agreement nor any action taken
or omitted to be taken hereunder or thereunder shall be deemed to create or confer on the
Participant any right to be retained in the employ of the Company or to interfere with or to limit
in any way the right of the Company to terminate the employment of the Participant at any time.

     19. Entire Agreement. 

     This Award Agreement and the Plan set forth the entire agreement and understanding between the
parties hereto with respect to the matters covered herein, and supersede all prior agreements and
understandings concerning such matters. This Award Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all such counterparts shall
together constitute one and the same agreement. The headings of sections and subsections herein
are included solely for convenience of reference and shall not affect the meaning of any of the
provisions of this Award Agreement.

5

 

     IN WITNESS WHEREOF, the Company has caused this Award Agreement to be executed by its duly
authorized officer and the Participant has executed this Award Agreement, both as of the day and
year first above written.

	 	 	 	 	 
	 	DYCOM INDUSTRIES, INC.

 	 
	 	By:  	/s/ Steven Nielsen
 	 
	 	 	Name:  	Steven Nielsen 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	 	 
	 	/s/ Timothy R. Estes
 	 
	 	Timothy R. Estes 	 
	 	 	 
	 

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