Document:

Exhibit 10.4

 

THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
THE SECURITIES LAWS OF ANY STATE. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF IN THE
ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO SUCH SECURITIES UNDER SUCH ACT AND QUALIFICATION UNDER APPLICABLE
STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION AND QUALIFICATION IS NOT REQUIRED.

 

BIOHITECH GLOBAL, INC. 

[Form of]

COMMON STOCK PURCHASE WARRANT

 

	Warrant Shares: _________	Issue Date:  _____ __, 2018

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, [______________] or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time after
the Issue Date set forth above (the “Initial Exercise Date”) and on or prior to the close of business
on the five (5) year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter,
to subscribe for and purchase from BioHiTech Global, Inc., a Delaware corporation (the “Company”), up
to [_________] shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The
purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as set forth below.

 

This Warrant
is issued pursuant to a Securities Purchase Agreement of even date herewith (the “Purchase Agreement”),
and is one of the Warrants (collectively, the “Warrants”) being issued in connection with the issuance
of original issue discount convertible promissory notes (the “Notes”) being issued by the Company (the
“Offering”).

 

The following is a statement of the
rights of the Holder of this Warrant and the conditions to which this Warrant is subject, to which the Holder, by the acceptance
of this Warrant, agrees:

 

1.            Certain
Definitions.

 

1.1           “Exercise
Price” means $_.__ per share.

 

1.2           “Expiration
Date” means the date that is five (5) years after the issue date set forth above.

 

1.3           “Shares”
or “Warrant Shares” means the shares of Common Stock issuable under this

Warrant, as set forth in Section
2 below.

 

2.            Number
of Shares and Exercise Price

 

2.1           This
Warrant shall be exercisable for such number of Warrant Shares as set forth above, at the Exercise Price.

 

2.2           This
Warrant may be exercised in whole or in part at any time beginning on the date on which the Initial Exercise Date and continuing
thereafter and from time to time on or prior to the Expiration Date.

 

    	 	1	 

     

    

 

3.           Exercise
of Warrant

 

3.1           The
purchase rights represented by this Warrant are exercisable by the Holder, in whole or in part, by the surrender of this Warrant
and the Notice of Exercise annexed hereto duly executed at the Company’s principal executive office (or such other officer
or agent of the Company as it may designate by notice in writing to the Holder at the address of the Holder appearing on the books
of the Company), and upon payment of the aggregate Exercise Price of the Shares thereby purchased (by cash or by check or bank
draft payable to the order of the Company); whereupon the Holder shall be entitled to receive the number of Shares so purchased.
The Company agrees that if at the time of the surrender of this Warrant and purchase of the Shares, the Holder shall be entitled
to exercise this Warrant, the Shares so purchased shall be issued to the Holder as the record owner of such Shares as of the close
of business on the date on which this Warrant shall have been exercised as aforesaid or on such later date requested by the Holder
or on such earlier date agreed to by the Holder and the Company.

 

3.2           Delivery
of Common Stock Certificates and New Warrant. As soon as reasonably practicable after each exercise of this Warrant, in whole
or in part, and in any event within five (5) business days thereafter (the “Warrant Share Delivery Date”),
the Company, at its expense (including the payment by it of any applicable issue taxes), will cause the name of the Holder (or
as Holder may direct) to be entered in the register of holders in respect of the Warrant Shares and further cause to be issued
in the name of and delivered to the Holder hereof or as the Holder (upon payment by the Holder of any applicable transfer taxes)
may direct:

 

(a) the
number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares to which the Holder shall be entitled
upon exercise, in certificated form with appropriate restrictive legends, if applicable; and

 

(b) in
case exercise is in part only, a new Warrant document of like tenor, dated the date hereof, for the remaining number of
Warrant Shares issuable upon exercise of this Warrant after giving effect to the partial exercise of this Warrant (including
the delivery of any Warrant Shares as payment of the Exercise Price for such partial exercise of this Warrant).

 

3.3             Cashless
Exercise. If, but only if, at the time of exercise hereof there is no effective registration statement registering, or the
prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as applicable:
(i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise
is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and
delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined
in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the Bid Price of
the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of
the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading
Day and is delivered within two (2) hours thereafter pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable
Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered
pursuant to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day;

 

    	 	2	 

     

    

 

(B) = the Exercise
Price of this Warrant, as adjusted hereunder; and

 

(X) = the
number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such
exercise were by means of a cash exercise rather than a cashless exercise.

 

“Bid
Price” means, for any date, the price determined by the following: (a) if the Common Stock is then listed or quoted on
a Trading Market, the bid price of the Common Stock during the two (2) hours prior to the delivery of the applicable Notice of
Exercise, as such bid price is selected by the Holder, on the Trading Market on which the Common Stock is then listed or quoted
as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)) or
(b) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in
good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company,
the fees and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then
reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding
to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other
cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the
Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company.

 

4.           Nonassessable

 

The Company covenants
that all Shares which may be issued upon the exercise of this Warrant will be validly issued, fully paid and nonassessable and
free from all taxes, liens and charges in respect of the issue thereof.

 

5.           Fractional
Shares

 

No fractional
shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. With respect to any fraction
of a share called for upon the exercise of this Warrant, the number of shares delivered shall be rounded up to the nearest whole
share.

 

6.           Charges,
Taxes and Expenses

 

Issuance of Shares
upon the exercise of this Warrant, in certificated form or otherwise, shall be made without charge to the Holder hereof for any
issue or transfer tax or other incidental expense in respect of the issuance, including relating to any certificate, all of which
taxes and expenses shall be paid by the Company, and such Shares shall be issued in the name of the Holder.

 

    	 	3	 

     

    

 

7.            No
Rights as Shareholders

 

This Warrant
does not entitle the Holder to any voting rights or other rights as a shareholder of the Company prior to the exercise hereof.

 

8.            Saturdays,
Sundays, Holidays, etc.

 

If the last or
appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday, a Sunday
or a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day that is not a Saturday,
Sunday or legal holiday.

 

9.            Adjustments

 

The Exercise
Price and the number of Shares purchasable hereunder are subject to adjustment from time to time as set forth in this Section 9.

 

9.1           Reclassification,
etc. If the Company, at any time while this Warrant, or any portion thereof, remains outstanding and unexpired, by reclassification
of securities or otherwise, shall change the class of the securities as to which purchase rights under this Warrant exist into
the same or a different number of securities or any other class or classes of securities, this Warrant shall thereafter represent
the right to acquire such number and kind of securities as would have been issuable as the result of such change with respect to
the securities that were subject to the purchase rights under this Warrant immediately prior to such reclassification or other
change and the Exercise Price therefor shall be appropriately adjusted, all subject to further adjustment as provided in this Section
9.

 

9.2           Subdivision
or Combination of Shares. In the event the Company shall at any time subdivide the outstanding securities as to which purchase
rights under this Warrant exist, or shall issue a stock dividend on the securities as to which purchase rights under this Warrant
exist, the number of securities as to which purchase rights under this Warrant exist immediately prior to such subdivision or to
the issuance of such stock dividend shall be proportionately increased, and the Exercise Price shall be proportionately decreased,
and in the event that the Company shall at any time combine the outstanding securities as to which purchase rights under this Warrant
exist, the number of securities as to which purchase rights under this Warrant exist immediately prior to such combination shall
be proportionately decreased, and the Exercise Price shall be proportionately increased, effective at the close of business on
the date of such subdivision, stock dividend or combination, as the case may be.

 

9.3           Adjustment
upon Issuance of Common Stock or Common Stock Equivalents. If at any time on or after the Initial Exercise Date the Company
issues or sells, or in accordance with this is deemed to have issued or sold, any warrants to purchase shares of Common Stock or
Common Stock Equivalents at an exercise price (the “New Issuance Price”) less than a price (the “Applicable Price”)
equal to the Exercise Price in effect immediately prior to such issue or sale or deemed issuance or sale (the foregoing, a “Dilutive
Issuance”), then immediately after such Dilutive Issuance the Exercise Price then in effect shall be reduced to an amount
equal to the New Issuance Price. For the purposes of this Section 9.3, “Common Stock Equivalents” means any securities
of the Company which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt,
preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable
for, or otherwise entitles the holder thereof to receive, Common Stock, excluding those issued under employee stock compensation
plans.

 

9.4           Cash
Distributions. No adjustment on account of cash dividends or interest on the securities as to which purchase rights under
this Warrant exist will be made to the Exercise Price under this Warrant.

 

    	 	4	 

     

    

 

10.          Miscellaneous.

 

10.1         Loss,
Theft, Destruction or Mutilation of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, delivery of an indemnity agreement reasonably
satisfactory in form and substance to the Company or, in the case of mutilation, on surrender and cancellation of this Warrant,
the Company shall execute and deliver, in lieu of this Warrant, a new Warrant executed in the same manner as this Warrant and of
like tenor and amount.

 

10.2         Waivers
and Amendments. This Warrant and the obligations of the Company and the rights of the Holder under this Warrant may be amended,
waived, discharged or terminated (either generally or in a particular instance, either retroactively or prospectively and either
for a specified period of time or indefinitely) with the written consent of the Company (which shall not be required in connection
with a waiver of rights in favor of the Company) and the holders of at least a majority of the then-outstanding aggregate principal
amount under the Notes; provided, however, that no such amendment or waiver shall reduce the number of Shares represented
by this Warrant without the consent of the Holder hereof; and provided further, however, that nothing shall prevent the
Holder from individually agreeing to waive the observation of any term of this Warrant. Any amendment, waiver, discharge or termination
effected in accordance with this Section 10.2 shall be binding upon the Company, the Holder, and except pursuant to a waiver by
an individual holder of another Warrant pursuant to the final proviso in the immediately preceding sentence, each other holder
of Warrants.

 

10.3         Notices.
Any notice, request or other communication required or permitted hereunder shall be given in accordance with the Purchase Agreement.

 

10.4         Severability.
If one or more provisions of this Warrant are held to be unenforceable under applicable law, such provision(s) shall be excluded
from this Warrant and the balance of this Warrant shall be interpreted as if such provision(s) were so excluded and shall be enforceable
in accordance with its terms.

 

10.5         Successors
and Assigns. Neither this Warrant nor any rights hereunder are transferable without the prior written consent of the
Company. Notwithstanding the foregoing, the Holder shall be permitted to transfer this Warrant to any affiliate (as that term is
defined in the Securities Act of 1933, as amended) of the Holder. If a transfer is permitted pursuant to this Section, the transfer
shall be recorded on the books of the Company upon the surrender of this Warrant, properly endorsed, to the Company at its principal
offices, and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. In the event
of a partial transfer, the Company shall issue to the holders one or more appropriate new warrants. Subject to the foregoing, the
provisions of this Warrant shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators
of the Company and the Holder.

 

10.6         Delays
or Omissions. No delay or omission to exercise any right, power, or remedy accruing to the Holder, upon any breach or default
of the Company under this Warrant shall impair any such right, power, or remedy of the Holder nor shall it be construed to be a
waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring;
nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default therefore or thereafter
occurring. Any waiver, permit, consent, or approval of any kind or character on the part of the Holder of any breach or default
under this Warrant or any waiver on the part of the Holder of any provisions or conditions of this Warrant must be made in writing
and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Warrant or by
law or otherwise afforded to the Holder, shall be cumulative and not alternative.

 

10.7         Titles
and Subtitles. The titles of the paragraphs and subparagraphs of this Warrant are for convenience of reference only and are
not to be considered in construing this Warrant.

 

    	 	5	 

     

    

 

10.8         Construction.
The language used in this Warrant will be deemed to be the language chosen by the parties to express their mutual intent and no
rules of strict construction will be applied against any party.

 

10.9         Governing
Law. THIS WARRANT SHALL BE GOVERNED IN ALL RESPECTS BY THE LAWS OF THE STATE OF NEW YORK AS SUCH LAWS ARE APPLIED TO AGREEMENTS
BETWEEN NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK.

 

[Remainder of page intentionally
left blank]

 

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IN WITNESS WHEREOF,
BioHiTech Global, Inc. has caused this Warrant to be executed by its officer thereunto duly authorized.

 

	BIOHITECH GLOBAL, INC.	 
	 	 
	By:	 	 
	 	Name:	Brian C. Essman	 
	 	Title:	Chief Financial Officer and Treasurer	 

 

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NOTICE OF EXERCISE

 

	TO:	BioHiTech Global, Inc.
	 	80 Red Schoolhouse Road, Suite 101
	 	Chestnut Ridge, NY 10977
	 	Attn: Secretary

 

The undersigned hereby elects to purchase
_______shares (the “Shares”) of the Common Stock of BioHiTech Global, Inc. pursuant to the
terms of the attached Warrant and tenders herewith payment of the purchase price in full.

 

Please issue the Shares, including in certificated form
with appropriate restrictive legends, if applicable, in the name of the undersigned or in such other name as is specified below:

 

________________________

(Print Name)

 

	Address: 	 	 
	 	 
	 	 
	 	 
	 	 

 

The undersigned confirms that the undersigned is an “accredited
investor” within the meaning of Rule 501 of Regulation D under the Securities Act of 1933, as amended, and that the Shares
are being acquired for the account of the undersigned for investment only and not with a view to, or for resale in connection with,
the distribution thereof, and that the undersigned has no present intention of distributing or selling the Shares.

 

	 	 	 
	(Date)	 	(Signature)
	 	 	 
	 	 	 
	(Print Name)	 	 

 

    	 	8Exhibit

Exhibit 10.1
TERMS AND CONDITIONS
PERFORMANCE STOCK OPTIONS
under
COTY INC. EQUITY AND LONG-TERM INCENTIVE PLAN
This instrument (this “Terms and Conditions”) evidences the grant effective on the date set forth in the Participant’s individual compensation letter (the “Grant Date”) of an award of a Performance Stock Option by Coty Inc., a Delaware corporation (the “Company”). Any term capitalized but not defined in these Terms and Conditions will have the meaning set forth in the Coty Inc. Equity and Long-Term Incentive Plan, as amended (the “Plan”).
		
	1.
	Option Grant. In accordance with the terms of the Plan and subject to these Terms and Conditions, the Company hereby grants to the Participant as of the Grant Date an option (the “Option”) to purchase all or any part of an aggregate of the number of Shares set forth in the Participant’s individual letter (the “Option Shares”). This award is subject to cancellation if the Participant has not executed the Company’s Restricted Covenants Agreement. This Option is a nonqualified stock option and is not intended to be an incentive stock option within the meaning of Code Section 422.

		
	2.
	Exercise Price.  The Exercise Price of the Option will be the closing price of Company Shares as of the Grant Date.

		
	3.
	Vesting and Exercisability of Option.  The Participant may exercise this Option only after it has become vested and exercisable in accordance with the following:

(a)Earned Option.  The Option shall become earned (“Earned”) upon the achievement of the performance condition set forth on Schedule 1 attached hereto.  Any portion of the Option that is not Earned shall be forfeited and cancelled for no consideration in accordance with Schedule 1.  
(b)Vesting.  Any portion of the Option that is Earned shall vest and become exercisable on the fifth (5th) anniversary of the Grant Date, subject to the Participant’s continuous employment by the Company or an Affiliate through such date.
(c)Change in Control.  If, within twelve (12) months following a Change in Control that occurs after the filing date of the Form 10-K for the fiscal year ending June 30, 2021  (the “FY2021 10-K”), (i) the Participant is terminated by the Company or an employing Affiliate without Cause or (ii) the Participant resigns from the Company or an employing Affiliate for Good Reason, any outstanding Option shall vest and become exercisable.
		
	4.
	Option Expiration.  The Option will expire on the tenth anniversary of the Grant Date (the “Expiration Date”).  In no event may the Option be exercised after the Expiration Date.

1

		
	5.
	Transferability of Option.  

(a)General. Except as provided in paragraph 5(b), (i) no Option granted under the Plan and these Terms and Conditions may be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than by will or the laws of descent and distribution and (ii) the Option shall be exercisable during the Participant’s lifetime only by the Participant or his or her guardian or legal representative.  The Committee may, in its sole discretion, require the Participant’s guardian or legal representative to supply it with the evidence the Committee deems necessary to establish the authority of the guardian or legal representative to act on behalf of the Participant.
(b)Successor Obligations. Subject to applicable law, a vested Option may be transferred to any Successor.  Such transferred Option may not be further sold, transferred, pledged, assigned or otherwise alienated by the Successor without the consent of the Committee and shall be subject in all respects to the terms of these Terms and Conditions and the Plan.  For a transfer to be effective, the Successor shall promptly furnish the Company with written notice thereof and a copy of such other evidence as the Committee may deem necessary to establish the validity of the transfer and the acceptance of the Successor of the terms and conditions of the Plan.
		
	6.
	Exercise of Option.

(a)Notice of Exercise.  After the Option has become vested, and while it remains exercisable in accordance with the terms of these Terms and Conditions, the Participant may exercise the Option in whole or in part on any Exercise Date permitted under Section 16.6 of the Plan (Securities Law Compliance) by delivering a signed, written exercise notice to the Company.  The notice shall indicate the number of Shares being purchased.  The Option must be exercised as to a whole number of Shares.  
(b)Payment of Exercise Price. The Participant must pay the Exercise Price of the Option at the time of exercise as follows:  (i)  in cash or by check payable to the order of the Company; (ii) by means of a cashless exercise procedure approved by the Committee or its designee; or (iii) any combination of the foregoing. 
(c)Withholding Obligation.  The withholding obligation upon the Participant’s exercise of the Option must be satisfied by paying the amount of required withholding to the Company.  If the Participant does not pay the amount of required withholding to the Company, the Company will withhold from the Shares delivered to the Participant an amount of funds required to cover any Withholding Tax at the maximum statutory rates in the applicable jurisdiction(s) incurred by reason of such exercise of the Option.
(d)Use of Shares.  Shares used to satisfy the Exercise Price and/or any required withholding tax will be valued at their Fair Market Value, determined in accordance with the Plan.

2

(e)Condition of Transfer.  The Company will issue no Shares pursuant to the Option before the Participant has paid the Exercise Price and any withholding obligation in full.
		
	7.
	Termination of Service.  Upon termination of Service with the Company or an Affiliate, the Participant’s right to exercise any Option will be subject to the following rules:

(a)Retirement, Disability or Death. In the event a Participant’s Service terminates after the filing date of the FY2021 10-K by reason of Retirement, Disability or death:
(i)A portion of the Option equal to the product of (x) the then outstanding portion of the Option, and (y) the Applicable Fraction, shall immediately become vested and exercisable.
(ii)The portion of the Option that is vested (whether by application of paragraph 7(a)(i) above or otherwise) on the date the Participant terminates Service due to Retirement, Disability or death shall remain exercisable through the second (2nd) anniversary of the filing date of the Participant’s termination of Service or, if earlier, the Expiration Date, and shall thereafter expire.
(iii)Any unvested portion of the Option as of the filing date of termination (other than any portion thereof that becomes vested pursuant to Section 7.1(a) of the Plan) shall be forfeited and cancelled, without consideration, on the date of the Participant’s termination of Service.
(b)Other Termination of Service.  Except as provided in paragraph 3(c), if the Participant’s Service terminates (x) on or prior to the filing date of the FY2021 10-K or (y) after the filing date of the FY2021 10-K for any reason other than Retirement, Disability or death:
(i) Any unvested portion of the Option as of the date of termination shall be forfeited and cancelled on the date of termination; and
(ii)The vested portion, if any, of the Option shall remain exercisable through (i) the ninetieth (90th) day after the Participant’s termination of Service, if the ninety (90) day period commences in an open trading window, or (ii) if the ninety (90) day period commences in a closed trading window, the ninetieth (90th) day commencing from the first day of the next open trading window. Any vested Option remaining outstanding after such date shall thereafter expire.
		
	8.
	Plan and Terms and Conditions Not a Contract of Employment or Service.  Neither the Plan nor these Terms and Conditions are a contract of employment or Service, and no terms of the Participant’s employment or Service will be affected in any way by the Plan, these Terms and Conditions or related instruments, except to the extent specifically expressed therein.  Neither the Plan nor these Terms and Conditions will be construed as conferring any legal rights on the Participant to continue to be employed 

3

or remain in Service with the Company, nor will it interfere with any Company party’s right to discharge the Participant or to deal with him or her regardless of the existence of the Plan, these Terms and Conditions or the Option.
		
	9.
	Participant to Have No Rights as a Shareholder.  Before the date as of which the Participant is recorded on the books of the Company as the holder of any Option Shares, the Participant will have no rights as a shareholder with respect to those Shares.

10.Securities Law Requirements. 
(a)If at any time the Committee determines that issuing Option Shares would violate applicable securities laws, the Company will not be required to issue such Option Shares.  The Committee may declare any provision of these Terms and Conditions or action of its own null and void, if it determines the provision or action fails to comply with the short-swing trading rules.  As a condition to exercise, the Company may require the Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.
(b)No Person who acquires Option Shares under this Agreement may sell the Option Shares, unless they make the offer and sale pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”), which is current and includes the Option Shares to be sold, or an exemption from the registration requirements of the Securities Act.
		
	11.
	No Limitation on Rights of the Company.  The grant of the Option does not and will not in any way affect the right or power of the Company to make adjustments, reclassifications or changes in its capital or business structure, or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets.

		
	12.
	Notice.  Any notice or other communication required or permitted under these Terms and Conditions must be in writing and must be delivered personally, sent by certified, registered or express mail, or sent by overnight courier, at the sender’s expense.  Notice will be deemed given when delivered personally or, if mailed, ten (10) days after the date of deposit in the United States mail or, if sent by overnight courier, on the regular business day following the date sent.  Notice to the Company should be sent to:

Coty Inc.
350 Fifth Avenue, 17th Floor
New York, New York 11016
Attention: Chief Legal Officer
Notice to the Participant should be sent to the address on file with the Company.  Either party may change the Person and/or address to which the other party must give notice under this paragraph 12 by giving such other party written notice of such change, in accordance with the procedures described above.

4

		
	13.
	Successors. All obligations of the Company under these Terms and Conditions will be binding on any success to the Company, whether existence of the of the successor results from a direct or indirect purchase of all or substantially all of the business of the Company, or a merger, consolidation, or otherwise.

		
	14.
	Governing Law.  To the extent not pre-empted by federal law, these Terms and Conditions will be construed and enforced in accordance with, and governed by, the laws of the State of New York, without giving effect to its conflicts of law principles that would require the application of the law of any other jurisdiction.

		
	15.
	Plan Document Controls.  The rights granted under these Terms and Conditions are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in these Terms and Conditions.  If the terms of these Terms and Conditions conflict with the terms of the Plan document, the Plan document will control.

		
	16.
	Amendment of these Terms and Conditions.  These Terms and Conditions may be amended (i) unilaterally by the Committee to the extent provided under the Plan, including pursuant to Section 15.2, or in the reasonable discretion of the Committee in order to adjust the targets for, and/or the calculation (or definition) of, Fixed Costs as a Percentage of Net Revenues in connection with acquisitions, divestitures and brands or lines of business discontinuations or (ii) by a written instrument signed by both parties.

		
	17.
	Entire Agreement.  These Terms and Conditions, together with the Plan, constitutes the entire obligation of the parties with respect to the subject matter of these Terms and Conditions and supersedes any prior written or oral expressions of intent or understanding with respect to such subject matter.

		
	18.
	Administration.  The Committee administers the Plan and these Terms and Conditions.  The Participant’s rights under these Terms and Conditions are expressly subject to the terms and conditions of the Plan, including any guidelines the Committee adopts from time to time.  The Participant hereby acknowledges receipt of a copy of the Plan.

		
	19.
	Waiver.  No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof.  Any such waiver by a party shall be valid only if set forth in writing by such party.

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5

[ Schedule 1 ]

6

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