Document:

Amendment to Employment Letter Agreement, effective as of December 3,2008

 Exhibit 10.34 
 [Avon Products, Inc. letterhead] 
 November 7, 2008 
 Mr. Charles Cramb 
 Avon Products, Inc. 
 1345 Avenue of the Americas 
 New York, N.Y. 10105-0196 
 Dear Chuck: 
 Reference is made to your employment letter agreement with Avon Products, Inc. (“Avon”) dated
November 9, 2005 (the “Employment Letter Agreement”). In order to comply with final regulations issued under Section 409A of the Internal Revenue Code (“Section 409A”) and to avoid unfavorable tax treatment to you,
certain amendments are required to be made to the Employment Letter Agreement. For this purpose, you and Avon have agreed to amend the Employment Letter Agreement in accordance with the terms of this letter. You acknowledge that the consideration
supporting the amendments made by this letter includes, without limitation, the mutual promises set forth herein to avoid unfavorable tax treatment for you under Section 409A. 
 Addition of Six-Month Wait for Severance Benefits. Pursuant to the terms of the Employment Letter Agreement, if your employment is terminated by Avon other than for cause, or if, during the three-year period
following a “Change of Control,” you terminate your employment under certain circumstances, you become entitled to severance payments in the form of continued base salary payments as well as the continued provision of certain benefits
beyond your separation from service (the “Severance Package”). If you become entitled to the Severance Package, then, to the extent that any portion of the Severance Package constitutes an amount payable or benefit to be provided under a
“nonqualified deferred compensation plan” (as defined in Section 409A) following a “separation from service” (as defined in Section 409A) and which is not exempt from Section 409A, and since you are a
“specified employee” (as that term is defined in Section 409A), notwithstanding any other provision in the Employment Letter Agreement or this letter to the contrary, such payment or benefit provision will not be made to you during
the six-month period immediately following your “separation from service” date. Instead, on the first day of the seventh month following such “separation from service” date, all amounts that otherwise would have been paid or
provided to you during that six-month period, but were not because of this provision, will be paid or provided to you on the first day of the seventh month following your “separation from service” date, with any cash payment delayed during
such six-month period to be made in a single lump sum. 

 Rules for Continued Benefits and Perquisites. If you become entitled to continued benefits and/or perquisites from
Avon beyond the date that you separate from service from Avon, then, in addition to being subject to the other provisions of this letter, such continued benefits and/or perquisites will also be subject to the following rules: (a) to the extent
that any such benefit or perquisite is provided via reimbursement to you, Avon must provide the reimbursement no later than the end of the year following the year in which the underlying expense is incurred, (b) the amount of any such benefit
or perquisite provided by Avon in any year will not be affected by the amount of such benefit or perquisite provided by Avon in any other year, and (c) under no circumstances will you be permitted to liquidate or exchange any such benefit or
perquisite for cash or any other benefit. 
 Executive Severance Summary. An Executive Severance Summary was attached to the Employment Letter
Agreement, for which clarifying changes are necessary due to Section 409A and other tax law changes affecting qualified retirement plans, including: 
  

	(a)	inserting Section 409A’s six-month wait for severance benefits (cash and perquisites, but excluding health insurance) provided to “specified employees”;
providing that deferrals and payments under Avon’s Deferred Compensation Plan will be governed by the terms of the Plan, as amended to comply with Section 409A; and limiting the end of the exercise period for any stock option to a date no
later than the original expiration date of such option, which is required in order to maintain the stock option’s exemption from Section 409A’s rules; and 

  

	(b)	eliminating the right to defer severance payments to, and limiting the crediting of severance pay and severance periods under, Avon’s tax-qualified retirement plans.

 You agree that the payments and benefits to which you are entitled under the Executive Severance Summary will be those to which you are
entitled under the terms of Avon’s severance pay plan and other benefit programs as in effect from time to time, provided that in no event shall the amount of your severance payments, as set forth in the Executive Severance Summary, be reduced
to below twenty-four (24) months at your base salary in effect upon your “separation from service” date. 
  

 2 

 Please sign below to acknowledge your agreement to the terms of this letter and the amendments made by this letter to the
Employment Letter Agreement, and return this letter to me. 
  

	
	Sincerely,
	
	 AVON PRODUCTS, INC.

	
	 By: /s/ Kim K.W. Rucker

	 Name: Kim K.W. Rucker

	 Title: Senior Vice President and General Counsel

 Acknowledged and agreed: 
  

			
	 /s/ Charles Cramb        
	 	 12/3/08

	 Charles Cramb
	 	Date

  

 3Employment Letter Agreement, dated as of November 18, 2005

 Exhibit 10.37 
 [Avon Products, Inc. letterhead] 
  

			
	Lucien Alziari	 	
	Senior Vice President	 	
	Human Resources	 	
		 	
		
		 	
		 	
		 	

 November 18, 2005 
 Mr. Charles M. Herington 
 [home address] 
  
 Dear Charles: 
 We are pleased to offer you the position of Senior Vice
President and President-Latin America, reporting to Susan Kropf. 
 You will be paid a base salary in bi-weekly installments at an annualized rate of
$500,000 per year. Although this salary is quoted on an annual basis, it does not imply a specific period of employment. Your next salary review will be April 2007 based on our common salary review for all employees. 
 You will receive a $150,000 sign-on bonus. As discussed, we are anticipating that your current employer will pay your 2005 bonus in early 2006. In the event that this is
not forthcoming, we will reimburse you up to a maximum of $465,000, which would include the $150,000 sign-on. 
 You will also be eligible for the
Company’s Management Incentive Plan (“MIP”) with an annual “target” of 65% of earned base salary, and the opportunity for a maximum payout of 200% of target. Your annual MIP bonus will be largely determined by the degree of
achievement of pre-established performance objectives for Global executives for the year in question. However, for 2006, you will have a minimum guaranteed award of 32.5% of earned base salary, to be paid in February 2007. 

 Charles Herington 
 November 18, 2005 
 Page 2 
  

 It is our intent to recommend to the Compensation Committee of the Board that you be eligible to participate in the
Long Term Incentive Plan (LTIP). We will recommend that the total 2006 LTIP award equal $800,000, which is a 160% target. The company cannot guarantee the format of this award since the Long-Term Incentive Plan is currently under review. However, it
is expected that your equity mix will contain both stock options and restricted stock units (using an exchange ratio). We commit that your long-term compensation will continue to be at least comparable to that of similarly situated executives.

 It is our intent to recommend to the Compensation Committee of the Board of Directors that you receive a grant of 7,500 restricted stock units soon after
your start date. 
 We will also recommend that you be a participant in the 2005 - 2007 Performance Cash Plan with a 3-year target award of approximately
$500,000 (pro-rated for the time in plan) that will be paid out at the end of the performance period, based on the achievement of the preset 3-year performance goals. 
 As a senior executive of Avon, you will need to adhere to stock ownership guidelines mandated by the Board of Directors, which encourage executive share ownership. You will be required to own Avon stock equal to two
times base salary in five years from the date of hire. The ownership guidelines align executive interests with those of shareholders and are consistent with best practices among high-performing companies. 
 You will be eligible to participate in Avon’s Deferred Compensation Plan. We will forward the brochure and enrollment forms to you in due course. 
 You will be eligible to participate in all of the benefit programs in which similarly situated executives participate. Accordingly, you will be eligible for our flexible
benefits programs and Avon’s Personal Savings Account (Avon’s 401(k) Plan) on your date of hire. Also, we will automatically open a Personal Retirement Account for you after you complete one year of service. This is a cash balance pension
account designed to provide you with a source of retirement income if you should leave Avon at any 

 Charles Herington 
 November 18, 2005 
 Page 3 
  

 time after becoming vested. (After you complete one year of service, your opening balance in this account will be
calculated retroactive to your date of hire.) Under the SupplementaI Life Insurance Plan (SLIP), you are entitled to death benefit coverage of $500,000. These benefits begin on your first day of employment or as soon thereafter as possible, subject
to Enrollment requirements. You will be eligible for four weeks of vacation, which is more than our policy based on years of service. If you leave Avon’s employment you will be paid any vacation earned until the termination date. 
 You will be eligible for a 3-year leased car with a $35,000 sticker price. Avon will cover insurance, maintenance and gasoline for this car, or an annual flexible
allowance of $9,250 if you choose not to lease an automobile. You will also be entitled to reimbursement of annual tax preparation assistance and financial planning up to a maximum of $12,500 per year. You will be eligible for the home security
system and personal automobile and excess liability insurance programs. In addition, you will eligible for an annual executive health examination. 
 In the
event of involuntary termination (except for cause) we are guaranteeing a severance of wage continuation for 24 months at the base salary in effect at the time of termination in addition to the other payments and benefits described in the attached
Executive Severance Summary. 
 Your employment at Avon is contingent upon your passing a satisfactory background investigation, reference checks, compliance
with the Immigration Law, passing a drug screening test and satisfaction of routine pre-employment and post-employment contingencies. As you may be aware, Immigration Law requires that Avon verify the employment authorization status of all new
employees. Therefore, on your first day you will be asked to provide documents, which establish your identity and employment eligibility. We will forward a list of acceptable documents for verification purposes in due course. 
 Avon maintains a drug free work environment and requires that all new hires pass a drug screen as a condition of employment. The drug test will be scheduled as
appropriate after accepting this offer. The results of this test must be received prior to your date of employment; you should allow 3-4 business days for the results to be processed. 

 Charles Herington 
 November 18, 2005 
 Page 4 
  

 We will forward to you additional new hire information, which you will need to complete and bring with you on your
first day, which I hope will be in March, 2006. I very much look forward to your joining Avon and we are confident your career at Avon will be rewarding. If you have any questions, please feel free to call me at (212) 282-5132. 
  

			
	 Sincerely,
	  	
		
	 /s/ Lucien Alziari
	  	

 Enclosure. 
 Accepted
and agreed to: 

			
		
	 /s/ Charles Herington
	  	 Nov. 21, 2005

	Name	  	Date

 Avon Products, Inc. 
 Executive Severance Summary 
 Charles Herington 
 Compensation Programs 
  

			
	Severance	  	Wage continuation for 24 months at the base salary in effect at time of termination
		
	 MIP
	  	Must be on active payroll August 1 to receive a pro-rated payment. Awards are not paid for time on salary continuation. (No payment in case of voluntary resignation.)
		
	 Stock Options (LTIP)
	  	Stock options continue to vest during the salary continuation period. Have 90 days from final termination to exercise vested options.
		
	 Deferred Compensation
	  	 Payout commences January following termination / end of severance period.
  
 Not eligible to defer base salary while on severance.
  
 Not eligible to defer bonuses while on severance.
  
 Excess 401(k) can be deferred while on severed status provided election is on file. Once payout
commences, deferrals cease.

 Benefit Programs 
  

			
	Pension / Cash Balance Retirement	  	Severance pay counts towards eligible earnings provided it is paid in installments.
		
	 401 (k) Contributions
	  	Severance pay counts towards eligible earnings provided it is paid in installments.
		
	 Health & Welfare Benefits (Medical/Dental/Life)
	  	Continue during salary continuation.
		
	 Disability (Short-Term & Long-Term)
	  	 Discontinued as of the last day of active employment.
 (Cannot participate in STD & LTD while on severance.)

		
	 Employee Assistance Program
	  	Continue during salary continuation.

 (Cont’d) 

 Executive Perquisite Programs 
  

			
	Company Car	  	Continue lease for 3 months after last day of active employment with option to purchase car. Employee responsible for all operating and maintenance expense for the 3 months.
		
	 Financial Planning
	  	Financial planning and Tax Prep perquisite continued through the calendar year in which the Salary Continuation expires.
		
	 Supplemental Lift Insurance (SLIP)
	  	Coverage terminates at the end of the salary continuation period.
		
	 Home Security
	  	This benefit ceases at the end of the annual contract following your last day of active employment.
		
	 Personal Auto & Excess Liability Insurance
	  	Policy will end on last day of active employment.
		
	 Executive Health Exam
	  	Participation in program continues for 3 months after last day of active employment.

 Additional Policy Considerations 
  

			
	Non-Compete Agreement	  	Including but not limited to: Amway, Sara Lee, Tupperware, Unilever, Cosmair, L’Oreal, Mary Kay, Estee Lauder, Revlon, Procter & Gamble, Benckiser, Gryphon, Alticor, Jafra, Limited
Brand, Natura, O’Botacario, Oriflame, Herbalife, NuSkin or any affiliates of companies listed above.
		
	 Signed Release
	  	Required of all severed associates. If release is not signed, associate is only entitled to 3 weeks severance.
		
	 Outplacement
	  	6 months with 6 one-month extensions as needed.
		
	 Voicemail
	  	Discontinue on last day of employment.
		
	 E-Mail
	  	Discontinue on last day of employment.

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