Document:

Exhibit 10.21

 

EMPLOYMENT AGREEMENT

 

Between

 

Coty Inc,

hereinafter: the “Company”

 

And

 

Sergio Perdreiro

Domiciled at rue Pedro Muraro 55, Casa 8

Curitiba, PR, 82030-620

Brazil

 

hereinafter: the “Employee”

 

	Preamble	1
	 	 
	1.	Employment, Description of Scope	1
	 	 	 
	2.	Additional Responsibilities, Directorships, Offices	1
	 	 	 
	3.	Compensation	2
	 	 	 
	4.	Benefits	2
	 	 	 
	5.	Termination	3
	 	 	 
	6.	Inventions, Industrial Rights	4
	 	 	 
	7.	Code of Business Conduct, Confidentiality	5
	 	 	 
	8.	General	5

    	 

    	

    

Preamble

 

The Company, Coty Inc., (“Coty”) has its head
offices at 2 Park Avenue, New York, NY 10016.

 

	1.	Employment, Description of Scope

 

	1.1	The Employee shall start employment with the Company as of February 1, 2009. The employment
shall be for an indefinite period. The Employee confirms that Employee is not bound by any non-competition restrictions or other
understanding preventing Employee from entering into this Agreement.

 

	1.2	The Employee shall act as Chief Financial Officer. The full description of this role is as
described in the conversations between the Employee and the Company. The Company reserves the right to transfer the Employee to
another comparable position according to Employee’s professional qualifications. In performing his duties the Employee shall
comply with all local laws, the articles of association, the by-laws of the Company and resolutions of the Company’s Board,
The Employee shall be a regular member of Coty Executive Committee and report to the Chief Executive Officer of Coty. In the execution
of the Employee’s duties, the Employee shall follow Company and Coty policies.

 

	1.3	The Employee’s authority to represent the Company is governed by the by-laws of the Company,
as well as specific directions given to the Employee by the Company’s Board, and by Employee’s business leader.

 

	1.4	The Employee will coordinate his activities with the appropriate divisions, departments and
companies within Coty, as designated by his business leader. The Employee may also in appropriate circumstances report to members
of Coty in addition to normal reporting lines existing within the Company.

 

		If there are conflicting instructions at Company and Coty level, the Employee will contact
                                                                           the next higher level within Coty in order to have the conflict resolved.
	 	 
	 	All personnel matters with respect to the Employee
are exclusively handled by the Company which will coordinate internally with Coty.

  

	1.5	The place of employment shall be the Company’s office at Two Park Avenue, New York, NY,
USA provided, however, that within the normal course of his duties the Employee may be required to travel extensively and that
Employee may be requested to relocate in accordance with the Company’s needs or as directed by Coty.

 

	2.	Additional Responsibilities, Directorships, Offices

 

	2.1	The
employment is on full-time basis; the Employee may, however, be requested by the Company to take additional responsibilities such
as directorships on the Boards of Companies belonging to Coty or as representative on industry panels etc. The Employee agrees
to accept such additional responsibilities without additional compensation except for nominal compensation as may be required
under local laws, in which case it shall be deducted from Employee’s base salary, and travel expenses.

    	1

    	

    

	2.2	Coty may, without an obligation to do so, offer the employee to take over a directorship in
one or more companies of Coty or offer or encourage the Employee to accept a position in an outside organization such as an industrial
association. In such case, the Employee will represent the Interests of Coty within that company or organization in addition to
his obligations under the present Employment Agreement. Should a conflict arise between the Employee’s obligations to the
Company and his other directorship(s) the Employee will advise Coty accordingly.

 

	2.3	The Employee hereby agrees to resign, without delay and without right of retention, from all
directorships or other offices (as outlined in the preceding paragraph) whenever so directed by the Company and/or Coty and immediately
so upon termination of Employee’s work duties for the Company unless expressly provided otherwise in writing. Any shares
in the affiliates of the Company held by the employee, at Coty’s or the Company’s direction, shall be transferred immediately,
whenever and as the Company Or Coty directs and upon termination of Employee’s work duties.

 

	2.4	The Employee may serve on the board of other civic, charitable and corporate entities and manage
his personal investments and affairs, provided such activities do not interfere with the Employee’s duties and responsibilities
and do not provide additional revenues to the Employee except for nominal compensation as may be required under local laws.

 

	3.	Compensation

 

	3.1	The Employee shall receive a basic annual gross salary of 450,000 USD (four hundred and fifty
thousand dollars) which shall be payable in 24 equal installments subject to the deduction of statutory charges, such as tax, social
security, and health insurance (where applicable). The Company may decide to change the intervals of payment by introducing weekly
or bi-weekly payment or in any other intervals, at the Company’s discretion and if permitted by local laws. The annual salary
shall be reviewed in regular annual intervals. Next salary review shall occur in July 2010.
	 	 
	 	The Employee acknowledges that- the salary payable
under the preceding paragraph has been determined In light of overtime which may be incurred from time to time by the employee
and is inclusive of any additional compensation due in consideration for such overtime under local laws.

  

	3.2	In addition to annual base salary the Employee shall be part of the Coty Annual Performance
Plan (“APP”) with a Target Award at 50 % (fifty percent) of Employee’s basic gross annual salary. Details of
the APP shall be communicated in separate documents.
	 	 
	 	The Employee shall participate in the Coty APP as
outlined therein. The Employee understands that the Coty APP is subject to review, amendment and termination by Coty In its sole
discretion at any time. The Employee shall have no vested right or expectancy to benefits which are modified or deleted in accordance
with the APP, and the amount, calculation and proportion of his award is not guaranteed by Coty or any entity of Coty, except as
provided in the APP.
	 	 
	 	In determining the Employee’s award, if any,
in the APP, Coty may consider the business results of the Company as well as other appropriate entities within Coty as provided
in the APP.

 

	4.	Benefits

 

	4.1	The Employee participates in the Company 401(k) Plan. Information regarding the US Company
Pension Plan has been provided to the Employee.

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	4.2	The Employee will participate in such of the Company’s Social Welfare Programs (health,
life, disability) in the same manner and to the same extent as other employees similarly situated.
	 	 
	 	In case of illness the Company will continue to pay
the base salary less such sums as the Employee is entitled to receive by way of statutory sick pay and any other sickness or invalidity
benefits from any local institution, public health insurance, or any other Insurance or scheme which is wholly or partly funded
by a Coty or Company scheme for the period of four weeks; after a period of employment of at least five years, the duration of
sick pay as outlined in the preceding sentence shall be 13 weeks.
	 	 
	 	In case of death the Company shall continue to pay
the base salary for a period of one (1) month following the month in which death occurred. This month’s base salary will
be paid to the Employee’s spouse or to his estate if the Employee is not survived by a spouse.

 

	4.3	The Employee shall be entitled to an annual vacation of 20 work days (work days being defined
as the regular office work days of the Company). Any vacation days which are not taken before the end of May of the following year,
regardless of reason not taken, shall be forfeited without compensation.
	 	 
	 	In planning vacation the Employee will duly consider
the business requirements of the Company and will coordinate vacation days with his immediate Supervisor.

 

	4.4	Any work related travel shall be subject to the Coty Travel Policy. All travel expenses must
be properly accounted for and documented and shall be filed for reimbursement without delay. Any request for reimbursement shall
be subject to local tax rules, the provisions of the Coty Travel Policy, and must first be approved by the Employee’s immediate
supervisor.

 

	4.5	The Employee is eligible to the Long Term Incentive Plan (LTIP) provided by Coty. All grants
are subject to the approval of the Board of Coty. Upon the start of his employment, the Employee shall receive an initial grant
of 50’000 options, which shall automatically vest after five years. Detailed information on this grant shall be provided
under separate cover. The grant is subject to the formal acceptance and signature by the Employee of the Confidentiality, Inventions
and Non Compete Agreement, a copy of which has been provided to the Employee.

 

	5.	Termination

 

	5.1	Either party may terminate this Agreement by six months written notice.
	 	 
	 	Should the Company terminate this Agreement without
Cause, the Employee shall receive a severance amounting to six (6) months base salary.
	 	 
	 	If local laws or collective bargaining agreements
require different notice periods or procedures, such practices shall be equally applicable to the termination by either party.
	 	 
	 	Any severance amounts paid shall be reduced by any
amounts paid during the notice period.

 

	5.2	For purposes hereof, “Cause” means a circumstance described as follows:
	 	 
	 	(i)          
a Participant’s willful and continued failure substantially to perform his duties
(other than as a result of total or partial incapacity due to physical or mental illness or as a result of termination by such
Participant for Good Reason) which failure continues for more than 30 days after receipt by the Participant of written notice setting
forth the facts and circumstances identified by the Company as constituting adequate grounds for termination under this clause,

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		(ii)     any willful act or omission by a Participant
                                                                                                                                  constituting dishonesty, fraud or other malfeasance, and any act or omission by a Participant constituting immoral conduct,
                                                                                                                                  which in any such case is injurious to the financial condition or business reputation of the Company or any of its
                                                                                                                                  Affiliates,

 

		(iii)    a
                                             Participant’s indictment for a felony under the laws of the United States or any state thereof or any other
                                             jurisdiction in which the Company conducts business, or

 

	 	(iv)        a
Participant’s breach of any restrictive covenants by which he or she is bound.
	 	 
	 	For purposes of this definition, no act or failure
to act shall be deemed “willful” unless effected by a Participant not in good faith and without a reasonable belief
that such action or failure to act was in or not opposed to the Company’s best interests.
	 	 
	5.3	In the event the Company terminates this Agreement with Cause, the Company may decide to terminate
the Agreement without notice period immediately, without liability for compensation or damages.

 

	5.4	If this Agreement is terminated by notice of either party, the Company may release the Employee
from his work duties at any time, including, but not limited to, the request that the Employee takes annual vacation in accordance
with local laws, provided that all other provisions of this Agreement continue to be in effect, including the payment of compensation
until the termination becomes effective and that the Employee shall continue to receive his compensation as provided in this Agreement.

 

	5.5	Upon terminating his employment for any reason or whenever so directed by the Company or Coty,
the Employee will return any documents, papers, drawings, plans, diskettes, tapes, data, manuals, forms, notes, tables, calculations,
reports, or other items which Employee has received, or in or on which Employee has stored or recorded Company or Coty data or
information, in the course of his employment as well as all copies and any material into which any of the foregoing has been incorporated
and any other Company or Coty property which may be in his possession or control, to the Company or to such entity as Coty may
direct, without right of retention.

 

	6.	Inventions, Industrial Rights

 

		The Employee shall disclose promptly to the Company any invention, patentable or
                                                                          otherwise, which during the term of employment and within one (1) year thereafter previously has been or may be hereafter
                                                                          conceived, developed or perfected by the Employee, either alone or jointly with another or others, and either during or
                                                                          outside employment, and which pertains to any activity, business, process, equipment, material, product, system or
                                                                          service, in which the Company has any direct or indirect interest whatsoever.

		 

		All right, title and interest in and to such inventions shall belong to the company which has
                                                                           employed the Employee at the time the invention was made, unless statutory local law provides otherwise. To the extent that
                                                                           statutory law applicable to such Inventions provides for mandatory compensation, the Company and Coty are entitled to
                                                                           consider the payment of such separate compensation in determining the Employee’s share in any bonus scheme, such as the
                                                                           Coty Long-Term incentive Plan or the Coty APP.

		 

		The provisions of the preceding paragraph shall apply similarly to any other industrial or
                                                                           intellectual property rights which the Employee creates as part of his employment with any entity of Coty. Local laws
                                                                           notwithstanding, the Employee will offer the exclusive right to use the invention and/or right to Coty. The Employee will
                                                                           reasonably cooperate with any Coty entity in any filings it makes regarding such inventions and/or rights.

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	 	The right to use any software or other computer programs prepared or amended by the Employee
                                                                           shall be transferred exclusively to the Company. The right to use shall be unlimited and includes the right to reproduce,
                                                                           amend or change the software or to transfer such rights to third parties. Compensation for the transfer of these rights shall
                                                                           be included in and covered by the Employee’s base salary, To the extent that statutory law requires
                                                                           separate compensation, Coty Is entitled to consider the payment of such separate compensation in determining the
                                                                           Employee’s share in the Coty APP or Coty’s Long-Term Incentive Plan. The Employee expressly waives any right to
                                                                           receive the original or copies, including author’s copies, of such software or programs.

		 

	 	The provisions of this article shall survive the term of this Agreement and shall be binding
                                                                           upon the Employee’s executors, administrators or assigns, unless waived in writing by the Company or Coty.

 

	7.	Code of Business Conduct, Confidentiality

 

	 	The Employee will comply with Coty Code of Business Conduct, a summary of which has been provided to the Employee.
	 	 
	 	The Employee shall not disclose, directly or indirectly, during or any time following employment, to others or use for Employee’s own benefit or for the benefit of others and agrees to keep strictly confidential all information concerning the Company or any other entity within Coty except:
	 	 
	 	(i)           As such disclosure or use shall have been approved in advance by the Company or Coty;
	 	 
	 	(ii)         As such disclosure or use may be required or appropriate in connection with the Employee’s work as an employee of the Company or any other entity within Coty;
	 	 
	 	(iii)       When required to do so by a court of law, by any governmental agency having supervisory authority over the business of the Company or any other entity within Coty or by any administrative or legislative body (including a committee thereof) with apparent jurisdiction to order the Employee to divulge, disclose or make accessible such information;
	 	 
	 	(iv)       As to such confidential information that becomes generally known to the public or trade.
	 	 
	 	This duty of confidentiality applies in addition to all applicable laws regarding the protection of trade secrets and includes, but is not limited to, any internal papers and documents, business secrets or know-how, proprietary information, business or marketing plans, cost calculations, financial or other data, profit plans, inventions, discoveries, processes, drawings, notes, customer or supplier information and any other internal information which the Employee has received, used, observed, been exposed to or had access to in the course of his employment with an entity of Coty.

 

	8.	General

 

	8.1	This Employment Agreement relates only to the Employee’s employment with the Company.
Nothing within this Agreement shall be construed as to constitute an Employment Agreement with Coty or any of its entities, other
than the Company.

 

		This Agreement, including the revised offer letter dated November 18, 2008 and all documents
                                                                           expressly mentioned herein constitutes the full agreement; any verbal or prior agreements shall be null and void. Any
                                                                           amendments to this Agreement, including a change of this sentence, must be made in writing only and signed by the Employee
                                                                           and the Company. Any verbal assurances or agreements are not binding unless reduced to written form and signed by both
                                                                           parties.

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	8.2	The provisions of this Agreement shall be subject to the laws of the State of New York (USA)
without regard to its conflict of laws provisions.

 

	 	The Courts of USA shall have jurisdiction over all disputes arising out of or in reference to this Agreement, provided however that as to any claims or causes of action against Coty, the appropriate State and Federal courts located in New York, New York, shall have exclusive jurisdiction and venue and the parties hereby consent to such exclusive jurisdiction and venue. Unless otherwise prohibited by local laws, the parties agree that any damages shall be limited to actual damages and shall not include any special, punitive, consequential or similar damages.
	 	 
	 	The Employee shall be entitled to indemnification by the Company and Coty to the fullest extent permitted by their operating agreement and by-laws, respectively, subject to applicable law. Any expenses (including damages, losses, judgments, fines, penalties, settlements, costs, attorneys’ fees, and expenses of establishing a right to indemnification) that are subject to such indemnification and are or may be incurred in connection with a proceeding shall be paid by the Company within 30 days of a request by the Employee, which shall be accompanied by documentation substantiating such expenses.
	 	 
	 	Employee acknowledges and agrees that the Company and Coty have no adequate remedy at law for a beach or threatened breach of any of the provisions of the Confidentiality Agreement and Sections and, in recognition of this fact, Employee agrees that, in the event of such a breach or threatened breach, the Company and Coty will suffer irreparable harm that cannot be adequately compensated by money damages. Employee agrees that, in addition to any remedies at law, the Company and Coty shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. Nothing in this Agreement shall be construed as prohibiting the Company or Coty from pursuing any other remedies at law or in equity that it may have or any other rights that it may have under any other agreement. With respect to any breach or threatened breach of the Confidentiality Agreement and section 6 and 7 of this Agreement, Employee expressly waives the claim or defense that the Company has an adequate remedy at law, unless such waiver is prohibited by law, and expressly waives any requirement that the Company or Coty post bond or security prior to seeking equitable relief.

 

	8.3	Any grievance relating to employment should be referred to Employee’s Department Head.

 

	 	Headings used in this Agreement are meant to facilitate reading this Agreement and do not serve as definitions or interpretation of the respective provisions.
	 	 
	 	If one or more of the provisions of this Agreement is or becomes wholly or partly invalid or unenforceable, or if this Agreement fails to cover an issue which the parties would have covered had they thought of it at the time of the Agreement, such invalidity, unenforceability or missing provision shall not affect the validity of the remaining provisions of this Agreement. Such invalid, unenforceable or missing provision shall be replaced by a valid provision which best reflects the intentions of the parties to this Agreement in accordance with the valid provisions of this Agreement, applicable laws and the Company and Coty Policies referred to in this Agreement.
	 	 
	 	No provision of this Agreement shall be deemed waived and no breach shall be excused unless such waiver or consent is in writing and signed by the party claimed to have waived or consented.

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Any references to the masculine gender herein are for convenience
only.

 

New York, USA, November 18, 2008

 

	/s/
    Bernd Beetz	 	/s/
    Géraugo-Marie Lacassagne	 
	Bernd Beetz	 	Géraugo-Marie Lacassagne	 
	C.E.O.	 	SVP, Human Resources	 
		 	 	 
	/s/ Sergio Perdreiro	 	 	 
	Sergio Perdreiro	 	 	 

    	7Exhibit 10.22

EMPLOYMENT
AGREEMENT

(Hereinafter the “Agreement”)

 

Between

 

Coty Genève SA Versoix

A company incorporated under the laws of Switzerland

with its registered office at Chemin de la
Papeterie 1, 1290 Versoix, Switzerland

Hereinafter: the “Company”

 

And

 

Renato Semerari,

domiciled at 38, Avenue Blanc, 1202 Genève,
Suisse

Hereinafter: the “Employee”

 

	Preamble	1
	 	 	 
	1.	Employment, Description of Scope	1
	 	 	 
	2.	Additional Responsibilities, Directorships,
    OFFICES	2
	 	 	 
	3.	Compensation	2
	 	 	 
	4.	Benefits	3
	 	 	 
	5.	Termination	4
	 	 	 
	6.	Inventions, Industrial Rights	5
	 	 	 
	7.	Code of Business Conduct, Confidentiality	5
	 	 	 
	8.	Competition Restrictions	6
	 	 	 
	9.	General	6

    	 

    	

    

Preamble

 

The Company, Coty Genève SA is a direct
or indirect subsidiary of Coty Inc., (“Coty”) which has its head offices at 2 Park Avenue, New York, NY 10016.

 

Now therefore, the Parties agreed to the
following:

 

		1.	Employment, Description of Scope

 

		1.1	The Employee will be employed as Manager (“Directeur”) and in such quality he shall
be subordinated to the Board of Directors of the Company to which he will regularly report. The Employee may also be requested,
from time to time, to carry out special tasks in the framework of the operations of Coty, which request shall not affect his position
as Manager of the Company which shall prevail over any other activities.

 

The Employee shall start employment
with the Company as of August 1, 2012.

 

Seniority from any prior and continuously
employment within Coty is recognized by the Company for purposes of this position. Based on this recognition, the Employee’s
seniority date shall be deemed to be May 1, 2009

 

The employment is on full-time permanent
basis and shall be for an indefinite period.

 

The Employee confirms that he is not
bound by any non-competition or non-solicitation restrictions or other agreement preventing the Employee from entering into this
Agreement.

 

		1.2	The Employee, in particular, shall act as President, Coty Beauty, and as a member of Coty Executive
Committee. Without prejudice of sect. 1.1 the Employee shall also report to the Chief Executive Officer, Coty.

 

The Company reserves the right to
transfer the Employee to another position corresponding to the Employee’s professional qualifications.

 

In performing his Employee’s
duties, the Employee shall follow the Company and Coty policies and comply with all local laws, the articles of association, the
by-laws of the Company and resolutions of the Company’s Board.

 

		1.3	The Employee’s authority to represent the Company is governed by the by-laws of the Company,
as well as specific directions given to the Employee by the Company’s Board, and by the Chief Executive Officer, Coty. The
Company retains the right to appoint other representatives in addition to the Employee.

 

		1.4	The Employee will coordinate his activities with the appropriate divisions, departments and companies
within Coty, as designated by his business leader. The Employee may also be directed to report to members of Coty in addition to
normal reporting lines existing within the Company.

 

If there are conflicting instructions
at Company and Coty level, the Employee will contact the next higher level within Coty in order to have the conflict resolved.

 

All personnel matters with respect
to the Employee are exclusively handled by the Company which will coordinate internally with Coty.

 

		1.5	The place of employment shall be chemin de la Papeterie 1, 1290 Versoix, Switzerland - provided,
however, that within the normal course of his duties the Employee may be required to travel extensively and that the Employee may
be required to relocate in accordance with the Company’s needs and on a mutually agreed basis.

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		2.	Additional
                                                                                                                                                                                                            Responsibilities,
                                                                                                                                                                                                            Directorships

 

		2.1	The Employee may, however, be requested by the Company to take additional responsibilities such
as directorships on the Boards of Companies belonging to Coty. The Employee agrees to accept such additional responsibilities without
additional compensation except for nominal compensation as may be required under local laws. Those additional responsibilities,
however, will not affect or alter his position as Manager of the Company (as set in sect. 1.1) which is prevalent.

 

		2.2	Coty may, without an obligation to do so, offer or encourage the Employee to accept a position
in an outside organization such as an industrial association. In such case, the Employee will represent the interests of Coty within
that company or organization in addition to his obligations under the present Employment Agreement. The Employee agrees to accept
such additional responsibilities without additional compensation except for nominal compensation as may be required under local
laws. Those additional responsibilities, however, will not affect or alter his position as Manager of the Company (as set in sect.
1.1) which is prevalent.

 

Should a conflict arise between the
Employee’s obligations to the Company and his other directorship(s) the Employee will advise Coty accordingly.

 

		2.3	In performing his duties as a director or representative, the Employee will report to Coty or such
person as Coty may direct.

 

		2.4	Unless provided otherwise in writing, the Employee shall be obliged to and hereby agrees to resign
from any and all directorships, other offices or positions which he held with respect to or on behalf of any Coty Group company
(as outlined in paragraph 2.2 above) whenever so directed by the Company and/or Coty, and immediately upon termination of the employment,
and the Employee hereby waives any right of compensation or retention in connection with such directorship, other offices or positions.

 

Any share held by the Employee in
the affiliates of the Company shall be transferred immediately at Coty’s or the Company’s direction, and as the Company
or Coty directs and in any event upon termination of Employee’s work duties.

 

		2.5	The Employee shall devote all of his working hours and efforts to the Company’s business
and shall not, without the prior written approval of the Company and Coty Chief Executive Officer:

 

		(i)	hold any employment or business position outside the Company and Coty, irrespective of whether any remuneration is paid; or

 

		(ii)	directly or indirectly engage in any other business activity or otherwise conduct activities which may conflict with or may
have a detrimental effect on the Employee’s obligations to or work for the Company or for Coty, or which may adversely affect
their reputation or business.

 

		3.	Compensation

 

		3.1	The Employee shall receive a basic annual gross salary of CHF 832’000 (Eight hundred and
thirty two thousands Swiss francs) which shall be payable in 13 installments according to the Company’s local payroll practice
and subject to the deduction of statutory charges, such as tax, social security, and health insurance (where applicable). The annual
gross salary includes a participation to the Employee representation costs in an amount of

 

The Company may decide to change the
intervals of payment by introducing weekly or bi-weekly payment or in any other intervals, at the Company’s discretion and
if permitted by local laws. The annual salary shall be reviewed in regular annual intervals.

 

The remuneration of any other special
assignment, position or function within or outside the Coty Group, for example, serving as a member of the board of directors of
any group company including the Company or on an industry panel as contemplated in Article 2 above, shall be deemed to be already
included in the salary for the ordinary activity which has a prevailing nature.

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The Employee acknowledges that in
light of his managing position (“cadre”) the salary payable under this article includes overtime (“heures supplémentaires”)
and excess overtime (“travail supplémentaire”) which may be incurred from time to time by the employee and is
inclusive of any additional compensation in any form due in consideration for such overtime or excess overtime under local laws.

 

		3.2	In addition to annual base salary the Employee shall be part of the Coty Annual Performance Plan
(“APP”) with a Target Award at 60 % of Employee’s basic gross annual salary. Details of the APP shall be communicated
in separate documents.

 

The Employee shall participate in
the Coty APP as outlined therein. The Employee understands that the Coty APP is subject to review, amendment and termination by
Coty in its sole discretion at any time. The Employee shall have no vested right or expectancy to benefits which are modified or
deleted in accordance with the APP, and the amount, calculation and proportion of his award is not guaranteed by Coty or any entity
of Coty, except as provided in the APP.

 

The amounts paid under the Coty APP
are not an element of the base salary; they will however be included in the yearly salary certificate (“certificat de salaire”).

 

In determining the Employee’s
award, if any, in the APP, Coty may consider the business results of the Company as well as other appropriate entities within Coty
as provided in the APP.

 

		4.	Benefits

 

		4.1	The Employee participates in the Swiss Company Pension Plan. Information regarding the Swiss Company
Pension Plan will be provided to the Employee.

 

		4.2	The Employee will participate in such of the Company’s Social Welfare Programs (health, life,
disability) in the same manner and to the same extent as other employees similarly situated.

 

In case of death, illness or accident
the Company will continue to pay his salary according to the provisions of the Swiss Code of obligations (“CO”) (Articles
338, 324a and 324b CO).

 

		4.3	The Employee shall be entitled to an annual vacation of 25 work days (work days being defined as
the regular office work days of the Company) and three floating days. Any vacation days which are not taken before the end of June
of the following year, regardless of reason not taken, shall be forfeited without compensation.

 

In planning vacation the Employee
will duly consider the business requirements of the Company and will coordinate vacation days with his immediate Supervisor.

 

		4.4	The Employee is entitled to a company car in accordance with the Company’s local policies.
The Employee may alternatively elect to receive a cash allowance. To the extent that the Employee is entitled to use the company
car for private purposes or to the extent required under local law the use of the company car may be subject to taxes payable by
the Employee. In particular, the amount corresponding to the Employee’s right to use the company car for private purposes
shall be included in the yearly salary certificate. The company car must be returned to the Company without delay upon termination
of the Employee’s work duties or upon specific request of the Company.

 

Any work related travel shall be subject
to the Coty Travel Policy. All travel expenses must be properly accounted for and documented and shall be filed for reimbursement
without delay. Any request for reimbursement shall be subject to the provisions of the Coty Travel Policy, and must first be approved
by the Employee’s immediate supervisor

 

The Company will provide reasonable
assistance in filing taxes in Switzerland and/or other countries where the Employee is performing his activities.

    	3

    	

    

 

Any other benefits, if actually received
by the Employee during the term of employment, but which are not expressly stated in this Contract, shall be considered discretionary
and may be withdrawn by the Company without any obligation to compensate the Employee for the loss thereof, except that the Employee
is eligible for benefits required by mandatory applicable law provided that any such benefits shall not duplicate benefits already
provided under this New Agreement, which may be adjusted accordingly in such an instance to avoid any duplicative payment.

 

		5.	Termination

 

		5.1	Either party may terminate this Agreement with six-month written notice to the other party. Should
the Company terminate the employment without cause, with the exception of a transfer of the Employee to another direct or indirect
affiliate or sister company of Coty, the Company shall pay the Employee, in exchange of a full release and settlement, a severance
amounting to twelve months base salary, inclusive of any amounts due under the applicable labor laws and collective agreements
and subject to all applicable withholdings.

 

		5.2	The Company may terminate this Agreement without notice period immediately and without liability
for compensation or damages if the Employee commits a material or persistent breach of any of the provisions of this Agreement
or is guilty of any grave misconduct or willful neglect in the discharge of his duties, thereby breaking the Company’s trust
in the Employee.

 

		5.3	The Company shall also have the right to dismiss the Employee with immediate effect if he has willfully
grossly and continuously neglected his obligations to the Company or for any other just cause (justes motifs) under applicable
law. In that case the Employee shall be no longer entitled to any indemnity and compensation unless explicitly set forth by mandatory
provisions of law.

 

		5.4	Upon terminating his employment for any reason or whenever so directed by the Company or Coty,
the Employee will return all work materials and any other material or property in any form, electronic or otherwise belonging to
the Company or any company in the Coty Group, which is in the Employees’ possession, custody or control. In particular, the
Employee shall not keep any documents, papers, drawings, plans, diskettes, tapes, data, manuals, forms, notes, tables, calculations,
reports, or other items which Employee has received, or in or on which Employee has stored or recorded Company or Coty data or
information, in the course of his employment as well as all copies and any material into which any of the foregoing has been incorporated
and any other Company or Coty property which may be in his possession or control, to the Company or to such entity as Coty may
direct, without right of retention. The Employee shall also provide to the Company at the latest upon termination of employment
a list of all passwords and other codes used by the Employee in the IT-system of the Company.

 

		5.5	The Employee hereby waives as of now any claim for further amounts of money under any title (including
but not limited to any claim for damages and indemnities of whatever nature) not explicitly mentioned above; such waiver does not
affect any amount of money owed to him as already accrued compensation in accordance with clause 3 above.

 

		5.6	Notwithstanding the notice period, the Company shall have the right to relieve the Employee from
his responsibilities and access to the workplace and to work facilities by putting the Employee on leave during the entire notice
period or part thereof. In such event, the Employee’s rights and obligations under this Contract shall nonetheless remain
in force and he shall consequently observe all provisions of this Contract including those relating to confidentiality, competition
restriction etc. Also in this case the Employee shall remain bound to all duties under this Agreement including those relating
to confidentiality, competition restriction, etc.

 

		5.7	The Employee agrees that the Company may set off against any claim the Employee may have against
the Company any claim that the Company may have against the Employee, for which payment is due, to the extent allowed under applicable
law.

    	4

    	

    

		6.	Inventions,
                                                                                                                                                                                                            Industrial
                                                                                                                                                                                                            Rights

 

		6.1	The Employee shall disclose promptly to the Company any invention, patentable or otherwise, which
during the term of employment and within one (1) year thereafter previously has been or may be hereafter conceived, developed or
perfected by the Employee, either alone or jointly with another or others, and either during or outside employment, and which pertains
to any activity, business, process, equipment, material, product, system or service, in which the Company has any direct or indirect
interest whatsoever.

 

		6.2	All right, title and interest in and to such inventions shall belong to the company which has employed
the Employee at the time the invention was made, unless statutory local law provides otherwise. To the extent that statutory law
applicable to such inventions provides for mandatory compensation, the Company and Coty are entitled to consider the payment of
such separate compensation in determining the Employee’s share in any bonus scheme, such as the Coty Long-Term Incentive
Plan or the Coty APP.

 

		6.3	The provisions of the preceding paragraph shall apply similarly to any other industrial or intellectual
property rights which the Employee creates as part of his employment with any entity of Coty. Local laws notwithstanding, the Employee
will offer the exclusive right to use the invention and/or right to Coty. The Employee will reasonably cooperate with any Coty
entity in any filings it makes regarding such inventions and/or rights.

 

		6.4	The right to use any software or other computer programs prepared or amended by the Employee shall
be transferred exclusively to the Company. The right to use shall be unlimited and includes the right to reproduce, amend or change
the software or to transfer such rights to third parties. Compensation for the transfer of these rights shall be included in and
covered by the Employee’s base salary. The Employee expressly waives any right to receive the original or copies, including
author’s copies, of such software or programs.

 

		6.5	The provisions of this article shall survive the term of this Agreement and shall be binding upon
the Employee’s executors, administrators or assigns, unless waived in writing by the Company or Coty.

 

		7.	Code
                                                                                                                                                                                                            of
                                                                                                                                                                                                            Business
                                                                                                                                                                                                            Conduct,
                                                                                                                                                                                                            Confidentiality

 

		7.1	The Employee will comply with Coty Code of Business Conduct, a copy of which has been provided
to the Employee.

 

		7.2	The Employee shall not disclose, directly or indirectly, during or any time following employment,
to others or use for Employee’s own benefit or for the benefit of others, and agrees to keep strictly confidential all information
concerning the Company or any other entity within Coty unless such use or disclosure has been approved in advance and in writing
by the Company or Coty.

 

This duty of confidentiality applies
in addition to all applicable laws regarding the protection of trade secrets and includes, but is not limited to, any internal
papers and documents, business secrets or know-how, proprietary information, business or marketing plans, cost calculations, financial
or other data, profit plans, inventions, discoveries, processes, drawings, notes, customer or supplier information and any other
internal information which the Employee has received, used, observed, been exposed to or had access to in the course of his employment
with an entity of Coty.

 

		7.3	If the Employee contravenes section 7, any relevant Coty Group company injured by the breach shall
be entitled to compensation for damages including loss of profits (gains manqués) arising from such breach from the
Employee in accordance with the applicable law, in addition to any other damages and remedies available at law. Any Coty Group
Company injured by such conduct may bring an action to enforce such remedies on its own behalf.

    	5

    	

    

		8.	Competition Restrictions

 

		8.1	As the Employee will know all the clients and business secrets of the Company, during the term
of the employment and for one (1) year after the termination of the employment, for whatever the cause, the Employee may not, directly
or indirectly, engage in or conduct any business or services in competition with the Company or Coty, including accept employment
with or acquiring any material participating interest in any company or legal entity conducting such a competing business.

 

		8.2	During the term of the employment and for one (1) year after the termination of the employment
the Employee also agrees that he may not, directly or indirectly, for his own or any other person’s benefit solicit or encourage
one or more of the Company’s or Coty Group’s customers or prospective customers or suppliers with whom the Employee
has had material dealings within the 24 months prior to termination of employment, to cease business with the Company or with Coty,
or, entirely or partly, transfer their custom to a business which is in competition with the Company or with Coty.

 

		8.3	Furthermore, the Employee may not during the term of the employment and for one (1) year after
the termination of the employment, directly or indirectly, encourage one or more of the Company’s or Coty’s employees
with whom he has had material dealings within the 24 months prior to termination of employment to leave their employment with the
Company or Coty.

 

		8.4	In the event of any single breach of this non-competition and non-solicitation clause or of the
confidentiality clause of article 7 above, the Employee shall pay to the Company a penalty of CHF 300’000 per occurrence.
Furthermore, the Company shall have the right to be fully indemnified and held harmless for all losses exceeding the amount of
the penalty. The payment of the penalty shall in no way relieve the Employee from his non-competition, non-solicitation and confidentiality
obligations.

 

		8.5	In addition, the Company shall have the right to request the immediate discontinuation or to prevent
any repetition of a breach by the Employee of the present non-competition and non-solicitation clause or of the confidentiality
obligation stated in article 7 above by means of an injunction in accordance with article 340 lit b paragraph 3 of the Swiss Code
of Obligations or of any other appropriate legal remedies.

 

		8.6	These competition restrictions shall be valid and apply for any country where the Employee has
conducted directly or indirectly business at any time during the two years immediately preceding the end of the employment contract.

 

		9.	General

 

		9.1	This Agreement relates only to the Employee’s employment with the Company. Nothing within
this Agreement shall be construed as to constitute an Employment Agreement with Coty or any of its entities, other than the Company.

 

This Agreement, including the documents
expressly mentioned herein along with the Relocation Agreement Letter dated June 4, 2012 constitutes the full agreement; any verbal
or prior agreements shall be replaced by this Agreement. Any amendments to this Agreement, including a change of this sentence,
must be made in writing only and signed by the Employee and the Company. Any verbal assurances or agreements are not binding unless
reduced to written form and signed by both parties.

 

		9.2	The provisions of this Agreement shall be subject to the laws of Switzerland

    	6

    	

    

 

The place of jurisdiction for all
disputes arising between the parties in relation to the interpretation or performance of this Agreement shall be determined in
accordance with Art. 34 of the Swiss Code of Civil Proceeding provided however that as to any claims or causes of action against
Coty, the appropriate State and Federal courts located in New York, New York, shall have exclusive jurisdiction and venue and the
parties hereby consent to such exclusive jurisdiction and venue.

 

Unless otherwise prohibited by local
laws, the parties agree that any damages shall be limited to actual damages and shall not include any special, punitive, consequential
or similar damages.

 

		9.3	Any grievance relating to employment should be referred to Employee’s Department Head.

 

Headings used in this Agreement are
meant to facilitate reading this Agreement and do not serve as definitions or interpretation of the respective provisions.

 

If one or more of the provisions of
this Agreement is or becomes wholly or partly invalid or unenforceable, or if this Agreement fails to cover an issue which the
parties would have covered had they thought of it at the time of the Agreement, such invalidity, unenforceability or missing provision
shall not affect the validity of the remaining provisions of this Agreement. Such invalid, unenforceable or missing provision shall
be replaced by a valid provision which best reflects the intentions of the parties to this Agreement in accordance with the valid
provisions of this Agreement, applicable laws and the Company and Coty Policies referred to in this Agreement.

 

No provision of this Agreement shall
be deemed waived and no breach shall be excused unless such waiver or consent is in writing and signed by the party claimed to
have waived or consented.

 

		9.4	This Agreement is made in the English language which the Employee perfectly understands along with
a French translation to which both parties have agreed in the event that the French language version might be required for any
official purpose. Should a discrepancy exist between the English and the French versions, the English version shall prevail for
all official purpose.

 

Any references to the masculine gender herein
are for convenience only.

 

Genève, Switzerland, July 4, 2012

 

	/s/ Rebeca Pascual	 	/s/ Geraud-Marie Lacassagne
	Rebeca Pascual	 	Geraud-Marie Lacassagne
	Human Resources Director	 	Senior Vice President, Human Resources
	Coty Genève SA	 	Coty Inc.
	 	 	 
	/s/ Renato Semerari	 	/s/ Bernd Beetz
	Renato Semerari	 	Bernd Beetz
	The Employee	 	Chief Executive Officer
	 	 	Coty Inc.

    	7

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