SEC Contract Filing

Filing Date: 2016-04-22

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<TYPE>EX-10
<SEQUENCE>2
<FILENAME>a51326878ex10_1.htm
<DESCRIPTION>EXHIBIT 10.1
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 10.1</div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">This addendum, dated as of April 21, 2016 (this &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Addendum&#8221;),</u></font> amends certain rights and obligations provided for under the Transition and Separation Agreement and Release dated March 1, 2016 (the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Delpani TSA</u></font>&#8221;) by and between Lorenzo Delpani (the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Executive</u></font>&#8221;) and Revlon Consumer Products Corporation (&#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>RCPC</u></font>&#8221;) and Revlon, Inc. (&#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Revlon</u></font>&#8221;) (RCPC and Revlon collectively, the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Company</u></font>&#8221;).&#160; Capitalized terms used but not defined herein shall have the meanings set forth in the Delpani TSA.</div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On or before April 22, 2016 (the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Closing Date</u></font>&#8221;), the parties hereby agree that the Company will pay to the Executive an amount equal to one million six hundred thousand dollars ($1,600,000), less applicable withholding amounts (the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Special Payment</u></font>&#8221;) in consideration for the cancellation of the Eligible Shares, which shares will be cancelled effective as of the Closing Date (the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Share Cancellation</u></font>&#8221;). Executive acknowledges and agrees that, in lieu of the Eligible Shares, the Special Payment shall serve as consideration for the Executive&#8217;s continued compliance with the Restrictive Covenants during the Non-Competition Period;</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">On the Closing Date, the Company will repurchase from the Executive, and the Executive shall cause to be transferred to the Company, his 72,895 shares of Revlon Class A common stock (representing vested, formerly restricted shares), at a per share price of $36.83 (representing the NYSE closing price of Revlon Class A common stock on April 20, 2016),<font style="BACKGROUND-COLOR: #ffffff; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"> for an aggregate purchase price of $2,684,722</font> (the &#8220;<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Share Repurchase</u></font>&#8221;);</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Executive and the Company agree that the Executive will not stand for re-election to serve as a member of Revlon&#8217;s Board at Revlon&#8217;s 2016 annual stockholders&#8217; meeting scheduled to be held on June 9, 2016 and will also cease to serve as a member of RCPC&#8217;s Board as of such date; and</font></div>

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<div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">4.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Executive further agrees that the Repayment Obligation referred to in Section 1(b) of the Delpani TSA shall remain applicable notwithstanding the Share Cancellation and Share Repurchase if the Executive violates the provisions set forth in Section 9 of the Delpani TSA at any time prior to March 31, 2018, provided that the value in respect of the Eligible Shares will be deemed to be the Special Payment.</font></div>

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<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Other than as set forth in this Addendum, the terms and conditions of the Delpani TSA shall continue in full force and effect.</div>

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