SEC Contract Filing

Filing Date: 2017-02-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.67
<SEQUENCE>3
<FILENAME>ex10672016.htm
<DESCRIPTION>EMPLOYMENT OFFER LETTER AGREEMENT BETWEEN AVON COSMETICS LTD AND JAMES WILSON
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<div><a name="se734de17f7144c25b064c964f70d308f"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.67</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">[Avon Letterhead]</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28, November 2016</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;text-decoration:underline;">Private and Confidential </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Jamie Wilson</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Dear Jamie,</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">It is with great pleasure that I am able to offer you, on behalf of Avon Cosmetics Limited ("the Company"), a wholly-owned subsidiary of Avon Products, Inc. ("Avon"), the permanent position of Executive Vice President, Chief Financial Officer of Avon. The Company is part of the Avon group of companies (&#8220;the Avon Group&#8221;). You will report to Sheri McCoy, Chief Executive Officer of Avon and your expected commencement date will be 1 January, 2017.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The terms and conditions of your employment are set forth herein and in your contract of employment, attached hereto and incorporated in all respects. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Your annual base salary will be &#163;550,000, payable in accordance with the Company's remuneration practices described in your contract of employment. Although this salary is quoted on an annual basis, it does not imply a specific period of employment. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Beginning with the 2017 performance year, you will be eligible to participate in the annual incentive program available to similarly situated Executive Vice President-level Associates. Your annual target award starting in 2017 will be 85% of your earned eligible base salary. Annual awards are contingent on relevant individual and/or business performance goals, as established by the Compensation and Management Development Committee of Avon&#8217;s Board of Directors, being achieved and the terms and conditions of the applicable annual incentive program. Annual incentive program payments, if any, are generally made early in the year following the performance period. For the 2017 year, the value of your annual incentive award may be reduced pro-rata if your employment commencement date occurs subsequent to 1 January 2017 (subject to applicable performance measures being achieved).</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">You will be eligible to participate in the long-term incentive program (&#8220;LTIP&#8221;) available to similarly situated Executive Vice President-level Associates. Your first such LTIP award is expected to be granted in March 2017, subject to the terms and conditions of the applicable LTIP as to be determined by the Compensation and Management Development Committee of Avon&#8217;s Board of Directors, with an expected recommended target value of 230% of your eligible base salary. Subsequent LTIP awards, if any, generally will be granted in March of each year, in the same form and subject to the same terms and conditions as LTIP awards for similarly si