{"id":39530,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-revlon-consumer-products-corp-and-jerry.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-revlon-consumer-products-corp-and-jerry","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-revlon-consumer-products-corp-and-jerry.html","title":{"rendered":"Employment Agreement &#8211; Revlon Consumer Products Corp. and Jerry W. Levin"},"content":{"rendered":"<pre>\n                      REVLON CONSUMER PRODUCTS CORPORATION\n                               625 MADISON AVENUE\n                               NEW YORK, NY 10022\n\n\n\n\n\n                                                 February 24, 1998\n\n\nJerry W. Levin\n15 East 70th Street\nNew York, New York  10021\n\nDear Mr. Levin:\n\n                  Reference is made to the employment agreement between you and\nRevlon Consumer Products Corporation(the 'Company') dated as of January 1, 1996\n(the 'Agreement'). Pursuant to the Agreement, you were employed as Chief\nExecutive Officer of the Company. The Company and you have agreed that, except\nas otherwise provided herein, the Term of the Agreement and your employment by\nthe Company shall be terminated as of June 30, 1997. Notwithstanding such\ntermination, it is agreed that you shall continue to serve as Chairman of the\nBoard of the Company and of Revlon, Inc. and that the stock options previously\ngranted to you shall remain outstanding in accordance with the terms of such\ngrants. You have agreed to the foregoing upon the terms hereinafter set forth.\n\n                  1. Termination of Agreement. Except as otherwise provided\nherein, the Term of the Agreement shall terminate effective June 30, 1997, and\nupon such termination you hereby waive and release all rights and claims under\nthe Agreement and with respect to your employment or the termination of your\nemployment thereunder, including without limitation under Sections 3 and 4\n(except Section 3.3 (which shall remain in effect with respect to options\npreviously granted and options which are to be granted to you under the\nAgreement in 1999, such 1999 grant to be of 42,500 options, and Sections\n3.6(ii), 3.6(iii), 4.5 and 8 which shall remain in effect during your continued\nemployment with any affiliate of the Company). In respect of your employment\nduring 1997, the Company shall have paid to you on or before December 31, 1997\nan aggregate base salary of $825,000. In respect of your services to the\nCompany during 1998 as Chairman of the Board, the Company shall pay to you\n$825,000. Notwithstanding any other provision of this agreement, you do not\nhereby release or waive any\n\n\nJerry W. Levin\nAs of February 24, 1998\nPage 3\n\n\nbenefits under the tax-qualified and supplemental retirement plans of the\nCompany and its affiliates accrued as of June 30, 1997 or under the Section 401\nsavings plan of the Company and its affiliates accrued as of the end of such\ndate.\n\n                  2. Inventions; Confidential Information; Competitors. Without\nlimiting the generality of paragraph 1, the provisions of Sections 5 through 7\nand 9 through 11 of the Agreement shall remain in full force and effect,\nincluding without limitation your agreement to comply with subsection 5.2.\n\n                  3. Miscellaneous. This agreement shall be binding upon and\ninure to the benefit of the parties hereto, their respective legal\nrepresentatives and any successor of the Company, which successor shall be\ndeemed substituted for the Company under the terms of this agreement. As used\nin this agreement, the term 'successor' shall include any person, firm,\ncorporation or other entity which at any time, whether by merger, purchase or\notherwise, acquires all or substantially all of the capital stock, assets or\nbusiness of the Company. The waiver by the Company or you of a breach of any\nprovision of this agreement by you or the Company shall not operate or be\nconstrued as a waiver of any subsequent or other breach. Any notice required or\npermitted to be given shall be sufficient if in writing and if sent by\nregistered or certified mail to you at your then residence or to the Company at\nits then principal place of business. This instrument contains the entire\nagreement of the parties with respect to the subject matter hereof and may not\nbe changed except in a written modification signed by both parties. This\nagreement shall be governed by and construed in accordance with\n\n\nJerry W. Levin\nAs of February 24, 1998\nPage 4\n\n\nthe laws of the State of New York as applied to contracts between residents\nthereof executed and performed wholly within the State of New York.\n\n                  If this letter accurately sets forth our agreement, please so\nindicate by returning a copy of this letter signed in the place set forth\nbelow.\n\n                                          Sincerely,\n\n                                          REVLON CONSUMER PRODUCTS\n                                             CORPORATION\n\n\n                                          By:\/s\/ WADE H. NICHOLS III\n                                                 -----------------------------\n                                                 Wade H. Nichols III\n                                                 Executive Vice President\n                                                   and General Counsel\n\nACCEPTED AND AGREED:\n\n\n\/s\/JERRY W. LEVIN\n   ----------------------\n   Jerry W. Levin\n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8683],"corporate_contracts_industries":[9395],"corporate_contracts_types":[9539,9544],"class_list":["post-39530","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-revlon-inc","corporate_contracts_industries-consumer__cleaning","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39530","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39530"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39530"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39530"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}