{"id":40652,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/supplemental-employment-agreement-avon-products-inc-and-james.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"supplemental-employment-agreement-avon-products-inc-and-james","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/supplemental-employment-agreement-avon-products-inc-and-james.html","title":{"rendered":"Supplemental Employment Agreement &#8211; Avon Products Inc. and James E. Preston"},"content":{"rendered":"<pre>\n\n                   SUPPLEMENTAL EMPLOYMENT AGREEMENT\n\n\n     THIS AGREEMENT, by and between AVON PRODUCTS, INC., a \nNew York corporation (the 'Corporation'), and JAMES E. PRESTON (the \n'Executive'), dated as of this 10th day of December, 1997.\n\n     WHEREAS, the Corporation and the Executive have entered into an \nEmployment Agreement between the parties dated as of November 1, 1995 \n('1995 Agreement'), and now wish to modify certain of the provisions of\nthe 1995 Agreement, effective as of the date of execution of this\nagreement;\n\n     NOW, THEREFORE, the Corporation and the Executive do hereby \nagree as follows:\n\n     1.  Applicability of 1995 Agreement  Except as hereafter provided\nin this agreement to the contrary, the terms and conditions of the 1995 \nAgreement shall remain in full force and effect.\n\n     2.  Term  The term of the 1995 Agreement, as hereby amended, \nshall expire on May 6, 1999 which date shall constitute the new\n'Agreement Expiration Date'.\n\n     3.  Position  The Executive shall continue to serve as Chairman of \nthe Board of the Corporation until the Agreement Expiration Date.  He\nshall also serve as Chief Executive Officer of the Corporation during\nsuch period until the Board of Directors elects another officer to be\nChief Executive Officer, which change is anticipated to occur during\n1998 effective subsequent to the Annual Meeting of Shareholders on May\n7, 1998.\n\n     4.  Compensation  The Executive shall continue to receive a Base \nSalary at an annual rate of $1,000,000 for the balance of the term of\nthis Supplemental Agreement.  There would be no Base Salary increase in\n1998 as set forth in the original 1995 Agreement.  Concurrent with the\ndate of this Supplemental Agreement the Executive has been granted non-\nqualified stock options for 155,530 shares of the Corporation's Common\nStock but he does not participate in the Corporation's 1997 Long Term\nIncentive Plan.\n\n\n\n\n         All other terms and conditions relating to compensation as set \nforth in the 1995 Agreement remain in effect for the balance of the term\nof this Supplemental Agreement.\n\n     5.  Change of Control  In the event of a Change of Control, as \ndefined in the 1995 Agreement, the Executive will be entitled to all of\nthe benefits and protections provided in the 1995 Agreement, as amended\nby this Supplemental Agreement.\n\n     IN WITNESS WHEREOF, the Executive has hereunto set his hand \nand the Corporation has caused this Agreement to be executed in its name\non its behalf, and its corporate seal to be hereunto affixed and\nattested by its Secretary, all effective as of the day and year first\nabove written.\n\n                                  AVON PRODUCTS, INC.\n\n                                  By: \/S\/ Marcia L. Worthing\n                                     Marcia L. Worthing, Senior\n                                     Vice President, Human Resources\n                                     and Corporate Affairs\n\nATTEST:\n\n\/s\/ Ward M. Miller, Jr.\nWard M. Miller, Jr., Secretary\n\n\n                                      EXECUTIVE:\n\n                                      \/s\/ James E. Preston\n                                      James E. Preston\n                                      Chairman of the Board and\n                                      Chief Executive Officer\n\n\n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6822],"corporate_contracts_industries":[9395],"corporate_contracts_types":[9539,9544],"class_list":["post-40652","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-avon-products-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\/40652","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=40652"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40652"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40652"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}