Exhibit 10.12
EMPLOYMENT AGREEMENT AMENDMENT
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Amendment to Employment Agreement dated as of January 1, 1998 (the
"Agreement") between REVLON CONSUMER PRODUCTS CORPORATION, a Delaware
corporation (the "Company") and M. XXXXXXXXX XXXXX (the "Executive").
The Company and the Executive wish to amend the Employment Agreement
on the terms set forth in this agreement (the "Amendment"), capitalized terms
used herein and not otherwise defined being used herein with the meanings
ascribed to them in the Agreement. Accordingly, the Company and the Executive
hereby agree as follows:
1. End-of-Term Provisions. Section 2.2 of the Agreement is
hereby amended by adding at the end thereof the following:
", and the Executive shall be deemed to be an employee at will."
2. Stock Options. Section 3.3 of the Agreement is hereby amended
by adding at the end thereof the following:
", provided that if the Term shall end otherwise than at a
calendar year end, the stock option granted with respect to such final
year of the Term shall cover that number of shares that is the product
of multiplying the number of shares above set forth by a fraction of
which the numerator is the number of days of the Term during such
final year and the denominator is 365."
3. Company Breach; Other Termination. Clause (i) of Section 4.4
of the Agreement is hereby amended by adding at the end thereof the following:
", and provided finally that the Executive shall, as a
condition, execute such release, confidentiality, non-competition and
other covenants as would be required in order for the Executive to
receive payments and benefits under the Policy referred to in Clause
(ii) below"
4. Entire Agreement. This Amendment sets forth the entire
agreement and understanding of the parties with respect to the amendment of the
Agreement. Except as expressly amended hereby, the Agreement shall not be
deemed to have been modified or affected in any way, shall be deemed to have
been restated effective the date hereof, and shall remain in full force and
effect upon all of its terms and conditions.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
9th day of April, 1998.
REVLON CONSUMER PRODUCTS CORPORATION
By: /s/ Xxxxxx Xxxxxxx
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/s/ M. Xxxxxxxxx Xxxxx
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