EX 10.18
000 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Phone: (000) 000-0000
Fax: (000) 000-0000
E-mail: xxxxxx.xxxxxxxx@xxxxxx.xxx
Xxxxxx X. Xxxxxxxx
Senior Vice President, General Counsel and Secretary
June 15, 2001
Xxxxxxx X. Xxxxxx
President and Chief Executive Officer
Revlon Consumer Products Corporation
000 Xxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Dear Xxxx:
This letter constitutes an addendum to the employment agreement between
you and Revlon Consumer Products Corporation dated November 2, 1999 (the
"Agreement"). By this Addendum, the Company and you agree that the Agreement is
hereby amended as follows:
1. The first sentence of Section 3.3 ("Stock Options") of the Agreement shall
be amended to read as follows: "The Executive shall be recommended to the
Compensation Committee or other committee of the Board administering the
Revlon Inc. Amended and Restated 1996 Stock Plan or any plan that may
replace it, as from time to time in effect, to receive on December 5, 1999
an option to purchase 300,000 shares of Revlon common stock, on December 5,
2000, an option to purchase 100,000 shares of Revlon common stock, and on
December 5, 2001, an option to purchase 75,000 shares of Revlon common
stock, each with a term of 10 years from the date of grant and an option
exercise price equal to the market price of Revlon common stock on the date
of grant and otherwise on terms (other than number of shares covered)
substantially the same as other senior executives of the Company
generally"; and
2. In lieu of any right you may have under the Agreement or otherwise for
eligibility to participate in the Senior Executive Long-Term Incentive
Program, which right shall be cancelled in its entirety, during 2001 you
shall be recommended to the Compensation Committee to receive 100,000
shares of restricted Revlon stock, subject to such terms, conditions and
restrictions as the Compensation Committee shall approve in connection with
the year 2001 incentive program.
You understand and agree that except as expressly modified by this
letter, all provisions of the Agreement shall continue in full force and effect.
Xx. Xxxxxxx X. Xxxxxx
June 15, 2001
Page 2
Please confirm your agreement with the above by returning to me the
enclosed copy of this letter signed in the place indicated.
Sincerely,
REVLON CONSUMER PRODUCTS CORPORATION
By: /s/ Xxxxxx X. Xxxxxxxx
----------------------
Xxxxxx X. Xxxxxxxx
Senior Vice President,
General Counsel and Secretary
AGREED AND ACCEPTED
By: /s/ Xxxxxxx X. Xxxxxx
----------------------
Xxxxxxx X. Xxxxxx
