Avon Products Inc – ‘10-K’ for 12/31/01 – EX-10.21

On:  Monday, 3/18/02   ·   For:  12/31/01   ·   Accession #:  8868-2-3   ·   File #:  1-04881

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Annual Report   —   Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Avon Products, Inc. 10K                               35    132K 
 7: EX-4.3      Avon Products, Inc. Exhibit 4.3                       84    306K 
 2: EX-10.13    Avon Products, Inc. Exhibit 10.13                      2±     9K 
 3: EX-10.19    Avon Products, Inc. Exhibit 10.19                      1      6K 
 4: EX-10.21    Avon Products, Inc. Exhibit 10.21                      1      8K 
 5: EX-10.7     Avon Products, Inc. Exhibit 10.7                       1      7K 
 9: EX-13       Avon Products, Inc. Exhibit 13                        67    338K 
 6: EX-21       Avon Products, Inc. Exhibit 21                         3     14K 
 8: EX-24       Avon Products, Inc. Exhibit 24                         2     12K 

EX-10.21   —   Avon Products, Inc. Exhibit 10.21

EX-10.21
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Exhibit 10.21                                                                   

               FIRST AMENDMENT TO THE RESTATED
               AVON PRODUCTS, INC. COMPENSATION PLAN
              FOR NON-EMPLOYEE DIRECTORS

The Avon Products, Inc. Compensation Plan for Non-Employee Directors (the       
"Plan"), restated as of June 1, 2000 is hereby amended in accordance with       
resolutions adopted by the Board of Directors of Avon Products, Inc. (the       
"Company") on September 6, 2001.  The Plan is amended, effective January 1,     
2002, as follows:                                                               

1..Section 2.1 of the Plan is revised in its entirety to read as    
follows:                                                      

     "2.1  Annual Retainer  Each non-employee Director shall be entitled
     to receive an annual retainer consisting of (a)  $30,000 payable in
    cash and (b) an annual grant of Restricted Stock having a value as
  of the date of grant of approximately $30,000.  The cash portion
shall be payable in quarterly installments of $7,500 each."   

2.  Section 3.1 of the Plan is revised in its entirety to read as   
follows:                                                    

 "3.1  Annual Grant of Stock Options  Each year a non-employee
      Director whose term of office is scheduled to continue beyond that
 year's Annual Meeting of Shareholders shall be granted a non-
     qualified option to purchase 4,000 shares of the Company's Common
     Stock.  Such grants shall coincide with the general annual grants
 of options to Company employees taking place during the first
      quarter of the year.  A non-employee Director who is first elected
   to the Board of Directors at an Annual Meeting of Shareholders,
   however, will receive his or her initial grant of options as of
such date."                                                 

Except as hereby amended, the Plan shall continue in full force and 
effect.                                                             

IN WITNESS WHEREOF, the Company has caused this First Amendment of the
Plan to be executed as of this 6th day of September, 2001.                      

           AVON PRODUCTS, INC.

          By:  /s/ Andrea Jung
                          Andrea Jung, Chief Executive Officer

ATTEST:                                                                         

/s/ Gilbert L. Klemann II                                                       
Secretary                                                                       

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing		Date		Other Filings
Filed on:		3/18/02
		1/1/02
For Period End:		12/31/01		10-K/A
		9/6/01
		6/1/00
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