NEW YORK, April 24, 2012 /PRNewswire/ -- Avon
Products, Inc. (NYSE: AVP) today announced that, in conjunction
with its recent hiring of Sherilyn S.
(Sheri) McCoy as Chief Executive Officer and in accordance
with the terms of her previously disclosed offer letter agreement,
Ms. McCoy was granted a sign-on award of 200,000 restricted stock
units (RSUs) for Avon common
stock. These RSUs were granted outside the terms of the company's
2010 Stock Incentive Plan in reliance on the exemption under NYSE
Listed Company Manual Rule 303A.08, which requires this public
announcement.
As previously disclosed, the RSUs were granted to Ms. McCoy to
compensate her for forfeiting a significant amount of value in
unvested equity and other benefits as a result of her departure
from her prior employer and as an inducement for her to join
Avon. The RSUs vest and are settled ratably over five years
and may vest earlier upon the occurrence of certain events. In the
event of Ms. McCoy's disability, death or involuntary or
constructive termination, any outstanding RSUs would vest and be
settled. Upon Ms. McCoy's voluntary departure or departure
for cause from the company, any outstanding RSUs would
automatically be forfeited.
Avon, the company for
women, is a leading global beauty company, with over $11 billion in annual revenue. As the world's
largest direct seller, Avon
markets to women in more than 100 countries through approximately
6.4 million active independent Avon Sales Representatives.
Avon's product line includes
beauty products, as well as fashion and home products, and features
such well-recognized brand names as Avon Color, ANEW,
Skin-So-Soft, Advance Techniques, Avon Naturals, and
mark. Learn more about Avon
and its products at www.avoncompany.com.
SOURCE Avon Products, Inc.