NEW YORK, March 12, 2015 /PRNewswire/ -- Avon
Products, Inc. (NYSE: AVP) today announced that, in connection with
James S. Scully's commencement of
employment as Executive Vice President and Chief Financial Officer
on March 9, 2015, and in accordance
with the previously disclosed terms of his employment offer letter
agreement, Mr. Scully was granted a sign-on award consisting of
489,596 restricted stock units (RSUs) and 121,951
performance-based restricted stock units (PRSUs). These RSUs and
PRSUs were granted outside the terms of the company's 2013 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 and PRSUs were granted to Mr.
Scully to compensate him for forfeiting a significant amount of
value in equity and other benefits as a result of his departure
from his prior employer and as an inducement for him to join
Avon.
The RSUs vest and are settled ratably over three years and may
vest earlier upon the occurrence of certain events. In the event of
disability, death, or involuntary or constructive termination
without cause, any outstanding RSUs would vest and be settled. The
PRSUs vest and are settled following a three-year vesting period,
subject to satisfaction by the company of performance measures. In
the event of disability or death, or involuntary termination
without cause on or after January 1,
2016, and provided that the company has satisfied the
performance measures, a pro-rata portion of the PRSUs would vest
and be settled after the end of the three-year vesting period.
About Avon
Avon is the company that for more
than 125 years has stood for beauty, innovation, optimism and,
above all, for women. With nearly $9
billion in annual revenue, Avon products are sold through 6 million
active independent Avon Sales Representatives worldwide.
Avon products include color
cosmetics, skincare, fragrance, and fashion and home, featuring
such well-recognized brand names as Avon Color, ANEW, Avon Care,
Skin-So-Soft, and Advance Techniques. Learn more about Avon and its products at
www.avoncompany.com.
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SOURCE Avon Products, Inc.