LONDON, Feb. 5, 2018 /PRNewswire/ -- Avon Products, Inc.
(NYSE: AVP) ("Avon") announced
today that it entered into a contract of employment with
Avon's newly appointed Chief
Executive Officer, Jan Zijderveld,
which provides for, among other things, the grant of inducement
equity awards. Such inducement equity awards will be made
outside the terms of Avon's 2016
Omnibus Incentive Plan, in reliance on the exemption under NYSE
Listed Company Manual Rule 303A.08.
As previously disclosed, as an inducement for Mr. Zijderveld to
join Avon, Avon will provide Mr. Zijderveld sign-on
equity awards consisting of (i) 600,000 service-vesting restricted
stock units ("RSUs"), which will cliff-vest on the third
anniversary of the grant date, and (ii) 600,000 performance-vesting
restricted stock units ("PRSUs"), which will vest based on service
and performance conditions over a three-year period. In
addition, in connection with Avon's practice of providing long-term
incentive program awards annually to key employees, Avon will grant Mr. Zijderveld in early 2018
long-term incentive program awards that have an aggregate target
award value of £2,550,000. Of such value, (x) 40% will be
delivered through premium-priced stock options ("Options") to
acquire shares of Avon's common stock at a per share exercise price
equal to 125% of the per share closing sales price on the date of
grant, which will vest in equal annual installments over three
years, and (y) 60% will be delivered through PRSUs, which will vest
based on service and performance conditions over a three-year
period.
Upon certain qualifying terminations of Mr. Zijderveld's
employment, (i) a prorated portion of the RSUs will vest, (ii) a
prorated portion of the PRSUs will vest (subject to satisfaction of
performance measures) and (iii) any vested Options will remain
exercisable for 90 days.
About Avon Products, Inc.
Avon is the Company that for
130 years has proudly stood for beauty, innovation, optimism and,
above all, women. Avon products
include well-recognized and beloved brands such as ANEW, Avon
Color, Avon Care, Skin-So-Soft, and Advance Techniques sold through
nearly 6 million active independent Avon Sales Representatives.
Contacts:
INVESTORS:
Avon Investor Relations Brunswick Group
Gina Grant (212) 333-3810
Allison Malkin/Caitlin Morahan ICR,
Inc.
(203) 682-8200
MEDIA:
Mathilde Milch/Laura Buchanan
U.S.: 212-333-3810 / U.K. +44 207 404 5959
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SOURCE Avon Products, Inc.