LONDON, May 1, 2019 /PRNewswire/ -- Avon Products,
Inc. (NYSE: AVP) ("Avon")
announced today that it has granted to its newly appointed Chief
Financial Officer, Gustavo Arnal,
inducement equity awards in connection with Mr. Arnal's
commencement of employment with Avon. 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 an inducement for Mr. Arnal to join Avon, Avon
has granted to Mr. Arnal long-term incentive program awards with
target amounts that consist of (x) 242,340 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, (y) 221,936 performance-based
restricted stock units ("PRSUs"), of which 96,936 PRSUs will vest
based on service and the attainment of performance conditions over
a three-year period and 125,000 PRSUs will vest based on service
over a three-year period and the attainment of performance
conditions over a one-year period and (z) 96,936 service-based
restricted stock units ("RSUs"), which will vest based on service
over a three-year period.
Upon certain qualifying terminations of Mr. Arnal'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.
For 130 years Avon has stood for women: providing
innovative, quality beauty products which are primarily sold to
women, through women. Millions of independent sales
Representatives across the world sell iconic Avon brands such as
Avon Color and ANEW through their social networks, building their
own beauty businesses on a full- or part-time basis.
Avon supports women's empowerment,
entrepreneurship and well-being and has donated over $1 billion to women's causes through Avon and the Avon Foundation. Learn more
about Avon and its products
at www.avonworldwide.com. #Stand4Her
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SOURCE Avon Products, Inc.