Avon Products, Inc. (NYSE:AVP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02
Avon Products, Inc. (NYSE:AVP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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an annual incentive opportunity with a target award equal to 200% of base salary, subject to achievement of certain performance goals (provided that his 2018 annual incentive will be no less than £850,000); |
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participation in the Company’s long-term incentive program for similarly situated executives with an annual target award value of at least 300% of base salary; and |
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participation in Avon Cosmetics’ medical, insurance and pension schemes and other benefit programs. |
For 2018, Mr. Zijderveld’s long-term incentive program awards will have an aggregate target award value of 300% of base salary (£2,550,000). 40% of such value will be delivered through premium-priced options to acquire shares of the Company’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. 60% of such value will be delivered through performance-based restricted stock units, which will vest based on service and performance conditions over a three-year period.
Mr. Zijderveld will also receive sign-on equity awards consisting of 600,000 service-vesting restricted stock units, which will cliff-vest on the third anniversary of the grant date, and 600,000 performance-based restricted stock units, which will vest based on service and performance conditions over a three-year period.
The foregoing 2018 long-term incentive program awards and sign-on equity awards were approved unanimously by the Company’s Compensation and Management Development Committee and the Board as employment inducement grants AVON PRODUCTS INC ExhibitEX-99.1 2 ex99-1.htm PRESS RELEASE Exhibit 99.1 Avon Products,…To view the full exhibit click here
About Avon Products, Inc. (NYSE:AVP)
Avon Products, Inc. is a manufacturer and marketer of beauty and related products. The Company’s product categories are Beauty, and Fashion and Home. Beauty consists of skincare (which includes personal care), fragrance and color (cosmetics). Fashion and Home consists of fashion jewelry, watches, apparel, footwear, accessories, gift and decorative products, housewares, entertainment and leisure products, children’s products and nutritional products. The Company’s segments are based on geographic operations and include commercial business units in Latin America; Europe, Middle East and Africa, and Asia Pacific. The Company’s business is conducted primarily in one channel, direct selling. The Company’s products include Anew Clinical Overnight Hydration Mask, Anew Power Serum, Ultra Color Indulgence Lip Color, SuperExtend Winged Out Mascara, Big & False Lash Volume Mascara, Outspoken Party! by Fergie Fragrance and Avon Attraction for Him and for Her Fragrances.