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.