CEO Stock Holding Requirement Modification Agreement between Avon and Ms. McCoy (2014)
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Summary
Avon's Compensation and Management Development Committee has updated the terms of Ms. McCoy's employment to require her to retain 75% of the net shares she receives from vested equity awards until she owns stock equal to six times her base salary. This change modifies her previous letter agreement and aims to align her interests with those of shareholders. The requirement remains in effect until the specified ownership level is met.
EX-10.1 2 a2014331-ex101.htm CEO STOCK HOLDING REQUIREMENT 2014.3.31-EX.10.1
Exhibit 10.1
On March 13, 2014, the Compensation and Management Development Committee, with input from the independent directors and its independent compensation consultant, adopted a stock holding feature/retention ratio that requires Ms. McCoy to hold 75% of the net shares acquired upon the vesting of her equity awards until she has satisfied her stock ownership guidelines of 6 times base salary. This modifies the relevant portion of Ms. McCoy’s Letter Agreement, dated April 4, 2012 (Exhibit 10.1 to Avon’s Current Report on Form 8-K filed on April 10, 2012).
