SEC Form 4 · accession 0001209191-18-031081
AVON PRODUCTS INC · AVP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Michael F. Sanford
Director
Period of report
May 16, 2018
Accepted (ET)
May 17, 2018 · 5:26 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000008868
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | May 16, 2018 | M | 32,486 | — | A | 32,486 | D | |
| Common StockF1 | May 16, 2018 | D | 32,486 | $1.88 | D | 0 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom StockF1 | — | May 16, 2018 | M | 32,486 | D | May 16, 2018 | May 16, 2018 | Common Stock | 32,486 | 0 | D |
| Phantom StockF2,F3,F4 | — | May 16, 2018 | A | 61,170 | A | — | — | Common Stock | 61,170 | 61,170 | D |
Explanation of responses
- F1Each share of phantom stock was the economic equivalent of one share of Common Stock. The terms of the grant of Phantom Stock required a settlement in cash and payout upon vesting. The reporting person, therefore, had no discretion to settle his shares of phantom stock upon vesting in anything but cash.
- F2Phantom Stock granted as part of the Reporting person's annual director retainer in lieu of restricted stock units typically granted under the Avon Products, Inc. Compensation Plan for Non-Employee Directors.
- F3Each share of Phantom Stock corresponds 1-for-1 with common stock but is required to settle in cash.
- F4100% of the Phantom Stock vests on the date of the next Annual Meeting of Shareholders.