PLANO, Texas, Nov. 17, 2011 /PRNewswire/ -- In accordance with New York Stock Exchange rules regarding equity inducement awards, J. C. Penney Company, Inc. (NYSE: JCP) announced that an equity inducement award of 373,483 restricted stock units (RSUs) was granted to Daniel Walker, the Company's new chief talent officer, in connection with the commencement of his employment on Nov. 16, 2011.
The RSUs will vest in thirds on the fourth, fifth and sixth anniversary, respectively, of the grant date, provided Mr. Walker remains continuously employed with the Company through those dates. The award vests pro rata if Mr. Walker is terminated for any reason other than cause, and it will fully vest if his employment terminates in certain cases within two years following a change of control at the Company.
Darcie Brossart and Rebecca Winter; (972) 431-3400
Kristin Hays and Angelika Torres; (972) 431-5500
About J. C. Penney Company, Inc.
J. C. Penney Company, Inc., one of America's leading retailers, operates over 1,100 jcpenney department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet, jcp.com. Serving more than half of America's families each year, the jcpenney brand offers a wide array of private, exclusive and national brands which reflect the Company's vision to be America's shopping destination for discovering great styles at compelling prices. Traded as "JCP" on the New York Stock Exchange, the $17.8 billion retailer is transforming its organization to build a sustainable, profitable enterprise that serves its customers, engages its associates and rewards its shareholders. For more information, visit www.jcpenney.net.
SOURCE J. C. Penney Company, Inc.