PLANO, Texas, Dec. 9, 2011 /PRNewswire via COMTEX/ --
In accordance with New York Stock Exchange rules regarding equity inducement awards, J. C. Penney Company, Inc. (NYSE: JCP) announced that equity inducement awards totaling 869,332 restricted stock units (RSUs) were granted to Michael W. Kramer, the Company's new chief operating officer, in connection with the commencement of his employment on Dec. 5, 2011. The Company had previously disclosed these awards in connection with the announcement of Mr. Kramer's appointment in November.
Mr. Kramer's grant of 119,332 RSUs will vest in thirds on the first, second and third anniversary, respectively, of the grant date, provided he remains continuously employed with the Company through those dates. The award will fully vest if his employment terminates as a result of his death or disability, if his employment is terminated other than for cause or if he terminates his employment for good reason within two years after a change in control at the Company. Mr. Kramer's grant of 750,000 RSUs will vest in thirds on the fourth, fifth and sixth anniversary, respectively, of the grant date, provided he remains continuously employed with the Company through those dates. The award will vest pro rata if he 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.
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.