In accordance with the New York Stock Exchange rules regarding equity inducement awards, J. C. Penney Company, Inc. announced that on May 20, 2014, an equity inducement award of 223,964 restricted stock units (RSUs) was granted to Edward Record, the Company's Executive Vice President and Chief Financial Officer, in connection with the commencement of his employment. The Company previously disclosed these awards in connection with the announcement of Mr. Record's appointment in February.
The RSUs will vest in thirds on the first, second and third anniversaries, respectively, of the grant date, provided Mr. Record remains continuously employed with the Company through those dates.
The award fully vests if Mr. Record is terminated for any reason other than cause, and if his employment terminates in certain cases within two years following a change of control at the Company.
J. C. Penney Company, Inc., one of the nation's largest apparel and home furnishing retailers, is dedicated to becoming America's preferred retail destination for unmatched style, quality and value. Across approximately 1,100 stores, customers will discover an inspiring shopping environment that features the most sought after collection of private, national and exclusive brands and attractions.