UPDATED 4/15/2019: J. C. Penney Company, Inc. Grants Previously Disclosed Equity Inducement Award to Bill Wafford
April 15 2019 - 7:13PM
PLANO, Texas -
(April 15, 2019) - In accordance with the New York Stock
Exchange rules regarding equity inducement awards, J. C. Penney
Company, Inc. (NYSE: JCP) announced that on April 11, 2019, an
equity inducement award of 1,209,678* restricted stock units (RSUs)
was granted to Bill Wafford, the Company's chief financial officer,
in connection with the commencement of his employment. The Company
previously disclosed this award in connection with the announcement
of Wafford's appointment on March 26.
Of the RSUs comprising Wafford's
inducement award, 806,452 RSUs will vest in thirds on the first,
second and third anniversaries, respectively, of the grant date,
and 403,226 RSUs will vest in full on the third anniversary of the
grant date, provided in each case that Wafford remains continuously
employed with the Company through those dates. The award fully
vests if Wafford is involuntarily terminated for any reason other
than cause or if his employment terminates in certain cases within
two years following a change in control of the Company.
*The original
news release issued on April 11, 2019, incorrectly stated that
Wafford's equity inducement award was 1,200,000 of restricted stock
units (RSUs). The correct number of RSUs is 1,209,678, as reflected
above.
To access the original press release announcing
Wafford's appointment, please visit:
https://www.jcpnewsroom.com/news-releases/2019/0326_jcpenney_announces_cfo.html
Media
Relations:
(972) 431-3400 or jcpnews@jcp.com
Follow @jcpnews on Twitter for the latest announcements and Company
information.
Investor
Relations:
(972) 431-5500 or jcpinvestorrelations@jcp.com
About
JCPenney:
J. C. Penney Company, Inc. (NYSE: JCP), one of the nation's largest
apparel and home retailers, combines an expansive footprint of over
860 stores across the United States and Puerto Rico with a powerful
e-commerce site, jcp.com, to deliver style and value for all
hard-working American families. At every touchpoint, customers will
discover stylish merchandise at incredible value from an extensive
portfolio of private, exclusive and national brands. Reinforcing
this shopping experience is the customer service and warrior spirit
of approximately 95,000 associates across the globe, all driving
toward the Company's mission to help customers find what they love
for less time, money and effort. For additional information, please
visit jcp.com.
###
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: J. C. Penney Company, Inc. via Globenewswire
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