J.C. Penney awards Ellison 2 million shares

Plano, Texas – J.C. Penney Company Inc. has provided an equity inducement award of 2.07 million restricted stock units (RSUs) to Marvin Ellison, the company’s president and CEO-designee, in connection with his employment. Penney previously disclosed this award in connection with the announcement of Ellison`s appointment in October.

The RSUs will vest in thirds on the first, second and third anniversaries, respectively, of the grant date, provided Ellison remains continuously employed with Penney through those dates. The award fully vests if Ellison is involuntarily terminated for any reason other than cause, if Ellison voluntarily terminates his employment for good reason, and if his employment terminates in certain cases within two years following a change in control of the company.