following such change of control, and (ii) LTIP awards related to prior performance periods as to which the respective performance objectives were achieved, but for which payments remain outstanding, are to be paid within 60 days following any such change of control.
Upon a change of control without the successor entity assuming or otherwise continuing the terms of the LTIP, Mr. Figuereo also would be entitled to the payout of the remaining unpaid portion of his previously earned LTIP awards, to be paid at target on a pro-rated basis, in the amount of $666,667, consisting of: (i) $166,667, representing one-third of his $500,000 2016 LTIP (based on 1 year completed of the 3-year performance period (i.e., 2016, 2017 and 2018)); (ii) $166,667, representing the initial one-third portion of his $500,000 2016 Transitional LTIP (based on its 1-year performance period of 2016 (which award was paid in March 2017); and (iii) $333,333, representing the remaining two-thirds portion of his $500,000 2016 Transitional LTIP (based on its 2-year performance period (i.e., 2016 and 2017)).
Mr. Pieraccioni
Under Mr. Pieraccionis Employment Agreement, in the event of any change of control, the terms of his employment agreement would be extended for an additional 24 months from the effective date of any such change of control. The Pieraccioni Employment Agreement also provides that if, within this 24-month period, he were to terminate his employment with the Company for COC good reason (as defined under the Pieraccioni Employment Agreement) or if the Company were to terminate his employment other than for cause, he would receive: (i) a lump-sum payment equal to 2 times the sum of (a) his base salary and (b) his average gross bonus earned over the 5 calendar years prior to termination; and (ii) 24 months of continuation of all fringe benefits in which he participated on the change of control effective date or, in lieu of such benefits, a lump-sum cash payment equal to the value of such benefits. The Pieraccioni Employment Agreement also provides that, in the event of a change of control, all then-unvested restricted shares held by him shall immediately vest.
The estimated aggregate total of benefits upon a change of control and subsequent termination if Mr. Pieraccioni had been terminated on December 31, 2016 would have been approximately $6,937,436, consisting of the following: (a) $2,000,000, representing 2 times his $1,000,000 annual base salary as of December 31, 2016; (b) $1,726,147, representing 2 times his average 5-year bonus; (c) approximately $15,900, representing the cost of 2 years of contributions under the Companys 401(k) Plan; (d) approximately $90,000 in respect of 2 years of profit sharing contributions under the 401(k) Plan; (e) approximately $4,992, representing the cost of 24 months of life insurance coverage; (f) $60,000, representing 24 months of car allowance; (h) $20,000, representing 24 months of tax preparation and financial counseling allowance; (i) approximately $89,569, representing the cost of 24 months of group medical and dental insurance coverage; and (j) $2,930,828, representing the fair market value attributable to the accelerated vesting of his 100,543 shares of unvested restricted stock that were outstanding as of December 31, 2016 (based on the $29.15 per share NYSE closing market price of Revlon Common Stock on December 30, 2016).
Upon a change of control without the successor entity assuming or otherwise continuing the terms of the LTIP, Mr. Pieraccioni also would be entitled to the payout of the remaining unpaid portion of his previously earned LTIP awards, to be paid at target on a pro-rated basis, in the amount of $1,000,000, consisting of: (i) $500,000, representing his $500,000 2014 LTIP (based on its 3-year performance period (i.e., 2014, 2015 and 2016)) (which award was paid in March 2017); (ii) $333,333, representing two-thirds of his $500,000 2015 LTIP (based on 2 years completed of the 3-year performance period (i.e., 2015, 2016 and 2017)); and (iii) $166,667, representing one-third of his $500,000 2016 LTIP (based on 1 year completed of the 3-year performance period (i.e., 2016, 2017 and 2018)).
Messrs. Delpani and Simon
Messrs. Delpani and Simon ceased employment with the Company prior to December 31, 2016, and not following a change of control.