Fabian Garcia
Mr. Garcia, who commenced employment with the Company on April 15, 2016, resigned as the Companys President and Chief Executive Officer on January 28, 2018 and his employment with the Company ceased on February 28, 2018. Prior to such separation, Mr. Garcias employment agreement, which was entered into in March 2016, provided that his annual base salary would be not less than $1,500,000, with a target annual bonus of 150% of his base salary, with the possibility of exceeding such amount based upon the over-achievement of the Companys performance objectives, up to a maximum of 200% of his base salary and pursuant to which he also received a $2 million sign-on bonus in May 2016. Pursuant to Mr. Garcias Employment Agreement, Mr. Garcia was eligible to earn a long-term incentive award based on certain Adjusted EBITDA targets covering 3¾ annual performance periods, commencing on April 15, 2016 and ending on December 31, 2019. His participation in such program ceased pursuant to his separation agreement. Pursuant to Mr. Garcias Employment Agreement, Mr. Garcia received 270,489 restricted shares of Revlon Common Stock on April 15, 2017, having an aggregate value of $10 million based on the NYSE closing price of $36.97 per share of Revlon Common Stock on April 15, 2016. His grant was scheduled to vest in 5 equal installments, beginning on April 15, 2017 and the 4 anniversaries thereafter, subject to certain terms and conditions. During his employment, Mr. Garcia was also eligible to participate in other benefit and perquisites plans generally made available to the Companys other senior executives at his level, which included, among other things, a $30,000 annual car allowance and a $10,000 annual financial planning and tax preparation allowance. Mr. Garcias Employment Agreement required that he comply with the Companys confidentiality, non-solicit and non-compete obligations and with the Companys Code of Conduct and Business Ethics.
Pursuant to Mr. Garcias Separation Agreement and as contemplated by his Employment Agreement, Mr. Garcia was entitled to receive the following severance payments: (i) $3,787,500, representing 2 times his base salary and bonus paid for the year prior to termination; (ii) $393,750, representing his actual bonus payment under the 2017 Annual Bonus Program; (iii) $3,312,500, representing his 2016 CEO LTIP and other incentive compensation payments pursuant to his Employment Agreement; (iv) $55,488, representing the cost of 24 months of group medical, dental and vision insurance coverage; and (v) $4,609,150, representing the realized value of his remaining 216,392 restricted shares of Revlon Common Stock, which fully vested on March 9, 2018, based on the $21.30 NYSE per share closing price on such date. Mr. Garcia was also eligible to receive a pro-rated portion of his 2018 annual bonus, payable to the extent bonuses were payable under the Companys 2018 annual bonus program, which payment was nil. The Company suspended outstanding payments to Mr. Garcia based on its view that Mr. Garcias representation of the amount of lost income as a result of leaving his prior employer — that was to be recouped from the Company — was overstated.
Christopher Peterson
Mr. Peterson, who commenced employment with the Company on April 17, 2017, resigned as the Companys Chief Operating Officer, Operations on July 31, 2018. Prior to such separation, Mr. Petersons employment agreement, which was entered into in April, 2017, provided that his annual base salary would be not less than $1,125,000, with a target annual bonus of 100% of his base salary, up to a maximum of 200% of his base salary, with a guaranteed minimum annual bonus for 2017 of $753,750, and pursuant to which he also received a sign-on bonus of $250,000 in April 2017. Pursuant to Mr. Petersons Employment Agreement, Mr. Peterson was eligible to earn a long-term incentive award based on certain Adjusted EBITDA targets covering 2¾ annual performance periods, over 2017 through 2019 (with 2017 being 4/1/17-12/31/17), with a target annual award of $1,250,000 payable in March 2020. His participation in such program ceased pursuant to his separation agreement. Pursuant to Mr. Petersons Employment Agreement, Mr. Peterson received 192,307 restricted shares of Revlon Common Stock on April 17, 2017, having an aggregate value of $4,999,982 based on the NYSE closing price of $26 per share of Revlon Common Stock on April 17, 2017. His grant was scheduled to vest in 5 equal installments, beginning on April 17, 2018 and the 4 anniversaries thereafter, subject to certain terms and conditions. Mr. Peterson was also eligible to participate in other benefit and perquisites plans generally made available to the Companys other senior executives, which included a $30,000 annual car allowance and a $10,000 annual financial planning and tax preparation allowance. Mr. Petersons Employment Agreement required that he comply with the Companys confidentiality, non-solicit and non-compete obligations and with the Companys Code of Conduct and Business Ethics.