Agreement”) on March 14, 2018, which was superseded by her CEO Employment Agreement, as described above. The Superseded COO Employment Agreement provided that as COO Ms. Perelman would receive an annual base salary of not less than $1,125,000, with a target annual bonus opportunity under the Incentive Compensation Plan of 100% of her base salary, with the possibility of exceeding such amount based upon over-achievement of the Company’s performance objectives, up to a maximum of 200% of her base salary. Pursuant to the Superseded COO Employment Agreement, Ms. Perelman was eligible to participate in the Company’s annual LTIP programs, with a $1,250,000 target annual award, and in other benefit and perquisites plans generally made available to the Company’s other senior executives at her level. If the Superseded COO Employment Agreement was terminated due to death, disability or without “cause,” Ms. Perelman would have been eligible to receive: (i) her annual base salary paid in equal installments over a period ranging from 12 to 18 months under the Revlon Executive Severance Pay Plan, depending on her length of service; (ii) her annual bonus with respect to the year prior to the year of termination (if not already paid as of the termination date); (iii) her annual bonus with respect to the year of termination, based on actual performance and pro-rated for the number of days actually worked during such year; and (iv) payment in respect of any outstanding LTIP awards, based on actual performance and pro-rated for the number of days actually worked during the applicable performance period.
Prior to assuming these roles, Ms. Perelman served since December 2017 as Executive Vice President, Strategy, Digital Content and New Business Development, which was carried out pursuant to a secondment arrangement between the Company and MacAndrews & Forbes, pursuant to which her compensation and benefits for such role were paid directly by MacAndrews & Forbes and not by the Company, except that the Company was responsible for applicable business and travel expenses incurred by Ms. Perelman.
As previously disclosed in Revlon’s 2017 Form 10-K, the Company’s Board of Directors elected Victoria Dolan as its CFO on March 1, 2018, effective as of March 12, 2018.
On March 12, 2018 the Company and Products Corporation entered into an employment agreement with Ms. Dolan (the “CFO Employment Agreement”), which, among other things, provides that she will serve as the Company’s CFO at an annual base salary of not less than $600,000, with a target annual bonus under the Incentive Compensation Plan of 75% of her base salary, with the possibility of exceeding such amount based upon the Company’s and/or her over-achievement of the applicable performance objectives. Pursuant to the CFO Employment Agreement, the Company agreed that Ms. Dolan’s annual bonus for 2018 would not be less than $450,000.
In March 2020, in connection with the organizational measures taken by the Company in response to the COVID-19 pandemic, the Company and Ms. Dolan entered into the CFO Letter Amendment pursuant to which, effective on April 11, 2020, Ms. Dolan’s base salary would be reduced by 25% to $468,000, less all applicable withholdings and deductions. The CEO has the authority to reinstate Ms. Dolan’s base salary in effect immediately prior to the CFO Letter Amendment at any time she deems appropriate, in her sole discretion, exercised reasonably. All other terms of the CFO Employment Agreement will remain in place during the term of the agreement unless further amended by written agreement between the parties.
During her employment with the Company, Ms. Dolan is eligible to participate in the Company’s LTIP programs. In connection with her election as the Company’s CFO, Revlon’s Compensation Committee approved a $500,000 LTIP target award opportunity for Ms. Dolan under the Company’s 2018 LTIP program. 50% of the 2018 LTIP award are time-based RSUs that are scheduled to vest ratably over a 3-year service period, with the balance being performance-based RSUs that are scheduled to cliff-vest in March 2021 at the completion of the 3-year performance period (i.e., 2018, 2019 and 2020), based on the average degree of the Company’s achievement of its performance targets over the 3 separately-measured 1-year performance periods.
Pursuant to the CFO Employment Agreement, Ms. Dolan received 69,767 restricted shares of Revlon Common Stock (the “CFO Restricted Stock Grant”), having an aggregate value of $1,500,000 based on the NYSE closing price of Revlon Common Stock on March 15, 2018 (the “CFO Grant Date”). The CFO Restricted Stock Grant is eligible for vesting ratably on each of the first 3 anniversaries of the CFO Grant Date; provided that Ms. Dolan remains employed by the Company on each applicable vesting date, and is subject to earlier vesting upon the occurrence of a “change of control.” Ms. Dolan is also eligible to participate in other benefit and perquisites plans generally made available to the Company’s other senior executives at her level.
While the term of the CFO Employment Agreement is indefinite, it may be terminated by the Company pursuant to certain termination provisions. If the Company terminates Ms. Dolan’s employment for any reason other than for “cause,” she would be eligible to receive the greater of: (a) the benefits provided under the Company’s Executive Severance Pay Plan;