JCPenney 2015 Annual Report Download - page 121
Download and view the complete annual report
Please find page 121 of the 2015 JCPenney annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118 -
119 -
120 -
121 -
122 -
123 -
124 -
125 -
126 -
127 -
128 -
129 -
130 -
131 -
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
 |
 |
to the extent necessary to establish a claim or a defense to a claim, subject to supervision by the arbitrator. The
determination of the arbitrator shall be conclusive and binding upon the parties and judgment upon the same may be
entered in any court having jurisdiction thereof. The arbitrator shall give written notice to the parties stating the
arbitrator’s determination, and shall furnish to each party a signed copy of such determination. The expenses of
arbitration shall be borne equally by the Corporation and the Executive or as the arbitrator equitably determines
consistent with the application of state or federal law; provided, however, that the Executive’s share of such expenses
shall not exceed the maximum permitted by law. To the extent applicable, in accordance with Code section 409A and
Treasury Regulation section 1.409A-3(i)(1)(iv)(A) or any successor thereto, any payments or reimbursement of
arbitration expenses which the Corporation is required to make under the foregoing provision shall meet the
requirements below. The Corporation shall reimburse the Executive for any such expenses, promptly upon delivery of
reasonable documentation, provided, however, all invoices for reimbursement of expenses must be submitted to the
Corporation and paid in a lump sum payment by the end of the calendar year following the calendar year in which the
expense was incurred. All expenses must be incurred within a 20 year period following the Separation from Service.
The amount of expenses paid or eligible for reimbursement in one year under this Section 5.1 shall not affect the
expenses paid or eligible for reimbursement in any other taxable year. The right to payment or reimbursement under
this Section 5.1 shall not be subject to liquidation or exchange for another benefit.
Notwithstanding the foregoing, the Corporation shall not be required to seek or participate in arbitration regarding any
actual or threatened breach of the Executive’s covenants in Section 3, but may pursue its remedies, including injunctive
relief, for such breach in a court of competent jurisdiction in the city in which the Corporation’s principal executive
offices are based, or in the sole discretion of the Corporation, in a court of competent jurisdiction where the Executive
has committed or is threatening to commit a breach of the Executive’s covenants, and no arbitrator may make any ruling
inconsistent with the findings or rulings of such court.
5.3 Binding on Successors; Assignment. This Agreement shall be binding upon and inure to the benefit of the Executive,
the Corporation and each of their respective successors, assigns, personal and legal representatives, executors,
administrators, heirs, distributees, devisees, and legatees, as applicable; provided however, that neither this Agreement
nor any rights or obligations hereunder shall be assignable or otherwise subject to hypothecation by the Executive
(except by will or by operation of the laws of intestate succession) or by the Corporation except that the Corporation
may assign this Agreement to any successor (whether by merger, purchase or otherwise) to all or substantially all of the
stock, assets or businesses of the Corporation, if such successor expressly agrees to assume the obligations of the
Corporation hereunder.