JCPenney 2015 Annual Report Download - page 123
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through an executed writing; provided, however, that such waiver shall not operate as a waiver of, or estoppel with
respect to, any other or subsequent failure.
5.10 No Inconsistent Actions. The parties hereto shall not voluntarily undertake or fail to undertake any action or course of
action that is inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the
parties hereto to act in a fair and reasonable manner with respect to the interpretation and application of the provisions
of this Agreement.
5.11 Headings, Section References, and Recitations. The headings used in this Agreement are intended for convenience or
reference only and shall not in any manner amplify, limit, modify or otherwise be used in the construction or
interpretation of any provision of this Agreement. All section references are to sections of this Agreement, unless
otherwise noted. The Recitations contained at the beginning of this Agreement are intended to be a part of this
Agreement.
5.12 Beneficiaries. The Executive shall be entitled to select (and change, to the extent permitted under any applicable law) a
beneficiary or beneficiaries to receive any compensation or benefit payable hereunder following the Executive’s death,
and may change such election, in either case by giving the Corporation written notice thereof in accordance with
Section 5.5. In the event of the Executive’s death or a judicial determination of the Executive’s incompetence, reference
in this Agreement to the “Executive” shall be deemed, where appropriate, to be the Executive’s beneficiary, estate or
other legal representative.
5.13 Withholding. The Corporation shall be entitled to withhold from payment any amount of withholding required by law.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first above written.
By:
Name:
Title:
____________________________________