JCPenney 2015 Annual Report Download - page 125

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when a person or persons acting as a group acquires within a
12-month period 30 percent of the total voting power of the
stock of the Company, or (ii) a majority of the Board is
replaced within a 12-month period by directors whose
appointment or election is not approved by a majority of the
members of the Board before the appointment or election. A
change in effective control also may occur in any transaction
in which either of the two corporations involved in the
transaction has a Change in Control as defined in this Notice
(i.e., multiple change in control events). For purposes of this
Notice, any acquisition by the Company of its own stock
within a 12-month period, either through a transaction or
series of transactions, that, immediately following such
acquisition, results in the total voting power of a person or