JCPenney 2015 Annual Report Download - page 142
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Vesting of Your Non-Qualified Stock Option
This Non-Qualified Stock Option will generally become exercisable
(“Vest”) in three (3) equal installments over a three (3) year period on
the first, second, and third anniversaries of the Date of Grant (the
“Vest Date”), according to the schedule below. YOU MUST REMAIN
CONTINUOUSLY EMPLOYED BY THE COMPANY THROUGH
EACH VEST DATE (unless Your employment terminates due to Your
Disability, death, or if You are party to a Termination Pay Agreement
(“TPA”), an Involuntary Separation from Service without Cause as
defined in the TPA) to Vest in in a particular installment of Your Non-
Qualified Stock Option award; otherwise any unvested Non-Qualified
Stock Options granted will be forfeited.