JCPenney 2015 Annual Report Download - page 146
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Common Stock was sold by the broker-dealer functioning under the
Sell-to-Cover Exercise Method or the Same-Day-Sale Exercise
Method on the effective date of exercise. Further, the amount of the
proceeds to be delivered to the Company by the broker-dealer
functioning under the Sell-to-Cover Exercise Method or the Same-Day-
Sale Exercise Method shall be credited to the Common Stock account
of the Company as consideration for the shares of Common Stock to
be issued in accordance with the Sell-to-Cover Exercise or the Same-
Day-Sale Exercise Method.
Issuance. On payment of all amounts due, the Company shall,
subject to the provisions of paragraph (p) in the section below titled
“Miscellaneous,” cause certificates for the Common Stock then being
purchased to be delivered as directed by You (or the person
exercising Your Non-Qualified Stock Option in the event of Your
death) at its principal business office promptly after the Exercise
Date. The obligation of the Company to deliver shares of Common
Stock shall, however, be subject to the condition that if at any time
the Company shall determine in its discretion that the listing,
registration or qualification of the Non-Qualified Stock Option or the
Common Stock upon any securities exchange or inter-dealer quotation
system or under any state or federal law, or the consent or approval of
any governmental regulatory body, is necessary or desirable as a
condition of, or in connection with, the Non-Qualified Stock Option or
the issuance or purchase of shares of Common Stock thereunder, the
Non-Qualified Stock Option may not be exercised in whole or in part
unless such listing, registration, qualification, consent or approval
shall have been effected or obtained free of any conditions not
acceptable to the Company.