JCPenney 2015 Annual Report Download - page 152

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subsequent failure.
 No Inconsistent Actions. The parties hereto will not
voluntarily undertake or fail to undertake any action or course
of action that is inconsistent with the provisions or essential
intent of this Notice. 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
Notice.
(p) No Issuance of Certificates. To the extent this Notice
provides for issuance of stock certificates to reflect the
issuance of shares of Common Stock in connection with this
award, the issuance may be effected on a non-certificate
basis, to the extent not prohibited by applicable law or the
applicable rules of any stock exchange on which the Common
Stock is traded.