JCPenney 2015 Annual Report Download - page 153

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( q ) Compliance with Applicable Legal Requirements.
Notwithstanding anything contained herein to the contrary, the
Company will not be required to sell or issue shares of
Common Stock in connection with the award under this Notice
if the issuance thereof would constitute a violation by You or
the Company of any provisions of any law or regulation of any
governmental authority or any national securities exchange or
inter-dealer quotation system or other forum in which shares
of Common Stock are quoted or traded (including without
limitation Section 16 of the Securities Exchange Act of 1934);
and, as a condition of any sale or issuance of shares of
Common Stock under this Notice, the Board or its designee
may require such agreements or undertakings, if any, as the
Board or its designee may deem necessary or advisable to
assure compliance with any such law or regulation. The grant
and operation of this award, as evidenced by this Notice, and
the obligation of the Company to sell and deliver shares of
Common Stock, will be subject to all applicable federal and
state laws, rules and regulations and to such approvals by
any government or regulatory agency as may be required.