SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 28, 2005
J. C. PENNEY COMPANY, INC. (Exact name of registrant
as specified in its charter)
Delaware 1-15274 26-0037077
(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation ) Identification No.)
6501 Legacy Drive
Plano, Texas 75024-3698
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (972) 431-1000
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13d-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
Pursuant to the Management Incentive Compensation Program, as amended (the
"Program") of J. C. Penney Corporation, Inc., the wholly-owned retail operating
subsidiary of J. C. Penney Company, Inc., an annual incentive cash award is made
upon the achievement of pre-set performance goals. Based upon the performance
goals and actual performance for fiscal 2004, an incentive cash payment to each
of the named executive officers (including certain employees who have retired or
resigned) at 160% of the incentive targets has been made resulting in awards of
the following amounts:
2004
Named Executive Officer Incentive Compensation
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Robert B. Cavanaugh $489,648.63
Executive Vice President,
Chief Financial Officer
Gary L. Davis $443,933.12
Executive Vice President, Chief Human
Resources and Administration Officer
Ken C. Hicks $537,508.17
President and Chief Merchandising Officer
Stephen F. Raish $322,098.36
Executive Vice President,
Chief Information Officer
Myron E. Ullman, III $406,557.60
Chairman and Chief Executive Officer
Vanessa J. Castagna $1,044,880.00
Former Executive Vice President, Chairman and CEO
JCPenney Stores, Catalog and Internet
Charles R. Lotter $441,552.19
Former Executive Vice President,
Secretary and General Counsel
Allen I. Questrom $2,160,000.00
Former Chairman and Chief Executive Officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
J. C. PENNEY COMPANY, INC.
By: /s/ Joanne L. Bober
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Joanne L. Bober
Senior Vice President,
General Counsel and Secretary
Date: March 4, 2005