jcpenney8k102308.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
_________
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): October 23, 2008
J.
C. PENNEY COMPANY, INC.
(Exact
name of registrant as specified in its charter)
|
Delaware
(State
or other jurisdiction
of
incorporation )
|
1-15274
(Commission
File No.)
|
26-0037077
(IRS
Employer
Identification
No.)
|
|
6501
Legacy Drive
Plano,
Texas
(Address
of principal executive offices)
|
75024-3698
(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 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01 Other
Events.
On
October 23, 2008, the Human Resources and Compensation Committee (“the
Committee”) of the J. C. Penney Company, Inc. (the “Company”) Board of Directors
adopted the Company’s Executive Severance Arrangements Policy (the “Policy”).
The Policy provides that the Company will not enter into a future severance
agreement with a senior executive that provides for severance benefits in an
amount exceeding 2.99 times the sum of the senior executive’s annual base salary
as in effect immediately prior to the date of the senior executive’s termination
of employment and target bonus for the fiscal year in which the termination of
employment occurs unless such agreement receives approval of the stockholders of
the Company. The Policy applies only to future severance agreements. Future
severance agreements do not include existing severance agreements unless the
severance agreement is materially modified. The Board of Directors
retains the right to amend the Policy and will promptly disclose any
amendment.
The
foregoing description of the Policy is a summary and is qualified in its
entirety by reference to the full text of the Policy. A copy of the Policy is
furnished herewith as Exhibit 99.1.
Item
9.01 Financial
Statements and Exhibits.
|
(d)
|
Exhibit
99.1
|
J.
C. Penney Company, Inc. Executive Severance Arrangements Policy adopted
October 23, 2008
|
SIGNATURE
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/ Jeffrey J.
Vawrinek
Jeffrey J. Vawrinek
Acting Secretary
|
Date:
October 23, 2008
EXHIBIT
INDEX
|
Exhibit
Number
99.1
|
Description
J.
C. Penney Company, Inc. Executive Severance Arrangements
Policy
adopted
October 23, 2008
|