===============================================================================
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): September 15, 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
On September 15, 2005, the Human Resources Committee of J. C. Penney
Corporation, Inc. ("Corporation") approved an adjustment to the 2005 total J. C.
Penney Company, Inc. sales and operating profit results of continuing operations
performance goals under the Corporation's Management Incentive Compensation
Program ("Incentive Program"). The adjustment reflects the recent sale of Lojas
Renner S. A. ("Renner") and the subsequent classification by J. C. Penney
Company, Inc. ("Company") of Renner operating results as a discontinued
operation.
Annual profit incentive compensation can be earned under the Incentive
Program by management employees, including executive officers who are
anticipated to be named in the Summary Compensation Table of the Company's 2006
Notice of Annual Meeting and Proxy Statement. The Incentive Program ties
incentive compensation to Company performance, with no incentive payment for
performance well below plan and up to 200% of incentive targets for superior
results.
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/ Michael T. Theilmann
----------------------------------
Michael T. Theilmann
Executive Vice President,
Chief Human Resources and
Administration Officer
Date: September 20, 2005