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JCPenney to limit severance pay for Executives
Source:
Retailing Today
PLANO, Texas (Oct. 23) JCPenney announced in a filing with U.S.
Securities and Exchange Commission that it would limit severance pay for its Senior
Executives.
According to the filing, severance packages would be limited to 2.99 times the annual
base salary and target bonus in effect the year of termination. Stockholders may
approve greater severance packages. The policy does not apply to existing agreements.
