Document:

EXHIBIT 10.80 Form of 2012 LTIP Stock Option

		
			Exhibit 10.80
		

			
					
						jcpenney

					
					
						Notice of Stock Option Grant

				
	
					
						J. C. Penney Company, Inc.

					
					
						Name

					
					
						Employee ID

				
	
					
						[Associate Name]

					
					
						[EEID]

				
	
					
						 

					
					
						Date of Grant

					
					
						Option Grant Price Per Share

					
					
						Number of NSO Shares Granted

				
	
					
						 

					
					
						[Grant Date]

					
					
						[Grant Price]

					
					
						[Grant Amount]

				
	
					
						 

				

		
			 
		

		
			This Notice of Non-Qualified Stock Option ("NSO") gives you the right to purchase the total number of shares of Common Stock of 50¢ par value ("Common Stock") of J. C. Penney Company, Inc. ("Company") at the option grant price per share as shown above.  This option is subject to and will be governed by all the terms, rules, and conditions of the J. C. Penney Company, Inc. 2012 Long-Term Incentive Plan (“Plan”), and to the extent such term, rules, and conditions of the Plan are not modified by this Notice, and, if applicable, the implementing resolutions (“Resolutions”) approved by the Human Resources and Compensation Committee of the Board of Directors.  Capitalized terms not otherwise defined herein shall have the respective meanings assigned to them in the Plan and, if applicable, the Resolutions.
		

		
			 
		

		
			Vesting Terms
		

		
			 
		

		
			This option shall become exercisable (“vest”) in accordance with the following schedule provided you are actively Employed with the Company on the applicable vesting date with no break in service.
		

		
			 
		

			
					
						Normal Vesting Date

					
					
						Percent Vesting

				
	
					
						First Anniversary of Date of Grant

					
					
						33-1/3%

				
	
					
						Second Anniversary of Date of Grant

					
					
						33-1/3%

				
	
					
						Third Anniversary of Date of Grant

					
					
						33-1/3%

				

		
			 
		

		
			Exercise Terms Following Termination of Employment
		

		
			 
		

		
			As provided in Article IX of the Plan, 100% of this option will become immediately exercisable, without regard to the Normal Vesting Dates above, on your Employment Termination following a Change of Control of the Company.
		

		
			 
		

		
			A pro rata portion of this option will vest and become immediately exercisable, without regard to the Normal Vesting Dates above, in the event of your termination of Employment due to Retirement, Disability, death, job restructuring, reduction in force, or unit closing.  The pro rata portion of this option that will vest in the event of your termination of Employment due to Retirement, Disability, death, or job restructuring, reduction in force or unit closing will be determined by multiplying the “Number of NSO Shares Granted” from above by a fraction, the denominator of which is 36 and the numerator of which is the number of months from the date of grant to the effective date of your termination of Employment.  The number of options that have already vested according to the terms herein will be subtracted from the prorated amount and the remaining prorated options will become immediately exercisable.  Any options which have not already vested or for which exercisability is not accelerated will expire on such employment termination.  
		

		
			 
		

		
			Notwithstanding the foregoing, if you are party to a termination agreement, and your Employment is terminated due to an involuntary termination of Employment without Cause under, and as defined in that termination agreement, then the number of options that will become exercisable will be determined according to the terms of the underlying termination agreement subject to (a) the execution and delivery of a release in such form as may be required by the Company and (b) the expiration of the applicable revocation period for such release.
		

		
			 
		

		
			If your Employment is terminated for Cause then any unexercised options will expire as of the date of your employment termination for Cause.
		

		
			 
		

		
			Please see the Plan for all terms, rules, and conditions, including the post-termination of Employment exercise period applicable to this NSO.
		

		
			 
		

		
			Recoupment
		

		
			 
		

		
			As provided in Section 12.19 of the Plan this Award is subject to a compensation recoupment policy adopted by the Board or the Committee prior to or after the effective date of the Plan, and as such policy may be amended from time to time after its adoption. 
		

		
			 
		

		
			This stock option grant does not constitute an employment contract.  It does not guarantee employment for the length of the vesting period or for any portion thereof.EXHIBIT 10.81 Form of 2012 LTIP RSU

		
			Exhibit 10.81
		

			
					
						jcpenney

					
					
						Notice of Restricted Stock Unit Grant

				
	
					
						J. C. Penney Company, Inc.

					
					
						Name

					
					
						Employee ID

				
	
					
						[Associate Name]

					
					
						[EEID]

				
	
					
						 

					
					
						Date of Grant

					
					
						Number of Restricted Stock Units Granted

				
	
					
						 

					
					
						[Grant Date]

					
					
						[Grant Amount]

				
	
					
						 

				

		
			 
		

		
			Restricted Stock Unit Grant
		

		
			You have been granted the number of restricted stock units listed above in recognition of your expected future contributions to the success of jcpenney.  Each restricted stock unit shall at all times be deemed to have a value equal to the then-current fair market value of one share of J. C. Penney Company, Inc. Common Stock of 50¢ par value (“Common Stock”).   This grant is subject to all the terms, rules, and conditions of the J. C. Penney Company, Inc. 2012 Long-Term Incentive Plan (“Plan”) and the implementing resolutions (“Resolutions”) approved by the Human Resources and Compensation Committee of the jcpenney Board of Directors.  Capitalized terms not otherwise defined herein shall have the respective meanings assigned to them in the Plan and the Resolutions. 
		

		
			 
		

		
			Vesting of Your Restricted Stock Units
		

		
			The restricted stock units shall fully vest, and the restrictions on your restricted stock units shall lapse on [VEST DATE] (the “Vest Date”),  provided you remain continuously employed by the Company through the Vest Date (unless your Employment terminates due to your Retirement, Disability, death, job restructuring, reduction in force, or unit closing).    
		

		
			 
		

		
			Your vested restricted stock units shall be paid in shares of Common Stock as soon as practicable on or following the earlier of (i) your termination of Employment as a result of your Retirement, Disability, death, or job restructuring, reduction in force, unit closing, or (ii) the Vest Date provided above.  Notwithstanding the foregoing, if you are a specified employee as defined under Section 409A of the Code and the related Treasury regulations thereunder, your award is subject to Section 409A of the Code, and your Employment is terminated as a result of your Retirement your vested restricted stock units shall be paid in shares of Common Stock as soon as practicable following the earlier of (i) the date that is six months following your termination of service due to Retirement (ii) the date of your death, or (iii) the Vest Date.  You shall not be allowed to defer the payment of your shares of Common Stock to a later date.
		

		
			 
		

		
			Dividend Equivalents
		

		
			You shall not have any rights as a stockholder until your restricted stock units vest and you are issued shares of Common Stock in cancellation of the vested restricted stock units.  If the Company declares a dividend, you will accrue dividend equivalents on the unvested restricted stock units in the amount of any quarterly dividend declared on the Common Stock.  Dividend equivalents shall continue to accrue until your restricted stock units vest and you receive actual shares of Common Stock in cancellation of the vested restricted stock units.  The dividend equivalents shall be credited as additional restricted stock units in your account to be paid in shares of Common Stock on the vesting date along with the restricted stock units to which they relate.  The number of additional restricted stock units to be credited to your account shall be determined by dividing the aggregate dividend payable with respect to the number of restricted stock units in your account by the closing price of the Common Stock on the New York Stock Exchange on the dividend payment date.  The additional restricted stock units credited to your account are subject to all of the terms and conditions of this restricted stock unit award and the Plan and you shall forfeit your additional restricted stock units in the event that you forfeit the restricted stock units to which they relate.
		

		
			 
		

		
			Employment Termination
		

		
			If your Employment terminates due to Retirement, Disability, death or job restructuring, reduction in force, or unit closing prior to the Vest Date, you shall be entitled to a prorated number of restricted stock units.  The proration shall be equal to a fraction, the denominator of which is 36 and the numerator of which is the number of months from the date of grant to the effective date of your termination of service.  The prorated number of restricted stock units to which you are entitled will be distributed as provided in “Vesting of Your Restricted Stock Units” above.  Any restricted stock units for which vesting is not accelerated shall be cancelled on such employment termination. 
		

		
			 
		

		
			Notwithstanding the foregoing, if you are party to a termination agreement, and your Employment is terminated due to an involuntary termination of Employment without cause (or summary dismissal) under, and as defined in that termination agreement, then the number of restricted stock units that will vest will be determined according to the terms of the underlying termination agreement subject to (a) the execution and delivery of a release in such form as may be required by the Company and (b) the expiration of the applicable revocation period for such release. Any shares that vest under a termination agreement will be distributed as provided in the Vesting of Your Restricted Stock Units section of this Notice. 
		

		
			 
		

		
			If your employment terminates for any reason other than those specified above, any unvested restricted stock units shall be cancelled on the effective date of termination.
		

		
			 
		

		

		

		 

 

		
		

		
			Recoupment
		

		
			As provided in Section 12.19 of the Plan this Award is subject to a compensation recoupment policy adopted by the Board or the Committee prior to or after the effective date of the Plan, and as such policy may be amended from time to time after its adoption. 
		

		
			 
		

		
			This restricted stock unit grant does not constitute an employment contract.  It does not guarantee employment for the length of the vesting period or for any portion thereof.

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