$15M Stock Package Bulk of Marvin Ellison’s Pay at J.C. Penney

Marvin Ellison, president and chief executive officer-designee of J.C. Penney Co. Inc., received stock awards valued at $15 million for signing on with the Plano, Tex.-based midtier retailer, making up the bulk of his $19.6 million pay package. According to the definitive proxy released to the Securities and Exchange Commission Monday, the awards vest in three equal parts beginning on Nov. 17, just after his one-year anniversary with the retailer, and on the same date in 2016 and 2017. Ellison also received a prorated portion of his $1.3 million annual salary, or $325,000, and a $4.14 million sign-on bonus, as reported soon after he was named to the post on Nov. 1. Ellison, who will succeed Myron “Mike” Ullman 3rd as ceo on Aug. 1, also received other payments of $142,000, including legal expenses of $25,000 to cover negotiations for his offer letter; relocation benefits of about $17,000, and just over $100,000 to cover personal use of the company aircraft. He and Ullman are required to use the company aircraft for both professional and personal travel as part of Penney’s key associate protection program. The stock awards were reported at grant date fair market value, although the amounts ultimately received could vary based on

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