By  on December 17, 2008

Myron “Mike” Ullman 3rd, chairman and chief executive officer of J.C Penney Co. Inc., will be eligible for as much as $25 million in company stock grants under a supplemental performance bonus plan approved by independent directors of the retailer.

According to a filing with the Securities and Exchange Commission on Tuesday, Ullman can receive up to 500,000 Penney’s shares, with a target of 300,000, based on the performance of the firm’s stock over a three-year period. He is eligible for 200,000 shares if their annual return hits 11.3 percent, 300,000 if they reach the target level of 17.9 percent, 400,000 shares for a return of 23.3 percent and 500,000 shares if they return 29.1 percent or more. Return is appreciation based on the assumption of reinvestment of all dividends on the date paid.

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