J.C. Penney Co. Inc. chief executive Myron E. “Mike” Ullman 3rd rejoined the eight-figure compensation club in 2008.

This story first appeared in the April 1, 2009 issue of WWD.  Subscribe Today.

According to the company’s definitive proxy, filed with the Securities and Exchange Commission on Tuesday, Ullman earned just over $10 million in total compensation during the last fiscal year, 25.5 percent above the $8 million he earned in 2007.

While Ullman, who has no employment contract and also serves as Penney’s chairman, continued to collect a salary of $1.5 million, his option awards expanded to $3.5 million from $2.2 million and incentive plan compensation landed at $1.4 million versus none in the prior year. These two areas more than offset a decline in his stock awards, to $2.7 million from $3.1 million, and smaller reductions in other compensation and the change in pension value and nonqualified deferred compensation.

Ullman earned slightly more in 2006 — $10.4 million — than he did last year.

The Penney’s ceo also stands to earn $25 million in company stock grants over the next three years if shares generate a return of 29.1 percent or more.