By and  on November 17, 2011

J.C. Penney Co. Inc. is paying Michael Kramer, its incoming chief operating officer, a $4 million signing bonus to make up for the equity grants he would have received as chief executive officer of Kellwood Co.

Kramer, who starts Dec. 5, will also get a base salary of $1 million, 750,000 restricted stock units and other incentives. The pay package was revealed in a filing with the Securities and Exchange Commission Thursday.

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