J.C. Penney Co. and its largest shareholder, William Ackman, have made a deal that sets terms for allowing him to unload his stake in the company in an orderly manner.
The agreement, filed with the Securities and Exchange Commission Friday, comes days after Ackman resigned from Penney's board.
Ackman's Pershing Square Capital Management has 17.7 percent stake, or 39 million shares, in Penney.
In the deal, Ackman can make up to four requests to the company to register the sale of his shares. Each request must be for at least 5 million shares and the deal terminates when he owns less than 5 percent of the stock.