CORPORATE GOVERNANCE - STOCK OWNERSHIP GUIDELINES
In 2011, the Board adopted Stock Ownership Guidelines applicable to members of the Board of Directors and senior corporate officers. The Guidelines require that members of the Board achieve ownership of an amount of common stock of the Company for which the fair market value equals or exceed three times such director’s annual cash retainer. For the Company’s Chief Executive Officer, the fair market value of common stock owned should equal or exceed ten times base salary and for the President, Chief Operating Officer, Chief Financial Officer and any Executive Vice President, three times base salary.
Ownership requirements should be met for executives within three years of appointment to office and for directors within five years of election to the Board, with vested options and all restricted stock grants counted toward satisfaction of ownership guidelines. Any failure to meet guidelines will be referred to the Nominating and Corporate Governance Committee for consideration.
Currently, all members of the Board and executives satisfy the guidelines.