Minimum share ownership levels will be determined annually using covered officer base pay multiples, base pay rate as of the end of the fiscal year (June 30), and the average daily closing share price of the 12 months ending on June 30. Compliance with the requirements will be determined on the date an individual becomes a covered officer using the base pay rate effective at the time the individual becomes a covered officer and the average daily closing share price for the most recently completed fiscal year, and will be assessed annually thereafter for all covered officers as of the end of the fiscal year. Once the minimum ownership threshold is achieved, sufficient shares must be retained by the covered officer to meet the minimum share ownership requirement continuously throughout the year. Covered officers will be notified about their ownership requirement, current holdings, and whether additional shares must be held.
For the purposes of determining ownership levels, the following forms of equity interests in the Company count toward the stock ownership requirement: