Anticipate and answer questions

Before

Executive ownership guidelines were amended to reflect the following:

Ownership target–Total
shares/equivalents as percentage of
shares outstanding
Chief Executive Officer 0.07%
Other Named Executive Officer 0.03%

 

Before, with commentary

Executive ownership guidelines were amended to reflect the following:

Ownership target–Total
shares/equivalents as percentage of
shares outstanding
Chief Executive Officer 0.07%
Other Named Executive Officer 0.03%

 

[An inquisitive investor would want to know two things. First, “do I have to go find last year’s proxy to figure out whether the new ownership requirements are higher or lower than they were before the amendment?” Second, “why did the company change the requirement?” This disclosure doesn’t address either question.]

After

Due to XXXXX, the Compensation Committee voted to reduce the share ownership requirements for executive officers effective XXXXX, as shown in the following table:

Former target – total
shares/equivalents as
percentage of shares
outstanding
New target – total
shares/equivalents as
percentage of shares
outstanding
Chief Executive Officer 0.20% 0.07%
Other Named Executive Officer 0.03% 0.03%