Dear Stockholders,
Because the Board of Directors (the "Board") and Executive Management of Microchip Technology Incorporated ("Microchip") believe that the interests of management and stockholders should be aligned, in 2003, the Board established stock ownership guidelines for Microchip's non-employee Board members, executive officers and certain other employees ("Covered Persons"). These guidelines were most recently updated in August 2019.
These guidelines require that within four years of appointment or promotion, Covered Persons must accumulate and hold a minimum dollar value of shares of Microchip common stock or a minimum number of shares of Microchip common stock (whichever is lower). Unvested equity awards do not count toward satisfying these ownership guidelines.
The following table lists the current stock ownership requirements of Microchip.
Position | Minimum Dollar Value | Minimum Number of Shares |
Non-Employee Members | $150,000 | 2,000 |
of the Board of Directors | ||
Chief Executive Officer | 4 X Annual Base Salary | 25,000 |
President and Chief | 3 X Annual Base Salary | 12,000 |
Operating Officer | ||
Section 16(b) Executive | 2 X Annual Base Salary | 6,000 |
Officers | ||
Senior Vice Presidents | 0.75 X Annual Base Salary | 4,000 |
Vice Presidents | 0.5 X Annual Base Salary | 2,000 |
Associate Vice Presidents, | 0.4 X Annual Base Salary | |
Senior Technical Fellows, & | 1,500 | |
Senior Directors | ||
Internal Directors & | 0.3 X Annual Base Salary | 1,000 |
Technical Fellows | ||
MICROCHIP TECHNOLOGY INCORPORATED
Microchip Technology Incorporated - 2355 West Chandler Blvd. - Chandler, AZ 85224-6199 - Main Office 480-792-7200
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Microchip Technology Incorporated published this content on 16 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 January 2020 22:13:10 UTC