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Stock Ownership Guidelines
Rite Aid Corporation ("Company") Board of Directors believes that Company executives and non-management directors should have a meaningful ownership stake in the Company. This helps underscore the importance of aligning their interest with the long-term interests of our stockholders. Therefore, the Board of Directors adopted formal stock ownership guidelines for the executives and non-management directors listed below.
Newly appointed executives and Board members have five years from the time they are elected, appointed, or promoted (in the case of incremental guidelines), as the case may be, to meet these guidelines. Once you have achieved the requisite level, ownership of the guideline amount must be maintained for as longs as the individual is subject to these guidelines.
For purposes of determining stock ownership levels, the following forms of equity interests in the Company are included:
Restricted stock and restricted stock units, whether or not vested, and shares owned count as one (1) share equivalent per share beneficially owned, and stock options, whether or not vested, count as one-half (0.5) share equivalent per stock option.
Stock ownership levels will be calculated and reviewed annually and each participant will be notified on an annual basis of their progress toward meeting the guidelines. The Compensation Committee will evaluate whether exceptions should be made for any participant who, due to his or her unique financial circumstances, would incur a hardship by complying with these guidelines.