STOCK OWNERSHIP POLICY AND INSIDER TRANSACTIONS
Wachovia has adopted a common stock ownership policy for members of the board and our executive officers. This policy requires our executive officers to own shares of common stock having a value equal to five times base salary in the case of our CEO, and four times base salary for all other executive officers.
In addition, all of these executives are required to retain ownership of at least 75 percent of any common stock acquired by them through our stock compensation plans, after taxes and transaction costs.
Each of our directors must own common stock (including common stock equivalents) having a value equal to at least five times their annual cash retainer, which is currently $75,000.
These ownership levels will be calculated annually and executive officers and directors have three years to meet the minimum level. Our board believes this stock ownership policy substantially enhances stockholder value by materially aligning management’s interest with those of stockholders.
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