How does the three-year look back phase-in function?
From November 4, 2003 until November 3, 2004, the Section 303A look back period is a twelve-month period. Beginning on November 4, 2004, the look back period is a threeyear period. Consequently it is possible that an individual who is deemed independent during the first year after approval of Section 303A ceases to be independent during the second following approval due to a prior relationship to the listed company.
