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CHAPTER 1. GENERAL CORPORATION LAW4
Subchapter I. Formation5
§ 113. Proxy expense reimbursement.7
(a) The bylaws may provide for the reimbursement by the corporation of expenses incurred by a stockholder in soliciting proxies in connection with an election of directors, subject to such procedures or conditions as the bylaws may prescribe, including:8
(1) Conditioning eligibility for reimbursement upon the number or proportion of persons nominated by the stockholder seeking reimbursement or whether such stockholder previously sought reimbursement for similar expenses;9
(2) Limitations on the amount of reimbursement based upon the proportion of votes cast in favor of 1 or more of the persons nominated by the stockholder seeking reimbursement, or upon the amount spent by the corporation in soliciting proxies in connection with the election;10
(3) Limitations concerning elections of directors by cumulative voting pursuant to § 214 of this title; or11
(4) Any other lawful condition.12
(b) No bylaw so adopted shall apply to elections for which any record date precedes its adoption.13
May 22, 2017
Brian JM Quinn
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