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When is shareholder approval required of formula or evergreen plans?

April 26, 2017Approval evergreen Formula plans shareholder

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When is shareholder approval required of formula or evergreen plans?

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Formula and evergreen plans cannot have a term in excess of ten years unless shareholder approval is obtained every ten years. Plans that do not contain a formula and do not impose a limit on the number of shares available for grant would require shareholder approval of each grant under the plan.