Common use of Report to Shareholders Clause in Contracts

Report to Shareholders. To the extent required by applicable law, any indemnification or advance of expenses to Indemnitee in accordance with this Agreement shall be reported in writing to the shareholders with or before the notice or waiver of notice of the next shareholders meeting or with or before the next submission to shareholders of a consent to action without a meeting and, in any case, within the 12 month period immediately following the indemnification or advance.