Current through Register Vol. XLI, No. 38, September 20, 2024
3.1. Revocability of proxy. -- State whether or
not the person giving the proxy has the power to revoke it. If the right of
revocation before the proxy is exercised is limited or is subject to compliance with
any formal procedure, briefly describe such limitation or procedure.
3.2. Dissenters' rights of appraisal. -- Outline
briefly the rights of appraisal or similar rights of dissenting stockholders with
respect to any matter to be acted upon and indicate any statutory procedure required
to be followed by such stockholders in order to perfect their rights. Where such
rights may be exercised only within a limited time after the date of the adoption of
a proposal, the filing of a charter amendment or other similar act, state whether
the person solicited will be notified of such date.
3.3. Persons making solicitations not subject to
Subsection 2.10 of these rules.
(1) If the
solicitation is made by the management of the insurer, so state. Give the name of
any director of the insurer who has informed the management in writing that he
intends to oppose any action intended to be taken by the management and indicate the
action which he intends to oppose.
(2)
If the solicitation is made otherwise than by the management of the insurer, state
the names and addresses of the persons by whom and on whose behalf it is made and
the names and addresses of the persons by whom the cost of solicitation has been or
will be borne, directly or indirectly.
(3) If the solicitation is to be made by specially
engaged employees or paid solicitors, state (i) the material features of any
contract or arrangement for such solicitation and identify the parties, and (ii) the
cost or anticipated cost thereof.
3.4. Interest of certain persons in matters to be
acted upon. -- Describe briefly any substantial interest, direct or indirect, by
stock holdings or otherwise, of any director, nominee for election for director,
officer and, if the solicitation is made otherwise than on behalf of management,
each person on whose behalf the solicitation is made, in any matter to be acted upon
other than elections to office.
3.5.
Stocks and principal stockholders.
(a) State, as
to each class of voting stock of the insurer entitled to be voted at the meeting,
the number of shares outstanding and the number of votes to which each class is
entitled.
(b) Give the date as of which
the record list of stockholders entitled to vote at the meeting will be determined.
If the right to vote is not limited to stockholders of record on that date, indicate
the conditions under which other stockholders may be entitled to vote.
(c) If action is to be taken with respect to the
election of directors and if the persons solicited have cumulative voting rights,
make a statement that they have such rights and state briefly the conditions
precedent to the exercise thereof.
3.6. Nominees and directors. -- If action is to be
taken with respect to the election of directors furnish the following information,
in tabular form to the extent practicable, with respect to each person nominated for
election as a director and each other person whose term of office as a director will
continue after the meeting:
(a) Name each such
person, state when his term of office or the term of office for which he is a
nominee will expire, and all other positions and offices with the insurer presently
held by him, and indicate which persons are nominees for election as directors at
the meeting.
(b) State his present
principal occupation or employment and give the name and principal business of any
corporation or other organization in which such employment is carried on. Furnish
similar information as to all his principal occupations or employments during the
last five (5) years, unless he is now a director and was elected to his present term
of office by a vote of stockholders at a meeting for which proxies were solicited
under this regulation.
(c) If he is or
has previously been a director of the insurer, state the period or periods during
which he has served as such.
(d) State,
as of the most recent practicable date, the approximate amount of each class of
stock of the insurer or any of its parents, subsidiaries or affiliates other than
directors' qualifying shares, beneficially owned directly or indirectly by him. If
he is not the beneficial owner of any such stocks make a statement to that
effect.
3.7. Remuneration and
other transactions with management and others. -- Furnish the information reported
or required in Item One of Schedule SIS under the heading "Information Regarding
Management and Directors" if action is to be taken with respect to (a) the election
of directors, (b) any remuneration plan, contract or arrangement in which any
director, nominee for election as a director or officer of the insurer will
participate, (c) any pension or retirement plan in which any such person will
participate, or (d) the granting or extension to any such person of any options,
warrants or rights to purchase any stocks, other than warrants or rights issued to
stockholders, as such, on a pro rata basis. If the solicitation is made on behalf of
persons other than the management, information shall be furnished only as to Item
One-A of the aforesaid heading of Schedule SIS.
3.8. Bonus, profit sharing and other remuneration
plans. -- If action is to be taken with respect to any bonus, profit sharing or
other remuneration plan of the insurer, furnish the following information:
(a) A brief description of the material features
of the plan, each class of persons who will participate therein, the approximate
number of persons in each such class, and the basis of such participation.
(b) The amounts which would have been
distributable under the plan during the last calendar year to (1) each person named
in Section 3.7 of these rules, (2) directors and officers as a group and (3) to all
other employees as a group, if the plan had been in effect.
(c) If the plan to be acted upon may be amended
(other than by a vote of stockholders) in a manner which would materially increase
the cost thereof to the insurer or to materially alter the allocation of the
benefits as between the groups specified in paragraph (b) of Section 3.8 of these
rules, the nature of such amendments should be specified.
3.9. Pension and retirement plans. -- If action is
to be taken with respect to any pension or retirement plan of the insurer, furnish
the following information:
(a) A brief description
of the material features of the plan, each class of persons who will participate
therein, the approximate number of persons in each such class and the basis of such
participation.
(b) State (1) the
approximate total amount necessary to fund the plan with respect to past services,
the period over which such amount is to be paid, and the estimated annual payments
necessary to pay the total amount over such period; (2) the estimated annual payment
to be made with respect to current services; and (3) the amount of such annual
payments to be made for the benefit of (i) each person named in Section 3.7 of these
rules, (ii) directors and officers as a group, and (iii) employees as a
group.
(c) If the plan to be acted upon
may be amended (other than by a vote of stockholders) in a manner which would
materially increase the cost thereof of the insurer or to materially alter the
allocation of the benefits as between the groups specified in Subparagraph (b)
Subdivision (3) of Section 3.9 of these rules, the nature of such amendments should
be specified.
3.10. Options,
warrants or rights. -- If action is to be taken with respect to the granting or
extension of any options, warrants or rights (all referred to herein as "Warrants")
to purchase stock of the insurer or any subsidiary or affiliate, other than warrants
issued to all stockholders on a pro rata basis, furnish the following information:
(a) The title and amount of stock called for or to
be called for, the prices, expiration dates and other material conditions upon which
the warrants may be exercised, the consideration received or to be received by the
insurer, subsidiary of affiliate for the granting or extension of the warrants and
the market value of the stock called for or to be called for by the warrants, as of
the latest practicable date.
(b) If
known, state separately the amount of stock called for or to be called for by
warrants received or to be received by the following persons, naming each such
person:
(1) Each person named in 3.7 of this
section, and
(2) each other person who
will be entitled to acquire five percent (5%) or more of the stock called for or to
be called for by such warrants.
(c) If known, state also the total amount of stock
called for or to be called for by such warrants, received or to be received by all
directors and officers of the company as a group and all employees, without naming
them.
3.11. Authorization or
issuance of stock.
(a) If action is to be taken
with respect to the authorization or issuance of any stock of the insurer furnish
the title, amount and description of the stock to be authorized or issued.
(b) If the shares of stock are other than
additional shares of common stock of a class outstanding, furnish a brief summary of
the following, if applicable: Dividend, voting, liquidation, preemptive and
conversion rights, redemption and sinking fund provisions, interest rate and date of
maturity.
(c) If the shares of stock to
be authorized or issued are other than additional shares of common stock of a class
outstanding, the Commissioner may require financial statements comparable to those
contained in the annual report.
3.12. Mergers, consolidations, acquisitions and
similar matters.
(a) If action is to be taken with
respect to a merger, consolidation, acquisition or similar matter, furnish in brief
outline the following information:
(1) The rights
of appraisal or similar rights of dissenters with respect to any matters to be acted
upon. Indicate any procedure required to be followed by dissenting stockholders in
order to perfect such rights.
(2) The
material features of the plan or agreement.
(3) The business done by the company to be
acquired or whose assets are being acquired.
(4) If available, the high and low sales prices
for each quarterly period within two (2) years.
(5) The percentage of outstanding shares which
must approve the transaction before it is consummated.
(b) For each company involved in a merger,
consolidation or acquisition, the following financial statements should be
furnished:
(1) A comparative balance sheet as of
the close of the last two (2) fiscal years.
(2) A comparative statement of operating income
and expenses for each of the last two (2) fiscal years and, as a continuation of
each statement, a statement of earnings per share after related taxes and cash
dividends paid per share.
(3) A pro
forma combined balance sheet and income and expenses statement for the last fiscal
year giving effect to the necessary adjustments with respect to the resulting
company.
3.13.
Restatement of accounts. -- If action is to be taken with respect to the restatement
of any asset, capital, or surplus of the insurer, furnish the following information:
(a) State the nature of the restatement and the
date as of which it is to be effective.
(b) Outline briefly the reasons for the
restatement and for the selection of the particular effective date.
(c) State the name and amount of each account
affected by the restatement and the effect of the restatement thereon.
3.14. Matters not required to be
submitted. -- If action is to be taken with respect to any matter which is not
required to be submitted to a vote of stockholders, state the nature of such matter,
the reason for submitting it to a vote of stockholders and what action is intended
to be taken by the management in the event of a negative vote on the matter by the
stockholders.
3.15. Amendment of
charter, bylaws or other documents. -- If action is to be taken with respect to any
amendment of the insurer's charter, bylaws or other documents as to which
information is not required above, state briefly the reasons for and general effect
of such amendment and the vote needed for its approval.
