Excerpt
Excerpt
May 21, 2024, Paper: "The Delaware State Bar Association (“DSBA”) and the Council of the DSBA’s Corporation Law Section recently approved a proposal (“the proposal”) to make an amendment (“the proposed amendment” or “the proposed legislation”) to Section 122 of the Delaware General Corporation Law (“DGCL”). The proposed amendment would permit expansive use of stockholder agreements—agreements between a board and a stockholder (or group of stockholders)—to opt out of the governance arrangements set by the company’s charter."