A.R.S. § 10-1621: Other reports to shareholders

If a corporation indemnifies or advances expenses to a director under sections 10-851 through 10-854, the corporation shall report the indemnification or advance in writing to the shareholders with or before the annual financial statements required under section 10-1620. Failure to report under this section does not invalidate otherwise valid indemnification. This section does not apply to a corporation whose shares are listed on a national securities exchange or are regularly traded in a market maintained by one or more members of a national or affiliated securities association.