A roofing corporation has two shareholders who are also its only officers, and no other workers. Regarding workers' compensation coverage for themselves, they may:

Explanation

§3351(c) makes an officer or member of the board of directors of a private or quasi-public corporation an employee while rendering actual service to the corporation for pay, and §3352(a)(16)(A)(i) is the way out: such an officer may execute a written waiver if he owns at least 10 percent of the issued and outstanding stock of the corporation, or at least 1 percent where a parent, grandparent, sibling, spouse or child owns at least 10 percent and the officer is covered by a health insurance policy or health care service plan. Both halves matter — the ownership stake and the signed waiver — which is why (a) and (d) are wrong in opposite directions: coverage is the default position, and the exclusion never takes effect on its own. (c) invents an earnings test the section does not contain; what the 1 percent route conditions the waiver on is health coverage, not wage level. Two shareholder-officers of a roofing corporation can therefore both opt out, but only on paper and only if their holdings qualify.