IndemnificationAgreement补偿协议11113doc.docx
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IndemnificationAgreement补偿协议11113doc.docx
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IndemnificationAgreement补偿协议11113doc
IndemnificationAgreement补偿协议-
A.TheCompanyandIndemniteerecognizethecontinueddifficultyinobtainingliabilityinsuranceforitsdirectors,officers,employees,agentsandfiduciaries,thesignificantincreasesinthecostofsuchinsuranceandthegeneralreductionsinthecoverageofsuchinsurance.B.TheCompanyandIndemniteefurtherrecognizethesubstantialincreaseincorporatelitigationingeneral,subjectingdirectors,officers,employees,agentsandfiduciariestoexpensivelitigationrisksatthesametimeastheavailabilityandcoverageofliabilityinsurancehasbeenseverelylimited.C.Indemniteedoesnotregardthecurrentprotectionavailableasadequateunderthepresentcircumstances,andIndemniteeandotherdirectors,officers,employees,agentsandfiduciariesoftheCompanymaynotbewillingtocontinuetoserveinsuchcapacitieswithoutadditionalprotection.D.TheCompanydesirestoattractandretaintheservicesofhighlyqualifiedindividuals,suchasIndemnitee,toservetheCompanyand,inpart,inordertoinduceIndemniteetocontinuetoprovideservicestotheCompany,wishestoprovidefortheindemnificationandadvancingofexpensestoIndemniteestothemaximumextentpermittedbylaw.E.Inviewoftheconsiderationssetforthabove,theCompanydesiresthatIndemniteebeindemnifiedbytheCompanyassetforthherein.NOW,THEREFORE,theCompanyandIndemniteeherebyagreeasfollows:
1.INDEMNIFICATION.(a)GENERALRIGHTTOINDEMNIFICATION.TheCompanyshallindemnifytothefullestextentpermittedbylawifIndemniteewasorisorbecomesapartytoorwitnessorotherparticipantin,orarethreatenedtobemadeapartytoorwitnessorotherparticipantin,anythreatened,pendingorcompletedaction,suit,proceedingoralternativedisputeresolutionmechanism,oranyhearing,inquiryorinvestigationthatIndemniteeingoodfaithbelievesmightleadtotheinstitutionofanysuchaction,suit,proceedingoralternativedisputeresolutionmechanism,whethercivil,criminal,administrative,investigativeorother(hereinafteraCLAIM),byreasonof(orarisinginpartoutof)anyeventoroccurrencerelatedtothefactthatIndemniteeisorwasadirector,officer,employee,agentorfiduciaryoftheCompany,oranysubsidiaryoftheCompany,orisorwasservingattherequestoftheCompanyasadirector,officer,employee,agentorfiduciaryofanothercorporation,partnership,jointventure,trustorotherenterprise,orbyreasonofanyactionorinactiononthepartofIndemniteewhileservinginsuchcapacity(hereinafteranINDEMNIFIABLEEVENT),andtheIndemniteeshallbeindemnifiedandheldharmlessbytheCompanytothefullestextentpermittedbylaw,againstanyandallcosts,charges,expenses,liabilities,losses,(includingattorneys’feesandallothercosts,expensesandobligationsincurredinconnectionwithinvestigating,defending,beingawitnessinorparticipatingin(includingonappeal),orpreparingtodefend,beawitnessinorparticipatein,anysuchaction,suit,proceeding,alternativedisputeresolutionmechanism,hearing,inquiryorinvestigation),judgments,fines,penaltiesandamountspaidinsettlement(ifsuchsettlementisapprovedinadvancebytheCompany,whichapprovalshallnotbeunreasonablywithheld)ofsuchClaimandanyfederal,state,localorforeigntaxesimposedonIndemniteesasaresultoftheactualordeemedreceiptofanypaymentsunderthisAgreement(collectively,hereinafterEXPENSES),includingallinterest,assessmentsandotherchargespaidorpayableinconnectionwithorinrespectofsuchExpenses.SuchindemnificationshallcontinueastotheIndemniteewhentheIndemniteeceasestobeadirector,officer,employee,agentorfiduciaryoftheCompanyoranysubsidiaryoftheCompany(ortoserveanotherentityattherequestoftheCompany)andshallinuretothebenefitoftheIndemnitee’sheirs,personalrepresentativesandestate.SuchpaymentofExpensesshallbemadebytheCompanyassoonaspracticablebutinanyeventnolaterthantwentydaysafterwrittendemandbyIndemniteesthereforispresentedtotheCompany.(b)REVIEWINGPARTY.Notwithstandingtheforegoing,(i)theobligationsoftheCompanyunderSection1(a)shallbesubjecttotheconditionthattheReviewingParty(asdescribedinSection10(e)hereof)shallnothavedetermined(inawrittenopinion,inanycaseinwhichtheIndependentLegalCounselreferredtoinSection1(c)hereofisinvolved)thatIndemniteewouldnotbepermittedtobeindemnifiedunderapplicablelaw,and(ii)theobligationoftheCompanytomakeanadvancepaymentofExpensestoIndemniteepursuanttoSection2(a)(anEXPENSEADVANCE)shallbesubjecttotheconditionthat,if,whenandtotheextentthattheReviewingPartydeterminesthatIndemniteewouldnotbepermittedtobesoindemnifiedunderapplicablelaw,theCompanyshallbeentitledtobereimbursedbyIndemnitee(whoherebyagreestoreimbursetheCompany)forallsuchamountstheretoforepaid;provided,however,thatifIndemniteehascommencedorthereaftercommenceslegalproceedingsinacourtofcompetentjurisdictiontosecureadeterminationthatIndemniteeshouldbeindemnifiedunderapplicablelaw,anydeterminationmadebytheReviewingPartythatIndemniteewouldnotbepermittedtobeindemnifiedunderapplicablelawshallnotbebindingandIndemniteeshallnotberequiredtoreimbursetheCompanyforanyExpenseAdvanceuntilafinaljudicialdeterminationismadewithrespectthereto(astowhichallrightsofappealtherefromhavebeenexhaustedorlapsed).TheIndemnitee’sobligationtoreimbursetheCompanyforanyExpenseAdvanceshallbeunsecuredandnointerestshallbechargedthereon.IftherehasnotbeenaChangeinControl(asdefinedinSection10(c)hereof),theReviewingPartyshallbeselectedbytheBoardofDirectors,andiftherehasbeensuchaChangeinControl(otherthanaChangeinControlwhichhasbeenapprovedbyamajorityofthepersonssurvivingasmembersoftheCompany’sBoardofDirectorswhocomprisedtheCompany’sBoardofDirectorsimmediatelypriortosuchChangeinControl),theReviewingPartyshallbetheIndependentLegalCounselreferredtoinSection1(c)hereof.IftherehasbeennodeterminationbytheReviewingPartyoriftheReviewingPartydeterminesthatIndemniteesubstantivelywouldnotbepermittedtobeindemnifiedinwholeorinpartunderapplicablelaw,IndemniteeshallhavetherighttocommencelitigationseekinganinitialdeterminationbythecourtorchallenginganysuchdeterminationbytheReviewingPartyoranyaspectthereof,includingthelegalorfactualbasestherefor,andtheCompanyherebyconsentstoserviceofprocessandtoappearinanysuchproceeding.AnydeterminationbytheReviewingPartyotherwiseshallbeconclusiveandbindingontheCompanyandIndemnitee.(c)CHANGEINCONTROL.TheCompanyagreesthatifthereisaChangeinControloftheCompany(otherthanaChangeinControlwhichhasbeenapprovedbyamajorityofthepersonssurvivingasmembersoftheCompany’sBoardofDirectorswhoweredirectorsimmediatelypriortosuchChangeinControl)then,withrespecttoallmattersthereafterarisingconcerningtherightsofIndemniteestopaymentsofExpensesandExpenseAdvancesunderthisAgreementoranyotheragreementorundertheCompany’sCertificateofIncorporationorBylawsasnoworhereafterineffect,IndependentLegalCounsel(asdefinedinSection10(d)hereof)shallbeselectedbytheIndemniteeandapprovedbytheCompany(whichapprovalshallnotbeunreasonablywithheld).Suchcounsel,amongotherthings,shallrenderitswrittenopiniontotheCompanyandIndemniteeastowhetherandtowhatextentIndemniteewouldbepermittedtobeindemnifiedunderapplicablelaw,andtheCompanyagreestoabidebysuchopinion.TheCompanyagreestopaythereasonablefeesoftheIndependentLegalCounselreferredtoaboveandtofullyindemnifysuchcounselagainstanyandallexpenses(includingattorneys’fees),claims,liabilitiesanddamagesarisingoutoforrelatingtothisAgreementoritsengagementpursuanthereto.(d)MANDATORYPAYMENTOFEXPENSES.NotwithstandinganyotherprovisionofthisAgreementotherthanSection9hereof,totheextentthatIndemniteehasbeensuccessfulonthemeritsorotherwise,including,withoutlimitation,thedismissalofanactionwithoutprejudice,indefenseofanyaction,suit,proceeding,inquiryorinvestigationreferredtoinSection
(1)(a)hereoforinthedefenseofanyClaim,issueormattercoveredbytheAgreement,orindefenseofanyClaim,issueormattertherein,IndemniteeshallbeindemnifiedagainstallExpensesincurredbyIndemniteeoronIndemnitee’sbehalfinconnectiontherewith.2.EXPENSES;INDEMNIFICATIONPROCEDURE.(a)ADVANCEMENTOFEXPENSES.TheCompanyshalladvanceallExpensesincurredbyIndemnitee.TheadvancestobemadehereundershallbepaidbytheCompanytoIndemniteeassoonaspracticablebutinanyeventnolaterthantwentydaysafterwrittendemandbyIndemniteetherefortotheCompany.(b)NOTICE/COOPERATIONBYINDEMNITEE.Indemniteeshall,asaconditionprecedenttoIndemnitee’srighttobeindemnifiedunderthisAgreement,givetheCompanynoticeinwritingassoonaspracticableofanyClaimmadeagainstIndemniteeforwhichindemnificationwillorcouldbesoughtunderthisAgreement.NoticetotheCompanyshallbedirectedtotheChiefExecutiveOfficeroftheCompanyattheaddressshownonthesignaturepageofthisAgreement(orsuchotheraddressastheCompanyshalldesignateinwritingtoIndemnitee).Inaddition,IndemniteeshallgivetheCompanysuchinformationandcooperationasitmayreasonablyrequireanda
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