Common use of Advancement of Expenses of Directors Clause in Contracts

Advancement of Expenses of Directors. The Corporation shall pay the expenses (including attorneys’ fees) incurred by a Person in defending any Proceeding in advance of its final disposition by reason of the fact that such Person, or a Person for whom such Person is the legal representative, is or was a director of the Corporation or, while a director of the Corporation, is or was serving at the request of the Corporation as a director of Another Enterprise (a “Director Indemnified Person”); provided, however, that (i) such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Director Indemnified Person to repay all amounts advanced if it should ultimately be determined that the Director Indemnified Person is not entitled to be indemnified under this Article X or otherwise and (ii) this subsection 2 shall not be deemed to apply to directors who are or were officers, employees or agents of the Corporation or Another Enterprise, which Persons shall be subject to subsection 5 below.

Appears in 3 contracts

Samples: Securities Purchase Agreement, Securities Purchase Agreement, Securities Modification and Consent Agreement

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Advancement of Expenses of Directors. The Corporation shall pay the expenses (including attorneys’ fees) incurred by a Person person in defending any Proceeding in advance of its final disposition by reason of the fact that such Personperson, or a Person person for whom such Person person is the legal representative, is or was a director of the Corporation or, while a director of the Corporation, is or was serving at the request of the Corporation as a director of Another Enterprise (a "Director Indemnified Person"); provided, howeverhoweve[, that (i) such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the Director Indemnified Person to repay all amounts advanced if it should ultimately be determined that the Director Indemnified Person is not entitled to be indemnified under this Article X VI or otherwise and (ii) this subsection 2 shall not be deemed to apply to directors who are or were officers, employees or agents of the Corporation or Another Enterprise, which Persons persons shall be subject to subsection 5 below.

Appears in 1 contract

Samples: Securities Purchase Agreement

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