Limitations on Liability of the Managers and Officers. The Manager and officers shall not be liable to the LLC or Members for any loss or damage resulting from any mistake of fact or judgment or any act or failure to act unless the mistake, act or failure to act results directly from fraud, willful misconduct or gross negligence. The Manager and officers shall be indemnified pursuant to ARTICLE XII hereof.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (Peoples Liberation Inc), Operating Agreement (Peoples Liberation Inc), Limited Liability Company Operating Agreement (Peoples Liberation Inc)
Limitations on Liability of the Managers and Officers. The Manager Managers and officers shall not be liable to the LLC or Members for any loss or damage resulting from any mistake of fact or judgment or any act or failure to act unless the mistake, act or failure to act results directly from fraud, willful misconduct or gross negligence. The Manager Managers and officers shall be indemnified pursuant to ARTICLE XII Article XIII hereof.
Appears in 4 contracts
Samples: Operating Agreement (Tarrant Apparel Group), Operating Agreement (Tarrant Apparel Group), Operating Agreement (Tarrant Apparel Group)
Limitations on Liability of the Managers and Officers. The Manager and officers shall not be liable to the LLC or Members for any loss or damage resulting from any mistake of fact or judgment or any act or failure to act unless the mistake, act or failure to act results directly from fraud, willful misconduct or gross negligence. The Manager and officers shall be indemnified pursuant to ARTICLE Article XII hereof.
Appears in 2 contracts
Samples: Limited Liability Company Operating Agreement (Peoples Liberation Inc), Limited Liability Company Operating Agreement (Peoples Liberation Inc)
