Officers and Directors Liability. (a) From and after the Closing Date, Purchaser shall cause the Company and the Subsidiaries to: (i) maintain in effect for a period of six (6) years from the Closing Date those provisions (the “Indemnification Provisions”) contained in each of Company’s and/or a Subsidiary’s organizational documents which are in effect on the Closing Date to the extent such provisions provide for the Company or a Subsidiary to indemnify and hold harmless each present or former officer, director, or shareholder or partner of the Company or any Subsidiary or any present or former officer, director, employee, agent or trustee of any Benefit Plan (each, an “Officer”) from and against any losses, claims, damages, liabilities, judgments, costs, expenses (including reasonable attorneys’ fees), fines and settlements in connection with any threatened, pending or completed claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of or pertaining to any action by or omission of such Officer occurring on or prior to the Closing Date whether asserted or commenced prior to, on or after the Closing Date to the full extent required or permitted by the Indemnification Provisions (each, a “D&O Claim”), other than a D&O Claim against any past or present Officer who is a Seller and which such D&O Claim has arisen or arises out of, or has related or relates to, a claim asserted by any other Seller (or such other Seller’s heirs, executors, personal representatives, successors and assigns) with respect to the transactions contemplated by this Agreement (each, a "Released D&O Claim"), all such Released D&O Claims to be released pursuant to the Seller Party Release of each Seller delivered pursuant to Section 4.02(k) at the Closing; (ii) honor such Indemnification Provisions and advance expenses to the Officers in connection with each D&O Claim other than the Released D&O Claims to the full extent required or permitted by the Indemnification Provisions; and (iii) following the Closing obtain, and for a period of six (6) years after the Closing, maintain a tail policy (the “D&O Tail Policy”) to the current director and officer liability insurance policy maintained by the Company and identified in Schedule 2.02(g).
Officers and Directors Liability. For a period of six (6) years after the Closing Date, Purchasers will cause Purchased Companies to maintain on terms no less favorable than the current terms, and to honor in accordance with such terms, the provisions of the Governing Documents of Purchased Companies as in effect immediately prior to the Closing with respect to exculpation and indemnification of directors, managers, officers, employees and agents of any Purchased Company (including provisions relating to contributions, advancement of expenses and the like), it being the intent of the parties that the officers and directors of Purchased Companies will continue to be entitled to such exculpation, indemnification, and advancement of expense to the fullest extent of the Law. The provisions of this Section 6.2 are (a) intended to be for the benefit of, and will be enforceable by, each Person entitled to indemnification under this Section 6.2, and each such Person’s heirs, legatees, representatives, successors, and assigns (and the parties expressly agree that such Persons will be third-party beneficiaries of this Section 6.2), (b) will survive the consummation of a transaction involving the merger, consolidation or other reorganization of either Purchased Company and continue in full force and effect and binding against the survivor of any such transaction or successor to either Purchased Company, and (c) in addition to, and not in substitution for, any other rights to indemnification that any such Person may have by contract or otherwise. Effective upon the Closing, each Purchased Company hereby waives and releases, on behalf of itself and its Subsidiaries, any claims that such Purchased Company currently has or, in the future, may have against any Seller or any employees or representatives of any Seller for any of such employees’ or representatives’ actions or omissions in his or her capacities as officers or directors of either Purchased Company.
Officers and Directors Liability. (a) From and after the Closing Date, Buyer shall cause the Surviving Corporation and the Subsidiaries to: (i) indemnify and hold harmless each present or former officer or director of the Company or any Subsidiary or any present or former officer, director, or trustee of any Benefit Plan (each, an “Officer”) from and against any losses, claims, damages, liabilities, judgments, costs, expenses (including reasonable attorneys’ fees), judgments, fines and settlements in connection with any threatened, pending or completed claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of or pertaining to any action or omission occurring on or prior to the Closing Date (including any which arise out of or relate to the transactions contemplated by this Agreement), whether asserted or commenced prior to or after the Closing Date (each, a “D&O Claim”), to the full extent required or permitted by the provisions as in effect on the date hereof (the “Indemnification Provisions”) of the Company’s and the Subsidiaries’ charter or organizational documents or pursuant to law with respect to the indemnification of Officers; (ii) advance expenses to the Officers in connection with each D&O Claim to the full extent required by the Indemnification Provisions; (iii) honor the Indemnification Provisions as contract rights in favor of the Officers, with respect to any D&O Claim; and (iv) for a period of six (6) years after the Closing, maintain director and officer liability insurance which insurance shall provide coverage for the individuals who were Officers of the Company or the Subsidiaries prior to the Closing comparable to the policy or policies maintained by the Company and the Subsidiaries immediately prior to the Closing for the benefit of such individuals.
Officers and Directors Liability. (a) Effective as of the Closing, Purchaser, on behalf of itself and the Purchased Companies and each of their respective successors and assigns, releases and forever discharges each Person who is or was as of the Closing Date a present or former officer, director, or shareholder of any Purchased Company from any and all losses, claims, damages, liabilities, judgments, costs, expenses (including reasonable attorneys’ fees), fines and settlements in connection with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of or pertaining to any action or omission occurring on or prior to the Closing Date whether asserted or commenced prior to, on or after the Closing Date, other than actions or omissions constituting fraud, intentional misconduct or criminal activity (unless the individual reasonably believed that the individual had no reasonable cause to believe such act or omission was unlawful).
Officers and Directors Liability. (a) For a period of six (6) years after the Closing Date, Purchaser shall, and shall cause each member of the Company Group and Blocker, as applicable, to indemnify and hold harmless, and provide advancement of expenses to, all of the respective past and present directors, managers and officers of each member of the Company Group and Blocker (collectively, the “Indemnitees”) to the same extent the Indemnitees are entitled to be indemnified or have the right to advancement of expenses pursuant to the Organizational Documents of such member of the Company Group and Blocker, as applicable, and the indemnification agreements with such member of the Company Group or Blocker set forth on Schedule 8.3 (the “Indemnification Agreements”), as applicable, in existence on the Closing Date with, or for the benefit of, any Indemnitee for acts or omissions occurring on or prior to the Closing Date.
Officers and Directors Liability. (a) Prior to the Effective Time, the Company shall procure and bind a tail insurance coverage policy (the “Tail Insurance Coverage”) for the benefit of the officers, directors and other Persons who, as of the Closing Date, are covered by the Company’s currently effective directors’ and officers’ and other management liability insurance policy (such persons, the “Indemnified Persons”), which shall provide the Indemnified Persons with coverage in respect of acts or omissions occurring at or prior to the Effective Time for a period of six years following the Effective Time in an amount not less than, and that shall have other terms not materially less favorable to the Indemnified Persons than, the directors’ and officers’ and other management liability insurance coverage presently maintained by the Company. Purchaser shall cause the Surviving Corporation to maintain the Tail Insurance Coverage in full force and effect and continue to honor the obligations thereunder until the sixth anniversary of the Effective Time. The Indemnified Persons are third party beneficiaries of this provision.
Officers and Directors Liability. No officer or director of the corporation shall be personally liable to the corporation or its shareholders for monetary damages for breach of fiduciary duty as a director or officer, whether or not he continues to be such officer or director at the time when any such liability is asserted; provided, however, that the liability of a director of officer of the corporation shall not be eliminated or limited (a) for any breach of the director's or officer's duty of loyalty to the corporation or its shareholders, (b) for acts or omissions not in good faith or which involve intentional misconduct or a known violation of law, (c) for liability under Louisiana Revised Statutes 12:92(D), or (d) for any transaction from which the director or officer derived an improper personal benefit.
