Indemnification Agreement between GB Sciences, Inc. and Director John Poss
This agreement is between GB Sciences, Inc. and John Poss, a director of the company. It states that the company will indemnify John Poss for losses, legal fees, and other costs arising from his role as a director, as allowed by Nevada law. The agreement requires John Poss to promptly notify the company of any legal actions and allows the company to participate in the defense or settlement. The company also agrees to continue efforts to obtain directors and officers insurance in the future.
Exhibit 10.41
INDEMNIFICATION AGREEMENT
This Indemnification Agreement (the “Agreement”) is made by and between John Poss (the “Director”) and GB Sciences, Inc., a Nevada corporation (the “Company”) (jointly the “Parties”).
Recitals
A. | The Director is or was a member of the board of directors (the “Board”) of the Company. |
B. | The Company does not at this time and has not at prior times during the Director’s service, had directors and officers and insurance (“D&O Insurance”). |
Now therefore, in consideration of the obligations and promises made herein, the Parties agree as follows:
Agreement
1. | Willingness to Serve. The Director has been willing to serve on the Board, even in the absence of D&O Insurance, in exchange for the rights of indemnification set forth herein. |
2. | Indemnification. The Company hereby indemnifies the Director against any loss, damage, cost or expense, including without limitation, legal fees, court costs, judgments, fines and amounts paid in settlement, actually and reasonably incurred by the Director, by reason of the fact he or she was a director, officer or agent of the Company, to the fullest extent allowed under Nevada law. For this right of indemnification to be effective with regard to any suit, action or proceeding, the Director must notify the Company within five calendar days of any suit, action or proceeding brought against the Director, and the Company must be allowed to defend or co-defend the suit, action or proceeding. In order for the Company to indemnify the Director against the payment of the settlement of any claim, the Company must have been given the opportunity to help negotiate and approve the settlement. |
3. | Efforts to obtain Insurance. The Company agrees to continue to try to obtain D&O Insurance as finances and circumstances allow. |
Dated: 11/12/2020 /s/ John Poss
GB SCIENCES, INC.
By: John Poss
Its: Chief Executive Officer
Dated: 11/12/2020 /s/ John Poss
John Poss, Individual