Indemnification Clause Example from Business Contracts

Indemnification. The Bank shall provide Executive with coverage under a standard directors' and officers' liability insurance policy at its expense, or in lieu thereof, shall indemnify Executive to the fullest extent permitted under applicable Tennessee and federal law and regulations and the Bank's Charter and Bylaws against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding initiated by a person or entity not a party to this Agreement in ...which he may be involved by reason of his having been an officer or director of the Bank (whether or not he continues to be an officer or director at the time of incurring such expense or liabilities), and that is a result of actions or omissions taken in the course and scope of his duties as an officer or director of the Bank. Such expense and liabilities include, but are not limited to, judgment, court costs, and reasonable attorneys' fees and the cost of reasonable settlement. View More