SECTION 607.0859. Overriding restrictions on indemnification.
Latest version.
1(1) 2Unless ordered by a court under s. 9607.0854(1)(c), 10a corporation may not indemnify a director or officer under s. 21607.0851 22or s. 24607.0858 25or advance expenses to a director or officer under s. 35607.0853 36or s. 38607.0858 39if a judgment or other final adjudication establishes that his or her actions, or omissions to act, were material to the cause of action so adjudicated and constitute:67(a) 68Willful or intentional misconduct or a conscious disregard for the best interests of the corporation in a proceeding by or in the right of the corporation to procure a judgment in its favor or in a proceeding by or in the right of a shareholder;
113(b) 114A transaction in which a director or officer derived an improper personal benefit;
127(c) 128A violation of the criminal law, unless the director or officer had reasonable cause to believe his or her conduct was lawful or had no reasonable cause to believe his or her conduct was unlawful; or
164(d) 165In the case of a director, a circumstance under which the liability provisions of s. 180607.0834 181are applicable. 183(2) 184A corporation may provide indemnification or advance expenses to a director or an officer only as allowed by ss. 203607.0850204-205607.0859206.
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