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The Vermont Statutes Online

 

Title 11A : Vermont Business Corporations

Chapter 008 : DIRECTORS AND OFFICERS

Subchapter 005 : INDEMNIFICATION

(Cite as: 11A V.S.A. § 8.56)
  • § 8.56. Indemnification of officers, employees, and agents

    Unless a corporation's articles of incorporation limit indemnification of an officer, employee, or agent of the corporation:

    (1) an officer of the corporation who is not a director is entitled to mandatory indemnification under section 8.52 of this title, and is entitled to apply for court-ordered indemnification under section 8.54 of this title, in each case to the same extent as a director;

    (2) the corporation may indemnify and advance expenses under this subchapter to an officer, employee, or agent of the corporation who is not a director to the same extent as a director. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994.)