Tennessee § 48-58-507 Indemnification of officers, employees, and agents

Tennessee Statutes

§ 48-58-507 — Indemnification of officers, employees, and agents

Unless a corporation's charter provides otherwise:

(1)An officer of the corporation who is not a director is entitled to mandatory indemnification under § 48-58-503 , and is entitled to apply for court-ordered indemnification under § 48-58-505 in each case, to the same extent as a director;

(2)The corporation may indemnify and advance expenses under this part to an officer, employee, or agent of the corporation who is not a director to the same extent as to a director; and (3) A corporation may also indemnify and advance expenses to an officer, employee, or agent who is not a director to the extent, consistent with public policy, that may be provided by its charter, bylaws, general or specific action of its board of directors, or contract.

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Unless a corporation's charter provides otherwise: (1) An officer of the corporation who is not a director is entitled to mandatory indemnification under § 48-58-503 , and is entitled to apply for court-ordered indemnification under § 48-58-505 in each case, to the same extent as a director; (2) The corporation may indemnify and advance expenses under this part to an officer, employee, or agent of the corporation who is not a director to the same extent as to a director; and (3) A corporation may also indemnify and advance expenses to an officer, employee, or agent who is not a director to the extent, consistent with public policy, that may be provided by its charter, bylaws, general or specific action of its board of directors, or contract.

Tennessee § 48-58-507 (Indemnification of officers, employees, and agents) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.