Many will be surprised to learn that a company may need to advance attorney's fees to a former director or officer being sued by the company for theft of trade secrets or other misconduct while serving as an officer or director, and to indemnify that director or officer if she or he prevails at the end of the lawsuit. This article describes how a company's articles of incorporation, organic documents or contracts may require such advancement or indemnification, and what companies ought to consider in drafting such provisions.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
