Current through the 2024 Legislative Session
Section 293-A:8.56 - Indemnification of Officers(a) A corporation may indemnify and advance expenses under this subdivision to an officer of the corporation who is a party to a proceeding because he or she is an officer of the corporation:(1) to the same extent as a director; and(2) if he or she is an officer but not a director, to such further extent as may be provided by the articles of incorporation, the bylaws, a resolution of the board of directors, or contract except for:(i) liability in connection with a proceeding by or in the right of the corporation other than for expenses incurred in connection with the proceeding; or(ii) liability arising out of conduct that constitutes:(A) receipt by the officer of a financial benefit to which he or she is not entitled;(B) an intentional infliction of harm on the corporation or the shareholders; or(C) an intentional violation of criminal law.(b) The provisions of subsection (a)(2) shall apply to an officer who is also a director if the basis on which he or she is made a party to the proceeding is an act or omission solely as an officer.(c) An officer of a corporation who is not a director is entitled to mandatory indemnification under RSA 293-A:8.52, and may apply to a court under RSA 293-A:8.54 for indemnification or an advance for expenses, in each case to the same extent to which a director may be entitled to indemnification or advance for expenses under those provisions.Entire chapter repealed and reenacted by 2013 , 142: 1, eff. 1/1/2014. 2013, 142 : 1 , eff. Jan. 1, 2014.