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Title: |
Indemnification Agreement |
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Entities: |
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Date: |
2004 |
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Size: |
Preview shows 5KB of 19KB total |
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Price: |
$33 |
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ID: |
#933629 |
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INDEMNIFICATION AGREEMENT
This Indemnification Agreement (this "Agreement"), made as of December 19,
2003, among Promos, Inc., a Colorado corporation (the "Company"), and each of
Judith F. Harayda and Stephan R. Levy. Ms. Harayda and Mr. Levy are each
referred to as an "Indemnitee" and, together, as the "Indemnitees") (Ms. Harayda
and Mr.
Levy are sometimes, together, referred to herein as the "Directors").
RECITALS:
WHEREAS, Ms. Harayda is willing to continue to serve as a director of the
Company on the condition that in her capacity as a director of the Company after
the Effective Time, she be indemnified to the fullest extent permitted by law;
WHEREAS, Mr. Levy is willing to continue to serve as a director of the
Company on the condition that in his capacity as a director of the Company after
the Effective Time, he be indemnified to the fullest extent permitted by law;
and
WHEREAS, concurrently with the execution of this Agreement, the Directors
are each agreeing to continue to serve as a director of the Company after the
Effective Time until his/her resignation as a director of the Company is
effective upon compliance by the Company with the provisions of Section 14(f) of
the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule
14f-1 promulgated thereunder.
NOW, THEREFORE, in consideration of the premises and the covenants herein
contained, the Company and the Indemnitees hereby agree as follows:
1. AGREEMENT TO SERVE. Each of the Directors agrees to continue to serve as
a director of the Company after the Effective Time hereof until his/her
resignation as a director of the Company is effective upon compliance by the
Company to Section 14(f) of the Exchange Act and Rule 14f-1 promulgated
thereunder.
2. DEFINITIONS. As used in this Agreement:
(a) "Code" means the Internal Revenue Code of 1986, as amended.
(b) "Effective Time" shall have the same meaning as in the Agreement of
Purchase and Sale, dated as of the date hereof, among the Company and OmniCorder
Technologies, Inc.
(c) "Expenses" includes, without limitation, all costs, expenses and
obligations (including attorneys' fees and disbursements, court costs, travel
expenses and fees of experts) incurred or paid in connection with investigating,
defending, being a witness in or participating in, or preparing to defend, any
Proceeding, whether conducted by the Company or otherwise, including, without
limitation, any Proceeding, action or process for the purpose of establishing
Indemnitees' right to indemnification under this Agreement and any amounts paid
in settlement by or on behalf of Indemnitee.
<PAGE>
(d) "Independent Legal Counsel" means legal counsel who or which has not
provided or performed services for the Company, any of its directors, officers
or the Indemnitees for the last three years and is not otherwise representing
any party to any Proceeding, other than legal services rendered as an
independent legal counsel in any prior determination regarding indemnification
under this Agreement or any similar agreement with any other director or
officer.
(e) "Official Capacity" means the elective or appointive office in the
Company held by the director and/or officer.
(f) "Person" shall mean any individual, corporation, partnership, joint
venture, limited liability company or other entity.
(g) "Proceeding" includes any threatened, pending or completed action, suit
or proceeding, whether of a civil, criminal, administrative, arbitrative or
investigative nature (including all appeals therefrom), or any inquiry or
investigation that could lead to such an action, suit or proceeding.
(h) References to "other enterprise" shall include employee benefit plans;
references to "fines" shall include any excise tax assessed with respect to any
employee benefit plan; references to "serving at the request of the Company"
shall include any service as a director, officer, employee or agent of the
Company that imposes duties on, or involves services by, such director, officer,
employee or agent with respect to an employee benefit plan, its participants or
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