When "Indemnification" Also Refers to "Advancement"
Sodano v. American Stock Exchange LLC, 2008 WL 2738583 (Del. Ch., July 15, 2008), read opinion here.
This Chancery Court decision interprets corporate documents and a settlement agreement to determine rights to advancement of legal fees. The court observes that the word “indemnification” as used by the parties in the relevant documents in this case was often used as a shorthand to also refer to the separate and distinct provisions for advancement. The court also addressed the obligations of the parties when a separate party is secondarily liable for the advancement obligation.
