48-18-507 - Indemnification of officers, employees, and agents. - Tennessee Statutes

48-18-507. 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 § 48-18-503, and is entitled to apply for court-ordered indemnification under § 48-18-505, 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.

[Acts 1986, ch. 887, § 8.56.]