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Charles Sims | Obituary | Gainesville Daily Register

Charles Sims | Obituary | Gainesville Daily Register
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Chancery Rules Corporation Cannot Offset Wife's Recoupment Against Husband's Advancement Simply Because the Pair Signed a Single Undertaking | Morris James LLP


Section 145 of DGCL permits corporations to grant advancement rights to persons who may be entitled to indemnification so that they may fund covered litigation costs pending indemnification. As part of this right, the DGCL also requires these individuals to undertake to repay the corporation if the advanced expenses ultimately prove not to be indemnifiable. In this case, the Court clarifies that two individuals who are married and execute the same undertaking nonetheless retain their individual rights to advancement and separate obligations for repaying any non-indemnifiable expenses.
Laura Perryman was the former CEO of Stimwave, and her husband, Gary Perryman, was a director. In earlier decisions, the Court concluded that Gary was entitled to advancement, but Laura was not. Both Perrymans signed the same undertaking representing that they would repay expenses if the Court ultimately determined they were not entitled to indemnification. ....

United States , Gary Perryman , Laura Perryman , ஒன்றுபட்டது மாநிலங்களில் , கேரி பெர்ரிமேன் , லாரா பெர்ரிமேன் ,