former Officer definition
Examples of former Officer in a sentence
In such event, (x) if Grantee is a current Officer, the Board may seek reimbursement of all or a portion of any such payment made to Grantee during the one-year period preceding the date on which such misconduct or dereliction of duty was discovered by the Company (or any of its Subsidiaries), or (y) if Grantee is a former Officer, the Board may seek reimbursement of all or a portion of any such payment made to Grantee during the one-year period preceding the last date on which Grantee was an Officer.
Officers shall be restored to their respective former Officer ranks, in the inverse order of their demotion from those ranks, when organizational needs so dictate.
Any indemnification under Section 3.14 (a) or (b) (unless ordered by a court) shall be made by the Company only as authorized in the specific case upon a determination that indemnification of the present or former Officer or Director is proper in the circumstances because such Covered Person has met the applicable standard of conduct set forth in Section 3.14(a) or Section 3.14(b), as the case may be.
In such event, (x) if Grantee is a current Officer, the Board may seek reimbursement of all or a portion of any such payment made to Grantee during the three-year period preceding the date on which such misconduct or dereliction of duty was discovered by the Company (or any of its Subsidiaries), or (y) if Grantee is a former Officer, the Board may seek reimbursement of all or a portion of any such payment made to Grantee during the three-year period preceding the last date on which Grantee was an Officer.
As used herein, the term “Covered Person” shall mean (i) each Member; (ii) each Officer, current and former Director, stockholder, partner, member, Affiliate, employee, agent or representative of each Member, and each of their Affiliates; and (iii) each current and former Officer, employee, agent or representative of the Company.