Summary
Moody's Corporation (MCO) filed an 8-K on December 22, 2017, detailing the approval of a new form of indemnification agreement for its directors and executive officers. This agreement, effective as of December 18, 2017, supplements existing provisions in the company's charter, offering enhanced protection against liabilities incurred while performing their duties. The new indemnification agreement aims to provide protection to the fullest extent permitted by law, including covering legal defense expenses and settlements arising from a broad range of legal proceedings. This proactive measure by the board is designed to ensure that company leadership is adequately protected, potentially aiding in attracting and retaining qualified individuals to serve in these critical roles.
Key Highlights
- 1Moody's Corporation approved a new form of indemnification agreement for its directors and executive officers on December 18, 2017.
- 2The agreement is effective as of December 18, 2017, and supplements existing indemnification provisions.
- 3The company agrees to indemnify officers and directors against liabilities arising from their duties to Moody's and related entities.
- 4Indemnification will be provided to the fullest extent permitted by law, including Delaware General Corporation Law.
- 5The agreement covers legal fees and settlements for various legal proceedings.
- 6It also mandates the advancement of defense expenses.
- 7The filing includes the Form of Indemnification Agreement as an exhibit.