Nevada § 86.451 - Indemnification of manager, member, employee or agent: Effect of provisions on other rights; continuation after cessation of status

§ 86.451. Indemnification of manager, member, employee or agent: Effect of provisions on other rights; continuation after cessation of status

Indemnification or advancement of expenses authorized in or ordered by a court pursuant

to NRS 86.411 to 86.441 , inclusive: 1. Does not exclude any other rights to which a person seeking indemnification or

advancement of expenses may be entitled under the articles of organization or any

operating agreement, vote of members or disinterested managers, if any, or otherwise,

for an action in the person’s official capacity or an action in another capacity while

holding office, except that indemnification, unless ordered by a court pursuant to NRS 86.421 or for the advancement of expenses made pursuant to NRS 86.441 , may not be made to or on behalf of any member or manager if a final adjudication

establishes that the member’s or the manager’s acts or omissions involved intentional

misconduct, fraud or a knowing violation of the law and was material to the cause

of action. 2. Continues for a person who has ceased to be a member, manager, employee or agent

and inures to the benefit of the heirs, executors and administrators of such a person.