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Provision: Directors and Officers Liability Insurance

Sample Provision

The company agrees to obtain a directors and officers liability insurance policy covering the executive and to continue and maintain such policy. The amount of coverage show be reasonable in relation to the executive's position and responsibilities during the term of employment but in no event shall the amount of coverage be less than $20 million in the aggregate provided that the cost and availability of such insurance is reasonable within the marketplace.

Employment Contract Provision Index