The provisions of this Declaration, to the extent that they restrict the duties and liabilities of an Indemnified Person otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties and liabilities of the Indemnified Person. The Trust may, on advice of counsel, utilize Trust assets to pay attorney’s fees and costs incurred in the defense of an individual Trustee accused of breaching his or her fiduciary responsibility, provided that such Trustee consents, by written agreement, to reimburse the Trust for such attorneys fees and costs if such trustee is found by a court of competent jurisdiction, after all appeals have been exhausted or the time for same has run, to have in fact breached his or her fiduciary responsibility to the Trust and /or its participants.įiduciary Duty (a) To the extent that, at law or in equity, an Indemnified Person has duties (including fiduciary duties) and liabilities relating thereto to the Trust or to any other Covered Person, an Indemnified Person acting under this Declaration shall not be liable to the Trust or to any other Covered Person for its good faith reliance on the provisions of this Declaration. In addition, such fiduciary shall be subject to other equitable or remedial relief as the court may deems appropriate, including his or her removal as a fiduciary, and reimbursement to the Trust of attorneys’ fees and costs incurred by the Trust as a result of a breach of fiduciary responsibility by a Trustee. Breach of Fiduciary Duty. Any fiduciary who, while acting as or serving as a fiduciary, breaches any of the responsibilities, obligations or duties imposed upon him or her by the Trust Agreement or by law shall be personally liable to make good to the Trust any losses resulting from such breach, and to restore to the Trust any profits which may have been made through the use of the Trust assets.
0 kommentar(er)
