SUMMARY 

Authorize Olympus DAO to indemnify and pay expenses, including attorneys’ fees,  reasonably incurred by an agent of Olympus DAO, its predecessors, parents, or affiliates to defend themselves in Olympus DAO related matters in case they need to. 

BACKGROUND

Contributors, strategos, and council members that dedicate their time daily to help Olympus DAO achieve its mission and realize its vision may be exposed to potential legal actions or proceedings against them. As in any organization, Olympus DAO will provide the necessary support and resources to protect and defend all agents should there be a need to do so. 

DETAILS

Indemnification. Olympus DAO shall indemnify and hold harmless to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any person who was or is made or is threatened to be made a party or is otherwise involved in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a “Proceeding”), by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was an agent of Olympus DAO, its predecessors, parents, or affiliates, against all liability and loss suffered and expenses (including attorneys’ fees) actually and reasonably incurred by such person. Notwithstanding the preceding sentence, Olympus DAO shall be required to indemnify a person in connection with a Proceeding (or part thereof) commenced by such person only if the commencement of such Proceeding (or part thereof) by the person was authorized in the specific case by Olympus DAO.

Advancement of Expenses. Olympus DAO shall pay the expenses (including attorneys’ fees) actually and reasonably incurred by an agent of Olympus DAO, its predecessors, parents, or affiliates, in defending any Proceeding in advance of its final disposition, upon receipt of an undertaking by or on behalf of such person to repay all amounts advanced if it shall ultimately be determined by final judicial decision from which there is no further right to appeal that such person is not entitled to be indemnified for such expenses.

Repeal, Amendment, or Modification. Any amendment, repeal, or modification of this resolution shall not adversely affect any right to indemnification or advancement of expenses of any person in respect of any act or omission occurring prior to the time of such repeal or modification.

Approve ?

This poll has ended.

Voted in favor of this proposal. I think it's important for the DAO to protect and support contributors, and this is a step forward in providing that security.

This is a great step to protect DAO's contributors.
Probably would be good to define a framework of in which cases indemnifications would be needed, as well as a cap to expenses and the jurisdictions in which we can protect the contributor.

    arnoldcogwell47 Any legal action against a person or the DAO that is initiated by a third party. When doing business, the business it self and the people working for it are exposed to being sued. Even if there is no wrong doing, you need to defend your self. All entities limit the liability and protect their people. For example. We can and have been accused of breach of contract. The accusation is false, but still we need to defend ourselves. That takes time and expenses. In the end you generally recover those expenses.

        Generally in favor of this. Is it possible to fully list the potential expenses covered by this? Attorney's fees are clear, but what else?

          abipup Potential costs associated with settlements or other resolutions of disputes. For example if a lawyer needs to hire an expert, translations, currier, etc.

            Maybe should be kept for a different venue, but logistically speaking how do expenses (i.e. attorney's fees) get communicated to the DAO & budgeted / paid for? Via one-off OIPs that notify, "FYI, I've been sued. Per (this) OIP, I'm notifying the DAO that I will have expenses to be paid, which will be named in the future?"

            0xtutti Agreed. Generally in support but would likely need some color and caps (Or additional voting as caps are passed) so as not to create a greenfield agreement that contractually obligates the DAO to cover an undefined amount of expense. Appreciate the forward thinking and protections though.

              Is there a cap on funds that would be used in an event as described in OIP? Also, this isn’t intended also cover damages, just expenses, correct?

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