1. (a) Each member of the Technology Equipment Revolving Loan Fund Committee and any person employed by the committee pursuant to 20 CAR § 836-308 shall be indemnified by the AFP against all expenses, as hereinafter defined, which shall necessarily or reasonably be incurred by member in connection with any action, suit, or proceeding to which member is or shall be a party, or with which that member may be threatened by reason of being or having been a member of the committee and any person employed by the committee pursuant to 20 CAR § 836-308 at the time of incurring such expenses.

2. (b)

   1. (1) “Expenses”, as used herein, shall include but not be limited to amounts of judgments against, or amounts paid in settlement by, such member of the committee, and any person employed by the committee pursuant to 20 CAR § 836-308, other than amounts payable or paid to the committee or the AFP, but shall not include any expenses incurred in connection with:

      1. (A) Any matters as to which member of the committee and any person employed by the committee pursuant to 20 CAR § 836-308 shall be adjudged in such action, suit, or proceeding, without such judgment being reversed, to be liable by reason of member’s negligence or willful misconduct in the performance of duties as such member or officer; or
      2. (B) Any matters which shall be the subject of such action, suit, or proceeding disposed of otherwise than by adjudication on the merits, unless in relation to such matters such member or officer shall not have been liable for negligence or willful misconduct in the performance of his or her duties as a member or officer.
   2. (2) In determining whether a member or officer was liable for negligence or willful misconduct in the performance of duties as such member or officer and is for that reason not entitled to reimbursement pursuant to the foregoing provisions, the committee may conclusively rely upon an option of legal counsel.
3. (c) The right of indemnification herein above provided shall not be deemed exclusive of any other right to which such member may now or hereafter be otherwise entitled and specifically, without limiting the generality of the foregoing, shall not be deemed exclusive of any rights, pursuant to the statute or otherwise, of any such member of the committee and any person employed by the committee pursuant to 20 CAR § 836-308 in any such action, suit, or proceeding to have assessed or allowed in member’s favor, against the corporation or any other corporation or otherwise, costs and expenses incurred therein or in connection therewith or any part thereof.

Codification Notes: "AFP" means Arkansas Assistive Technology Alternative Financing Program.