TMCnet News
AXT INC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits(Edgar Glimpses Via Acquire Media NewsEdge) Item 1.01 Entry into a Material Definitive Agreement. On October 27, 2014, the Board of Directors of AXT, Inc. (the "Company") approved a new form of Indemnification Agreement (the "Indemnification Agreement") to be used by the Company with respect to its directors and officers. The Indemnification Agreement is a single standard form for each of the Company's directors and officers and replaces the form of indemnification agreement in use by the Company since 1998. For each of the current directors and officers who had entered into the Company's previous form of indemnification agreement, the entry into the Indemnification Agreement will replace and supersede the previous indemnification agreement with the Company. Under the Indemnification Agreement, the Company indemnifies the indemnitee to the fullest extent permitted by applicable law if the indemnitee is, or is threatened to be made, a party to any proceeding that relates to the indemnitee's services to the Company or any other entity to which the indemnitee provides services at the Company's request, provided that the indemnitee acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the Company. The Indemnification Agreement provides these indemnification rights with respect to third-party proceedings and proceedings brought by or in the right of the Company, or "derivative actions." The Indemnification Agreement also obligates the Company to advance expenses incurred in connection with any proceeding covered by the Indemnification Agreement to the extent that the advancement is not prohibited by law, subject to repayment by the indemnitee if it is ultimately determined that the indemnitee is not entitled to be indemnified by the Company. The foregoing description of the Indemnification Agreement is qualified in its entirety by reference to the full text of the Indemnification Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein. Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Form of Indemnification Agreement for directors and officers -------------------------------------------------------------------------------- |