Document: Thompson v. The Williams Companies, Inc., C.A. No. 2716-VCS, Strine, V.C., (Del. Ch. July 31, 2007)
After trial, the Court dismissed an employee’s claims for advancement where the corporation’s by-laws permitted advancement upon the terms and conditions that the board deemed appropriate and the board of the corporation conditioned the advancement of legal fees upon receiving (i) a written representation from the employee that he qualified for indemnification, and (ii) a security interest in the full amount of the advanced funds.