Sassano v. CIBC World Markets Corp.

OPINION

LAMB, Vice Chancellor.

In this case, an individual seeks from his former employer advancement of costs incurred in defending against five proceedings. The former employee was neither a director, nor an officer appointed by the board of directors; however, he maintains that the corporation’s bylaws contain provisions entitling him to mandatory advancement. After trial in this case, for the reasons set forth herein, the court finds that the corporation’s bylaws in this instance do extend mandatory advancement to the former employee.

I

Defendant CIBC World Markets Corp. (“CIBC”) is a…