Vermont Statutes Title 11 C. Mutual Benefit Enterprises, § 904. Advance for expenses

(1) the director furnishes the enterprise a written affirmation of his or her good faith belief that the director has met the standard of conduct described in section 902 of this title;

(2) the director furnishes the enterprise a written undertaking, executed personally or on the director's behalf, to repay the advance if it is ultimately determined that the director did not meet the standard of conduct; and

(3) a determination is made that the facts then known to those making the determination would not preclude indemnification under this article.