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or holder of the shares to forfeited and sold. <br />ARTICLE XVI <br />The Fort Morgan Reservoir and Irrigation Company agrees to indemnify or reimburse all <br />officers and directors for any and all costs, attorney's fees, expenses and amounts of any <br />judgment and interest thereon incurred by said officers or directors and arising out of their <br />conduct relating or connected to any decision, acts or failure to act as an officer or director of the <br />Company. The organization may undertake the defense of any such officer or director, or said <br />officer or director may obtain counsel of his own choice, with the approval of the directors. This <br />Article shall not pertain to or cover any willful or malicious acts, intentional torts, or matters as <br />to which the officer or director is adjudged in such action, suit, or proceeding to be liable for <br />negligence or misconduct in performance of duty to the Company. <br />11 <br />