CA AB2668

Expands the definition of employee benefit plans covered under corporate indemnification provisions to include pension, deferred compensation, saving, thrift, or other retirement, incentive, or benefit plans and trusts for directors, officers, employees, and service providers of the corporation or its subsidiaries and affiliated entities.

Applies updated indemnification standards to nonprofit public benefit corporations (Section 5238), mutual benefit corporations (Section 7237), religious corporations (Section 9246), and consumer cooperative corporations (Section 12377).

Clarifies that indemnification provisions do not apply to proceedings against trustees, investment managers, or other fiduciaries of employee benefit plans in their fiduciary capacity, but allows corporations to indemnify such fiduciaries to the extent permitted by related code sections.

Updates cross-references in the Corporations Code to direct fiduciary indemnification authority to Sections 5140(f), 7140(e), 9140(f), and 12320(e) respectively.