When a D&O policy provided for the insurer to pay for the directors’ and officers’ defense in any civil or criminal proceedings, including appeals, but provided that an insured person must reimburse defense costs to the insurer if the insured person is finally determined to have engaged in willful misconduct, a “final determination” occurs only after the insured person has exhausted all direct appeals.

California Court of Appeal, Second District, Division 1 (Chaney, J.); April 6, 2017; 2017 WL 1294829