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A corporation's articles limit director monetary liability to the fullest extent permitted by statute. A shareholder sues directors for an uninformed decision and separately sues one director for secretly taking a vendor kickback.
Which statement best describes the exculpation provision?

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An exculpation provision is valid only when adopted after the lawsuit is filed. An exculpation provision may limit monetary liability for some care-based claims but generally does not protect bad faith, intentional misconduct, knowing violations of law, or improper personal benefits. An exculpation provision protects only creditors and never directors. An exculpation provision allows directors to keep corporate property for personal use.

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