An individual serving on the Board of Directors shall be immune individually from civil liability for monetary damages, except to the extent covered by insurance, for any act or failure to act arising out of that service, except where any of the following apply:
(1) The individual was not acting within the scope of that individual's official duties.
(2) The individual was not acting in good faith.
(3) The individual committed gross negligence or willful or wanton misconduct that resulted in the damages or injury.
(4) The individual derived an improper personal financial benefit, either directly or indirectly, from the transaction.
(5) The individual incurred the liability from the operation of a motor vehicle.