As stockholder of S-Corp, am I indemnitor on Performance Bond

My friend owns a company. He is an S-Corp and has given me a 5% share of the company. So I own 5% of the stock. HE owns the rest. He is the only officer. I am only an employee of the company & the registered agent. I was told that for a performance bond I would need to sign as an indemnitor. So as I understand, that would make me liable if he defaults. Is this true?
1. Do I need to sign the performance bond as an indemnitor?
2. Also, what is my liability with the S-Corporation? Can I be sued and lose personal assets such as my house?

[randalljd]

Not sure why you need to sign that...


Corporate structures, including S corps, allow you as an owner to limit some of your personal liability. For example, creditors of an S corporation generally can go after only the assets of the corporation, not the owner's, if debts are unpaid. However, the legal
protections of corporations are not ironclad. For example, owners of small S corps have to be careful to keep their own financial affairs and those of the corporation strictly separate if they want to maintain limited liability.

[reallylight]

I work for a bonding company and I don't believe you would need to sign that document.