Kings New York Indemnización del Director Corporativo - Indemnification of Corporate Director

• Category: Corporaciones - Funcionarios y Empleados
• State: Multi-State
• County: Kings
• Control #: US-13374BG
• Format: Word

Description

Indemnification is where the company reimburses a director or officer for the attorneys' fees and costs, and potentially judgments, incurred in connection with claims arising out of the director's or officer's service to the company. Kings New York Indemnification of Corporate Director is a comprehensive legal protection mechanism that shields corporate directors from personal liability in the event of certain legal actions or financial losses incurred during their service. This indemnification ensures that directors can carry out their duties and make crucial decisions without the fear of personal financial repercussions. Let's delve into the specifics and explore different types of Kings New York Indemnification of Corporate Director: 1. Mandatory Indemnification: Kings New York law mandates corporations to provide indemnification to directors against expenses, judgments, fines, and settlements arising out of legal proceedings related to their corporate duties. This form of protection is automatic and directors are entitled to it unless determined otherwise by a court. 2. Permissive Indemnification: In addition to mandatory indemnification, Kings New York law grants corporations the discretion to provide further indemnification to directors in situations not covered by the mandatory provisions. This permissive indemnification extends coverage for expenses incurred in legal actions where directors are not found liable, settlements, and judgments paid on behalf of directors. 3. Advancement of Expenses: Kings New York Indemnification of Corporate Director also involves the provision of advancements for legal expenses incurred by directors during the defense of legal proceedings. This ensures that directors have immediate access to financial resources required for legal representation, protecting them from personal financial strain. 4. Indemnification Agreements: To further strengthen the protection offered to directors, Kings New York law permits corporations to enter into indemnification agreements with their directors. These agreements explicitly outline the scope of indemnification, including specific expenses, legal actions, and circumstances covered. Indemnification agreements can provide additional peace of mind to directors, outlining the extent of their protection. 5. Indemnification Insurance: To provide an extra layer of safeguarding, Kings New York law allows corporations to obtain indemnification insurance policies. These insurance policies protect directors by reimbursing them for legal expenses and liability arising from claims made against them in their corporate capacities. With the wide-ranging provisions and types of Kings New York Indemnification of Corporate Director, directors can execute their responsibilities with confidence, knowing that their personal assets and finances are shielded from harm.

Kings New York Indemnification of Corporate Director is a comprehensive legal protection mechanism that shields corporate directors from personal liability in the event of certain legal actions or financial losses incurred during their service. This indemnification ensures that directors can carry out their duties and make crucial decisions without the fear of personal financial repercussions. Let's delve into the specifics and explore different types of Kings New York Indemnification of Corporate Director: 1. Mandatory Indemnification: Kings New York law mandates corporations to provide indemnification to directors against expenses, judgments, fines, and settlements arising out of legal proceedings related to their corporate duties. This form of protection is automatic and directors are entitled to it unless determined otherwise by a court. 2. Permissive Indemnification: In addition to mandatory indemnification, Kings New York law grants corporations the discretion to provide further indemnification to directors in situations not covered by the mandatory provisions. This permissive indemnification extends coverage for expenses incurred in legal actions where directors are not found liable, settlements, and judgments paid on behalf of directors. 3. Advancement of Expenses: Kings New York Indemnification of Corporate Director also involves the provision of advancements for legal expenses incurred by directors during the defense of legal proceedings. This ensures that directors have immediate access to financial resources required for legal representation, protecting them from personal financial strain. 4. Indemnification Agreements: To further strengthen the protection offered to directors, Kings New York law permits corporations to enter into indemnification agreements with their directors. These agreements explicitly outline the scope of indemnification, including specific expenses, legal actions, and circumstances covered. Indemnification agreements can provide additional peace of mind to directors, outlining the extent of their protection. 5. Indemnification Insurance: To provide an extra layer of safeguarding, Kings New York law allows corporations to obtain indemnification insurance policies. These insurance policies protect directors by reimbursing them for legal expenses and liability arising from claims made against them in their corporate capacities. With the wide-ranging provisions and types of Kings New York Indemnification of Corporate Director, directors can execute their responsibilities with confidence, knowing that their personal assets and finances are shielded from harm.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.