Queens New York Indemnification Agreement between corporation and its current and future directors

• Category: Corporations - Public - Indemnification
• State: Multi-State
• County: Queens
• Control #: US-CC-17-197C
• Format: Word; Rich Text

Description

17-197C 17-197C . . . Indemnification Agreement to be entered into between corporation and its current and future directors and such current and future officers and other agents as directors may designate. The proposal includes description of procedural and substantive matters in Indemnification Agreements that are not addressed, or are addressed in less detail, in California law Queens, New York is one of the five boroughs of New York City, located on the western end of Long Island. It is the largest borough in terms of land area and second-most populous, known for its diverse communities, cultural attractions, and various economic activities. In the corporate world, an indemnification agreement plays a crucial role in protecting the interests of a corporation and its directors. Specifically, an indemnification agreement is a legally binding contract that outlines the corporation's commitment to indemnify its directors against certain liabilities they may incur while acting in their official capacity. Typically, there are two main types of indemnification agreements in Queens, New York, between corporations and their directors: 1. Indemnification Agreement for Current Directors: This agreement is designed to cover the current directors of a corporation. It sets forth the terms and conditions for indemnification, defining the scope of the indemnifying actions, the process for making claims, and the limitations or exceptions that may apply. 2. Indemnification Agreement for Future Directors: This agreement focuses on directors who will join the corporation in the future. It ensures that incoming directors are aware of the indemnification provisions and have clarity on their rights and responsibilities. Keywords: Queens New York, indemnification agreement, corporation, current directors, future directors, liabilities, protect, contract, legally binding, indemnify, scope, claims, limitations, exceptions.

Queens, New York is one of the five boroughs of New York City, located on the western end of Long Island. It is the largest borough in terms of land area and second-most populous, known for its diverse communities, cultural attractions, and various economic activities. In the corporate world, an indemnification agreement plays a crucial role in protecting the interests of a corporation and its directors. Specifically, an indemnification agreement is a legally binding contract that outlines the corporation's commitment to indemnify its directors against certain liabilities they may incur while acting in their official capacity. Typically, there are two main types of indemnification agreements in Queens, New York, between corporations and their directors: 1. Indemnification Agreement for Current Directors: This agreement is designed to cover the current directors of a corporation. It sets forth the terms and conditions for indemnification, defining the scope of the indemnifying actions, the process for making claims, and the limitations or exceptions that may apply. 2. Indemnification Agreement for Future Directors: This agreement focuses on directors who will join the corporation in the future. It ensures that incoming directors are aware of the indemnification provisions and have clarity on their rights and responsibilities. Keywords: Queens New York, indemnification agreement, corporation, current directors, future directors, liabilities, protect, contract, legally binding, indemnify, scope, claims, limitations, exceptions.