This is a due diligence contract provision that a company will provide reimbursement for any losses that the director may incur in business transactions.
A Suffolk New York Director Favorable Director Indemnification Agreement is a legal document that aims to protect directors of a company based in Suffolk County, New York, from liabilities incurred while performing their duties. This agreement provides assurance to directors that they will be indemnified from any financial loss, expenses, or legal actions resulting from their role as a director, as long as they have acted in good faith, within the scope of their authority, and in the best interest of the company. There are different types of Suffolk New York Director Favorable Director Indemnification Agreements that may exist. Here are a few examples: 1. Standard Indemnification Agreement: This agreement outlines the general terms and conditions under which directors will be indemnified. It covers a broad range of potential liabilities and ensures protection for directors when acting in their official capacity. 2. Advancement Agreement: This type of agreement provides directors with the option to receive advancements on expenses incurred during legal proceedings, such as attorney fees, before the final outcome of the case. The directors can access funds necessary for their defense in a timely manner. 3. Change in Control Agreement: In the event of a change in control of the company, this agreement ensures that directors will still be protected and indemnified even if new management takes over. It provides continuity of indemnification provisions irrespective of any changes in the company's ownership or structure. 4. Non-Exclusivity Agreement: This agreement clarifies that the rights and protection provided to directors under the Director Favorable Director Indemnification Agreement are non-exclusive. Directors may be entitled to additional protection under the company's bylaws, articles of incorporation, or other agreements. It is crucial for both the company and the directors to understand and agree upon the terms and conditions outlined in the Suffolk New York Director Favorable Director Indemnification Agreement. By entering into such an agreement, the company demonstrates its commitment to support and protect its directors, ensuring their willingness to take on the responsibilities associated with the role.A Suffolk New York Director Favorable Director Indemnification Agreement is a legal document that aims to protect directors of a company based in Suffolk County, New York, from liabilities incurred while performing their duties. This agreement provides assurance to directors that they will be indemnified from any financial loss, expenses, or legal actions resulting from their role as a director, as long as they have acted in good faith, within the scope of their authority, and in the best interest of the company. There are different types of Suffolk New York Director Favorable Director Indemnification Agreements that may exist. Here are a few examples: 1. Standard Indemnification Agreement: This agreement outlines the general terms and conditions under which directors will be indemnified. It covers a broad range of potential liabilities and ensures protection for directors when acting in their official capacity. 2. Advancement Agreement: This type of agreement provides directors with the option to receive advancements on expenses incurred during legal proceedings, such as attorney fees, before the final outcome of the case. The directors can access funds necessary for their defense in a timely manner. 3. Change in Control Agreement: In the event of a change in control of the company, this agreement ensures that directors will still be protected and indemnified even if new management takes over. It provides continuity of indemnification provisions irrespective of any changes in the company's ownership or structure. 4. Non-Exclusivity Agreement: This agreement clarifies that the rights and protection provided to directors under the Director Favorable Director Indemnification Agreement are non-exclusive. Directors may be entitled to additional protection under the company's bylaws, articles of incorporation, or other agreements. It is crucial for both the company and the directors to understand and agree upon the terms and conditions outlined in the Suffolk New York Director Favorable Director Indemnification Agreement. By entering into such an agreement, the company demonstrates its commitment to support and protect its directors, ensuring their willingness to take on the responsibilities associated with the role.
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.
