An Arkansas Indemnity Agreement is a legal contract entered into between a corporation and its directors and/or officers to provide indemnification and protection for these individuals in their roles within the organization. This agreement is designed to safeguard directors and officers from personal liability arising from their corporate duties, ensuring that they can perform their duties without fear of financial loss or legal ramifications. Indemnification is a crucial aspect of corporate governance, as it helps attract and retain competent individuals willing to serve as directors and officers. In Arkansas, there are different types of Indemnity Agreements that can be established between a corporation and its directors and officers, each offering varying levels of protection. 1. Standard Indemnity Agreement: This type of agreement provides basic protection to directors and officers, ensuring they are indemnified against any legal actions or liabilities incurred in good faith while performing their duties within the scope of their authority. It covers legal fees, expenses, and settlements related to such actions. 2. Expanded Indemnity Agreement: This agreement broadens the scope of protection by including indemnification for actions taken that may not have been in good faith but were believed to be in the best interest of the corporation. It also extends coverage to situations where the director or officer is found liable for negligence or breach of duty. 3. Advancement of Expenses Agreement: In this agreement, the corporation provides immediate advancement of expenses, such as legal fees and costs, to directors and officers who are party to legal proceedings related to their corporate roles. This ensures that they have the financial means to defend themselves during the legal process. 4. Indemnity Agreement for Corporate Litigation: This specialized agreement is applicable when the corporation itself becomes involved in litigation, and directors and officers are named as defendants. It provides indemnification and defense for directors and officers against claims made directly against them because of their positions in the corporation. Keywords: Arkansas Indemnity Agreement, corporation, directors, officers, indemnification, protection, personal liability, corporate governance, legal actions, liabilities, good faith, authority, legal fees, expenses, settlements, expanded indemnity, negligence, breach of duty, advancement of expenses, legal proceedings, litigation, corporate roles, defense.
Arkansas Indemnity Agreement between corporation and directors and / or officers
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Section 145(c)(1) provides that to the extent a director has been successful on the merits or otherwise in defense of any action, suit, or proceeding referenced in Section 145(a) or Section 145(b), the director shall be indemnified against expenses actually and reasonably incurred by the director in connection ...
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Indemnification is often very broad, often extending ?to the maximum extent permitted by law?, whereas D&O insurance polices contain numerous exclusions and conditions. In addition, D&O insurance must be renewed each year, with possible changes in terms and conditions.
Insurance ? The indemnification agreement typically will require that the company provide D&O liability insurance that protects the indemnitee to the same extent as the most favorably insured of the company's and its affiliates' current directors and officers.
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Vitamin D supplements are available as vitamin D2 (D2) and vitamin D3 (D3). Both versions can be used to treat vitamin D deficiency, but D3 seems to be more effective than D2. Vitamin D2 is still prescribed to people with low vitamin D levels, because it's more readily available in higher doses.
A company may, however, lend money to a director to fund the director's defence costs. Frequently, an indemnity will include a provision under which the company agrees to lend the director the amounts necessary to fund the director's defence costs.