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Director Favorable Director Indemnification Agreement

Arizona Director Favorable Director Indemnification Agreement

Name: Arizona Director Favorable Director Indemnification Agreement
Brand: US Legal Forms
Rating: 4.63 (380 reviews)

Category:

Corporations - Due Diligence

State:

Multi-State

Control #:

US-DD0603

Format:

Instant download

Description

This is a due diligence contract provision that a company will provide reimbursement for any losses that the director may incur in business transactions.

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Any UK company can now indemnify any of its directors, and any director of a company in the same group, against damages, costs and interest awarded against him in civil proceedings brought by a third party, and against legal and other costs incurred in defending both civil and criminal proceedings if and when the

A director's or officer's right to indemnification and advancement of expenses is subject to the company's ability to pay, and several legal limitations. Bankruptcy Law Limits. Claims against directors and officers more frequently occur when the company is under financial distress that leads to bankruptcy.

Indemnification under Companies Act, 2013: While Section 201 of the erstwhile Companies Act, 1956 had restricted a company from indemnifying the directors of the company, the Companies Act, 2013 does not have any such restriction and therefore, directors can now be indemnified by companies against liabilities.

Subject to the exceptions mentioned below, the Companies Law prohibits a company and its subsidiaries from exempting any director from, or indemnifying any director against, any liability incurred by the director as a result of the director acting as a director of the company.

Further, in light of the recent amendments to Section 145, only certain officers are entitled to mandatory indemnification of expenses as a matter of law when they are successful on the merits; an indemnification agreement allows a director or officer to secure such rights in the absence of express statutory coverage.

Indemnification provisions are generally enforceable. There are certain exceptions however. Indemnifications that require a party to indemnify another party for any claim irrespective of fault ('broad form' or 'no fault' indemnities) generally have been found to violate public policy.

Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.

Indemnification is a legal agreement by one party to hold another party blameless not liable for potential losses or damages.

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OFFICER/DIRECTOR INDEMNIFICATION AGREEMENT This Agreement, which shall be1998, is by and between Employee Solutions, Inc., an Arizona corporation (the ... An Indemnification Clause is required in all State contracts so that the responsibility for claimsdirectors, agents, employees or subcontractors.A "hold harmless" or "liability waiver" provision in a contract is an agreementIn civil proceedings, officers and directors may be indemnified if they ... By JJ Hanks Jr · 1988 · Cited by 234 ? directors themselves from personal liability for money damages.2 The standardholding company headquartered in Seattle, and five of its officers agreed ... For director nominations, the notice also must include detailed disclosures regarding any arrangements or understandings, material compensation agreements ... Indemnification of Directors and Officers and D&O Liability Insurance .withdraw its IPO filing in connection with completing its sale to a. In that situation, coverage under the corporate reimbursement insuring clause of the D&O insurance policy may be jeopardized. See, e.g., MacMillan, Inc. v.21 pages In that situation, coverage under the corporate reimbursement insuring clause of the D&O insurance policy may be jeopardized. See, e.g., MacMillan, Inc. v. In RSUI Indemnity Co. v. Murdock, the Delaware Supreme Court ruled Delaware law governed the excess D&O policy even though most contacts were in ... The board of directors' choice of coverage in a D&O policy should be based"Guidance Regarding Indemnification Agreements and Payments" ... Supplier accepts all of the Agreement's terms and conditions,or any of its owners, officers, directors, members, managers, agents, employees, ...

Arizona Director Favorable Director Indemnification Agreement

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Can a UK company indemnify its directors?

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