The Arizona Indemnity Agreement between Central Software, Inc. and an officer of a corporation is a legally binding contract that outlines the terms and conditions for indemnification of the officer by the company in certain situations. This agreement serves to protect the officer in the event of legal claims or actions brought against them while acting in their capacity as an officer. Keywords: Arizona, Indemnity Agreement, Central Software, Inc., officer, corporation, legally binding contract, terms and conditions, indemnification, protect, legal claims, actions. There are different types of Arizona Indemnity Agreements between Central Software, Inc. and an officer of a corporation that can be categorized based on the scope and extent of indemnification provided. These types include: 1. Standard Indemnity Agreement: This type of agreement provides basic protection to the officer by indemnifying them against claims, damages, liabilities, expenses, and costs incurred in the course of their duties as an officer. 2. Broad Indemnity Agreement: This agreement expands on the standard indemnification by offering comprehensive coverage, including protection against claims arising from negligence, mismanagement, or breach of duty by the officer. 3. Limited Indemnity Agreement: This type of agreement offers indemnification but with certain restrictions or limitations. The specific provisions may vary depending on the circumstances, such as setting limits on the amount of indemnity or excluding certain types of claims from coverage. 4. Preemptive Indemnity Agreement: This agreement is often used for officers joining the corporation in anticipation of potential legal actions. It provides immediate indemnification from the effective date of the agreement, even before any claims are made against the officer. 5. Change-in-Control Indemnity Agreement: This type of agreement is triggered in the event of a change in control or ownership of the corporation. It ensures that the officer will continue to receive indemnification even if their role or position within the company changes due to the new ownership structure. It is crucial for both Central Software, Inc. and the officer to carefully review and understand the terms of the specific Arizona Indemnity Agreement they enter into to ensure adequate protection and compliance with applicable laws.
Arizona Indemnity Agreement between Centra Software, Inc. and officer of corporation
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How to fill out Arizona Indemnity Agreement Between Centra Software, Inc. And Officer Of Corporation?
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Section 234 allows a company to provide an indemnity to a director against liability for negligence, default, breach of duty and breach of trust incurred to third parties (i.e. not the company or an associated company).
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.
Section 145(b) empowers a corporation to indemnify its directors against expenses incurred in connection with the defense or settlement of an action brought by or in the right of the corporation, subject to the standard of conduct determination, and except that no indemnification may be made as to any claim to which ...
Many company constitutions set out rights of indemnity for directors, and often also include provision for directors and officers (D&O) insurance. Alternatively, they may simply provide that the company may indemnify directors. The deed of indemnity is an agreement between the company and a director.
Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.
Indemnification Agreement to secure against loss or damage; to give security for the reimbursement of a person in case of an anticipated loss falling upon him. Also to make good; to compensate; to make reimbursement to one of a loss already incurred by him.
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. ... Draft the Indemnification Clause. ... Outline the Indemnification Period and Scope of Coverage. ... State the Indemnification Exceptions. ... Specify How the Indemnitee Notifies the Indemnitor About Claims. ... Write the Settlement and Consent Clause.
A deed of indemnity is a contractual agreement between a company and a company director. A deed of indemnity can help to indemnify a director against liabilities or legal costs incurred in his or her professional capacity as a director of the company.