The District of Columbia Indemnification Agreement is a legal arrangement between a corporation and its current and future directors that provides protection and financial support to directors in case they face legal claims or liabilities arising from their positions within the corporation. This agreement serves to reassure directors and encourages them to perform their duties diligently without the constant fear of personal litigation. Keywords: District of Columbia, indemnification agreement, corporation, current directors, future directors, legal claims, liabilities, protection, financial support, positions, reassurance, diligent, personal litigation. Different types of District of Columbia Indemnification Agreements between corporations and their current and future directors may include: 1. Standard Indemnification Agreement: This type of agreement provides broad indemnification to directors, offering protection against expenses, judgments, fines, settlements, and legal fees incurred while performing their duties. The corporation undertakes to indemnify the director to the fullest extent permitted by law. 2. Advancement Indemnification Agreement: An advancement agreement entitles the director to receive immediate payment or reimbursement of expenses incurred due to legal proceedings. It ensures that directors have access to funds necessary to defend themselves during litigation, even before the legal outcome is determined. 3. Corporate Bylaws Indemnification Provision: Some corporations include an indemnification provision within their bylaws. This provision covers current and future directors and outlines the specific terms and extent of indemnification offered by the corporation. It may include details on the procedure for making indemnification claims, determining eligibility, and resolving disputes. 4. Indemnification Insurance Agreement: In addition to an indemnification agreement, some corporations may opt to obtain directors and officers liability insurance (D&O insurance). This type of agreement provides an additional layer of protection by reimbursing the corporation for indemnification payments made to directors. 5. Executive Employment Contract Indemnification Clause: In cases where a director also holds an executive position, their employment contract may include an indemnification clause. This clause ensures that the director is protected not only as a director but also in their capacity as an executive officer of the corporation. These various types of indemnification agreements reflect the diverse needs of corporations and their directors, offering tailored protection and mitigating potential risks and legal exposure.
District of Columbia Indemnification Agreement between corporation and its current and future directors
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How to fill out District Of Columbia Indemnification Agreement Between Corporation And Its Current And Future Directors?
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Indemnification is, generally speaking, a reimbursement by a company of its Ds&Os for expenses or losses they have incurred in connection with litigation or other proceedings relating to their service to the company.
A director and officer indemnification agreement is a contract that allows executives to protect themselves from claims made against them while performing job. Indemnification means that in the event a lawsuit is filed against a company, the indemnified party is "held harmless" from claims.
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.
In the indemnification agreement, the corporation agrees to reimburse the director or officer for losses incurred in legal proceedings related to their service as a corporate director or officer to the maximum extent permitted by law.
The Certificate of Incorporation (the ?Charter?) and the Bylaws (the ?Bylaws?) of the Company require indemnification of the officers and directors of the Company.
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 ...
A legal term that means one party agrees to compensate another party for loss or damage that has already occurred, or guarantees, through a contractual agreement, to repay another party for loss or damage that occurs in the future. Indemnification clauses are common in corporations and LLCs.