Kentucky Indemnity Agreement between corporation and directors officers employees and agents of corporation

• Category: Corporations - Public - Indemnification
• State: Multi-State
• Control #: US-CC-17-146
• Format: Word; Rich Text

Description

This sample form, a detailed Indemnity Agreement, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats. In Kentucky, an Indemnity Agreement serves as a legal contract between a corporation and its directors, officers, employees, and agents. This agreement outlines the corporation's obligation to indemnify and hold harmless these individuals for any liabilities, expenses, losses, or damages incurred while acting on behalf of the corporation. The primary purpose of the Kentucky Indemnity Agreement is to provide protection and reassurance to those who hold positions of authority within the corporation. Listed below are some relevant keywords associated with the agreement: 1. Indemnification: The agreement emphasizes the corporation's commitment to indemnify and shield its directors, officers, employees, and agents from any legal or financial consequences arising from their activities on behalf of the corporation. 2. Liability: The Indemnity Agreement specifically addresses liabilities, including legal claims, lawsuits, judgments, fines, penalties, and settlement costs, to ensure that the corporation will bear the responsibility. 3. Expenses: The agreement covers various expenses incurred during legal proceedings, such as attorneys' fees, court costs, and other related expenses necessary for the individual's defense. 4. Damages: It encompasses any potential damages suffered by the protected individuals, including financial losses, reputation damage, or personal harm caused by their involvement in corporate matters. 5. Scope: The agreement outlines the extent of indemnification that will be provided by the corporation, including the coverage period, exclusions, and limits. 6. Successful Defense: The Kentucky Indemnity Agreement often includes provisions stating that the individual will be indemnified even if they successfully defend themselves against claims or legal proceedings. 7. Advancement of Expenses: The agreement may include provisions allowing for the advancement of expenses incurred by the individual during legal proceedings before a final determination of their right to indemnification. Different types of Kentucky Indemnity Agreements may exist depending on the specific needs and requirements of different corporations. Some possible variations include: 1. General Indemnity Agreement: This is a standard agreement that applies to all directors, officers, employees, and agents of the corporation. 2. Officer Indemnity Agreement: This type of agreement may solely focus on the indemnification provisions for officers of the corporation, providing more specific terms and conditions tailored to their roles and responsibilities. 3. Director Indemnity Agreement: Similar to officer indemnity agreements, this type focuses on directors' indemnification provisions and may include additional clauses related to their fiduciary responsibilities and obligations. 4. Employee Indemnity Agreement: This agreement primarily applies to employees of the corporation, where indemnification and protection are offered for specific situations related to their employment. It is essential for corporations and individuals covered by the Kentucky Indemnity Agreement to carefully review and understand the agreement's terms to ensure appropriate protection and clarity in case of any legal or financial disputes. Seeking legal advice is recommended to ensure compliance with Kentucky state laws and specific circumstances.

In Kentucky, an Indemnity Agreement serves as a legal contract between a corporation and its directors, officers, employees, and agents. This agreement outlines the corporation's obligation to indemnify and hold harmless these individuals for any liabilities, expenses, losses, or damages incurred while acting on behalf of the corporation. The primary purpose of the Kentucky Indemnity Agreement is to provide protection and reassurance to those who hold positions of authority within the corporation. Listed below are some relevant keywords associated with the agreement: 1. Indemnification: The agreement emphasizes the corporation's commitment to indemnify and shield its directors, officers, employees, and agents from any legal or financial consequences arising from their activities on behalf of the corporation. 2. Liability: The Indemnity Agreement specifically addresses liabilities, including legal claims, lawsuits, judgments, fines, penalties, and settlement costs, to ensure that the corporation will bear the responsibility. 3. Expenses: The agreement covers various expenses incurred during legal proceedings, such as attorneys' fees, court costs, and other related expenses necessary for the individual's defense. 4. Damages: It encompasses any potential damages suffered by the protected individuals, including financial losses, reputation damage, or personal harm caused by their involvement in corporate matters. 5. Scope: The agreement outlines the extent of indemnification that will be provided by the corporation, including the coverage period, exclusions, and limits. 6. Successful Defense: The Kentucky Indemnity Agreement often includes provisions stating that the individual will be indemnified even if they successfully defend themselves against claims or legal proceedings. 7. Advancement of Expenses: The agreement may include provisions allowing for the advancement of expenses incurred by the individual during legal proceedings before a final determination of their right to indemnification. Different types of Kentucky Indemnity Agreements may exist depending on the specific needs and requirements of different corporations. Some possible variations include: 1. General Indemnity Agreement: This is a standard agreement that applies to all directors, officers, employees, and agents of the corporation. 2. Officer Indemnity Agreement: This type of agreement may solely focus on the indemnification provisions for officers of the corporation, providing more specific terms and conditions tailored to their roles and responsibilities. 3. Director Indemnity Agreement: Similar to officer indemnity agreements, this type focuses on directors' indemnification provisions and may include additional clauses related to their fiduciary responsibilities and obligations. 4. Employee Indemnity Agreement: This agreement primarily applies to employees of the corporation, where indemnification and protection are offered for specific situations related to their employment. It is essential for corporations and individuals covered by the Kentucky Indemnity Agreement to carefully review and understand the agreement's terms to ensure appropriate protection and clarity in case of any legal or financial disputes. Seeking legal advice is recommended to ensure compliance with Kentucky state laws and specific circumstances.