Kentucky Indemnity Agreement between corporation and directors and / or officers

• Category: Corporations - Public - Indemnification
• State: Multi-State
• Control #: US-CC-17-171
• 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. A Kentucky Indemnity Agreement, also known as a Directors and Officers Indemnification Agreement, is a legal document that safeguards directors and officers of corporations from potential personal liability for their actions or decisions made in their official capacity. In this agreement, a corporation undertakes the responsibility to indemnify or protect its directors and officers against any legal claims, damages, judgments, fines, settlements, or expenses incurred due to their acts or omissions while performing their duties. The agreement provides financial security and reassurance to directors and officers, encouraging them to act in the best interest of the corporation without the fear of personal liability. The following are two common types of Kentucky Indemnity Agreements between corporations and their directors and/or officers: 1. Basic Indemnity Agreement: This type of agreement offers indemnification protection to directors and officers, covering legal costs and damages arising from lawsuits, investigations, or administrative proceedings against them. It typically includes provisions for advancement of expenses, meaning the corporation will pay the legal expenses upfront, subject to certain conditions. 2. Broad Form Indemnity Agreement: A broad form agreement provides a more extensive scope of protection by including additional provisions that go beyond the basic agreement. It may offer indemnification for specific categories of claims such as derivative actions, shareholder lawsuits, criminal proceedings, or other claims related to the performance of official duties. This agreement may also include provisions regarding the advancement of expenses, including attorneys' fees, costs, and other related expenses. Keywords: Kentucky Indemnity Agreement, Directors and Officers Indemnification Agreement, corporation, directors, officers, personal liability, legal claims, damages, judgments, fines, settlements, expenses, acts, omissions, duties, financial security, legal protection, indemnification, lawsuits, investigations, administrative proceedings, advancement of expenses, broad form agreement, derivative actions, shareholder lawsuits, criminal proceedings, attorneys' fees, costs.

A Kentucky Indemnity Agreement, also known as a Directors and Officers Indemnification Agreement, is a legal document that safeguards directors and officers of corporations from potential personal liability for their actions or decisions made in their official capacity. In this agreement, a corporation undertakes the responsibility to indemnify or protect its directors and officers against any legal claims, damages, judgments, fines, settlements, or expenses incurred due to their acts or omissions while performing their duties. The agreement provides financial security and reassurance to directors and officers, encouraging them to act in the best interest of the corporation without the fear of personal liability. The following are two common types of Kentucky Indemnity Agreements between corporations and their directors and/or officers: 1. Basic Indemnity Agreement: This type of agreement offers indemnification protection to directors and officers, covering legal costs and damages arising from lawsuits, investigations, or administrative proceedings against them. It typically includes provisions for advancement of expenses, meaning the corporation will pay the legal expenses upfront, subject to certain conditions. 2. Broad Form Indemnity Agreement: A broad form agreement provides a more extensive scope of protection by including additional provisions that go beyond the basic agreement. It may offer indemnification for specific categories of claims such as derivative actions, shareholder lawsuits, criminal proceedings, or other claims related to the performance of official duties. This agreement may also include provisions regarding the advancement of expenses, including attorneys' fees, costs, and other related expenses. Keywords: Kentucky Indemnity Agreement, Directors and Officers Indemnification Agreement, corporation, directors, officers, personal liability, legal claims, damages, judgments, fines, settlements, expenses, acts, omissions, duties, financial security, legal protection, indemnification, lawsuits, investigations, administrative proceedings, advancement of expenses, broad form agreement, derivative actions, shareholder lawsuits, criminal proceedings, attorneys' fees, costs.