Massachusetts 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. Keywords: Massachusetts Indemnity Agreement, corporation, directors, officers, types, detailed description The Massachusetts Indemnity Agreement is a legal document that establishes the parameters and obligations of indemnification between a corporation and its directors and/or officers. It provides financial protection to directors and officers in the event they face legal action related to their corporate responsibilities. One type of Massachusetts Indemnity Agreement is the "Indemnification of Directors" agreement. This agreement ensures that directors are protected from personal liability arising from their actions while acting in their official capacity. It outlines the corporation's obligation to indemnify directors for any expenses, including legal fees, judgments, settlements, and fines incurred in the successful defense or settlement of a claim. Another type is the "Indemnification of Officers" agreement. This agreement extends similar protections to officers of the corporation, ensuring they are not personally liable for legal expenses relating to their corporate duties. It covers a broad range of claims, including those arising from negligence, errors or omissions, breach of duty, or violation of laws. The Massachusetts Indemnity Agreement often includes the following key provisions: 1. Scope of Indemnification: This section outlines the circumstances under which the corporation will provide indemnification, specifying that it covers actions taken in good faith and in the best interest of the corporation. 2. Advancement of Expenses: The agreement may include provisions for the advancement of legal expenses, allowing directors and officers timely access to funds for legal defense. 3. Procedures for Indemnification: It lays out the steps and procedures to be followed by the director or officer seeking indemnification, including notification requirements and the submission of substantiating documentation. 4. Enforcement and Remedies: This section governs the enforcement and remedies available to directors and officers if the corporation fails to provide the agreed-upon indemnification. 5. Severability: The agreement may contain a severability clause, which ensures that if any provision is found invalid or unenforceable, the remaining provisions shall continue to be effective. The Massachusetts Indemnity Agreement is a crucial tool in protecting directors and officers from personal financial liability while carrying out their corporate responsibilities. It provides peace of mind for those serving in leadership positions, ensuring they can fulfill their duties without fear of personal financial ruin.

Keywords: Massachusetts Indemnity Agreement, corporation, directors, officers, types, detailed description The Massachusetts Indemnity Agreement is a legal document that establishes the parameters and obligations of indemnification between a corporation and its directors and/or officers. It provides financial protection to directors and officers in the event they face legal action related to their corporate responsibilities. One type of Massachusetts Indemnity Agreement is the "Indemnification of Directors" agreement. This agreement ensures that directors are protected from personal liability arising from their actions while acting in their official capacity. It outlines the corporation's obligation to indemnify directors for any expenses, including legal fees, judgments, settlements, and fines incurred in the successful defense or settlement of a claim. Another type is the "Indemnification of Officers" agreement. This agreement extends similar protections to officers of the corporation, ensuring they are not personally liable for legal expenses relating to their corporate duties. It covers a broad range of claims, including those arising from negligence, errors or omissions, breach of duty, or violation of laws. The Massachusetts Indemnity Agreement often includes the following key provisions: 1. Scope of Indemnification: This section outlines the circumstances under which the corporation will provide indemnification, specifying that it covers actions taken in good faith and in the best interest of the corporation. 2. Advancement of Expenses: The agreement may include provisions for the advancement of legal expenses, allowing directors and officers timely access to funds for legal defense. 3. Procedures for Indemnification: It lays out the steps and procedures to be followed by the director or officer seeking indemnification, including notification requirements and the submission of substantiating documentation. 4. Enforcement and Remedies: This section governs the enforcement and remedies available to directors and officers if the corporation fails to provide the agreed-upon indemnification. 5. Severability: The agreement may contain a severability clause, which ensures that if any provision is found invalid or unenforceable, the remaining provisions shall continue to be effective. The Massachusetts Indemnity Agreement is a crucial tool in protecting directors and officers from personal financial liability while carrying out their corporate responsibilities. It provides peace of mind for those serving in leadership positions, ensuring they can fulfill their duties without fear of personal financial ruin.