New Hampshire Indemnification Agreement between corporation and its current and future directors

• Category: Corporations - Public - Indemnification
• State: Multi-State
• Control #: US-CC-17-197C
• Format: Word; Rich Text

Description

17-197C 17-197C . . . Indemnification Agreement to be entered into between corporation and its current and future directors and such current and future officers and other agents as directors may designate. The proposal includes description of procedural and substantive matters in Indemnification Agreements that are not addressed, or are addressed in less detail, in California law A New Hampshire Indemnification Agreement between a corporation and its current and future directors is a legally binding document that outlines the terms and conditions under which the corporation agrees to indemnify its directors for any legal costs, liabilities, and damages incurred while fulfilling their corporate duties. Keywords: New Hampshire, indemnification agreement, corporation, directors, legal costs, liabilities, damages, corporate duties. There are two common types of New Hampshire Indemnification Agreements for directors: 1. Standard Indemnification Agreement: This agreement provides basic indemnification protection to the current and future directors of a corporation. It stipulates that the corporation will cover the directors' legal expenses and damages resulting from claims made against them due to actions taken in their official capacity as directors. The agreement typically includes provisions for advancements of legal fees, indemnification for settlements, and indemnity against expenses incurred in successfully defending against claims. 2. Enhanced Indemnification Agreement: As the name suggests, this type of agreement offers more comprehensive indemnification provisions compared to the standard agreement. It might include additional protective measures such as a broader definition of covered actions, expanded coverage for specific types of claims or liabilities, and higher indemnification limits. Enhanced agreements are often adopted by corporations seeking to attract and retain highly qualified directors by providing them with greater peace of mind and financial protection. In both types of New Hampshire Indemnification Agreements, certain common aspects are typically addressed, such as: a. Scope of Coverage: The agreement specifies the situations under which indemnification will be provided. This includes actions taken within the scope of authorized corporate duties, provided the director acted in good faith and in the best interests of the corporation. b. Advancement of Legal Expenses: The agreement outlines the circumstances in which the corporation will reimburse the directors for legal fees incurred during the defense of claims made against them. c. Indemnification for Settlements: It states that the corporation will indemnify directors for any settlements reached with claimants or plaintiffs. d. Indemnity against Expenses: The agreement covers expenses incurred in successfully defending against claims, including attorney fees, court costs, and other related expenses. e. Limitations and Exceptions: The agreement may include limitations on indemnification, such as excluding indemnification for intentional misconduct or gross negligence. It might also state that indemnification is only payable if the director cooperates fully in the defense of any claims. f. Procedure for Indemnification: The process and requirements for directors to request indemnification are outlined in the agreement, such as providing prompt notice to the corporation and supplying all necessary documentation. It's important for both the corporation and directors to understand and agree upon the terms of the New Hampshire Indemnification Agreement before entering into it. Seeking legal advice is highly recommended ensuring compliance with relevant state laws and tailor the agreement to meet the specific needs and circumstances of the corporation and its directors.

A New Hampshire Indemnification Agreement between a corporation and its current and future directors is a legally binding document that outlines the terms and conditions under which the corporation agrees to indemnify its directors for any legal costs, liabilities, and damages incurred while fulfilling their corporate duties. Keywords: New Hampshire, indemnification agreement, corporation, directors, legal costs, liabilities, damages, corporate duties. There are two common types of New Hampshire Indemnification Agreements for directors: 1. Standard Indemnification Agreement: This agreement provides basic indemnification protection to the current and future directors of a corporation. It stipulates that the corporation will cover the directors' legal expenses and damages resulting from claims made against them due to actions taken in their official capacity as directors. The agreement typically includes provisions for advancements of legal fees, indemnification for settlements, and indemnity against expenses incurred in successfully defending against claims. 2. Enhanced Indemnification Agreement: As the name suggests, this type of agreement offers more comprehensive indemnification provisions compared to the standard agreement. It might include additional protective measures such as a broader definition of covered actions, expanded coverage for specific types of claims or liabilities, and higher indemnification limits. Enhanced agreements are often adopted by corporations seeking to attract and retain highly qualified directors by providing them with greater peace of mind and financial protection. In both types of New Hampshire Indemnification Agreements, certain common aspects are typically addressed, such as: a. Scope of Coverage: The agreement specifies the situations under which indemnification will be provided. This includes actions taken within the scope of authorized corporate duties, provided the director acted in good faith and in the best interests of the corporation. b. Advancement of Legal Expenses: The agreement outlines the circumstances in which the corporation will reimburse the directors for legal fees incurred during the defense of claims made against them. c. Indemnification for Settlements: It states that the corporation will indemnify directors for any settlements reached with claimants or plaintiffs. d. Indemnity against Expenses: The agreement covers expenses incurred in successfully defending against claims, including attorney fees, court costs, and other related expenses. e. Limitations and Exceptions: The agreement may include limitations on indemnification, such as excluding indemnification for intentional misconduct or gross negligence. It might also state that indemnification is only payable if the director cooperates fully in the defense of any claims. f. Procedure for Indemnification: The process and requirements for directors to request indemnification are outlined in the agreement, such as providing prompt notice to the corporation and supplying all necessary documentation. It's important for both the corporation and directors to understand and agree upon the terms of the New Hampshire Indemnification Agreement before entering into it. Seeking legal advice is highly recommended ensuring compliance with relevant state laws and tailor the agreement to meet the specific needs and circumstances of the corporation and its directors.