Nevada 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 Nevada Indemnification Agreement is a legal contract that specifies the terms and conditions under which a corporation agrees to indemnify, or compensate, its current and future directors for any expenses, damages, or liabilities incurred while carrying out their duties on behalf of the corporation. This agreement is crucial for corporations in order to attract and retain qualified directors while providing them with protection against personal liability. The Nevada Indemnification Agreement typically includes certain key provisions and clauses, which vary depending on the specific type of agreement. Here are the different types of Nevada Indemnification Agreements commonly used between corporations and their current and future directors: 1. Standard Nevada Indemnification Agreement: This agreement outlines the standard terms of indemnification provided by a corporation to its directors, covering expenses, damages, judgments, fines, settlements, and legal fees they may incur while acting on behalf of the company. It provides protection to directors against claims arising from their actions, unless their conduct involved intentional misconduct or gross negligence. 2. Enhanced Nevada Indemnification Agreement: This type of agreement extends the scope of protection provided to directors beyond the standard terms. It may include additional provisions such as advancement of legal expenses, coverage for derivative actions, and broader indemnification rights. 3. Indemnification Agreement with Individual Directors: In certain cases, a corporation may enter into a separate indemnification agreement with individual directors, tailoring the terms to their specific roles and responsibilities within the company. This agreement can address unique circumstances, such as directors serving on multiple boards or directors involved in high-risk activities within the corporation. 4. Indemnification Agreement for Merger or Acquisition: When a corporation undergoes a merger or acquisition, a specific indemnification agreement may be established to protect the current and future directors of both the acquiring and acquired entities. This agreement ensures that directors are safeguarded against any liabilities arising from the transaction. Keywords: Nevada Indemnification Agreement, corporation, current directors, future directors, indemnify, compensation, expenses, damages, liabilities, duties, personal liability, provisions, clauses, standard, enhanced, individual directors, merger, acquisition, protection, legal fees.

A Nevada Indemnification Agreement is a legal contract that specifies the terms and conditions under which a corporation agrees to indemnify, or compensate, its current and future directors for any expenses, damages, or liabilities incurred while carrying out their duties on behalf of the corporation. This agreement is crucial for corporations in order to attract and retain qualified directors while providing them with protection against personal liability. The Nevada Indemnification Agreement typically includes certain key provisions and clauses, which vary depending on the specific type of agreement. Here are the different types of Nevada Indemnification Agreements commonly used between corporations and their current and future directors: 1. Standard Nevada Indemnification Agreement: This agreement outlines the standard terms of indemnification provided by a corporation to its directors, covering expenses, damages, judgments, fines, settlements, and legal fees they may incur while acting on behalf of the company. It provides protection to directors against claims arising from their actions, unless their conduct involved intentional misconduct or gross negligence. 2. Enhanced Nevada Indemnification Agreement: This type of agreement extends the scope of protection provided to directors beyond the standard terms. It may include additional provisions such as advancement of legal expenses, coverage for derivative actions, and broader indemnification rights. 3. Indemnification Agreement with Individual Directors: In certain cases, a corporation may enter into a separate indemnification agreement with individual directors, tailoring the terms to their specific roles and responsibilities within the company. This agreement can address unique circumstances, such as directors serving on multiple boards or directors involved in high-risk activities within the corporation. 4. Indemnification Agreement for Merger or Acquisition: When a corporation undergoes a merger or acquisition, a specific indemnification agreement may be established to protect the current and future directors of both the acquiring and acquired entities. This agreement ensures that directors are safeguarded against any liabilities arising from the transaction. Keywords: Nevada Indemnification Agreement, corporation, current directors, future directors, indemnify, compensation, expenses, damages, liabilities, duties, personal liability, provisions, clauses, standard, enhanced, individual directors, merger, acquisition, protection, legal fees.