New York 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 New York Indemnity Agreement is a legally binding contract between a corporation and its directors and/or officers that provides financial protection and support in the event of a lawsuit or legal action against them. This agreement establishes the terms and conditions under which the corporation will indemnify or reimburse the directors and officers for any legal expenses or liabilities incurred while performing their duties on behalf of the corporation. Keywords: New York, Indemnity Agreement, corporation, directors, officers, legal protection, financial support, lawsuit, legal action, indemnify, reimburse, legal expenses, liabilities, duties. Types of New York Indemnity Agreements between corporation and directors and/or officers can include: 1. Standard Indemnification Agreement: This type of agreement outlines the general terms and conditions of indemnification provided by the corporation to its directors and officers. It includes provisions for reimbursement of legal expenses, such as attorney fees, court costs, and settlements or judgments. 2. Advancement of Expenses Agreement: This agreement specifies the corporation's commitment to advance or pay for the legal expenses of its directors and officers in a timely manner, even before any final determination of their eligibility for indemnification has been made. It ensures that individuals are provided with immediate financial support during legal proceedings. 3. Enhanced Indemnification Agreement: This type of agreement goes beyond the standard provisions and offers additional protection or expanded indemnification benefits to directors and officers. It may include broader coverage for certain types of claims or extend indemnification to cover derivative actions or liabilities arising from the performance of specific corporate duties. 4. Indemnification Insurance Agreement: In some cases, a corporation may decide to secure insurance policies to cover potential indemnification obligations towards its directors and officers. This type of agreement outlines the terms of the insurance coverage, including the scope, limitations, and conditions that must be met to qualify for indemnification from the insurance provider. It is important for corporations and individuals to carefully review and negotiate the terms of a New York Indemnity Agreement to ensure comprehensive protection and alignment with their specific legal requirements and risk profiles. Consulting legal professionals experienced in corporate law and indemnification practices in New York is advisable for the creation and validation of these agreements.

A New York Indemnity Agreement is a legally binding contract between a corporation and its directors and/or officers that provides financial protection and support in the event of a lawsuit or legal action against them. This agreement establishes the terms and conditions under which the corporation will indemnify or reimburse the directors and officers for any legal expenses or liabilities incurred while performing their duties on behalf of the corporation. Keywords: New York, Indemnity Agreement, corporation, directors, officers, legal protection, financial support, lawsuit, legal action, indemnify, reimburse, legal expenses, liabilities, duties. Types of New York Indemnity Agreements between corporation and directors and/or officers can include: 1. Standard Indemnification Agreement: This type of agreement outlines the general terms and conditions of indemnification provided by the corporation to its directors and officers. It includes provisions for reimbursement of legal expenses, such as attorney fees, court costs, and settlements or judgments. 2. Advancement of Expenses Agreement: This agreement specifies the corporation's commitment to advance or pay for the legal expenses of its directors and officers in a timely manner, even before any final determination of their eligibility for indemnification has been made. It ensures that individuals are provided with immediate financial support during legal proceedings. 3. Enhanced Indemnification Agreement: This type of agreement goes beyond the standard provisions and offers additional protection or expanded indemnification benefits to directors and officers. It may include broader coverage for certain types of claims or extend indemnification to cover derivative actions or liabilities arising from the performance of specific corporate duties. 4. Indemnification Insurance Agreement: In some cases, a corporation may decide to secure insurance policies to cover potential indemnification obligations towards its directors and officers. This type of agreement outlines the terms of the insurance coverage, including the scope, limitations, and conditions that must be met to qualify for indemnification from the insurance provider. It is important for corporations and individuals to carefully review and negotiate the terms of a New York Indemnity Agreement to ensure comprehensive protection and alignment with their specific legal requirements and risk profiles. Consulting legal professionals experienced in corporate law and indemnification practices in New York is advisable for the creation and validation of these agreements.