Ohio Director's Indemnification Agreement

• Category: Corporations - Officers and Directors
• State: Multi-State
• Control #: US-0855BG
• Format: Word; Rich Text

Description

Director's Indemnification Agreement Under many statues, a corporation may, but is not required, to indemnify a director, officer, employee, or agent in certain third-party proceedings if the person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interest of the corporation, and in criminal cases if he or she had no reasonable cause to believe that his or her conduct was unlawful. The great majority of indemnification statutes require the indemnification of these persons if they are successful in their defense in specified proceedings, the differences among the various jurisdictions being in the degree and type of successful outcome that merits payment of litigation expenses. Many indemnification statutes authorize corporations to buy insurance for these persons against any liability asserted against them and incurred by then in their respective capacities, whether or not the corporation would have the power to indemnify them against such liability under the statute.