Ohio Indemnification Agreement between corporation and its directors regarding method for determining whether standards for indemnification have been met

• Category: Corporations - Public - Indemnification
• State: Multi-State
• Control #: US-CC-17-158
• Format: Word; Rich Text

Description

17-158 17-158 . . . Indemnification Agreement between corporation and its directors and/or officers including future directors and officers containing detailed provisions relating to method for determining whether standards for indemnification or reimbursement have been met and making corporation responsible for all costs of determining whether a person is entitled to indemnification or reimbursement regardless of whether person is ultimately found to be entitled to indemnification An Ohio Indemnification Agreement is a legally binding contract between a corporation and its directors that outlines the method for determining whether the standards for indemnification have been met. This agreement provides protection to directors in the event of any legal actions or claims made against them while acting in their capacity as a board member. It is important for corporations to have these agreements in place to attract qualified individuals to serve on their board and to ensure the smooth functioning of the organization. Keywords: Ohio Indemnification Agreement, corporation, directors, indemnification, method, standards, legal actions, claims, board member, organization. There are two common types of Ohio Indemnification Agreements that corporations can consider: 1. Indemnification Agreement with Advancement Provision: This type of agreement specifies that the corporation will provide the director with immediate advancement of expenses, such as legal fees, subject to certain restrictions. These expenses may arise due to legal proceedings where the director is named as a defendant or party, based on their actions taken on behalf of the corporation. This agreement ensures that directors have timely access to funds to cover their defense costs. 2. Indemnification Agreement with Standard Determination Process: This type of agreement sets forth a clear and fair standard for determining whether a director qualifies for indemnification. It typically details the conditions that must be met for the director to be entitled to indemnification, such as acting in good faith, in the best interests of the corporation, and with reasonable belief that their actions were lawful. This agreement ensures that directors are indemnified only when they meet the specified standards. It is important for corporations to carefully consider the terms and conditions of their Ohio Indemnification Agreements to protect both the interests of the corporation and the directors. These agreements should be drafted with the help of legal professionals to ensure they comply with Ohio state laws and address the specific needs and requirements of the corporation. Keywords: Indemnification Agreement with Advancement Provision, Indemnification Agreement with Standard Determination Process, legal proceedings, advancement of expenses, defense costs, good faith, best interests, lawful, compliance with Ohio laws.

An Ohio Indemnification Agreement is a legally binding contract between a corporation and its directors that outlines the method for determining whether the standards for indemnification have been met. This agreement provides protection to directors in the event of any legal actions or claims made against them while acting in their capacity as a board member. It is important for corporations to have these agreements in place to attract qualified individuals to serve on their board and to ensure the smooth functioning of the organization. Keywords: Ohio Indemnification Agreement, corporation, directors, indemnification, method, standards, legal actions, claims, board member, organization. There are two common types of Ohio Indemnification Agreements that corporations can consider: 1. Indemnification Agreement with Advancement Provision: This type of agreement specifies that the corporation will provide the director with immediate advancement of expenses, such as legal fees, subject to certain restrictions. These expenses may arise due to legal proceedings where the director is named as a defendant or party, based on their actions taken on behalf of the corporation. This agreement ensures that directors have timely access to funds to cover their defense costs. 2. Indemnification Agreement with Standard Determination Process: This type of agreement sets forth a clear and fair standard for determining whether a director qualifies for indemnification. It typically details the conditions that must be met for the director to be entitled to indemnification, such as acting in good faith, in the best interests of the corporation, and with reasonable belief that their actions were lawful. This agreement ensures that directors are indemnified only when they meet the specified standards. It is important for corporations to carefully consider the terms and conditions of their Ohio Indemnification Agreements to protect both the interests of the corporation and the directors. These agreements should be drafted with the help of legal professionals to ensure they comply with Ohio state laws and address the specific needs and requirements of the corporation. Keywords: Indemnification Agreement with Advancement Provision, Indemnification Agreement with Standard Determination Process, legal proceedings, advancement of expenses, defense costs, good faith, best interests, lawful, compliance with Ohio laws.