Rhode Island Directors and Officers Indemnity Trust
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These provisions generally require the portfolio company to expressly acknowledge that the director has rights of indemnification, advancement, and insurance from the sponsor; to agree that it is the indemnitor of first resort and that it is obligated to advance all expenses and indemnify for all judgments, penalties, ...
Section 234 allows a company to provide an indemnity to a director against liability for negligence, default, breach of duty and breach of trust incurred to third parties (i.e. not the company or an associated company). Directors' and Officers' Liability Insurance - Everyman Legal everymanadvisory.co.uk ? uploads ? 2016/11 everymanadvisory.co.uk ? uploads ? 2016/11
Insurance ? The indemnification agreement typically will require that the company provide D&O liability insurance that protects the indemnitee to the same extent as the most favorably insured of the company's and its affiliates' current directors and officers. Indemnity and Insurance: How Directors and Officers Can Enhance ... cooley.com ? news ? insight ? 2022-08-15-i... cooley.com ? news ? insight ? 2022-08-15-i...
The indemnity may cover liability incurred by the director to any person other than the company or an associated company. This may include both legal costs and the financial costs of an adverse judgement.
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).