South Dakota 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 South Dakota Indemnification Agreement, also known as the South Dakota Directors Indemnification Agreement, is a legal contract entered into between a corporation and its current and future directors. This agreement serves to protect directors from legal liabilities arising out of their corporate duties and provides financial security to attract and retain qualified directors. Key terms and provisions covered in this agreement include indemnification clauses, scope of coverage, and the circumstances under which indemnification applies. Under South Dakota law, corporations have the power to indemnify their directors, officers, employees, and agents for expenses, judgments, settlements, and other costs incurred in legal proceedings related to their corporate service. The South Dakota Indemnification Agreement offers a comprehensive framework for corporations to fulfill this duty of indemnification. By specifying the terms, conditions, and limitations, it ensures clarity and consistency in providing necessary protection to directors. The specific types of South Dakota Indemnification Agreements between corporations and their directors may include: 1. Standard South Dakota Indemnification Agreement: This agreement sets out the general terms and conditions of indemnification, outlining the corporation's obligation to indemnify its directors for liabilities arising from actions taken in their official capacities. 2. Expanded South Dakota Indemnification Agreement: This agreement goes beyond the standard provisions and provides additional protections to directors. It may cover indemnification for expenses related to investigations, regulatory proceedings, or derivative suits brought against the director. 3. Advancement of Expenses Agreement: This agreement allows directors to receive immediate reimbursement for legal expenses incurred while defending against legal claims or proceedings arising from their corporate duties. The agreement specifies the process for requesting and receiving advanced payments. 4. Indemnification for Good Faith Act Agreement: This agreement limits indemnification to directors who have acted in good faith, with a reasonable belief that their actions were in the best interest of the corporation. It protects directors from liabilities resulting from unintentional errors or omissions. 5. Indemnification in Mergers and Acquisitions Agreement: This agreement is specific to directors involved in merger and acquisition transactions. It outlines indemnification terms, such as coverage during negotiations, post-merger liabilities, and protection from third-party claims. Keywords: South Dakota, Indemnification Agreement, directors, corporation, legal liabilities, current directors, future directors, indemnification clauses, scope of coverage, terms and conditions, limitations, additional protections, expenses agreement, advancement of expenses, good faith act, mergers and acquisitions, legal proceedings.

South Dakota Indemnification Agreement, also known as the South Dakota Directors Indemnification Agreement, is a legal contract entered into between a corporation and its current and future directors. This agreement serves to protect directors from legal liabilities arising out of their corporate duties and provides financial security to attract and retain qualified directors. Key terms and provisions covered in this agreement include indemnification clauses, scope of coverage, and the circumstances under which indemnification applies. Under South Dakota law, corporations have the power to indemnify their directors, officers, employees, and agents for expenses, judgments, settlements, and other costs incurred in legal proceedings related to their corporate service. The South Dakota Indemnification Agreement offers a comprehensive framework for corporations to fulfill this duty of indemnification. By specifying the terms, conditions, and limitations, it ensures clarity and consistency in providing necessary protection to directors. The specific types of South Dakota Indemnification Agreements between corporations and their directors may include: 1. Standard South Dakota Indemnification Agreement: This agreement sets out the general terms and conditions of indemnification, outlining the corporation's obligation to indemnify its directors for liabilities arising from actions taken in their official capacities. 2. Expanded South Dakota Indemnification Agreement: This agreement goes beyond the standard provisions and provides additional protections to directors. It may cover indemnification for expenses related to investigations, regulatory proceedings, or derivative suits brought against the director. 3. Advancement of Expenses Agreement: This agreement allows directors to receive immediate reimbursement for legal expenses incurred while defending against legal claims or proceedings arising from their corporate duties. The agreement specifies the process for requesting and receiving advanced payments. 4. Indemnification for Good Faith Act Agreement: This agreement limits indemnification to directors who have acted in good faith, with a reasonable belief that their actions were in the best interest of the corporation. It protects directors from liabilities resulting from unintentional errors or omissions. 5. Indemnification in Mergers and Acquisitions Agreement: This agreement is specific to directors involved in merger and acquisition transactions. It outlines indemnification terms, such as coverage during negotiations, post-merger liabilities, and protection from third-party claims. Keywords: South Dakota, Indemnification Agreement, directors, corporation, legal liabilities, current directors, future directors, indemnification clauses, scope of coverage, terms and conditions, limitations, additional protections, expenses agreement, advancement of expenses, good faith act, mergers and acquisitions, legal proceedings.