Texas Indemnification Agreement between corporation and its current and future directors

State:
Multi-State
Control #:
US-CC-17-197C
Format:
Word; 
Rich Text
Instant download

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
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  • Preview Indemnification Agreement between corporation and its current and future directors
  • Preview Indemnification Agreement between corporation and its current and future directors
  • Preview Indemnification Agreement between corporation and its current and future directors
  • Preview Indemnification Agreement between corporation and its current and future directors
  • Preview Indemnification Agreement between corporation and its current and future directors
  • Preview Indemnification Agreement between corporation and its current and future directors
  • Preview Indemnification Agreement between corporation and its current and future directors
  • Preview Indemnification Agreement between corporation and its current and future directors
  • Preview Indemnification Agreement between corporation and its current and future directors
  • Preview Indemnification Agreement between corporation and its current and future directors

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FAQ

Now, in Texas, a party can, by contract, provide for indemnity for one's sole negligence, concurrent negligence or comparative negligence so long as that intent is properly set forth within the agreement.

Texas Insurance Code § 151.102 and Indemnity in Texas Indemnity clauses are contractual provisions that commit one party to compensate the other for losses arising out of a commercial contract.

A director and officer indemnification agreement is a contract that allows executives to protect themselves from claims made against them while performing job. Indemnification means that in the event a lawsuit is filed against a company, the indemnified party is "held harmless" from claims.

Indemnification clauses are exceedingly common in many contracts, but what you should pay close attention to is the scope of your indemnification agreement. Generally, you should only agree to pay for losses arising from your own actions and not the other party's actions.

A company may, however, lend money to a director to fund the director's defence costs. Frequently, an indemnity will include a provision under which the company agrees to lend the director the amounts necessary to fund the director's defence costs.

Section 145(b) empowers a corporation to indemnify its directors against expenses incurred in connection with the defense or settlement of an action brought by or in the right of the corporation, subject to the standard of conduct determination, and except that no indemnification may be made as to any claim to which ...

In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

What Is an Indemnification Clause? An indemnification clause is a legally binding agreement between two parties specifying that one party (the indemnifying party) will compensate the other party (the indemnified party) for any losses or damages that may arise from a particular event or circumstance.

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Texas Indemnification Agreement between corporation and its current and future directors