Virgin Islands Proposed amendment to Bylaws regarding director and officer indemnification with copy of amendment
Description
How to fill out Proposed Amendment To Bylaws Regarding Director And Officer Indemnification With Copy Of Amendment?
If you wish to full, down load, or print authorized file themes, use US Legal Forms, the largest assortment of authorized kinds, which can be found on-line. Take advantage of the site`s basic and practical search to find the documents you require. A variety of themes for business and individual purposes are sorted by classes and claims, or keywords. Use US Legal Forms to find the Virgin Islands Proposed amendment to Bylaws regarding director and officer indemnification with copy of amendment in a couple of clicks.
If you are already a US Legal Forms client, log in to the account and then click the Download button to get the Virgin Islands Proposed amendment to Bylaws regarding director and officer indemnification with copy of amendment. Also you can gain access to kinds you earlier saved from the My Forms tab of your account.
Should you use US Legal Forms initially, follow the instructions listed below:
- Step 1. Be sure you have selected the shape for your appropriate area/nation.
- Step 2. Use the Review method to examine the form`s content. Do not overlook to read the description.
- Step 3. If you are not satisfied using the type, take advantage of the Research area at the top of the display to find other variations of your authorized type template.
- Step 4. Once you have located the shape you require, go through the Purchase now button. Opt for the pricing program you favor and include your accreditations to sign up for an account.
- Step 5. Approach the transaction. You should use your bank card or PayPal account to complete the transaction.
- Step 6. Find the formatting of your authorized type and down load it on the system.
- Step 7. Complete, edit and print or sign the Virgin Islands Proposed amendment to Bylaws regarding director and officer indemnification with copy of amendment.
Each authorized file template you get is the one you have permanently. You possess acces to every type you saved in your acccount. Click the My Forms section and pick a type to print or down load yet again.
Be competitive and down load, and print the Virgin Islands Proposed amendment to Bylaws regarding director and officer indemnification with copy of amendment with US Legal Forms. There are thousands of specialist and state-certain kinds you may use to your business or individual demands.
Form popularity
FAQ
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.
An indemnification provision allocates the risk and expense in the event of a breach, default, or misconduct by one of the parties.
Giving directors an exemption from any liability to the company and an indemnity against liability to third parties; taking out and paying for insurance against any liability incurred by the directors.
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).
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.
Indemnification is often very broad, often extending ?to the maximum extent permitted by law?, whereas D&O insurance polices contain numerous exclusions and conditions. In addition, D&O insurance must be renewed each year, with possible changes in terms and conditions.
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 145(c)(1) provides that to the extent a director has been successful on the merits or otherwise in defense of any action, suit, or proceeding referenced in Section 145(a) or Section 145(b), the director shall be indemnified against expenses actually and reasonably incurred by the director in connection ...