Wisconsin 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 The Wisconsin Indemnification Agreement is a legal document that outlines the provisions for indemnifying directors of a corporation in the state of Wisconsin. This agreement is designed to protect directors from personal liability for acts or omissions while fulfilling their duties to the corporation. The agreement sets forth a specific method for determining whether the standards for indemnification have been met. It contains relevant keywords such as "indemnification," "directors," "corporation," and "standards." The purpose of this agreement is to ensure that directors are indemnified only when they meet certain criteria, thus safeguarding the corporation's interests. There are different types of Wisconsin Indemnification Agreements based on the level of protection and criteria set forth. Some common types include: 1. Standard Indemnification Agreement: This type outlines the general terms and conditions for indemnifying directors. It may specify that directors will be indemnified for any actions taken in good faith and in the best interest of the corporation. 2. Enhanced Indemnification Agreement: This agreement may offer broader protection to directors, allowing indemnification even if they acted in their own self-interest, as long as their actions were not in violation of the law or constituted willful misconduct. 3. Indemnification Agreement with Financial Limits: This type of agreement may set limits on the financial indemnification directors can receive. It ensures that the corporation is not burdened excessively, especially in cases where directors' actions resulted in substantial losses. 4. Indemnification Agreement with Mandatory Corporate Insurance: This agreement requires the corporation to maintain directors and officers (D&O) liability insurance to cover potential indemnification obligations. It ensures that directors have an additional layer of protection. Regardless of the specific type, all Wisconsin Indemnification Agreements involve a detailed process for determining whether directors meet the established standards for indemnification. The criteria may include factors such as good faith, acting in the best interest of the corporation, absence of willful misconduct or violations of the law, and adherence to corporate policies and procedures. It is important for both corporations and directors to carefully review and understand the terms outlined in the Wisconsin Indemnification Agreement. Seeking legal counsel is highly recommended ensuring compliance with state laws and to protect the interests of all parties involved.

The Wisconsin Indemnification Agreement is a legal document that outlines the provisions for indemnifying directors of a corporation in the state of Wisconsin. This agreement is designed to protect directors from personal liability for acts or omissions while fulfilling their duties to the corporation. The agreement sets forth a specific method for determining whether the standards for indemnification have been met. It contains relevant keywords such as "indemnification," "directors," "corporation," and "standards." The purpose of this agreement is to ensure that directors are indemnified only when they meet certain criteria, thus safeguarding the corporation's interests. There are different types of Wisconsin Indemnification Agreements based on the level of protection and criteria set forth. Some common types include: 1. Standard Indemnification Agreement: This type outlines the general terms and conditions for indemnifying directors. It may specify that directors will be indemnified for any actions taken in good faith and in the best interest of the corporation. 2. Enhanced Indemnification Agreement: This agreement may offer broader protection to directors, allowing indemnification even if they acted in their own self-interest, as long as their actions were not in violation of the law or constituted willful misconduct. 3. Indemnification Agreement with Financial Limits: This type of agreement may set limits on the financial indemnification directors can receive. It ensures that the corporation is not burdened excessively, especially in cases where directors' actions resulted in substantial losses. 4. Indemnification Agreement with Mandatory Corporate Insurance: This agreement requires the corporation to maintain directors and officers (D&O) liability insurance to cover potential indemnification obligations. It ensures that directors have an additional layer of protection. Regardless of the specific type, all Wisconsin Indemnification Agreements involve a detailed process for determining whether directors meet the established standards for indemnification. The criteria may include factors such as good faith, acting in the best interest of the corporation, absence of willful misconduct or violations of the law, and adherence to corporate policies and procedures. It is important for both corporations and directors to carefully review and understand the terms outlined in the Wisconsin Indemnification Agreement. Seeking legal counsel is highly recommended ensuring compliance with state laws and to protect the interests of all parties involved.