Bexar Texas Indemnification of Corporate Director

Name: Bexar Texas Indemnification of Corporate Director
Brand: US Legal Forms
Rating: 4.7 (202 reviews)

Category:

Corporations - Officers and Employees

State:

Multi-State

County:

Bexar

Control #:

US-13374BG

Format:

Instant download

Description

Indemnification is where the company reimburses a director or officer for the attorneys' fees and costs, and potentially judgments, incurred in connection with claims arising out of the director's or officer's service to the company.

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FAQ

Indemnification is where the company reimburses the director or officer for the attorneys' fees and costs, and potentially judgments, incurred in connection with claims arising out of the director's or officer's service to the company.

Companies may not provide indemnities to directors of UK-incorporated associated companies where it would be unlawful for that indemnity to be provided by the associated company. Companies may indemnify officers other than directors.

Modification: As opposed to indemnification and advancement rights created by the company's organizational documents, which may be amended by the board or shareholders, indemnification agreements allow the director or officer to prevent the company from unilaterally terminating or reducing the indemnitee's rights.

Companies may indemnify directors against the legal and financial costs of proceedings brought by third parties. This does not extend to the legal costs of unsuccessful defence of criminal proceedings, fines imposed by criminal proceedings and fines imposed by regulatory bodies.

What does "Corporate Indemnification" mean? Generally, indemnification refers to a situation in which one party (the indemnifying party) agrees or is required to cover the costs, losses and/or expenses experienced by another party (the indemnified party).

Maric Law Office A company can usually indemnify a director for his/her defense costs and/or damages, judgments and settlements if he/she was the only one responsible for the procedure and was found guilty. In such case the usual conditions would apply as to proof of the amount of damage, defense costs etc.

A director's or officer's right to indemnification and advancement of expenses is subject to the company's ability to pay, and several legal limitations. Bankruptcy Law Limits. Claims against directors and officers more frequently occur when the company is under financial distress that leads to bankruptcy.

The rule of indemnity, or the indemnity principle, says that an insurance policy should not confer a benefit that is greater in value than the loss suffered by the insured. Indemnities and insurance both guard against financial losses and aim to restore a party to the financial status held before an event occurred.

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Edgewood ISD-Bexar County. 015905.

Bexar Texas Indemnification of Corporate Director

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Are directors indemnified?

Can a company indemnify a director UK?

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Can a company indemnify a director?

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Do directors have the right to indemnification?

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What is Bexar Indemnification of Corporate Director?

Why is Bexar Indemnification important for corporate directors?

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Are all corporate directors eligible for Bexar Indemnification?

Can Bexar Indemnification protect corporate directors from intentional wrongdoing?

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