Dallas Texas Indemnification of Corporate Director

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

Category:

Corporations - Officers and Employees

State:

Multi-State

County:

Dallas

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.

How to fill out Dallas Texas Indemnification Of Corporate Director?

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FAQ

An Alberta corporation is not permitted to indemnify its directors for their actions if they have not acted honestly and in good faith with a view to the best interests of the corporation that is, if they have breached their fiduciary duty to the corporation.

Indemnification under Companies Act, 2013: While Section 201 of the erstwhile Companies Act, 1956 had restricted a company from indemnifying the directors of the company, the Companies Act, 2013 does not have any such restriction and therefore, directors can now be indemnified by companies against liabilities.

There are two possible options: 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.

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).

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.

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.

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.

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.

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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The director and officer indemnification agreement provides additional protection from the directors and officers of a Delaware corporation. You're In Good Hands With Allstate.450.1564a Indemnification under MCL 450. Learn more about MetLife employee benefits and financial solutions. Offering Business and Personal Insurance coverage options for your home, office, autos and life. Let us protect the dreams you've worked so hard to achieve. Cigna, a global health service company, offers health, pharmacy, dental, supplemental insurance and Medicare plans to individuals, families, and businesses. Find the health insurance plan to fit your needs from Humana.

Dallas Texas Indemnification of Corporate Director

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Should a company indemnify its directors?

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