Tarrant Texas Indemnification of Corporate Director

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

Category:

Corporations - Officers and Employees

State:

Multi-State

County:

Tarrant

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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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.

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.

A deed of indemnity is a contractual agreement between a company and a company director. A deed of indemnity can help to indemnify a director against liabilities or legal costs incurred in his or her professional capacity as a director of 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.

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.

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.

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The Company has to indemnify any of its directors or members for any costs or losses which they may incur related to legal claims related to activities which are related to the management, supervision, or control of the business. We have not, and do not intend to, indemnify members or other officers who are or became employed by the Company as a result of such employment. Item 6. Selected Financial Data. The following tables set forth selected information regarding the Company's consolidated financial statements as of and for the years ended December 31, 2010, and 2009. Year Ended December 31, 2 (Unaudited) (In millions)(1) Assets as of December 31: Cash and cash equivalents, beginning of year 2.8 4.8 Short-term investments 11.8 8.2 Accounts (including accrued interest, fees and other assets) 38.8 34.1 Receivables, net 16.8 33.3 Inventories, net 2.4 9.2 Prepaid expenses and other current assets 3.0 1.2 Deferred income taxes, net 5.8 3.

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Tarrant Texas Indemnification of Corporate Director

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