What is the purpose of an indemnification agreement?

In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

Can a director indemnify a company?

A director's indemnity involves a company undertaking to protect its directors against liabilities that they may incur in the course of performing their company's duties. A director's indemnity may be required (as in some instances by ASIC) or a company can choose to indemnify its directors.

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Indemnification Agreement between Corporation and Its Directors and...

Alameda California Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above

Name: Alameda California Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above
Brand: US Legal Forms
Rating: 4.79 (235 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Alameda

Control #:

US-CC-17-102E

Format:

Instant download

Description

17-102E 17-102E . . . Indemnification Agreements between corporation and its directors and non-director officers at level of Vice President and above. The proposal states that Board anticipates that, if these Indemnification Agreements are ratified and approved, corporation may enter into similar Indemnification Agreements with new directors and non-director officers at same levels without seeking stockholder approval or ratification and that stockholder who votes in favor of ratification and approval sought herein may be estopped from making a claim that such future agreements are invalid

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An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c

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).

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.

Subject to the exceptions mentioned below, the Companies Law prohibits a company and its subsidiaries from exempting any director from, or indemnifying any director against, any liability incurred by the director as a result of the director acting as a director of the company.

In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

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.

A director's indemnity involves a company undertaking to protect its directors against liabilities that they may incur in the course of performing their company's duties. A director's indemnity may be required (as in some instances by ASIC) or a company can choose to indemnify its directors.

Indemnification. Indemnification is an undertaking by the company to defend the director and officer against the cost of certain claims, including legal fees, litigation awards and settlement costs.

Under Section 145(c) of the Delaware General Corporation Law (DGCL), Delaware corporations are required, in certain circumstances, to indemnify directors and officers of the corporation for costs incurred in connection with litigation and other proceedings arising from the official's corporate role, including attorneys

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.

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Board of Directors Meetings Regular meetings are held the second and fourth Wednesday of the month at pm. All executive officers and directors of the Company as a group.Outlined in the RFP. Even if the above requirement is not specifically met in the articles or bylaws. Board of Directors' Meeting. Thanked Vice President Berrick for his donation. Alameda County Community Food Bank strives to end hunger in the Bay Area. Meet our dedicated leadership team and board of directors. First — That the name of this corporation shall be California Teachers Association. Ms. Redstone will serve as non-executive vice chair of the board of directors of both New Viacom and CBS Corp.

Alameda California Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above

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What is indemnification agreement?

What is a corporate indemnification agreement?

What is a director indemnification agreement?

Can a director indemnify another director?

What is the purpose of an indemnification agreement?

Are directors indemnified?

Can a director indemnify a company?

What is indemnification agreement for directors and officers?

Does Dgcl require indemnification?

Do directors have the right to indemnification?

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What is Alameda Indemnification Agreement?

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