Harris Texas Proposed amendment to Bylaws regarding director and officer indemnification with copy of amendment

• Category: Corporations - Public - Indemnification
• State: Multi-State
• County: Harris
• Control #: US-CC-17-113A
• Format: Word; Rich Text

Description

This sample form, a detailed Proposed Amendment to Bylaws Re: Director and Officer Indemnifiation w/Copy of Amendment, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats. Title: Harris Texas Proposed Amendment to Bylaws Regarding Director and Officer Indemnification — Detailed Description and Copy of Amendment Introduction: The Harris Texas Proposed Amendment to Bylaws regarding director and officer indemnification aims to establish comprehensive guidelines for the protection and indemnification of directors and officers within the organization. This detailed description offers insights into the nature and purpose of this amendment, along with a copy of the proposed changes. Key Components of the Amendment: 1. Enhancement of Director and Officer Protection: The amendment seeks to strengthen the existing provisions of director and officer indemnification, providing essential safeguards against legal liabilities they may face while acting in their official capacities. This includes protection against expenses, judgements, fines, settlements, and legal fees incurred during the course of their duties. 2. Scope of Indemnification: The proposed amendment expands the scope of indemnification to include not only actions taken within the organization's premises but also those taken outside as long as they align with the best interests of the organization. This broader scope ensures that directors and officers are adequately protected regardless of the location of their actions or decisions. 3. Mandatory Indemnification for Successful Defense: Under the proposed amendment, the organization is required to indemnify directors and officers for any successful defense against claims brought against them. This ensures that those who have successfully defended themselves against allegations are not burdened with costs incurred during the legal process. 4. Advancement of Expenses: The amendment specifies that directors and officers have the right to receive advances for any reasonable expenses they may incur during legal proceedings. This provision allows directors and officers to effectively defend themselves without personal financial strain. 5. Indemnification Insurance: The amendment recognizes the importance of indemnification insurance. It mandates the organization to acquire and maintain appropriate insurance to protect its directors and officers. This safeguard provides an additional layer of financial security for directors and officers facing legal challenges. Different Types of Proposed Amendments: While the specific types of amendments may differ based on the organization, some common variations related to director and officer indemnification amendments can be: 1. Standard Indemnification Amendment: This type of amendment seeks to provide a basic framework for indemnification, establishing protection against legal liabilities for directors and officers within the organization. 2. Comprehensive Indemnification Amendment: This type of amendment aims to enhance the existing provisions by expanding the scope, streamlining the indemnification process, and ensuring adequate protection for all directors and officers. Conclusion: The Harris Texas Proposed Amendment to Bylaws regarding director and officer indemnification represents a significant step towards safeguarding directors and officers from legal liabilities incurred during their service. By providing comprehensive protection, advancements of expenses, and mandatory indemnification for successful defense, this amendment creates a more secure environment for those entrusted with managing the organization.

Title: Harris Texas Proposed Amendment to Bylaws Regarding Director and Officer Indemnification — Detailed Description and Copy of Amendment Introduction: The Harris Texas Proposed Amendment to Bylaws regarding director and officer indemnification aims to establish comprehensive guidelines for the protection and indemnification of directors and officers within the organization. This detailed description offers insights into the nature and purpose of this amendment, along with a copy of the proposed changes. Key Components of the Amendment: 1. Enhancement of Director and Officer Protection: The amendment seeks to strengthen the existing provisions of director and officer indemnification, providing essential safeguards against legal liabilities they may face while acting in their official capacities. This includes protection against expenses, judgements, fines, settlements, and legal fees incurred during the course of their duties. 2. Scope of Indemnification: The proposed amendment expands the scope of indemnification to include not only actions taken within the organization's premises but also those taken outside as long as they align with the best interests of the organization. This broader scope ensures that directors and officers are adequately protected regardless of the location of their actions or decisions. 3. Mandatory Indemnification for Successful Defense: Under the proposed amendment, the organization is required to indemnify directors and officers for any successful defense against claims brought against them. This ensures that those who have successfully defended themselves against allegations are not burdened with costs incurred during the legal process. 4. Advancement of Expenses: The amendment specifies that directors and officers have the right to receive advances for any reasonable expenses they may incur during legal proceedings. This provision allows directors and officers to effectively defend themselves without personal financial strain. 5. Indemnification Insurance: The amendment recognizes the importance of indemnification insurance. It mandates the organization to acquire and maintain appropriate insurance to protect its directors and officers. This safeguard provides an additional layer of financial security for directors and officers facing legal challenges. Different Types of Proposed Amendments: While the specific types of amendments may differ based on the organization, some common variations related to director and officer indemnification amendments can be: 1. Standard Indemnification Amendment: This type of amendment seeks to provide a basic framework for indemnification, establishing protection against legal liabilities for directors and officers within the organization. 2. Comprehensive Indemnification Amendment: This type of amendment aims to enhance the existing provisions by expanding the scope, streamlining the indemnification process, and ensuring adequate protection for all directors and officers. Conclusion: The Harris Texas Proposed Amendment to Bylaws regarding director and officer indemnification represents a significant step towards safeguarding directors and officers from legal liabilities incurred during their service. By providing comprehensive protection, advancements of expenses, and mandatory indemnification for successful defense, this amendment creates a more secure environment for those entrusted with managing the organization.