Broward Florida Indemnification Agreement between corporation and its directors regarding method for determining whether standards for indemnification have been met

• Category: Corporations - Public - Indemnification
• State: Multi-State
• County: Broward
• Control #: US-CC-17-158
• Format: Word; Rich Text

Description

17-158 17-158 . . . Indemnification Agreement between corporation and its directors and/or officers including future directors and officers containing detailed provisions relating to method for determining whether standards for indemnification or reimbursement have been met and making corporation responsible for all costs of determining whether a person is entitled to indemnification or reimbursement regardless of whether person is ultimately found to be entitled to indemnification A Broward Florida Indemnification Agreement is a legally binding document that outlines the terms and conditions under which a corporation agrees to indemnify its directors. This agreement serves as a means to protect directors from personal liability for actions taken in their official capacity. One key aspect of this agreement is the method for determining whether the standards for indemnification have been met. This typically involves a thorough evaluation of the director's conduct and adherence to their fiduciary duties. The agreement may specify certain criteria or benchmarks that need to be satisfied before indemnification can be granted. The Broward Florida Indemnification Agreement may include various types or provisions to address the different scenarios that could warrant indemnification. Some possible types include: 1. Standard Indemnification Clause: This type of clause provides general indemnification to directors for actions taken in good faith and in the best interest of the corporation. It may cover legal expenses, settlements, and judgments incurred as a result of lawsuits or claims. 2. Advancement of Expenses: This provision allows the corporation to provide advances to directors for legal fees and other expenses related to a covered claim. It ensures that directors have access to necessary funds during legal proceedings. 3. Indemnification for Successful Defense: This type of provision extends indemnification to directors who successfully defend against claims brought against them. It ensures that directors are not burdened with the financial costs of defending themselves in court, even if the claims are ultimately dismissed. 4. Limited Indemnification: In certain situations, the agreement may specify that indemnification is only available up to a certain limit. This limit could be determined by factors such as the director's level of responsibility, the type of claim, or the financial capacity of the corporation. 5. Indemnification for Specific Actions: This provision may outline specific actions or roles for which directors are eligible for indemnification. For example, it could cover actions related to mergers and acquisitions, compliance with regulatory requirements, or strategic decision-making. Ultimately, the Broward Florida Indemnification Agreement is designed to provide assurance and protection to the corporation's directors. By establishing a clear method for determining when indemnification is appropriate and specifying different types of indemnification, this agreement helps to mitigate the risks associated with directorship and promotes a favorable environment for corporate governance.

A Broward Florida Indemnification Agreement is a legally binding document that outlines the terms and conditions under which a corporation agrees to indemnify its directors. This agreement serves as a means to protect directors from personal liability for actions taken in their official capacity. One key aspect of this agreement is the method for determining whether the standards for indemnification have been met. This typically involves a thorough evaluation of the director's conduct and adherence to their fiduciary duties. The agreement may specify certain criteria or benchmarks that need to be satisfied before indemnification can be granted. The Broward Florida Indemnification Agreement may include various types or provisions to address the different scenarios that could warrant indemnification. Some possible types include: 1. Standard Indemnification Clause: This type of clause provides general indemnification to directors for actions taken in good faith and in the best interest of the corporation. It may cover legal expenses, settlements, and judgments incurred as a result of lawsuits or claims. 2. Advancement of Expenses: This provision allows the corporation to provide advances to directors for legal fees and other expenses related to a covered claim. It ensures that directors have access to necessary funds during legal proceedings. 3. Indemnification for Successful Defense: This type of provision extends indemnification to directors who successfully defend against claims brought against them. It ensures that directors are not burdened with the financial costs of defending themselves in court, even if the claims are ultimately dismissed. 4. Limited Indemnification: In certain situations, the agreement may specify that indemnification is only available up to a certain limit. This limit could be determined by factors such as the director's level of responsibility, the type of claim, or the financial capacity of the corporation. 5. Indemnification for Specific Actions: This provision may outline specific actions or roles for which directors are eligible for indemnification. For example, it could cover actions related to mergers and acquisitions, compliance with regulatory requirements, or strategic decision-making. Ultimately, the Broward Florida Indemnification Agreement is designed to provide assurance and protection to the corporation's directors. By establishing a clear method for determining when indemnification is appropriate and specifying different types of indemnification, this agreement helps to mitigate the risks associated with directorship and promotes a favorable environment for corporate governance.