Franklin Ohio 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: Franklin
• 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 Franklin Ohio Indemnification Agreement is a legally binding contract between a corporation and its directors, ensuring that the directors are protected against certain liabilities and expenses incurred during their service to the corporation. This agreement sets out the guidelines and methods for determining whether the standards for indemnification have been met. The agreement typically includes various clauses that outline the terms and conditions for indemnification, including the specific circumstances under which directors can be indemnified, the process for making indemnification claims, and the criteria for determining whether the director has met the necessary standards. Keywords: Franklin Ohio, Indemnification Agreement, corporation, directors, standards, determining, met, liability, expenses, service, guidelines, terms, conditions, circumstances, claims, process, criteria. There are different types of Franklin Ohio Indemnification Agreements that may exist between a corporation and its directors. These include: 1. Standard Indemnification Agreement: This is the most common type of agreement that provides indemnification to directors for acts performed in good faith and in the best interest of the corporation. It follows the standard guidelines and methods for determining whether the standards for indemnification have been met. 2. Enhanced Indemnification Agreement: This type of agreement goes beyond the standard terms and conditions and provides additional protections and benefits to directors. It may offer broader indemnification coverage, higher limits, or additional provisions for legal fees and expenses. 3. Indemnification Agreement with Triggers: This type of agreement includes specific triggers or thresholds that need to be met before the directors can be indemnified. For example, it may require a certain percentage of votes from the board or shareholders to approve the indemnification. 4. Indemnification Agreement with Exclusions: Some agreements may include exclusions that limit the scope of indemnification for certain types of actions or misconduct. The agreement may specify that directors will not be indemnified for intentional wrongful acts or acts committed with gross negligence. 5. Indemnification Agreement with Advancement of Expenses: This type of agreement includes provisions for the corporation to advance expenses to directors during legal proceedings or investigations before the final determination of their eligibility for indemnification. This ensures that directors have immediate access to resources to defend themselves. By implementing a Franklin Ohio Indemnification Agreement, corporations protect their directors and encourage individuals to take up influential roles within the organization. It provides a clear framework for determining the circumstances and criteria under which indemnification can be granted, ensuring transparency and fairness in the process.