King Washington 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: King
• 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 The King Washington Indemnification Agreement is a legal document that establishes the terms and conditions of indemnification between a corporation and its directors. This agreement safeguards directors by providing protection against the expenses and liabilities they may incur while fulfilling their duties. The determination of whether the standards for indemnification have been met is a crucial aspect of this agreement. One type of King Washington Indemnification Agreement is the "Standard Indemnification Agreement." This agreement defines the criteria and procedure for determining when indemnification is warranted. It outlines the standards that directors must meet to qualify for indemnification, such as acting in good faith, no knowledge of wrongdoing, and acting in the best interest of the corporation. Another type is the "Enhanced Indemnification Agreement." This agreement goes beyond the standard terms and offers additional protection to directors. It may include provisions such as broader coverage for legal expenses, indemnification for liabilities arising from derivative actions, and more flexible standards for indemnification. The method for determining whether the standards for indemnification have been met typically involves a thorough review of the director's actions and circumstances of the claims against them. The corporation, often through its board of directors or a special committee, will consider various factors, including legal opinions, evidence, and expert advice, to make an informed decision. Keywords: King Washington Indemnification Agreement, corporation, directors, indemnification, method, determining, standards, met, types, detailed description, Keywords: Standard Indemnification Agreement, Enhanced Indemnification Agreement, criteria, procedure, safeguard, expenses, liabilities, good faith, knowledge of wrongdoing, the best interest, protection, legal document, terms, conditions, review, claims, board of directors, special committee, factors, legal opinions, evidence, expert advice.

The King Washington Indemnification Agreement is a legal document that establishes the terms and conditions of indemnification between a corporation and its directors. This agreement safeguards directors by providing protection against the expenses and liabilities they may incur while fulfilling their duties. The determination of whether the standards for indemnification have been met is a crucial aspect of this agreement. One type of King Washington Indemnification Agreement is the "Standard Indemnification Agreement." This agreement defines the criteria and procedure for determining when indemnification is warranted. It outlines the standards that directors must meet to qualify for indemnification, such as acting in good faith, no knowledge of wrongdoing, and acting in the best interest of the corporation. Another type is the "Enhanced Indemnification Agreement." This agreement goes beyond the standard terms and offers additional protection to directors. It may include provisions such as broader coverage for legal expenses, indemnification for liabilities arising from derivative actions, and more flexible standards for indemnification. The method for determining whether the standards for indemnification have been met typically involves a thorough review of the director's actions and circumstances of the claims against them. The corporation, often through its board of directors or a special committee, will consider various factors, including legal opinions, evidence, and expert advice, to make an informed decision. Keywords: King Washington Indemnification Agreement, corporation, directors, indemnification, method, determining, standards, met, types, detailed description, Keywords: Standard Indemnification Agreement, Enhanced Indemnification Agreement, criteria, procedure, safeguard, expenses, liabilities, good faith, knowledge of wrongdoing, the best interest, protection, legal document, terms, conditions, review, claims, board of directors, special committee, factors, legal opinions, evidence, expert advice.