Philadelphia Pennsylvania 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: Philadelphia
• 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 Philadelphia Pennsylvania is a bustling city with a rich history and vibrant culture. Located in the northeastern part of the United States, Philadelphia is the largest city in Pennsylvania and the sixth largest city in the country. It serves as the economic and cultural hub of the state, attracting millions of visitors each year. Indemnification Agreements play a crucial role in ensuring the protection of directors of corporations in Philadelphia, Pennsylvania. These agreements provide a legal framework that safeguards the directors from personal liability in certain situations. The purpose of an Indemnification Agreement is to ensure that directors can make informed decisions without constantly worrying about potential legal consequences. One type of Indemnification Agreement that exists between corporations and their directors in Philadelphia, Pennsylvania is the "Standard Indemnification Agreement." This agreement lays out the terms and conditions under which directors can be indemnified for any legal expenses incurred as a result of their role as directors. The agreement typically includes provisions specifying the standard by which determinations are made regarding whether the director's actions meet the criteria for indemnification. Another type of Indemnification Agreement often seen in Philadelphia, Pennsylvania is the "Expanded Indemnification Agreement." This agreement expands the scope of protection provided to directors beyond what is covered by the standard agreement. It may include additional provisions that cover situations such as criminal proceedings, regulatory investigations, or actions related to mergers and acquisitions. To determine whether the standards for indemnification have been met, an evaluation process is usually outlined in the Indemnification Agreement. This process may involve a review conducted by an independent committee or legal experts to assess the director's actions and determine if they acted in good faith and reasonably believed their actions were in the best interest of the corporation. Keywords: Philadelphia Pennsylvania, Indemnification Agreement, corporation, directors, standards, protection, liability, legal expenses, provisions, standard agreement, expanded agreement, evaluation process, independent committee, good faith, best interest.

Philadelphia Pennsylvania is a bustling city with a rich history and vibrant culture. Located in the northeastern part of the United States, Philadelphia is the largest city in Pennsylvania and the sixth largest city in the country. It serves as the economic and cultural hub of the state, attracting millions of visitors each year. Indemnification Agreements play a crucial role in ensuring the protection of directors of corporations in Philadelphia, Pennsylvania. These agreements provide a legal framework that safeguards the directors from personal liability in certain situations. The purpose of an Indemnification Agreement is to ensure that directors can make informed decisions without constantly worrying about potential legal consequences. One type of Indemnification Agreement that exists between corporations and their directors in Philadelphia, Pennsylvania is the "Standard Indemnification Agreement." This agreement lays out the terms and conditions under which directors can be indemnified for any legal expenses incurred as a result of their role as directors. The agreement typically includes provisions specifying the standard by which determinations are made regarding whether the director's actions meet the criteria for indemnification. Another type of Indemnification Agreement often seen in Philadelphia, Pennsylvania is the "Expanded Indemnification Agreement." This agreement expands the scope of protection provided to directors beyond what is covered by the standard agreement. It may include additional provisions that cover situations such as criminal proceedings, regulatory investigations, or actions related to mergers and acquisitions. To determine whether the standards for indemnification have been met, an evaluation process is usually outlined in the Indemnification Agreement. This process may involve a review conducted by an independent committee or legal experts to assess the director's actions and determine if they acted in good faith and reasonably believed their actions were in the best interest of the corporation. Keywords: Philadelphia Pennsylvania, Indemnification Agreement, corporation, directors, standards, protection, liability, legal expenses, provisions, standard agreement, expanded agreement, evaluation process, independent committee, good faith, best interest.