San Antonio Texas 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
• City: San Antonio
• 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 San Antonio, Texas Indemnification Agreement between a corporation and its directors is a legally binding document that outlines the terms and conditions for indemnifying directors in certain situations. The purpose of this agreement is to protect directors from personal liability and to provide them with financial support if they face legal actions or expenses arising from their duties as directors of the corporation. The agreement sets forth the standards for indemnification, including the determination of whether a director has met those standards. It is important to note that there may be different types of indemnification agreements available in San Antonio, Texas, each varying in terms and scope. Some common types include: 1. Standard Indemnification Agreement: This type of agreement outlines the general terms for indemnification, including the process of determining whether the director has met the required standards. The standards may involve acting in good faith, in the best interests of the corporation, and in a manner believed to be lawful. 2. Advancement of Expenses Agreement: This form of indemnification agreement allows the corporation to provide upfront financial support to directors for legal expenses they may incur while defending themselves against claims brought in connection with their roles as directors. The agreement would specify the circumstances under which the corporation would advance such expenses. 3. Mandatory Indemnification Agreement: This agreement ensures that the corporation is required to indemnify its directors to the fullest extent permitted by law. It establishes clear standards for indemnification, leaving no discretion to the corporation's board or any other party involved in the decision-making process. 4. Permissive Indemnification Agreement: Unlike the mandatory agreement, this type provides the corporation with discretion in deciding when and to what extent to indemnify its directors. The terms and conditions for indemnification may be negotiated on a case-by-case basis or outlined in the agreement itself. In any of these indemnification agreements, relevant keywords that may be included are: indemnification, standards, directors, corporation, expenses, legal actions, liability, San Antonio, Texas. It is important for both the corporation and its directors to consult legal counsel in San Antonio, Texas, to ensure that the indemnification agreement is properly tailored to their specific needs and complies with applicable laws and regulations.

The San Antonio, Texas Indemnification Agreement between a corporation and its directors is a legally binding document that outlines the terms and conditions for indemnifying directors in certain situations. The purpose of this agreement is to protect directors from personal liability and to provide them with financial support if they face legal actions or expenses arising from their duties as directors of the corporation. The agreement sets forth the standards for indemnification, including the determination of whether a director has met those standards. It is important to note that there may be different types of indemnification agreements available in San Antonio, Texas, each varying in terms and scope. Some common types include: 1. Standard Indemnification Agreement: This type of agreement outlines the general terms for indemnification, including the process of determining whether the director has met the required standards. The standards may involve acting in good faith, in the best interests of the corporation, and in a manner believed to be lawful. 2. Advancement of Expenses Agreement: This form of indemnification agreement allows the corporation to provide upfront financial support to directors for legal expenses they may incur while defending themselves against claims brought in connection with their roles as directors. The agreement would specify the circumstances under which the corporation would advance such expenses. 3. Mandatory Indemnification Agreement: This agreement ensures that the corporation is required to indemnify its directors to the fullest extent permitted by law. It establishes clear standards for indemnification, leaving no discretion to the corporation's board or any other party involved in the decision-making process. 4. Permissive Indemnification Agreement: Unlike the mandatory agreement, this type provides the corporation with discretion in deciding when and to what extent to indemnify its directors. The terms and conditions for indemnification may be negotiated on a case-by-case basis or outlined in the agreement itself. In any of these indemnification agreements, relevant keywords that may be included are: indemnification, standards, directors, corporation, expenses, legal actions, liability, San Antonio, Texas. It is important for both the corporation and its directors to consult legal counsel in San Antonio, Texas, to ensure that the indemnification agreement is properly tailored to their specific needs and complies with applicable laws and regulations.