Bronx New York Indemnity Agreement between corporation and directors and / or officers

State:
Multi-State
County:
Bronx
Control #:
US-CC-17-171
Format:
Word; 
Rich Text
Instant download

Description

This sample form, a detailed Indemnity Agreement, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.

Bronx New York Indemnity Agreement between corporation and directors and/or officers is a legally binding document that outlines the terms and conditions of indemnification provided by a corporation to its directors and/or officers in order to protect them from financial liability arising from their actions on behalf of the corporation. This agreement ensures that directors and officers can perform their duties without fear of personal financial loss. Keywords: Bronx New York, indemnity agreement, corporation, directors, officers, liability, indemnification, financial protection There are different types of Bronx New York Indemnity Agreements between corporations and directors and/or officers, including: 1. General Indemnity Agreement: This is a standard agreement that provides indemnification to directors and officers for any claims or legal actions brought against them in relation to their roles in the corporation. 2. Advancement of Expenses Agreement: This agreement ensures that the corporation will cover the costs of legal fees, court expenses, and other related costs incurred by directors and officers while defending themselves against claims or lawsuits. 3. Indemnity Agreement with Right to Select Counsel: This type of agreement allows directors and officers to select their own legal counsel when defending themselves against claims. The corporation agrees to bear the expenses of such legal representation. 4. Indemnity Agreement with Limitations: In some circumstances, corporations may include specific limitations on indemnification, such as excluding indemnification for intentional misconduct, fraud, or criminal acts committed by directors and officers. 5. Indemnity Agreement for Mergers and Acquisitions: This agreement may be used in the context of a merger or acquisition, where directors and officers of the acquired company require indemnification protection from the acquiring corporation. In conclusion, Bronx New York Indemnity Agreements between corporations and directors and/or officers provide crucial financial protection to individuals in leadership positions within a corporation. These agreements vary in their scope and terms based on the specific needs and circumstances of each corporation. It is essential for corporations and their directors and officers to carefully review and understand the terms of these agreements to ensure adequate protection and risk management.

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FAQ

Indemnification. Indemnification is an undertaking by the company to defend the director and officer against the cost of certain claims, including legal fees, litigation awards and settlement costs.

What does "Corporate Indemnification" mean? Generally, indemnification refers to a situation in which one party (the indemnifying party) agrees or is required to cover the costs, losses and/or expenses experienced by another party (the indemnified party).

In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.

An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c

Indemnity is a comprehensive form of insurance compensation for damages or loss. In this type of arrangement, one party agrees to pay for potential losses or damages caused by another party.

Modification: As opposed to indemnification and advancement rights created by the company's organizational documents, which may be amended by the board or shareholders, indemnification agreements allow the director or officer to prevent the company from unilaterally terminating or reducing the indemnitee's rights.

Companies may indemnify directors against the legal and financial costs of proceedings brought by third parties. This does not extend to the legal costs of unsuccessful defence of criminal proceedings, fines imposed by criminal proceedings and fines imposed by regulatory bodies.

Modification: As opposed to indemnification and advancement rights created by the company's organizational documents, which may be amended by the board or shareholders, indemnification agreements allow the director or officer to prevent the company from unilaterally terminating or reducing the indemnitee's rights.

A director's indemnity involves a company undertaking to protect its directors against liabilities that they may incur in the course of performing their company's duties. A director's indemnity may be required (as in some instances by ASIC) or a company can choose to indemnify its directors.

More info

Any member, director, officer, employee or agent of the Agency in his individual capacity. 4.3. Corporation ("NYCEDC"), convened the meeting of the Board of Directors of the Build NYC.Note: Please do not fill out the Agreement to Contract portion of this proposal. Concentration of ownership among our existing executive officers, directors and significant stockholders may prevent other investors from.

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Bronx New York Indemnity Agreement between corporation and directors and / or officers