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Indemnification Agreement between corporation and its current and...

Palm Beach Florida Indemnification Agreement between corporation and its current and future directors

Name: Palm Beach Florida Indemnification Agreement between corporation and its current and future directors
Brand: US Legal Forms
Rating: 4.6 (240 reviews)

Category:

Corporations - Public - Indemnification

State:

Multi-State

County:

Palm Beach

Control #:

US-CC-17-197C

Format:

Instant download

Description

17-197C 17-197C . . . Indemnification Agreement to be entered into between corporation and its current and future directors and such current and future officers and other agents as directors may designate. The proposal includes description of procedural and substantive matters in Indemnification Agreements that are not addressed, or are addressed in less detail, in California law

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FAQ

A director's or officer's right to indemnification and advancement of expenses is subject to the company's ability to pay, and several legal limitations. Bankruptcy Law Limits. Claims against directors and officers more frequently occur when the company is under financial distress that leads to bankruptcy.

Indemnification is where the company reimburses the director or officer for the attorneys' fees and costs, and potentially judgments, incurred in connection with claims arising out of the director's or officer's service to the company.

Any UK company can now indemnify any of its directors, and any director of a company in the same group, against damages, costs and interest awarded against him in civil proceedings brought by a third party, and against legal and other costs incurred in defending both civil and criminal proceedings if and when the

A deed of indemnity is a contractual agreement between a company and a company director. A deed of indemnity can help to indemnify a director against liabilities or legal costs incurred in his or her professional capacity as a director of the company.

Often a company will agree to indemnify its shareholders, members, officers, and directors for actions they take in such roles on behalf of the company. In order to attract new investors in a startup, a common agreement that investors will demand is an indemnification agreement.

An indemnity in a contract is a promise by one party to compensate the other party for loss or damage suffered by the other party during contract performance. An indemnity is also known as a 'hold harmless' clause as one party agrees to hold the other party harmless.

Maric Law Office A company can usually indemnify a director for his/her defense costs and/or damages, judgments and settlements if he/she was the only one responsible for the procedure and was found guilty. In such case the usual conditions would apply as to proof of the amount of damage, defense costs etc.

In the indemnification agreement, the company agrees to reimburse the director or officer for losses incurred in legal proceedings related to his service as company director or officer and to advance funds to the director or officer to pay expenses as they are incurred.

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.

Indemnification under Companies Act, 2013: While Section 201 of the erstwhile Companies Act, 1956 had restricted a company from indemnifying the directors of the company, the Companies Act, 2013 does not have any such restriction and therefore, directors can now be indemnified by companies against liabilities.

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Him from liability for, his own future acts of negligence provided the indemnity against such negligence is made unequivocally clear in the contract. In connection with the ACFP Closing, we entered into that certain Registration Rights and Lock-Up Agreement with Cardboard (the.Extension of Employment Agreement with Chairman and Chief Executive Officer. "Board" or "Board of Directors" means the Board of Directors of the Issuer. With the specific skills and knowledge required in the current marketplace. Compensation and Expenses. (a), As full and complete compensation for Consultant?

Palm Beach Florida Indemnification Agreement between corporation and its current and future directors

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Do directors have the right to indemnification?

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Can a company indemnify its shareholders?

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