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Indemnification Agreement between corporation and its current and...

Sacramento California Indemnification Agreement between corporation and its current and future directors

Name: Sacramento California 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:

Sacramento

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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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.

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.

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.

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

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.

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.

Subject to the exceptions mentioned below, the Companies Law prohibits a company and its subsidiaries from exempting any director from, or indemnifying any director against, any liability incurred by the director as a result of the director acting as a director of the company.

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.

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YOU HAVE THE RIGHT TO OPT OUT OF ARBITRATION AS EXPLAINED IN THAT ARBITRATION CLAUSE. 1. Who Can Use the Services.As filed with the Securities and Exchange Commission on November 16, 2007. Obligations in the future. Consideration of modified wording for the indemnification agreement submitted with all applications to LAFCO, consistent with a recent court decision. 2015 regarding the application for the removal of the Skyline Wilderness Park zoning overlay. Debt with the County Office of Education and County Director of Finance. Corporation Control Act as may be necessary in carrying. 17 out the programs set forth in the budget for the current.

Sacramento California Indemnification Agreement between corporation and its current and future directors

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What is director indemnification agreement?

What is a director indemnification agreement?

What is the purpose of an indemnity agreement?

What is a directors indemnity agreement?

Can a UK company indemnify its directors?

Can a company indemnify its directors?

Are directors indemnified?

Can a director indemnify another director?

Do directors have the right to indemnification?

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What is an indemnification agreement?

Why is an indemnification agreement important for corporations and directors?

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