San Jose California Indemnification Agreement between corporation and its current and future directors

• Category: Corporations - Public - Indemnification
• State: Multi-State
• City: San Jose
• Control #: US-CC-17-197C
• Format: Word; Rich Text

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 Description: The San Jose, California Indemnification Agreement is a legal document that outlines the terms and conditions by which a corporation indemnifies its current and future directors. This agreement serves to protect directors from potential legal liabilities that may arise from the performance of their duties and responsibilities. Keywords: San Jose, California, Indemnification Agreement, corporation, directors, legal document, indemnifies, liabilities, duties, responsibilities, protect. There are different types of San Jose, California Indemnification Agreements that corporations can enter into with their directors. These may include: 1. General Indemnification Agreement: This type of agreement provides broad indemnification coverage to both current and future directors of the corporation. It typically applies to all acts and omissions by directors in their official capacity, allowing them to be indemnified for legal expenses, settlements, judgments, and other costs incurred in the defense of claims. 2. Indemnification Agreement with Limitations: This agreement provides indemnification coverage to the corporation's directors but may include certain limitations or conditions. For example, it may specify situations or acts where indemnification is not applicable, such as cases of gross negligence or willful misconduct. 3. Advance Indemnification Agreement: This type of agreement allows the corporation to provide an upfront commitment to indemnify its directors for specific categories of potential claims. Directors can request advances from the corporation to cover legal costs in the event they face legal actions related to their duties as directors. 4. Indemnification Agreement with Insurance: In some cases, corporations may secure insurance policies to cover the indemnification obligations outlined in the agreement. This ensures that the corporation has the financial means to fulfill its indemnification commitments to directors, protecting both parties involved. 5. Indemnification Agreement for Specific Purposes: There may be occasions where corporations enter into indemnification agreements tailored to specific purposes, such as mergers, acquisitions, or other significant corporate transactions. These agreements address the unique risks and challenges associated with such events and provide additional indemnification protection to directors involved. In conclusion, the San Jose, California Indemnification Agreement between a corporation and its current and future directors is a crucial legal document that safeguards directors from potential liabilities. It is essential for corporations and directors to carefully consider and establish the appropriate type of indemnification agreement that suits their specific needs and circumstances.

Description: The San Jose, California Indemnification Agreement is a legal document that outlines the terms and conditions by which a corporation indemnifies its current and future directors. This agreement serves to protect directors from potential legal liabilities that may arise from the performance of their duties and responsibilities. Keywords: San Jose, California, Indemnification Agreement, corporation, directors, legal document, indemnifies, liabilities, duties, responsibilities, protect. There are different types of San Jose, California Indemnification Agreements that corporations can enter into with their directors. These may include: 1. General Indemnification Agreement: This type of agreement provides broad indemnification coverage to both current and future directors of the corporation. It typically applies to all acts and omissions by directors in their official capacity, allowing them to be indemnified for legal expenses, settlements, judgments, and other costs incurred in the defense of claims. 2. Indemnification Agreement with Limitations: This agreement provides indemnification coverage to the corporation's directors but may include certain limitations or conditions. For example, it may specify situations or acts where indemnification is not applicable, such as cases of gross negligence or willful misconduct. 3. Advance Indemnification Agreement: This type of agreement allows the corporation to provide an upfront commitment to indemnify its directors for specific categories of potential claims. Directors can request advances from the corporation to cover legal costs in the event they face legal actions related to their duties as directors. 4. Indemnification Agreement with Insurance: In some cases, corporations may secure insurance policies to cover the indemnification obligations outlined in the agreement. This ensures that the corporation has the financial means to fulfill its indemnification commitments to directors, protecting both parties involved. 5. Indemnification Agreement for Specific Purposes: There may be occasions where corporations enter into indemnification agreements tailored to specific purposes, such as mergers, acquisitions, or other significant corporate transactions. These agreements address the unique risks and challenges associated with such events and provide additional indemnification protection to directors involved. In conclusion, the San Jose, California Indemnification Agreement between a corporation and its current and future directors is a crucial legal document that safeguards directors from potential liabilities. It is essential for corporations and directors to carefully consider and establish the appropriate type of indemnification agreement that suits their specific needs and circumstances.