Travis Texas Indemnification Agreement between corporation and its current and future directors

• Category: Corporations - Public - Indemnification
• State: Multi-State
• County: Travis
• 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 A Travis Texas Indemnification Agreement is a legally binding document which outlines the terms and conditions under which a corporation agrees to provide indemnification and financial protection to its current and future directors. This agreement serves as a means of mitigating potential liabilities faced by directors in the course of performing their duties on behalf of the corporation. Keywords: Travis Texas, Indemnification Agreement, corporation, current directors, future directors, liability, financial protection. There are several types of Travis Texas Indemnification Agreements that can be established between a corporation and its directors, including: 1. Agreement for Indemnification of Current Directors: This agreement is designed to provide indemnification to the directors currently serving on the board of the corporation. It outlines the scope of indemnification, the situations in which directors will be protected, and the procedures for making indemnification claims. 2. Agreement for Indemnification of Future Directors: As the composition of the board of directors may change over time, this agreement is put in place to ensure that future directors of the corporation are also covered by indemnification. It sets out the terms and conditions under which these directors will be protected from liabilities arising from their service to the corporation. 3. Indemnification Agreement for Specific Activities: In some cases, corporations may enter into separate indemnification agreements with their directors for specific activities or projects. These agreements are tailored to address the potential risks and liabilities associated with these particular activities, ensuring that directors are adequately protected. 4. Indemnification Agreement for Legal Expenses: This type of agreement focuses specifically on indemnifying directors for legal expenses they may incur while defending themselves against claims or lawsuits related to their corporate role. It outlines the criteria for reimbursement of legal costs and may include provisions for advance payment of legal fees. 5. Indemnification Agreement for Merger or Acquisition: During corporate transactions such as mergers or acquisitions, directors may face additional risks and liabilities. An indemnification agreement specific to these circumstances can be established to safeguard directors involved in such transactions, ensuring they are protected from any resulting legal claims. To ensure the efficacy and enforceability of a Travis Texas Indemnification Agreement, it is advisable for both the corporation and directors to seek legal counsel for drafting and reviewing the document. The agreement should clearly define the obligations and rights of both parties, and the procedures for making indemnification claims, to provide maximum protection to the directors and to foster a strong corporate governance framework.

A Travis Texas Indemnification Agreement is a legally binding document which outlines the terms and conditions under which a corporation agrees to provide indemnification and financial protection to its current and future directors. This agreement serves as a means of mitigating potential liabilities faced by directors in the course of performing their duties on behalf of the corporation. Keywords: Travis Texas, Indemnification Agreement, corporation, current directors, future directors, liability, financial protection. There are several types of Travis Texas Indemnification Agreements that can be established between a corporation and its directors, including: 1. Agreement for Indemnification of Current Directors: This agreement is designed to provide indemnification to the directors currently serving on the board of the corporation. It outlines the scope of indemnification, the situations in which directors will be protected, and the procedures for making indemnification claims. 2. Agreement for Indemnification of Future Directors: As the composition of the board of directors may change over time, this agreement is put in place to ensure that future directors of the corporation are also covered by indemnification. It sets out the terms and conditions under which these directors will be protected from liabilities arising from their service to the corporation. 3. Indemnification Agreement for Specific Activities: In some cases, corporations may enter into separate indemnification agreements with their directors for specific activities or projects. These agreements are tailored to address the potential risks and liabilities associated with these particular activities, ensuring that directors are adequately protected. 4. Indemnification Agreement for Legal Expenses: This type of agreement focuses specifically on indemnifying directors for legal expenses they may incur while defending themselves against claims or lawsuits related to their corporate role. It outlines the criteria for reimbursement of legal costs and may include provisions for advance payment of legal fees. 5. Indemnification Agreement for Merger or Acquisition: During corporate transactions such as mergers or acquisitions, directors may face additional risks and liabilities. An indemnification agreement specific to these circumstances can be established to safeguard directors involved in such transactions, ensuring they are protected from any resulting legal claims. To ensure the efficacy and enforceability of a Travis Texas Indemnification Agreement, it is advisable for both the corporation and directors to seek legal counsel for drafting and reviewing the document. The agreement should clearly define the obligations and rights of both parties, and the procedures for making indemnification claims, to provide maximum protection to the directors and to foster a strong corporate governance framework.