This is a due diligence contract provision that a company will provide reimbursement for any losses that the director may incur in business transactions.
Hennepin, Minnesota Director Favorable Director Indemnification Agreement The Hennepin Minnesota Director Favorable Director Indemnification Agreement is a legal document designed to protect and provide certain rights to directors serving on the boards of organizations in Hennepin County, Minnesota. This agreement aims to ensure that directors can carry out their duties and responsibilities without undue personal financial risk. Under this agreement, directors are indemnified and protected from legal claims that may arise due to their actions or decisions made while serving on a board. It offers financial support in the form of coverage for legal expenses, judgments, settlements, and other related costs incurred during legal proceedings. The Hennepin Minnesota Director Favorable Director Indemnification Agreement reinforces the director's role in making informed and well-reasoned decisions without the fear of personal liability. It demonstrates the county's commitment to promoting effective governance and attracting high-caliber individuals to serve on boards in various sectors such as non-profit organizations, corporations, and government entities. Key provisions and benefits provided by the Hennepin Minnesota Director Favorable Director Indemnification Agreement include: 1. Indemnification: The agreement typically indemnifies directors for any judgments, settlements, legal fees, and other expenses incurred during legal proceedings related to their board service. 2. Advancement of Expenses: Directors may be entitled to prompt payment of legal fees and expenses associated with defending against claims or legal actions before final disposition. 3. Prior Indemnification: The agreement may cover claims or legal actions arising from actions taken prior to the agreement's effective date, ensuring retroactive protection. 4. Survival of Indemnification: The indemnification provisions are often extended beyond the director's term of service, providing ongoing protection as long as claims arise from actions taken during their board tenure. 5. Non-Exclusivity: The agreement does not limit other rights to indemnification that directors may have under applicable laws or organizational bylaws. While the Hennepin Minnesota Director Favorable Director Indemnification Agreement serves as a general framework, it's important to note that there may be different types or variations of indemnification agreements tailored to specific organizations or sectors within Hennepin County. These may include variations for non-profit organizations, corporations, governmental agencies, or industry-specific boards. As each agreement may have distinct provisions, it's crucial for directors and organizations to review and understand the specific terms applicable to their circumstances. Seeking legal counsel is advisable to ensure compliance with the Hennepin Minnesota Director Favorable Director Indemnification Agreement and any other pertinent laws or regulations.Hennepin, Minnesota Director Favorable Director Indemnification Agreement The Hennepin Minnesota Director Favorable Director Indemnification Agreement is a legal document designed to protect and provide certain rights to directors serving on the boards of organizations in Hennepin County, Minnesota. This agreement aims to ensure that directors can carry out their duties and responsibilities without undue personal financial risk. Under this agreement, directors are indemnified and protected from legal claims that may arise due to their actions or decisions made while serving on a board. It offers financial support in the form of coverage for legal expenses, judgments, settlements, and other related costs incurred during legal proceedings. The Hennepin Minnesota Director Favorable Director Indemnification Agreement reinforces the director's role in making informed and well-reasoned decisions without the fear of personal liability. It demonstrates the county's commitment to promoting effective governance and attracting high-caliber individuals to serve on boards in various sectors such as non-profit organizations, corporations, and government entities. Key provisions and benefits provided by the Hennepin Minnesota Director Favorable Director Indemnification Agreement include: 1. Indemnification: The agreement typically indemnifies directors for any judgments, settlements, legal fees, and other expenses incurred during legal proceedings related to their board service. 2. Advancement of Expenses: Directors may be entitled to prompt payment of legal fees and expenses associated with defending against claims or legal actions before final disposition. 3. Prior Indemnification: The agreement may cover claims or legal actions arising from actions taken prior to the agreement's effective date, ensuring retroactive protection. 4. Survival of Indemnification: The indemnification provisions are often extended beyond the director's term of service, providing ongoing protection as long as claims arise from actions taken during their board tenure. 5. Non-Exclusivity: The agreement does not limit other rights to indemnification that directors may have under applicable laws or organizational bylaws. While the Hennepin Minnesota Director Favorable Director Indemnification Agreement serves as a general framework, it's important to note that there may be different types or variations of indemnification agreements tailored to specific organizations or sectors within Hennepin County. These may include variations for non-profit organizations, corporations, governmental agencies, or industry-specific boards. As each agreement may have distinct provisions, it's crucial for directors and organizations to review and understand the specific terms applicable to their circumstances. Seeking legal counsel is advisable to ensure compliance with the Hennepin Minnesota Director Favorable Director Indemnification Agreement and any other pertinent laws or regulations.
