What is a corporate indemnity agreement?

An indemnity agreement is a contract that 'holds a business or company harmless' for any burden, loss, or damage. An indemnity agreement also ensures proper compensation is available for such loss or damage.

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Indemnification Agreement for a Delaware Corporation

Riverside California Indemnification Agreement for a Delaware Corporation

Name: Riverside California Indemnification Agreement for a Delaware Corporation
Brand: US Legal Forms
Rating: 4.73 (250 reviews)

Category:

Corporations - Startup - Initial Decision on Choice of Entity

State:

Multi-State

County:

Riverside

Control #:

US-S0111AM

Format:

Instant download

Description

This form is a model miscellaneous corporate startup form. Use for a special purpose as indicated in the form. Don't reinvent the wheel, save time and money.

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How to fill out Riverside California Indemnification Agreement For A Delaware Corporation?

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FAQ

Assuming your corporation was incorporated in the State of Delaware, the only officer positions that are required to be filled are the offices of the President and Secretary. All other positions that you will likely create (Chief Executive Officer, Chief Yahoo!, etc.)

Under Section 145(c) of the Delaware General Corporation Law (DGCL), Delaware corporations are required, in certain circumstances, to indemnify directors and officers of the corporation for costs incurred in connection with litigation and other proceedings arising from the official's corporate role, including attorneys

By statute, Delaware has established a minimum standard of conduct that, if met by a director or officer, permits a corporation to indemnify such director or officer pursuant to a charter or bylaw provision, an indemnification agreement with such D&O, or a resolution of the board or stockholders.

In contrast, Delaware law does not allow corporations to indemnify directors and officers if they are found to have acted in bad faith. Thus, Delaware courts have stated that the boundaries for indemnification are 'success' and 'bad faith.

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.

Keep in mind there are no stated required officer positions that a Delaware corporation must have, as opposed to other states. One person can comprise an entire Delaware corporation. Most Delaware companies have at least a president as well as a secretary.

An indemnity agreement is a contract that 'holds a business or company harmless' for any burden, loss, or damage. An indemnity agreement also ensures proper compensation is available for such loss or damage.

Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.

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Riverside California Indemnification Agreement for a Delaware Corporation

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How to fill out Riverside California Indemnification Agreement For A Delaware Corporation?

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FAQ

What officers must a Delaware corporation have?

Does Dgcl require indemnification?

Can officers and directors be indemnified by a corporation formed in the state of Delaware?

What are the limits of indemnification of corporate officers and directors under Delaware law?

Can a company indemnify its directors?

Does a Delaware corporation require officers?

What is a corporate indemnity agreement?

What is indemnification?

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What is a Riverside Indemnification Agreement?

Why is it called 'Riverside' Indemnification Agreement?

Who benefits from a Riverside Indemnification Agreement?

What types of liabilities are covered by a Riverside Indemnification Agreement?

Who is responsible for providing indemnification in a Riverside Indemnification Agreement?

Under what circumstances does a Riverside Indemnification Agreement come into effect?

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