An Executive and Director Indemnity Agreement is a contract between an executive or director of a company and the company itself. It is a way for the company to protect itself against any potential losses or damages that may be incurred as a result of the actions or decisions of the executive or director. The agreement states that, in the event of a claim or lawsuit against the executive or director, the company will provide funds or other assets to help cover legal costs and other expenses. There are two main types of Executive and Director Indemnity Agreements: Standard Indemnity Agreements and Enhanced Indemnity Agreements. The Standard Indemnity Agreement provides a baseline level of protection, while the Enhanced Indemnity Agreement provides additional protection and flexibility. Both agreements may be used to protect the executive or director from personal liability for their job-related activities.
Executive and Director Indemnity Agreement
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Company shall indemnify Executive against any liability incurred in connection with any proceeding in which the Executive may be involved as a party or otherwise by reason of the fact that Executive is or was serving as Chief Executive Officer to the extent permitted by the Company's articles of incorporation, bylaws
An indemnification agreement, also called an indemnity agreement, hold harmless agreement, waiver of liability, or release of liability, is a contract that provides a business or a company with protection against damages, loss, or other burdens.
Directors' and officers' liability insurance ? also known as D&O insurance ? covers the cost of compensation claims made against your business's directors and key managers (officers) for alleged wrongful acts.
Section 145(b) empowers a corporation to indemnify its directors against expenses incurred in connection with the defense or settlement of an action brought by or in the right of the corporation, subject to the standard of conduct determination, and except that no indemnification may be made as to any claim to which
A director and officer indemnification agreement is a contract that allows executives to protect themselves from claims made against them while performing job. Indemnification means that in the event a lawsuit is filed against a company, the indemnified party is "held harmless" from claims.
Indemnification is, generally speaking, a reimbursement by a company of its Ds&Os for expenses or losses they have incurred in connection with litigation or other proceedings relating to their service to the company.
The company can indemnify directors against any further liabilities incurred by the director; and regulatory proceedings.
Indemnification is an undertaking by the company to defend the director and officer against the cost of certain claims, including legal fees, litigation awards and settlement costs.