Should Indemnity Clauses Be Mutual

State:
Multi-State
Control #:
US-CC-17-105G
Format:
Word; 
Rich Text
Instant download

Description

The document outlines a Trust Agreement between the Financial Corporation of Santa Barbara and Security Pacific National Bank, establishing a framework for indemnification of agents, specifically directors and officers. It highlights that indemnity clauses should be mutual, ensuring that both the company and the agents are protected from liabilities incurred during their service. Key features include the establishment of a trust fund, specifications for deposit amounts, and guidelines for the advancement of expenses. The form requires completion of certain exhibits and provides detailed instructions for filling out requests for indemnification. Attorneys, partners, and legal assistants will find it useful for ensuring compliance with indemnity agreements, managing corporate governance risks, and safeguarding the interests of agents against potential legal issues. The document also includes provisions for the termination of the trust, appointment of successor trustees, and dispute resolution processes, making it a comprehensive tool for legal and operational security in corporate settings.
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Should Indemnity Clauses Be Mutual