An Alaska Indemnity Agreement is a legally binding contract that establishes the terms under which a corporation provides protection and financial compensation to its directors, officers, employees, and agents for any legal expenses or liabilities incurred while performing their duties on behalf of the corporation. This agreement aims to ensure that individuals associated with the corporation are safeguarded and can carry out their responsibilities without fear of personal financial loss. The Alaska Indemnity Agreement offers various types of protection, including: 1. Director Indemnification: This type of agreement specifically covers the corporation's directors and provides indemnification for any legal actions, liabilities, or expenses they may face while fulfilling their duties for the corporation. It includes legal defense costs, settlements, and any judgments awarded against the directors. 2. Officer Indemnification: Similar to the director indemnification, this agreement extends protection to the corporation's officers. Officers, in this context, refer to individuals appointed by the corporation to hold specific positions such as President, CEO, CFO, or any other managerial or executive roles. It covers legal expenses, liabilities, and damages resulting from their role in the corporation. 3. Employee Indemnification: This type of agreement safeguards employees working for the corporation. It provides indemnification for legal costs and liabilities incurred by employees while acting within the scope of their employment. This includes defending against lawsuits, settlements, and judgments arising from their professional activities related to the corporation's business. 4. Agent Indemnification: The agent indemnification agreement covers individuals who act as agents on behalf of the corporation, such as consultants, contractors, or any other third-party representatives. It protects them from legal liabilities, expenses, and damages that may arise from their activities carried out in connection with the corporation. The Alaska Indemnity Agreement broadly outlines the scope of indemnification, the circumstances under which indemnification is provided, and the limitations or conditions associated with such protection. It is crucial for corporations to carefully craft these agreements to ensure compliance with relevant laws and regulations.
Alaska Indemnity Agreement between corporation and directors officers employees and agents of corporation
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How to fill out Indemnity Agreement Between Corporation And Directors Officers Employees And Agents Of Corporation?
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Insurance ? The indemnification agreement typically will require that the company provide D&O liability insurance that protects the indemnitee to the same extent as the most favorably insured of the company's and its affiliates' current directors and officers.
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 ...
Indemnification Agreement to secure against loss or damage; to give security for the reimbursement of a person in case of an anticipated loss falling upon him. Also to make good; to compensate; to make reimbursement to one of a loss already incurred by him.
Many company constitutions set out rights of indemnity for directors, and often also include provision for directors and officers (D&O) insurance. Alternatively, they may simply provide that the company may indemnify directors. The deed of indemnity is an agreement between the company and a director.
Section 234 allows a company to provide an indemnity to a director against liability for negligence, default, breach of duty and breach of trust incurred to third parties (i.e. not the company or an associated company).