An Alaska Indemnity Agreement between a corporation and its directors and/or officers is a legal document that outlines the corporation's obligation to financially protect and indemnify its directors and officers against certain liabilities, expenses, and legal actions they may face while performing their duties. This agreement is crucial for attracting and retaining qualified executives who may otherwise hesitate to take on positions that expose them to potential risks and legal battles. Keywords: Alaska, Indemnity Agreement, corporation, directors, officers, liabilities, expenses, legal actions, financial protection, indemnification. There may be different types of Alaska Indemnity Agreements, which offer varying levels of indemnification and terms. Some common types include: 1. Limited Indemnity Agreement: This type of agreement provides basic protection to directors and officers against legal actions and certain liabilities arising from their official duties; however, it may have limitations on the types of expenses covered or the amount of indemnification provided. 2. Full Indemnity Agreement: A more comprehensive version, this agreement offers broad indemnification to directors and officers, covering legal expenses, settlements, judgments, and even certain personal liabilities. It typically includes a duty to advance defense costs promptly, subject to reimbursement if it is ultimately determined that indemnification is not proper. 3. Indemnity With Carve-Outs: In some cases, the Alaska Indemnity Agreement may contain specific carve-outs, excluding certain types of liabilities or misconduct from the scope of indemnification. For instance, willful misconduct, fraud, or non-compliance with legal obligations may be excluded from indemnification coverage. 4. Indemnification of Expenses Only: This type of agreement may solely cover the reimbursement of expenses incurred by directors and officers during legal proceedings or in discharging their official duties. It may not extend to indemnification for settlements, judgments, or personal liabilities. 5. Advancement of Expenses Agreement: This agreement primarily focuses on the prompt advance payment of legal expenses incurred by directors and officers during the defense of legal actions. It may not explicitly cover indemnification for other liabilities or damages. By clearly defining the rights and obligations of the corporation and its directors and officers, an Alaska Indemnity Agreement ensures that individuals in leadership roles can carry out their duties without undue concern for personal liability.
Alaska Indemnity Agreement between corporation and directors and / or officers
Description
How to fill out Indemnity Agreement Between Corporation And Directors And / Or Officers?
If you want to comprehensive, download, or printing lawful record themes, use US Legal Forms, the biggest collection of lawful varieties, which can be found on the web. Take advantage of the site`s easy and convenient search to find the paperwork you will need. Different themes for company and specific purposes are categorized by categories and suggests, or search phrases. Use US Legal Forms to find the Alaska Indemnity Agreement between corporation and directors and / or officers with a few mouse clicks.
Should you be presently a US Legal Forms customer, log in in your account and click the Acquire switch to have the Alaska Indemnity Agreement between corporation and directors and / or officers. You can also access varieties you earlier acquired in the My Forms tab of your own account.
If you are using US Legal Forms the first time, follow the instructions beneath:
- Step 1. Be sure you have chosen the shape for the proper area/nation.
- Step 2. Make use of the Review option to check out the form`s content material. Never overlook to learn the description.
- Step 3. Should you be unsatisfied using the form, make use of the Research industry at the top of the screen to locate other variations of the lawful form template.
- Step 4. Upon having found the shape you will need, click on the Buy now switch. Select the costs strategy you favor and add your accreditations to sign up on an account.
- Step 5. Procedure the purchase. You should use your charge card or PayPal account to accomplish the purchase.
- Step 6. Choose the formatting of the lawful form and download it on your own gadget.
- Step 7. Comprehensive, revise and printing or signal the Alaska Indemnity Agreement between corporation and directors and / or officers.
Each lawful record template you get is your own property forever. You possess acces to each form you acquired in your acccount. Select the My Forms area and choose a form to printing or download yet again.
Compete and download, and printing the Alaska Indemnity Agreement between corporation and directors and / or officers with US Legal Forms. There are many specialist and condition-specific varieties you can use for the company or specific requirements.
Form popularity
FAQ
Indemnification & Volunteer Protection ? Most nonprofit bylaws include indemnification provisions ? language that expresses the intent of the nonprofit to cover the expenses a board member might incur in defending an action and paying settlements or judgments related to his service on the board.
Alaska Criminal Statute of Limitations at a Glance. As in virtually all other states, there is no statute of limitations for murder in Alaska. Most felonies and all misdemeanors carry a five-year time limit, while the maximum additional "tolling" for a suspect living in hiding is three years.
Contract actions to be brought in three years. Unless the action is commenced within three years, a person may not bring an action upon a contract or liability, express or implied, except as provided in AS 09.10. 040, or as otherwise provided by law, or, except if the provisions of this section are waived by contract.
Indemnification is a way to provide limited liability protection to the people whose role is to manage, operate or oversee a company.
The indemnity may cover liability incurred by the director to any person other than the company or an associated company. This may include both legal costs and the financial costs of an adverse judgement. But the indemnity must not cover liabilities to the company or to any associated company (subsection (2)).
A director and officer indemnification agreement is a contract that allows executives to protect themselves from claims made against them while performing job.
What is indemnification? 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.