An Alaska Indemnification Agreement is a legally binding contract between a corporation and its directors that provides protection and financial security for directors serving in their official capacity. This agreement ensures that directors are indemnified, or compensated, for any legal expenses, damages, or liabilities they may incur while fulfilling their duties to the corporation. The Alaska Indemnification Agreement is primarily designed to shield directors from personal liability, thereby encouraging their active participation and ensuring their protection while making important decisions on behalf of the corporation. By entering into this agreement, a corporation demonstrates its commitment to supporting its directors and attracting competent individuals to serve on its board. This agreement can be further classified into two primary types: 1. Limited Indemnification Agreement: This type of agreement provides directors with the minimum level of indemnification required by Alaska law. It covers expenses incurred by directors in successfully defending themselves against legal claims brought against them in connection with their corporate activities. Typically, limited indemnification agreements cover legal costs, settlements, and judgments, but may exclude certain types of claims when the director is found liable. 2. Expanded Indemnification Agreement: This type of agreement offers directors a broader and more comprehensive level of indemnification. In addition to covering the expenses mentioned in the limited indemnification agreement, an expanded agreement may also include indemnification for settlements or judgments reached in claims where the director is found liable. It may also provide coverage for expenses related to investigative proceedings or legal actions initiated by the director against the corporation or its shareholders, protecting directors from potential financial burdens arising from their corporate duties. Key terms and keywords related to an Alaska Indemnification Agreement may include: — Directors: Individuals appointed or elected to serve on the board of directors of a corporation. — Corporation: A legal entity formed for the purpose of conducting business activities. — Indemnification: The act of compensating or protecting someone against financial losses, damages, or liabilities. — Legal expenses: Costs incurred for legal representation, including attorney fees, court costs, and related expenses. — Liabilities: Legal obligations or debts owed by the corporation or its directors. — Financial security: Assurance of financial protection or stability provided to directors by the corporation. — Personal liability: Legal responsibility borne by directors for their actions or decisions that may result in financial losses or damages to the corporation. — Active participation: Involvement and contribution by directors in the decision-making processes and affairs of the corporation. — Competent individuals: Capable and qualified individuals sought after by corporations to serve on their boards. — Defending legal claims: Taking necessary actions to protect oneself against allegations or charges made in legal proceedings. — Settlements: Resolutions reached between parties involved in legal disputes without the need for a formal trial. — Judgments: Formal decisions made by a court or a judge following a trial or legal proceedings. — Investigative proceedings: Formal investigations conducted to gather information and evidence related to potential legal violations or misconduct. — Shareholders: Individuals or entities that hold shares in a corporation, representing ownership interests.
Alaska Indemnification Agreement between corporation and its current and future directors
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For example, an indemnification provision may exclude indemnification for claims or losses that result from the indemnified party's: Negligence or gross negligence. Improper use of the products. Bad faith failure to comply with its obligations in the agreement.
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.
A Standard Clause to be inserted into a written executive employment contract detailing the corporate employer's obligation to reimburse the executive for losses incurred in legal proceedings related to service as a corporate director or officer.
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.
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.
In the indemnification agreement, the corporation agrees to reimburse the director or officer for losses incurred in legal proceedings related to their service as a corporate director or officer to the maximum extent permitted by law.
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 ...
In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.