The Hawaii Indemnity Agreement between a corporation and its directors, officers, employees, and agents is a legally binding document that outlines the indemnification provisions to protect these individuals against liabilities incurred while fulfilling their corporate duties. This agreement serves to provide financial security and peace of mind to the corporation's key stakeholders, ensuring that they are protected from any legal claims or expenses arising from their actions within the scope of their roles. Under the Hawaii Indemnity Agreement, corporations commit to assuming the responsibility for defending and indemnifying their directors, officers, employees, and agents. This encompasses legal expenses, judgments, settlements, and other costs incurred during legal proceedings related to their corporate duties. The agreement acts as a safeguard against personal financial liability and promotes confidence for individuals to act in the best interest of the corporation without fear of personal repercussions. There may be various types of Hawaii Indemnity Agreements tailored to the specific needs and circumstances of the corporation. These may include: 1. General Indemnity Agreement: This is a comprehensive agreement that provides broad indemnification coverage to directors, officers, employees, and agents, protecting them from any liabilities arising from their corporate activities. 2. Limited Indemnity Agreement: This type of agreement may outline specific limitations or exclusions to the indemnification coverage, which could be defined by certain actions or circumstances. It may provide indemnification up to a certain limit or exclude certain types of claims. 3. Indemnity Agreement for Directors and Officers: This agreement focuses specifically on the indemnification provisions for the directors and officers of the corporation. It may contain additional clauses pertaining to their fiduciary duties, conflicts of interest, and other unique responsibilities. 4. Employment Indemnity Agreement: This type of agreement is intended for employees and sets out the terms for indemnification. It may encompass provisions related to the nature of their employment, scope of responsibilities, and other relevant factors. 5. Agent Indemnity Agreement: This agreement caters specifically to agents representing the corporation. It outlines the indemnification provisions for agents who act on behalf of the corporation and assumes liability on their behalf. In conclusion, the Hawaii Indemnity Agreement serves as a crucial protective measure for corporations and their key stakeholders. By outlining the indemnification provisions and mitigating personal financial risk, these agreements foster a conducive environment for individuals to fulfill their roles effectively and actively participate in corporate decision-making without undue concern about personal liabilities.
Hawaii Indemnity Agreement between corporation and directors officers employees and agents of corporation
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FAQ
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.
A company may, however, lend money to a director to fund the director's defence costs. Frequently, an indemnity will include a provision under which the company agrees to lend the director the amounts necessary to fund the director's defence costs.
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.
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.
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.
Indemnification refers to the right to have a company reimburse current or former directors or officers for all losses, including legal fees, incurred in connection with litigation arising from actions taken in service to the company or at the company's direction.