A Kentucky Indemnity Agreement, also known as a Directors and Officers Indemnification Agreement, is a legal document that safeguards directors and officers of corporations from potential personal liability for their actions or decisions made in their official capacity. In this agreement, a corporation undertakes the responsibility to indemnify or protect its directors and officers against any legal claims, damages, judgments, fines, settlements, or expenses incurred due to their acts or omissions while performing their duties. The agreement provides financial security and reassurance to directors and officers, encouraging them to act in the best interest of the corporation without the fear of personal liability. The following are two common types of Kentucky Indemnity Agreements between corporations and their directors and/or officers: 1. Basic Indemnity Agreement: This type of agreement offers indemnification protection to directors and officers, covering legal costs and damages arising from lawsuits, investigations, or administrative proceedings against them. It typically includes provisions for advancement of expenses, meaning the corporation will pay the legal expenses upfront, subject to certain conditions. 2. Broad Form Indemnity Agreement: A broad form agreement provides a more extensive scope of protection by including additional provisions that go beyond the basic agreement. It may offer indemnification for specific categories of claims such as derivative actions, shareholder lawsuits, criminal proceedings, or other claims related to the performance of official duties. This agreement may also include provisions regarding the advancement of expenses, including attorneys' fees, costs, and other related expenses. Keywords: Kentucky Indemnity Agreement, Directors and Officers Indemnification Agreement, corporation, directors, officers, personal liability, legal claims, damages, judgments, fines, settlements, expenses, acts, omissions, duties, financial security, legal protection, indemnification, lawsuits, investigations, administrative proceedings, advancement of expenses, broad form agreement, derivative actions, shareholder lawsuits, criminal proceedings, attorneys' fees, costs.
Kentucky Indemnity Agreement between corporation and directors and / or officers
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There is no time limit for any felony. Cases for misdemeanors must be started within 1 year. If the victim of a misdemeanor sexual offense (under Kentucky Revised Statutes section 510.010 et seq.) is a minor at the time of the crime, the case must start within 5 years of the victim's 18th birthday.
Credit Card Debt? Limitations include written- 10 years, open-ended- 5 years, promissory note- 15 years, & vocally- 5 years.
(1) An action for breach of any contract for sale must be commenced within four (4) years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one (1) year but may not extend it.
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.
Discovery Rule - Under the "discovery rule," the one year limitation period does not begin to run until the plaintiff discovers his or her injury. For this exception to apply, the injury must have been not immediately evident or discoverable with the exercise of reasonable diligence.
These deadlines will vary depending on the type of case and the limitations laws in the Bluegrass State range from one to fifteen years. The ?clock" on claims starts ticking on either the date of the incident or the discovery of the harm.