17-102E 17-102E . . . Indemnification Agreements between corporation and its directors and non-director officers at level of Vice President and above. The proposal states that Board anticipates that, if these Indemnification Agreements are ratified and approved, corporation may enter into similar Indemnification Agreements with new directors and non-director officers at same levels without seeking stockholder approval or ratification and that stockholder who votes in favor of ratification and approval sought herein may be estopped from making a claim that such future agreements are invalid
Michigan Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above
Category:
State:
Multi-State
Control #:
US-CC-17-102E
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Indemnification Agreement Between Corporation And Its Directors And Non-Director Officers At Vice President Level And Above?
US Legal Forms - one of the largest libraries of lawful types in the United States - offers a wide array of lawful document themes you may acquire or print. Using the internet site, you can get thousands of types for business and specific reasons, categorized by categories, states, or keywords.You will find the newest types of types just like the Michigan Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above within minutes.
If you currently have a monthly subscription, log in and acquire Michigan Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above from your US Legal Forms local library. The Acquire button will show up on each and every type you perspective. You have accessibility to all earlier delivered electronically types in the My Forms tab of your respective bank account.
If you wish to use US Legal Forms initially, here are easy directions to help you get started:
- Be sure you have picked the right type to your town/state. Select the Preview button to analyze the form`s articles. See the type explanation to ensure that you have selected the proper type.
- In the event the type doesn`t suit your specifications, take advantage of the Research field towards the top of the display screen to get the one which does.
- Should you be content with the shape, confirm your decision by simply clicking the Purchase now button. Then, select the pricing program you favor and offer your accreditations to register to have an bank account.
- Method the deal. Utilize your charge card or PayPal bank account to complete the deal.
- Pick the structure and acquire the shape on your gadget.
- Make modifications. Load, edit and print and indicator the delivered electronically Michigan Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above.
Every template you included with your account does not have an expiration time which is your own property for a long time. So, in order to acquire or print another version, just go to the My Forms section and click on the type you need.
Get access to the Michigan Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above with US Legal Forms, probably the most substantial local library of lawful document themes. Use thousands of professional and state-particular themes that fulfill your business or specific needs and specifications.
Form popularity
FAQ
The state of Michigan and the IRS require nonprofits to have a minimum of three directors. On the other hand, it is recommended that nonprofits have anywhere between three to twenty-five board members, depending on size and scope.
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 is often very broad, often extending ?to the maximum extent permitted by law?, whereas D&O insurance polices contain numerous exclusions and conditions. In addition, D&O insurance must be renewed each year, with possible changes in terms and conditions.
Corporate bylaws are required in Michigan. ing to MI Comp L § 450.1231, ?the initial bylaws of a corporation shall be adopted? at the first organizational meeting following incorporation. In other words, bylaws are legally necessary to form a corporation in Michigan.
(3) "Independent director" means a director who meets all of the following requirements: (a) Is elected by the shareholders. (b) Is designated as an independent director by the board or the shareholders. (c) Has at least 5 years of business, legal, or financial experience, or other equivalent experience.
Sec. 488. (1) An agreement among the shareholders of a corporation that complies with this section is effective among the shareholders and the corporation even though it is inconsistent with this act in 1 or more of the following ways: (a) It eliminates the board or restricts the discretion or powers of the board.
The state of Michigan and the IRS require nonprofits to have a minimum of three directors.
(1) The officers of a corporation shall consist of a president, secretary, treasurer, and, if desired, a chairperson of the board, 1 or more vice presidents, and any other officers as prescribed in the bylaws or determined by the board.