Minnesota Indemnity Agreement is a legally binding contract established between a corporation and its directors, officers, employees, and agents. This agreement aims to provide protection and financial security to these individuals in case they incur any legal expenses or liabilities while performing their duties on behalf of the corporation. The indemnity agreement ensures that the corporation will cover the legal costs and damages incurred by its representatives, safeguarding them from personal liability in certain situations. The Minnesota Indemnity Agreement serves as a crucial safeguard for individuals who hold key roles within the corporation, ensuring that they feel confident and protected while making decisions and carrying out their responsibilities. This agreement offers indemnification, which is the legal term for the corporation assuming responsibility for the financial consequences of legal actions taken against its directors, officers, employees, and agents. Keywords: Minnesota Indemnity Agreement, corporation, directors, officers, employees, agents, legal expenses, liabilities, protection, financial security, legal costs, damages, personal liability, key roles, safeguard, indemnification. Types of Minnesota Indemnity Agreements: 1. Director Indemnity Agreement: This type of agreement specifically focuses on providing protection and financial security to the corporation's directors. It outlines the terms and conditions under which the corporation will indemnify the directors for legal expenses and liabilities incurred during the course of their service to the corporation. 2. Officer Indemnity Agreement: An officer indemnity agreement is designed to protect the corporation's officers, such as the CEO, CFO, and other high-ranking executives. This agreement outlines the corporation's commitment to cover legal costs and liabilities faced by officers while carrying out their duties. 3. Employee Indemnity Agreement: This category of the indemnity agreement is tailored to cover the corporation's employees against legal expenses and liabilities resulting from actions performed within the scope of their employment. It outlines the conditions under which the corporation will bear the financial burden of defending its employees. 4. Agent Indemnity Agreement: Agents, such as independent contractors or consultants representing the corporation, may also be covered under a separate indemnity agreement. This agreement defines the obligations of the corporation to indemnify the agents for legal expenses and liabilities incurred during the course of their agency relationship. By establishing a Minnesota Indemnity Agreement, corporations can ensure their directors, officers, employees, and agents are protected from personal liability while acting in the best interest of the organization. It provides peace of mind and reassurance to these individuals, allowing them to perform their duties diligently without fear of potential legal consequences.
Minnesota 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.
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 ...
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.
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.
336.2-725 STATUTE OF LIMITATIONS IN CONTRACTS FOR SALE. (1) An action for breach of any contract for sale must be commenced within four 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 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.
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.