New Hampshire Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above is a legal contract that outlines the terms and conditions of indemnification provided by a corporation to its high-ranking officers in the case of legal claims or liabilities arising from their role in the company. This agreement aims to protect directors and officers by ensuring their financial security and mitigating potential risks associated with their decision-making responsibilities. The New Hampshire Indemnification Agreement typically includes the following key provisions: 1. Parties and Effective Date: Clearly identifies the corporation and the directors and non-director officers at the vice president level and above who are covered under the agreement. It also states the effective date from which the agreement becomes enforceable. 2. Definitions: Provides detailed definitions of important terms used throughout the agreement, such as "corporation," "officers," "director," "indemnification," and "expenses." 3. Scope of Indemnification: Outlines the extent of indemnification provided by the corporation to its directors and non-director officers, including the reimbursement of legal fees, expenses, judgments, fines, and settlements incurred in connection with legal proceedings. 4. Limitations and Exclusions: Specifies any limitations or exclusions to the indemnification, such as acts of fraud, intentional misconduct, or violations of applicable laws or regulations. 5. Advancement of Expenses: Clarifies that the corporation will advance legal expenses and costs to directors and officers prior to the final determination of their entitlement to indemnification, but subject to repayment if it is determined that they are not entitled to indemnification. 6. Procedure and Notification: Outlines the procedure for seeking indemnification, including prompt notification to the corporation about any legal proceedings, cooperation with the corporation in the defense of such proceedings, and submission of documentation to support the indemnification request. 7. Insurance Coverage: Addresses the corporation's obligation to obtain and maintain adequate directors and officers (D&O) liability insurance coverage to protect both the corporation and its directors and officers. 8. Mandatory Indemnification: States that the corporation is required, to the fullest extent permitted by law, to indemnify directors and officers against legal expenses and liabilities incurred in their official capacity. Different types of New Hampshire Indemnification Agreements may exist based on factors such as the size, nature, and specific requirements of the corporation. These may include: 1. Basic Indemnification Agreement: A standard agreement that provides essential indemnification provisions to protect directors and officers. 2. Enhanced Indemnification Agreement: An agreement that offers extended indemnification coverage, including broader protection against lawsuits, legal actions, and liabilities arising in the course of performing their duties. 3. Tailored Indemnification Agreement: An agreement customized to meet the unique needs of a specific corporation, considering factors such as industry regulations, potential risks, and individual director and officer responsibilities. 4. Indemnification Agreement with Side Letters: In some cases, additional side letters may be attached to the primary agreement, addressing specific concerns or unique circumstances related to indemnification. In conclusion, the New Hampshire Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above is a comprehensive, legally binding contract that safeguards high-ranking officers from financial risks associated with their roles in the company. It assures them of indemnification for legal expenses, judgments, fines, and settlements incurred during their service, subject to certain limitations and exclusions. Different types of agreements may exist, tailored to meet the specific needs and circumstances of the corporation.
New Hampshire Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above
Description
How to fill out New Hampshire Indemnification Agreement Between Corporation And Its Directors And Non-Director Officers At Vice President Level And Above?
You are able to invest time online searching for the legal document design that fits the state and federal needs you want. US Legal Forms offers 1000s of legal varieties which can be reviewed by specialists. It is simple to obtain or printing the New Hampshire Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above from the assistance.
If you have a US Legal Forms account, you are able to log in and then click the Acquire option. Following that, you are able to total, change, printing, or indicator the New Hampshire Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above. Every legal document design you purchase is the one you have for a long time. To get another duplicate associated with a acquired type, visit the My Forms tab and then click the corresponding option.
If you are using the US Legal Forms website initially, adhere to the easy guidelines listed below:
- Very first, make sure that you have selected the right document design for your area/area of your choice. Look at the type description to make sure you have chosen the correct type. If available, make use of the Preview option to search throughout the document design at the same time.
- If you want to find another edition in the type, make use of the Lookup discipline to find the design that fits your needs and needs.
- Upon having discovered the design you would like, click on Acquire now to continue.
- Find the costs strategy you would like, enter your credentials, and register for a merchant account on US Legal Forms.
- Total the purchase. You can utilize your Visa or Mastercard or PayPal account to purchase the legal type.
- Find the format in the document and obtain it in your device.
- Make modifications in your document if needed. You are able to total, change and indicator and printing New Hampshire Indemnification Agreement between Corporation and Its Directors and Non-Director Officers at Vice President Level and Above.
Acquire and printing 1000s of document layouts utilizing the US Legal Forms web site, which provides the largest assortment of legal varieties. Use expert and condition-certain layouts to tackle your organization or person needs.
Form popularity
FAQ
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.
Many company constitutions set out rights of indemnity for directors, and often also include provision for directors and officers (D&O) insurance. Alternatively, they may simply provide that the company may indemnify directors. The deed of indemnity is an agreement between the company and a director.
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 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.
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.
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.
Indemnification clauses are contractual provisions that require one party (the ?Indemnitor?) to indemnify another party (the ?Indemnitee?) for losses that the Indemnitee may suffer. In prime contracts, the owner usually is the Indemnitee and the contractor is the Indemnitor.
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.