New Jersey Proposed amendment to Bylaws regarding director and officer indemnification with copy of amendment
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How to fill out Proposed Amendment To Bylaws Regarding Director And Officer Indemnification With Copy Of Amendment?
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FAQ
Companies can agree to indemnify their directors and officers for liability incurred by them in their capacity. A company's constitution usually sets out indemnification rights for directors and officers and provides for D&O Insurance.
The presumptive indemnification provision, found in most directors and officers (D&O) liability policies, states that, in a claim situation, it is presumed that the corporate organization has indemnified its directors and officers to the fullest extent permitted by law, regardless of whether the corporation does, in ...
Indemnifications, or ?hold harmless? provisions, shift risks or potential costs from one party to another. One party to the contract promises to defend and pay costs and expenses of the other if specific circumstances arise (often a claim or dispute with a third party to the contract).
The indemnity may cover liability incurred by the director to any person other than the company or an associated company. This may include both legal costs and the financial costs of an adverse judgement.
These provisions generally require the portfolio company to expressly acknowledge that the director has rights of indemnification, advancement, and insurance from the sponsor; to agree that it is the indemnitor of first resort and that it is obligated to advance all expenses and indemnify for all judgments, penalties, ...
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.
Most indemnification provisions require the indemnifying party to "indemnify and hold harmless" the indemnified party for specified liabilities. In practice, these terms are typically paired and interpreted as a unit to mean "indemnity."
A director and officer indemnification agreement is a contract that allows executives to protect themselves from claims made against them while performing job.