The Oregon Indemnity Agreement between a corporation and its directors and/or officers is a legal document that outlines the terms and conditions for indemnification provided by the corporation to its directors and/or officers in certain legal proceedings or liabilities arising from their work on behalf of the corporation. This agreement is designed to protect the individuals serving in these positions by providing financial and legal support when facing potential legal actions. Keywords: Oregon Indemnity Agreement, corporation, directors, officers, indemnification, legal proceedings, liabilities, financial, legal support. There are different types of Oregon Indemnity Agreements, depending on various factors such as the corporation's size, industry, and specific requirements. Listed below are some common types: 1. Standard Oregon Indemnity Agreement: This type of agreement is typically used by most corporations in Oregon. It provides a general framework for indemnifying directors and officers in legal matters arising from their duties performed on behalf of the corporation. 2. Broad Indemnification Agreement: In some cases, corporations may choose to offer a broader indemnification scope to their directors and officers. This type of agreement provides increased protection by extending indemnification to a wider range of legal actions or liabilities. 3. Limited Indemnification Agreement: Contrary to a broad indemnification agreement, a limited indemnification agreement may impose certain restrictions on the scope or extent of indemnification provided to directors and officers. This type of agreement may be adopted by corporations to define specific situations or conditions in which indemnification would be applicable. 4. Indemnity Agreement with Financial Limitations: In certain instances, a corporation may have financial limitations or be unwilling to provide unlimited indemnification coverage. This type of agreement outlines specific financial limits on the indemnification provided to directors and officers, limiting the financial responsibility of the corporation. 5. Advancement of Expenses Agreement: Apart from indemnification, an advancement of expenses agreement can be included within the Oregon Indemnity Agreement. This provision allows the corporation to advance legal expenses, such as attorney fees or court costs, to directors and officers during the legal proceedings, ensuring they have access to necessary resources. It is important for corporations and their directors/officers to carefully review and negotiate the terms of the Oregon Indemnity Agreement to ensure adequate protection while considering the specific requirements and limitations of the corporation. Seeking legal advice is highly recommended drafting an agreement that aligns with the corporation's needs and complies with Oregon's indemnification laws.
Oregon Indemnity Agreement between corporation and directors and / or officers
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How to fill out Oregon Indemnity Agreement Between Corporation And Directors And / Or Officers?
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FAQ
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.
In corporate law, an indemnity agreement serves to hold Board Directors and company executives free from personal liability if the company becomes sued or suffers damages.
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.
Indemnity is a type of insurance compensation paid for damage or loss. When the term is used in the legal sense, it also may refer to an exemption from liability for damage. Indemnity is a contractual agreement between two parties in which one party agrees to pay for potential losses or damage caused by another party.
Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.
Indemnity Agreement: Although similar to a hold harmless agreement, an indemnity agreement is an arrangement whereby one party agrees to pay the other party for any damages regardless of who is at fault.
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 ...