Utah Indemnity Agreement, also known as an indemnification agreement, is a legal document designed to protect and provide financial security to corporations and its directors, officers, employees, and agents. It outlines the rights and responsibilities of both parties involved, ensuring that individuals in positions of power have necessary safeguards when carrying out their duties. Here is a detailed description of the Utah Indemnity Agreement, its types, and relevant keywords: 1. General Indemnity Agreement: The general indemnity agreement in Utah provides broad protection to directors, officers, employees, and agents against any claims, liabilities, expenses, and damages arising from their actions carried out within the scope of their corporate responsibilities. It aims to assure these individuals that they will not bear personal financial burdens resulting from their work for the corporation. 2. Limited Scope Indemnification: This type of Utah Indemnity Agreement restricts indemnification to specific circumstances, such as legal proceedings involving corporate governance, fiduciary duties, or enforcement actions. It may have more defined terms and conditions compared to a general indemnity agreement. 3. Advancement of Expenses: This section of the Utah Indemnity Agreement ensures that the corporation will advance funds to the directors, officers, employees, and agents for legal expenses incurred during defense against any claim or lawsuit arising from their corporate roles. This provision guarantees that necessary legal representation is accessible without burdening the individual's personal finances. 4. Indemnification for Successful Defense: Utah Indemnity Agreements often stipulate that if the director, officer, employee, or agent successfully defends against any claims, they are entitled to reimbursement for their legal fees and other related expenses. This provision encourages proactive defense and protects individuals if they are wrongfully accused. 5. Indemnity in Merger or Acquisition: In the event of a merger, acquisition, or other corporate reorganization, this section of the Utah Indemnity Agreement ensures that directors, officers, employees, and agents are protected from any potential liabilities arising from the transaction. It helps mitigate risks and encourages individuals to actively participate in such corporate activities. 6. Indemnity Insurance: Some Utah Indemnity Agreements may require the corporation to secure directors and officers (D&O) insurance to further protect individuals from personal financial liability. This insurance coverage can provide additional security against legal claims, expenses, and damages incurred during the course of their work. Keywords: Utah Indemnity Agreement, indemnification agreement, directors, officers, employees, agents, legal document, financial security, corporate governance, fiduciary duties, enforcement actions, legal proceedings, expenses advancement, successful defense, merger, acquisition, reorganization, liabilities, indemnity insurance, personal financial liability. Note: It is always advisable to consult with legal professionals when drafting or entering into any indemnity agreement to ensure compliance with Utah state laws and specific corporate requirements.
Utah Indemnity Agreement between corporation and directors officers employees and agents of corporation
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How to fill out Indemnity Agreement Between Corporation And Directors Officers Employees And Agents Of Corporation?
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Indemnification in California Under California law, employers must indemnify their employees, and defend them in court, if the lawsuit against the employee is brought for actions that occurred in the scope of the employee's employment.
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 of Employee. Employer shall indemnify Employee and hold him harmless for lawful acts or decisions made by him in good faith while performing his duties for Employer, its parent, subsidiaries and affiliates to the full extent allowed by law.
Utah's anti-indemnification statute defines an ?indemnification provision? as an agreement between any combination of construction managers, general contractors, subcontractors, sub-subcontractors or suppliers (collectively, ?construction workers?) ?requiring the promisor to insure, hold harmless, indemnify, or defend ...
Employee shall indemnify and hold Employer harmless from all liability for loss, damage, or injury to persons or property resulting from the gross negligence or intentional misconduct of the Employee.
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.
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 ...
The Company shall indemnify and hold Employee harmless to the fullest extent permitted by the laws of the Company's state of incorporation in effect at the time against and in respect of any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including advancement of reasonable attorney's ...