The Virginia Indemnification Agreement is a legal contract established between a corporation and its directors to provide protection and financial security to the directors in case of any legal claims or liabilities arising from their actions or decisions while serving the company. This agreement is essential as it assures directors that their personal assets will not be at risk as a result of their corporate duties. One type of Virginia Indemnification Agreement is the "Virginia Corporate Indemnification Agreement." This agreement specifically outlines the scope of indemnification provided by the corporation to its directors. It typically includes provisions for the reimbursement of legal expenses, court costs, settlements, and judgments incurred by directors, subject to certain limitations. Another type of Virginia Indemnification Agreement is the "Virginia Director Indemnification Agreement." This agreement focuses on the duties, responsibilities, and liabilities of directors and the corporation's commitment to providing indemnification in line with state laws and regulations. It covers instances where directors may face legal claims arising from their fiduciary duties, corporate governance, or decision-making processes. Key terms that often appear in a Virginia Indemnification Agreement include: 1. Identifiable Claims: This refers to legal claims and liabilities against a director that arise from their role as a director, including those brought by the corporation, shareholders, or third parties. 2. Standard of Conduct: The agreement establishes the standard of conduct expected from directors, outlining their duty of care, duty of loyalty, and compliance with applicable laws and regulations. 3. Advancement of Expenses: The agreement stipulates that the corporation will advance funds necessary to cover the costs incurred by directors in defending themselves against covered claims, including legal fees, expert witness fees, and other reasonable expenses. 4. Procedure for Indemnification: It details the process and procedure for directors to request indemnification from the corporation, including notification requirements, submission of documentation, and the corporation's review and approval process. 5. Limitations and Exceptions: The agreement may contain limitations on indemnification, such as exclusions for intentional misconduct, improper personal benefit, or actions taken in violation of the law. It may also address insurance requirements and the impact on indemnification. Virginia Indemnification Agreements are crucial for attracting qualified individuals to serve as directors, assuring them that the corporation will stand by them in litigation or legal proceedings. These agreements are designed to protect the personal assets of directors, allowing them to fulfill their roles without fear of excessive personal liability.
Virginia Indemnification Agreement between corporation and its current and future directors
Description
How to fill out Virginia Indemnification Agreement Between Corporation And Its Current And Future Directors?
US Legal Forms - one of the largest libraries of authorized forms in America - delivers an array of authorized file layouts it is possible to obtain or printing. While using internet site, you can get a large number of forms for enterprise and person reasons, categorized by groups, says, or keywords.You can get the most up-to-date types of forms just like the Virginia Indemnification Agreement between corporation and its current and future directors in seconds.
If you have a membership, log in and obtain Virginia Indemnification Agreement between corporation and its current and future directors in the US Legal Forms catalogue. The Download key will appear on every single develop you see. You have access to all earlier downloaded forms inside the My Forms tab of your respective accounts.
In order to use US Legal Forms initially, listed below are straightforward recommendations to obtain started off:
- Ensure you have picked the correct develop for the city/state. Select the Review key to check the form`s information. Browse the develop outline to actually have chosen the correct develop.
- When the develop doesn`t fit your requirements, make use of the Research discipline on top of the monitor to get the one who does.
- When you are content with the shape, validate your choice by clicking the Buy now key. Then, choose the rates prepare you favor and offer your accreditations to sign up on an accounts.
- Approach the deal. Use your charge card or PayPal accounts to finish the deal.
- Choose the formatting and obtain the shape on your product.
- Make modifications. Complete, edit and printing and signal the downloaded Virginia Indemnification Agreement between corporation and its current and future directors.
Every single web template you put into your account does not have an expiry particular date and is your own property for a long time. So, in order to obtain or printing yet another backup, just go to the My Forms segment and then click around the develop you want.
Get access to the Virginia Indemnification Agreement between corporation and its current and future directors with US Legal Forms, the most considerable catalogue of authorized file layouts. Use a large number of skilled and express-particular layouts that fulfill your business or person requires and requirements.
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.
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.
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.
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.
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.
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 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.
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.