West Virginia Indemnity Agreement between corporation and directors and/or officers is a legal document that outlines the terms and conditions for indemnification of directors and/or officers by the corporation. It serves as a valuable protection tool for these individuals against potential legal actions arising from the performance of their duties. One notable type of West Virginia Indemnity Agreement is the "Standard Indemnification Agreement." This agreement typically addresses the indemnification of directors and officers for claims, suits, or proceedings, including costs, expenses, and attorneys' fees incurred as a result of their service to the corporation. It often includes provisions related to advancement of expenses, scope of indemnification, and procedures for making indemnification claims. Another type is the "Expanded Indemnification Agreement," which goes beyond the standard provisions and offers more comprehensive protection for directors and officers. This agreement may include additional provisions such as indemnification for derivative suits, indemnification for liabilities arising in connection with the sale of securities, and indemnification for settlements or judgments reached without the corporation's consent. The purpose of these agreements is to promote the corporation's ability to attract and retain qualified individuals to serve as directors and officers by offering them financial protection. The indemnification provisions assure these individuals that they will be reimbursed for reasonable expenses incurred in their defense against legal actions related to their corporate duties. By entering into an Indemnity Agreement, the corporation demonstrates its commitment to supporting and standing behind its directors and officers, thereby fostering a culture of trust and confidence among its leadership team. This instrument also aligns with the requirements of West Virginia laws, specifically the West Virginia Business Corporation Act, which allows corporations to indemnify their directors and officers to the fullest extent permitted by law. In conclusion, a West Virginia Indemnity Agreement between a corporation and its directors and/or officers safeguards these individuals from potential legal liabilities while ensuring they can carry out their duties with confidence. The various types of West Virginia Indemnity Agreement, such as the Standard Indemnification Agreement and the Expanded Indemnification Agreement, offer different levels of protection and provisions that cater to the specific needs and circumstances of the corporation and its leadership team.
West Virginia Indemnity Agreement between corporation and directors and / or officers
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10 years after occupancy or acceptance by owner, whichever occurs first. Disclaimer: This information was published on August 1, 2021.
West Virginia Code §11-22-1, provides for exemptions to paying the Transfer Tax Fee. Deeds must specifically state the reason for exemption, otherwise, the Transfer Tax Fee will be charged. Every Deed recorded requires a completed Sales Listing Form to be attached. The Sales Listing Form can be found here.
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.
A company may, however, lend money to a director to fund the director's defence costs. Frequently, an indemnity will include a provision under which the company agrees to lend the director the amounts necessary to fund the director's defence costs.
Agreements to indemnify against sole negligence of the indemnitee, his agents or employees against public policy; no action maintainable thereon; exceptions.
Indemnification refers to the right to have a company reimburse current or former directors or officers for all losses, including legal fees, incurred in connection with litigation arising from actions taken in service to the company or at the company's direction.
Indemnification Agreement to secure against loss or damage; to give security for the reimbursement of a person in case of an anticipated loss falling upon him. Also to make good; to compensate; to make reimbursement to one of a loss already incurred by him.
Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.