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This document outlines the indemnification agreement between Petroleum Geo-Services ASA and its director, providing protection against liabilities and expenses incurred in relation to being a director.
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How to fill out director indemnification agreement
How to fill out DIRECTOR INDEMNIFICATION AGREEMENT
01
Gather necessary corporate documents and agreements.
02
Fill in the date at the top of the agreement.
03
Identify the parties involved, including the corporation's name and the director's name.
04
Specify the duties and responsibilities of the director.
05
Outline the indemnification terms, including which expenses and liabilities are covered.
06
Include any limitations or exclusions to the indemnification.
07
Provide space for signatures and dates at the bottom of the agreement.
08
Review the agreement with legal counsel if necessary.
Who needs DIRECTOR INDEMNIFICATION AGREEMENT?
01
Any company that wishes to protect its directors from legal liability.
02
Corporations wanting to attract and retain qualified individuals for board positions.
03
Organizations that engage in activities that may expose directors to legal risks.
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People Also Ask about
What is indemnification of a director?
Director & Officer Indemnification Agreements are written contracts in which a public or private company agrees to indemnify one or more of its officers or directors and pay damages, losses, liabilities, obligations, settlements, penalties, assessments, claims, judgments, expenses or other costs incurred by such
What is director's indemnity?
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.
How to write an indemnification clause in a contract?
How to Write an Indemnity Agreement Consider the Indemnity Laws in Your Area. Draft the Indemnification Clause. Outline the Indemnification Period and Scope of Coverage. State the Indemnification Exceptions. Specify How the Indemnitee Notifies the Indemnitor About Claims. Write the Settlement and Consent Clause.
What is indemnification in simple terms?
To indemnify, also known as indemnity or indemnification, means compensating a person for damages or losses they have incurred or will incur related to a specified accident, incident, or event.
Can a director be indemnified?
A deed of indemnity is a contractual agreement between a company and a company director. A deed of indemnity can help to indemnify a director against liabilities or legal costs incurred in his or her professional capacity as a director of the company.
What is director indemnification?
Indemnification of officers and directors refers to the practice of protecting these individuals from personal liability for actions taken in their official capacity while managing or directing a company.
What is a director's indemnity?
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.
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What is DIRECTOR INDEMNIFICATION AGREEMENT?
A Director Indemnification Agreement is a legal contract that protects directors and officers of a corporation from personal liability for actions taken in their official capacity.
Who is required to file DIRECTOR INDEMNIFICATION AGREEMENT?
Typically, the corporation itself is required to adopt and file the Indemnification Agreement to protect its directors and officers.
How to fill out DIRECTOR INDEMNIFICATION AGREEMENT?
To fill out a Director Indemnification Agreement, you need to provide the name of the corporation, the director's name, the terms of indemnification, and any limitations or conditions.
What is the purpose of DIRECTOR INDEMNIFICATION AGREEMENT?
The purpose of the agreement is to mitigate risks for directors and officers, ensuring they are not personally liable for decisions made on behalf of the corporation or its business activities.
What information must be reported on DIRECTOR INDEMNIFICATION AGREEMENT?
The agreement must report details such as the identity of the parties involved, the indemnification terms, the scope of protection, and any specific provisions or exclusions.
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