Release from liability / Freistellungserklärung gegenüber Geschäftsführer

Release from liability



... (“Debtor”)



... (“Beneficiary”)



The beneficiary has been appointed as Managing Director of ____ GmbH, Address, _ ______. She may be liable pursuant _ Managing Director’s liability. For any payment obligation resulting of her Managing Director’s liability, _ debtor wants _ give a promise with _ content, that _ debtor shall release _ compensate _ beneficiary upon her demand from all obligations _ costs resulting of her Managing Director’s liability during _ term of her activities as Managing Director for _____ GmbH. Now _ parties agree as follows:


§ 1 Release _ compensation promise

The debtor will _ the maximum extent permitted by law, indemnify _ hold harmless _ beneficiary from any _ all judgements _ administrative measures, payments _ costs, resulting of her Managing Director’s liability during her activities as Managing Director for ____ GmbH, except for such judgements _ administrative measures, payments _ costs, that, pursuant _ a juridical confirmation, have resulted from _ bad faith, gross negligence _ wilful misconduct of, _ the fraud of _ beneficiary.


§ 2 Expiration of promise

The promise expires with _ termination of _ beneficiary’s employment agreement as Managing Director _ with _ remove of _ beneficiary as Managing Director by ____ GmbH.


§ 3 Assignment

This promise _ the rights from this may not be assigned _ a third person by either party hereto without _ prior written consent of _ other party.


§ 4 Successors

This promise _ also binding for _ successors of _ parties.


§ 5 Entire promise

1. This promise constitutes _ entire promise among _ parties. Modifications _ amendments _ this promise are only binding if in written.

2. If any provision of this agreement shall be held invalid, _ remainder of this promise shall not be affected thereby.


§ 6 Choice of law, place of performance, venue

1. This promise shall be governed by _ laws of _ Federal Republic of Germany.

2. _ place of performance _ venue _ _________


Place, Date, Signatures

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