Release from liability / Freistellungserklärung gegenüber Geschäftsführer

Release from liability

 

between

... (“Debtor”)

 

and

... (“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 ... to ... 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 ... 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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