Common use of Contribution Procedure Clause in Contracts

Contribution Procedure. Within fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party (“contributing party”), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid 15 days, the contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 5.3.2 are intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise available. Each Underwriter’s obligations to contribute pursuant to this Section 5.3 are several and not joint. Default by an Underwriter. Default Not Exceeding 10% of Securities or Option Securities. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Securities or the Option Securities, and if the number of the Securities or the Option Securities with respect to which such default relates does not exceed in the aggregate 10% of the number of Securities or the Option Securities that all Underwriters have agreed to purchase hereunder, then such Securities or the Option Securities to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.

Contribution Procedure. Within fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party (“contributing party”), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid 15 days, the contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 5.3.2 3(b) are intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise available. Each Underwriter’s obligations AEGIS CAPITAL CORP. By: Name: Xxxxx Xxxxxx Title: Head of Investment Banking Accepted and Agreed to contribute pursuant to this Section 5.3 are several and not joint. Default by an Underwriter. Default Not Exceeding 10% of Securities or Option Securities. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Securities or the Option Securities, and if the number as of the Securities or the Option Securities with respect date first written above: ‘ NXT-ID, INC. By: Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer Address for notice: 000 Xxxxx Xxxxx, Xxxxx X Xxxxxxxxx, XX 00000 Attention: Xxxx X. Xxxxxxx, Chief Executive Officer Fax No: 000-000-0000 Pursuant to which such default relates does not exceed in the aggregate 10% of the number of Securities or the Option Securities that all Underwriters have agreed to purchase hereunderPlacement Agency Agreement between Nxt-ID, then such Securities or the Option Securities to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.Inc. and Aegis Capital Corp.]

Contribution Procedure. Within fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party (“contributing party”), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid 15 days, the contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 5.3.2 3(b) are intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise available. Each Underwriter’s obligations AEGIS CAPITAL CORP. By: Name: Xxxxx Xxxxxx Title: Head of Investment Banking Accepted and Agreed to contribute pursuant to this Section 5.3 are several and not joint. Default by an Underwriter. Default Not Exceeding 10% of Securities or Option Securities. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Securities or the Option Securities, and if the number as of the Securities or the Option Securities with respect date first written above: ‘ NXT-ID, INC. By: _________________________ Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer Address for notice: 000 Xxxxx Xxxxx, Xxxxx X Melbourne, FL 32934 Attention: Xxxx X. Xxxxxxx, Chief Executive Officer Fax No: 000-000-0000 Pursuant to which such default relates does not exceed in the aggregate 10% of the number of Securities or the Option Securities that all Underwriters have agreed to purchase hereunderPlacement Agency Agreement between Nxt-ID, then such Securities or the Option Securities to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.Inc. and Aegis Capital Corp.]

Contribution Procedure. Within fifteen (15) days after receipt by any party to this Agreement (or its representative) of notice of the commencement of any action, suit or proceeding, such party will, if a claim for contribution in respect thereof is to be made against another party (“contributing party”), notify the contributing party of the commencement thereof, but the failure to so notify the contributing party will not relieve it from any liability which it may have to any other party other than for contribution hereunder. In case any such action, suit or proceeding is brought against any party, and such party notifies a contributing party or its representative of the commencement thereof within the aforesaid 15 days, the contributing party will be entitled to participate therein with the notifying party and any other contributing party similarly notified. Any such contributing party shall not be liable to any party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution on account of any settlement of any claim, action or proceeding affected by such party seeking contribution without the written consent of such contributing party. The contribution provisions contained in this Section 5.3.2 3(b) are intended to supersede, to the extent permitted by law, any right to contribution under the Securities Act, the Exchange Act or otherwise available. Each Underwriter’s obligations [Signature page follows] Aegis capital corp. By: Name: Xxxxx Xxxxxx Title: Head of Investment Banking Accepted and Agreed to contribute pursuant to this Section 5.3 are several and not joint. Default by an Underwriter. Default Not Exceeding 10% of Securities or Option Securities. If any Underwriter or Underwriters shall default in its or their obligations to purchase the Securities or the Option Securities, and if the number as of the Securities or the Option Securities with respect date first written above: ‘ NXT-ID, INC. By: _________________________ Name: Xxxx X. Xxxxxxx Title: Chief Executive Officer Address for notice: 000 Xxxxx Xxxxx, Xxxxx X Xxxxxxxxx, XX 00000 Attention: Xxxx X. Xxxxxxx, Chief Executive Officer Fax No: 000-000-0000 [Signature Page to which such default relates does not exceed in the aggregate 10% of the number of Securities or the Option Securities that all Underwriters have agreed Indemnification Provisions Pursuant to purchase hereunderPlacement Agency Agreement between Nxt-ID, then such Securities or the Option Securities to which the default relates shall be purchased by the non-defaulting Underwriters in proportion to their respective commitments hereunder.Inc. and Aegis Capital Corp.]