Common use of Contribution Rights Clause in Contracts

Contribution Rights. (a) The Company irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors arising on or after the respective dates of the Fund Indemnitees’ election or appointment to the Company’s board of directors (each an “Election Date”) for contribution, subrogation or any other recovery of any kind in respect thereof. (b) The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of a Fund Indemnitee with respect to any claim arising on or after an Election Date for which such Fund Indemnitee is entitled to indemnification from the Company shall affect the rights granted hereunder, and the Fund Indemnitors shall have a right of contribution equal to 100% of any amounts advanced or paid by the Fund Indemnitors to the Fund Indemnitee relating to such claim and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such Fund Indemnitee against the Company. For the avoidance of doubt, if a Fund Indemnitor, for example, advances payment or indemnifies a Fund Indemnitee for $1000.00 for a claim for which such Fund Indemnitee is also entitled to indemnification by the Company, then the Company shall be obligated to make a payment or contribution to such Fund Indemnitors of $1000.00.