Duplication of Payments. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. The Company shall not be liable under this Agreement to make any payment in connection with any claim made against Indemnitee to the extent Indemnitee has actually received payment (under any insurance policy, the Articles, the Regulations or otherwise) of the amounts otherwise payable hereunder. Shareholder Ratification. The Company may, at its option, propose at any future meeting of Shareholders that this Agreement be ratified by the Shareholders; provided, however, that the Indemnitee's rights hereunder shall be fully enforceable in accordance with the terms hereof whether or not such ratification is sought or obtained.
Appears in 7 contracts
Samples: Director Indemnification Agreement (Oglebay Norton Co /Ohio/), Director Indemnification Agreement (Oglebay Norton Co /Ohio/), Director Indemnification Agreement (Oglebay Norton Co /Ohio/)
