Common use of Indemnification and Advancement Clause in Contracts

Indemnification and Advancement. In the event Executive is made, or threatened to be made, a party to any legal action or proceeding, by reason of the fact that Executive is or was an employee or officer of the Company or serves or served any other entity in any capacity at the Company’s request, Executive shall be indemnified by the Company, and the Company shall advance Executive’s related expenses when and as incurred, including but not limited to attorney fees, as set forth in the current by-laws of the Company. During his employment with the Company and thereafter so long as the Executive may have liability arising out of his service as an officer or director of the Company, the Company agrees to continue and maintain a director’s and officer’s liability insurance policy covering the Executive with coverage no less than that available to active directors and officers of the Company.