Common use of INDEMNIFICATION OF OFFICER Clause in Contracts

INDEMNIFICATION OF OFFICER. In addition to all other rights of indemnification he may have as an Officer of the Company, he shall be indemnified by the Company for all reasonable expenses and liabilities of any type or nature, including attorneys' fees, incurred in connection with any action, suit or proceeding to which he is a party by reason of, or in connection with his position as an Officer of the Company and against all amounts paid by him in settlement thereof, provided that such settlement is approved by independent legal counsel selected by the Company, except to the extent that such expenses relate to matters for which it is adjudged that such Officer is liable for willful misconduct; provided, that within 15 days after the institution of any such action, suit or proceeding, the Officer involved therein shall, in writing, notify the Company of such action, suit or proceeding, so that the Company may have the opportunity to make appropriate arrangements to prosecute or defend the same. Company will supply officers liability insurance.