Common use of NO INDEMNITY PURSUANT TO THIS Clause in Contracts

NO INDEMNITY PURSUANT TO THIS. SECTION 7 SHALL BE PAID BY COMPANY EXCEPT: (a) To the extent the aggregate of amounts to be indemnified thereunder exceed the sum of $500.00 plus the amount of such losses for which the Executive is indemnified either pursuant to the by-laws of the Company or any subsidiary thereof, or pursuant to any Directors and Officers Liability Insurance purchased and maintained by Company; (b) In respect to remuneration paid to Executive, if it shall be determined by a final judgment or other final adjudication that such remuneration was in violation of law; (c) On account of any suit in which judgment is rendered against Executive for an accounting of profits made form the purchase or sale by Executive of securities of the Company, pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, and amendment thereto, or similar provisions of any federal, state, or local statutory law; (d) On account of conduct which is finally adjudged to have been willful misconduct by Executive; and (e) If a final decision by a Court having jurisdiction in the matter shall determine that such indemnification to Executive is not lawful.