Common use of Prohibited Indemnification Clause in Contracts

Prohibited Indemnification. No indemnification pursuant to this Agreement shall be paid by the Company: (i) on account of any Proceeding in which judgment is rendered against Indemnitee for an accounting of profits made from the purchase or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of any federal, state, or local laws; or (ii) if a court of competent jurisdiction by a final judicial determination, shall determine that such indemnity is not permitted under applicable law.