11 Indemnification
11.1 The Company will indemnify and hold harmless each of the Underwriters, their directors, officers and employees (each an “Indemnified Party”) from and against any and all losses, claims, damages or liabilities, joint or several, to which any Indemnified Party may become subject insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any breach or alleged breach of any of the representations and warranties, undertakings or other obligations of the Company contained in this Agreement or any untrue statement or alleged untrue statement of any material fact contained in the Registration Statement and Prospectus, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and will reimburse the Indemnified Party for any legal or other expenses reasonably incurred by the Indemnified Party in connection with investigating or defending any such loss, claim, damage, liability or action as such expenses are incurred. This indemnity will be in addition to any remedy which any Indemnified Party may otherwise have.
11.2 The Company hereby acknowledges and agrees that (a) the underwriting of the Offered Shares pursuant to this Agreement is an arm’s-length commercial transaction between the Company, on the one hand, and the Underwriters and any affiliates through which it may be acting, on the other, (b) the Underwriters are acting as principal and not as an agent or fiduciary of the Company, and (c) the Company’s engagement of the Underwriters in connection with the Offering and the process leading up to the Offering is as independent contractors and not in any other capacity. Furthermore, the Company agrees that it is solely responsible for making its own judgments in connection with the Offering (irrespective of whether any of the Underwriters has advised or is currently advising the Company on related or other matters). The Company agrees that it will not claim that the Underwriters have rendered advisory services of any nature or respect, or owe an agency, fiduciary or similar duty to the Company, in connection with the Offering or the process leading thereto.