Common use of Indemnity Escrow Agreement Clause in Contracts

Indemnity Escrow Agreement. At the closing of the Offering, an amount equal to $500,000 from the offering proceeds shall be placed into a non-interest bearing escrow account to be determined, for the purpose of indemnification under Section 8 by the Company and the Selling Shareholders, for a period of two (2) years from the closing of the Offering. Disbursement of such escrow funds shall be determined by an independent third-party trustee, to be chosen by mutual consent of the Company, Selling Shareholders and Placement Agent.

Indemnity Escrow Agreement. At the closing of the Offering, an amount equal to [$500,000 500,000] from the offering proceeds shall be placed into a non-interest bearing escrow account to be determined, for the purpose of indemnification under Section 8 by the Company and the Selling ShareholdersCompany, for a period of two (2) years from the closing of the Offering. Disbursement of such escrow funds shall be determined by an independent third-party trustee, to be chosen by mutual consent of the Company, Selling Shareholders Company and Placement AgentUnderwriter.