APCOA Call Option Sample Clauses

APCOA Call Option. After the completion of the sixth fiscal year of operations of the Company, that is after the year 2002, APCOA shall have the option to acquire 20% (the "Option Interest") of Executive's initial Percentage Interest in the Company (as set forth on Schedule A). APCOA shall also have the option to acquire additional Option Interests from Executive after the completion of the years 2003, 2004, 2005 and 2006. APCOA's option rights hereunder shall be cumulative so that any options hereunder which are not exercised in the Year in which the option first existed may be exercised during any subsequent period in which any other option granted to APCOA in this Section 10.2 may be exercised. APCOA's options hereunder may be exercised at any time during the thirty day period (the "Option Period") following APCOA's receipt of the Company's annual financial statement for the preceding year as required by Section 9.2. Exercise of the Option shall be made by APCOAS delivery to Executive of a written notice of exercise of the option which shall set forth the number of Option Interests being acquired by APCOA (which may be one or more than one if APCOA is exercising options not previously exercised by it in prior Option Periods) and APCOA's computation of the Option Price (which shall be computed as hereafter set forth). The notice shall be accompanied by APCOA's check for the amount of the Option Price. In the event of APCOA's exercise of any option granted hereunder, the effective date of the exercise shall be deemed to be January 1 of the year in which the notice is sent by APCOA. The Option Price for the exercise of any option hereunder by APCOA shall be computed in accordance with the following formula: Option Price = [Number of] Option Interests being Acquired] x [20%] x [Executive's Initial Percentage Interest] x [5] x [Recast Pretax Profit of the Company for the Prior Fiscal Year] Within thirty days after Executive's receipt of a notice of exercise by APCOA hereunder and a check for the Option Price, Executive shall deliver to APCOA an executed Assignment of Limited Liability Company Interest in the form of Schedule E.