Common use of COMPANY'S CALL RIGHT Clause in Contracts

COMPANY'S CALL RIGHT. If, prior to the date of the Company's IPO, the Company terminates Executive for Cause as defined in Section 5(d) hereof (including Executive quitting without Good Reason under Section 5(d)(5)), then Gaming Holdings and the Company shall have the right but not the obligation to purchase any vested membership interest (or shares exchanged by such interest) within thirty days of the Termination Date at a price equal to two times the price Executive originally paid Gaming Holdings for such membership interest. The Call right must be exercised in writing by Gaming Holdings or the Company within thirty days of the Termination Date or it shall become void and without further effect. If Gaming Holdings or the Company exercises the Call hereunder, Executive must tender such membership interest or shares and otherwise complete the transaction hereunder within thirty days of Gaming Holdings' or the Company's exercise of the Call. If the Company purchases such membership interest or shares, the Company and Gaming Holdings hereby agree that Gaming Holdings shall promptly thereafter purchase such membership interest or shares from the Company for a purchase price of $1." (c) Sections 6(a), 9(a), (b), (d), (h) and (k) of the Employment Agreement are hereby amended so that Gaming Holdings has the same rights and obligations under such Sections as the Company.