Exchange of Carried Interest and Contracting Entity for Equity of HHG Sample Clauses

Exchange of Carried Interest and Contracting Entity for Equity of HHG. As set forth in paragraph 1.1 hereof, with respect to the first Hotel acquisition and the second Hotel acquisition under this Agreement, the total Carried Interest shall initially be owned separately by Galway and HHG, with each party owning 50% of such Carried Interest. Upon the closing of the second Hotel acquisition, provided that such acquisition occurs prior to September 30, 2002, Galway shall convey to HHG all of Galway's Carried Interests in both Hotels for shares of Class A Common stock of HHG, par value $.002 ("HHG Common Stock") equal in number to six percent (6%) of the issued and outstanding HHG Common Stock. Following such exchange, all Carried Interests of any Hotel acquired under this Agreement and all ownership interests in the Contracting Entity shall be owned entirely by HHG, and the benefit to Galway for such Carried Interest shall come from the benefits of owning equity in HHG. If the closing of the second Hotel acquisition under this Agreement does not occur on or before September 30, 2002, Galway shall have no right to exchange its Carried Interest(s) for shares of Xxxxxxx, unless otherwise later agreed to by HHG in writing.
Sample 1
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Related to Exchange of Carried Interest and Contracting Entity for Equity of HHG

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