Executive Call Option Sample Clauses

Executive Call Option. If APCOA has not given notice of its exercise of its options to purchase all of Executive's Percentage Interest in the Company on or before the expiration of the Option Period commencing after the completion of the year 2006 (the "Last Option Period"), Executive shall have the option to purchase all, but not less than all, of APCOA's Percentage Interest in the Company determined as of the expiration of such Option Period. Executive's option shall be exercised within sixty days after the expiration of the Last Option Period. Exercise of Executive's option shall be made by delivery to APCOA of a written notice of exercise accompanied by Executive's check for the Option Price for APCOA's initial Percentage Interest in the Company (as set forth on Schedule A). Such Option Price shall be the product of (i) APCOA's initial Percentage Interest times (ii) five times (iii) the Recast Pretax Profit of the Company for the year 2006. Executive's purchase of APCOA's initial Percentage Interest in accordance with this Section 10.3 shall be effective as of January 1 of the year in which Executive's option is exercised. By delivery of its notice of exercise, Executive shall be deemed also to have agreed to repurchase any remaining interest owned by APCOA in the Company (over and above its initial Percentage Interest) Which additional repurchase shall occur in such number of successive annual installments (Commencing in the Option Period following the completion of the year 2007) as shall equal the number of Option Interests previously acquired by APCOA pursuant to Section 10.2. Each such annual installment purchase or purchases shall be effective as of January 1 in the year in Which such installment purchase occurs and shall be at an Option Price determined in accordance with the following formula: Option Price = [20%] x [Executive's Initial Percentage Interest] x [5] x [Recast Pretax Profit of the Company for the Prior Fiscal Year] APCOA shall remain a Member of the Company until its entire interest is acquired hereunder. If Executive exercises its option under this Section 10.3, APCOA shall deliver Assignments of Limited Liability Company Interests to Executive as APCOA's interests are purchased and paid f or hereunder.