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as of May 25, 1990, or at any other time as stockholder.)
Pursuant to the May 25, 1990 stock purchase agreement,
Burien Nissan acquired an option to purchase over a 30-month
period that began in June 1990 the 61,200 Johnston shares (the
61,200 remaining Johnston shares) that Mr. Johnston and Jacque
Johnston continued to own after that agreement was effected. The
purchase price for the 61,200 remaining Johnston shares under
that option was $215,000. The May 25, 1990 stock purchase
agreement required the stock certificate evidencing the 61,200
remaining Johnston shares of Burien Nissan stock to bear a legend
(legend) indicating that those 61,200 shares were subject to
Burien Nissan’s option to purchase set forth in that agreement.
The May 25, 1990 stock purchase agreement provided that none
of the individuals who acquired Burien Nissan stock pursuant to
that agreement (i.e., Mr. Stanford, Mr. Whitehead, Mr. Watson,
and Mr. Buchner) was to “sell, assign, transfer, exchange, or
otherwise dispose of, or grant any option with respect to” any of
the Burien Nissan stock owned by him without the prior written
consent of Mr. Johnston and Jacque Johnston. That agreement
required the stock certificates evidencing the Burien Nissan
stock owned by Mr. Stanford, Mr. Whitehead, Mr. Watson, and Mr.
Buchner, respectively, to bear a legend indicating that the sale
or other disposition, or the granting of an option with respect
to, such stock required the prior written consent of Mr. Johnston
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