Herbert L. Whitehead and Jennifer L. Whitehead - Page 6




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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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Last modified: May 25, 2011