Document:

EX-10.1

April 12, 2007

Mr. Fernando Aguirre

250 East Fifth Street

Cincinnati, Ohio 45202

Dear Fernando:

This letter (the “Letter Agreement”) sets forth our mutual understanding and agreement with
respect to your continued employment with Chiquita Brands International, Inc. (the “Company”) as
its Chief Executive Officer following the expiration of your employment agreement with the Company
effective as of January 12, 2004 (the “Original Agreement”), which expired on January 11, 2007.

You and the Company agree that the Original Agreement is hereby renewed, and shall remain in
full force and effect from and after January 11, 2007, except that the provisions of Sections 1,
3(a), 3(b), 3(e) and 12(j) of the Original Agreement shall be deleted and restated in their
entirety using the text set forth on Appendix I attached to this Letter Agreement. A new Section
5(g) and 12(l) shall also be added to the Original Agreement, as set forth on Appendix I attached
to this Letter Agreement.

With respect to the restatement of Section 3(a) and 3(b) of the Original Agreement, your
salary for 2007 shall be at the annual rate of $900,000 and your target bonus with respect to 2007
will be 130% of the annual base salary. You will also be granted in 2007 an award of restricted
stock of the Company, which shall vest in three equal annual installments on each of the first
three anniversaries on the date of grant (subject to your continued employment). The aggregate
number of shares included in such grant shall have a fair market value, based on the closing price
of the Company’s shares on March 22, 2007, of $1,200,000. In addition, you will be eligible for an
additional grant of restricted stock of the Company with a targeted value of $1,600,000 (which is
in addition to the long-term incentive plan grant with a targeted value of $1,600,000 awarded to
you earlier in 2007), subject to approval of such award by the Compensation Committee of the
Company’s Board of Directors, which retains the discretion with respect to the making of such
awards and the terms and conditions thereof.

This Letter Agreement and the Original Agreement, as amended hereby, shall constitute the
entire agreement between you and the Company with respect to your employment and shall supersede
any prior agreement or understanding.

If you agree that the foregoing reflects our mutual understanding with respect to your
employment, please execute this letter and return it to me by April 15, 2007.

	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 
	 	                  
	 	      
	 	CHIQUITA BRANDS INTERNATIONAL, INC,

/s/ Steven P. Stanbrook       
	
 
	 	 	 	 	 	 	 	 	 	 
	
 
	 	 	 	 	 	 	 	 	 	Name: Steven P. Stanbrook

Title: Chairman, Copensation and Organization

Devlopment Committee
	 
	 	 	 	 	 	 	 	 	 	 
	Accepted and Agreed
	 	                  	 	      	 	Date: 04/15/2007
	 
	 	 	 	 	 	 	 	 	 	 
	/s/Fernando Aquirre
 
Fernando Aquirre
	 	 	 	 	 	 

1

APPENDIX I

The following provisions shall amend and restate, in their entirety, the corresponding
provisions of the Original Agreement:

Section 1

1. TERM. The term of this Agreement (the “Term”) shall commence on January 12, 2004 (the
“Effective Date”) and end upon the date upon which the Executive’s employment is terminated as
described in Section 4 hereof. Such employment shall be on an “at will” basis, terminable at any
time and for any reason by either the Executive or the Company (but subject to the provisions of
Section 5 of this Agreement).

Section 3(a)

(a) BASE SALARY. The Executive shall receive an annual base salary (“Annual Base Salary”) in
an amount determined by the Compensation Committee of the Company’s Board of Directors from time to
time, payable in accordance with the Company’s regular payroll practices for its senior executives,
as in effect from time to time. The Annual Base Salary for purposes of Section 5(a)(ii) and 5(d)(i)
of this Agreement shall be $900,000 (or, if higher, the Annual Base Salary in effect on the date of
termination). The Compensation Committee of the Company’s Board of Directors shall review the
Annual Base Salary at least annually for possible increase, but shall not be required to increase
the Annual Base Salary.

Section 3(b)

(b) ANNUAL CASH BONUS. During the Term, the Executive shall participate in the Company’s
annual cash incentive compensation plan applicable to senior executives, as adopted and approved by
the Board from time to time, with performance targets and other terms and conditions applicable to
such compensation being determined by the Compensation Committee of the Board. The Executive’s
threshold, target (the “Target Bonus”) and maximum bonus opportunity pursuant to such plan for any
year shall be in an amount determined by Compensation Committee of the Company’s Board of Directors
from time to time. Any cash bonuses payable to the Executive will be paid at the time the Company
normally pays such bonuses to its senior executives. The Target Bonus for purposes of Section
5(a)(ii) and 5(d)(i) of this Agreement shall be $1,170,000 (or if higher, the then-current Target
Bonus).

Section 3(e)

(e) Intentionally Omitted.

Section 12(j)

(j) Intentionally Omitted

2

New Section 5(g)

(g) Notwithstanding anything in this Agreement to the contrary (including the provisions of the
third sentence of Section 12(a)), the Company may, in its sole discretion and by action of its
Board, modify the payments and benefits provided for in Section 5 of this Agreement, provided,
however, that (1) any reduction in such payments and benefits shall only be made if there has been
a determination by the Board (in its sole discretion, but following consultation with an outside
compensation advisor) that the payments and benefits provided for in Section 5 exceed those
generally provided to similarly situated executives, and (2) any such modification which has the
effect of reducing the payments or benefits provided for in such section shall not be effective
with respect to a termination of the Executive’s employment occurring within the one year period
following the taking of such Board action and further provided, however that, if a Change of
Control occurs within the one year period following the taking of a Board action which has the
effect of reducing the payments or benefits provided for in Section 5, such reduction shall not be
effective with respect to a termination of employment occurring within the two year period
following the Change of Control.

New Section 12(l)

(l) It is the intention of the Company and the Executive that this Agreement not result taxation of
the Executive under Section 409A of the Code and the regulations and guidance promulgated
thereunder. Notwithstanding anything to the contrary herein, if the Executive is a “specified
employee” (within the meaning of Section 409A(a)(2)(B)(i) of the Code), any amounts (or benefits)
otherwise payable to or in respect of him pursuant this Agreement shall be delayed until the
earliest date permitted by Section 409A(a)(2) of the Code. The Company and the Executive agree to
cooperate in good faith in an effort to comply with Section 409A of the Code including, if
necessary, amending the agreement based on further guidance issued by the Internal Revenue Service
from time to time, provided that the Company shall not be required to assume any increased economic
burden in connection with such amendment.

3exv10w35

 

Exhibit 10.35

THIS OPTION AND THE LIMITED LIABILITY COMPANY UNITS PURCHASABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY STATE SECURITIES LAWS. NEITHER THIS OPTION NOR SUCH UNITS MAY BE
SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

UNIT PURCHASE OPTION

Effective Date: February 6, 2007

Expiration Date: July 31, 2007

FOR VALUE RECEIVED and in exchange for cash payment totaling $100,000.00, the undersigned, Shore Trading LLC, a
Nevada limited liability company (the “Seller”), hereby certifies that Penn Octane Corporation (the
“Buyer”), or the Buyer’s assigns, is entitled, subject to the terms set forth below, to purchase from the
Seller on or after July 2, 2007 (the “Initial Exercise Date”), but on or before 11:59 P.M. Pacific daylight
time, on July 31, 2007 (the “Expiration Date”), 25,000 units (the “Units”) of membership interest of Rio Vista
GP LLC, a Delaware limited liability company (the “Company”) held by the Seller for the additional purchase
price of $1,300,000.00 (the “Purchase Price”).

As used herein the following terms, unless the context otherwise requires, have the following respective meanings:

(a) The term “Claims” shall have the meaning ascribed to such term in Section 16 below.

(b) The term “Company” shall have the meaning ascribed to such term in the first paragraph above and includes any
legal entity that shall succeed to or assume the obligations of the Company.

(c) The term “Early Exercise” shall have the meaning ascribed to such term in Section 1 below.

(d) The term “Encumbrance” shall mean any charge, claim, community property interest, condition, encumbrance,
equitable interest, lien, mortgage, license, lease, covenant, conditional sale agreement, title retention
agreement, option, pledge, security interest, right of first refusal or restriction of any kind, including any
restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

(e) The term “Expiration Date” shall have the meaning ascribed to such term in the first paragraph hereof.

 

 

1

 

(f) The term “Initial Exercise Date” shall have the meaning ascribed to such term in the first paragraph hereof.

(g) The term “Limited Liability Company Agreement” shall mean the Amended and Restated Limited Liability Company
Agreement of the Company dated September 16, 2004, as amended.

(h) The term “Purchase Price” shall have the meaning ascribed to such term in the first paragraph hereof.

(i) The term “Securities Act” shall have the meaning ascribed to such term in Section 4.

(j) The term “Units” shall have the meaning ascribed to such term in the first paragraph hereof.

1. Exercise of Option. This Option may be exercised in full by the Buyer at any time on or after the
Initial Exercise Date, but only on or before the Expiration Date, by surrender of this Option, together with the
Subscription for Units in the form attached hereto as Exhibit A, the Addendum Agreement to the Limited
Liability Company Agreement in the form attached hereto as Exhibit B, the Investment Representation Statement
in the form attached hereto as Exhibit C, and the Consent to Transfer of Units in the form attached hereto
as Exhibit D, in each case duly executed by the Buyer and the other parties to such exhibit, to the Seller and
to the Company at a mutually agreed to location, accompanied by payment of the Purchase Price to the Seller. Unless
otherwise agreed in writing by the parties, the Purchase Price shall be paid by wire transfer to an account specified
by the Seller.

Notwithstanding any contrary provision of this Option, the Buyer may also exercise this Option in full at any time
on or after the date of this Option but before the Initial Exercise Date (“Early Exercise”), provided that in
the case of such an Early Exercise, the Purchase Price shall be an amount equal to $1,700,000.

2. When Exercise Effective. The exercise of this Option shall be deemed to have been effected immediately
prior to the close of business on the business day on which the Purchase Price is paid, this Option is surrendered as
provided in Section 1 and the documents referenced in Section 1 are duly executed and delivered as
provided in Section 1, and at such time the Buyer shall be deemed to be the record holder of such Units for all
purposes.

3. Delivery on Exercise; Rights of Seller. Upon exercise of this Option by the Buyer as provided in
Section 1, the Seller shall immediately deliver to the Buyer the original unit certificate of the Seller
evidencing the Units accompanied by a duly executed Assignment Separate from Certificate in the form attached hereto as
Exhibit E. Following the exercise of this Option by the Buyer, the Seller and its affiliates shall have no
further rights, claims or interests in or to the Units, the Company, or the Company’s assets, receivables, securities,
property, cash, capital or any rights to future distributions of profit, dividend or cash, and all buy-sell,
unitholder, stockholder, employment, indemnity, loan, voting and securities transfer agreements, options or contracts
of similar nature, if any, between the Seller and its affiliates, on the one hand, and the Company and/or the Buyer, on
the other hand, shall be fully and completely discharged (and as to the Seller and its affiliates, terminated).
Notwithstanding the foregoing, the Seller shall have the right to receive any distribution of profit, dividend or cash with respect to the Units
that is declared by the Company before an exercise of this Option by the Buyer, whether such distribution is to be paid
before or after such exercise. Whether or not the Option is exercised, any distribution declared by the Company to
which the Seller is entitled shall be paid to the Seller at the same time as paid to other holders of units of
membership interest of the Company.

			
	 

2

 

 

 

4. Investment Intent. Unless a current registration statement under the Securities Act of 1933, as
amended (the “Securities Act”), shall be in effect with respect to the Units to be purchased upon exercise of
this Option, the Buyer, by accepting this Option, covenants and agrees that, at the time of exercise hereof, and at the
time of any proposed transfer of securities acquired upon exercise hereof, the Buyer will deliver to the Company a
written statement that the securities acquired by the Buyer are for the Buyer’s own account, and are not acquired with
a view to, or for sale in connection with, any distribution thereof (or any portion thereof) except pursuant to current
registration statement under the Securities Act or an available exemption from registration.

5. Transfer. This Option is not transferable by the Seller. This Option is not transferable by the Buyer
without the prior written consent of the Company.

6. No Rights or Liability as a Member. This Option does not entitle the Buyer to any voting rights or
other rights as a Member (as defined in Limited Liability Company Agreement) of the Company. No provisions hereof and
no enumeration herein of the rights or privileges of the Buyer shall give rise to any liability of the Buyer as a
Member of the Company. The Units to be purchased pursuant to this Option are subject to the terms of the Limited
Liability Company Agreement. The Buyer shall not be deemed to be a Member and shall not have any rights of a Member or
rights of an assignee from a Member with respect to, any Units subject to this Option unless and until the Buyer has
satisfied all requirements for exercise of this Option pursuant to its terms and all applicable provisions of the
Limited Liability Company Agreement. Before receiving the Units subject to this Option, the Buyer shall take such
action and execute such documents as the Company may require to become a Member of the Company.

7. Seller Representations, Warranties and Covenants. The Seller represents, warrants and covenants to the
Buyer and to the Company as follows:

(a) The Seller owns, beneficially and of record, 25,000 Units of the Company’s issued and outstanding Units of
membership interest, and such Units constitute all of the legal, equitable and beneficial rights, claims and interests
of the Seller and its affiliates in the Company and its capital and assets.

(b) The Seller represents and warrants that the Units subject to this Option are (and covenants that, until the
earlier of the exercise of this Option or the Expiration Date, such Units shall remain) free and clear of all liens,
Encumbrances, security agreements options, claims, charges and restrictions (other than restrictions contained in this
Option, the Voting Agreement or the Limited Liability Company Agreement or pursuant to applicable securities laws), and
constitute all of the Units which Seller owns, or has any right to potentially own, in the Company, and that the Seller holds (and, until the earlier of the exercise of this Option or the Expiration
Date, shall continue to hold) good and marketable title to each of such Units.

			
	 

3

 

 

 

(c) The Seller has full right, power, authority and legal capacity to execute, deliver and perform this Option,
without the need for any consent, approval or other action by any other person or entity.

(d) The Seller has obtained all necessary consents and approvals from its members and managers with regard to the
Seller’s sale of the Units to Penn Octane. The sole managing member of the Seller is Richard Shore, Jr.

(e) Upon execution and delivery by all the parties hereto, this Option shall constitute the legal, valid and
binding obligation of the Seller and shall be enforceable against the Seller in accordance with its express terms.

(f) The Seller is not a party to any agreement that would condition, prohibit, limit or restrict its ability or
right to enter into and perform this Option.

(g) Upon exercise of this Option, the Seller will transfer the Units only for its own account and not with a view
to, or for sale in connection with, a distribution of the Units within the meaning of the Securities Act.

(h) There has been no advertisement or general solicitation in connection with the transfer of the Units. The
transfer of the Units is not being effected by or through a broker-dealer in a public offering.

(i) The Seller has not effected the transfer of the Units by or through a broker, dealer, finder or other agent,
and no commission or fee is due or payable to any person in connection with the transactions contemplated by this
Option.

(j) The Seller has received an adequate opportunity to examine and discuss all corporate records, documents,
financial records and information, tax returns and other data regarding the Company and its finances, operations,
prospects and business affairs, to the extent the Seller has deemed necessary to enter into and perform this Option.

(k) The Seller is not relying on any representation or warranty of any person (including, without limitation, the
Buyer and the Company) in connection with the transactions contemplated by this Option, except for such representations
and warranties are expressly set forth herein.

(l) Upon the exercise of this Option by the Buyer in accordance with Section 1, the Seller and its
affiliates waive all rights, claims or interests in or to the Units, the Company, or the Company’s assets, receivables,
securities, property, cash, capital or any rights to future distributions of profit, dividend or cash, and all
buy-sell, unitholder, stockholder, employment, indemnity, loan, voting and securities transfer agreements, options or
contracts of similar nature, if any, between the Seller and its affiliates, on the one hand, and the Company and/or the
Buyer, on the other hand, shall be fully and completely discharged (and as to the Seller and its affiliates,
terminated). Notwithstanding the foregoing, the Seller does not waive the right to receive any distribution of profit, dividend or cash with respect to the Units that is declared by the
Company before an exercise of this Option by the Buyer, whether such distribution is to be paid before or after such
exercise.

			
	 

4

 

 

 

8. Damages. The Seller recognizes and agrees that the Buyer will not have an adequate remedy if the
Seller fails to comply with the terms of this Option and that damages will not be readily ascertainable, and the Seller
expressly agrees that, in the event of such failure, the Seller shall not oppose an application by the Buyer or any
other person entitled to the benefits of this Option requiring specific performance of any and all provisions hereof or
enjoining the Seller from continuing to commit any such breach of the terms hereof.

9. Notices. All notices and other communications required or permitted hereunder shall be in writing and
sent (a) by telecopy if the sender on the same day sends a confirming copy of such notice by a national overnight
delivery service (charges prepaid), or (b) by first class certified mail, return receipt requested, or (c) by a
national overnight delivery service (with charges prepaid), addressed as follows:

if to the Buyer, at 77-530 Enfield Lane, Building D, Palm Desert, California 92211 (unless otherwise indicated
by the Buyer);

if to the Seller, at 147 Camellia Lane, Lafayette, California 94549;

if to the Company, at its office at 820 Gessner Road, Suite 1285, Houston, Texas 77024, or at such other
address as the Company shall have furnished to the Buyer in writing, with a copy to Law Offices of Kevin
Finck, Two Embarcadero Center, Suite 1670, San Francisco, California 94111.

10. Payment of Taxes. The Buyer shall pay all transfer taxes and other governmental charges that may be
imposed in respect to the transfer or delivery of the Units purchased upon the exercise of this Option. The Seller
shall pay all income taxes attributable to the Seller’s gain upon the sale of the Units.

11. Governing Law. All issues and questions concerning the construction, validity, enforcement and
interpretation of this Option and the exhibits hereto shall be governed by, and construed in accordance with, the laws
of the State of California without giving effect to any choice of law or conflict of law rules or provisions (whether
of the State of California or any other jurisdiction) that would cause the application of the laws of any jurisdiction
other than the State of California. In furtherance of the foregoing, the internal law of the State of California shall
control the interpretation and construction of this Option (and all exhibits hereto), even though under that
jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would
ordinarily apply.

12. Consent to Jurisdiction.

(a) Each of the parties hereto irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of any California state court or federal court of the United States of America sitting in San
Francisco or Riverside counties, California, at the election of either party acting as a plaintiff, and any appellate
court having jurisdiction with respect to any appeal from any decision thereof, in any action or proceeding arising out of or relating to this
Option or the transactions contemplated hereby or for recognition or enforcement of any judgment relating thereto, and
each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may be heard and determined in such California state court or, to the extent permitted by law, in such
federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

			
	 

5

 

 

 

(b) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally
and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or
proceeding arising out of or relating to this Option or the transactions contemplated hereby in any California state or
federal court as set forth above. Each of the parties hereto hereby irrevocably waives, to the fullest extent
permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court.

(c) Each party to this Option irrevocably consents to service of process in the manner provided for notices in
Section 9. Nothing in this Option will affect the right of any party to this Option to serve process in any
other manner permitted by law.

13. Waiver of Jury Trial.

(a) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS OPTION IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
OPTION OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

(b) EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER, (II) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER
VOLUNTARILY, AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS OPTION BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND
CERTIFICATIONS IN THIS SECTION 13.

14. Authorization, Etc. The signatories have full power and authority to execute and deliver this Option
on behalf of the respective Buyer and Seller, and to carry out the transactions contemplated hereby. The signatories
have been duly authorized to execute and deliver this Option with respect to the transactions contemplated hereby, and
no other proceedings on the part of the Buyer or Seller is necessary to authorize this Option and the transactions
contemplated hereby. This Option constitutes the valid and binding obligation of both parties, enforceable in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other laws affecting the rights of creditors generally. No further action,
consent or approval of any person, entity or governmental body is required by the parties for the execution and
delivery of this Option or the consummation of the transactions contemplated hereby. The execution and delivery of this
Option and the consummation of the transactions contemplated hereby will not result in a breach of the terms or
conditions of, or constitute a default under, or violate, as the case may be (1) any provision of any law, regulation
or ordinance, (2) the certificate of incorporation, articles of organization, bylaws, operating agreement or other
organizational or governing instruments of the parties, or (3) any judgment, order, writ, injunction or decree of any
court, administrative agency or governmental body.

			
	 

6

 

 

 

15. Attorneys’ Fees. In the event of the bringing of any action, proceeding, arbitration or suit by a
party hereto against another party hereunder by reason of any breach of any of the covenants, agreements, or provisions
arising out of this Option or the transactions contemplated by this Option, the prevailing party shall be entitled to
recover all costs and expenses of that action or suit, or at trial, arbitration or on appeal, and in collection of
judgment, including reasonable attorneys’ fees, accounting, and other professional fees resulting therefrom.

16. Indemnification.

(a) By the Buyer. The Buyer agrees to indemnify, hold harmless and defend the Seller and its affiliates,
successors, assigns, officers, directors, managers, stockholders, unitholders, members, employees, attorneys,
representatives, agents and contractors from and against all claims, demands, actions, causes of action, judgments,
interests, debts, promises, agreement, contracts, sums of money, offsets, losses, liabilities, damages, obligations,
costs and expenses, including without limitation reasonable attorneys’ fees (each a “Claim”), arising out of
any breach of the Buyer’s representations, warranties, covenants or obligations under this Option, except to the extent
that such breach was caused by the Seller’s breach of its representations, warranties, covenants or obligations under
this Option.

(b) By the Seller. As material consideration for the payment for this Option, the Purchase Price and the
execution, delivery and performance of this Option by the Buyer and the Company, the Seller hereby agrees to indemnify,
hold harmless and defend the Buyer and the Company, and each of their respective affiliates, successors, assigns,
officers, directors, managers, stockholders, unitholders, members, employees, attorneys, representatives, agents and
contractors from and against all Claims arising out of (i) any breach of the representations, warranties, covenants or
obligations of the Seller or its affiliates under this Option, or (ii) any alleged fact, occurrence or circumstance
that, if established, would constitute a breach of any representation, warranty, covenant or obligation of the Seller
or its affiliates under this Option.

17. Miscellaneous. This Option and any term hereof may be changed, waived, discharged or terminated only
by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or
termination is sought. The headings in this Option are for purposes of reference only, and shall not limit or
otherwise affect any of the terms hereof. This Option may be executed in one or more counterparts, each of which shall
be deemed an original and all of which together shall constitute a single instrument binding on the parties. Facsimile
signatures shall have the same legal effect as original signatures.

			
	 

7

 

 

 

The undersigned have duly executed this Unit Purchase Option as of the effective date first set forth above.

SHORE TRADING LLC,

a Nevada limited liability company

By:                                               

Name: Richard Shore, Jr.

Title: Managing Member

PENN OCTANE CORPORATION,

a Delaware corporation

By:                                               

Name: Ian T. Bothwell

Title: Acting Chief Executive Officer

RIO VISTA GP LLC,

a Delaware limited liability company

By:                                               

Name: Ian T. Bothwell

Title: Acting Chief Executive Officer

			
	 

8

 

 

 

Exhibit A

SUBSCRIPTION FOR UNITS

	 	 	 
	To:

	 	SHORE TRADING LLC,

a Nevada limited liability company

The undersigned, the Buyer of the within Option, hereby irrevocably elects to exercise the purchase rights
represented by such Option for, and to purchase thereunder, 25,000 Units of RIO VISTA GP LLC and herewith makes payment
of $1,300,000.00 therefor, and requests that the certificates for such Units be issued in the name of, and delivered to
the undersigned, whose address is 77-530 Enfield Lane, Building D, Palm Desert, California 92211.

PENN OCTANE CORPORATION,

a Delaware corporation

By:                                               

Name:                                               

Title:                                               

Dated: July      , 2007

9

 

 

 

Exhibit B

ADDENDUM AGREEMENT TO THE LIMITED LIABILITY COMPANY AGREEMENT OF RIO VISTA GP LLC

10

 

 

 

Exhibit C

INVESTMENT REPRESENTATION STATEMENT

 

 

11

 

Exhibit D

CONSENT TO TRANSFER OF UNITS

12

 

 

 

Exhibit E

ASSIGNMENT SEPARATE FROM CERTIFICATE

13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00121-of-00352.parquet"}]]