Document:

exv10w2

 

EXHIBIT 10.2

Standard Proposal to Lease

	 	 	 	 	 
	Location:

	 	 	 	Rowland Heights, California
	Date:

	 	 	 	May 12, 2005

	1	 	Lessee.          Nara Bank
	 
	 	 	Lessor.          Young Oho
	 
	2.	 	Premises. The Premises which are the subject of this proposal are located in the County of Los
Angeles, State of California, commonly known as 1709 S. Nogales Street, Rowland Heights
#201, and described as approximately 1,036.5 square feet on the
2nd floor (Gross rentable
area of the building is approximately 12,343.5 square feet).
	 
	3.	 	Broker. N/A
	 
	4.	 	Term. The term of the lease shall be thirty-six (36) months and shall begin on May 15, 2005
and shall end on May 14, 2008. Lessee shall be granted two
options of three (3) years each. In order to exercise the
options, tenant shall notify the lessor in writing at least ninety
(90) days prior to the end of the current lease. 
	 
	5.	 	Rent.

	 	6.1	 	Monthly rent during the initial lease term shall be $2,383.95 + NNN payable,
in advance, on the fifteenth (15th) day of each month of the term hereof. Rent shall
be raised by the Consumer Price Index (“C.P.I.”) every year with a minimum of 2% and
a maximum of 4% (e.g., if C.P.I. is 3%, then rent shall by $2,455.47 after one year).
	 
	 	6.2	 	During option period, rental rate shall be equivalent to the last month of
the prior term and adjusted annually by CPI with a minimum of 2% and a maximum of 4%.
	 
	 	6.3	 	On execution of lease, Lessee shall pay to Lessor $3,500.00 representing rent for last
month of term.
	 
	 	6.4	 	if the rent is not paid within 10 days of due date (fifteenth of each
month), five percent (5%) late charge, shall be assessed.

	6.	 	Security Deposit. None.

Total monies due upon execution of Lease (first and last month rent):

$3,039.71 + $3,500.00 = $6,539.71

	7.	 	Agreed Use. The Premises shall be used for office
space.
	 
	8.	 	Possession and Condition of Premises. Lessor warrants that the Premises, without regard to
the purpose for which Lessee will use them, do not violate any covenant or restriction of
record or any applicable governmental requirement. If Lessee is not already in possession, Lessor
shall deliver the Premises on May 15, 2005 broom clean and free of debris with the plumbing,
lighting, heating, ventilating and air conditioning, and loading doors in good operating condition,
Subject to the preceding two sentences,, Lessee accepts the Premises in an “AS IS” condition and in
its present condition.
	 
	9.	 	Maintenance and Repairs. The foundations, exterior walls, and exterior roof shall be
maintained by Landlord and Premises shall be maintained by Lessee. Lessee shall repair and maintain all
other parts of the Premises.
	 
	10.	 	Insurance.

 

	 	11.1	 	Property Insurance (i.e., all perils included within the classification of
fire and extended coverage, vandalism, and malicious mischief —
see paragraph 11.3
for a more detailed description) shall be paid for by Lessor.
	 
	11.2	 	Liability insurance naming Lessee and Lessor as co-insured or
“additional insured” shall be paid by Lessee.
	 
	11.3	 	Property insurance — Building and improvements.

	 	(a)	 	Building and Improvements. Lessor shall obtain and keep in force a policy or
policies of insurance in the name of Lessor, with toss payable to Lessor, any ground-lessor, and to
any Lender insuring loss or damage to the Premises. The amount of such insurance shall
be equal to the full replacement cost of the Premises, as the same shall exist from time to
time, or the amount required by any Lender, but in no event more than the commercially
reasonable and available insurable value thereof. Lessee Owned Alterations
and Utility installations, Trade Fixtures, and Lessee’s personal property shall be
insured by Lessee.
If the coverage is available and commercially appropriate, such policy or
policies shall
insure against all risks of direct physical loss or damage (except
the perils
of flood and/or
earthquake unless required by a Lender), including coverage for debris
removal and the
enforcement of any Applicable Requirements requiring the upgrading,
demolition,
reconstruction or replacement of any portion of the Premises as the result of
a covered
loss. Said policy or policies shall also contain an agreed valuation
provision in lieu of any
coinsurance clause, waiver of subrogation, and inflation guard protection
causing an
increase in the annual property insurance coverage amount by a factor of not
less than
the adjusted U.S. Department of Labor Consumer Price Index for All Urban
Consumers for
the city nearest to where the Premises are located. If such insurance
coverage has a
deductible clause, the deductible amount, shall not exceed $1,000 per
occurrence.
	 
	 	(b)	 	Lessee’s improvements. Since Lessor is the Insuring Party, Lessor
shall not be required to insure Lessee Owned Alterations and Utility Installations unless the item in
question has
become the property of Lessor under the terms of this Lease.
	 

	11.	 	Proportion and Share of Expenses. Lessee shall pay its proportionate share of 8.40% of
the operating expenses, including, real property taxes, insurance, maintenance, and security
costs.
	 
	12.	 	Assignment & Subletting. Lessee shall not voluntarily or by operation of law assign,
transfer, mortgage or encumber or sublet all or any part of Lessee’s interest in this Lease or in the
Premises without Lessor’s written consent, which consent shall not be reasonably withheld.
Lessee may assign or sublet the Premises, or any portion thereof, without Lessor’s consent,
or any corporation which controls, is controlled by or is under common control with Lessee, or
to any corporation resulting from the merger or consolidation with Lessee, or to any person or
entity which acquires all the assets of Lessee as a going concern of the business that is being
conducted on the Premises provided that before such assignment shall be effective, (a) said
assignee shall assume, in full, the obligations of Lessee under this Leases and (b) Lessor
shall be given written notice of such assignment and assumption.
	 
	13.	 	No Broker Representations. Lessor and Lessee acknowledge that Broker has made no
representations or warranties regarding the physical condition of the Premises, or its
suitability for Lessee’s intended, use, and that neither Party has made any representations or warranties to
the other (except as expressly set forth in this proposal) and that Lessor and Lessee are
relying upon their own independent investigations in making or
accepting this offer.
	 
	14.	 	Attorneys’ Fees. Should litigation arise between Lessor and Lessee, the prevailing party
shall be entitled to reasonable attorneys’ fees.
	 
	15.	 	Addendum. Any Addendum attached hereto is hereby incorporated in this proposal by this
reference.

	 	 	 	 	 	 	 
	 

	 	Addendum attached:
	 	o Yes (Paragraphs                    through                    )
	 
	 

	 	 	 	 	 	o No

LESSEE HAS READ, AND FULLY UNDERSTANDS THE FOREGOING AND ACKNOWLEDGES RECEIPT OF A
COPY HEREOF.

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THIS
PROPOSAL IS NOT BINDING ON EITHER PARTY. IT IS INSTEAD INTENDED TO FACILITATE
NEGOTIATIONS BETWEEN THE PARTIES. THE PARTIES SHALL NOT BE OBLIGATED TO LEASE THE PREMISES
UNTIL BOTH HAVE SIGNED A MUTUALLY AGREEABLE LEASE AGREEMENT.

ATTENTION:
NO REPRESENTATION OR RECOMMENDATION IS MADE BY THE AIR COMMERCIAL REAL ESTATE
ASSOCIATION OR BY ANY REAL ESTATE BROKER AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX
CONSEQUENCES OF THIS PROPOSAL OR THE TRANSACTION TO WHICH IT RELATES. THE PARTIES ARE URGED TO
SEEK ADVICE OF COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS TRANSACTION.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	LESSEE:	 	 
	 
	 	 	 	 	 	 	 	 
	DATED:
	 	6/22/05	 	 	 	Timothy Chang	 	 
	 

	 	 

	 	 	 	 

	 	 
	 

	 	 	 	 	 	By /s/ Timothy Chang
	 	 
	 
	 

	 	 	 	 	 	 

Street Address
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 

City, State, Zip
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 

Telephone
	 	 

	16.	 	Lessor’s Acceptance. Lessor accepts the foregoing proposal to Lease the Premises and
authorizes Broker to communicate to Lessee Lessor’s acceptance hereof and to deliver an
executed copy of this Agreement to Lessee.

	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	LESSOR:	 	 
	 
	 	 	 	 	 	 	 	 
	DATED:
	 	 	 	 	 	Young H. Cho
	 	 
	 

	 	 

	 	 	 	 

	 	 
	 

	 	 	 	 	 	By /s/ Young H. Cho
	 	 
	 
	 

	 	 	 	 	 	 

Street Address
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 

City, State, Zip
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 

Telephone
	 	 

3exv10w1

 

EXHIBIT 10.1

SEPARATION AGREEMENT AND GENERAL RELEASE

     This SEPARATION AGREEMENT AND GENERAL RELEASE (“Agreement”) is made and entered into this
9th day of May, by and between Group 1 Automotive, Inc., a Delaware corporation
(together with its affiliates (defined below), “Group 1”) and B.B. Hollingsworth, Jr.
(“Hollingsworth”). Hollingsworth and Group 1 are sometimes herein collectively referred to herein
as the “Parties” and individually, a “Party.” The “Effective Date” of this Agreement shall be on
the later of (i) the eighth (8th) day after this Agreement has been signed by
Hollingsworth and (ii) the date of the expiration of the revocation period described in Section 24
of this Agreement.

WITNESSETH:

     WHEREAS, Hollingsworth is employed as president, chairman, and chief executive officer of
Group 1, and serves as a member of Group 1’s board of directors; and

     WHEREAS, the Parties entered into an Employment Agreement dated March 1, 2002 (which was
amended pursuant to that certain First Amendment to Employment Agreement dated May 21, 2003`) (the
“Employment Agreement,” as amended) pursuant to which the Parties agreed to certain terms and
conditions of Hollingsworth’s employment by Group 1;

     WHEREAS, because of his employment and his service on the board of directors of Group 1,
Hollingsworth has obtained intimate and unique knowledge of all aspects of Group 1’s business
operations, current and future plans, financial plans and other confidential and proprietary
information;

     WHEREAS, Hollingsworth has acknowledged that disclosure of confidential and proprietary
information relating to Group 1 to any person or entity in the automotive business, or use of such
information by Hollingsworth for personal gain, would (i) violate Hollingsworth’s fiduciary
obligation to Group 1 and the terms of Sections 5 and 6 of the Employment Agreement and (ii) cause
significant and irreparable harm to Group 1; and

     WHEREAS, the Parties desire to finally, fully and completely resolve all disputes that may now
exist or may hereafter arise relating to the hiring, employment and termination of employment
relationship between Hollingsworth and Group 1, and any and all matters concerning or in any manner
relating to the Employment Agreement, and all benefits and compensation to which Hollingsworth may
be entitled in connection with his employment by or service on the board of directors of Group 1;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
hereinafter set forth, and for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties agree as follows:

     1. Termination of Employment. Hollingsworth’s employment with Group 1 shall be terminated as
of the Effective Date. Hollingsworth resigns as of the Effective Date from any

 

 

and all positions as an officer, member of the board of directors or other position of Group 1
and any and all of its subsidiaries. Except as otherwise expressly provided in this Agreement, all
benefits, stock options, restricted stock rights, compensation, perquisites and other rights of
Hollingsworth under the Employment Agreement or otherwise with Group 1 shall cease as of the
Effective Date including that no further salary, bonus, benefits, payments, stock or stock options
shall be due from or paid by Group 1 to Hollingsworth. However, the Parties agree that the
provisions of the First Amended Employment Agreement dated May 21, 2003, shall continue to apply
through the end of the Consulting Term, defined below, at which time the Amended Employment
Agreement shall terminate.

     2. Continuing Nondisclosure, Protection of Proprietary Information, and Non-Competition
Obligations. The Ownership and Protection of Information, Copyrights, and Post-Employment
Non-Competition obligations of Hollingsworth set forth in Sections 5 and 6 of the Employment
Agreement shall continue in full force and effect for the periods set forth in the Employment
Agreement.

     3. Return Of Property. Within five (5) days after the Effective Date, Hollingsworth shall (i)
deliver to Group 1 all equipment and property of Group 1 in his possession, including all files and
programs stored electronically or otherwise, that relate or refer to Group 1 or any officer,
director or employee of Group 1, and (ii) deliver to Group 1 all originals and copies of non-public
documents, notes, memoranda or any other written materials that relate or refer to Group 1. Group
1 hereby transfers ownership to Hollingsworth of the cellular telephone, computer, and Blackberry
currently provided to Hollingsworth by Group 1.

     4. Salary Rights. Group 1 shall pay to Hollingsworth his current monthly salary amount (minus
required withholdings) pursuant to Group 1’s normal payroll schedule until November 2, 2005, but
not thereafter.

     5. Split-Dollar Life Insurance Rights. Group 1’s obligations with respect to continuation of
the Split-Dollar Life Insurance Policy on Hollingsworth’s life shall continue through December 31,
2008.

     6. Office and Secretary Rights. Group 1 shall have no obligation to, and shall not, provide
Hollingsworth with an office, a secretary or an assistant beyond the Effective Date. The Parties
agree that Hollingsworth may hire his former secretary.

     7. Medical Insurance and COBRA Rights. Hollingsworth’s existing medical insurance coverage
shall be continued by Group 1 through the Consulting Term, defined below. When the Consulting Term
ends, Hollingsworth and his dependents shall have the right to elect continuation of applicable
medical insurance coverage pursuant to COBRA, at their own cost. Group 1 shall provide in writing
to Hollingsworth at his home address, information regarding COBRA election.

     8. Rights Under 401(k), ESPP and Deferred Compensation. Any vested interest held by Hollingsworth
in Group 1’s 401(k), Employee Stock Purchase and Deferred Compensation Plans shall be distributed
in accordance with the terms of the applicable Plans (the

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“Plans”) and law. Hollingsworth shall not be a participant in the 401(k) or Employee Stock
Purchase Plans after the Effective Date, and shall not be entitled to any further contribution for
any period of time after the Effective Date. Group 1 shall provide to Hollingsworth in writing at
his address for notice, information necessary and as required by law to facilitate the transfer or
rollover of his 401(k) account. During the Consulting Term, defined herein, Hollingsworth shall be
eligible to participate in the Deferred Compensation Plan. However, he shall not be entitled to
receive Employer Deferrals as defined in the Deferred Compensation Plan, after the Effective Date.

     9. Annual Bonus Rights. Provided Hollingsworth fully cooperates with Group 1 during the
transition and satisfactorily fulfills his obligations to Group 1 during the Consulting Term as
described in section 13 of this Agreement, and subject to the discretion of the board of directors
of Group 1, Group 1 may pay Hollingsworth one-third of the annual bonus he would have received
under Group 1’s 2005 Bonus Plan, up to a maximum of $380,000 (minus required withholdings), payable
in February 2006 pursuant to Group 1’s normal schedule. The Board of Directors of Group 1 shall
notify Hollingsworth in writing by February 28 of the amount of his bonus, if any.

     10. Vehicle Rights. Hollingsworth shall be entitled to use the demonstrator vehicles
currently provided to him by Group 1 until the end of the Consulting Term (defined below). During
the Consulting Term, insurance coverage currently provided by Group 1 in connection with use of
demonstrator vehicles by executives of the Group 1 shall continue to apply to the demonstrator
vehicles used by Hollingsworth. Upon expiration of the Consulting Term, Hollingsworth shall
immediately return all such demonstrator vehicles to Group 1.

     11. Restricted Stock and Stock Option Rights. On March 14, 2006, 12,500 shares of the 50,000
shares of restricted stock (or restricted stock units) Group 1 granted to Hollingsworth in March
2005 shall become fully vested. The remaining 37,500 shares of restricted stock shall forfeit to
the Company in accordance with the Restricted Stock Agreement. All stock options previously
granted to Hollingsworth under Incentive Stock Option Agreements have vested and are exercisable in
accordance with the terms of the applicable Incentive Stock Option Agreements.

     12. Survivor Rights. Upon Hollingsworth’s death, this Agreement shall operate in favor of his
estate (“Estate”); provided, however, in the event of Hollingsworth’s death, Group 1 shall have the
option to accelerate all remaining sums owed to Hollingsworth pursuant to this Agreement and pay
such amount, discounted to present value, in a lump sum to Hollingsworth’s Estate.

     13. Consulting. Group 1 shall retain Hollingsworth as an independent consultant to Group 1
from the Effective Date through March 31, 2006 (the “Consulting Term”). Hollingsworth shall be
available during normal business hours to provide consulting services to the chief executive
officer and board of directors of Group 1, as they deem necessary or appropriate. Such services
shall include assisting Group 1 in the transition of the new chief executive officer and testifying
(and preparing to testify) as a witness in any proceeding or otherwise providing information or
reasonable assistance to Group 1 in connection with any

3

 

claim or suit. Hollingsworth shall cooperate with Group 1 regarding any pending or
subsequently-filed litigation, claims or other disputed items involving Group 1 that relate to
maters within the knowledge or responsibility of Hollingsworth during his employment.
Hollingsworth shall (i) meet with Group 1’s representatives, its counsel or other designees at
mutually convenient times and places with respect to any items within the scope of this provision;
(ii) provide truthful testimony regarding same to any court, agency or other adjudicatory body; and
(iii) provide Group 1 with notice of contact by any adverse party (known by Hollingsworth to be
adverse to Group 1 or its interests), and shall not voluntarily assist any such non-governmental
adverse party or such adverse party’s representatives. For his consulting services, Group 1 shall
pay to Hollingsworth a total of $100,000 (minus required withholdings) over the Consulting Term, to
be paid in five equal monthly installments (each being payable on the last day of each calendar
month) of $20,000 (minus required withholdings), beginning November 30, 2005 and ending on March
31, 2006. Such payments are expressly conditioned on Hollingsworth’s compliance with all terms of
this Agreement and the Ownership and Protection of Information and Post-Employment Non-Competition
obligations in Sections 5 and 6 of the Employment Agreement.

     14. Release By Hollingsworth. Hollingsworth hereby releases Group 1 and its employees,
officers, agents, directors, stockholders and affiliates (collectively referred to as “Releasees”),
from any and all claims, causes of action, losses, obligations, liabilities, damages, judgments,
costs, expenses (including attorneys fees) of any kind whatsoever, through the Effective Date,
including, but not limited to, disputes or claims arising out of Hollingsworth’s Employment
Agreement, hiring, employment or termination of such employment with Group 1, including any
disputes regarding compensation, bonus, stock, or options. This Release includes, but is not
limited to, all claims, whether arising in contract or allegations of tort, common law or assertion
of federal or state statutory rights, including, but not limited to, Title VII of the Civil Rights
Act of 1964, as amended, the Texas Commission on Human Rights Act, the Americans with Disabilities
Act, or the Age Discrimination in Employment Act, encompassing claims of age discrimination, claims
for wrongful discharge, breach of express or implied contract or implied covenant of good faith and
fair dealing, as well as any expenses, costs or attorneys fees. Hollingsworth does not release his
right to enforce the terms of this Agreement. Furthermore, Hollingsworth hereby relinquishes any
right to re-employment with Group 1. For purposes of this Agreement the term “Affiliate” means a
party, person or entity that, directly, or indirectly through one or more intermediaries, controls,
is controlled by, or is under common control with, such party, where “control”, “controlled by” and
“under common control with” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such party, whether through the ownership of
voting securities, by voting trust, contract or similar arrangement, as trustee or executor, or
otherwise.

     15. Release By Group 1. Group 1 hereby releases Hollingsworth from any and all claims, causes of
action, losses, obligations, liabilities, damages, judgments, costs, expenses (including attorneys’
fees) which arise out of actions taken by Hollingsworth while serving Group 1 and acting in good
faith, and which he had no reasonable cause to believe the conduct was unlawful or illegal,
including, but not limited to, claims under federal, state or local constitution, statute, law,
ordinance or regulation provided, however, Group 1 does not release its right to enforce the terms
of this Agreement.

4

 

     16. Non-Disparagement. Hollingsworth shall not make any public disparaging or critical statements
regarding the Releasees and Group 1 shall cause its members of the board of directors and new Chief
Executive Officer not to make any public disparaging or critical statements regarding
Hollingsworth.

     17. Breach By Hollingsworth. In the event Hollingsworth breaches any term or provision of
this Agreement, all amounts which otherwise would be payable by Group 1 to Hollingsworth under this
Agreement shall cease and Group 1 shall be excused and have no further obligation for payment of
any further amounts to Hollingsworth. Provided, however, that notwithstanding such cessation of
Group 1 obligations, Hollingsworth’s obligations pursuant to the Ownership and Protection of
Information and Post-Employment Non-Competition provisions of the Employment Agreement shall
continue in full force and effect as specified in this Agreement. In addition to the remedies
referenced above, Group 1 may bring suit in a court of competent jurisdiction to enforce any term
or provision of this Agreement, and in the event said court determines that Hollingsworth has
breached or failed to perform any material term or provision of this Agreement, damages and
injunctive relief may be issued against Hollingsworth.

     18. Recovery Of Attorneys Fees. If Group 1 seeks and obtains judicial or equitable relief for
any violation of this Agreement by Hollingsworth, Group 1 shall be entitled to recover from
Hollingsworth its costs and reasonable attorneys’ fees expended in such effort. If Hollingsworth
seeks and obtains judicial or equitable relief for any violation of this Agreement by Group 1, he
shall be entitled to recover from Group 1 his costs and reasonable attorneys’ fees expended in such
efforts.

     19. Right Of Cancellation. If Hollingsworth or anyone acting on his behalf brings suit or
files a claim for arbitration against Group 1 for any claims released in Section 14 of this
Agreement, except any action to enforce this Agreement, Group 1 may choose to cancel all of the
remaining terms of this Agreement and recover from Hollingsworth (or Hollingsworth’s successors or
assigns) the value of anything else paid by Group 1 in exchange for this Agreement, including any
profit realized by Hollingsworth pursuant to the exercise of any option, as described in section 11
of this Agreement. If the Agreement is not canceled by Group 1, then the terms of this Agreement
shall continue in full force and effect.

     20. Notices. All notices and other communications hereunder will be in writing. Any notice or
other communication hereunder shall be deemed duly given if it is sent by registered or certified
mail, return receipt requested, postage prepaid, and addressed to the intended recipient as set
forth:

     If to Hollingsworth:

Mr. B.B. Hollingsworth, Jr.

3416 Ella Lee Lane

Houston, Texas 77027

     If to Group 1:

General Counsel

Group 1 Automotive, Inc.

950 Echo Lane, Suite 100

Houston, Texas 77024

5

 

Any party may send any notice or other communication hereunder to the intended recipient at the
address set forth above using any other means (including personal delivery, expedited courier,
messenger services, telecopy, telex, ordinary mail or electronic mail), but no such notice or other
communication shall be deemed to have been duly given unless and until it is actually received by
the intended recipient. Any party may change the address to which notices and other communications
hereunder are to be delivered by giving the other party notice in the manner set forth herein.

     21. Joint Preparation. The Parties acknowledge that this Agreement has been drafted,
prepared, negotiated and agreed to jointly, with advice of each Party’s respective legal counsel,
and to the extent that any ambiguity should appear, now, or at any time in the future, latent or
apparent, such ambiguity shall not be resolved or construed against either Party.

     22. Non-Admission. This Agreement shall not in any way be construed as an admission by either
Party of any acts of wrongdoing, violation of any statute, law or legal or contractual right.
Group 1 and Hollingsworth acknowledge that each has willingly to entered into this Agreement
described herein.

     23. Review By Counsel. Hollingsworth and Group 1 acknowledge that they have thoroughly
discussed all aspects of this Agreement and the effect of same with their respective legal counsel,
that they have had a reasonable time to review the Agreement, that they fully understand all the
provisions of the Agreement and are voluntarily entering into this Agreement. The parties further
represent that they have not transferred or assigned to any person or entity any claim involving
the other party or any portion thereof or interest therein.

     24. Period Of Consideration And Revocation. Hollingsworth acknowledges that he has been given
a period of 21 days from April 9, 2005, to review and consider this Agreement before executing it.
He has the right to use as much or as little of the 21-day period as he wishes before executing
this Agreement. Hollingsworth may revoke this Agreement within 7 days after signing it, in which
case this Agreement and the obligations herein, are null and void. Revocation is only effective if
Hollingsworth delivers a written notice of revocation to Group 1, c/o Jeff Cameron, 950 Echo Lane,
Suite 100, Houston, Texas 77024, within 7 days after executing the Agreement. Hollingsworth
understands that Group 1’s obligations under this Agreement do not become effective until after the
7 day revocation period has expired.

     25. Execution In Multiple Counterparts. This Agreement may be executed in multiple
counterparts, whether or not all signatories appear on these counterparts, and each counterpart
shall be deemed an original for all purposes. This Agreement shall be deemed performable by all
Parties in Harris County, Texas and the construction and enforcement of this Agreement shall be
governed by Texas law without regard to its conflicts of law rules.

*     *     *     *     *

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     I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING AGREEMENT, THAT I UNDERSTAND ALL OF ITS
TERMS, AND THAT I AM ENTERING INTO IT VOLUNTARILY.

     IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed as of the day
and year first above written.

	 	 	 	 	 
	 	 	 
	 	 	 
	 	B.B. Hollingsworth, Jr. 	 
	 	 	 
	 
	 	GROUP 1 AUTOMOTIVE, INC.

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

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