Document:

Eleventh Modification to Loan and Security Agreement

 Exhibit 10.31 
 

 
 ELEVENTH MODIFICATION TO LOAN AND SECURITY AGREEMENT 
 This Eleventh Modification to Loan and Security Agreement (this “Modification”) is entered into by and between ORANGE 21, Inc.,
(“Borrower”) and COMERIC BANK (“Bank”), at San Jose, California, as of June 29, 2006. 
 RECITALS

 This Modification is entered into upon the basis of the following facts and understandings of the parties, which facts and
understandings are acknowledged by the parties to be true and accurate: 
 Bank and Borrower have previously entered into that certain Loan
and Security Agreement (Accounts and Inventory), dated October 5, 2001, as modified by that certain First Modification dated July17, 2002, as modified by that certain Second Modification dated March 21, 2003, as modified by that certain
Third Modification dated August 14, 2003 as modified by that certain Fourth Modification dated November 26, 2003, as modified by that certain Fifth Modification dated December 16, 2003, as modified by that certain Sixth Modification
dated August 5, 2005, as modified by that certain Seventh Modification dated December 2, 2004, as modified by that certain Eighth Modification dated January 27, 2005, as modified by that certain Ninth Modification dated
November 4, 2005, and as modified by that certain Tenth Modification dated December 29, 2005. The Loan and Security Agreement (Accounts and Inventory) as amended, modified, revised or restated from time to time shall be referred to herein
as the “Agreement.” 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as set forth below. 
 AGREEMENT 
 1. Incorporation by Reference. The Recitals and the documents referred to therein are incorporated herein by this reference. Except as otherwise
noted, the terms not defined herein shall have the meaning set forth in the Agreement. 
 2. Modification to the Agreement. Subject to
the satisfaction of the conditions precedent as set forth in Section 3 hereof, the Agreement is hereby modified as set forth below. 
 A. A new Subsection 2.1 (h) is hereby added to the Agreement to read in its entirety as follows: 
 “Subject to the availability under the Committed Revolving Line, and in reliance on the representations and warranties of Borrower set forth herein, at any time and from time to time from the date hereof through the Business Day
immediately prior to the Revolving Maturity Date, Bank shall reserve against the Committed Revolving Line, 10% of any net Foreign Exchange Forward Contracts totaling up to Twenty Million Dollars ($20,000,000) for a maximum reserve of Two Millions
Dollars ($2,000,000). Amounts so reserved shall be deemed to constitute Advances under the Committed Revolving Loan. The Foreign Exchange Forward Contracts shall be utilized by Borrower for hedging against its foreign accounts payable. Borrower will
pay any standard issuance and other fees that Bank notifies Borrower will be charged for issuing and processing Foreign Exchange Contracts for Borrower. Foreign Exchange Contracts shall expire no later than the Revolving Maturity Date.”

 B. “Letter of Credit Sublimit” defined in Exhibit A of the Agreement entitled “Definitions” is hereby
amended to read as follows: 
 “‘Letter of Credit Sublimit’ means a sublimit under the Committed Revolving Line not to exceed
Four Million Dollars ($4,000,000).” 
 C. “Revolving Maturity Date” defined in Exhibit A of the Agreement
entitled “Definitions” is hereby amended to read as follows: 
 “‘Revolving Maturity Date’ means July 5,
2006.” 
 3. Miscellaneous. The effectiveness of this Agreement shall be conditioned upon Bank’s receipt of: 
 (a) A counterpart of this Agreement duly executed by Borrower. 
  

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 (b) Borrower agrees to pay a Documentation Fee totaling $750.00 upon execution hereof.

 4. Legal Effect. The effectiveness of this Modification is conditioned upon receipt by Bank of this Modification, and any other
documents which Bank may require to carry out the terms hereof. Except as specifically set forth in this Modification, all of the terms and conditions of the Agreement remain in full force and effect. 
 5. Integration. This is an integrated Modification and supersedes all prior negotiations and agreements regarding the subject matter hereof. All
amendments hereto must be in writing and signed by the parties. 
 IN WITNESS WHEREOF, the parties have agreed as of the date first set forth
above. 
  

									
	ORANGE 21, INC.	 		 	COMERICA BANK
					
	 By:
	 	 /s/ Michael Brower
	 		 	 By:
	 	 /s/ Tomas Schmidt

	 Name:
	 	 Michael Brower
	 		 	 Name:
	 	 Tomas Schmidt

	 Title:
	 	 Chief Financial Officer
	 		 	 Title:
	 	 Vice-President-Western Market

  

 2Letter Agreement

 Exhibit 10.32 
 June 30, 2006 
 Michael Brower 
 Chief Finacial Officer 
 Orange 21 Inc. 
 2070 Las Palmas Carlsbad, CA 92009 
  

	RE:	Orange 21 Inc. (“Borrower”) 

	    	Obligor Number 7433804894/59/42/34/26/18 

 Dear Michael Brower: 
 Comerica Bank (the “Bank”) has approved the extension of the maturity date of the above referenced credit
facility as evidenced by that certain note/agreement, dated October 5, 2001 (as such may be amended, restated, modified, supplemented or revised from time to time, the “Agreement”) from July 5, 2006 to September 5, 2006.
Upon your execution of a counterpart of this letter, the maturity date shall be so amended. 
 The Agreement, as modified and amended hereby, shall be and
remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this modification and amendment shall not
operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness of all promissory notes, guaranties, security
agreements, mortgages, deeds of trust, environmental agreements, and all other instruments, documents and agreements entered into in connection with the Agreement. 
 By execution of a counterpart of this letter, Borrower further represents and warrants that the representations and warranties contained in the Agreement are true and correct as of the date hereof, and that no event of default has occurred
and is continuing under the Agreement or any other document, instrument or agreement entered into in connection therewith. 
 Sincerely, 
 Comerica Bank 

			
		
	By:	 	 /s/ Tomas Schmidt

		 	 Tomas Schmidt

		 	 Vice-President-Western Market

 Acknowledged and accepted on July 3, 2006: 
  

			
	Orange 21 Inc.
		
	By:	 	 /s/ Michael Brower

		 	 Michael Brower

		 	 Chief Financial OfficerOption Agreement

 Exhibit 10.24 
 OPTION AGREEMENT 
 This OPTION AGREEMENT (this “Agreement”) is made as of
June 30, 2006, by and between Keystone Automotive Holdings, Inc., a Delaware corporation (the “Company”), and Edward Orzetti (“Executive”). Capitalized terms used but not otherwise defined in this Agreement
shall have the meanings given to such terms in the Plan (as defined below). 
 Pursuant to the Company’s 2003 Executive Stock Option
Plan attached hereto as Exhibit A (the “Plan”), the Company and Executive desire to enter into an agreement pursuant to which the Company will grant to Executive options to acquire 367,401 shares of Class A Common Stock
(the “Class A Common”), and options to acquire 40,822 shares of Class L Common Stock (the “Class L Common” and, together with the Class A Common, the “Common Stock”), which options will be
subject to time vesting (the “Options”). The Options are sometimes hereinafter referred to individually as an “Option” and collectively as the “Options.” 
 The parties hereto agree as follows: 
 1.
Stock Options. 
 (a) Option Grants. The Company hereby grants to Executive, pursuant to the Plan, Options to purchase
(i) 367,401 shares of Class A Common (the “Class A Common Options”) in three separate tranches representing the right to purchase 122,467 shares, 122,467 shares and 122,467 shares, respectively, of Class A Common
(such tranches are herein referred to as “Tranche 1 Class A Common Options,” “Tranche 2 Class A Common Options,” and “Tranche 3 Class A Common Options,” respectively) and
(ii) 40,822 shares of Class L Common (the “Class L Common Options”) in three separate tranches representing the right to purchase 13,607 shares, 13,607 shares and 13,608 shares, respectively, of Class L Common (such tranches
are herein referred to as “Tranche 1 Class L Common Options,” “Tranche 2 Class L Common Options,” and “Tranche 3 Class L Common Options,” respectively). The Class A Common Options shall have an
exercise price per share of $0.7044 per share of Class A Common Options (the “Class A Common Option Price”). The Class L Common Options shall have an exercise price per share of $21.20 per share of Class L Common Options, (the
“Class L Common Option Price”). The shares issued upon exercise of the Options are referred to herein as the “Option Shares.” The number of Option Shares and the Class A Common Option Price and Class L Common
Option Price will be equitably adjusted for any stock split, stock dividend, reclassification or recapitalization of the Company which occurs subsequent to the date of this Agreement. 
 (b) Exercisability. Notwithstanding any provision to the contrary in the Plan, on each date set forth below, each tranche of the Class A
Common Options and Class L Common Options will vest, and thus become exercisable with respect to the cumulative percentage of Option Shares issuable upon exercise of such Class A Common Options and Class L Common Options set forth opposite such
date below (such table below being referred to herein as the “Time Vesting Schedule”), if Executive is, and has been, continuously employed by the Company or any of its Subsidiaries from the date of this Agreement through such date:

  

				
	 Date
	  	 Cumulative Percentage
 of Class A Common Options and
Class L Common Options Vested
	 
	 March 1, 2007
	  	20	%
		
	 March 1, 2008
	  	40	%
		
	 March 1, 2009
	  	60	%
		
	 March 1, 2010
	  	80	%
		
	 March 1, 2011
	  	100	%

 ; provided, that subject to the proviso set forth in Section 1(e) below, any Tranche 2 Class A
Common Options, Tranche 2 Class L Common Options, Tranche 3 Class A Common Options and Tranche 3 Class L Common Options that have otherwise vested pursuant to the Time Vesting Schedule above shall only become exercisable in connection with a
Sale of the Company (as defined below) or after the 180th day following the consummation of an Initial Public
Offering (as defined below) (the “IPO Trigger Date”), in accordance with the following: 
 (i) at any time
after the IPO Trigger Date, the Tranche 2 Class A Common Options and Tranche 2 Class L Common Options that have otherwise vested pursuant to the Time Vesting Schedule above shall only become exerciseable if the product (the “Strip
Market Value”) of (x) the Market Price (as defined below) and (y) the aggregate number of shares issued in exchange for nine (9) shares of Class A Common and one (1) share of Class L Common in connection with the
IPO Recapitalization (as defined below) at any time equals or exceeds $35.00 (in each case, after giving effect to any stock splits, reverse stock splits, stock dividends, share combinations or reclassifications or similar equity recapitalizations
other than the IPO Recapitalization); 
 (ii) at any time after the IPO Trigger Date, the Tranche 3 Class A Common
Options and Tranche 3 Class L Common Options that have otherwise vested pursuant to the Time Vesting Schedule above shall only become exerciseable if the Strip Market Value at any time equals or exceeds $52.50 (in each case, after giving effect to
any stock splits, reverse stock splits, stock dividends, share combinations or reclassifications or similar equity recapitalizations other than the IPO Recapitalization); and 
 (iii) in the event of a Sale of a Company, the Tranche 2 Class A Common Options, Tranche 2 Class L Common Options, Tranche 3
Class A Common Options and Tranche 3 Class L Common Option shall only become exerciseable in accordance with Section 1(c) below. 
 (c) Sale of the Company. Upon the consummation of a Sale of the Company (as defined below), so long as Executive is, and has been, continuously employed by the Company or any of its Subsidiaries from the date of this Agreement
through the time immediately prior to consummation of the Sale of the Company, 100% of the Options granted to Executive shall become immediately exercisable (including any Options previously vested pursuant to Section 1(b) above)
notwithstanding the Time Vesting Schedule above; provided, that (i) the Tranche 2 Class A Common Options and Tranche 2 Class L Common Options shall only become exerciseable in the event that the aggregate amount of net proceeds
(assuming full exercise of all 
  

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 vested “in-the-money” options for Common Stock) paid in connection with the Sale of the Company for the sum of
nine (9) shares Class A Common and one (1) share of Class L Common (such amount, the “Strip Sale Proceeds”) equals or exceeds $35.00 (in each case, after giving effect to any stock splits, reverse stock splits, stock
dividends, share combinations or reclassifications or similar equity recapitalizations), and (ii) the Tranche 3 Class A Common Options and Tranche 3 Class L Common Options shall only become exerciseable in the event that the Strip Sale
Proceeds equals or exceeds $52.50 (in each case, after giving effect to any stock splits, reverse stock splits, stock dividends, share combinations or reclassifications or similar equity recapitalizations). 
 (d) Securities Laws Restrictions. Executive represents that when Executive exercises the Options he will be purchasing Option Shares for
Executive’s own account and not on behalf of others. Executive understands and acknowledges that federal and state securities laws govern and restrict Executive’s right to offer, sell or otherwise dispose of any Option Shares unless
Executive’s offer, sale or other disposition thereof is registered under the Securities Act of 1933, as amended (the “1933 Act”), and state securities laws or, in the opinion of the Company’s counsel, such offer, sale or
other disposition is exempt from registration thereunder. Executive agrees that he will not offer, sell or otherwise dispose of any Option Shares in any manner which would: (i) require the Company to file any registration statement (or similar
filing under state law) with the Securities and Exchange Commission or to amend or supplement any such filing or (ii) violate or cause the Company to violate the 1933 Act, the rules and regulations promulgated thereunder or any other state or
federal law. Executive further understands that the certificates for any Option Shares Executive purchases will bear the legend set forth in Section 3 hereof or such other legends as the Company deems necessary or desirable in connection
with the 1933 Act or other rules, regulations or laws. 
 (e) Expiration. The Options will expire on the earlier of the tenth
anniversary of the date hereof or the date of termination of Executive’s employment with the Company or any of its Subsidiaries for any reason (the “Termination Date”); provided, that: 
 (i) any portion of the Options which has not vested and become exercisable prior to the Termination Date in accordance with this Agreement
(after giving effect to clause (iii) below) shall expire on the Termination Date and may not be exercised under any circumstance; 
 (ii) any portion of the Options which has vested and become exercisable prior to the Termination Date in accordance with this Agreement (after giving effect to clause (iii) below) will expire on the earlier of
(x) 90 days after the Termination Date and (y) the tenth anniversary of the date hereof; and 
 (iii) for purposes
of this Section 1(e), in the event that the IPO Trigger Date has not occurred prior to the Termination Date and as a result the Tranche 2 Class A Common Options, Tranche 2 Class L Common Options, Tranche 3 Class A Common
Options and Tranche 3 Class L Common Options have not vested and become exercisable pursuant to Section 1(b) above, the Tranche 2, (x) the Tranche 2 Class A Common Options and Tranche 2 Class L Common Options that have vested
pursuant to the Time Vesting Schedule shall be deemed fully vested and 
  

 3 

 exercisable only if the aggregate Fair Market Value of nine (9) shares of Class A Common and
one (1) share of Class L Common (the “Strip Termination Date Value”) equals or exceeds $35.00 (in each case, after giving effect to any stock splits, reverse stock splits, stock dividends, share combinations or
reclassifications or similar equity recapitalizations) and (y) the Tranche 3 Class A Common Options and Tranche 3 Class L Common Options that have vested pursuant to the Time Vesting Schedule shall be deemed fully vested and exercisable
only if the Strip Termination Date Value equals or exceeds $52.50 (in each case, after giving effect to any stock splits, reverse stock splits, stock dividends, share combinations or reclassifications or similar equity recapitalizations).

 (f) Rules and Procedures for Exercise. Any exercise of an Option must comply with the terms and conditions respecting exercise set
forth in the Plan. Executive must exercise Class A Common Options to acquire nine shares of Class A Common for every one share of Class L Common acquired through the exercise of Class L Common Options and Class L Common Options to acquire
one share of Class L Common for every nine shares of Class A Common acquired through the exercise of Class A Common Options. 
 (g)
Non-Transferability of Option. The Options are personal to Executive and are not transferable by Executive. Only Executive or his estate or heirs is entitled to exercise the Options. 
 (h) “Fair Market Value” means, for each share of Common Stock, the fair market value of the Common Stock as determined in good faith by
the Board 
 (i) “Independent Third Party” shall mean any person who, immediately prior to the contemplated transaction,
does not own in excess of 5% of the Common Stock on a fully-diluted basis, who is not controlling, controlled by or under common control with any such 5% owner of the Common Stock and who is not the spouse or descendent (by birth or adoption) of any
such 5% owner of the Common Stock. 
 (j) “Initial Public Offering” means the initial underwritten public offering by the
Company of Common Stock pursuant to an effective registration statement under the 1933 Act filed with the United States Securities and Exchange Commission (“SEC”) on Form S-1 thereunder (or any successor form adopted by the SEC).

 (k) “IPO Recapitalization” means the recapitalization, reorganization and/or exchange of Common Stock consummated in
connection with the Initial Public Offering. 
 (l) “Market Price” means, for each share of Common Stock following the
Initial Public Offering, the average of the closing per share prices of the sales of the Common Stock on all securities exchanges on which the Common Stock may at the time be listed, or, if there have been no sales on any such exchange on any day,
the average of the highest bid and lowest asked prices on all such exchanges at the end of such day, or, if on any day the Common Stock is not so listed, the average of the representative bid and asked per share prices quoted in the NASDAQ National
Market System as of 4:00 P.M., New York time, or, if on any day the Common Stock is not quoted in the NASDAQ National Market System, the average of the highest bid and lowest 
  

 4 

 asked per share prices on such day in the domestic over-the-counter market as reported by the NASDAQ National Quotation
Bureau, Incorporated, or any similar successor organization, in each such case averaged over a period of 21 trading days consisting of the day as of which the Market Price is being determined and the 20 consecutive trading days prior to such day. If
at any time the Common Stock is not so listed on any securities exchange or quoted in the NASDAQ National Market System or the domestic over-the-counter market, the Market Price, will be the fair market value of the Common Stock as determined in
good faith by the Board. 
 (m) “Sale of the Company” shall mean sale of the Company (or any successor thereto), including
in one or more series of related transactions, to an Independent Third Party or group of Independent Third Parties, pursuant to which such party or parties acquire, directly or indirectly, through one or more intermediaries, (i) equity
securities of the Company constituting a majority of the outstanding capital stock of the Company (whether by merger, consolidation, sale or transfer of the Company’s outstanding capital stock) or (ii) all or substantially all of the
assets of the Company and its Subsidiaries on a consolidated basis. 
 2. Restrictions on Transfer; Other Stockholders Agreement
Provisions. Upon exercise of any Option granted hereunder, Executive, if not already a party thereto, shall execute and deliver to the Company a counterpart to the Stockholders Agreement in form and substance satisfactory to the Company
agreeing to be bound by the terms and conditions thereof. Executive accepts, acknowledges, and agrees that the Option Shares issued upon exercise of any Options are subject to the terms and conditions of the Stockholders Agreement, including the
restrictions on transfer contained therein. 
 3. Additional Restrictions on Transfer. 
 (a) The certificates representing the Option Shares will bear the following legend: 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY
NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER AND
CERTAIN OTHER AGREEMENTS SET FORTH IN AN OPTION AGREEMENT BETWEEN THE ISSUER (THE “COMPANY”) AND A CERTAIN EMPLOYEE OF THE COMPANY DATED AS OF             
    , 2006, A COPY OF WHICH MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE OF BUSINESS WITHOUT CHARGE.” 
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN TRANSFER AND VOTING RESTRICTIONS PURSUANT TO A STOCKHOLDERS AGREEMENT DATED AS OF OCTOBER 30, 2003 AMONG THE COMPANY AND CERTAIN OF THE
COMPANY’S STOCKHOLDERS, AS SUCH AGREEMENT MAY BE AMENDED FROM 
  

 5 

 TIME TO TIME. A COPY OF SUCH STOCKHOLDERS AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE COMPANY TO
THE HOLDER HEREOF UPON WRITTEN REQUEST.” 
 (b) No holder of Option Shares may sell, transfer or dispose of any Option Shares (except
pursuant to an effective registration statement under the 1933 Act) without first delivering to the Company an opinion of counsel reasonably acceptable in form and substance to the Company (which counsel shall be reasonably acceptable to the
Company) that registration under the 1933 Act is not required in connection with such transfer. 
 4. Definition of Option
Shares For all purposes of this Agreement, Option Shares will continue to be Option Shares in the hands of any holder other than Executive (except for the Company or purchasers pursuant to an offering registered under the 1933 Act or
purchasers pursuant to a Rule 144 transaction (other than a Rule 144(k) transaction occurring prior to the time of a closing of a Public Offering (as defined in the Stockholders Agreement)), and each such other holder of Option Shares will succeed
to all rights and obligations attributable to Executive as a holder of Option Shares hereunder. Option Shares will also include shares of the Company’s capital stock issued with respect to shares of Option Shares by way of a stock split, stock
dividend or other recapitalization. 
 5. Notices. Any notice provided for in this Agreement must be in writing and must be
personally delivered, received by certified mail, return receipt requested, or sent by guaranteed overnight delivery service, to the parties at the addresses indicated below: 
 If to the Company, to: 
 Keystone
Automotive Holdings, Inc. 
 c/o Bain Capital NY, LLC 
 745 Fifth Avenue 
 New York, NY 10151 
 Attn: Stephen M. Zide 
 with a copy (which
shall not constitute notice to the Company) to: 
 Kirkland & Ellis LLP 
 Citigroup Center 
 153 East 53rd Street

 New York, NY 10022 
 Attention:
Eunu Chun 
 If to Executive, to: 
 126 Glenwood Road 
 Ridgewood, NJ 07450 
 or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under this Agreement will be deemed to have been given when so delivered or
received or five business days after being so mailed. 
  

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 6. Representations and Warranties. In connection with the grant of the Options hereunder,
Executive represents and warrants to the Company that: 
 (a) This Agreement constitutes the legal, valid and binding obligation of Executive,
enforceable against Executive in accordance with its terms, and the execution, delivery and performance of this Agreement by Executive does not and will not conflict with, violate or cause a breach of any agreement, contract or instrument to which
Executive is a party or any judgment, order or decree to which Executive is subject. 
 (b) As an inducement to the Company to grant the
Options to Executive, and as a condition thereto, Executive acknowledges and agrees that neither the grant of the Options to Executive nor any provision contained herein shall entitle Executive to remain in the employment of the Company or its
Subsidiaries or affect the right of the Company or its Subsidiaries to terminate Executive’s employment at any time for any reason. 
 (c) The Company and Executive acknowledge and agree that this Agreement has been executed and delivered and the Options have been granted hereunder, in connection with and as part of the compensation and incentive arrangements among the
Company and Executive and that, except as otherwise expressly provided in this Agreement, the issuance of the Options and the issuance of any Option Shares upon the exercise of any of the Options is subject to all of the terms and conditions
contained in the Plan. 
 7. Severability. Whenever possible, each provision of this Agreement will be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 
 8. Complete Agreement. This Agreement and the Plan and the other
agreements expressly referred to herein embody the complete agreement and understanding among the parties and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, which may have
related to the subject matter hereof in any way, including, without limitation, any bonus arrangements upon a consummation of a sale of the Company or any of its subsidiaries. 
 9. Counterparts. This Agreement may be executed in separate counterparts (including by means of facsimile), each of which will be deemed to
be an original and all of which taken together will constitute one and the same agreement. 
 10. Successors and Assigns. This
Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company and their respective successors and assigns, provided, that Executive may not assign any of his rights or obligations, except as
expressly provided by the terms of this Agreement. 
  

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 11. Governing Law. THE CORPORATE LAW OF THE STATE OF DELAWARE WILL GOVERN ALL ISSUES
CONCERNING THE RELATIVE RIGHTS OF THE COMPANY AND ITS STOCKHOLDERS. ALL OTHER ISSUES CONCERNING THE ENFORCEABILITY, VALIDITY AND BINDING EFFECT OF THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAW OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 12. Remedies. The parties hereto agree and acknowledge that money damages may not be an adequate remedy for any breach of
the provisions of this Agreement and that any party hereto will have the right to injunctive relief, in addition to all of its other rights and remedies at law or in equity, to enforce the provisions of this Agreement. 
 13. Effect of Transfers in Violation of Agreement. The Company will not be required (a) to transfer on its books any shares of Option
Shares which have been sold or transferred in violation of any of the provisions set forth in this Agreement or the Stockholders Agreement or (b) to treat as owner of such shares, to accord the right to vote as such owner or to pay dividends to
any transferee to whom such shares have been transferred in violation of this Agreement or the Stockholders Agreement. 
 14.
Amendments and Waivers. Any provision of this Agreement may be amended or waived only with the prior written consent of the Company and Executive. 
 15. Keystone Automotive Holdings, Inc. 2003 Executive Stock Option Plan. Except as otherwise expressly set forth in this Agreement, the grant of Options and issuance of Option Shares hereunder is
pursuant to, and subject to all the terms and conditions of, the Plan. 
 * * * * * 
  

 8 

 IN WITNESS WHEREOF, the parties have executed this Option Agreement on the day and year first above
written. 
  

			
	KEYSTONE AUTOMOTIVE HOLDINGS, INC.
		
	By:	 	 /s/ Bryant P. Bynum

	Name:	 	Bryant P. Bynum
	Title:	 	Chief Financial Officer
		
		 	 /s/ Edward Orzetti

		 	Edward Orzetti

 Exhibit A 
 Keystone Automotive Holdings, Inc. 2003 Executive Stock Option Plan 
 (see attached)

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