EXHIBIT 10.85
AMENDMENT NO. 1
TO
STOCK EXCHANGE AGREEMENT
This Amendment No. 1 To Stock Exchange Agreement (the "Amendment") is
entered into as of the 15th day of December 1998 between the shareholder (the
"Shareholder") who owns 100% of Saba Acquisub, Inc. ("SAI"), a Colorado
corporation, and Horizontal Ventures, Inc. ("HVNV").
WITNESSETH:
WHEREAS, HVNV, SAI, Shareholder and the then-shareholders of SAI are
parties to the Stock exchange Agreement dated November 23, 1998 (the "Exchange
Agreement"); and
WHEREAS, Shareholder has acquired all the interests of the other
shareholders in SAI so that Shareholder now owns 100% of SAI; and
WHEREAS, HVNV, SAI and Shareholder desire to amend the Exchange Agreement
in the manner set forth in this Amendment;
NOW THEREFOR, the parties hereto enter into this Amendment on the terms,
conditions and based on the consideration hereinafter set forth and as set
forth in the Exchange Agreement and amended by this Amendment:
1. The second paragraph of the Exchange Agreement following the
word "WITNESSETH" shall be amended by replacing the number
"3,000,000" with the number "2,971,755."
2. Section 5 of the Exchange Agreement shall be amended by
replacing the number "1,300,000" with the number "1,340,000."
3. Section 6 of the Exchange Agreement shall be amended by
replacing the date "December 3, 1998" with the date "December 18,
1998."
4. Section 9 of the Exchange Agreement shall be amended by
replacing the number "1.3 million" with the number "1,340,000."
5. Section 11.a of the Exchange Agreement shall be amended by
replacing the number "$300,000" with the number "$306,578.73" in two
places, by replacing the number "($211,436.00)" with the number
"($214,615.16)", and by replacing the number "($89,727.00)" with the
number "($91,963.57)".
6. Section 12 of the Exchange Agreement shall be amended by adding
the following sentence at the end of Section 12: "Notwithstanding
the foregoing, Horizontal Ventures agrees that Shareholder may
transfer up to 75,000 shares without complying with the notice
provisions of this Section 12 and that Horizontal Ventures shall not
have a right to purchase those shares prior to the transfer by
Shareholder; provided however, that the recipient of those shares
shall agree to take those shares subject to Horizontal Ventures's
right of first refusal by this Section 12 and the recipient shall
agree to be bound by the provisions of Section 9 concerning the
voting of the transferred shares."
7. Exhibit A to the Exchange Agreement is amended to read in its
entirety as Exhibit A attached to and made a part of this Amendment.
8. Except as specifically amended in this Amendment, the terms of
the Exchange Agreement shall remain in full force and effect.
Dated the year and date first above set forth.
Shareholder:
CAPCO RESOURCES LTD.
By: /s/ XXXXX SHAH_____________
Xxxxx Xxxx, President
HORIZONTAL VENTURES, INC.
By: /s/ XXXXXXX X. XXXXXX
Xxxxxxx X. Xxxxxx, Chairman and CEO
SABA ACQUISUB, INC.
By:_____________________________
Signature
________________________________
Printed Name and Title
EXHIBIT A
Name of Exchange Shareholder No. of SAI Shares Exchanged No. of HVNV Shares
to be Received
Capco Resources Ltd. 10,000 1,340,000