Exhibit 10.22
AMENDMENT TO VOLUNTARY POOLING AGREEMENT
THIS AGREEMENT DATED FOR REFERENCE THE 11th DAY OF SEPTEMBER, 1997.
BETWEEN:
BENZ ENERGY LTD., a Yukon company having an office at 0000-0000
Xxxx Xxxxxxx Xxxxxx;
(the "Issuer")
AND:
X.X. XXXXXX & COMPANY LIMITED, 2nd Floor, 000 Xxxx Xxxxxxx Xxxxxx,
Xxxxxxxxx, X.X.;
(the "Agent")
AND:
THE UNDERSIGNED SECURITYHOLDERS OF BENZ ENERGY LTD.,
(the "Pooled Securityholders")
AND:
MONTREAL TRUST COMPANY OF CANADA, having an office at 000 Xxxxxxx
Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0;
(the "Trustee")
WHEREAS:
A. The Pooled Securityholders agreed to place in pool a total of 12,342,497
shares of the Issuer (the "Securities"), presently owned or to be acquired
upon exercise of warrants, pursuant to a voluntary pooling agreement dated
for reference April 18, 1997 (the "Voluntary Pooling Agreement");
B. Certain of the Pooled Securityholders have since been required by the
Ontario Securities Commission ("OSC") to place some of the Securities into
escrow pursuant to an escrow agreement to be administered by the OSC (the
"OSC Escrow Agreement");
C. The Agent and the Issuer have agreed to release from the Voluntary
Pooling Agreement certain of the Shares in order to facilitate the OSC Escrow
Agreement and to amend the Voluntary Pooling Agreement accordingly;
NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the premises
and in consideration of the sum of Ten Dollars ($10) now paid by the parties
hereto, each to the other, the receipt and sufficiency of which is hereby
acknowledged, and in further consideration of the mutual
covenants and conditions hereinafter contained, the parties hereto agree
(the "Amendment") to amend the Voluntary Pooling Agreement as follows:
1. The following Securities held by the following Pooled Securityholders
shall be released from the Voluntary Pooling Agreement and the Trustee is
hereby authorized and directed to return the certificates representing
such securities to the respective Pooled Securityholders:
POOLED SECURITYHOLDER SECURITIES
--------------------- ----------
Texstar Petroleum, L.L.C. 361,304 shares
Calibre Energy, L.L.C. 331,193 special warrants
Xxxxx Petroleum Inc. 1,600,000 shares and 1,600,000 warrants
DNG Capital Corp. 400,000 warrants
Xxxxxxxx Trust 4,972,500 shares
Ruston Trust 765,000 shares
Houston Trust 765,000 shares
Starbuck's Trust 765,000 shares
2. Schedules A and B of the Voluntary Pooling Agreement are replaced in
their entirety with the Schedules A and B attached to this Amendment.
3. With respect to 400,000 warrants and 1,600,000 warrants (the "Warrants")
held by DNG Capital Corp ("DNG") and Xxxxx Petroleum ("Xxxxx"),
respectively, DNG and Xxxxx each agree that:
(a) any shares issued to them upon the exercise of such warrants (the
"Warrant Shares") will not be sold by them for a period of 90 days
from the date that the last of the receipts is issued by the
applicable Securities Commissions for the Company's final prospectus
(the "Receipt Date").
(b) on the dates which are 30, 60 and 90 days from the Receipt Date, DNG
and Xxxxx will provide to the Issuer and the Agent confirmation from
the member firms at which their Warrants and/or Warrant Shares are
lodged, that the Warrants and/or Warrant Shares have not been sold.
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4. The parties hereto agree that except as specifically amended herein, the
Voluntary Pooling Agreement remains in full force and effect.
IN WITNESS WHEREOF the Pooled Securityholders and the Trustee have executed
the presents as from the day and year first above written.
THE CORPORATE SEAL of BENZ )
ENERGY LTD. was hereunto affixed in the )
presence of: )
) c/s
/s/ Xxxx XxXxxx )
---------------------------------------- )
)
)
---------------------------------------- )
X.X. XXXXXX & COMPANY LIMITED
Per:
----------------------------------------
THE CORPORATE SEAL of MONTREAL )
TRUST COMPANY OF CANADA was )
hereunto affixed in the presence of: )
) c/s
)
---------------------------------------- )
)
)
---------------------------------------- )
THE CORPORATE SEAL of TEXSTAR )
PETROLEUM, L.L.C. was hereunto affixed )
in the presence of: )
) c/s
)
--------------------------------------- )
)
/s/ Xxxx Xxxxxxx, Treasurer )
--------------------------------------- )
THE CORPORATE SEAL of CALIBRE )
ENERGY, L.L.C. was hereunto affixed in )
the presence of: )
) c/s
)
---------------------------------------- )
)
/s/ Xxxx Xxxxxxx, Treasurer )
--------------------------------------- )
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THE CORPORATE SEAL of XXXXX )
PETROLEUM INC. was hereunto affixed in )
the presence of: )
) c/s
/s/ Xxxxxx Xxxxx )
---------------------------------------- )
)
)
---------------------------------------- )
THE CORPORATE SEAL of DNG )
CAPITAL CORP. was hereunto affixed in )
the presence of: )
) c/s
/s/ Xxxx XxXxxx )
---------------------------------------- )
)
)
---------------------------------------- )
SIGNED, SEALED & DELIVERED )
by XXXXXXX X. XXXXXXXXX, XX. )
in the presence of: )
)
Xxxxxxxx X. Xxxxxx ) /s/ Xxxxxxx X. Xxxxxxxxx, Xx.
--------------------------------------- ) -----------------------------
Signature of Witness ) XXXXXXX X. XXXXXXXXX, XX
)
Name of Witness: Xxxxxxxx X. Xxxxxx )
------------------------ )
)
Address of Witness: 0000 Xxxxxxxxx Xx. )
--------------------- )
)
Xxx. 0000, Xxxxxxx, XX 00000 )
---------------------------------------- )
)
Occupation of Witness: Receptionist )
----------------- )
SIGNED, SEALED & DELIVERED )
by XXXX XXXXXXX in the presence of: )
)
Xxxxxxxx X. Xxxxxx )
---------------------------------------- ) /s/ Xxxx Xxxxxxx
Signature of Witness ) -----------------------------
) XXXX XXXXXXX
Name of Witness: Xxxxxxxx X. Xxxxxx )
----------------------- )
)
Address of Witness: 0000 Xxxxxxxxx Xx. )
--------------------- )
)
Xxx. 0000, Xxxxxxx, XX 00000 )
---------------------------------------- )
)
Occupation of Witness: Receptionist )
----------------- )
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SIGNED, SEALED & DELIVERED )
by XXXXXXX XXXXXXXXX, TRUSTEE )
OF THE XXXXXXXX TRUST in the )
presence of: )
) /s/ Xxxxxxx Xxxxxxxxx
Xxxxxxxx X. Xxxxxx ) -----------------------------
---------------------------------------- ) TRUSTEE OF THE XXXXXXXX TRUST
Signature of Witness )
)
Name of Witness: Xxxxxxxx X. Xxxxxx )
------------------------ )
)
Address of Witness: 0000 Xxxxxxxxx Xx. )
--------------------- )
)
Xxx. 0000, Xxxxxxx, XX 00000 )
---------------------------------------- )
)
Occupation of Witness: Receptionist )
----------------- )
SIGNED, SEALED & DELIVERED )
by XXXXXXX XXXXXXXXX, TRUSTEE )
OF THE RUSTON TRUST in the presence )
of: )
) /s/ Xxxxxxx Xxxxxxxxx
Xxxxxxxx X. Xxxxxx ) -----------------------------
---------------------------------------- ) TRUSTEE OF THE RUSTON TRUST
Signature of Witness )
)
Name of Witness: Xxxxxxxx X. Xxxxxx )
------------------------ )
)
Address of Witness: 0000 Xxxxxxxxx Xx. )
--------------------- )
)
Xxx. 0000, Xxxxxxx, XX 00000 )
---------------------------------------- )
)
Occupation of Witness: Receptionist )
----------------- )
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SIGNED, SEALED & DELIVERED )
by XXXXXXX XXXXXXXXX, TRUSTEE )
OF THE HOUSTON TRUST in the )
presence of: )
) /s/ Xxxxxxx Xxxxxxxxx
Xxxxxxxx X. Xxxxxx ) ----------------------------
---------------------------------------- ) TRUSTEE OF THE HOUSTON TRUST
Signature of Witness )
)
Name of Witness: Xxxxxxxx X. Xxxxxx )
------------------------ )
)
Address of Witness: 0000 Xxxxxxxxx Xx. )
--------------------- )
)
Xxx. 0000, Xxxxxxx, XX 00000 )
---------------------------------------- )
)
Occupation of Witness: Receptionist )
----------------- )
SIGNED, SEALED & DELIVERED )
by XXXXXXX XXXXXXXXX, TRUSTEE )
OF THE STARBUCKS TRUST in the )
presence of: )
) /s/ Xxxxxxx X. Xxxxxxxxx
Xxxxxxxx X. Xxxxxx ) ----------------------------
---------------------------------------- ) TRUSTEE OF THE STARBUCKS
Signature of Witness ) TRUST
)
Name of Witness: Xxxxxxxx X. Xxxxxx )
------------------------ )
)
Address of Witness: 0000 Xxxxxxxxx Xx. )
--------------------- )
)
Xxx. 0000, Xxxxxxx, XX 00000 )
---------------------------------------- )
)
Occupation of Witness: Receptionist )
------------------ )
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SIGNED, SEALED & DELIVERED )
by XXXXXX XXXXX in the presence of: ) /s/ Xxxxxx Xxxxx
) ----------------------------
Xxxxxxxx X. Xxxxxx ) XXXXXX XXXXX
---------------------------------------- )
Signature of Witness )
)
Name of Witness: Xxxxxxxx X. Xxxxxx )
------------------------ )
)
Address of Witness: 0000 Xxxxxxxxx Xx. )
--------------------- )
)
Xxx. 0000, Xxxxxxx, XX 00000 )
---------------------------------------- )
)
Occupation of Witness: Receptionist )
------------------ )
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SCHEDULE "A" TO AMENDMENT EFFECTIVE SEPTEMBER 11, 1997
FULL NAME & ADDRESS NUMBER OF SIGNATURE OF
OF SECURITYHOLDER SECURITIES SECURITYHOLDER
----------------------- -------------- --------------------
DNG Capital Corp. DNG Capital Corp.
1305-1090 West Georgia Per:
Xxxxxxxxx, X.X. X0X 0X0
/s/ Xxxx XxXxxx
400,000 shares --------------------
Xxxx XxXxxx
Xxxx Xxxxxxx
0000 Xxxxxxxx Xxxx /s/ Xxxx Xxxxxxx
Xxxxxx, Xxxxx 00000 267,750 shares --------------------
Xxxx Xxxxxxx
Xxxxxx Xxxxx
0000 Xxxxxxx Xxxxx /s/ Xxxxxx Xxxxx
Xxxx, Xxxxx 00000 114,750 shares --------------------
Xxxxxx Xxxxx
--------------
TOTAL 782,500 shares
--------------
--------------
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SCHEDULE "B" TO AMENDMENT EFFECTIVE SEPTEMBER 11, 1997
RELEASE DATES(1)
----------------------------------------------------
NAME OF SECURITYHOLDER APRIL 18, 1998 APRIL 18, 1999 APRIL 18, 2000
---------------------- -------------- -------------- --------------
DNG Capital Corp. 120,000 120,000 160,000
Xxxx Xxxxxxx 80,325 80,325 107,100
Xxxxxx Xxxxx 34,425 34,425 45,900
------- ------- -------
TOTAL 234,750 234,750 313,000
------- ------- -------
------- ------- -------
--------------------
(1) Subject to acceleration pursuant to paragraph 5 of the Voluntary Pooling
Agreement.
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