EXHIBIT 10(dddd)
137
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TIREX AMERICA INC.
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AMENDMENT NO. 2
TO STOCK RESTRICTION AGREEMENT
OF APRIL 1, 1996 AS AMENDED MAY 30, 1996
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Second Amendment, made this 1st day of May 1997, by and between
Tirex America Inc.
0000 Xxxxxxx
Xxxxx Xx. Xxxxxxx
Xxxxxx, Xxxxxx X0X 0X0
Tirex Canada Inc.
0000 Xxxxxxx
Xxxxx Xx. Xxxxxxx
Xxxxxx, Xxxxxx X0X 0X0
(collectively, the "Corporation"*)
and
Xxxxx X. Xxxx
000 Xxx Xxxxxx
Xxxxxx, Xxxxxx
Xxxxxx X00 0X0
("Xxxx")
the original parties to a certain stock restriction agreement, dated April 1,
1996, as amended May 30, 1996 (the "Stock Restriction Agreement"). Terms used in
this Amendment which are defined in the Stock Restriction Agreements and not
defined herein shall have the same meaning herein as therein.
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Whereas, the parties wish to amend the terms of the Stock Restriction
Agreement to reflect certain changes in Rule 144 of the Securities Act of 1933,
as amended, and to shorten the period required before shares or the
Corporation's common stock, received by Xxxx as compensation, are permitted to
be included in a registration statement on Form S-8.
Now therefore, in consideration of the premises and of the mutual promises
and covenants hereinafter set forth, the parties agree to amend the Stock
Restriction Agreement, as follows:
A. AMENDMENTS
Stock Transfer Restrictions and Forfeitures
Paragraph 1.1 is amended so as to read as follows:
1.1 The Stock may be sold, hypothecated, donated or otherwise
disposed of, as permitted under the Rules and Regulations of the
Securities Act of 1933, as amended, provided however that the Stock
may not be sold under a registration statement on Form S-8, until not
less than eighteen months have elapsed after its issuance.
B. NO OTHER AMENDMENTS
Except as expressly provided in this Amendment, all of the terms and
conditions of the Stock Restriction Agreement remain in full force and effect.
C. COUNTERPARTS
This Amendment may be executed in any number of counterparts and by each
party on a separate counterpart, each of which when so executed and delivered
shall be an original, but all of which together shall constitute one Amendment.
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In Witness Whereof, the parties hereto have caused this Amendment to be
executed the day and year first above written.
TIREX AMERICA INC.
By /s/ Xxxxxxx X. Xxxxx
---------------------------------
Xxxxxxx X. Xxxxx President and
Member of the Executive
Committee of the Board of
Directors.
TIREX AMERICA INC.
By /s/ Xxxx X. Xxxxxxx
---------------------------------
Xxxx X. Xxxxxxx, Member of the
Executive Committee of the
Board of Directors
EXECUTIVE
/s/ Xxxxx X. Xxxx
-----------------------------------
Xxxxx X. Xxxx
140
