AMENDMENT TO SHAREHOLDERS' STOCK
REDEMPTION AND OPTION AGREEMENT
THIS AGREEMENT is entered into between XXXX XXXXXXX, XXXXXXXX XXXXXXX
(f/k/a Xxxxxxxx Xxxxxxx), and the XXXX XXXXXXX TRUST U/A dated February 7, 1995,
hereinafter collectively referred to as "Shareholders" and individually referred
to as "Xxxxxxx," "Xxxxxxx," and the "Trust," respectively, and SPF ENERGY, INC.,
a North Dakota corporation, hereinafter referred to as "SPF." This agreement
shall hereinafter be referred to as the "Amendment."
RECITALS
A. On or about the 25" day of June, 1996, Farstad, Andrews, the
Trust, and SPF executed a "Shareholders' Stock Redemption and Option Agreement"
(hereinafter, the "1996 Agreement").
B. Among other things, Section 1 of the 1996 Agreement provided that
SPF would redeem, and the Trust would sell, a certain number of SPF shares at
specific times and at a specific price:
January 2000 32,608.7 shares @ $4.60/share --------- $150,000
January 2001 32,608.7 shares @ $4.60/share --------- $150,000
January 2002 32,608.7 shares @ $4.60/share --------- $150,000
January 2003 32,608.7 shares @ $4.60/share --------- $150,000
January 2004 32,608.7 shares @ $4.60/share --------- $150,000
--------------- --------
163,043.5 shares $750,000
C. Farstad, Andrews, the Trust and SPF have now agreed to amend the
1996 Agreement in certain respects.
AGREEMENT
IN CONSIDERATION of the mutual covenants contained in this agreement,
the parties agree as follows:
1. SPF shall redeem, and the Trust shall sell, 10,872 shares of SPF stock
in each of the years 2000, 2001, 2002, 2003, and 2004. Said redemptions
shall be made in accordance with the schedule attached to this
Amendment as Exhibit A, which schedule includes the payment of interest
by SPF to the Trust, and which schedule
Page 1 of 3
is hereby incorporated into this Amendment by reference. As shown on
Exhibit A, a final redemption will take place on or before January 3,
2005, at which time SPF shall redeem, and the Trust shall sell,
108,683.5 shares of SPF stock for a final cash payment of $499,944.00.
2. Following the redemptions called for by the 1996 Agreement, as amended
by this Amendment, the Trust or its assigns shall still own 90,370.4
shares of SPF stock.
3. SPF shall have the right and option to call for any one or more of the
transactions referenced in Section 1 of this Amendment to be executed
at any earlier date.
4. The Trust hereby warrants that it has not encumbered or transferred any
of its stock in SPF, except as provided in the 1996 Agreement,
including without limitation the distribution of any or all of its SPF
stock to a beneficiary permitted by the trust agreement governing the
Trust.
5. SPF is authorized to enter into this Amendment by action of its
directors. Action by the co-trustees of the Trust is authorized by
applicable provisions of N.D.C.C. Section 30.1-18-15.
6. The parties further acknowledge that this Amendment only affects the
respective rights and obligations of the Trust and SPF under the 1996
Agreement. The parties acknowledge that Xxxxxxx and Xxxxxxx are signing
this Amendment in their individual capacities only because Xxxxxxx and
Xxxxxxx were individual signatories to the 1996 Agreement.
7. This Amendment shall be binding upon SPF and the Shareholders, their
heirs, legal representatives, successors and assigns.
8. This Amendment may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which together shall
constitute one and the same instrument, even though separate
counterparts may be signed by fewer than all the parties or their
respective agents.
9. All provisions of the 1996 Agreement are hereby incorporated into this
agreement and are hereby modified or supplemented to conform with this
agreement, but in all other respects are to be and shall continue in
full force and effect.
Page 2 of 3
IN WITNESS WHEREOF, the parties to this agreement set their signature
on the dates indicated below.
SHAREHOLDERS: SPF ENERGY, INC.
/s/ Xxxx Xxxxxxx Dated 10-6-00 By /s/ Xxxx Xxxxxxx
--------------------------- ------- ----------------------
Xxxx Xxxxxxx Xxxx Xxxxxxx
Its President
/s/ Xxxxxxxx Xxxxxxx Dated 10-18-00 And
--------------------------- --------
Xxxxxxxx Xxxxxxx, By /s/ Xxxxxx Xxxxxxx
f/k/a Xxxxxxxx Xxxxxxx ---------------------
Xxxxxx Xxxxxxx
Its Vice President
XXXX XXXXXXX TRUST
Dated 10-6-00
By /s/ First Western Bank Dated 9-8-00
-------------------------- ------
First Western Bank,
Co-Trustee, by Xxxxx Xxxxxxxxx,
Its VP and Trust Manager
By /s/ Xxxxxxxx Xxxxxx Dated 10-18-00
-------------------------- --------
Xxxxxxxx Xxxxxxx,
f/k/a Xxxxxxxx Xxxxxxx,
Co-Trustee
By /s/ Xxxx Xxxxxxx Xxxxxxx Dated 9/27/00
-------------------------- -------
Xxxx Xxxxxxx Xxxxxxx,
Co-Trustee
By /s/ Xxxx Xxxxxxx Xxxxxxx Dated 9/27/00
-------------------------- -------
Xxxx Xxxxxxx Xxxxxxx
Trust Beneficiary
By /s/ Xxx X. Xxxxxxx Dated Sept 21, 2000
-------------------------- -------------
Xxx X. Xxxxxxx
Trust Beneficiary
Page 3 of 3
EXHIBIT A
SPF ENERGY, INC.
XXXX XXXXXXX TRUST STOCK REDEMPTION COMMITMENT
AMORTIZATION SCHEDULE
PRINCIPAL PRINCIPAL CALCULATED
# OF SHARES DOLLARS PAYMENTS PRINCIPAL INTEREST BALANCE DAYS
1/31/2000 - 12,500.00 - - - 12,500.00 -
2/29/2000 - 12,500.00 - - - 25,000.00 -
3/31/2000 - 12,500.00 - - - 37,500.00 -
4/30/2000 - 12,500.00 - - - 50,000.00 -
5/31/2000 4,530.00 12,500.00 21,670.88 20,838.00 832.88 41,662.00 152.00
6/30/2000 906.00 12,500.00 4,304.57 4,167.60 136.97 49,994.40 30.00
7/31/2000 906.00 12,500.00 4,337.44 4,167.60 169.84 58,326.80 31.00
8/31/2000 906.00 12,500.00 4,365.75 4,167.60 198.15 66,659.20 31.00
9/30/2000 906.00 12,500.00 4,386.75 4,167.60 219.15 74,991.60 30.00
10/31/2000 906.00 12,500.00 4,422.37 4,167.60 254.77 83,324.00 31.00
11/30/2000 906.00 12,500.00 4,441.54 4,167.60 273.94 91,656.40 30.00
12/31/2000 906.00 12,500.00 4,478.98 4,167.60 311.38 99,988.80 31.00
-------------------------------------------------------------------------
10,872.00 150,000.00 52,408.29 50,011.20 2,397.09
1/31/2001 906.00 12,500.00 4,507.29 4,167.60 339.69 108,321.20 31.00
2/28/2001 906.00 12,500.00 4,499.98 4,167.60 332.38 116,653.60 28.00
3/31/2001 906.00 12,500.00 4,563.90 4,167.60 396.30 124,986.00 31.00
4/30/2001 906.00 12,500.00 4,578.51 4,167.60 410.91 133,318.40 30.00
5/31/2001 906.00 12,500.00 4,620.62 4,167.60 452.92 141,650.80 31.00
6/30/2001 906.00 12,500.00 4,633.30 4,167.60 465.70 149,983.20 30.00
7/31/2001 906.00 12,500.00 4,677.13 4,167.60 509.53 158,315.60 31.00
8/31/2001 906.00 12,500.00 4,705.44 4,167.60 537.84 166,648.00 31.00
9/30/2001 906.00 12,500.00 4,715.48 4,167.60 547.88 174,980.40 30.00
10/31/2001 906.00 12,500.00 4,762.05 4,167.60 594.45 183,312.80 31.00
11/30/2001 906.00 12,500.00 4,770.27 4,167.60 602.67 191,645.20 30.00
12/31/2001 906.00 12,500.00 4,818.67 4,167.60 651.07 199,977.60 31.00
-------------------------------------------------------------------------
10,872.00 150,000.00 55,852.55 50,011.20 5,841.35
1/31/2002 906.00 12,500.00 4,846.98 4,167.60 679.39 208,310.00 31.00
2/28/2002 906.00 12,500.00 4,806.80 4,167.60 639.20 216,642.40 28.00
3/31/2002 906.00 12,500.00 4,903.59 4,167.60 735.99 224,974.80 31.00
4/30/2002 906.00 12,500.00 4,907.24 4,167.60 739.64 233,307.20 30.00
5/31/2002 906.00 12,500.00 4,960.21 4,167.60 792.61 241,639.60 31.00
6/30/2002 906.00 12,500.00 4,962.03 4,167.60 794.43 249,972.00 30.00
7/31/2002 906.00 12,500.00 5,016.82 4,167.60 849.22 258,304.40 31.00
8/31/2002 906.00 12,500.00 5,045.13 4,167.60 877.53 266,636.80 31.00
9/30/2002 906.00 12,500.00 5,044.21 4,167.60 876.61 274,969.20 30.00
10/31/2002 906.00 12,500.00 5,101.74 4,167.60 934.14 283,301.60 31.00
11/30/2002 906.00 12,500.00 5,099.00 4,167.60 931.40 291,634.00 30.00
12/31/2002 906.00 12,500.00 5,158.36 4,167.60 990.76 299,966.40 31.00
-------------------------------------------------------------------------
10,872.00 150,000.00 59,852.11 50,011.20 9,840.91
1/31/2003 906.00 12,500.00 5,186.66 4,167.60 1,019.06 308,298.80 31.00
2/28/2003 906.00 12,500.00 5,113.61 4,167.60 946.01 316,631.20 28.00
3/31/2003 906.00 12,500.00 5,243.28 4,167.60 1,075.68 324,963.60 31.00
4/30/2003 906.00 12,500.00 5,235.97 4,167.60 1,068.37 333,296.00 30.00
5/31/2003 906.00 12,500.00 5,299.89 4,167.60 1,132.29 341,628.40 31.00
6/30/2003 906.00 12,500.00 5,290.76 4,167.60 1,123.16 349,960.80 30.00
7/31/2003 906.00 12,500.00 5,356.51 4,167.60 1,188.91 358,293.20 31.00
8/31/2003 906.00 12,500.00 5,384.82 4,167.60 1,217.22 366,625.60 31.00
PRINCIPAL PRINCIPAL CALCULATED
# OF SHARES DOLLARS PAYMENTS PRINCIPAL INTEREST BALANCE DAYS
9/30/2003 906.00 12,500.00 5,372.94 4,167.60 1,205.34 374,958.00 30.00
10/31/2003 906.00 12,500.00 5,441.43 4,167.60 1,273.83 383,294.40 31.00
11/30/2003 906.00 12,500.00 5,427.73 4,167.60 1,260.13 391.622.80 30.00
12/31/2003 906.00 12,500.00 5,498.04 4,167.60 1,330.44 399,955.20 31.00
-------------------------------------------------------------------------
10,872.00 150,000.00 63,851.66 50,011.20 13,840.46
1/31/2004 906.00 12,500.00 5,526.35 4,167.60 1,358.75 408,287.60 31.00
2/29/2004 906.00 12,500.00 5,465.17 4,167.60 1,297.57 416,620.00 29.00
3/31/2004 906.00 12,500.00 5,582.97 4,167.60 1,415.37 424,952.40 31.00
4/30/2004 906.00 12,500.00 5,564.70 4,167.60 1,397.10 433,284.80 30.00
5/31/2004 906.00 12,500.00 5,639.58 4,167.60 1,471.98 441,617.20 31.00
6/30/2004 906.00 12,500.00 5,619.49 4,167.60 1,451.89 449,949.60 30.00
7/31/2004 906.00 12,500.00 5,696.20 4,167.60 1,528.60 458,282.00 31.00
8/31/2004 906.00 12,500.00 5,724.50 4,167.60 1,556.90 466,614.40 31.00
9/30/2004 906.00 12,500.00 5,701.67 4,167.60 1,534.07 474,946.80 30.00
10/31/2004 906.00 12,500.00 5,781.12 4,167.60 1,613.52 483,279.20 31.00
11/30/2004 906.00 12,500.00 5,756.46 4,167.60 1,588.86 491.611.60 30.00
12/31/2004 906.00 12,500.00 5,837.73 4,167.60 1,670.13 499,944.00 31.00
-------------------------------------------------------------------------
10,872.00 150,000.00 67,895.95 50,011.20 17,884.75
1/3/2005 1,08,683.50 499,944.00 499,944.00
