EXHIBIT 10(eeee)
141
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TIREX AMERICA INC.
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AMENDMENT NO. 2
TO STOCK RESTRICTION AGREEMENT
OF JUNE 1, 1995, 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
Xxxxxxx X. Xxxxx
000 Xxxxxxxx Xxxxxx
Xxxxxxxxx, Xxxxxx
X0X 0X0
(the "Xxxxx").
the original parties to a certain stock restriction agreement, dated as of June
1, 1995, as amended May 30, 1996 (the "Stock Restriction Agreement"). Terms used
in this Amendment which are defined in the Stock Restriction Agreement and not
defined herein shall have the same meaning herein as therein.
142
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 Xxxxx 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.
143
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/ Xxxxx X. Xxxx
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Xxxxx X. Xxxx, Vice President of
Engineering and Member of the
Executive Committee of the Board
of Directors.
TIREX AMERICA INC.
By /s/ Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx, Member of the
Executive Committee of the Board
of Directors
EXECUTIVE
/s/ Xxxxxxx X. Xxxxx
----------------------------------------
Xxxxxxx X. Xxxxx
144
