ADDENDUM TO STOCK PURCHASE AGREEMENT
EX-10.5 4 v088219_ex10-5.htm
ADDENDUM TO STOCK PURCHASE AGREEMENT
This ADDENDUM TO STOCK PURCHASE AGREEMENT (this “Addendum”) is dated as of September 17, 2007, by and among Appalachian Oil Company, Inc., a Tennessee corporation (the “Company”), the undersigned stockholders of the Company (collectively, the “Sellers”), and Titan Global Holdings, Inc., a Utah corporation (the “Buyer”).
WITNESSETH:
WHEREAS, the Buyer, the Company and the Sellers made and entered into a Stock Purchase Agreement dated July 17, 2007 (the “Agreement”), pursuant to which Buyer has agreed to purchase, and Sellers have agreed to sell, all of the issued and outstanding capital stock of the Company, on the terms and conditions set forth in the Agreement; and
WHEREAS, the parties wish to further amend the Agreement as set forth below.
NOW, THEREFORE, for and in consideration of the foregoing recitals, and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Section 2.3 of the Agreement, as amended, is hereby amended by deleting from clause (a) thereof “September 14, 2007” and inserting in its place “September 17, 2007.”
2. As amended hereby, the Agreement shall remain in full force and effect.
[Signatures are on the next page.]
IN WITNESS WHEREOF, this Addendum has been executed as of the date first above written.
BUYER: | ||
TITAN GLOBAL HOLDINGS, INC. | ||
| | |
By: | /s/ Bryan M. Chance | |
Name: Bryan M. Chance | ||
Title: President and Chief Executive Officer |
THE COMPANY: | ||
APPALACHIAN OIL COMPANY, INC. | ||
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By: | /s/ Jeffrey H. Benedict | |
Name: Jeffrey H. Benedict | ||
Title: President |
SELLERS: | ||
/s/ Jeffrey H. Benedict | ||
JEFFREY H. BENEDICT | ||
/s/ Sara G. MacLean | ||
SARA G. MACLEAN | ||
(by Jeffrey H. Benedict under Power of Attorney dated 7-11-07) |
THE LINDA R. MACLEAN IRREVOCABLE TRUST | ||
By: | /s/ Sara G. MacLean | |
Sara G. MacLean, Trustee | ||
(by Jeffrey H. Benedict under Power of Attorney dated 7-11-07) |
THE JAMES R. MACLEAN REVOCABLE TRUST OF 2005 | ||
By: | /s/ James R. MacLean | |
James R. MacLean, Trustee |