EXHIBIT 10.1
 

AMENDING AGREEMENT

    THIS AMENDING AGREEMENT (the “Amending Agreement”), is made and entered into
on December 21, 2011 with an effective date of July 11, 2011 (the “Effective
Date”), by and between Circle Star Energy Corp., a Nevada corporation with a
principal business address of 919 Milam Street, Suite 2300, Houston, Texas,
77002 (the “Company”) and G. Jonathan Pina (the “Executive”).
 
    WHEREAS, the Company and the Executive entered into an executive employment
agreement (the “Employment Agreement”) effective July 11, 2011;
 
    WHEREAS, pursuant to Section 6.3 of the Employment Agreement, the Executive
received a signing bonus of 1,500,000 shares of common stock of the Company (the
“Bonus Shares”), and 500,000 of such Bonus Shares were vested and payable on the
signing of the Employment Agreement (the “Issued Shares”), 500,000 Bonus Shares
were to be vested and payable on the 12 month anniversary of the Effective Date
and 500,000 Bonus Shares were to be vested and payable on the 24 month
anniversary of the Effective Date;
 
    WHEREAS, the Company and the Executive wish to amend the Employment
Agreement to change the vesting and payable dates of the Bonus Shares; and
 
    WHEREAS, pursuant to the Amending Agreement, the Executive will be returning
to the  Company the Issued Shares and the issuance of the Issued Shares will be
rescinded and the Issued Shares will cancelled by the Company’s transfer agent.
 
    NOW THEREFORE, in consideration of the premises and of the respective
covenants and agreements of the parties herein contained, and of other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties, intending legally to be bound, hereby agree as
follows:
 
1.    Section 6.3(a) of the Employment Agreement is replaced in its entirety
with the following provision:
 
(a)           Signing Bonus: The Executive is to receive a signing bonus of
1,500,000 shares of common stock of the Company (the “Bonus Shares”) reserved
for issuance on the execution and delivery of this Agreement, vesting and
payable as follows:
 
(i)           1,000,000 Bonus Shares vesting and payable 12 months after the
Effective Date; and
 
(ii)           500,000 Bonus Shares vesting and payable 24 months after the
Effective Date;

 
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any unvested Bonus Shares will revert to the Company on termination of the
Executive’s employment.
 
The Bonus Shares have not been registered under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”), or any states securities laws.
The Bonus Shares are restricted securities as defined in Rule 144(a)(3) of the
U.S. Securities Act and will bear a legend in the following form:

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES
ACT”).  THESE SECURITIES MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY (A) TO THE CORPORATION, (B) IF THE SECURITIES HAVE BEEN REGISTERED IN
COMPLIANCE WITH THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT AND
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS (C) IN COMPLIANCE WITH THE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE U.S. SECURITIES ACT IN
ACCORDANCE WITH RULE 144 THEREUNDER, IF APPLICABLE, AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS, OR (D) IN A TRANSACTION THAT DOES NOT REQUIRE
REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE LAWS AND
REGULATIONS GOVERNING THE OFFER AND SALE OF SECURITIES, AND THE HOLDER HAS,
PRIOR TO SUCH SALE, FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL OF
RECOGNIZED STANDING, OR OTHER EVIDENCE OF EXEMPTION, REASONABLY SATISFACTORY TO
THE CORPORATION.  HEDGING TRANSACTIONS INVOLVING THE SECURITIES REPRESENTED
HEREBY MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH U.S. SECURITIES LAWS.”

In the event the Company proposes for any reason to register any of its shares
of common stock or other securities under the U.S. Securities Act in connection
with the proposed offer and sale of its shares of common stock or other
securities, for either its own account or on behalf of any other security
holders on a form which is suitable for an offering securities for cash and
which is not a registration solely to implement an employee benefit plan, a
registration statement on Form S-4 (or successor form) or a transaction to which
Rule 145 or any other similar rule of the SEC is applicable, the Executive shall
have the right to request inclusion of the Bonus Shares included in such
registration, subject to customary conditions as may be imposed by underwriters
or the Company.

 
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2.           The Executive will tender the Issued Shares to the Company to be
returned to the Company’s transfer agent for rescission and cancellation.

3.           This Amending Agreement may be executed in counterparts, each of
which shall be deemed to constitute an original, but all of which together shall
constitute one and the same instrument.

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

 
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           IN WITNESS WHEREOF, the parties hereto or their duly authorized
representatives have caused this Amending Agreement to be executed as of the
date first above written.
 
 

  CIRCLE STAR ENERGY CORP.        
 
By:____________________________     Name:__________________________    
Title:___________________________                
_______________________________
G. Jonathan Pina 
       

 
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