Document:

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                                                                   EXHIBIT 10.50

                               GRANTOR STOCK TRUST

                                 AMENDMENT NO. 2
                                       TO
                                 TRUST AGREEMENT

      This Amendment No. 2 to Trust Agreement is made and entered into effective
as of October 21, 2004, by Callaway Golf Company, a Delaware corporation
("Callaway Golf" or the "Company").

                                   BACKGROUND

      A.    Effective on or about July 14, 1995, Callaway Golf and Sanwa Bank
California ("Sanwa") entered into a certain Trust Agreement (the "Trust
Agreement") establishing the Callaway Golf Company Grantor Stock Trust.

      B.    Effective on or about August 24, 2000, Sanwa assigned to Arrowhead
Trust Incorporated, California, a California trust company ("Arrowhead" or
"Trustee"), all of Sanwa's right, and Arrowhead assumed all of Sanwa's
obligations, under the Trust Agreement.

      C.    Effective as of June 29, 2001, Callaway Golf entered into Amendment
No. 1 to Trust Agreement ("Amendment No. 1").

      D.    Callaway Golf, pursuant to Section 14.1 of the Trust Agreement,
desires to amend the Trust Agreement and Amendment No. 1 upon the following
terms.

                                    AGREEMENT

      In consideration of the foregoing Background, Callaway Golf does hereby
amend the Trust Agreement and Amendment No. 1 as follows:

      1.    Section 1.11 of the Trust Agreement is hereby deleted in its
entirety, and in lieu thereof, the following shall be inserted:

            1.11  "Director" shall mean the most senior officer at Callaway Golf
            in charge of human resources.

      2.    Schedule A to the Trust Agreement is hereby deleted in its entirety,
and in lieu thereof, the Schedule A-(R2) attached hereto shall be inserted.

      3.    After the date of this Amendment, each reference in the Trust
Agreement to "this Agreement," "hereunder," "hereof," "herein" or words of like
import, shall mean and refer to the Trust Agreement as amended by Amendment No.
1 and this Amendment No. 2. The Trust Agreement and Amendment No. 1, as amended
hereby, shall remain in full force and effect in accordance with its terms and
is hereby ratified and confirmed. In addition, each reference to "Sanwa" or
"Sanwa Bank" shall be deemed to be a reference to Trustee.

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      4.    This Amendment shall be governed by and construed in accordance with
the laws of the State of California.

      IN WITNESS WHEREOF, the undersigned has executed this Amendment No. 2 to
Trust Agreement as of the date first above written.

CALLAWAY GOLF COMPANY:

By:    /s/ BRADLEY J. HOLIDAY
    ----------------------------------------------
Print Name:  Bradley J. Holiday
Print Title: Senior Executive Vice President and
             Chief Financial Officer

                                       2
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                                SCHEDULE A - (R2)

                                      Plans

1991 Stock Incentive Plan
1995 Employee Stock Incentive Plan
1996 Stock Option Plan
1998 Stock Incentive Plan
2004 Equity Incentive Plan
Employee Stock Purchase Plan 401(k) Plan
Executive Deferred Compensation Plan
Medical and Health Insurance Plan
Dental Insurance Plan
Vision Plan
Regular Salary and Overtime
Trust to fund any of the above mentioned Plans.

                                       3
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                                     Consent

The undersigned, Arrowhead Trust Incorporated, effective as of October 21, 2004,
pursuant to Section 14.1 of that certain Trust Agreement dated July 14, 1995,
does hereby consent to the foregoing Amendment No. 2 to Trust Agreement.

ARROWHEAD TRUST INCORPORATED:

By: /s/ CHARLES J. PAOLINO
    ------------------------------------
Print Name:  Charles J. Paolino
Print Title: Vice President

                                        4<PAGE>

                                                                   Exhibit 10.21

                              EMPLOYMENT AGREEMENT

This Agreement, made this 30th day of April, 2002 by and between Ivanhoe Energy
Inc., a Yukon corporation (hereinafter referred to as "Employer"), and Elmer
Leon Daniel (hereinafter referred to as "Employee").

                                   WITNESSETH:

Employer hereby agrees to continue the employment of Employee, and Employee
agrees to continue in the employ of and to work for Employer upon the following
terms and conditions:

     1.  Duties - Employee shall perform the duties of President, Chief
         Executive Officers, and Director of the corporation, or shall serve in
         such other capacity and with other duties for Employer as Employer
         shall hereafter from time to time prescribe. In this regard, the
         current duties and other duties which may be prescribed shall not
         require Employee to relocate from his residence and primary work site
         in Park City, Utah, without the consent of the Employee.

     2.  Term of Employment - The term of employment shall be for a period of
         five (5) years (the "Term"), commencing on April 30, 2002, unless
         terminated prior thereto in accordance with the provisions of this
         Agreement.

     3.  Compensation

              (a)  Salary. For the services to be performed hereunder, Employee
                   shall be compensated by Employer at the rate of not less than
                   Three Hundred Thousand U.S. Dollars (U.S.$300,000 per year),
                   payable semimonthly, or on such other schedule as may be
                   mutually agreed between Employer and Employee.

              (b)  Cash Bonus. During each year of the Term, the Employee will
                   be eligible to receive a cash bonus as determined by the
                   Employer's Compensation Committee, based on such criteria as
                   the Compensation Committee may determine from time to time.

              (c)  Stock Bonus. During each year of the Term, the Employee will
                   be eligible to receive a non-cash bonus payable in common
                   shares of the Employer as determined by the Employer's
                   Compensation Committee, based on such criteria as the
                   Compensation Committee by determine from time to time,
                   subject to the terms of the Employer's Employees and
                   Directors Equity Incentive Plan.

     4.  Participation in Benefit Programs - Employee shall be entitled to
         participate in any benefit programs generally applicable to employees
         of Employer adopted by Employer from time to time.

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     5.  Exclusivity of Services - Employee agrees to devote his full-time
         exclusive services (except for personal investments) to Employer.

     6.  Termination

              (a)  Cause. Notwithstanding any other provisions hereof, the
                   Complyer will have the right to terminate this Agreement and
                   the Employee's employment hereunder by giving written notice
                   of termination to the Employee for any one of the following
                   reasons, each of which will constitute cause for termination:

                   (i)    the Employee's failure to carry out his duties
                          hereunder in a competent and professional manner

                   (ii)   the Employee's appropriation of corporate
                          opportunities for the Employee's direct or indirect
                          benefit or his failure to disclose any material
                          conflict of interest;

                   (iii)  the Employee's plea of guilty to, or conviction of, an
                          indictable offence once all appeals (if any) have been
                          completed without such conviction having been
                          reversed;

                   (iv)   the existence of cause for termination of the Employee
                          at common law resulting from, without limiting the
                          generality of the foregoing, graud, dishonesty,
                          illegality, breach of statute or regulation, or gross
                          incompetence;

                   (v)    failure on the part of the Employee to disclose
                          material facts concerning his business interests or
                          employment outside of his employment by the Employer,
                          provided such facts related to the Employee's duties
                          hereunder;

                   (vi)   refusal on the part of the Employee to follow the
                          reasonable and lawful directions of the Board;

                   (vii)  breach of fiduciary duty to the Employer on the part
                          of the Employee;

                   (viii) material breach of this Agreement or gross
                          negligenceon the part of the Employee in carrying out
                          his duties under this Agreement; or

                   (ix)   a declaration of bankruptcy on the part of the
                          Employee by a court of competent jurisdiction.

         The Employee's failure to diligently perform his duties and
         responsibilities under this Agreement will not constitute a cause for
         termination under the provisions of this section in the event that such
         failure is the direct result of any act or omission by any other person
         or persons, providing that the Employee shall have acted diligently,
         competently and in a professional manner.

         In the event of the termination of this Agreement pursuant to the
         provisions of this Paragraph, the Employee will not be entitled to
         claim any compensation from the Employer with respect to such
         termination.

              (b)  Incapacity. If Employee is materially incapacitated from
                   fully performing his duties pursuant to this Agreement by
                   reason of illness or other incapacity or

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                   by reason of any statute, law, ordinance, regulation, order,
                   judgment or decree, Employer may terminate this Agreement by
                   written notice to Employee, but only in the event that such
                   conditions shall aggregate not less than one-hundred-twenty
                   (120) days during anyone contract year of the term of
                   employment.

              (c)  Without Cause. Either party may terminate this Agreement at
                   any time by not less than one year's prior written notice to
                   the other, provided however, that Employer may terminate the
                   employment of Employee without cause at any time, including a
                   time subsequent to giving such written notice referred to
                   above, and in such event Employer shall in lieu of continued
                   employment compensate Employee at the rate and in the manner
                   provided in Paragraph 3 above for a period after termination
                   equivalent to (i) one year, or (ii) until the expiration of
                   this Agreement, whichever of (i) or (ii) is shorter in time.

     7.  Confidential Information - Employee agrees that he will not divulge to
         any person, no use to the detriment of Employer or any of its
         subsidiaries, nor use in any business or process of manufacture
         competitive with or similar to any business or process of manufacture
         of Employer or any of its subsidiaries at any time during employment by
         Employer. Employee agrees that at the time of leaving the employ of
         Employer he will deliver to Employer and not keep or deliver to anyone
         else any and all notes, notebooks, memoranda, documents and, in
         general, any and all material relating to Employer's business.

     8.  Modification - This Agreement contains all the terms and conditions
         agreed upon by the parties hereto, and no other agreements, oral or
         otherwise, regarding the subject matter of this Agreement shall be
         deemed to exist or bind either of the parties hereto. This Agreement
         cannot be modified except in a writing signed by both parties.

     9.  Assignment - This Agreement shall be binding upon Employee, his heirs,
         executors and assigns and upon Employer, its successors and assigns.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and
year first above written.

   /s/  David Martin                          /s/  Robert Friedland
   --------------------------------------     ----------------------------------
   David R. Martin, Chairman of the Board     Robert M. Friedland, Vice Chairman
   of Directors, Ivanhoe Energy Inc.          of the Board of Directors

   /s/  Elmer Leon Daniel
   ---------------------------
   Elmer Leon Daniel, Employee

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