Document:

exv10w2

 

Exhibit 10.2

SECOND AMENDMENT TO STOCK PURCHASE AGREEMENT

     Pursuant to this Second Amendment to Stock Purchase Agreement, dated as of July 31, 2006 (this
“Amendment”), the parties hereto hereby amend that certain Stock Purchase Agreement, dated as of
April 28, 2006, by and among Alon USA Energy, Inc., a Delaware corporation, and the stockholders of
Paramount Petroleum Corporation named on the signature page thereto (as amended to date, the
“Purchase Agreement”) as expressly set forth below. Capitalized terms used herein and not
otherwise defined shall have the meanings given such terms in the Purchase Agreement.

	 	1.	 	Amendment to Section 2.3(d)(iii) of the Purchase Agreement. Section
2.3(d)(iii) is hereby amended and restated in its entirety to read as follows:

     “(iii) If the Closing Date does not occur within three Business Days
following the Asset Purchase Date, then, at the option of either Alon or
Sellers exercised by written notice to the other party, the purchase and
sale of the 1031 Assets under this Section 2.3(d) shall be rescinded
and (A) title to the purchased 1031 Assets shall revert to the Acquired
Companies, and (B) the purchase price for the 1031 Assets shall be refunded
to Alon. Alon shall bear all costs, liabilities and expenses attributable
to rescinding the 1031 Asset sale, and the Acquired Companies shall be
entitled to recover any such costs, liabilities and expenses from Alon,
including by offset against the purchase price refunded to Alon.”

	 	2.	 	Supplement to Section 2.3 of the Purchase Agreement. The following
provision is hereby added to Section 2.3 of the Purchase Agreement immediately
following Section 2.3(d):

     “(e) Notwithstanding anything contained in this Agreement to the
contrary, the Acquired Companies shall bear all costs, liabilities and
expenses incurred by the Sellers or the Acquired Companies attributable to
the 1031 Asset sale, including all fees and expenses of the attorneys of the
Sellers or the Acquired Companies and the lenders of the Acquired Companies
related thereto.”

	 	3.	 	As expressly amended above, the Purchase Agreement shall continue in full force
and effect in accordance with its terms.
	 
	 	4.	 	This Amendment may be executed in two or more counterparts, each of which shall
be deemed to be an original and all of which together shall be considered to be one
document.

[Signature page follows]

 

 

     IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to Stock Purchase
Agreement as of the day and year first above written.

	 	 	 	 	 
	 	ALON USA ENERGY, INC

 	 
	 	By:  	/s/ Harlin R. Dean
 	 
	 	 	Harlin R. Dean, Vice President 	 
	 	 	 	 
	 
	 	THE CRAIG C. BARTO AND GISELE M. BARTO LIVING

TRUST, DATED APRIL 5, 1991

 	 
	 	By:  	/s/ Gisele M. Barto
 	 
	 	 	GISELE M. BARTO, Trustee of the Craig C. 	 
	 	 	Barto and Gisele M. Barto Living Trust, 

Dated April 5, 1991	 
	 
	 	 	 
	 	By:  	                                                  /s/ Craig C. Barto
 	 
	 	 	CRAIG C. BARTO, Trustee of the Craig C. Barto 	 
	 	 	and Gisele M. Barto Living Trust,
Dated April 5, 1991	 
	 
	 	THE JERREL C. BARTO AND JANICE D. BARTO LIVING

TRUST, DATED MARCH 18, 1991

 	 
	 	By:  	/s/ Jerrel C. Barto
 	 
	 	 	JERREL C. BARTO, Trustee of the Jerrel C. 	 
	 	 	Barto and Janice D. Barto Living Trust,
 Dated March 18, 1991	 
	 
	 	 	 
	 	By:  	                                                  /s/ Janice D. Barto
 	 
	 	 	JANICE D. BARTO, Trustee of the Jerrel   C. Barto 	 
	 	 	and Janice D. Barto Living Trust, 
Dated March 18, 1991	 
	 
	 	 	 
	 	By:  	                                                  /s/ W. Scott Lovejoy III
 	 
	 	 	W. SCOTT LOVEJOY III, an individual 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	                     /s/ Mark R. Milano
 	 
	 	 	MARK R. MILANO, an individual<PAGE>

                                                                   EXHIBIT 10(i)

                             PARTNERSHIP AGREEMENT

This Agreement is entered into on 12/7/1427H, corresponding to 6/8/2006 by and
between:

      1-    Arabian American Development Company, previously known as Arabian
            Shield Development Company, a company organized and existing under
            the laws of the State of Delaware, having its head office at North
            Central Express Way- Dallas-75231 USA, herein represented by MR.
            HATIM AL-KHALDI, MANAGER OF ITS KINGDOM BRANCH, hereinafter referred
            to as (FIRST PARTY); and

      2-    Thamarat Najran Company, a company organized and existing under the
            laws of the Kingdom of Saudi Arabia, C.R No. 5950010275 dated
            06.01.1426H, having its head office at Najran, herein represented by
            ENGINEER AYMAN ABDURRAHMAN AL-SHIBL, MANAGER.

      3-    Qasr AL-Ma'adin Corporation, owned by His Royal Highness, Prince
            Nawaf bin Mish'al bin Saud bin Abdul Aziz, C.R. No. 1010220095 dated
            10.05.1427H, having its head office at Riyadh, herein represented by
            HIS ROYAL HIGHNESS, PRINCE NAWAF BIN MISH'AL BIN SAUD BIN ABDUL
            AZIZ.

      4-    Durrat Al-Masani' Corporation, owned by Mr. Mohamed bin Mani' bin
            Sultan Abal'ala, C.R. No. 1010220094, having its head office at
            Riyadh, herein represented by MR. MOHAMED BIN MANI' BIN SULTAN
            ABAL'ALA.

                    (HEREIN REFERRED TO SEVERALLY AND JOINTLY AS "SECOND PARTY")

                                    PREAMBLE

      Confirming all the previous negotiations and discussions between the two
      parties above, the parties above intend to establish a closed joint stock
      between Arabian American Development Company, previously known as Arabian
      Shield Development Company, whose branch in Saudi Arabia still operates
      under the previous name and the second party. The head office of the
      planned company shall be located at Jeddah, and its object shall be
      exploiting the mining franchise granted to Arabian Shield Development
      Company pursuant to the Royal Decree No. 137 dated 05.11.1413H. with total
      project Financing, which according to estimates made by specialist
      companies $ 120.000.000 (One Hundred Twenty Million American Dollars), and
      the paid up capital should be $ 60.000.000 (Sixty Million Dollar) with
      shares equally distributed between the two parties: 50% for the First
      Party and 50% distributed among the other present partners or new partners
      designated later by the Second Party, who shall have the right to name
      them and designate the share of each within the 50% allocated for the
      Second Party.

<PAGE>

      NOW THEREFORE, it has been agreed as follows:

      FIRST: The above preamble is considered an integral part of this
      Agreement.

      SECOND: The two parties agree to establish a joint stock company with a
      mixed capital under the name (AL MASANE AL KOBRA MINING COMPANY),
      hereinafter referred to as (The Joint Company), having its head office at
      Jeddah and shall be entitled to establish branches within and without the
      Kingdom.

      THIRD: The two parties agree that the Joint Sock Company's total financing
      shall be $ 120.000,000 (One Hundred Twenty Million American Dollars), 50%
      to be paid by each party, and the paid capital shall be $ 60 000 000
      (Sixty Million American Dollars) to be paid by the Second party as
      follows:

      a-    $ 30.000.000 (Thirty Million American Dollars) against its capital
            share (50%).

      b-    $ 30.000.000 (Thirty Million American Dollars) to be paid by the
            Second Party on behalf of the First Party against the value of First
            Party's effort, expertise, assets and franchise right granted
            pursuant to Royal Decree No. 137 dated 05.11.1413H. The partners of
            the company shall, within six months following its incorporation,
            seek to provide the amount of $ 60000000 (Sixty Million American
            Dollars) by any means, including loans from Saudi Industrial
            Development Fund SIDF or/and local banks, in order to cover the
            entire share in Company's total capital.

FOURTH: The two parties agree to form the first Board of Directors for the mixed
company of six members: three representing the First Party and three
representing the Second Party. The directors' powers and determinative effect of
their resolutions shall be provided for in separate contracts or in the Joint
Stock Company's articles of association. The chairman of the Board shall be of
the Saudi partners' representatives, however, without casting vote. Each party
shall nominate its representatives within fifteen days from the date of a
request made by the Ministry of Commerce & Industry to that effect.

FIFTH: The two parties agree that the Joint Stock Company's activity shall be
the mining of known base metals' ore (copper and zinc), concomitant metals (gold
and silver), in addition to producing condensed copper and zinc and gold and
silver alloys, in accordance with the franchise right granted to Arabian Shield
Development Company by virtue of Royal Decree No. 137 dated 05.11.1423H.

SIXTH: The two parties agree to the transfer of the exploration license
application filed in the name of the First Party to the name of the Joint Stock
Company, after the latter's incorporation, for obtaining the exploration license
and franchise later.

SEVENTH: The two parties agree to the transfer of the mining franchise granted
to the First Party to the Joint Stock Company after its incorporation.

<PAGE>

EIGHTH: The two parties agree that Kadasa Law Firm, of P.O.Box 20883 Riyadh
11465 shall be the address For all notices and correspondence during the
incorporation phase.

NINTH: The two parties shall seek to solve any dispute arising from this
Agreement amicably. However, if the two parties fail to reach an amicable
solution, both parties consent to refer any dispute to an arbitration board
formed in accordance with the provisions of the Saudi Arbitration Law issued by
virtue of the Royal Decree No M/46 dated 12/07/1403, and the Saudi Law shall be
the applicable law.

TENTH: This Agreement supersedes all previous agreements if any and memoranda of
understanding between the two parties, and should be binding to them and
enforceable against them after been signed.

                                FIRST PARTY
                                ARABIAN SHIELD DEVELOPMENT CO

                                NAME: HATEM EL-KHALIDI

                                SIGNATURE: /s/Hatem El-Khalidi

                                SECOND PARTY INCLUDES:

                                1-THAMARAT NAJRAN CO.

                                NAME: AYMAN A. ALSHIBL

                                SIGNATURE: /s/Ayman A. Alshibl

2-QASR AL-MA'ADIN CORPORATION               3-DURRAT AL-MASANI'CORPORATION

NAME: Raad Kadasa                           NAME: Raad Kadasa

SIGNATURE: /s/Raad Kadasa                   SIGNATURE: /s/Raad Kadasa

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