Document:

EXHIBIT
10.3

FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT

THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) is made and entered into by
and between Cano Petroleum Inc., (formerly
Huron Ventures, Inc.) a Delaware corporation with its principal executive
offices in Fort Worth, Texas (the “Company”),
and Michael J. Ricketts, an individual
currently residing in Tarrant County, Texas (“Employee”), effective as of the 29th
day of June, 2007 (the “Amendment Effective Date”).  Capitalized terms not otherwise defined
herein shall have the meaning ascribed to them in the below described
Agreement.

WHEREAS, the Company and Employee entered into that
certain Employment Agreement on August 14, 2006, but effective July 1, 2006 (the
“Agreement”); and

WHEREAS, the Company and Employee now desire to
amend, alter, modify and change the terms and provisions of the Agreement, as
follows.

NOW THEREFORE, for and in consideration of the mutual
benefits to be obtained hereunder and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged and confessed,
Company and Employee do hereby agree to amend, alter, modify and change the
Agreement, as of the Amendment Effective Date as follows:

1.             Section 2. Term. Shall be
deleted in its entirety and the following substituted in place and in lieu
thereof.

2.             Term.  The employment of Employee by
the Company as provided in this Section will be for a term of four (4) years
(the “Term”) commencing on the Effective Date and expiring at the close of business
on June 30, 2010.  After the Employment
Term, this Agreement shall be automatically renewed for an indefinite number of
successive one-year periods (a “Renewal Term”), unless either party gives
written notice of its intent not to renew the Agreement no less than 30 days
before the conclusion of the Term or Renewal Term, as applicable.  For the purposes of this Agreement, the Term
and Renewal Term(s) shall be collectively called the “Employment Period.”  In the event, however, that Employee remains
in the employ of the Company after the term of this Agreement without the
parties having entered into a new employment agreement or extending this
Agreement, then (i) the terms of this Agreement shall not be applicable, (ii) Employee
shall be an employee-at-will subject to the benefits, programs, and policies of
the Company then in effect, and (iii) either party may terminate the employment
relationship at any time with or without cause.

2.             Section 4. (a)  Compensation. shall be deleted in its
entirety and the following substituted in place and in lieu thereof:

(a)           Salary:  The Company shall pay Employee
for his services, a base salary, on an annualized basis, of $175,000.00 (One
Hundred Seventy-Five Thousand Dollars) per annum for the period from the
Effective Date through June 30, 2007, and a base salary, on an annualized
basis, of $187,000.00 (One Hundred Eighty-Seven Thousand Dollars) per annum for
the period beginning on July 1, 2007, which salary shall be payable by the
Company in substantially equal installments on the Company’s normal payroll
dates.  All applicable taxes on the base
salary will be withheld in accordance with applicable federal, state and local
taxation guidelines.

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Except as specifically
amended, altered, modified and changed hereby and heretofore, the Agreement
remains in full force and effect as originally written.

Signatures

To evidence the binding
effect of the covenants and agreements described above, the parties hereto have
executed this Amendment effective as of the date first above written.

	
  

  	
  THE COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
  CANO PETROLEUM, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ S. Jeffrey Johnson

  	
   

  	
   

  
	
   

  	
   

  	
  S. Jeffrey Johnson

  
	
   

  	
   

  	
  Chairman and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
     /s/ Michael J. Ricketts

  	
   

  	
   

  
	
   

  	
   

  	
  Michael J. Ricketts

  

 

 2Exhibit 10.1

INVESTOR RELATIONS SERVICES AGREEMENT

This Investor Relations Services Agreement (the “Agreement”) is
made as of July 2, 2007, between Allied Nevada Gold Corp., a Delaware corporation
(the “Company”) and Sierra Partners II LLC, a Colorado limited liability
company, (the “Consultants”).

Recitals

The Company desires to avail itself of the expertise and services of
Consultants in connection with the Company’s efforts to build an investor
relations program.  Consultants are
willing to make such expertise and services available to the Company on the
terms and conditions of this Agreement.

Agreements

In consideration of the obligations and covenants in
this Agreement, the parties agree as follows:

1.                                       Engagement of Consultant.  The
Company hereby engages Consultants to provide the Services (defined below), and
Consultants hereby accept such engagement, upon the terms and subject to the
conditions of this Agreement.

2.                                       Term.  Consultants shall provide the
Services during the period commencing effective July 1, 2007 and ending on
December 31, 2007 (the “Term”).

3.                                       Services.

(a)                                  During the Term and upon the terms and
subject to the conditions of this Agreement, Consultant shall lead the Company’s
efforts to develop and initiate an Investor Relations (“IR”) program to
introduce the Company to North American investors and develop an ongoing
program for follow-up and continuing contact with investors.   These
efforts will incorporate: (i) Consultant’s initial work to understand the
Company’s operations, financial condition and strategic position, (ii)
development of an understanding of the Company’s current IR programs and
initiatives, and their potential application (or suggested modifications) to
the marketplace, (iii) drafting an IR program and schedule for introducing the
Company to investors for the Company’s review and modification as appropriate,
(iv) work with and accompany the Company’s CEO or other representatives to
launch the IR program and provide a conduit for follow-up of investor questions
and subsequent investor marketing trips and programs during the term of this
Agreement, (v) assisting Company management, in conjunction with Company legal
counsel, to understand and comply with the legal and regulatory requirements
and limitations on disclosure, and (vi) ongoing work to stay fully current with
the Company’s operations and performance (from a technical and financial
perspective).

(b)                                 In Consultants’ reasonable discretion,
Consultants shall render the Services in person, by telephone or other suitable
communication.  Consultants shall be free
of control by the Company over the manner and time of rendering the Services,
and the Company shall have no right to dictate or direct the details of the
Services. Notwithstanding the foregoing, Consultants shall commit such time and
effort as is reasonably required under customary industry standards to provide
the Services.

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(c)                                  Consultants shall perform all of the Services
as independent contractors to the Company. 
Consultants are not employees, agents or other representatives of the
Company and have no authority to act for or to bind the Company without the
Company’s prior written consent.  The
Company shall not deduct or withhold income, self-employment, social security,
disability or other such federal or state payroll taxes from the payments made
to Consultants under this Agreement. 
Consultants acknowledges that they are solely responsible for the
payment of all such taxes and amounts, and Consultants agree to indemnify and
hold Company harmless from any and all liability resulting from Consultants’
failure to pay or withhold such taxes and amounts.

(d)                                 The Company and the Consultants acknowledge
that, except for the restrictions with respect to confidential information as
described in Section 6, nothing in this Agreement shall restrict or prohibit
the Consultants from working for, acting as a Consultant to or providing
services to any other Person engaged in mining, mineral or other activities or
operations.

(e)                                  The Company shall make reasonably available to
Consultants all resources, including access to relevant Company personnel,
counsel, accountants, engineers and other advisors, necessary for Consultants
to render the Services.

4.                                       Fees.

(a)                                  Base Fee.  For the Services the Company
shall pay Consultants the sum of US$90,000 (the “Base Fee”) for the
period from July 1, 2007 to December 31, 2007. 
The Company shall pay the Base Fee at the rate of $15,000 each month for
the months  during the Term, payable
monthly in advance on or before the first business day of each month; provided
however, that the initial payment for July shall be payable upon execution of
this Agreement.

(b)                                 Stock Option Fee.  Consultants
shall be issued 45,000 Company stock options pursuant to the Company’s Stock
Option Plan.  The options shall vest upon
the expiration of the Term, and otherwise in accordance with the provisions of
the Allied Nevada Stock Option Plan

(c)                                  Other Expenses.  From
time to time as invoiced by Consultants, the Company shall reimburse Consultants
for all of their reasonable out-of-pocket fees and expenses incurred in
connection with its performance of the Services.  Consultants shall provide the Company with a
written monthly invoice setting forth such fees and expenses, accompanied by
copies of receipts as applicable.

5.                                       Indemnity.

(a)                                  Except as prohibited by law, the Company
shall indemnify and hold harmless Consultants and their Affiliates, and their
respective directors, officers, employees, representatives and agents (each
being an “Indemnified Party”) on demand from and against any and all
losses, claims, damages and liabilities, joint or several, costs or expenses
(including reasonable attorneys’ fees and expenses) to which such Indemnified
Party may become subject under any applicable law or as a result of any claim
made by any third party or otherwise, relating to or arising out of the
Services (each, a “Loss,” and, collectively, the “Losses”).  Notwithstanding the foregoing, the obligation
to indemnify an Indemnified Party 

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hereunder
shall not apply in respect of any portion of an indemnified amount owing such
Indemnified Party to the extent that a court of competent jurisdiction shall
have determined by final judgment, no longer subject to appeal, that such
indemnified amount resulted from such Indemnified Party’s willful misconduct or
gross negligence.

(b)                                 The Company shall reimburse any Indemnified
Party for all Losses as they are incurred, including Losses which are incurred
in connection with the investigation of, preparation for or defense of any
pending or threatened claim, or any action or proceeding arising therefrom
(regardless of whether or not such Indemnified Party has been formally named a
party to such claim, action or proceeding).

(c)                                  Without the prior written consent of
Consultants, which consent shall not be unreasonably withheld, the Company
shall not enter into any settlement of a lawsuit, claim or other proceeding
relating to or arising out of the Services, unless such settlement includes an
explicit and unconditional release from the party bringing such lawsuit, claim
or other proceeding of all Indemnified Parties.

(d)                                 If this Section 5 or any portion thereof
shall be invalidated on any grounds by any court of competent jurisdiction, the
Company shall nevertheless indemnify any person entitled to indemnification
hereunder as to any Losses, paid or incurred by such Person in connection with
any actual, pending or threatened claim or action to the fullest extent
permitted by any applicable portion of this Section 5 that shall not have been
invalidated and/or to the fullest extent permitted by applicable law.

(e)                                  The Company agrees (on behalf of itself and
its Affiliates) that no Indemnified Party shall have any liability to the
Company or its Affiliates for any losses incurred by the Company or its
Affiliates except to the extent that a court of competent jurisdiction shall
have determined by final judgment, no longer subject to appeal, that any such
losses resulted from such Indemnified Party’s willful misconduct or gross
negligence.

6.                                       Confidentiality.

(a)                                  Consultants acknowledge that any and all
confidential knowledge or information concerning the Company, its business,
properties, projects, prospects, finances and affairs obtained by it, its
principals, managers, members, employees and/or contractors in the course of
its engagement hereunder will be held inviolate by it and that it will conceal
the same from, and not disclose the same to, any and all other persons and
entities, including, but not limited to, competitors of the Company and that it
will not impart any such knowledge to anyone whosoever during the term hereof
or the 24 month period thereafter. 
Consultants acknowledge and agree that the confidential knowledge and
information has been disclosed to it or made available to them solely for
purposes of rendering the Services.

(b)                                 As used herein, “confidential knowledge or
information” means: (a) all information regarding the Company which is not
generally available to the public; and (b) all information regarding the
Company which was received by Consultants from a source with confidentiality
obligations to the Company.

(c)                                  Consultants agree that the confidential
knowledge and information is the sole property of the Company.  Consultants shall, upon the termination of
its engagement by the Company, immediately surrender and turn over to the
Company all books, forms,

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records,
client lists and all other papers and writings relating to the Company and all
other property belonging to the Company, it being understood and agreed that
the same are the sole property of the Company.

7.                                       Termination.

(a)                                  Either party may terminate this Agreement
upon thirty (30) days’ prior written notice to the other party.

(b)                                 The Company may terminate this Agreement
immediately upon written notice to Consultants if Consultants are in material default
under this Agreement, and have failed to cure such default within fifteen
business days following written notice from the Company describing such
default.

(c)                                  If Consultants terminate this Agreement
pursuant to Section 7(a), or the Company terminates this Agreement pursuant to
Section 7(b), Consultants shall be entitled to, and the Company shall pay, only
those unpaid fees or expenses, which have accrued or have been incurred through
the date of termination.  If the Company
terminates this Agreement pursuant to Section 7(a), Consultants shall be
entitled to, and the Company shall pay to Consultants within ten business days
following the effective date of termination, the entire unpaid balance of the
Base Fee.  Consultants shall be entitled
to the Stock Option Fee regardless of which Party terminates pursuant to Section
7(a).  Consultants shall not be entitled
to and shall return to the Company or cancel the Stock Option Fee in the event
this Agreement is terminated pursuant to Section 7(b).

8.                                       Certain Defined Terms.

“Affiliate” shall mean, with respect to any Person, any other
Person directly or indirectly controlling, controlled by or under common
control with such Person or any officer, director, manager, partner, member or of
such Person.  For the purpose of the
above definition, the term “control” (including with correlative meaning, the
terms “controlling,” “controlled by” and “under common control with”), and used
with respect to any Person, shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of voting securities or by contract
or otherwise.

“Person” shall be construed broadly and shall include an individual,
a partnership, a corporation, a limited liability company, an association, a
joint stock company, a trust, a joint venture, an unincorporated organization
and a governmental entity or any department, agency or political subdivision
thereof.

9.                                       Notices.  All notices, requests,
demands, claims, and other communications hereunder shall be in writing.  Any notice, request, demand, claim or other
communication hereunder shall be delivered personally to the recipient,
delivered by United States Post Office mail or nationally recognized overnight
courier, telecopied to the intended recipient at the facsimile number set forth
therefore below, or sent to the recipient by reputable express courier service
and addressed to the intended recipient as set forth below:

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if to Consultants:

SIERRA
Partners II, LLC

4500 Cherry Creek South Drive, Suite 1040

Denver, Colorado 80246

Facsimile:  303.757.2518

Attention:        W. Durand Eppler or John S. Gaensbauer

with a copy (which shall not constitute notice) to:

Perkins
Coie LLP

1899
Wynkoop Street, Suite 700

Denver, Colorado 80202

Facsimile:     303.291.2400

Attention:  Bruce D. Stocks

if to the Company:

Allied
Nevada Gold Corp.

1380
Greg Street, Suite 203

Sparks,
Nevada 89431

Facsimile:  775 358 4459

Attention:  Scott A. Caldwell

or
to such other address as the party to whom notice is to be given may have
furnished to the other party in writing in accordance herewith.  Any such communication shall be deemed to
have been duly given and received when delivered.

10.                                 Entire Agreement.  This
Agreement contains the complete and exclusive expression of the agreement
between the Company and Consultants with respect to the subject matter hereof
and supersedes all prior agreements or understandings among the Company and
Consultants with respect hereto.

11.                                 Assignment.  This Agreement shall not be
assigned by any party without the written consent of the other party.

12.                                 Benefits of Agreement.  The
terms and provisions of this Agreement shall be binding upon, and will inure to
the benefit of, the parties hereto and their respective successors and
permitted assigns.

13.                                 Amendments and Waivers.  The
terms and provisions of this Agreement shall not be modified, altered or
otherwise amended, except pursuant to a writing signed by the parties.  Any waiver by either party of a breach of any
provision of this Agreement by the other party shall be in writing and shall
not operate or be construed as a waiver of any other or subsequent breach by
such other party.

14.                                 Governing Law.  THIS
AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEVADA, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING
PROVISION OR RULE (WHETHER OF THE STATE OF NEVADA, OR ANY OTHER 

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JURISDICTION)
THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEVADA TO
BE APPLIED.  IN FURTHERANCE OF THE
FOREGOING, THE INTERNAL LAW OF THE STATE OF NEVADA WILL CONTROL THE
INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH
JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW
OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY.

15.                                 Headings.  Section headings are used for
convenience only and shall in no way affect the construction of this Agreement.

16.                                 Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.  Delivery of an executed
counterpart signature page by facsimile or other electronic delivery is as
effective as executing and delivering an original signature.

17.                                 Injunctive Relief.  The
parties hereto agree that monetary damages would be an incomplete and
inadequate remedy for any breach of this Agreement and that any violation of
this Agreement could result in irreparable harm to the Company.  Therefore the Company is entitled to
permanent, temporary and preliminary injunctive relief to prevent breaches of
this Agreement, in addition to any other right or remedy to which the Company
may be entitled, at law or in equity.

18.                                 Waiver of Consequential Damages. 
Company and Consultants agree to waive and forego (i) any special,
indirect or consequential damages in respect of any breach or wrongful conduct
(whether the claim therefore is based on contract, tort or duty imposed by law)
in connection with, arising out of or in any way related to, the transactions
contemplated by the relationship established by this Agreement, or any act,
omission or event occurring in connection herewith, and (ii) to waive, release
and agree not to sue upon any such claim for any such damages, whether or not
accrued and whether or not known or suspected to exist in any such party’s
favor.

[ remainder of this page intentionally blank ]

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The
parties have executed this Agreement as of the date first above written.

	
  

  	
   

  	
  SIERRA Partners, LLC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/John S. Gaensbauer

  
	
   

  	
   

  	
   

  	
  John S. Gaensbauer, Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Allied Nevada Gold Corp.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/Scott A. Caldwell

  
	
   

  	
   

  	
  Name:  Scott A. Caldwell

  
	
   

  	
   

  	
  Title:  President and CEO

  
					

 

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