Document:

EXHIBIT 10.1

 

AMENDMENT NUMBER TWO TO

CONSULTING AGREEMENT

 

THIS AMENDMENT NUMBER TWO TO CONSULTING AGREEMENT (this “Amendment”) is made and entered into as of March 6, 2012 by and between Cano Petroleum, Inc., a Delaware corporation (the “Company”), and John H. Homier (“Consultant”).  The Company and Consultant are referred to in this Amendment as the “Parties.”

 

RECITALS

 

A.            The Parties previously entered into that certain Consulting Agreement dated July 11, 2011 between the Company and Consultant, as amended by Amendment Number One dated February 8, 2012 (the “Original Agreement”).

 

B.            The Parties desire to modify the Original Agreement to provide for payment of a cash bonus, as provided in this Amendment.

 

AGREEMENT

 

NOW, THEREFORE, for and in consideration of the foregoing premises and the provisions hereof and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.             Consulting Services.  The first sentence of paragraph 1(a) of the Original Agreement is amended and restated in its entirety as follows:

 

During the period commencing on the Effective Date and ending on August 31, 2012 (the “Consulting Period”), subject to the terms of this Agreement (including the extension and early termination provisions set for in paragraph 3.a. below), the Company agrees to retain Consultant and Consultant agrees to serve, as a consultant to the Company for the purpose of serving as the Company’s Chief Financial Officer and Secretary and performing the customary duties and responsibilities implied by such positions, and such other duties and responsibilities delegated to Consultant by the Board of Directors of the Company (the “Board”) and the Chief Executive Officer of the Company (the “Consulting Services”).

 

2.             Consulting Fee and Bonus.  Paragraph 2(a) of the Original Agreement is amended and restated in its entirety as follows:

 

a.             Consulting Fee and Bonus.  During the period beginning on January 1, 2012 and ending at the end of the Consulting Period, the Company shall pay Consultant a consulting fee at the rate of $395 per hour that the Consultant provides Consulting Services to the Company and reimburse Consultant for reasonable travel expenses incurred while providing Consulting Services, (the “Consulting Fee”), payable within five business days of invoice by Consultant.  Consultant will invoice the Company bi-weekly.  The Company shall pay Consultant a cash bonus in the amount of $150,000 upon the first to occur of (1) termination of this Agreement by the Company for any reason other than Consultant’s gross negligence or willful misconduct and (2) the effective date of a confirmed plan of reorganization involving the Company filed with the United States bankruptcy court.

 

 

3.             Choice of Law.  This Amendment has been executed and  delivered in and shall be interpreted, construed and enforced pursuant to and in accordance with the laws of the State of Texas, without giving effect to the conflicts of law principles thereof.

 

4.             Headings.  The headings contained in this Amendment are for reference purposes only and shall not affect in any way the meaning or interpretation of this Amendment.

 

5.             Execution and Delivery.  This Amendment may be executed in several counterparts, all of which will together constitute a single agreement among the Parties.  Delivery by electronic transmission of an executed counterpart of the signature page to this Amendment shall be as effective as delivery of a manually executed counterpart of this Amendment.

 

6.             No Other Amendments.  Except as modified by this Amendment, all provisions of the Original Agreement shall continue in full force and effect.

 

[Signature Page Follows]

 

2

 

IN WITNESS WHEREOF, the Parties have executed this Amendment effective as of the date first set forth above.

 

	
 
    	
THE   COMPANY:
    
	
 
    	
 
    
	
 
    	
CANO   PETROLEUM, INC.
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   James R. Latimer, III
    
	
 
    	
 
    	
James   R. Latimer, III,
    
	
 
    	
 
    	
Chief   Executive Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
CONSULTANT:
    
	
 
    	
 
    
	
 
    	
/s/   John H. Homier
    
	
 
    	
John   H. Homier
    

 

AMENDMENT NUMBER TWO TO CONSULTING AGREEMENT

SIGNATURE PAGEEXHIBIT 10.2

 

AMENDMENT NUMBER TWO TO

ENGAGEMENT LETTER

 

THIS AMENDMENT NUMBER TWO TO ENGAGEMENT LETTER (this “Amendment”) is made and entered into as of March 6, 2012 by and between Cano Petroleum, Inc., a Delaware corporation (the “Company”), and Blackhill Partners LLC (“Blackhill”).  The Company and Blackhill are referred to in this Amendment as the “Parties.”

 

RECITALS

 

A.            The Parties previously entered into that certain Engagement Letter dated February 10, 2011 between the Company and Blackhill, as amended by Amendment Number One dated February 8, 2012 (the “Original Agreement”).

 

B.            The Parties desire to modify the Original Agreement to provide for a cash bonus payment, as provided in this Amendment.

 

AGREEMENT

 

NOW, THEREFORE, for and in consideration of the foregoing premises and the provisions hereof and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

1.             Retainer.

 

(a)           Paragraph 2(i.) of the Original Agreement is amended and restated in its entirety as follows:

 

(i.)           A retainer in the amount of $45,000 (the “Retainer”), which has been delivered to Blackhill prior to the execution of this Agreement.  The parties acknowledge and agree that the Retainer will be used to cover out-of-pocket expenses of Blackhill and will be applied to the final invoice of Blackhill and any other invoices of Blackhill that shall remain unpaid at the conclusion of the engagement hereunder. Any unused portion of the Retainer shall be refunded upon the completion of the engagement hereunder.

 

(b)           Paragraph 2(iv.) of the Original Agreement is amended and restated in its entirety as follows:

 

(iv.)         For each month of the engagement hereunder, Blackhill shall provide to Cano a monthly invoice that shall include the total out-of-pocket expenses of Blackhill.  Each Blackhill invoice shall be due and payable in full by wire transfer within five (5) days of its submission by Blackhill to Cano.  Amounts due in excess of the Retainer amount will be paid within five (5) days as described above.

 

2.             Cash Bonus Payment.  Paragraph 2(iii.) of the Original Agreement is amended and restated in its entirety as follows:

 

 

(iii.)         $250,000 upon the first to occur of (A) termination of this Agreement by Cano for any reason other than gross negligence or willful misconduct, as described in paragraph 4 below, and (B) the effective date of a confirmed plan of reorganization involving Cano and its subsidiaries filed with the United States bankruptcy court.

 

3.             Choice of Law.  This Amendment has been executed and  delivered in and shall be interpreted, construed and enforced pursuant to and in accordance with the laws of the State of Texas, without giving effect to the conflicts of law principles thereof.

 

4.             Headings.  The headings contained in this Amendment are for reference purposes only and shall not affect in any way the meaning or interpretation of this Amendment.

 

5.             Execution and Delivery.  This Amendment may be executed in several counterparts, all of which will together constitute a single agreement among the Parties.  Delivery by electronic transmission of an executed counterpart of the signature page to this Amendment shall be as effective as delivery of a manually executed counterpart of this Amendment.

 

6.             No Other Amendments.  Except as modified by this Amendment, all provisions of the Original Agreement shall continue in full force and effect.

 

[Signature Page Follows]

 

2

 

IN WITNESS WHEREOF, the Parties have executed this Amendment effective as of the date first set forth above.

 

	
 
    	
THE   COMPANY:
    
	
 
    	
 
    
	
 
    	
CANO   PETROLEUM, INC.
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   John H. Homier
    
	
 
    	
 
    	
John   H. Homier,
    
	
 
    	
 
    	
Chief   Financial Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BLACKHILL:
    
	
 
    	
 
    
	
 
    	
BLACKHILL   PARTNERS LLC
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   James R. Latimer, III
    
	
 
    	
 
    	
James   R. Latimer, III,
    
	
 
    	
 
    	
Managing   Director
    

 

AMENDMENT NUMBER TWO TO ENGAGEMENT LETTER

SIGNATURE PAGEExhibit 10.1

 

AMENDMENT NO. 2
 TO
 AMENDED AND RESTATED
 AGREEMENT OF LIMITED PARTNERSHIP
 OF
 KITE REALTY GROUP, L.P.

 

This Amendment No. 2 to the Amended and Restated Agreement of Limited Partnership of Kite Realty Group, L.P. (this “Amendment”) is made as of March 12, 2012 by Kite Realty Group Trust, a Maryland real estate investment trust, as sole general partner (the “Company”) of Kite Realty Group, L.P., a Delaware  limited partnership (the “Partnership”), pursuant to the authority granted to the Company in the Amended and Restated Agreement of Limited Partnership of Kite Realty Group, L.P., dated as of August 16, 2004 (the “Partnership Agreement”), for the purpose of issuing additional Partnership Units in the form of Series A Preferred Partnership Units. Capitalized terms used and not defined herein shall have the meanings set forth in the Partnership Agreement.

 

WHEREAS, a Pricing Committee of the Board of Trustees (the “Board”) of the Company adopted resolutions on November 30, 2010 classifying and designating 2,990,000 Preferred Shares (as defined in the Articles of Amendment and Restatement of Declaration of Trust of the Company (the “Declaration of Trust”) as Series A Preferred Shares;

 

WHEREAS, the Company filed Articles Supplementary to the Declaration of Trust with the State Department of Assessments and Taxation of Maryland, effective on December 7, 2010 (the “Original Articles Supplementary”), establishing the Series A Preferred Shares, with such preferences, rights, powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption as described in the Original Articles Supplementary, and classifying and establishing 2,990,000 preferred shares of beneficial interest, $0.01 par value per share, of the Company as Series A Preferred Shares;

 

WHEREAS, on December 7, 2010, the Company amended the Partnership Agreement to create Partnership Units in the form of Series A Preferred Partnership Units having designations, preferences and other rights which are substantially the same as the economic rights of the Series A Preferred Shares, and classifying and designating 2,990,000 Partnership Units as Series A Preferred Partnership Units;

 

WHEREAS, on December 7, 2010, the Company issued 2,600,000 Series A Preferred Shares, and on December 28, 2010, the Company issued an additional 200,000 Series A Preferred Shares (in connection with the partial exercise of the underwriters’ overallotment option);

 

WHEREAS, a Pricing Committee of the Board, by resolution approved at a meeting held on March 7, 2012, classified and designated an additional 1,190,000 Preferred Shares (as defined in the Declaration of Trust) as Series A Preferred Shares;

 

WHEREAS, on March 9, 2012, the Company filed Articles Supplementary to the Declaration of Trust with the State Department of Assessments and Taxation of Maryland, effective on March 12, 2012, classifying and establishing an additional 1,190,000 Preferred Shares as Series A Preferred Shares;

 

WHEREAS, on March 12, 2012, the Company issued 1,300,000 additional Series A Preferred Shares and, as of the date hereof, the Company is authorized to issue an additional 80,000 Series A Preferred Shares; and, pursuant to Article IV of the Partnership Agreement, the Company will contribute the proceeds of the issuance and sale of such Series A Preferred Shares to the Partnership in exchange for an equal number of Series A Preferred Partnership Units; and

 

1

 

WHEREAS, the Company has determined that, in connection with the issuance of the additional Series A Preferred Shares, it is necessary and desirable to amend the Partnership Agreement to classify and designate additional Partnership Units as Series A Preferred Partnership Units.

 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the Partnership Agreement is hereby amended as follows:

 

1.             Exhibit F to the Partnership Agreement is hereby amended by deleting Section A thereof and replacing such Section with the following new Section A:

 

“A.          Designation and Number.  A series of Preferred Partnership Units, designated as Series A Preferred Partnership Units, is hereby established. The number of Series A Preferred Partnership Units shall be 4,180,000.”

 

2.             In accordance with Section 4.2 of the Partnership Agreement, set forth in Exhibit F, as amended hereby, are the terms and conditions of the additional Series A Preferred Partnership Units hereby established and issued to the Company in consideration of its contribution to the Partnership of the proceeds of the issuance and sale of the additional shares of Series A Preferred Shares by the Company. The Partnership Agreement is amended to replace Exhibit A thereto with a revised Exhibit A to reflect the issuance of the additional Series A Preferred Partnership Units.

 

3.             Except as modified herein, all terms and conditions of the Partnership Agreement shall remain in full force and effect, which terms and conditions the Company hereby ratifies and confirms.

 

4.             This Amendment shall be construed and enforced in accordance with and governed by the laws of the State of Delaware, without regard to conflicts of law.

 

5.             If any provision of this Amendment is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby.

 

[Signature Page to Amendment No. 2 to the Amended and Restated Agreement

of Limited Partnership of Kite Realty Group, L.P., follows]

 

2

 

IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first set forth above.

 

	
 
    	
KITE REALTY GROUP   TRUST
    As sole   general partner of Kite Realty Group, L.P.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Daniel R. Sink
    
	
 
    	
 
    	
Daniel R. Sink
    
	
 
    	
 
    	
Executive Vice   President, Chief Financial Officer and Treasurer
    

 

[Signature Page to Amendment No. 2 to the Amended and Restated Agreement

of Limited Partnership of Kite Realty Group, L.P.]

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