Document:

Exhibit 10.2

 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS SECOND
AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) is made and entered into by and between Cano Petroleum Inc., a Delaware corporation
with its principal executive offices in Fort Worth, Texas (the “Company”), and James K. Teringo, Jr., an individual
currently residing in Dallas County, Texas (“Vice President,” collectively, the
“Parties”), effective as of the 1st day of June, 2006 (the “Amendment Effective
Date”).

 

WHEREAS, the Company and Vice President entered into
that certain Employment Agreement dated as of July 11, 2005, as amended by
the First Amendment to Employment Agreement dated effective as of January 1,
2006 (as amended, the “Agreement”); and

 

WHEREAS, the Company and Vice President 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, the
Company and Vice President do hereby agree to amend, alter, modify and change
the Agreement, effective prospectively, as of the Amendment Effective Date as
follows:

 

1.                                      Each reference to “Vice President”
in the Agreement is deleted throughout the Agreement and the term “Senior Vice
President” is substituted in place and in lieu thereof.

 

2.                                      Section 1. Employment.
shall be deleted in its entirety and the following substituted in place and in
lieu thereof:

 

1.                                       Employment. The Company hereby employs Senior Vice President in the capacity of Senior
Vice President, General Counsel and Corporate Secretary, and Senior Vice
President hereby agrees to accept such employment by the Company, upon the
terms and conditions stated in this Agreement.

 

3. Section 12. Change in
Control Severance Benefit. shall be modified by adding the following new
paragraph to the end thereof:

 

Anything in this Section 12 to the contrary notwithstanding, in
the event it shall be determined that any payment or distribution made, or
benefit provided, by the Company to or for the benefit of Vice President
(whether paid or payable or distributed or distributable or provided pursuant
to the terms hereof or otherwise) would constitute a “parachute payment” as
defined in Section 280G of the Internal Revenue Code of 1986, as amended
(the “Code”), then the lump sum payment payable pursuant to this Section 12
shall be reduced so that the aggregate present value of all payments in the
nature of compensation to (or for the benefit of) Vice President which are
contingent on a change of control (as defined in Code Section 280G(b)(2)(A))
is One Dollar ($1.00) less than the amount which Vice President could receive
without being considered to have received any parachute payment (the amount of
this reduction in the lump sum severance payment is referred to herein as the “Excess
Amount”). The determination of the amount of any reduction required by this Section 12
shall be made by an independent accounting firm (other than the Company’s
independent accounting firm) selected by the Company and

 

 

acceptable
to Vice President, and such determination shall be conclusive and binding on
the parties hereto.

 

4. The following Section 25.
Code Section 409A; Delay of Payments. shall be added immediately
following Section 24. Severability.:

 

25.                                 Code Section 409A; Delay of Payments. The terms of this Agreement have been
designed to comply with the requirements of Code Section 409A, as amended,
where applicable, and shall be interpreted and administered in a manner
consistent with such intent. Notwithstanding anything to the contrary in this
Agreement, (i) if upon the date of Vice President’s termination of
employment with the Company, Vice President is a “specified employee” within
the meaning of Code Section 409A, and the deferral of any amounts
otherwise payable under this Agreement as a result of Vice President’s
termination of employment is necessary in order to prevent any accelerated or
additional tax to Vice President under Code Section 409A, then the Company
will defer the payment of any such amounts hereunder until the date that is six
(6) months and one day following the date of Vice President’s termination
of employment with the Company at which time any such delayed amounts will be
paid to Vice President in a single lump sum, with interest from the date
otherwise payable at the prime rate as published in The Wall Street Journal on
the date of Vice President’s termination of employment with the Company, and (ii) if
any other payments of money or other benefits due to Vice President hereunder
could cause the application of an accelerated or additional tax under Code Section 409A,
such payments or other benefits shall be deferred if deferral will make such
payment or other benefits compliant under Code Section 409A.

 

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  VICE PRESIDENT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ James
  K. Teringo, Jr.

  	
   

  
	
   

  	
        James K. Teringo, Jr.Exhibit 10.3

 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS SECOND
AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”) is made and entered into by and between Cano Petroleum Inc., a Delaware corporation
with its principal executive offices in Fort Worth, Texas (the “Company”), and John Lacik, an individual currently
residing in Weatherford, Texas (“Employee”), effective as of the 1st day of June 2006
(the “Amendment Effective Date”).

 

WHEREAS, the Company and Employee entered into that
certain Employment Agreement effective as of  May 1, 2005, as amended by  First Amendment to Employment Agreement dated
effective as of May 1, 2005 (as amended, 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 THERFORE, 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 prospectively, as of the Amendment Effective Date as follows:

 

Section 1. Employment.
shall be deleted in its entirety and the following substituted in place and in
lieu thereof:

 

1.                                       Employment. The Company hereby employs Employee in the capacity of Senior Vice
President - Operations, and Employee hereby agrees to accept such
employment by the Company, upon the terms and conditions stated in this
Agreement.

 

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

 

(a)                                                                                  Base Salary:  The
Company shall pay Employee for his services a base salary, on an annualized
basis, of $82,000.00 (Eighty Two Thousand Dollars) per annum for the period
from the Effective Date through May 31, 2006 and a base salary, on an
annualized basis of $200,000.00 (Two Hundred Thousand Dollars) per annum for
the period beginning on June 1, 2006, 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.

 

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 Agreement effective as of the Amendment Effective Date.

 

 

	
   

  	
  THE COMPANY:

  
	
   

  	
   

  
	
   

  	
  CANO PETROLEUM, INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ S. Jeffrey Johnson

  	
   

  
	
   

  	
   

  	
  S. Jeffrey Johnson

  
	
   

  	
   

  	
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ John Lacik

  	
   

  
	
   

  	
        John LacikExhibit 10.4

 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS SECOND
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
1st day of June, 2006 (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 dated May 28th, 2004, but effective June 1,
2004, as amended by First Amendment to Employment Agreement effective as of January 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 1. Employment.
shall be deleted in its entirety and the following substituted in place and in
lieu thereof:

 

1.                                       Employment.                           The Company hereby employs Employee in the
capacity of Vice President and Principal Accounting Officer of the Company, and
Employee hereby agrees to accept such employment by the Company, upon the terms
and conditions stated in this Agreement

 

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

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