Document:

Exhibit
10.4

	
  JPMorgan Chase Bank, N.A.

  270 Park Avenue

  New York, New York 10017

  	
   

  	
  J.P. Morgan Securities Inc. 

  270 Park Avenue 

  New York, New York 10017

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  June 26, 2007

  

 

Best Buy Co., Inc.

5-Year Senior Unsecured Revolving Credit Facility

Commitment Letter

Best Buy Co., Inc.

7601 Penn Avenue South

Richfield, MN 55423

Attention:  Ryan D. Robinson

Ladies and Gentlemen:

You have advised J.P. Morgan Securities Inc. (“JPMorgan”)
and JPMorgan Chase Bank, N.A. (“JPMCB”;
together with JPMorgan, the “Commitment Parties”)
that Best Buy Co., Inc., a Minnesota corporation (the “Borrower”),
wishes to replace its existing Credit Agreement dated as of December 22, 2004,
among the Borrower, each of the lenders party thereto and U.S. Bank National
Association, as administrative agent (the “Existing Facility”)
and the $3,000,000,000 Bridge Facility (the “Bridge
Facility”) described in the Commitment Letter dated the date
hereof delivered to the Borrower by Goldman Sachs Credit Partners L.P. (the “Bridge Commitment Letter”) with a
new senior unsecured revolving credit facility. 
In that connection, you have requested that JPMorgan agree to structure,
arrange and syndicate a 5-year senior unsecured revolving credit facility (the “Credit Facility”) in an aggregate
amount of $2,000,000,000.

JPMorgan is pleased to advise you that it is willing
to act as sole lead arranger and sole bookrunner for the Credit Facility.  Furthermore, JPMCB is pleased to advise you
of its commitment to provide the entire amount of the Credit Facility upon the terms and subject to the conditions set
forth or referred to in this Commitment Letter and in the Summary of Terms and
Conditions attached hereto as Exhibit A (the “Term
Sheet”).  We intend to
syndicate the Credit 

   
 

Facility to a group of financial institutions
(together with JPMCB, the “Lenders”)
identified by us in consultation with you. 
JPMCB shall be relieved of its obligation to provide the entire amount
of the Credit Facility
to the extent that the offers of Lenders other than JPMCB to provide any
portion of the Credit Facility
are made and accepted on substantially the same terms as those set forth in
this Commitment Letter.

It is agreed that JPMCB will act as the sole and
exclusive administrative agent, and that JPMorgan will act as the sole lead
arranger and sole bookrunner (in such capacities, the “Arranger”),
for the Credit Facility.  You agree that, as a condition to the
commitment, agreements and undertakings set forth herein, except as expressly
contemplated by the Term Sheet and the Fee Letter referred to below, no other
agents, co-agents, arrangers or bookrunners will be appointed, no other titles
will be awarded and no compensation will be paid in connection with the Credit Facility, unless you and we shall
agree, except that you will have the right in consultation with us to designate
one or more banks to act as syndication agent and/or documentation agent for
the Credit Facility.

The Arranger intends to commence syndication efforts
promptly upon the execution of this Commitment Letter, and you agree actively
to assist the Arranger in completing a syndication satisfactory to it prior to
the execution and delivery of the definitive documentation for the Credit Facility.  Such assistance shall include (a) your
using commercially reasonable efforts to ensure that the syndication efforts
benefit materially from your existing lending and investment banking relationships,
(b) direct contact between senior management and advisors of the Borrower,
on the one hand, and the proposed Lenders, on the other hand, (c) your assistance
in the preparation of a Confidential Information Memorandum and other marketing
materials to be used in connection with the syndication and (d) the
hosting, with the Arranger, of one or more meetings or conference calls with
prospective Lenders.

The Arranger will manage all aspects of the
syndication in consultation with you, including decisions as to the selection
of institutions to be approached and when they will be approached, when their
commitments will be accepted, which institutions will participate, the
allocations of the commitments among the Lenders and the amount and
distribution of fees among the Lenders. 
In acting as the Arranger, JPMorgan will have no responsibility other
than to arrange the syndication as set forth herein and shall in no event be
subject to any fiduciary or other implied duties.  To assist the Arranger in its syndication
efforts, you agree promptly to prepare and provide to the Commitment Parties all
information with respect to the Borrower and its subsidiaries and the transactions
contemplated hereby , including all financial information and projections (the “Projections”), as we may reasonably
request in connection with the arrangement and syndication of the Credit Facility.

You hereby represent and covenant that, to the best
knowledge of your financial officers, (a) all information other than the
Projections (the “Information”) that has been
or will be made available to any Commitment Party by you or any of your
representatives is or will be, when taken as a whole, correct in all material
respects and does not or will not, when taken as a whole, contain any untrue
statement of a material fact or omit to state a material fact necessary in
order to make the statements contained therein not materially misleading in
light of the circumstances under which such statements are made and
(b) the Projections that have been or will be made available to any
Commitment Party by you or any of your representatives have 

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been or will be prepared in good faith based upon assumptions believed by your financial
officers to be reasonable at the time the Projections were made (it being
understood that actual results may vary from those set forth in the Projections
and the variances may be material).  You
agree to supplement the Information and Projections from time to time until the
Closing Date so that the representations and covenants in the immediately
preceding sentence remain correct.  You
understand that in arranging and syndicating the Credit Facility we may use and rely on the Information and
Projections without independent verification thereof.

As consideration for JPMCB’s commitment hereunder and
JPMorgan’s agreement to perform the services described herein, you agree to pay
the non-refundable fees set forth in Annex I to the Term Sheet and in the Fee
Letter dated the date hereof being delivered herewith (the “Fee Letter”).

Each Commitment Party’s commitment and agreements hereunder
are subject to (a) there not occurring or becoming known to it any event,
development or circumstance that has had or would reasonably be expected to
have a material adverse effect on the business, operations, property, condition
(financial or otherwise) of the Borrower and its subsidiaries taken as a whole,
since March 3, 2007, (b) such Commitment Party not becoming aware
after the date hereof of any information or other matter affecting the Borrower
and its subsidiaries or the transactions contemplated hereby that, in such
Commitment Party’s judgment, is inconsistent in a material and adverse manner
with any such information or other matter disclosed to such Commitment Party
prior to the date hereof, (c) such Commitment Party’s satisfaction that
prior to and during the syndication of the Credit Facility there shall be no
competing offering, placement or arrangement of any debt securities or bank
financing by or on behalf of the Borrower or any affiliate thereof (other than
the syndication, after August 31, 2007, of the Bridge Facility pursuant to the
applicable provisions of the Bridge Commitment Letter), (d)  the
negotiation, execution and delivery on or before August 31, 2007 of
definitive documentation for the Credit
Facility reasonably satisfactory to such Commitment Party and (e) the
other conditions set forth or referred to in the Term Sheet.  The terms and conditions of each Commitment
Party’s commitment hereunder and of the Credit
Facility are not limited to those set forth herein and in the Term Sheet
and the Existing Facility.  Those matters
that are not covered by the provisions hereof and of the Term Sheet and the Existing
Facility are subject to the approval and agreement of the Commitment Parties
and the Borrower.

You agree (a) to indemnify and hold harmless each
Commitment Party and its affiliates and its officers, directors, employees,
advisors and agents (each, an “indemnified person”)
from and against any and all losses, claims, damages and liabilities to which
any such indemnified person may become subject arising out of or in connection
with this Commitment Letter, the Credit Facility, the use of the proceeds thereof or any related
transaction or any claim, litigation, investigation or proceeding relating to
any of the foregoing, regardless of whether any indemnified person is a party
thereto, and to reimburse each indemnified person upon demand for any legal or
other expenses incurred in connection with investigating or defending any of
the foregoing, provided that the foregoing indemnity will not, as to any
indemnified person, apply to losses, claims, damages, liabilities or related
expenses to the extent they arise from the bad faith, willful misconduct or
gross negligence of such indemnified person, and (b) to reimburse each
Commitment Party and its affiliates on demand for all reasonable out-of-pocket
expenses (including reasonable due diligence expenses, syndication expenses,
travel expenses, and fees, 

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charges and disbursements of counsel) incurred in
connection with the Credit
Facility and any related documentation (including this Commitment
Letter, the Term Sheet, the Fee Letter and the definitive financing
documentation) or the administration, amendment, modification or waiver
thereof.  No indemnified person shall be
liable for any damages arising from the use by unintended recipients of
Information or other materials obtained through electronic, telecommunications
or other information transmission systems, or for any special, indirect,
consequential or punitive damages in connection with the Credit Facility.

You acknowledge that the Arranger and its affiliates
(the term “Arranger” as used below in this paragraph being understood to
include such affiliates) may be providing debt financing, equity capital or
other services (including financial advisory services) to other companies in
respect of which you may have conflicting interests regarding the transactions
described hereby and otherwise.  The Arranger
will not use confidential information obtained from you by virtue of the
transactions contemplated hereby or other relationships with you in connection
with the performance by the Arranger of services for other companies, and the Arranger
will not furnish any such information to other companies.  You also acknowledge that the Arranger has no
obligation to use in connection with the transactions contemplated hereby, or
to furnish to you, confidential information obtained from other companies.

This Commitment Letter shall not be assignable by you
without the prior written consent of each Commitment Party (and any purported
assignment without such consent shall be null and void), is intended to be
solely for the benefit of the parties hereto and is not intended to confer any
benefits upon, or create any rights in favor of, any person other than the
parties hereto and the indemnified persons. 
This Commitment Letter may not be amended or waived except by an
instrument in writing signed by you and each Commitment Party.  This Commitment Letter may be executed in any
number of counterparts, each of which shall be an original, and all of which,
when taken together, shall constitute one agreement.  Delivery of an executed signature page of
this Commitment Letter by facsimile transmission or other electronic means,
including pdf, shall be effective as delivery of a manually executed counterpart
hereof.  This Commitment Letter and the
Fee Letter are the only agreements that have been entered into among us with
respect to the Credit Facility
and set forth the entire understanding of the parties with respect
thereto.  This Commitment Letter shall be
governed by, and construed in accordance with, the law of the State of New
York.

JPMCB hereby notifies you that pursuant to the
requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001), it and the other Lenders may be required to
obtain, verify and record information that identifies you, which information
includes your name and address, and other information that will allow JPMCB and
the other Lenders to identify you in accordance with said Act.  This notice is given in accordance with the
requirements of said Act and is effective for each of JPMCB and the other Lenders.

This Commitment Letter is delivered to you on the
understanding that neither this Commitment Letter, the Term Sheet or the Fee
Letter nor any of their terms or substance shall be disclosed, directly or
indirectly, to any other person except (a) to your officers, directors,
employees, accountants, attorneys, agents and advisors who are directly
involved in the consideration of this matter on a confidential and need-to-know
basis or (b) as may be compelled in a judicial or administrative
proceeding or as otherwise required by law; provided that the 

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foregoing restrictions shall cease to apply (except in
respect of the Fee Letter and its terms and substance) after this Commitment
Letter has been accepted by you.

The compensation, reimbursement, indemnification and
confidentiality provisions contained herein and in the Fee Letter shall remain
in full force and effect regardless of whether definitive financing
documentation shall be executed and delivered and notwithstanding the
termination of this Commitment Letter or any Commitment Party’s commitment
hereunder.

If the foregoing correctly sets forth our agreement,
please indicate your acceptance of the terms hereof and of the Term Sheet and
the Fee Letter by returning to us executed counterparts hereof and of the Fee
Letter not later than 5:00 p.m. (New York City time), June 27, 2007.  This offer will automatically expire at such
time in the event we have not received such executed counterparts in accordance
with the immediately preceding sentence.

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We are pleased to have been given the opportunity to
assist you in connection with this important financing.

	
  

  	
  Very truly yours,

  	 

	
   

  	
   

  	 

	
   

  	
  JPMORGAN CHASE BANK, N.A.

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  /s/ Christine Herrick

  	
   

  	 

	
   

  	
   

  	
  Name: Christine Herrick

  	 

	
   

  	
   

  	
  Title: Vice President

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  J.P. MORGAN SECURITIES INC.

  	 

	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William J. Carney

  	
   

  	 

	
   

  	
   

  	
  Name: William J. Carney

  
	
   

  	
   

  	
  Title: Vice President

  

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Accepted and agreed
to

as of the date first

written above by:

	
  BEST BUY CO., INC.

  
	
   

  	
   

  
	
  By:

  	
  /s/ Ryan D. Robinson

  	
   

  
	
   

  	
  Name: 

  	
  Ryan D. Robinson

  
	
   

  	
  Title: 

  	
  Senior Vice President and Chief Financial Officer –
  New Growth Platforms

  
				

 

 7EXHIBIT
10.1

FORM OF
RESTRICTED STOCK AWARD

CANO PETROLEUM, INC.

2005
LONG-TERM INCENTIVE PLAN

Pursuant to the Cano Petroleum, Inc. 2005
Long-Term Incentive Plan (the “Plan”) for key employees, key consultants, and outside
directors of Cano Petroleum, Inc., a Delaware corporation (the “Company”) and its
Subsidiaries,

(the “Participant”)

has been granted a
Restricted Stock Award in accordance with Section 6.4 of the Plan.

1.               Terms of Award.  The number of shares of Common Stock awarded
under this Award Agreement (this “Agreement”) 
is                    shares
(the “Awarded Shares”).  The Date of Grant of this Award is                         ,
20      .

2.               Subject to Plan.  This Agreement is subject to the terms and
conditions of the Plan, and the terms of the Plan shall control to the extent
not otherwise inconsistent with the provisions of this Agreement.  The capitalized terms used herein that are
defined in the Plan shall have the same meanings assigned to them in the
Plan.  This Agreement is subject to any
rules promulgated pursuant to the Plan by the Board or the Committee and
communicated to the Participant in writing.

3.               Vesting.  Except as specifically provided in this
Agreement and subject to certain restrictions and conditions set forth in the
Plan, the Awarded Shares shall be vested as follows:

[Vesting information to be provided in each individual
agreement]

4.               Forfeiture
of Awarded Shares. Awarded Shares that are not vested in accordance with Section 3
shall be forfeited on the date of the Participant’s Termination of Service.
Upon forfeiture, all of the Participant’s rights with respect to the forfeited
Awarded Shares shall cease and terminate, without any further obligations on
the part of the Company.

5.               Restrictions on
Awarded Shares. Awarded Shares that are not vested in accordance with Section
3 and which are subject to forfeiture in accordance with Section 4
shall be subject to the terms, conditions, provisions, and limitations of this Section
5.

a.               Subject to the
provisions of the Plan and the other terms of this Agreement, from the Date of
Grant until the date the Awarded Shares are vested in accordance with Section
3 and no longer subject to forfeiture in accordance with Section 4
(the “Restriction Period”),
the Participant shall not be permitted to sell, transfer, pledge or assign
shares any of the Awarded Shares.

 

b.              Except as provided
in paragraph (a) above, the Participant shall have, with respect to his or her
Awarded Shares, all of the rights of a stockholder of the Company, including
the right to vote the shares, and the right to receive any dividends thereon.

6.               Legend.  The following legend shall be placed on all
certificates representing Awarded Shares:

On the face of the certificate:

“Transfer of this stock is
restricted in accordance with conditions printed on the reverse of this
certificate.”

On the reverse:

“The shares of stock
evidenced by this certificate are subject to and transferable only in
accordance with that certain Cano Petroleum, Inc. 2005 Long-Term Incentive
Plan, a copy of which is on file at the principal office of the Company in Fort
Worth, Texas.  No transfer or pledge of
the shares evidenced hereby may be made except in accordance with and subject
to the provisions of said Plan.  By
acceptance of this certificate, any holder, transferee or pledgee hereof agrees
to be bound by all of the provisions of said Plan.”

The
following legend shall be inserted on a certificate evidencing Common Stock
issued under the Plan if the shares were not issued in a transaction registered
under the applicable federal and state securities laws:

“Shares of stock represented
by this certificate have been acquired by the holder for investment and not for
resale, transfer or distribution, have been issued pursuant to exemptions from
the registration requirements of applicable state and federal securities laws,
and may not be offered for sale, sold or transferred other than pursuant to
effective registration under such laws, or in transactions otherwise in
compliance with such laws, and upon evidence satisfactory to the Company of
compliance with such laws, as to which the Company may rely upon an opinion of
counsel satisfactory to the Company.”

All
Awarded Shares owned by the Participant shall be subject to the terms of this
Agreement and shall be represented by a certificate or certificates bearing the
foregoing legend.

7.               Delivery of
Certificates.  Certificates for
Awarded Shares free of restriction under this Agreement shall be delivered to
the Participant promptly after, and only after, the Restriction 

 

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Period shall expire without forfeiture in respect of
such shares of Common Stock. 
Certificates for shares of Common Stock forfeited pursuant to Section
4 shall be promptly returned to the Company by the Participant.  In connection with the issuance of a
certificate for Restricted Stock, the Participant shall endorse such
certificate in blank or execute a stock power in a form satisfactory to the
Company in blank and deliver such certificate and executed stock power to the
Company.  The parties acknowledge that
remedies at law will be inadequate remedies for breach of this Section 7
and consequently agree that this Section 7 shall be enforceable by
specific performance.  The remedy of
specific performance shall be cumulative of all of the rights and remedies at
law or in equity of the parties under this Section 7.

8.               Voting.  The Participant, as record holder of the
Awarded Shares, has the exclusive right to vote, or consent with respect to,
such Awarded Shares until such time as the Awarded Shares are transferred in
accordance with this Agreement; provided, however, that this Section
8 shall not create any voting right where the holders of such Awarded
Shares otherwise have no such right.

9.               Representations,
Etc.  Each spouse individually is
bound by, and such spouse’s interest, if any, in any Awarded Shares is subject
to, the terms of this Agreement.  Nothing
in this Agreement shall create a community property interest where none
otherwise exists.

10.         Participant’s
Representations.  Notwithstanding any
of the provisions hereof, the Participant hereby agrees that he will not
acquire any Awarded Shares, and that the Company will not be obligated to issue
any Awarded Shares to the Participant hereunder, if the issuance of such shares
shall constitute a violation by the Participant or the Company of any provision
of any law or regulation of any governmental authority.  Any determination in this connection by the
Company shall be final, binding, and conclusive.  The obligations of the Company and the rights
of the Participant are subject to all applicable laws, rules, and regulations.

11.         Participant’s
Acknowledgments.  The Participant
acknowledges receipt of a copy of the Plan and represents that he or she is
familiar with the terms and provisions thereof, and hereby accepts this Award
subject to all the terms and provisions thereof. The Participant hereby agrees
to accept as binding, conclusive, and final all decisions or interpretations of
the Board or the Committee upon any questions arising under the Plan or this
Agreement.

12.         Law Governing.  This Agreement shall be governed by,
construed, and enforced in accordance with the laws of the State of Texas (excluding any conflict of laws
rule or principle of Texas law
that might refer the governance, construction, or interpretation of this
agreement to the laws of another state).

13.         Legal Construction.  In the event that any one or more of the
terms, provisions, or agreements that are contained in this Agreement shall be
held by either a court of competent jurisdiction, with respect to claims under Section
7, or by an arbitrator, with respect to all other claims under the
Agreement, to be invalid, illegal, or unenforceable in any respect for any
reason, the invalid, illegal, or unenforceable term, provision, or agreement
shall not affect any other term, provision, or agreement that is contained in
this Agreement and this Agreement shall be 

 

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construed in all respects as if the invalid, illegal,
or unenforceable term, provision, or agreement had never been contained herein.

14.         Covenants and
Agreements as Independent Agreements. Each of the covenants and agreements
that is set forth in this Agreement shall be construed as a covenant and
agreement independent of any other provision of this Agreement.  The existence of any claim or cause of action
of the Participant against the Company, whether predicated on this Agreement or
otherwise, shall not constitute a defense to the enforcement by the Company of
the covenants and agreements that are set forth in this Agreement.

15.         Entire Agreement.  This Agreement together with the Plan
supersede any and all other prior understandings and agreements, either oral or
in writing, between the parties with respect to the subject matter hereof and
constitute the sole and only agreements between the parties with respect to the
said subject matter.  All prior
negotiations and agreements between the parties with respect to the subject
matter hereof are merged into this Agreement. 
Each party to this Agreement acknowledges that no representations,
inducements, promises, or agreements, orally or otherwise, have been made by
any party or by anyone acting on behalf of any party, which are not embodied in
this Agreement or the Plan and that any agreement, statement or promise that is
not contained in this Agreement or the Plan shall not be valid or binding or of
any force or effect.

16.         Parties Bound.  The terms, provisions, and agreements that
are contained in this Agreement shall apply to, be binding upon, and inure to
the benefit of the parties and their respective heirs, executors,
administrators, legal representatives, and permitted successors and assigns,
subject to the limitation on assignment expressly set forth herein.  No person or entity shall be permitted to
acquire any Awarded Shares without first executing and delivering an agreement
in the form satisfactory to the Company making such person or entity subject to
the restrictions on transfer contained in Section 5 hereof.

17.         Modification.  No change or modification of this Agreement
shall be valid or binding upon the parties unless the change or modification is
in writing and signed by the parties; provided, however, that the Company may
change or modify this Agreement without the Participant’s consent or signature
if the Company determines, in its sole discretion, that such change or
modification is necessary for purposes of compliance with or exemption from the
requirements of Section 409A of the Code or any regulations or other guidance
issued thereunder.  Notwithstanding the
preceding sentence, the Company may amend the Plan to the extent permitted by
the Plan.

18.         Headings.  The headings that are used in this Agreement
are used for reference and convenience purposes only and do not constitute
substantive matters to be considered in construing the terms and provisions of
this Agreement.

19.         Gender and Number.  Words of any gender used in this Agreement
shall be held and construed to include any other gender, and words in the
singular number shall be held to include the plural, and vice versa, unless the
context requires otherwise.

 

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20.         Notice.  Any notice required or permitted to be
delivered hereunder shall be deemed to be delivered only when actually received
by the Company or by the Participant, as the case may be, at the addresses set
forth below, or at such other addresses as they have theretofore specified by
written notice delivered in accordance herewith:

(a)                                  Notice to the
Company shall be addressed and delivered as follows:

Cano
Petroleum, Inc.

Burnett Plaza

801 Cherry Street

Suite 3200, Unit 25

Fort Worth, Texas  76102

Attn:  General Counsel

Facsimile:  (817) 698-0796

(b)                                 Notice to the
Participant shall be addressed and delivered as set forth on the signature
page.

21.         Tax Requirements.  The Participant is hereby advised to consult
immediately with his or her own tax advisor regarding the tax consequences of
this Agreement, the method and timing
for filing an election to include this Agreement in income under Section
83(b) of the Code, and the tax consequences of such election.  By
execution of this Agreement, the Participant agrees that if the Participant
makes such an election, the Participant shall provide the Company with written
notice of such election in accordance with the regulations promulgated under Code
Section 83(b).  The Company or, if
applicable, any Subsidiary (for purposes of this Section 21, the term “Company” shall be
deemed to include any applicable Subsidiary), shall have the right to deduct
from all amounts paid in cash or other form in connection with the Plan, any
Federal, state, local, or other taxes required by law to be withheld in
connection with this Award.  The Company
may, in its sole discretion, also require the Participant receiving shares of
Common Stock issued under the Plan to pay the Company the amount of any taxes
that the Company is required to withhold in connection with the Participant’s
income arising with respect to this Award. 
Such payments shall be required to be made when requested by Company and
may be required to be made prior to the delivery of any certificate
representing shares of Common Stock. 
Such payment may be made (i) by the delivery of cash to the Company in
an amount that equals or exceeds (to avoid the issuance of fractional shares
under (iii) below) the required tax withholding obligations of the Company;
(ii) if the Company, in its sole discretion, so consents in writing, the actual
delivery by the exercising Participant to the Company of shares of Common Stock
that the Participant has not acquired from the Company within six (6) months
prior to the date of exercise, which shares so delivered have an aggregate Fair
Market Value that equals or exceeds (to avoid the issuance of fractional shares
under (iii) below) the required tax withholding payment; (iii) if the Company,
in its sole discretion, so consents in writing, the Company’s withholding of a
number of shares to be delivered upon the exercise of this Award, which shares
so withheld have an aggregate fair market value that equals (but does not
exceed) the required tax withholding payment; or (iv) any combination of (i),
(ii), or (iii).  The Company may, in its 

 

 5
 

sole discretion, withhold any such taxes from any
other cash remuneration otherwise paid by the Company to the Participant.

[Signature Page to Follow]

 

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IN WITNESS WHEREOF, the Company has caused
this Agreement to be executed by its duly authorized officer, and the
Participant, to evidence his consent and approval of all the terms hereof, has
duly executed this Agreement, as of the date specified in Section 1
hereof.

	
   

  	
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
  CANO PETROLEUM,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  PARTICIPANT:

  
	
   

  	
   

  	
   

  
	
   

  	
  Signature:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 7

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