Document:

Exhibit 10.2

AMENDMENT NO. 2

TO

CHIEF EXECUTIVE OFFICER STOCKHOLDERS AGREEMENT

January 26, 2007

WHEREAS, Samsonite
Corporation (the “Company”) has previously entered into the Chief Executive
Officer Stockholders Agreement (as amended, the “Agreement”), dated as of March
2, 2004, and amended as of March 17, 2005, by and among the Company, ACOF
Management, L.P., Bain Capital (Europe) LLC, Ontario Teachers’ Pension Plan
Board, Marcello Bottoli, Stonebridge Development Limited and The Bottoli Trust
(capitalized terms used but not defined herein shall have the meaning ascribed
to such terms in the Agreement);

WHEREAS, the
parties to the Agreement desire to make certain amendments to the Agreement as
further set forth herein;

NOW, THEREFORE,
the Agreement is hereby amended as follows:

1.                                         Section
5(a) of the Agreement is amended in its entirety to read as follows:

5.                                       Put
Option.

(a)                                  Election.  In the event that the CEO is no longer
employed by the Company or any of its Subsidiaries and he was a Good Leaver,
the CEO Purchase Vehicle and/or its Permitted Transferees may elect during the
period beginning on the third anniversary of the CEO’s Termination Date and
ending 30 days later to give notice to the Company (a “Put Notice”),
subject to the Limitations, of its election to sell to the Company (and,
subject to the Limitations, the Company shall be required to purchase) all of
the CEO Purchase Vehicle’s and its Permitted Transferee’s (i) New Preferred
Shares held as of the date of the Put Notice that the CEO Purchase Vehicle
originally acquired from the Company or its designee and (ii) shares of Common
Stock issued upon conversion of New Preferred Shares originally acquired by the
CEO Purchase Vehicle from the Company or its designee (such shares,
collectively, the “Put Shares”) pursuant to the terms and conditions set
forth in this Section 5 (the “Put Option”).  Upon receipt of a Put Notice, unless the
Limitations shall apply, the Company shall within 120 days purchase the Put
Shares directly, or designate one or more third parties as its permitted
assignee to purchase such Put Shares, from the CEO Purchase Vehicle and its
Permitted Transferees.  The purchase
price for such Put Shares shall be the Fair Market Value of such Put Shares at
the date of delivery of the Put Notice to the Company.

2.                                       The
definition of “Approved IPO” is amended in its entirety to read as follows:

“Approved IPO”
means the first firm commitment underwritten public offering pursuant to a
Registration Statement that became effective after the date hereof

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covering a U.S. or
non-U.S. offer and sale of Common Stock for the account of the Company to the
public, (A) the public offering price of which is not less than (i)225% of the then-applicable Conversion Price
(as such term is defined in the Certificate of Designation of the Powers,
Preferences and Relative, Participating, Optional and Other Special Rights of
the New Preferred Shares) of the New Preferred Shares or (ii) in the case that
no New Preferred Shares are issued and outstanding at the time of the Approved
IPO, $0.945, (B) will result in net proceeds to the Company and/or its
stockholders of not less than $100 million and (C) would result in
(1) a sale of not less than 17.5% of the shares of Common Stock
(determined on an as-converted basis) then outstanding or (2) an issuance
of newly issued shares of Common Stock that, together with the sales of Common
Stock by the New Investors in such public offering, would result in the New
Investors’ aggregate beneficial ownership, as a group, of the total issued and
outstanding shares of Common Stock (on an as-converted basis) being reduced by
not less than 17.5%.

Except as modified
herein, the Agreement shall remain in full force and effect.  This Amendment No. 2 to the Agreement may be
executed in counterparts, each of which shall be deemed to be an original but
all of which together will constitute one and the same instrument.

IN
WITNESS WHEREOF, the authorized representatives of the undersigned entities set
forth below, and the individual set forth below, have set their respective
hands as of the date first set forth hereinabove.

	
  SAMSONITE CORPORATION  

  	
   

  	
  ACOF MANAGEMENT L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ John B. Livingston

  	
   

  	
   

  	
  /s/ Antony P. Ressler

  	
   

  
	
  Name: John B. Livingston

  	
   

  	
  Name: Antony P. Ressler

  
	
  Title:Assistant Secretary

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BAIN CAPITAL (EUROPE) LLC 

  	
   

  	
  ONTARIO TEACHERS’ PENSION PLAN BOARD

  
	
   

  	
   

  	
   

  
	
  /s/ Ferdinando Grimaldi 

  	
   

  	
   

  	
  /s/ Lee Sienna

  	
   

  
	
  Name: Ferdinando Grimaldi 

  	
   

  	
  Name: Lee Sienna 

  
	
  Title:

  	
   

  	
  Title: VP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  NORTHERN TRUST FIDUCIARY

  SERVICES (GUERNSEY) LIMITED as

  Trustee of the Carry Trust   

  	
   

  	
  STONEBRIDGE DEVELOPMENT

  LIMITED   

  
	
   

  	
   

  	
   

  
	
  /s/ Sue Guilliard

  	
  /s/ Stuart Bray

  	
   

  	
   

  	
  /s/ Giampiero Reverberi 

  	
  /s/ Igor Pathchaider

  	
   

  
	
  Name: Sue GuillardStuart Bray

  	
   

  	
  Name:Giampiero Reverberi Igor Pathchaider

  
	
  Title: Authorized Signatories

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Marcello Bottoli

  	
   

  	
   

  	
   

  
	
  Marcello Bottoli

  	
   

  	
   

  
												

 

 2EXHIBIT 10.1

FIRST
AMENDMENT TO

AMENDED AND RESTATED REGULATIONS OF

SABINE PRODUCTION OPERATING, LLC

A TEXAS LIMITED LIABILITY COMPANY

This
FIRST AMENDMENT TO AMENDED AND RESTATED REGULATIONS OF SABINE PRODUCTION
OPERATING, LLC, a Texas limited liability company (this “First Amendment”)
is made effective as of January 8, 2007 (the “Effective Date”).

RECITALS

WHEREAS,
Sabine Production Operating, LLC (the “Company”) was organized as a
Texas limited liability company by the filing of Articles of Organization (the “Articles”)
under and pursuant to the Texas Limited Liability Company Act (as amended from
time to time, the “Act”) and the issuance of a certificate of
organization for the Company by the Secretary of State of Texas, on May 12,
2005 (the “Formation Date”);

WHEREAS,
effective the Formation Date, Cano Petroleum, Inc., a Delaware corporation (“Cano”),
Carlile Management, LLC, a Texas limited liability company (“Carlile
Management”), and Haddock Enterprises, LLC, a Texas limited liability
company (“Haddock Enterprises”), being all of the Members of the
Company, adopted, executed, and agreed to the Regulations of Sabine Production
Operating, LLC (the “Original Regulations”);

WHEREAS,
effective August 3, 2005, Cano, Carlile Management, and Haddock Enterprises,
being all of the Members of the Company, adopted, executed, and agreed to the
Amended and Restated Regulations of Sabine Production Operating, LLC (the “Restated
Regulations”);

WHEREAS,
Section 10.05 of the Restated Regulations provides that the Restated
Regulations may be amended only with the approval of the Governing Board of
Managers and all of the Members;

WHEREAS,
the Governing Board of Managers and all of the Members of the Company desire to
amend the Restated Regulations as provided herein.

NOW,
THEREFORE, in consideration of the foregoing premises, and for good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged and confessed by the parties, the Governing Board of Managers and
all of the Members do hereby adopt, execute, and agree to amend the Restated
Regulations, as follows, as of the Effective Date:

1.             The amount of the “$325,000.00”
Commitment of each Member set forth on Exhibit “A” to the Restated Regulations
shall be replaced in its entirety with the amount “$375,000.00”.

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2.             Section 3.04 of the Restated
Regulations is hereby deleted in its entirety and replaced with the following:

“3.04.  Withdrawal.  Notwithstanding anything to the contrary
contained in these Restated Regulations, subsequent to the funding of a Member’s
Commitment, a Member may withdraw from the Company without the approval of all
of the other Members; provided, however, that any Member that withdraws from
the Company thereby forfeits all of its Membership Interest and shall not be
entitled to the return of any amounts in such Member’s capital account or to
receive the fair value of its Membership Interest and shall have no obligation
to return to the Company any distribution made to it prior to its withdrawal
and (except for Member Recourse Debt, if any) shall have no obligation or
liability with respect to nonrecourse indebtedness of the Company.  In addition, the withdrawing Member shall be
deemed to be released from all of its obligations under these Restated
Regulations and the Transaction Documents.”

3.             Defined Terms.  Capitalized terms that are not otherwise
defined in this First Amendment shall have the same meanings ascribed to such
terms in the Restated Regulations.

4.             Counterparts.  This First Amendment may be executed in
multiple counterparts, and all such executed counterparts shall constitute the
same agreement.  It shall be necessary to
account for only one such counterpart in proving this First Amendment.  To facilitate the execution and delivery of
this First Amendment, the parties may execute and exchange counterparts of the
signature pages by facsimile, and the signature page of any party to any
counterpart may be appended to any other counterpart.

5.             Ratification and Confirmation.  Except as expressly modified and amended hereby,
all terms, conditions, and provisions of the Restated Regulations remain
unamended and unmodified and the Restated Regulations, as amended and modified
hereby, are hereby ratified and confirmed by the Members.

[SIGNATURES ON
FOLLOWING PAGE]

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IN
WITNESS WHEREOF, the Members and the Governing Board of Managers hereto have
duly executed and approved this First Amendment as of the Effective Date.

	
  Members:

  
	
   

  
	
  CANO PETROLEUM,
  INC.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ S. Jeffrey
  Johnson

  	
   

  
	
   

  	
   

  	
  S. Jeffrey Johnson,
  Chairman and Chief Executive Officer

  	
   

  
	
   

  
	
  CARLILE
  MANAGEMENT, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kenneth Q.
  Carlile

  	
   

  
	
   

  	
   

  	
  Kenneth Q.
  Carlile, President

  	
   

  
	
   

  
	
   

  
	
  HADDOCK
  ENTERPRISES, LLC

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gerald W.
  Haddock

  	
   

  
	
   

  	
   

  	
  Gerald W.
  Haddock, President

  	
   

  
	
   

  
	
   

  
	
  Governing Board
  of Managers:

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Jack I.
  Tompkins

  	
   

  
	
  Jack I.
  Tompkins, Manager

  	
   

  
	
   

  
	
   

  
	
  /s/ Dr. Kenneth
  Q. Carlile

  	
   

  
	
  Dr. Kenneth Q.
  Carlile, Manager

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Gerald W.
  Haddock

  	
   

  
	
  Gerald W.
  Haddock, Manager

  	
   

  
	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ S. Jeffrey
  Johnson

  	
   

  
	
  S. Jeffrey
  Johnson, Manager

  	
   

  
	
   

  

 

 

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