Document:

Exhibit
10.12

 

Second
Amendment to Sponsorship Agreement

 

                Reference is
herein made to that certain Sponsorship Agreement dated December 16, 2004,
executed by and between R.
C. Boyd Enterprises, LLC, a Texas
limited liability company, whose mailing address is 807 Pearl Drive,
Southlake, Texas  76092, and Cano
Petroleum, Inc., a Delaware corporation, whose mailing address is 801 Cherry
Street, Suite 3200, Fort Worth, Texas 76102, as amended by First
Amendment to Sponsorship Agreement dated effective as of August 16, 2004 (as
amended, the “Agreement”).  Capitalized terms not otherwise
defined in this Second Amendment to Sponsorship Agreement (“Amendment”) shall
have the meanings ascribed to them in the Agreement.

 

                WHEREAS, the
Company and Sponsor have fully and completely performed their obligations under
the terms and provisions of the Agreement to date; and

 

                WHEREAS, the
Company and Sponsor now desire to amend, supplement and alter the terms and
provisions of the Agreement with respect to amended negotiations of the
Agreement as provided in Section 10. of the Agreement.

 

                NOW, THEREFORE,
for and in consideration of the premises and the mutual benefits, promises,
covenants, and agreements set forth in this Amendment, the Company and Cano
agree to amend, alter and supplement the Agreement as follows:

 

                Section 10. Term
and Renewal shall be deleted in its entirety and the following substituted
in place and in lieu thereof:

 

“10.         Term
and Renewal.  The initial term of
this Agreement shall be one (1) year, commencing January 1, 2005 and ending on
December 31, 2005.  This Agreement may be
renewed by Cano on the first and second anniversaries of the Agreement in the
following manner: Cano shall give written notice to Company of its intention to
renew this contract for a period of an additional one (1) year, such notice to
be given not more than ninety (90) days nor less than thirty (30) days before
the expiration of the initial term and/or the second term of this Agreement (if
extended after the initial term).  The consideration
for the second year shall be $150,000.00 (One Hundred Fifty Thousand Dollars),
and the consideration for the third year shall be $150,000.00 (One Hundred
Fifty Thousand Dollars).”

 

In all other respects, the Agreement, as amended, altered and supplemented
hereby shall remain the same and unchanged as originally written and in full
force and effect.

 

By their execution and delivery of this Amendment, Cano hereby provides
and Company hereby accepts, Cano’s notice of the exercise of its option to renew
the Agreement for the second year at the consideration set forth in Section 10.
of the Agreement, as amended hereby.

 

 

1

 

 

This Amendment may be executed via facsimile and/or in
multiple originals and/or counterparts, each of which shall be deemed an
original for all purposes, but all such counterparts together shall constitute
one and the same instrument.

 

                This Second
Amendment to Sponsorship Agreement is executed, delivered and effective as
of  the 1st day of December,
2005.

 

	
   

  	
  R. C. BOYD ENTERPRISES, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ R. C. Boyd

  
	
   

  	
   

  	
   

  
	
   

  	
  Printed Name:

  	
  R. C. Boyd

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CANO PETROLEUM, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeff Johnson

  
	
   

  	
   

  	
   

  
	
   

  	
  Printed Name:

  	
  Jeff Johnson

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
						

 

 

 

 

2Exhibit 4.1

 

[FACE OF CERTIFICATE]

 

AMAG

 

INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

 

[LOGO]

 

COMMON STOCK

$.01 PAR VALUE

 

AMAG PHARMACEUTICALS, INC.

 

THIS CERTIFICATE IS TRANSFERABLE IN BOSTON, MASSACHUSETTS AND IN NEW
YORK, NEW YORK

 

CUSIP 00163U 10 6

SEE REVERSE FOR CERTAIN DEFINITIONS

 

THIS CERTIFIES THAT

 

is the owner of

 

FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK, $.01 PAR VALUE,
OF

 

AMAG PHARMACEUTICALS, INC. transferable on the books of the Corporation
in person or by attorney upon surrender of this certificate properly endorsed.
This certificate and the shares represented hereby are subject to the laws of
the State of Delaware and to the Certificate of Incorporation and the By-laws
of the Corporation as from time to time amended.

 

This certificate is not valid until countersigned and registered by the
Transfer Agent and Registrar.

 

IN WITNESS WHEREOF, AMAG PHARMACEUTICALS, INC. has caused its facsimile
corporate seal and the facsimile signatures of its duly authorized officers to be
hereunto affixed.

 

Dated:

 

[SIGNATURE]

PRESIDENT

 

[SEAL]

 

[SIGNATURE]

TREASURER

 

 

COUNTERSIGNED AND REGISTERED:

AMERICAN STOCK TRANSFER & TRUST COMPANY

(NEW YORK, N.Y.)

TRANSFER AGENT

AND REGISTRAR

BY

AUTHORIZED SIGNATURE

 

 

[REVERSE OF CERTIFICATE]

The Corporation will furnish without charge to each stockholder who so
requests the powers, designations, preferences and relative, participating,
optional or other special rights of each class of sock or series thereof and
the qualifications, limitations or restrictions of such preferences and/or
rights.

 

The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

TEN COM — as tenants in common

TEN ENT — as tenants by the entireties

JT TEN — as joint tenants with right of survivorship and not as tenants
in common

COM PROP - as community property

 

	
  UNIF GIFT MIN ACT —

  	
   

  	
  Custodian

  	
   

  	
  under Uniform Gifts to Minors

  	
   

  
	
   

  	
  (Cust)

  	
   

  	
  (Minor)

  	
   

  	
   

  
	
  Act

  	
   

  	
   

  
	
   

  	
  (State)

  	
   

  
								

 

Additional abbreviations may also be used though not in the above list.

 

FOR VALUE RECEIVED                        hereby
sell, assign and transfer unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE)

 

 

Shares of the capital stock represented by the within Certificate, and
do hereby irrevocably constitute and appoint                        

 

Attorney to transfer the said stock on the books of the within-named
Corporation with full power of substitution in the premises.

 

	
  Dated,

  	
   

  	
   

  

 

NOTICE:

 

THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS
WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY

CHANGE WHATEVER.

 

Signature(s) Guaranteed:

 

THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR
INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT
UNIONS WITH MEMBERSHIP IN AN

APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C.
RULE 17Ad-15.EXHIBIT
10.1

 

Summary of Non-Employee Director Compensation Plan

 

Each
non-employee director on our Board of Directors (the “Board”), other than the
Chairman of the Board (the “Chairman”), receives an aggregate annual retainer
fee of $30,000, payable in four equal quarterly installments. The Chairman is
paid an annual retainer of $60,000, payable in four equal quarterly
installments, provided that the Chairman is a non-employee director. The
members of the Company’s Compensation Committee (the “Compensation Committee”),
other than the Chairman, are each paid an aggregate annual retainer fee of
$5,000, payable in four equal quarterly installments. The Chairman of the
Compensation Committee receives an aggregate annual retainer fee of $10,000,
payable in four equal quarterly installments. The members of the Company’s
Audit Committee (the “Audit Committee”), other than the Chairman, are each paid
an aggregate annual retainer fee of $5,000, payable in four equal quarterly
installments. The Chairman of the Audit Committee receives an aggregate annual
retainer fee of $10,000, payable in four equal quarterly installments.

 

The
Board intends that on an annual basis, each non-employee director, other than
the Chairman, will be granted an option to purchase $100,000 in value of shares
of the Company’s common stock pursuant to the Company’s Amended and Restated
2000 Stock Plan (or 2007 Equity Incentive Plan (the “2007 Plan”), if it is approved
by our stockholders in November 2007). These options will vest in four equal annual
installments beginning on the first anniversary of the date of grant, have an
exercise price equal to the fair market value of a share of the Company’s
common stock as of the date of grant, and have a ten year term. The actual
number of shares granted will be determined using a Black-Scholes option
pricing model identical to that used by the Company for purposes of preparing
its financial statements. The Board also intends that on an annual basis, the
Chairman will be granted an option to purchase $200,000 in value of shares of
common stock pursuant to our 2000 Plan (or our 2007 Plan, if it is approved by
our stockholders), provided that the Chairman is a non-employee director. All
such options would vest in four equal annual installments beginning on the
first anniversary of the date of grant, have an exercise price equal to the
fair market value of a share of our common stock as of the date of grant, and
have a ten-year term. The actual number of shares granted would be determined
using a Black-Scholes option pricing model identical to that used by us for
purposes of preparing our financial statements.

 

Each
newly-elected non-employee director will be granted an option to purchase
$250,000 in value of shares of the Company’s common stock pursuant to the
Company’s Amended and Restated 2000 Stock Plan (or 2007 Plan if approved by our
stockholders), on the date such director is elected to the Board. These options
will vest in four equal annual installments beginning on the first anniversary
of the date of grant, have an exercise price equal to the fair market value of
a share of the Company’s common stock as of the date of grant, and have a
ten-year term. The actual number of shares granted will be determined using a
Black-Scholes option pricing model identical to that used by the Company for
purposes of preparing its financial statements.

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