Document:

Exhibit 10.16

 

FIRST AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS FIRST 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 Ben Daitch, an
individual currently residing in Dallas County, Texas (“Employee”), effective
as of the 31st day of December, 2008 (the “Amendment
Effective Date”).

 

WHEREAS, the Company and Employee entered into that certain
Employment Agreement dated June 23, 2008 (the “Agreement”); and

 

WHEREAS, the Company and Employee desire to amend, alter,
modify, and change the provisions of the Agreement to bring the provisions into
compliance with Section 409A of the Internal Revenue Code of 1986, as
amended;

 

NOW THEREFORE, for and in consideration of the mutual
benefits to be obtained hereunder and other good and valuation consideration,
the receipt and sufficiency of which are hereby acknowledged and confessed, the
Company and Employee do hereby agree to amend, alter, modify and change the
Agreement, as of the Amendment Effective Date as follows:

 

1.             Section 12 of
the Agreement is hereby adding the following new sentence at the end of the
first paragraph of said Section:

 

Subject
to Section 18 below, all payments made pursuant to this Section 12
shall be paid in a single lump sum within ten (10) days following Employee’s
termination of employment, and any provision of in-kind benefits hereunder
shall not affect the in-kind benefits provided in any other taxable year.

 

2.             Except as
specifically amended hereby, 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
written above.

 

	
   

  	
   

  	
  THE
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CANO
  PETROLEUM, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
       /s/ S. Jeffrey
  Johnson

  
	
   

  	
   

  	
   

  	
  S.
  Jeffrey Johnson, Chairman and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
       /s/ Ben Daitch

  
	
   

  	
   

  	
   

  	
  Ben
  DaitchExhibit 10.17

 

FOURTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS FOURTH 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 Patrick M. McKinney,
an individual currently residing in Tarrant County, Texas (“Senior Vice
President”), effective as of the 31st day of
December, 2008 (the “Amendment Effective Date”).

 

WHEREAS, the Company and Senior Vice President entered into
that certain Employment Agreement dated June 1, 2006, as amended by the
First Amendment to Employment Agreement effective November 9, 2006; Second
Amendment to Employment Agreement effective June 29, 2007; and Third
Amendment to Employment Agreement effective May 31, 2008 (the “Agreement”);
and

 

WHEREAS, the Company and Senior Vice President desire to
amend, alter, modify, and change the provisions of the Agreement to bring the
provisions into compliance with Section 409A of the Internal Revenue Code
of 1986, as amended.

 

NOW THEREFORE, for and in consideration of the mutual
benefits to be obtained hereunder and other good and valuation consideration,
the receipt and sufficiency of which are hereby acknowledged and confessed, the
Company and Senior Vice President do hereby agree to amend, alter, modify and
change the Agreement, as of the Amendment Effective Date as follows:

 

1.                                      Section 12
of the Agreement is hereby adding the following new sentence at the end of the
first paragraph of said Section:

 

Subject
to Section 18 below, all payments made pursuant to this Section 12
shall be paid in a single lump sum within ten (10) days following Senior
Vice President’s termination of employment, and any provision of in-kind
benefits hereunder shall not affect the in-kind benefits provided in any other
taxable year.

 

Except as specifically
amended hereby, 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
written above.

 

	
   

  	
  THE
  COMPANY

  
	
   

  	
   

  
	
   

  	
  CANO
  PETROLEUM, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
        /s/
  S. Jeffrey Johnson

  
	
   

  	
   

  	
  S.
  Jeffrey Johnson, Chairman and CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SENIOR
  VICE PRESIDENT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
        /s/
  Patrick M. McKinney

  
	
   

  	
   

  	
  Patrick
  M. McKinneyExhibit 10.18

 

FIFTH AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS FIFTH 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 Michael J. Ricketts,
an individual currently residing in Tarrant County, Texas (“Vice President”),
effective as of the 31st day of December, 2008 (the “Amendment
Effective Date”).

 

WHEREAS, the Company and Vice President entered into that
certain Employment Agreement dated May 28, 2004, but effective June 1,
2004, as amended by the First Amendment to Employment Agreement effective January 1,
2006; Second Amendment to Employment Agreement effective June 1, 2006;
Third Amendment to Employment Agreement effective June 29, 2007; and
Fourth Amendment to Employment Agreement effective May 31, 2008 (the “Agreement”);
and

 

WHEREAS, the Company and Vice President desire to amend,
alter, modify, and change the provisions of the Agreement to bring the
provisions into compliance with Section 409A of the Internal Revenue Code
of 1986, as amended.

 

NOW THEREFORE, for and in consideration of the mutual
benefits to be obtained hereunder and other good and valuation 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, as of the Amendment Effective Date as follows:

 

1.                                      Section 12
of the Agreement is hereby adding the following new sentence at the end of the
first paragraph of said Section:

 

Subject
to Section 18 below, all payments made pursuant to this Section 12
shall be paid in a single lump sum within ten (10) days following Vice
President’s termination of employment, and any provision of in-kind benefits
hereunder shall not affect the in-kind benefits provided in any other taxable
year.

 

Except as specifically
amended hereby, 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
written above.

 

	
   

  	
  THE
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  CANO
  PETROLEUM, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
        /s/
  S. Jeffrey Johnson

  
	
   

  	
   

  	
  S.
  Jeffrey Johnson, Chairman and CEO

  
	
   

  	
   

  
	
   

  	
  VICE
  PRESIDENT:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
        /s/
  Michael J. Ricketts

  
	
   

  	
   

  	
  Michael
  J. RickettsExhibit 10.19

 

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 Phillip Feiner,
an individual currently residing in Collin County, Texas (“Employee”),
effective as of the 31st day of December, 2008 (the “Amendment
Effective Date”).

 

WHEREAS, the Company and Employee entered into that certain
Employment Agreement dated May 31, 2008, as amended by First Amendment to
Employment Agreement effective September 8, 2008 (the “Agreement”); and

 

WHEREAS, the Company and Employee desire to amend, alter,
modify, and change the provisions of the Agreement to bring the provisions into
compliance with Section 409A of the Internal Revenue Code of 1986, as
amended.

 

NOW THEREFORE, for and in consideration of the mutual
benefits to be obtained hereunder and other good and valuation consideration,
the receipt and sufficiency of which are hereby acknowledged and confessed, the
Company and Employee do hereby agree to amend, alter, modify and change the
Agreement, as of the Amendment Effective Date as follows:

 

1.                                      Section 12
of the Agreement is hereby adding the following new sentence at the end of the
first paragraph of said Section:

 

Subject
to Section 18 below, all payments made pursuant to this Section 12
shall be paid in a single lump sum within ten (10) days following Employee’s
termination of employment, and any provision of in-kind benefits hereunder
shall not affect the in-kind benefits provided in any other taxable year.

 

2.                                      Except
as specifically amended hereby, 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
written above.

 

	
   

  	
  THE
  COMPANY:

  
	
   

  	
   

  
	
   

  	
  CANO
  PETROLEUM, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
        /s/
  S. Jeffrey Johnson

  
	
   

  	
   

  	
  S.
  Jeffrey Johnson, Chairman and CEO

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
        /s/
  Phillip Feiner

  
	
   

  	
   

  	
  Phillip
  Feiner

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