Document:

Exhibit 10.1

AMENDMENT
NO. 1 dated as of June 29, 2007 (this “Amendment”), to
the Employment Agreement dated as of June 30, 2004 (the “Original Agreement”),
by and between LAUREATE EDUCATION, INC., a Maryland corporation (the “Company”)
and Douglas L. Becker (the “Executive”).

WHEREAS,
the Employment Period, as defined in the Original Agreement, will terminate on
June 30, 2007, and the Company and the Executive desire to amend the Original
Agreement in order to extend the Employment Period.

NOW, THEREFORE, in
consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto hereby agree as follows:

Section 1.   Defined
Terms.  Capitalized terms used but
not otherwise defined herein have the meanings assigned to them in the Original
Agreement.

Section 2.   Amendment
to the Original Agreement.  Effective
as of the date first above written, Section 3 of the Original Agreement is
hereby deleted in its entirety and amended to read as follows:

“3.   Term
of Employment .   The Executive’s employment hereunder shall
continue until July 15, 2007, unless such employment is terminated earlier in
accordance with the provisions of this Agreement (the “Employment Period”).

Section 3.   No
Other Amendments; Confirmation. 
Except as expressly set forth herein, this Amendment shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations,
covenants or agreements contained in the Original Agreement, all of which are
ratified and affirmed in all respects and shall continue in full force and
effect.

Section 4.   
Headings.  The Section headings used
herein are for convenience of reference only, are not part of this Amendment
and shall not affect the construction of, or be taken into consideration in
interpreting, this Amendment.

Section 5.   APPLICABLE
LAW.  THIS AMENDMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF MARYLAND.

Section 6.   Counterparts.  This Amendment may be executed in
counterparts, each of which shall constitute an original but all of which, when
taken together, shall constitute a single agreement.  Delivery of an executed counterpart of a
signature page of this Amendment by telecopy or other electronic transmission
shall be effective as delivery of a manually executed counterpart hereof.

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment No. 1 to be duly executed as of the date first written
above.

	
  

  	
  LAUREATE EDUCATION, INC.,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  by:

  	
   

  
	
   

  	
   

  	
  /s/ Robert W. Zentz

  
	
   

  	
   

  	
  Name: Robert W. Zentz 

  Title: Senior Vice President, Secretary and General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DOUGLAS L. BECKER

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Douglas L. BeckerEXHIBIT
10.1

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 Morris B. Smith, an individual currently
residing in Tarrant County, Texas (“Senior Vice President”), effective as of
the 29th day of June, 2007 (the “Amendment Effective Date”).

WHEREAS, the Company and Senior Vice President entered
into that certain Employment Agreement dated as of June 1, 2006 (the “Agreement”);
and

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

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

2.             Term.  The employment of Senior Vice
President by the Company as provided in this Section will be for a term of four
(4) years (the “Term”) commencing on the Effective Date and expiring at the
close of business on May 31, 2010.

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

(a)           Salary:  The Company shall pay Senior
Vice President for his services, a base salary, on an annualized basis, of
$240,000.00 (Two Hundred Forty Thousand Dollars) per annum for the period from
the Effective Date through June 30, 2007, and a base salary, on an annualized
basis, of $300,000.00 (Three Hundred Thousand Dollars) per annum for the period
beginning on July 1, 2007, 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, the Agreement remains in full
force and effect as originally written.

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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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SENIOR VICE PRESIDENT:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
     /s/ Morris B. Smith

  	
   

  
	
   

  	
   

  	
  Morris B. Smith

  
					

 

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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 Patrick M. McKinney, an individual
currently residing in Tarrant County, Texas (“Senior Vice President,”
collectively, the “Parties”), effective as of the 29th day of June, 2007 (the “Amendment
Effective Date”).

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

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

1.             Section 2. Term. Shall be
deleted in its entirety and the following substituted in place and in lieu
thereof.

2.             Term.  The employment of Senior Vice
President by the Company as provided in this Section will be for a term of four
(4) years (the “Term”) commencing on the Effective Date and expiring at the
close of business on May 31, 2010.  After
the Employment Term, this Agreement shall be automatically renewed for an
indefinite number of successive one-year periods (a “Renewal Term”), unless either party
gives written notice of its intent not to renew the Agreement no less than 30
days before the conclusion of the Term or Renewal Term, as applicable.  For the purposes of this Agreement, the Term
and Renewal Term(s) shall be collectively called the “Employment Period.”  In the event, however, that Senior Vice
President remains in the employ of the Company after the term of this Agreement
without the parties having entered into a new employment agreement or extending
this Agreement, then (i) the terms of this Agreement shall not be applicable,
(ii) Senior Vice President shall be an employee-at-will subject to the
benefits, programs, and policies of the Company then in effect, and (iii)
either party may terminate the employment relationship at any time with or without
cause.

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

(a)           Salary:  The Company shall pay Senior
Vice President for his services, a base salary, on an annualized basis, of $200,000.00
(Two Hundred Thousand Dollars) per annum for the period from the Effective Date
through June 30, 2007, and a base salary, on an annualized basis, of $250,000.00
(Two Hundred Fifty Thousand Dollars) per annum for the period beginning on July
1, 2007, which salary shall be payable by the Company in substantially equal
installments on the Company’s normal payroll dates.  All applicable taxes on the

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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 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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SENIOR VICE PRESIDENT:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
     /s/ Patrick M. McKinney

  	
   

  
	
   

  	
  Patrick M. McKinney

  
						

 

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