Document:

EXHIBIT 10.77

 

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

 

1

 

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

  
				

 

2EXHIBIT 10.78

 

FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (“Amendment”)
is made and entered into by and between Cano
Petroleum Inc., (formerly Huron Ventures, 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 (“Employee”), effective as of the 29th
day of June, 2007 (the “Amendment Effective Date”).  Capitalized terms not otherwise defined
herein shall have the meaning ascribed to them in the below described
Agreement.

 

WHEREAS, the Company and Employee entered into that certain
Employment Agreement on August 14, 2006, but effective July 1, 2006 (the
“Agreement”); and

 

WHEREAS, the Company and Employee 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, Company
and Employee do hereby agree to amend, alter, modify and change the Agreement, 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 Employee 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 June 30,
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 Employee 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) Employee
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 Employee for his
services, a base salary, on an annualized basis, of $175,000.00 (One Hundred Seventy-Five
Thousand Dollars) per annum for the period from the Effective Date through June 30,
2007, and a base salary, on an annualized basis, of $187,000.00 (One Hundred Eighty-Seven
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.

 

1

 

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

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
     /s/ Michael J. Ricketts

  
	
   

  	
   

  	
  Michael J. Ricketts

  
				

 

2EXHIBIT 10.79

 

THIRD AMENDMENT TO EMPLOYMENT
AGREEMENT

 

THIS THIRD
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 31st day of May, 2008
(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 and by Second Amendment to
Employment Agreement dated effective as of June 29, 2007 (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 three (3) years
(the “Term”) commencing on the Effective Date and expiring at the close of
business on May 31, 2011. 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.

 

Except as specifically amended, altered,
modified and changed hereby and heretofore, the Agreement remains in full force
and effect as originally written.

 

Remainder of Page Intentionally Blank

Signatures Follow

 

 

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:

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ PATRICK M. MCKINNEY 

  
	
   

  	
   

  	
  Patrick M. McKinney

  

 

2

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