Document:

Exhibit 10.2

    

    FIRST
      AMENDMENT TO

    EMPLOYMENT
      AGREEMENT

    

    THIS
      FIRST AMENDMENT TO EMPLOYMENT AGREEMENT (the “First Amendment”) is made and
      entered into as of this 14th
      day of
      March, 2007, by and between Rancher Energy Corp., a Nevada corporation (the
      “Company”),
      and
      John Works (the “Employee”).

     

    A.  The
      Company and the Employee entered into an Employment Agreement, dated June 1,
      2006 (the “Employment
      Agreement”).

     

    B.  The
      Company and the Employee desire to amend the Employment Agreement to increase
      the Employee’s annual base salary as described in Section 3.01 of the Employment
      Agreement.

     

    C.  Section
      10.01 of the Employment Agreement provides that an instrument signed by the
      Company and the Employee is necessary to amend the Employment
      Agreement.

     

    NOW,
      THEREFORE, the Company and the Employee hereby agree:

     

    1.  Section
      3.01 of the Employment Agreement is hereby amended by inserting the following
      two sentences after the second sentence of Section 3.01:

     

    “Notwithstanding
      the foregoing two sentences, beginning on March 1, 2007, Employee’s Fee shall be
      Eighteen Thousand, Seven Hundred Fifty Dollars ($18,750) per month, payable
      in
      accordance with the Company’s normal payroll practices. During the Term,
      additional increases may be made to the Fee as determined in the discretion
      of
      the Company’s Board of Directors.”

     

    2.  Except
      as
      modified by this First Amendment, all terms of the Employment Agreement shall
      remain in full force and effect without modification. 

     

    3.  This
      First Amendment may be executed in any number of counterparts, each of which
      when so executed and delivered will be deemed an original, and all of which
      together shall constitute one and the same agreement. A facsimile signature
      shall be considered due execution and shall be binding upon the signatory
      thereto with the same force and effect as if the signature were an original
      and
      not a facsimile signature.

     

    4.  Capitalized
      terms not otherwise defined herein have the respective meanings ascribed to
      them
      in the Employment Agreement.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this First Amendment effective as
      of
      the day first above written.

     

    
      	
              COMPANY

            	
              EMPLOYEE

            
	 	 	 
	
              RANCHER
                ENERGY CORP.

            	 	 
	 	 	 
	 	 	 
	 	 	 
	
              By: /s/
                Daniel P.
                Foley                       
                 

            	
              By:

            	/s/ John
              Works                                    
              
	Name:  Daniel
              P. Foley	 	Name: John
              Works
	
              Title:    Chief
                Financial Officer

            	
            	
              
                Title:  
                  President & Chief Executive

              

            
	 	
            	
                         
                Officer

            

    

     

     

     

    
      
        
        

      

      
        2Exhibit 10.1
                                                                    ------------

                           STOCK REPURCHASE AGREEMENT

     This Stock  Repurchase  Agreement (this  "Agreement") is entered into as of
March 16, 2007, between Steamboat Industries LLC ("Seller") and Standard Parking
Corporation, a Delaware corporation (the "Company").

                                    RECITALS
                                    --------

     A. Seller and its  affiliates  have control  over certain  shares of common
stock, par value $0.001 per share, of the Company (the "Common Stock").

     B. The Board of Directors of the Company (the "Board") has  authorized  the
repurchase of shares of its Common Stock for a value not to exceed $20.0 million
(the "Repurchase").

     C. The  Repurchase  authorized  by the Board will be  comprised of (i) open
market  repurchases of Common Stock  authorized by the Company from time to time
("Open Market Purchases"),  and (ii) repurchases of Common Stock from the Seller
at the same price paid by the  Company in each Open  Market  Purchase  (the "SIL
Repurchases").

     D.  Seller  desires to sell and the Company  desires to purchase  shares of
common stock of the Company  (the  "Shares")  in  accordance  with the terms and
conditions of this Agreement.

                                    AGREEMENT
                                    ---------

     NOW,  THEREFORE,  in consideration of the mutual covenants set forth in the
Agreement  and other  good and  valuable  consideration,  the  parties  agree as
follows:

     1. Purchase of Shares. From the date of this Agreement through the earliest
to occur of, (a) the date upon which the Board shall  terminate  the  Repurchase
or, (b) the Company  consummates  the repurchase of shares having a value not to
exceed $20 million  (the  "Term"),  Seller  hereby  agrees to sell Shares to the
Company from time to time, and the Company hereby agrees to purchase Shares from
time to time,  at the same price paid by the  Company in each of its Open Market
Purchases,  as set forth on Schedule A attached hereto. The closing date of each
SIL  Repurchase  shall be each Monday during the Term (or the next business day)
for all Open Market  Purchases  that occurred  during the prior week, if any, or
such earlier  date as  determined  by Seller (each such date to be  considered a
"Closing Date").  On each Closing Date, the Company shall pay the purchase price
for the  Shares  to Seller in  immediately  available  funds by check or by wire
transfer to an account  designated  by Seller,  and Seller shall  deliver  stock
certificates  representing  the  Shares  together  with an  executed  assignment
separate  from the  certificates  transferring  the  Shares  to the  Company  or
otherwise   properly  endorsed  for  transfer.   The  Company's  officers  shall
thereafter  cause the Shares to be  cancelled or held by the Company as treasury
stock.

                                     - 5 -
<PAGE>

     2. Specific Approval. The Company shall obtain the approval in advance (the
"Specific  Approval")  of the Audit  Committee  (which  may be by  facsimile  or
electronic mail) of each specific repurchase transaction in accordance with Rule
16b-3(e) under the Securities  Exchange Act of 1934, as amended, if so requested
by  John  V.  Holten,  directly  or  directly  through  any of  Seller,  the JVH
Descendants'  2004 Trust and any other trust for which John V. Holten  serves as
trustee  and which is the direct or indirect  beneficial  owner of shares of the
Company.

The Company  shall  notify the Audit  Committee  (which may be by  facsimile  or
electronic mail) of the date of such repurchase  transaction,  number of shares,
price per share and total  consideration.  The Closing Date for such  repurchase
transaction shall not occur until the Specific  Approval has been obtained.  The
Specific  Approval  shall  apply also with  respect to John V.  Holten,  the JVH
Descendants'  2004 Trust, and any other trust for which John V. Holten serves as
trustee  and which owns an  interest  in  Seller,  or is  otherwise  a direct or
indirect  beneficial  owner of the shares of the Company under Section 16 of the
Securities Exchange Act of 1934, as amended.

     3. Representations and Warranties of Seller. Seller represents and warrants
to the Company that:

     (a) Seller is the owner of the Shares to be sold hereunder,  free and clear
of any liens,  encumbrances,  security agreements,  options,  claims, charges or
restrictions  except as set forth in that certain  Registration Rights Agreement
between the Company and Seller dated as of June 2, 2004.

     (b)  Following  each  Closing  Date  under this  Agreement,  Seller and its
affiliates shall maintain voting control over a majority of the Common Stock.

     (c) Seller has full power and  capacity  to  execute,  deliver  and perform
under  this  Agreement,  which has been duly  executed  and  delivered  by,  and
evidences the valid and binding  obligation of the Seller in accordance with its
terms.  Upon its  execution  and delivery,  this  Agreement  will be a valid and
binding obligation of Seller, enforceable in accordance with its terms.

     (d) Seller has entered into this Agreement  based on its own  investigation
and analysis and that of its advisors, including legal counsel.

     (e) Seller has had an  opportunity  to review the federal,  state and local
tax  consequences of the sale of the Shares to the Company and the  transactions
contemplated  by this  Agreement  with its own tax  advisors.  Seller is relying
solely on such  advisors and not on any  statements  or  representations  of the
Company or any of its agents.  Seller  understands that it (and not the Company)
shall be  responsible  for its own tax  liability,  if any  that may  arise as a
result of the transactions contemplated by this Agreement.

     4. Arms Length Transaction.  Each party has conducted its own investigation
and analysis and freely and  independently  bargained for this Agreement at arms
length  without  reliance  on any  other  party  and  each  party  is  receiving
reasonably equivalent value and fair consideration.

                                     - 6 -
<PAGE>

     5. Miscellaneous.

     5.1.  Governing Law. This  Agreement is to be construed in accordance  with
and governed by the internal laws of the State of Delaware without giving effect
to any choice of law rule that would  cause the  application  of the laws of any
jurisdiction other than the internal laws of the State of Delaware to the rights
and duties of the parties.  All disputes and controversies  arising out of or in
connection  with this Agreement  shall be resolved  exclusively by the state and
federal  courts  located in City of Chicago,  State of Illinois,  and each party
hereto agrees to submit to the jurisdiction of said courts and agrees that venue
shall lie exclusively with such courts.

     5.2. Entire  Agreement;  Amendment;  Waiver.  This Agreement sets forth the
entire agreement and understanding of the parties relating to the subject matter
herein and supersedes any prior  understandings  and agreements between them. No
modification  of or  amendment to this  Agreement,  nor any waiver of any rights
under this Agreement, shall be effective unless in writing signed by the parties
to this Agreement. No failure on the part of a party to exercise and no delay in
exercising,  any right,  remedy, power or privilege hereunder shall operate as a
waiver  thereof,  nor shall any single or partial  exercise  of any such  right,
remedy, power or privilege preclude any other or further exercise thereof or the
exercise of any other rights, remedy, power or privilege.

     5.3. Severability.  If any provision of this Agreement,  or the application
of  such  provision  to  any  person  or   circumstance,   is  held  invalid  or
unenforceable,  the  remainder of this  Agreement,  or the  application  of such
provisions to persons or  circumstances  other than those as to which it is held
invalid or unenforceable, shall not be affected thereby.

     5.4.  Successors  and  Assigns.  This  Agreement  shall be binding upon the
heirs, executors, administrators, successors and assigns of the parties hereto.

     5.5.  Counterparts.   This  Agreement  may  be  executed  in  two  or  more
counterparts,  each of  which  shall  be  deemed  an  original  and all of which
together shall constitute one instrument.

                                     - 7 -
<PAGE>

     IN WITNESS WHEREOF, the undersigned have executed this Stock Repurchase
Agreement as of the date first referred above.

STANDARD PARKING CORPORATION                           STEAMBOAT INDUSTRIES LLC

By:    /s/ James A. Wilhelm                            By:    /s/ John V. Holten
       -------------------------------------                  ------------------
Name:  James A. Wilhelm                                Name:  John V. Holten
Title: President and Chief Executive Officer           Title: Manager

                                     - 8 -

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