Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - Canyon Copper Corp. - Exhibit 10.44

 

 

 

 

 

 

 

 

 

9Filed by Automated Filing Services Inc. (604) 609-0244 - Canyon Copper Corp. - Exhibit 10.46

CONVERTIBLE PROMISSORY NOTE

	EXECUTED BY: 	Canyon Copper Corp. (the "Borrower") 
	 	 
	IN FAVOUR OF: 	Aton Select Fund Limited (the "Lender") 
	 	 
	PRINCIPAL AMOUNT: 	$120,000 (U.S.) 
	 	 
	DATE OF EXECUTION: 	April 25, 2007 
	 	 
	PLACE OF EXECUTION: 	Vancouver, BC, Canada 

FOR VALUE RECEIVED the Borrower hereby promises to pay
to or to the order of the Lender on March 20, 2008, the principal sum of
$120,000 (U.S.), together with interest thereon at the rate of 15% per annum,
both before and after maturity from the date hereof. 

The Lender may at his option, at any time prior to March 20,
2008, convert all or any portion of the Principal Sum into units of the Borrower
at a conversion rate of $0.30 (U.S.) per unit (the “Units”) with each unit
consisting of one (1) common share and one (1) share purchase warrant. Each
warrant will entitle the Lender to purchase an additional common share at a
price of $0.35 (U.S.) per share for a period of two (2) years from the date of
issuance of the Units. 

The Borrower waives presentment, demand, notice, protest and
notice of dishonour and all other demands and notices in connection with the
delivery, acceptance, performance, default or enforcement of this Promissory
Note. 

The Borrower agrees this Promissory Note may be negotiated,
assigned, discounted, or pledged by the Lender and in every case payment will be
made to the holder of this Promissory Note instead of the Lender upon notice
being given by the holder to the undersigned, and no holder of this Promissory
Note will be affected by the state of accounts between the undersigned and the
Lender or by any equities existing between the undersigned and the Lender and
will be deemed to be a holder in due course and for the value of the Promissory
Note held by him. 

DATED at Vancouver, BC this 25th day of April, 2007.

CANYON COPPER CORP. 
by its authorized signatory:

/s/ Kurt Bordian

  KURT BORDIANFiled by Automated Filing Services Inc. (604) 609-0244 - Arkanova Energy Corporation - Exhibit 10.9

Exhibit 10.9 

EXECUTIVE EMPLOYMENT
AGREEMENT 

THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and
entered into as of April 23, 2007, by and between ARKANOVA
ENERGY CORPORATION, a Nevada corporation (the
“Company”), and PIERRE G. MULACEK, an individual and resident of Houston,
Texas (the "Executive"). 

WHEREAS, the Company is in the business of locating,
acquiring and exploring natural resource mineral properties and has acquired
interests in several mineral properties located in the State of Arkansas and
Province of Ontario; and 

WHEREAS, Executive has had experience in the operations
of businesses generally and the oil and gas industry in particular; and

WHEREAS, the Company desires to retain the services of
Executive; and 

WHEREAS, Executive is willing to be employed by the
Company;

NOW, THEREFORE, in consideration of the mutual covenants
contained herein, the parties agree as follows: 

1.                     Employment.
Executive is hereby employed and engaged to serve the Company as the President
and Chief Executive Officer of the Company, and such additional titles as the
Board of Directors of the Company shall specify from time to time, and Executive
does hereby accept, and Executive hereby agrees to such engagement and
employment.

2.                    
Directorship. The Executive will also be appointed to the Board of Directors
of the Company, and, during the Term, the Company agrees to nominate the
Executive for election as a Director of the Company at all meetings of
stockholders held for the purpose of electing directors. 

3.                    
Duties. Executive shall be responsible for the overall development and
operations of the Company. In addition, Executive’s duties shall be such duties
and responsibilities as the Company shall specify from time to time, and shall
entail those duties customarily performed by the Chief Executive Officer of a
company with a sales volume and number of employees commensurate with those of
the Company. Executive shall diligently and faithfully execute and perform such
duties and responsibilities, subject to the general supervision and control of
the Company’s Board of Directors. Executive shall be responsible and report only
to the Company’s Board of Directors. The Company’s Board of Directors, in its
sole and absolute discretion, shall determine Executive’s duties and
responsibilities and may assign or reassign Executive to such duties and
responsibilities as it deems in the Company's best interest. Executive shall
devote his attention, energy, and skill to the business and affairs of the
Company.

The Company recognizes that Executive is actively engaged in
other businesses, investments, and personal pursuits and as such nothing in this
Agreement shall preclude Executive from devoting reasonable periods required
for: 

2 

	 	(a) 	
      serving as a director or member of a committee of any
      organization or corporation involving no conflict of interest with the
      interests of the Company;

	 	 	 
	 	(b) 	
      serving as a consultant in his area of expertise (in
      areas other than in connection with the business of the Company), to
      government, industrial, and academic panels where it does not conflict
      with the interests of the Company; and

	 	 	 
	 	(c) 	
      managing his personal investments or engaging in any
      other non-competing business; provided that such activities do not
      interfere with the regular performance of his duties and responsibilities
      under this Agreement as determined by the Company.

4.                     Best
Efforts of Executive. During his employment hereunder, Executive shall,
subject to the direction and supervision of the Company’s Board of Directors,
devote his business time, best efforts, business judgment, skill, and knowledge
to the advancement of the Company's interests and to the discharge of his duties
and responsibilities hereunder.

5.                    
Employment Term. This Agreement shall have a term of one (1) year, beginning
on the date hereof (the "Employment Term"). Upon expiration of the initial
Employment Term, this Agreement will automatically renew for another one (a)
year unless terminated in writing by either party no less than sixty (60) days
prior to the expiration or by either party pursuant to Section 14. 

6.                     Compensation
of Executive. As compensation for the services provided by Executive under
this Paragraph, the Company shall pay Executive an annual salary of One Hundred
and Twenty Thousand ($120,000) Dollars, to be paid in accordance with the
Company's usual payroll procedures. In addition to the above base compensation,
Executive may be eligible to receive an annual bonus determined by the Board of
Directors based on the performance of the Company. 

7.                     Stock
Option Grant. The Company hereby agrees to grant to the Execute an incentive
stock option (the “Option”), effective as at the date of this Agreement, to
acquire up to Three Hundred Thousand (300,000) shares of the Company’s common
stock with a per share exercise price equal to the lower of (i) $1.25 or (ii)
the minimum price per share allowable pursuant to the stock option plan (the
“Plan”) to be adopted by the Company’s compensation committee. In all other
respects the grant of the Options will be subject to the terms and conditions of
the Plan. The Company further agrees that it will take all necessary steps to
adopt the plan as soon as possible, and in any event not less than six (6)
months from the date of this Agreement. 

8.                     Benefits.
Executive shall also be entitled to participate in any and all Company benefit
plans, from time to time, in effect for employees of the Company. Such
participation shall be subject to the terms of the applicable plan documents and
generally applicable Company policies. 

9.                     Vacation,
Sick Leave and Holidays. Executive shall be entitled paid vacation in
accordance with Company policies established and in effect from time to time,
with such vacation to be scheduled and taken in accordance with the Company's
standard vacation policies. In addition, Executive shall be entitled to such
sick leave and holidays at full pay in accordance with the Company's policies
established and in effect from time to time. 

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10.                    Business
Expenses. The Company shall promptly reimburse Executive for all reasonable
out-of-pocket business expenses incurred in performing Executive’s duties and
responsibilities hereunder in accordance with the Company's policies, provided
Executive promptly furnishes to the Company adequate records of such expenses.

11.                    Indemnification
The Company agrees to indemnify the Executive from and against any and all
actions, causes of action, claims, demands or other proceedings made against the
Executive in the course of or as a result of his position as a director and
officer of the Company on and subject to the terms of the Indemnification
Agreement attached to this Agreement as Schedule “A”. 

12.                    Location
of Executive's Activities. Executive’s principal place of business in the
performance of his duties and obligations under this Agreement shall be in the
Houston metropolitan area. Notwithstanding the preceding sentence, Executive
will engage in such travel and spend such time in other places as may be
necessary or appropriate in furtherance of his duties hereunder. 

13.                    Confidentiality.
Executive recognizes that the Company has and will have business affairs,
products, future plans, trade secrets, customer lists, and other vital
information (collectively "Confidential Information") that are valuable assets
of the Company. Executive agrees that he shall not at any time or in any manner,
either directly or indirectly, divulge, disclose, or communicate in any manner
any Confidential Information to any third party without the prior written
consent of the Company’s Board of Directors. Executive will protect the
Confidential Information and treat it as strictly confidential. 

14.                   
Termination. Notwithstanding any other provisions hereof to the contrary,
Executive’s employment hereunder shall terminate under the following
circumstances: 

	 	(a) 	
      Voluntary Termination by Executive. Executive
      shall have the right to voluntarily terminate this Agreement and his
      employment hereunder at any time during the Employment Term upon three
      months’ prior written notice.

	 	 	 
	 	(b) 	
      Voluntary Termination by Company. The Company
      shall have the right to voluntarily terminate this Agreement and
      Executive’s employment hereunder at any time during the Employment Term
      upon three months’ prior written notice.

	 	 	 
	 	(c) 	
      Termination for Cause. The Company shall have the
      right to terminate this Agreement and Executive’s employment hereunder at
      any time for cause. As used in this Agreement, "cause" shall mean refusal
      by Executive to implement or adhere to lawful policies or directives of
      the Company’s Board of Directors, breach of this Agreement, Executive’s
      conviction of a felony, other conduct of a criminal nature that may have a
      material adverse impact on the Company's reputation, breach of fiduciary
      duty or the criminal misappropriation by Executive of funds from or
      resources of the Company. Cause shall not be deemed to exist unless the
      Company shall have first given Executive a written notice thereof
      specifying in reasonable detail the facts and circumstances alleged to
      constitute "cause" and thirty (30) days after such notice such conduct
      has, or such circumstances have, as the case may be, not entirely ceased
      and not been entirely remedied.

	 	 	 
	 	(d) 	
      Termination Upon Death or for Disability. This
      Agreement and Executive’s

4 

	 		
      employment hereunder, shall automatically terminate upon
      Executive’s death or upon written notice to Executive and certification of
      Executive’s disability by a qualified physician or a panel of qualified
      physicians if Executive becomes disabled beyond a period of twelve (12)
      months and is unable to perform the duties contain in this
    Agreement.

	 	 	 
	 	(e) 	
      Effect of Termination. In the event that this
      Agreement and Executive’s employment is terminated for cause pursuant to
      paragraph (c) of this Section 14, all obligations of the Company and all
      duties, responsibilities and obligations of Executive under this Agreement
      shall cease upon the effective date of such termination. Upon such
      termination, Executive shall be entitled to receive only the compensation,
      benefits, and reimbursement earned by or accrued to Executive under the
      terms of this Agreement prior to the date of termination, but shall not be
      entitled to any further compensation, benefits, or reimbursement after
      such date. In the event the Executive or the Company voluntarily
      terminates this Agreement pursuant to Sections 14(a) or 14(b), or in the
      event of the termination of this Agreement upon death or disability of
      Executive pursuant to Section 14(d), Executive shall be entitled to all
      compensation pursuant to Section 6 for the period through the effective
      termination date, provided that in the case of death or disability.
      Payment may be made to the Executive’s appointed trustee. Other than as
      set forth above, Executive shall not be entitled to any further
      compensation, benefits, or reimbursement after the date of his
      termination. In the event of a merger, consolidation, sale, or change of
      control, the Company's rights hereunder shall be assigned to the surviving
      or resulting company, which company shall then honor this Agreement with
      Executive.

15.                    Resignation
as Director. In the event that Executive’s employment with the Company is
terminated for any reason whatsoever, Executive agrees to immediately resign as
a Director of the Company and any related entities. For the purposes of this
Section 15, the term the "Company" shall be deemed to include subsidiaries,
parents, and affiliates of the Company.

16.                    Governing
Law, Jurisdiction and Venue. This Agreement shall be governed by and
construed in accordance with the laws of the State of Texas without giving
effect to any applicable conflicts of law provisions. 

17.                    Business
Opportunities. During the Employment Term Executive agrees to bring to the
attention of the Company’s Board of Directors all written business proposals
that come to Executive’s attention and all business or investment opportunities
of whatever nature that are created or devised by Executive and that relate to
areas in which the Company conducts business and might reasonably be expected to
be of benefit or interest to the Company or any of its subsidiaries. 

17.                    Executive’s
Representations and Warranties. Executive hereby represents and warrants
that he is not under any contractual obligation to any other company, entity or
individual that would prohibit or impede Executive from performing his duties
and responsibilities under this Agreement and that he is free to enter into and
perform the duties and responsibilities required by this Agreement. Executive
hereby agrees to indemnify and hold the Company and its officers, directors,
employees, shareholders and agents harmless in connection with the
representations and warranties made by Executive in this Section 0. 

18.                   
Notices. All demands, notices, and other communications to be given 

5 

hereunder, if any, shall be in writing and shall be sufficient
for all purposes if personally delivered, sent by facsimile or sent by United
States mail to the address below or such other address or addresses as such
party may hereafter designate in writing to the other party as herein provided.

	Company: 	Executive: 
	  	  
	Arkanova Energy Corporation 	Pierre G. Mulacek 
	21 Waterway Avenue 	15 Regent Square 
	Suite 300 	The Woodlands, TX 
	The Woodlands, TX 	77381-4212 
	77381 	  

18.                    Entire
Agreement. This Agreement contains the entire agreement of the parties and
there are no other promises or conditions in any other agreement, whether oral
or written. This Agreement supersedes any prior written or oral agreements
between the parties. This Agreement may be modified or amended, if the amendment
is made in writing and is signed by both parties. This Agreement is for the
unique personal services of Executive and is not assignable or delegable, in
whole or in part, by Executive. This Agreement may be assigned or delegated, in
whole or in part, by the Company and, in such case, shall be assumed by and
become binding upon the person, firm, company, corporation or business
organization or entity to which this Agreement is assigned. The headings
contained in this Agreement are for reference only and shall not in any way
affect the meaning or interpretation of this Agreement. If any provision of this
Agreement shall be held to be invalid or unenforceable for any reason, the
remaining provisions shall continue to be valid and enforceable. The failure of
either party to enforce any provision of this Agreement shall not be construed
as a waiver or limitation of that party's right to subsequently enforce and
compel strict compliance with every provision of this Agreement. This Agreement
may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument
and, in pleading or proving any provision of this Agreement, it shall not be
necessary to produce more than one of such counterparts. 

IN WITNESS WHEREOF, the parties have executed this
Agreement as of the day and year first above written. 

ARKANOVA ENERGY CORPORATION 

 

	By: /s/ John W. Legg 	/s/ Pierre G. Mulacek 
	       John W. Legg
	PIERRE G. MULACEK

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