Document:

Cheetah Oil and Gas Ltd.: Exhibit 10.1 - Filed by newsfilecorp.com

CONSULTING AGREEMENT

THIS AGREEMENT is made effective this 14th day of May, 2010.

BETWEEN:

		Cheetah Oil & Gas Ltd., a body
      corporate duly incorporated under the laws of the State of Nevada, and
      having an office at 400 – 601 West Broadway, in the City of Vancouver, in
      the Province of British Columbia, 
	
	 	  	 
	 	(hereinafter called the "Company") 	 

OF THE FIRST PART

AND:

		Don Findlay., having an office at 30 New
      Street SE in the City of Calgary, in the Province of Alberta, 
	
	 	  	 
	 	(hereinafter called the "Consultant") 	 

OF THE SECOND PART

WHEREAS:

A.               
The Consultant has been appointed President of the Company by the board of
Directors;

B.               
The Company is desirous of retaining the consulting services of the Consultant
on a continuing basis and the Consultant has agreed to serve the Company as an
independent contractor upon the terms and conditions hereinafter set forth;

                   
 FOR VALUABLE CONSIDERATION it is hereby agreed as follows:

1.               
The Consultant shall provide corporate administration and oil and gas
exploration and production consulting services to the Company, such duties and
responsibilities to include provision of oil and gas industry consulting
services, strategic corporate and financial planning, management of the overall
business operations of the Company, and supervising office staff and exploration
and O&G consultants, and the Consultant shall serve the Company (and/or such
subsidiary or subsidiaries of the company as the Company may from time to time
require) in such consulting capacity or capacities as may from time to time be
determined by resolution of the Board of Directors of the Company and shall
perform such duties and exercise such powers as may from time be determined by
resolution of the Board of Directors, as an independent contractor.

     - 2 -

2.               
The basic remuneration of the Consultant for its services hereunder shall be at
the equivalent rate of ten thousand United States dollars (US$10,000) per month
(plus GST), together with any such increments thereto as the Board of Directors
of the Company determine after six months. The basic compensation covers one
hundred sixty (160) working hours per month of Consultant’s time. The Company
will also immediately grant a stock option package of three hundred thousand
options (300,000) exercisable at 10 cents per share and valid for five (5yrs),
vesting immediately upon signing this agreement.

3.               
The Consultant shall be responsible for the payment of its income taxes and GST
remittances as shall be required by any governmental entity with respect to
compensation paid by the Company to the Consultant.

4.               
The terms "subsidiary" and "subsidiaries" as used herein mean any corporation or
company of which more than 50% of the outstanding shares carrying voting rights
at all times (provided that the ownership of such shares confers the right at
all times to elect at least a majority of the Board of Directors of such
corporation or company) are for the time being owned by or held for the Company
and/or any other corporation or company in like relation to the Company and
include any corporation or company in like relation to a subsidiary.

5.               
During the term of this Agreement, the Consultant shall provide its services to
the Company through Donald J Findlay (“Findlay”), and the Consultant shall
ensure that Findlay will be available to provide such services to the Company in
a timely manner subject to Findlay’s availability at the time of the
request.

6.               
The Consultant shall be reimbursed for all traveling and other expenses actually
and properly incurred by it in connection with its duties hereunder. For all
such expenses the Consultant shall furnish to the Company statements, receipts
and vouchers for such out-of-pocket expenses on a monthly basis.

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7.               
The Consultant shall not, either during the continuance of its contract
hereunder or at any time thereafter, disclose the private affairs of the Company
and/or its subsidiary or subsidiaries, or any secrets of the Company and/or its
subsidiary or subsidiaries, to any person other than the Directors of the
Company and/or its subsidiary or subsidiaries or for the Company's purposes and
shall not (either during the continuance of its contract hereunder or at any
time thereafter) use for its own purposes or for any purpose other than those of
the Company any information it may acquire in relation to the business and
affairs of the Company and/or its subsidiary or subsidiaries.

8.               
The Consultant shall well and faithfully serve the Company or any subsidiary as
aforesaid during the continuance of its contract hereunder and use its best
efforts to promote the interests of the Company.

9.               
The Consultant agrees with the Company that it will during the term of his
contract hereunder, so long as the Board of Directors of the Company may so
desire, cause Findlay to serve the Company as an officer without additional
remuneration other than as described elsewhere in this document.

10.               
This Agreement may be terminated forthwith by the Company without prior notice
if at any time:

(a)               
The Consultant shall commit any material breach of any of the provisions herein
contained; or

(b)               
The Consultant shall be guilty of any misconduct or neglect in the discharge of
its duties hereunder; or

(c)               
The Consultant shall become bankrupt or make any arrangements or composition
with its creditors; or

(d)               
Findlay shall become of unsound mind or be declared incompetent to handle his
own personal affairs; or

(e)               
The Consultant or Findlay shall be convicted of any criminal offence other than
an offence which, in the reasonable opinion of the Board of
Directors of the Company, does not affect their position as a Consultant or a
director of the Company.

     - 4 -

This Agreement may also be terminated by either party upon
thirty (30) days written notice to the other.

11.               
In the event this Agreement is terminated by reason of default on the part of
the Consultant or the written notice of the Company, then at the request of the
Board of Directors of the Company, the Consultant shall cause Findlay to
forthwith resign any position or office which he then holds with the Company or
any subsidiary of the Company. The provisions of paragraph 9 shall survive the
termination of this Agreement.

12.               
The Company is aware that the Consultant has now and will continue to have
financial interests in other companies and properties and the Company recognizes
that these companies and properties will require a certain portion of the
Consultant's time. The Company agrees that the Consultant may continue to devote
time to such outside interests, PROVIDED THAT such interests do not conflict
with, in any way, the time required for the Consultant to perform its duties
under this Agreement.

13.               
The services to be performed by the Consultant pursuant hereto are personal in
character, and neither this Agreement nor any rights or benefits arising
thereunder are assignable by the Consultant without the previous written consent
of the Company.

14.               
Any and all previous agreements, written or oral, between the parties hereto or
on their behalf relating to the agreement between the Consultant and the Company
are hereby terminated and cancelled and each of the parties hereto hereby
releases and forever discharges the other party hereto of and from all manner of
actions, causes of action, claims and demands whatsoever under or in respect of
any such previous agreements.

15.               
Any notice in writing or permitted to be given to the Consultant hereunder shall
be sufficiently given if delivered to the Consultant personally or mailed by
registered mail, postage prepaid, addressed to the Consultant as its last
residential address known to the Company. Any such notice mailed as aforesaid
shall be deemed to have been received by the Consultant on the fifth business day following the date of mailing. Any notice in
writing required or permitted to be given to the Company hereunder shall be
given by registered mail, postage prepaid, addressed to the Company at the
address shown on page 1 hereof. Any such notice mailed as aforesaid shall be
deemed to have been received by the Company on the fifth business day following
the date of mailing. Any such address for the giving of notices hereunder may be
changed by notice in writing given hereunder.

     - 5 -

16.               
The provisions of this Agreement shall enure to the benefit of and be binding
upon the Consultant and the successors and assigns of the Company. For this
purpose, the terms "successors" and "assigns" shall include any person, firm or
corporation or other entity which at any time, whether by merger, purchase or
otherwise, shall acquire all or substantially all of the assets or business of
the Company.

17.               
Every provision of this Agreement is intended to be severable. If any term or
provision hereof is illegal or invalid for any reason whatsoever, such
illegality or invalidity shall not affect the validity of the remainder of the
provisions of this Agreement.

18.               
This Agreement is being delivered and is intended to be performed in the
Province of British Columbia and shall be construed and enforced in accordance
with, and the rights of the parties shall be governed by, the laws of such
Province. This Agreement may not be changed orally, but only by an instrument in
writing signed by the party against whom or which enforcement of any waiver,
change, modification or discharge is sought.

19.               
This Agreement and the obligations of the Company herein are subject to all
applicable laws and regulations in force at the local, State, Province, and
Federal levels. 

                     
 IN WITNESS WHEREOF this Agreement has been executed as of the day, month
and year first above written.

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	Signed this 14th day of May, 2010, in Calgary, Alberta. 	 	) 	  
	  	 	) 	  
	  	 	) 	  
	/s/ signed	 	) 	c/s 
	  	 	) 	  
	  	 	) 	  
	  	 	) 	  
	  	 	) 	  
	  	 	) 	  
	  	 	  	  
	  	 	  	  
	SIGNED by: 	 	) 	  
	  	 	) 	  
	  	 	) 	  
	/s/ Don Findlay	 	) 	  
	  	 	) 	  
	  	 	) 	  
	  	 	) 	  
	  	 	) 	  
	  	 	) 	  
	  	 	)imscform10q_ex10-3.htm

Exhibit 10.3

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO ITS DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR THIS NOTE UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL SATISFACTORY TO THE CORPORATION TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

IMPLANT SCIENCES CORPORATION

Convertible Promissory Note

November 11, 2009

Implant Sciences Corporation, a Massachusetts corporation (the “Corporation”), for value received, promises to pay to the order of Michael C. Turmelle or his assigns (the “Holder”), the principal sum of One Hundred Thousand Dollars ($100,000.00), together with accrued and unpaid interest thereon (as provided below) in accordance with the provisions set forth in Section 2 hereof.

The following is a statement of the rights and obligations of the Holder and the Corporation under this Note, and the conditions to which this Note is subject, to which the Corporation, by the execution and delivery hereof, and the Holder, by the acceptance of this Note, agree:

1. Definitions. As used in this Note, the following terms, unless the context otherwise requires, have the following meanings:

1.1 “Common Stock” means the common stock of the Corporation.

1.2 “Conversion Date” shall mean any date on which the Corporation shall receive written notice of the Holder’s desire to convert all or any portion of the outstanding principal amount of this Note into Common Stock.

1.3 “Conversion Price” shall mean $.08 per share of Common Stock.

1.4 “Deemed Liquidation” means any of the following events:

(a) a merger or consolidation in which the Corporation or a subsidiary of the Corporation is a constituent party, except any such merger or consolidation involving the

 

 

  

  

  

 

Corporation or a subsidiary in which the shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent, or are converted or exchanged for shares of capital stock that represent, immediately following such merger or consolidation at least a majority, by voting power, of the capital stock of (i) the surviving or resulting corporation or (ii) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation; or

 

(b) the sale, lease, transfer, exclusive license or other disposition, in a single transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially all the assets of the Corporation and its subsidiaries taken as a whole except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Corporation.

 

1.5 “Maturity Date” shall mean December 31, 2010, unless the amounts outstanding hereunder are due sooner in accordance with the provisions hereof, in which case it shall be such earlier date; provided, however, that the Holder may extend the Maturity Date of this Note in his sole discretion in connection with the issuance of this Note or thereafter.

1.6 “Note” shall mean this Convertible Promissory Note.

2. Terms of Note.

2.1 Principal. If this Note is not converted into Common Stock by the Maturity Date in accordance with Section 3 hereof, and except as provided in Sections 2.3 and 2.6 hereof, the Corporation shall repay the Holder in cash an amount equal to the outstanding principal amount of this Note, together with all interest accrued but unpaid hereon) on the Maturity Date.

2.2 Interest.

(a) This Note shall bear interest on the outstanding principal amount hereof at the rate of ten percent (10%) per annum (the “Interest Rate”), commencing retroactively from June 4, 2009; provided, however, that the Interest Rate shall mean the rate of eighteen (18%) per annum, at the Holder’s option, without notice, for the period from and after the date of the occurrence of an Event of Default for so long as such Event of Default is continuing. Interest shall accrue until the earlier to occur of, and shall become due and payable upon, (i) repayment of the outstanding principal sum hereunder in accordance with this Note or (ii) the conversion of this Note into equity pursuant to Section 3 hereof.

(b) Interest shall be computed on the basis of a year of 365 days for the number of days actually elapsed.

(c) Notwithstanding any other provision of this Note, the Holder hereof does not intend to charge and the Corporation shall not be required to pay any interest or other fees or charges in excess of the maximum permitted by applicable law; any payments in excess of such maximum shall be refunded to the Corporation or credited to reduce principal hereunder. All

 

 

  

2

  

 

payments received by the holder hereunder will be applied first to costs of collection, if any, then (subject to the provisions of this Section 2.2(c)) to interest and the balance to principal.

2.3 Mandatory Prepayment on Liquidity Event. Immediately upon the occurrence of a Deemed Liquidation, unless otherwise agreed by the Holder, the Corporation shall pay to the Holder in complete satisfaction of this Note an amount equal to the sum of the outstanding principal amount of this Note plus all accrued, but unpaid interest hereon.

2.4 Prepayment. The Corporation may not prepay this Note or any portion hereof without the prior consent of the Holder.

2.5 Payment Date. If any payment on this Note becomes due and payable on a Saturday, Sunday or legal holiday, such payment shall not be due until the next succeeding business day.

2.6 Default. The entire unpaid principal amount of this Note, together with any unpaid interest thereon and any other sums due and payable hereunder shall become automatically and immediately due and payable, notwithstanding anything to the contrary in this Note, without notice or demand upon the occurrence of any of the following events (each, an “Event of Default”).

	
  

	
(i)

	
the Corporation fails to pay when due any installment of principal, interest or amounts due hereon in accordance herewith and, in any such case, such failure shall continue for a period of five (5) business days following the date upon which any such payment was due;

 

	
  

	
(ii)

	
the Corporation breaches any covenant or any other term or condition of this Note in any material respect and in any such case, such breach, if subject to cure, continues for a period of thirty (30) days after the written notice thereof from the Holder;

 

	
  

	
(iii)

	
the liquidation, termination or dissolution of the Corporation or its ceasing to carry on actively its present business or the appointment of a receiver for its property;

 

	
  

	
(iv)

	
the dissolution, liquidation or termination of the existence of, the insolvency of, the making of an assignment for the benefit of creditors by, or the admission of an inability to pay current liabilities as they become due by, the Corporation;

 

	
  

	
(v)

	
the institution of bankruptcy, reorganization, arrangement, liquidation, receivership, moratorium or similar proceedings by or against the Corporation, and, if so instituted against the Corporation, its onset thereto or the pendency thereof for thirty (30) days; or

 

 

  

3

  

 

	
  

	
(vi)

	
the acceleration by any lender (including without limitation DMRJ Group, Inc. or any of its successors) of the Corporation’s payment obligations under any loan agreement, promissory note or similar instrument between the Corporation and such lender.

 

 

3. Conversion into Common Stock. Upon written notice by the Holder at any time and from time to time prior to the Maturity Date, all or any portion of the then outstanding principal balance of this Note (but not any accrued but unpaid interest hereon), may be converted into fully paid and nonassessable shares of Common Stock. The Holder, upon such conversion, will be entitled to receive that number of shares of Common Stock as shall equal the portion of the outstanding principal balance of this Note so converted (but not any accrued but unpaid interest hereon) divided by the Conversion Price.

 

4. Issuance of Stock on Conversion to Common Stock. As soon as practicable after a conversion of this Note into Common Stock, the Corporation at its expense will cause to be issued in the name of and delivered to the Holder of this Note, a certificate or certificates for the Common Stock to which the Holder shall be entitled on such conversion (bearing such legends as may be required by applicable state and federal securities laws). Such conversion shall be deemed to have been made immediately prior to the close of business on the Conversion Date. No fractional shares of Common Stock will be issued on conversion of this Note. If a fraction of a share of Common Stock would otherwise be issuable on conversion of this Note, the Corporation will in lieu of such issuance pay the cash value of that fractional share to the Holder, on the Conversion Date.

 

5. Changes; Waivers. Any of the terms and conditions of this Note may be changed or amended, and any right of the Holder of this Note may be waived, with the written consent of the Holder and the Corporation.

6. Miscellaneous.

6.1 The Corporation, regardless of the time, order or place of signing, waives presentment, demand, protest and notices of any kind in connection with the enforcement of this Note. If the Corporation fails to comply with any of the provisions of this Note, the Corporation will pay to the Holder of this Note, on demand, such further amounts as shall be sufficient to cover the costs and expenses, including but not limited to reasonable attorneys’ fees and disbursements, incurred by the Holder in collecting upon this Note or otherwise enforcing or preserving any of the Holder’s rights hereunder.

6.2 The rights and remedies herein reserved to any party shall be cumulative and in addition to any other or further rights and remedies available at law or in equity. No delay or omission on the part of the Holder in exercising any right hereunder shall operate as a waiver of such right or of any other right of the Holder. The waiver by any party hereto of any breach of any provision of this Note shall not be deemed to be a waiver of the breach of any other provision or any subsequent breach of the same provision.

6.3 This Note shall be governed and construed in accordance with the law of the Commonwealth of Massachusetts applicable to contracts made and to be performed wholly therein.

 

 

  

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6.4 In case any provision contained herein (or part thereof) shall for any reason be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or other unenforceability shall not affect any other provision (or the remaining part of the affected provision) hereof, but this Note shall be construed as if such invalid, illegal, or unenforceable provision (or part thereof) had never been contained herein, but only to the extent that such provision is invalid, illegal or unenforceable.

IN WITNESS WHEREOF, the Corporation has caused this Note to be signed in its name and executed as a sealed instrument as of this 11th day of November, 2009.

IMPLANT SCIENCES CORPORATION

By:           /s/ Glenn D. Bolduc

Glenn D. Bolduc

President and Chief Executive Officer

 

  

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