Document:

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

CONSULTING AGREEMENT 

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

BETWEEN: 

  
    
      
        
          
            
              
                Cheetah Oil & Gas Ltd. , a body
                  corporate duly incorporated under the laws of the State of Nevada,
                  and having an office at 17 Victoria Road, in the City of Nanaimo,
                  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 his services hereunder shall be at
the equivalent rate of one thousand five hundred United States dollars
(US$1,500) per month (plus GST/HST as applicable) payable on the 15th
of each month of the term of this agreement. As further compensation, the
Company agrees to pay the Consultant, within ten (10) days of the Company
receiving since Nov 15th 2010 private placement funds raised through
the Consultant at the rate of 3% on the first $250,000., 4% up to $500,000., 5%
up to $750,000., and 6% on any amount over $751,000. Upon the Company receiving
a Producing Property with net production to the Company in excess of 25 barrels
of oil per day and or a Property that comes with bank financing through the
Consultant, the Consultant will be paid a 3% commission on a completed
transaction. Yearly commissions are based on the calendar year January
1st to December 31st with the effective date of this
Agreement Nov 15th 2010. 

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. 

- 3 - 

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. 

- 6 - 

	Signed this 14th day of December, 2010, in Calgary, Alberta.
    	) 	 
	  	) 	 
	  	) 	 
	Per: 	) 	 
	  	) 	 
	  	) 	 
	Per:/s/ Robert McAllister
    	) 	 
	  	) 	 
	Cheetah Oil & Gas Ltd. 	) 	 

 

	SIGNED by: 	) 	 
	  	) 	 
	  	) 	 
	/s/ Donald Findlay
    	) 	 
	DONALD FINDLAY 	) 	 
	  	)exh10-1_16982.htm

EXHIBIT 10.1

 

 

Boston Scientific Corporation

Performance Share Program (“Program”)

Performance Period January 1, 2011 - December 31, 2013

 

	
I.

	
Purpose of the Program

 

The purpose of the Program is to align Boston Scientific’s executive compensation program with the interests of shareholders and to reinforce the concept of pay for performance by comparing the Total Shareholder Return (“TSR”) of shares of Boston Scientific Corporation Common Stock (the “Common Stock”) to the TSR of companies included in the S&P 500 Healthcare Index over a three-year period beginning on January 1, 2011.

 

The Program shall be administered under the Boston Scientific Corporation 2003 Long-Term Incentive Plan (the “2003 LTIP”).  Defined terms not explicitly defined in this Program document but defined in the 2003 LTIP shall have the same meaning as in the 2003 LTIP. For covered employees, the 2010 Plan is established under section 4.a.(9) of the Boston Scientific Corporation 2003 Long-Term Incentive Plan and is intended to qualify for the performance-based compensation exception under Section 162(m) of the Internal Revenue Code (“Code”).

 

Boston Scientific must achieve performance greater than the median TSR of the S&P 500 Healthcare Index for eligible executives to earn the target award under the Program (as set forth in Section III below).

 

	
II.

	
Eligible Participants

 

The Program covers members of the Executive and Operating Committees on the date that awards are granted under the Program.

 

The Executive Compensation and Human Resources Committee of the Board of Directors (the “Committee”) may review Program eligibility criteria for participants in the Program from time to time and may revise such criteria at any time, even within a Program year, with or without notice and within its sole discretion.

 

	
III. 

	
Performance Share Units

 

The performance share units granted under the Program (the “Performance Share Units”) shall vest based on the TSR of the Common Stock relative to the TSR of companies in the S&P 500 Healthcare Index. The Common Stock underlying the Performance Share Units awarded under the Program will be granted under the Boston Scientific 2003 LTIP.

 

The TSR for Boston Scientific and all companies in the S&P 500 Healthcare Index will be measured in three annual Performance Cycles (as defined below) over a three-year period beginning January 1, 2011 and ending on December 31, 2013 (the “Performance Period”).

 

The final TSR calculation for determination of Performance Share Units that will vest will be the simple average of the TSR as measured based on each of the three annual Performance Cycles.

 

  

  

  

 

The Performance Share Units will pay out in shares of Common Stock in a range of 0% to 260% of the target number of Performance Share Units awarded to the participant as follows:

 

	
TSR Performance

Percentile Rank

	
Units Vesting

	
100th Percentile

	
260%

	
95th Percentile

	
240%

	
80th Percentile

	
150%

	
55th Percentile

	
100%

	
30th Percentile

	
50%

	
Below 30th Percentile

	
0%

If vesting occurs, the Performance Share Units will pay out linearly between each set of data points.

Following the end of the Performance Period, the Committee shall determine the number of shares of Common Stock earned, which determination shall be final and binding. Shares of Common Stock earned will be delivered or otherwise made available to the participant in 2014, no later than March 15, 2014.

 

	
IV.

	
Total Shareholder Return

 

The TSR for Boston Scientific and each company in the S&P 500 Healthcare Index shall include any cash dividends paid during the Performance Period and shall be determined as follows:

 

Total Shareholder Return for each Performance Cycle =

 

(Change in Stock Price + Dividends Paid) / Beginning Stock Price

 

Total Shareholder Return for the three-year Performance Period =

 

Results of (Performance Cycle 1 + Performance Cycle 2 + Performance Cycle 3) / 3

 

“Beginning Stock Price” means the daily average closing price as quoted on the New York Stock Exchange or the NASDAQ Global Select Market, as applicable, of one (1) share of common stock for the two calendar months prior to the beginning of each Performance Cycle.

 

“Change in Stock Price” means the difference between the Beginning Stock Price and the Ending Stock Price.

 

“Dividends Paid” means the total of all cash dividends paid on one (1) share of stock during the applicable Performance Cycle.

 

“Ending Stock Price” means the daily average closing price as quoted on the New York Stock Exchange or the NASDAQ Global Select Market, as applicable, of one (1) share of common stock for the last two calendar months of the Performance Cycle.

 

“Performance Cycle” means the annual period commencing each January 1 and ending on December 31 during the Performance Period.

 

“Performance Cycle 1” is the Performance Cycle during which the Beginning Stock Price is determined as of January 1, 2011 and the Ending Stock Price is determined as of December 31, 2011.

 

“Performance Cycle 2” is the Performance Cycle during which the Beginning Stock Price is determined as of January 1, 2012 and the Ending Stock Price is determined as of December 31, 2012.

 

  

  

  

“Performance Cycle 3” is the Performance Cycle during which the Beginning Stock Price is determined as of January 1, 2013 and the Ending Stock Price is determined as of December 31, 2013.

 

Example:  If the Beginning Stock Price for a company was $25.00 per share, and the company paid $2.50 in dividends over the Performance Cycle, and the Ending Stock Price was $30.00 per share (thereby making the Change in Stock Price $5.00 ($30.00 minus $25.00)), then the TSR for that company would be thirty percent (30%).  The calculation is as follows:  0.30 = ($5.00 + $2.50) / $25.00

 

 

	
V.

	
Calculation of Percentile Performance

 

Following the calculation of the TSR for the Performance Period for Boston Scientific and each of the companies in the S&P 500 Healthcare Index, Boston Scientific and the companies in the S&P 500 Healthcare Index will be ranked, in order of maximum to minimum, according to their respective TSR for the Performance Period.

 

After this ranking, the percentile performance of Boston Scientific as compared to the other companies in the S&P 500 Healthcare Index shall be determined by the following formula:

 

 

“P” represents the percentile performance which will be rounded, if necessary, to the nearest whole percentile by application of standard scientific rounding conventions.

 

“N” represents the number of companies in the S&P 500 Healthcare Index, including Boston Scientific.

 

“R” represents Boston Scientific’s ranking versus the other companies in the S&P 500 Healthcare Index.

 

Example:  If Boston Scientific ranked 10th out of 54 companies, the performance will be in the 83rd percentile.

 

This calculation is as follows:    0.83 = 1 – (10 – 1) / (54 – 1)

  

  

  

 

	
VI.

	
S&P 500 Healthcare Index

The companies currently included in the S&P 500 Healthcare Index can be found in Appendix A attached hereto.

Only companies in the S&P 500 Healthcare Index for an entire performance cycle will be used to determine TSR percentile rank.

If two companies in the S&P 500 Healthcare Index merge, the surviving company shall remain in the S&P 500 Healthcare Index.

If a company in the S&P 500 Healthcare Index merges with, or is acquired by, a company that is not in the S&P 500 Healthcare Index, and the company in the S&P 500 Healthcare Index is the surviving company, then the surviving company shall be included in the S&P 500 Healthcare Index.

If a company in the S&P 500 Healthcare Index merges with, or is acquired by, a company that is not in the S&P 500 Healthcare Index, and the company in the S&P 500 Healthcare Index is not the surviving company or the surviving company is no longer publicly traded, then the surviving company shall not be included in the S&P 500 Healthcare Index.

Notwithstanding the foregoing, if a company in the S&P 500 Healthcare Index ceases to be listed in the Healthcare Sector under the Standard & Poor’s Global Industry Classification Standard (GICS) at anytime during the Performance Period (including after a merger, acquisition or other business transaction described above), then it shall not be included in the S&P 500 Healthcare Index.

 

	
VII.

	
Payment Criteria

 

A participant must be employed by Boston Scientific on December 31, 2013 to be eligible to receive the full award under the Program.  Except as set forth below with respect to a Change in Control or termination of employment as a result of Retirement, death,  or Disability, no Performance Share Units shall vest prior to December 31, 2013. Participants on military, sick or other bona fide leave of absence on December 31, 2013 will not be deemed to have terminated employment with Boston Scientific if such absence does not exceed 180 days or, if longer,  if the participant retains the right by statute or by contract to return to employment with Boston Scientific.

 

If a participant’s employment with Boston Scientific terminates before the end of the Performance Period, any unvested Performance Share Units shall be forfeited on the effective date of the termination of employment, except in connection with Retirement, death, Disability or upon a Change in Control as outlined below.

 

Upon a Change in Control or if a participant’s employment terminates due to Retirement, death, or Disability after the end of Performance Cycle 1 (December 31, 2011) but prior to the end of the Performance Period, the Performance Share Units shall remain outstanding and shares of Common Stock shall be issued within 90 days of the Change in Control or termination and on a prorated basis in accordance with Section III but using the date of the participant’s termination of employment (as described below).  The number of prorated shares to be issued to the participant, if any, will be approved by the Committee at its next regular meeting.

The number of shares to be issued on a prorated basis shall be determined as follows: (# Performance Share Units awarded) * ((# of months worked during the Performance Period, rounded to nearest whole month) / 36).  This result will be multiplied by either the Performance 

  

  

  

 

Cycle 1 percentile performance funding amount (as calculated according to the chart in Section III) if the date of the Change in Control or the participant’s termination of employment due to Retirement, death, or Disability is in Performance Cycle 2 or the average of the Performance Cycle 1 and Performance Cycle 2 percentile performance funding amount (as calculated according to the chart in Section III), if the date of the Change in Control or the date participant’s employment is terminated due to Retirement, death or Disability is in Performance Cycle 3.

	
VIII.

	
Termination, Suspension or Modification and Interpretation of the Program

The Committee has sole authority over administration and interpretation of the Program and retains its right to exercise discretion as it sees fit, except that, with respect to covered employees, the Committee shall have no discretion to increase the number of shares of Common Stock earned above the amount payable in accordance with Section III.  The Committee may terminate, suspend or modify and if suspended, may reinstate with or without modification all or part of the Program at any time, with or without notice to the participant.  The Committee reserves the exclusive right to determine eligibility to participate in this Program and to interpret all applicable terms and conditions, including eligibility criteria.

 

	
IX. 

	
Other

 

This document sets forth the terms of the Program and is not intended to be a contract or employment agreement between the participant and Boston Scientific.  As applicable, it is understood that both the participant and Boston Scientific have the right to terminate the participant’s employment with Boston Scientific at any time, with or without cause and with or without notice, in acknowledgement of the fact that their employment relationship is “at will.”

 

To the extent section 409A of the Internal Revenue Code (“Code”) applies to any award under this Program, the award shall be interpreted in a manner consistent with Code section 409A.  Where section 409A applies, in the case of any payment made on termination of employment, a termination of employment shall not be deemed to have occurred unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision, references to a “termination,” “termination of employment,” or like terms shall mean “separation from service.”  Where section 409A applies, in the case of a payment made upon a Change In Control, a Change In Control shall not be deemed to have occurred unless there is a change in the ownership or effective control of Boston Scientific, or in the ownership of a substantial portion of the assets of Boston Scientific, as defined in Code section 409A.  Where required by section 409A in the case of a specified employee, payments on termination shall be made on the first business day of the seventh month following termination.

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