CONSULTING
AGREEMENT
THIS AGREEMENT
FOR CONSULTING SERVICES ("Agreement") is entered into and effective
as of August 20, 2009 by and between Dwain Brannon ("Consultant"),
and Signature Exploration and Production Corp., a Delaware
corporation ("Signature Exploration").
This Agreement
is entered into with reference to and in contemplation of the
following facts, circumstances and representations:
1.1
Signature Exploration desires to engage the services of the
Consultant.
1.2 The
Consultant desires to provide services to Signature Exploration
pursuant to the terms and conditions set forth herein.
2. NATURE
AND EXTENT OF CONSULTING SERVICES
2.1
Term of Agreement . This Agreement shall be for a
term of one (1) year and may be renewed at the company’s
options at the end of the term.
2.2
Duties of Consultant During the term of this Agreement .
Consultant shall provide assistance and advice concerning Signature
Exploration’s oil and gas exploration and production
operations. As such, the Consultant will assist in
identifying potential oil and gas prospects.
2.3
Devotion to Duty . Consultant agrees to devote
such time as is reasonable on an "as needed" basis with respect to
the requirements necessary. Consultant is free to represent or
perform services for other clients, provided it does not interfere
with the duties contained in this Agreement.
2.4
Duties of Signature Exploration . Signature
Exploration shall provide Consultant, on a regular and timely
basis, with all approved data and information about it, its
subsidiaries, its management, its products and services and its
operations as shall be reasonably requested by Consultant, and
shall advise Consultant of any facts which would affect the
accuracy of any data and information previously supplied pursuant
to this paragraph.
2.5
Compensation . In consideration of entering into
this Agreement, Signature Exploration, the Consultant will be
granted a non-qualified option to purchase up to 4,000,000 shares
of Company common stock under the Company’s 2007 Amended
Stock Option Plan at an exercise price equal to fifty percent (50%)
of the average closing bid price for the three day period prior to
notice of exercise. Subject to the Consultant’s
acceptance of this agreement, the option will be considered fully
earned upon the execution of this document. The
Consultant’s option will be subject to the terms and
conditions of the Company’s 2007 Amended Stock Option Plan
and standard form of stock option agreement, which the Consultant
will be required to sign as a condition of receiving the option.
Stock optioned by the Consultant pursuant to this agreement will
have been
