STOCK OPTION AGREEMENT
CHEETAH OIL & GAS LTD..
THIS AGREEMENT is made this 15 th day of
September, 2009, between Cheetah Oil & Gas Ltd., a Nevada
corporation (the “Corporation”) and (the “Option
Holder”).
1.
Grant of Option . The Corporation hereby grants to
the Option Holder an option to purchase shares of its common stock
(the “Shares”) in the amounts and upon the terms set
forth below.
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Relationship to
Corporation
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No. of Shares
Issuable Upon
Exercise of Options (1)
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Option Exercise
Price
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Date Options are First Exercisable
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Expiration Date of
Option (2)
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$0.10
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September 14,
2009
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September 14, 2014
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(1)
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The options
were granted pursuant to the Corporation’s 2005 Stock Option
Plan (the “Plan”). To the extent applicable, the
provisions of the Plan shall be deemed a part of this
Agreement.
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(2)
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Expiration date
is subject to the provisions of Section 4.
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2.
Time of Exercise of Option . Subject to the
provisions of Section 4 regarding termination of the option, the
options granted may be exercised at any time after the date(s)
indicated in Section 1 of this Agreement and prior to the
Expiration Date of the option.
3.
Method of Exercise . The option shall be exercised by
written notice directed to the Corporation, at the
Corporation’s principal place of business, accompanied by
check, cash, bank draft or money order payable to the Corporation
in payment of the option price for the number of Shares specified.
The Corporation shall make prompt delivery of such Shares, provided
that if any law or regulation requires the Corporation to take any
action with respect to the Shares specified in such notice before
the issuance thereof, then the date of delivery of such Shares
shall be extended for the period necessary to take such
action.
4.
Termination of Option . Except as herein otherwise
stated, the option, to the extent not previously exercised, shall
terminate upon the first to occur of the following
events:
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(a)
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any event
provided by the Plan pursuant to which the option was granted (i.e.
death, disability, etc.);
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(b)
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the expiration
of the option as provided in Section 1;
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(c)
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if the
Corporation terminates the Option Holder’s directorship or
office with the Corporation for just cause, then the options
granted to the Option Holder will expire on the earlier
of:
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(i)
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the expiration
of the option as provided in Section 1; and
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(ii)
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the date that
is 30 days after the date of such termination, provided that the
Option Holder may only exercise those options that are exercisable
on the date of such termination;
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(d)
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