Document:

EX 10.5-6.30.14-10Q

Exhibit 10.5
COVANTA HOLDING CORPORATION
STOCK OPTION AWARD AGREEMENT
FOR DIRECTORS
THIS STOCK OPTION AWARD AGREEMENT, is made as of this _____ day of ________, 20__ (the “Date of Grant”) between Covanta Holding Corporation, a Delaware corporation (the “Company”), and _____________________ (the “Recipient”).  Capitalized terms used herein that are not otherwise defined shall have the meaning ascribed to them in the Covanta Holding Corporation 2014 Equity Award Plan (the “Plan”). 
W I T N E S S E T H:

WHEREAS, the Company desires to provide the Recipient with the opportunity to purchase shares of its common stock, par value $0.10 per share (“Common Stock”), in accordance with the terms of the Plan; and
WHEREAS, the Recipient wishes to acquire the right to purchase shares of Common Stock granted hereby.
NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements hereinafter contained, the parties hereto mutually covenant and agree as follows:
1.Grant of Option.  The Company hereby grants to the Recipient the option to purchase all or part of an aggregate of ______________ (_______) shares of Common Stock (the “Shares”), on the terms and conditions set forth in the Plan, subject to the requirements set forth in this Agreement, to the extent not inconsistent with the Plan (the “Option”).  The Option is a Non-Qualified Stock Option and is not intended to qualify as an “incentive stock option” as that term is used in Section 422 of the Code.

2.Exercise Price.  The per share purchase price of the Shares issuable upon exercise of the Option shall be $_____ (the “Exercise Price”), which shall be not less than 100% of the Fair Market Value on the Date of Grant.

3.Term.  The term of the Option shall expire as of the earliest of the following:

(a)the date that is ten (10) years from the Date of Grant;

(b)to the extent the Option is vested on the date of termination of the Recipient’s service as a Director (including by reason of the Recipient’s death), the date that is three (3) years after the date of such termination other than if the termination is for Cause; or

(c)the date the Recipient’s service as a Director is terminated for Cause.

To the extent that a portion of the Option has not vested prior to the termination of the Recipient’s service as a Director (including by reason of the Recipient’s death), the Recipient shall forfeit all rights hereunder with respect to that unvested portion of the Option as of the date of such termination.  In the event 

of termination of the Recipient’s service as a Director for Cause, the Recipient shall forfeit all rights hereunder with respect to the entire Option (i.e., both vested and unvested portions) as of the date of such termination.
4.Vesting and Exercise.  Subject to any forfeiture provisions in this Agreement or in the Plan, the Recipient shall vest in the Option: (i) with respect to _____% of the Shares on __________; and (ii) with respect to _____% of the Shares on _____________, provided that the Recipient’s service as a Director continues through such date.  The Recipient may only exercise the Option to the extent it is vested; provided, however, that the Recipient may not exercise any portion of the Option prior to the earlier occurrence of (A) the date that is six (6) months after the Date of Grant or (B) a Change in Control.

5.Method of Exercising Option.

(a)Subject to the terms and conditions of this Agreement, the Option may be exercised by written notice delivered to the Company or its designated representative in the manner and at the address for notices set forth in Section 9 hereof.  Such notice shall state that the Option is being exercised thereby and shall specify the number of Shares for which the Option is being exercised.  The notice shall be signed by the person or persons exercising the Option and shall be accompanied by payment in full of the Exercise Price for such Shares being acquired upon the exercise of the Option.  Payment of such Exercise Price may be made by one of the following methods:

(i)in cash (in the form of a certified or bank check or such other instrument as the Committee may accept);

(ii)in other shares of Common Stock owned on the date of exercise of the Option by the Recipient as will have a Fair Market Value equal to the Exercise Price of the Shares being acquired upon the exercise of the Option;

(iii)in any combination of (i) and (ii) above;

(iv)by delivery of a properly executed exercise notice together with such other documentation as the Committee and a qualified broker, if applicable, shall require to effect an exercise of the Option, and delivery to the Company of the proceeds required to pay the Exercise Price; or

(v)by requesting that the Company withhold such number of Shares then issuable upon exercise of the Option as will have a Fair Market Value equal to the Exercise Price of the Shares being acquired upon the exercise of the Option.

If the tender of shares of Common Stock as payment of the Exercise Price would result in the issuance of fractional shares of Common Stock, the Company shall instead return the balance in cash or by check to the Recipient.  If the Option is exercised by any person or persons other than the Recipient, the notice described in this Section 5(a) shall be accompanied by appropriate proof (as determined by the Committee) of the right of such person or persons to exercise the Option under the terms of the Plan and this Agreement.  The Company shall issue and deliver, in the name of the person or persons exercising the Option, a certificate or certificates representing such Shares as soon as practicable after notice and payment are received and the exercise is approved.
(b)The Option may be exercised in accordance with the terms of the Plan and this Agreement with respect to any whole number of Shares, but in no event may an Option be exercised as to 

fewer than one hundred (100) Shares at any one time, or the remaining Shares covered by the Option if less than two hundred (200).

(c)The Recipient shall have no rights of a stockholder with respect to Shares to be acquired by the exercise of the Option until the date of issuance of a certificate or certificates representing such Shares.  Except as otherwise expressly provided in the Plan, no adjustment shall be made for dividends or other rights for which the record date is prior to the date such stock certificate is issued.  All Shares purchased upon the exercise of the Option as provided herein shall be fully paid and non-assessable.  

(d)The Recipient agrees that no later than the date as of which an amount first becomes includible in his gross income for federal income tax purposes with respect to the Option, the Recipient shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount.  Withholding obligations may be settled with shares of Common Stock, including Shares that are acquired upon exercise of the Option.  The obligations of the Company under this Agreement and the Plan shall be conditional on such payment or arrangements, and the Company, its Affiliates and Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Recipient. 

6.Non-Transferability.  The Option may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other than (i) by will or the laws of descent or distribution or (ii) pursuant to a qualified domestic relations order (as defined in the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder).  The Option may be exercised, during the lifetime of the Recipient, only by the Recipient, his guardian or his legal representative, or by an alternate payee pursuant to a qualified domestic relations order.  Any attempt to assign, pledge or otherwise transfer the Option or of any right or privilege conferred thereby, contrary to the Plan, or the sale or levy or similar process upon the rights and privileges conferred hereby, shall be void. 

7.Adjustment upon Changes in Capitalization.  Subject to any required action by the stockholders of the Company and the terms of the Plan, if, during the terms of this Agreement, there shall be any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock or any other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company (as described in Section 9 of the Plan), the Board of Directors of the Company may, in its sole discretion, make an appropriate and equitable adjustment in the aggregate number, kind and Exercise Price of Shares subject to this Option; provided, however, that in no event shall the Exercise Price be adjusted below the par value of a share of Common Stock, nor shall any fraction of a Share be issued upon the exercise of the Option.

8.Conditions upon Issuance of Option.  As a condition to the exercise of the Option, the Company may require the Recipient to (i) represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of legal counsel for the Company, such a representation is required by any relevant provision of law; and (ii) enter into a lock-up or similar agreement with the Company with respect to such Shares prohibiting, for up to 90 days, the disposition of such Shares. 

9.Notices.  Each notice relating to this Agreement shall be in writing and shall be sufficiently given if delivered by registered or certified mail, or by a nationally recognized overnight delivery service, with postage or charges prepaid, to the address hereinafter provided in this Section 9.  Any such notice or 

communication given by first-class mail shall be deemed to have been given two business days after the date so mailed, and such notice or communication given by overnight delivery service shall be deemed to have been given one business day after the date so sent, provided such notice or communication arrives at its destination.  Each notice to the Company shall be addressed to it at its offices at 445 South Street, Morristown, New Jersey 07960 (attention: Chief Financial Officer), with a copy to the Secretary of the Company or to such other designee of the Company.  Each notice to the Recipient or other person or persons then entitled to exercise the Option shall be addressed to the Recipient or such other person or persons at the address shown below the Recipient’s name on the signature page hereof.  Either party may change the address to which the other party must give notice under this Agreement by giving the other party written notice of the change in accordance with the procedures discussed in this Section 9.

10.Limitations.  Nothing contained in this Agreement shall be construed as conferring upon the Recipient the right to continue as a Director. 

11.Incorporation of the Plan.  Notwithstanding the terms and conditions contained herein, this Agreement shall be subject to and governed by all the terms and conditions of the Plan, which is hereby incorporated by reference.  In the event of any discrepancy or inconsistency between the terms and conditions of this Agreement and of the Plan, the terms and conditions of the Plan shall control.

12.Interpretation.  The interpretation and construction of any terms or conditions of the Plan, or of this Agreement or other matters related to the Plan by the Committee, shall be final and conclusive.

13.Severability.  In the event that any provision of the Agreement shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Agreement, and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included.

14.Governing Law.  The Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

15.Enforceability.  This Agreement shall be binding upon the Recipient and such Recipient’s estate, personal representative and beneficiaries.

16.Pronouns, Singular/Plural.  Any use of any masculine pronoun shall include the feminine and vice-versa, and any use of a singular shall include the plural or vice-versa, as the context and facts may require.

17.Counterpart Execution.  This Agreement may be executed in counterparts, each of which shall constitute an original and all of which, when taken together, shall constitute the entire document.

*     *     *

IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its officer thereunto duly authorized, and the Recipient has executed this Agreement all as of the day and year first above written.
COVANTA HOLDING CORPORATION
By:_____________________________________________
Its:_____________________________________________ 
RECIPIENT
__________________________________________________________
[_______________]

Recipient’s Address:
                        
__________________________________________________________    
__________________________________________________________
__________________________________________________________Consulting
Agreement

 

THIS
AGREEMENT (The “Agreement”), dated as of August 5, 2014, by and between Myriad Interactive Media, Inc., a Delaware
corporation (the “Company”), and R. Nickolas Jones, an individual (the “Consultant”);

 

W
I T N E S S E T H:

 

WHEREAS,
the Company desires to retain the Consultant and the Consultant desires to be retained by the Company pursuant to the terms
and conditions hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual promises and covenants herein contained, it is hereby agreed as
follows:

 

Section
1. RETENTION.

 

		(a)	The
                                         Company engages retains the Consultant to perform the services set forth in Section 1(b)
                                         and the Consultant hereby accepts such retention and shall perform for the Company the
                                         duties described herein, faithfully and to the best of the Consultant’s ability.

 

		(b)	The
                                         Consultant shall provide EDAR, XBRL, and SEC filing services to the Corporation and its
                                         Board of Directors and render such advice and professional services to the Company as
                                         may be reasonably requested by the Company. The Consultant shall not solicit investments,
                                         make any recommendations regarding investments, or provide any analysis or advice regarding
                                         investments.

 

Section
2. COMPENSATION.

 

		(a)	In
                                         consideration for Consultant providing the Services described above, the Company shall
                                         compensate Consultant as described in Schedule A (“Fees”). 

 

		(b)	Except
                                         as otherwise provided for herein:

 

		(i)	All
                                         Fees due to the Consultant hereunder shall be non-cancelable and shall be free and clear
                                         or any and all encumbrances.

 

		(ii)	Any
                                         securities due the Consultant hereunder shall be duly issued, fully-paid and non –assessable.

 

Section
3. TERMINATION. Either party may terminate this Agreement at any time for any reason or on reason; however, such termination
shall not remove the Company’s nor the Consultant’s obligations that survive per the terms of the Agreement, including,
but not limited to, the Company’s obligation to pay Compensation already earned by the Consultant according to Schedule
A.

Section
4. CONFIDENTIAL INFORMANTION. The Consultant agrees that during and after the term of this Agreement, it shall keep in strictest
confidence, and shall not disclose or make accessible to any other person without the written consent of the Company, the Company’s
products, services and technology, both current and under development, promotion and marketing programs, lists, trades secrets
and other confidential and proprietary business information of the Company of or any of its clients and third parties including,
without limitation, Proprietary Information (as defined in Section 6) (all of the foregoing is referred to herein as the “Confidential
Information”). The Consultant agrees (a) not to use any such Confidential Information for himself or others; and (b)
not to take any such material or reproductions thereof from the Company’s facilities at any time except, in each case, as
required in connection with the Consultant’s duties hereunder. Notwithstanding the foregoing, the parties agree the Consultant
is free to use (a) information in the public domain not as a result of a breach of this Agreement, (b) information lawfully received
form a third party who had the right to disclose such information and (c) the Consultant’s own independent skill, knowledge,
know-how and experience to whatever extent and in whatever way it wishes, in each case consistent with his obligations as the
Consultant and that, at all times, the Consultant is free to conduct any research relating to the Company’s business.

 

Section
5. OWNERSHIP OF PROPRIETARY INFORMATION.  The Consultant agrees that all information that has been created, discovered of
developed by the Company, its subsidiaries, affiliates, licensors, licensees, successors or assigns (collectively, the “Affiliates”)
(including, without limitation, information relating to the development of the Company’s business created, discovered, developed
by the Company any of its affiliates during the term of this Agreement, and information relating to the Company’s customers,
suppliers, advisors, and licensees) and/or in which property rights have been assigned or otherwise conveyed to the Company or
the Affiliates, shall be the sole property of the Company or the Affiliates, as applicable, and the Company or the Affiliates,
as the case may be, shall be the sole owner of all patents, copyrights and other rights in connection therewith, including, without
limitation, the right to make application for statutory protection. All the aforementioned information is hereinafter called “Proprietary
Information.” By way of illustration, but not limitation, Proprietary Information includes trade secrets, processes,
discoveries, structures, inventions, designs, ideas, works of authorship, copyrightable works, trademarks, copyrights, formulas,
improvements, inventions, product concepts, techniques, marketing plans, merger and acquisition targets, strategies, forecasts,
blueprints, sketches, records, notes, devices, drawings, customer lists, patent applications, continuation applications, continuation-in-part
applications, file wrapper continuation applications and divisional applications and information about the Company’s Affiliates,
its employees and/or advisors (including, without limitation, the compensation, job responsibility and job performance of such
employees and/or advisors). All original content, proprietary information, trademarks, copyrights, patents or other intellectual
property created by the Consultant that does not include any specific information relative to the patents or other intellectual
property created by the Consultant that does not include any specific information relative to the Company’s proprietary
information, shall be the sole and exclusive property of the Consultant.

 

Section
6. NOTICES. Any notice or other communication under this Agreement shall be in writing and shall be deemed to have been duly
given: (a) upon facsimile transmission (with written transmission confirmation report) at the number designated below; (b) when
delivered personally against receipt therefore; (c) one day after being sent by Federal Express or similar overnight delivery;
or (d) five (5) business days after being mailed registered or certified mail, postage prepaid.

 

    	 

    	 

    

 

Section
7. STATUS OF CONSULTANT. The Consultant shall be deemed to be an independent contractor and, except as expressly provided
or authorized in the Agreement, shall have no authority to act for on behalf of or represent the Company. This Agreement does
not create a partnership or joint venture.

 

Section
8. OTHER ACTIVITIES OF CONSULTANT. The Company recognizes that the Consultant now renders and may continue to render consulting
and other services to other companies that may or may not conduct business and activities similar to those of the Company. The
Consultant shall not be required to devote his full time and attention to the performance of his duties under this Agreement,
but shall devote only so much of his time and attention as it deems reasonable or necessary for such purposes.

 

Section
9. SUCCESSORS AND ASSIGNS. This Agreement and all of the provisions hereof shall be binding upon and inure to benefit of the
parties hereto and their respective successors and permitted assigns. This Agreement and any of the rights, interest or obligations
hereunder may be assigned by the Consultant without the prior written consent of the Company. This Agreement and any of the rights,
interests or obligations hereunder may not be assigned by the Company without the prior written consent of the Consultant, which
consent shall not be unreasonably withheld.

 

Section
10. SEVERABILITY OF PROVISIONS. If any provision of this Agreement shall be declared by a court of competent jurisdiction
to be invalid, illegal or incapable of being enforced in whole or in part, the remaining conditions and provisions or portions
thereof shall nevertheless remain in full force and effect and enforceable to the extent they are valid, legal and enforceable,
and no provision shall be deemed dependent upon any other covenant or provision unless so expressed herein.

 

Section
11. MODIFICATION. No amendment or modification of this Agreement shall be valid unless made in writing and signed by each
of the parties hereto.

 

Section
12. NON-WAIVER. The failure of any party to insist upon the strict performance of any of the term, conditions and provisions
of this Agreement shall not be construed as a waiver or relinquishment of future compliance therewith; and the said terms, conditions
and provisions shall remain in full force and effect. No waiver of any term or condition of the Agreement on the party of any
party shall be effective for any purpose whatsoever unless such waiver is in writing and signed by such party.

 

Section
13. REMEDIES FOR BREACH. The Consultant and The Company mutually agree that any breach of Sections 2, 4, and 5 of this Agreement
by the Consultant or the Company may cause irreparable damage to the other party and/or their affiliates, and that monetary damages
alone would not be adequate and, in the event of such breach or threat of breach, the damaged parry shall have, in addition to
any and all remedies at law and without the posting of a bond or other security, the right to an injunction, specific performance
or other equitable relief necessary to prevent or redress the violation of either party’s obligations under such Sections.
In the event that an actual proceeding is brought in equity to enforce such Sections, the offending party shall not urge as a
defense that there is an adequate remedy at law nor shall the damaged party be prevented from seeking any other remedies that
may be available to it. The defaulting party shall pay all attorneys’ fees and costs incurred by the other party in enforcing
this

Agreement.

 

Section
14. GOVERNING LAW. The parties hereto acknowledge that the transactions contemplated by this Agreement bear a reasonable relation
to the State of Nevada. This Agreement shall be governed by, and construed and interpreted in accordance with, the internal laws
of the State of Nevada without regard to such state’s principles of conflicts of laws. The parties irrevocable and unconditionally
agree that the exclusive place of jurisdiction for any action, suit or proceeding (“Actions”) relating to this
Agreement shall be in the state and/or federal courts situate in the county of Clark and State of Nevada. Each party
irrevocable and unconditionally waives any objection it may have to the venue of any Action brought in such courts or to the convenience
of the forum. Final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment, a certified or true copy of which shall be conclusive evidence of the fact and the amount of any indebtedness or liability
of any party therein described. Service of the process in any Action by any party may be made by serving a copy of the summons
and complaint, in addition to any other relevant documents, by commercial overnight courier to any other party at their address
set forth in this Agreement.

 

Section
15. HEADINGS. The headings of the Sections are inserted for convenience of reference only and shall not affect any interpretation
of this Agreement.

 

Section
16. COUNTERPARTS. This Agreement may be executed in counterpart signatures, each of which shall be deemed an original, but
all of which, when taken together, shall constitute one and the same instrument, it being understood that both parties need not
sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create
a valid and binding obligation of the party executing (or on whose behalf such signature is executed) the same with the same force
and effect as if such facsimile signature page were an original thereof.

 

    	2

    	 

    

 

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

Myriad
Interactive Media, Inc.

 

 

By:
/s/ Derek Ivany

Derek
Ivany, President

 

 

Consultant

 

 

/s/
R. Nickolas Jones

R.
Nickolas Jones

 

    	3

    	 

    

 

Schedule
A

 

The
Company shall issue Consultant 2,000,000 shares of common stock in the Company, to be registered via an S-8 registration statement,
in exchange for Consultant’s services.

 

 

 

    	4

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