Document:

Filed by Avantafile.com - Nava Resources Inc. - Exhibit 10.5

 

     

NAVA RESOURCES, INC.

2009 STOCK INCENTIVE PLAN

           Section 1.        Establishment and Purpose.

           The name of the
plan is the Nava Resources, Inc. Stock Incentive Plan (the "Plan").

           The purpose of the Plan is to provide key employees,
officers, directors, consultants and agents of Nava
Resources, Inc. and its subsidiaries (the "Company")
added incentive for high levels of performance and to reward unusual efforts
which increase the earnings and long-term growth of the Company. The
judgment, initiative and efforts of valued employees and other selected
individuals upon whom the financial success and growth of the Company largely
depend will be entitled to purchase proprietary interests in the Company.

           Section 2.        Stock
Subject to the Plan.

           The total number of shares of stock reserved and available for
distribution under the Plan shall be 10,000,000 shares of common stock of the
Company.  The number of shares reserved hereunder may consist in whole or in
part of authorized and unissued shares or treasury shares.

           Upon exercise of the option in accordance with the terms of this
Plan and the Option Agreement (described in Section 5 below), the grantee
shall receive such shares of stock of the Company set forth in the Notice of
Option Grant delivered to the grantee.  A grantee to whom shares have been
issued upon proper exercise of an option granted hereunder shall be entitled
all rights of a shareholder, including, without limitation, dividends, voting and
liquidation rights.

           Section 3.        Administration
of the Plan.

           The Plan shall be administered by a Committee (the “Committee”). 
The decision of the Committee as to all questions of interpretation and
application of the Plan shall be final, binding and conclusive on all persons. 
The Committee may, in its sole discretion, grant options for shares of the
Company’s stock to such eligible individuals as it deems appropriate and issue
stock upon exercise of such options.  The Committee shall have authority,
subject to the express provisions of the Plan, to construe the Option
Agreements and the Plan, to prescribe, amend and rescind rules and regulations
relating to the Plan, to determine the terms and provisions of the Option Agreements,
which may, but need not be identical, and to make all other determinations in
the judgment of the Committee necessary or desirable for the administration of
the Plan.  The Committee may correct any defect or supply any omission or
reconcile any inconsistency in the Plan or in any Option Agreement in the
manner and to the extent it shall deem expedient to carry the Plan into effect
and shall be the sole and final judge of such expediency.  All decisions,
interpretations and other actions of the Committee shall be final and binding. 
The Committee shall not be liable for any action or determination made in good
faith. The functions of the Committee shall be exercised by the Board of
Directors of the Company, if and to the extent that no Committee exists which
has the authority to so administer the Plan.

 
           Section 4.        Eligibility.

           Options may be granted to officers and employees of the Company, as
well as agents and consultants to the Company, whether or not otherwise
employees of the Company.  In determining the eligibility of an individual to
be granted an option under the Plan, as well as in determining the number of
shares to be optioned to any individual, the Committee shall take into account
the position and responsibilities of the individual being considered, the
nature and value to the Company of his or her services and accomplishments, his
or her present and potential contribution to the success of the Company, and
such other factors as the Committee may deem relevant.

           Section 5.        Option
Agreement.

           Each option shall be governed by Notice of Option Grant and an
option agreement (the “Option Agreement”) duly executed on behalf of the
Company and by the grantee to whom such option is granted.  The Option
Agreement shall be subject to the terms and conditions of the Plan and may be
subject to any other terms and conditions which are not inconsistent with the
Plan and which the Committee deems appropriate for inclusion in the Option Agreement. 
The provisions of the various Option Agreements entered into under the Plan
need not be identical.

           Section 6.        Option
Price and Exercise of Option.

           The exercise price shall be determined by the Committee in its sole
and absolute discretion.  Each option shall be exercisable at such time or
times and during such period as shall be set forth in the Notice of Option
Grant and/or Option Agreement.  To the extent that an option is not exercised
when it becomes initially exercisable, it shall be carried forward and shall be
exercisable, on a cumulative basis, until the expiration of the exercise
period.

           Section 7.        Term
of Option; Exercisability.

           (a)        Term.

                      (i)         Each
option shall expire five (5) years from the date of the granting thereof,
except as (y) otherwise provided pursuant to the provision of Section 7(b)
hereof and (z) earlier termination as herein provided.

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                      (ii)        Except
as otherwise provided in this Section 7, an option granted to any grantee who
ceases to perform services for the Company shall terminate  Thirty (30)  days
after the date such grantee ceases to perform services for the Company.

                      (iii)       If
the grantee ceases to perform services for the Company because of dismissal with
or without cause or because the grantee is in breach of any agreement with the
Company, such option shall terminate on the date the grantee is dismissed,
ceases to perform services for the Company or when the agreement with the
Company was breached.

                      (iv)       If the
grantee ceases to perform services for the Company because the grantee has
become disabled (as determined in the sole discretion of Committee), such
option shall terminate on the next immediate anniversary date of the option
grant date following the date such grantee ceases to perform services for the
Company, or on the date on which the option expires by its terms, whichever
occurs first.  For example, if the option was granted on January 1st
and the grantee became disabled on July 1st, the option would
terminate on the following January 1st.

                      (v)        In the
event of the death of a grantee, any option granted to such grantee shall
terminate on the next immediate anniversary date of the option grant date after
the date of death, or on the date on which the option expires by its specific
terms, whichever occurs first.

                      (vi)       If any terms of this Plan are inconsistent with any
provisions in an employment agreement existing as of the date of this Plan’s
adoption, the provisions in the employment agreement will control.

           (b)        Exercisability.

                      (i)         Each
Option Agreement shall specify the date when all or any installment of the
option is first exercisable.  The exercisability provisions contained in any
Option Agreement shall be determined by the Committee in its sole discretion.

                      (ii)        Except
as otherwise provided below, an option granted to any grantee who ceases to
perform services for the Company shall be exercisable only to the extent that
such option has vested and is in effect on the date such grantee ceases to
perform services for the Company.

                      (iii)       An
option granted to a grantee who ceases to perform services for the Company
because he or she has become disabled (as defined above) may be exercised by
the grantor or his or her legal representative, but only to the extent that
such option has become exercisable on or prior to the termination date of the
option (as determined in accordance with Section 7(a)(ii)).

                      (iv)       In the
event of the death of any grantee, the option granted to such grantee may be
exercised by the estate of such grantee or by any person or persons who
acquired the right to exercise such option by bequest or inheritance, but only
to the extent that such option has become exercisable on or prior to the
termination date of the option (as determined in accordance with Section
7(a)(ii)).

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           Section 8.        Options and Shares Not
Transferable.

           The option, the right of any grantee to exercise any option and the
shares issuable upon exercise of the option shall not be, directly or
indirectly, disposed, assigned or transferred by such grantee other than by
will or the laws of descent and distribution, or, in the case of a grant
pursuant to a qualified statutory agreement, to a family trust of the subject
employee, and any such option shall be exercisable during the lifetime of such
grantee only by the grantee (unless disabled or by the person who acquired the
right to exercise such option by bequest or inheritance).  Any attempted
disposition or other transfer of the option and/or shares of stock granted
pursuant to the exercise of an option under the Plan, including without
limitation, any gift, purported assignment, whether voluntary or by operation
of law, pledge, hypothecation or other disposition, attachment, trustee process
or similar process, whether legal or equitable, shall be null and void and
without effect.

           Section 9.        Recapitalization,
Reorganization and Change of Control.

           If the outstanding shares of the common stock of
the Company are increased or decreased, or are changed into or exchanged for a
different number or kind of shares or securities or other forms of property
(including cash) or rights, as a result of one or more reorganizations,
recapitalizations, spin-offs, stock splits, reverse stock splits, stock
dividends or the like, appropriate adjustments shall be made in the number
and/or kind of shares or securities or other forms of property (including cash)
or rights for which Options may thereafter be granted under the Plan and for
which Options then outstanding under the Plan may thereafter be exercised. Any
such Share adjustments shall be made without changing the aggregate exercise
price applicable to the unexercised portions of outstanding Options. Any
fractional shares resulting from such adjustment shall be eliminated by
rounding to the nearest whole number. Appropriate amendments to the Option
Agreements shall be executed by the Company and the grantees to the extent the
Committee determines that such amendments are necessary or desirable to reflect
such adjustments. If determined by the Committee to be appropriate, in the
event of any share adjustment involving the substitution of securities of a
corporation other than the Company, the Committee shall make arrangements for
the assumption by such other corporation of any Options then or thereafter
outstanding under the Plan, without any change in the total exercise price
applicable to the unexercised portion of the Options but with an appropriate
adjustment to the number of securities, kind of securities and exercise price
for each of the securities subject to the Options. The determination by the
Committee as to what adjustment, amendments or arrangements shall be made
pursuant to this Section and the extent thereof, shall be final and conclusive.

           In the event of the proposed dissolution or
liquidation of the Company, or in the event of a Change of Control, or any
other transaction in which the outstanding shares 

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then subject to Options under
  the Plan are changed into or exchanged for property (including cash), rights
  and/or securities other than, or in addition to, shares of the Company, the holder
  of each Option then exercisable shall have the right to exercise such Option
  for the kind and amount of shares of stock and other securities, property, cash
  or any combination thereof receivable upon such dissolution, liquidation,
  Change of Control or similar corporate event, by a holder of the number of
  Shares for which such Option might have been exercised immediately prior to
  such dissolution, liquidation, sale, consolidation or merger or similar
  corporate event.  Any agreement providing for a Change of Control shall
  provide, at the discretion of the Committee, that the
  purchaser(s) of the Company’s assets or stock shall deliver to the grantee the
  same kind of consideration that is delivered to other stockholders of the
  Company as a result of such sale, conveyance or Change of Control. 
  Alternatively, the Committee may cancel all outstanding options in exchange for
  consideration in cash or in kind which consideration in both cases shall be
  equal in value to the value the grantee would have received had the option been
  exercised (to the extent so exercisable) and no disposition of the shares
  acquired upon such exercise been made prior to such sale, conveyance or Change
  of Control, less the exercise price therefor.  Upon receipt of such
  consideration, the options shall terminate and be of no further force and
  effect.  The value of the stock or other securities the grantee would have
  received if the option had been exercised shall be determined in good faith by
  the Committee.

           A “Change of Control” shall be deemed to have occurred upon
the consummation of (i) an acquisition of any voting
securities of the Company by any entity or person, immediately after which such
entity or person has beneficial ownership of fifty-one percent (51%) or more of
the then outstanding shares or the combined voting power of the Company’s then
outstanding voting securities; (ii) the individuals who, as of the effective
date of this Plan, are members of the Board (the "Incumbent Board"),
cease for any reason to constitute at least two-thirds of the members of the
Board; provided, however, that if the election, or nomination of any new
director was approved by a vote of at least two-thirds of the Incumbent Board,
such new director shall, for purposes of this Plan, be considered as a member
of the Incumbent Board; (iii) a merger, consolidation or other business
combination with or into another company; or (iv) the sale or other disposition
of all or substantially all of the assets of the Company. 

           Section 10.      No
Special Employment Rights.

           Nothing contained in the Plan, the Notice of Option Grant or the
Option Agreement or in any option granted thereunder shall confer upon any
grantee any right with respect to the continuation of his or her employment by
the Company or interfere in any way with the right of the Company, subject to
the terms of any separate employment agreement to the contrary, at any time to
terminate such employment or to increase or decrease the compensation of the
grantee from the rate in existence at the time of the grant of an option.

           Section 11.      Withholding.

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           The Company’s obligation to deliver shares upon the exercise of an
option granted under the Plan shall be subject to the satisfaction by the
grantee, as determined in the sole discretion of the Company, of all applicable
Federal, state and local income and employment tax withholding requirements.

           Section 12.      Purchase
for Investment.

           Unless the shares to be issued upon exercise of an option granted
under the Plan have been effectively registered under the Securities Act of
1933, as amended (the “Securities Act”), the Company shall be under no
obligation to issue any shares of stock covered by any option unless the person
who exercises such option, in whole or in part, shall give a written
representation and undertaking to the Company which is satisfactory in form and
scope to counsel to the Company and upon which, in the opinion of such counsel,
the Company may reasonably rely, that he or she is acquiring the shares issued
pursuant to such exercise of the option for his or her own account as an
investment and not with a view to, or for sale in connection with, the
distribution of any such interests, and that he or she will make no transfer of
the same except in compliance with any rules and regulations in force at the
time of such transfer under the Securities Act and any other applicable law.

           Section 13.      Modification
of Outstanding Options.

           Subject to the limitations contained herein, the Committee may
authorize the amendment of any outstanding option with the consent of the
grantee when and subject to such conditions as are deemed to be in the best
interests of the Company and in accordance with the purposes of the Plan.

           Section 14.      Termination and Amendment of the
Plan.

           The Plan shall terminate on September 30, 2019.  The Committee may
at any time terminate the Plan or make such modification or amendment thereof
as it deems appropriate.  Termination or any modification or amendment of the
Plan shall not, without the consent of a grantee, affect his or her rights
under an option granted to him or her prior to the date of such amendment.

           Section 15.      Notices.

           Any communication or notice required or permitted to be given under
the Plan shall be in writing and mailed by registered or certified mail or
delivered to the Company, to its principal place of business, attention:
Committee, and, if to the holder of an option, to the address appearing on the
records of the Company.

6lakeplay_ex41.htm

EXHIBIT 4.1

 

	
COMMON STOCK

 

	  	  	
COMMON STOCK

 

	  
	  	
 

Number

---

 

	
Lake Play, Inc.

	  	
 

Shares

***0***

 

	  	  	  
	
INCORPORATED UNDER THE LAWS        

OF THE STATE OF NORTH CAROLINA 

	  	
SEE REVERSE FOR CERTAIN DEFINITIONS AND A STATEMENT AS TO THE POWERS, DESIGNATIONS, 

PREFERENCES, RESTRICTIONS, AND RIGHTS OF SHARES

	  	  	  	  	  
	  	  	  	  	
CUSIP  _________________

 

	
THIS CERTIFIES THAT

	
SPECIMEN

	  
	  	  	  
	  	  	  
	
IS THE RECORD OWNER OF

	
ZERO

	  

 

FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON SHARES, $0.0001 PAR VALUE OF

 

----------------------Lake Play, Inc. ----------------------

 

transferable on the books of the  by the registered holder hereof in person or by duly authorized attorney upon surrender of this certificate properly endorsed. This certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar.

 

In Witness Whereof the Company has caused this certificate to be signed in facsimile by it authorized officers and its facsimile seal to be affixed.

 

	
Dated

	  	  	  	  
	  	  	  	  	  
	

/s/ Marion F. Palmer

	  	
Lake Play, Inc. 

 

CORPORATE SEAL  

	  	

/s/ Marion F. Palmer

	
Secretary

	  	  	
President and

	  	  	  	
Chief Executive Officer

	  	  	  	  

 

	  	
TRANSFER AGENT AND REGISTRAR,

	  	 
	  	
By

	VOID	  
	  	  	
AUTHORIZED SIGNATURE

 

	  

 

 

  

1

  

 

Lake Play, Inc.

 

The Company is authorized to issued Common Stock and Preferred Stock. The Board of Directors of the Company has the authority to fix the number of shares and the designations of Preferred Stock and to determine or amend the preferences, privileges, and restrictions granted to or imposed upon any unissued shares of Preferred Stock.

 

The  shall furnish without charge to each stockholder who so requests a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock of the  or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights so far as the same shall have been fixed, and of the authority of the Board of Directors to designate and fix any preferences, rights and limitations of any wholly unissued series. Such requests shall be made to the Secretary at the principal office of the Company.

 

	The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:
	  	  	  	  	  	  	  	  	  
	  	  	
UNIF GIFT MIN ACT –____________Custodian__________   

	
TEN COM

	
as tenants in common

	  	  	
(Cust)                           (Minor)            

	  	  	  
	
TEN ENT

	
as tenants by entireties

	
                            under Uniform Gifts to Minors Act___________     

	  	  	  	  	  	  	  	  	
(State)                    

	
JT TEN

	
as joint tenants with right of

	
UNIF TRF MIN ACT –_________ Custodian (until age_____ )

	  	
survivorship and not as

	
(Cust)                                                       

	  	
tenants in common

	
_________________under Uniform Transfers

	  	  	  	  	
(Minor)                  

	  	  
	  	  	  	  	
to Minors Act_________________ 

	  	  	  	  	  	  	
                (State)

	
Additional abbreviations may also be used though not in the above list.

 

For value received,                                                                                                                    hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER

    IDENTIFYING NUMBER OF ASSIGNEE

 

	
  

 

	
  

	  

 

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE)

 

 

 

	  	  	
Shares

 

	
of the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

	  	  

 

	  	
 Attorney to

 

  

2

  

 

transfer the said stock on the books of the within named  with full power of substitution.

 

Dated:                     

 

	  	
X

	  
	  	  	  
	  	
X

	  
	  	
NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE, IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER.

 

3

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