Document:

United PanAm Financial Corp. Amended and Restated 1997 Employee Stock Incentive

 Exhibit 4.5 
  

UNITED PANAM FINANCIAL CORP. 
  
 AMENDED AND RESTATED 1997 EMPLOYEE STOCK INCENTIVE PLAN 
  
 Section 1.    PURPOSE OF PLAN 
  
 (a) The purpose of this Amended and Restated 1997 Employee Stock Incentive Plan (“Plan”) of United PanAm Financial Corp., a California
corporation (the “Company”), is to enable the Company to attract, retain and motivate its employees and consultants by providing for or increasing the proprietary interests of such employees and consultants in the Company, and to
enable the Company and its subsidiaries to attract, retain and motivate nonemployee directors and further align their interests with those of the stockholders of the Company by providing for or increasing the proprietary interest of such directors
in the Company. 
  
 (b) The 1997 Employee Stock Incentive
Plan constituted an amendment and restatement of the 1994 Stock Option Plan (the “1994 Plan”) of Pan American Bank, FSB, and on the effective date of The 1997 Employee Stock Incentive Plan each option granted under the 1994 Plan was
reconstituted as an option under The 1997 Employee Stock Incentive Plan on the same terms and conditions as set forth in the 1994 Plan or any form of stock option agreement evidencing such option under the 1994 Plan. This Plan, which amends and
restates the 1997 Employee Stock Incentive Plan, was adopted by the Board of Directors of the Company on April 24, 2000, and, subject to the provisions of Section 9 below, became effective as of such date. 
  
 Section 2.    PERSONS ELIGIBLE UNDER PLAN 
  
 Each of the following persons (each, a “Participant”) shall
be eligible to be considered for the grant of Awards (as hereinafter defined) hereunder: (1) any employee of the Company or any of its subsidiaries, including any director who is also such an employee, (2) any director of the Company or
any of its subsidiaries who is not also an employee of the Company or any of its subsidiaries (a “Nonemployee Director”) and (3) any consultant of the Company or any of its subsidiaries. 
  
 Section 3.    AWARDS 
  
 (a) The Committee (as hereinafter defined), on behalf of the Company, is
authorized under this Plan to enter into any type of arrangement with a Participant that is not inconsistent with the provisions of this Plan and that, by its terms, involves or might involve the issuance of (i) shares of common stock of the
Company (“Common Shares”) or (ii) a Derivative Security (as such term is defined in Rule l6a-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as such rule may be amended from
time to time) with an exercise or conversion privilege at a price related to the Common Shares or with a value derived from the value of the Common Shares. The entering into of any such arrangement is referred to herein as the
“grant” of an “Award.” 

 (b) Awards are not restricted to any specific form or structure and may include, without limitation,
sales or bonuses of stock, restricted stock, stock options, reload stock options, stock purchase warrants, other rights to acquire stock, securities convertible into or redeemable for stock, stock appreciation rights, phantom stock, dividend
equivalents, performance units or performance shares, and an Award may consist of one such security or benefit, or two or more of them in tandem or in the alternative. 
  
 (c) Awards may be issued, and Common Shares may be issued pursuant to an Award, for any lawful consideration as determined
by the Committee, including, without limitation, services rendered by the recipient of such Award. 
  
 (d) Subject to the provisions of this Plan, the Committee, in its sole and absolute discretion, shall determine all of the terms and conditions of each
Award granted under this Plan, which terms and conditions may include, among other things 
  
 (i) a provision permitting the recipient of such Award, including any recipient who is a director or officer of the Company, to pay the purchase price of the Common Shares or other property issuable pursuant to such
Award, in whole or in part, by any one or more of the following: 
  
 (A) the delivery of cash; 
  
 (B) the delivery of other
property deemed acceptable by Committee; 
  
 (C) the delivery of
previously owned shares of capital stock of the Company (including “pyramiding”) or other property, or 
  
 (D) a reduction in the amount of Common Shares or other property otherwise issuable pursuant to such Award. 
  
 (ii) a provision conditioning or accelerating the receipt of benefits
pursuant to such Award, either automatically or in the discretion of the Committee, upon the occurrence of specified events, including, without limitation, a change of control of the Company (as defined by the Committee), as acquisition of a
specified percentage of the voting power of the Company, the dissolution or liquidation of the Company, a sale of substantially all of the property and assets of the Company or an event of the type described in Section 7 hereof, or 

 
 (iii) a provision required in order for such Award to qualify as an
incentive stock option under Section 422 of the Internal Revenue Code (an “Incentive Stock Option”); provided, however that no Award issued to any consultant or any Nonemployee Director may qualify as an Incentive Stock
Option. 
  
 (e) Notwithstanding anything to the contrary contained
in this Section 3, neither an Award nor any interest therein may be sold, assigned, transferred, conveyed, gifted, pledged, hypothecated or otherwise transferred in any manner other than by will or the laws of descent and distribution.

  

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 (f) All certificates evidencing Awards or Common Shares issued pursuant thereto shall bear any legend
determined by the Board or the Committee (as defined below) to be necessary or appropriate. 
  
 Section 4.    STOCK SUBJECT TO PLAN 
  
 (a) At any time, the aggregate number of Common Shares issued and issuable pursuant to all Awards (including all Incentive Stock Options) granted under
this Plan shall not exceed 7,750,000 subject to adjustment as provided in Section 7 hereof. In the case of stock options and stock appreciation rights, the maximum number of Common Shares with respect to which options or rights may be granted
to any person during a calendar year shall be 1,000,000 shares. 
  
 (b) For purposes of Section 4(a) hereof, the aggregate number of Common Shares issued and issuable pursuant to Awards granted under this Plan shall at any time be deemed to be equal to the sum of the following: 
  
 (i) the number of Common Shares that were issued prior to such time pursuant
to Awards granted under this Plan, other than Common Shares that were subsequently reacquired by the Company pursuant to the terns and conditions of such Awards and with respect to which the holder thereof received no benefits of ownership such as
dividends; plus 
  
 (ii) the number of Common Shares that were
otherwise issuable prior to such time pursuant to Awards granted under this Plan, but that were withheld by the Company as payment of the purchase price of the Common Shares issued pursuant to such Awards; plus 
  
 (iii) the maximum number of Common Shares that are or may be issuable at or
after such time pursuant to Awards granted under this Plan prior to such time. 
  
 Section 5.    DURATION OF PLAN 
  
 No Awards shall be made under this Plan after November 5, 2007. Although Common Shares may be issued after November 5, 2007 pursuant to Awards made prior to such date, no Common Shares shall be issued under
this Plan after November 5, 2017. 
  
 Section 6.    ADMINISTRATION OF PLAN 
  
 (a) This Plan shall be administered by a committee (the “Committee”) of the Board of Directors of the Company (the “Board”) consisting of two or more directors, each of whom is an
“outside director” within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended; and who otherwise comply with the requirements of Rule 16b-3; provided, however, that before the registration of the Common
Shares under Section, 12 of the Exchange Act, grants of Awards may, in the absence of action of the Committee, be made by the entire Board. 
  

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 (b) Subject to the provisions of this Plan, the Committee shall be authorized and empowered to do all
things necessary or desirable in connection with the administration of this Plan, including, without limitation, the following: 
  
 (i) adopt, amend and rescind rules and regulations relating to this Plan; 
  
 (ii) determine which persons are Participants and to which of such Participants, if any, Awards shall be granted hereunder;

  
 (iii) grant Awards to Participants and determine the terms and
conditions thereof including the number of Common Shares issuable pursuant thereto; 
  
 (iv) determine whether, and the extent to which adjustments are required pursuant to Section 7 hereof; 
  
 (v) interpret and construe this Plan and the tenors and conditions of any Award granted hereunder; and 
  
 (vi) certify in writing prior to payment of compensation that the performance
goals and any other material terms of any Award were in fact satisfied. For this purpose, approved minutes of the Committee meeting in which the certification is made are treated as a written certification. 
  
 Section 7.    ADJUSTMENTS 
  
 If the outstanding securities of the class then subject to this Plan are
increased, decreased or exchanged for or converted into cash, property or a different number or kind of securities, or if cash, property or securities are distributed in respect of such outstanding securities, in either case as a result of a
reorganization, merger, consolidation, recapitalization, restructuring, reclassification, dividend (other than a regular cash dividend) or other distribution, stock split, reverse stock split or the like, or if substantially all of the property and
assets of the Company are sold, then, unless the terms of such transaction shall provide otherwise, the Committee shall make appropriate and proportionate adjustments in (i) the number and type of shares or other securities or cash or other
property that may be acquired pursuant to Awards theretofore granted under this Plan and (ii) the maximum number and type of shares or other securities that may be issued pursuant to Awards thereafter granted under this Plan. 
  
 Section 8.    AMENDMENT AND TERMINATION OF PLAN 

 
 The Board may amend or terminate this Plan at any time and in any manner,
provided that no such amendment or termination shall deprive the recipient of any Award theretofore granted under this Plan, without the consent of such recipient, of any of his or her rights thereunder with respect thereto. 
  

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 Section 9.    EFFECTIVE DATE OF PLAN 
  
 This Plan shall be effective as of April 24, 2001, the date upon which
it was approved by the Board; provided, however that no Common Shares maybe issued under this Plan until it has been approved, directly or indirectly, by the affirmative votes of the holders of a majority of the securities of the Company present, or
represented, and entitled to vote at a meeting duly held in accordance with the laws of the State of California. 
  
 Section 10.    GOVERNING LAW 
  
 This Plan and any Award granted hereunder shall be governed by and construed and enforced in accordance with the laws of the State of California without
reference to choice or conflict of law principals. 
  

 5Certificate of Designation, Non-Voting Convertible Preferred Stock

 Exhibit 4.1 
  

State of Delaware 
  
 Office of the Secretary of State 
  

  
 I, EDWARD J. FREEL, SECRETARY OF STATE
OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF DESIGNATION OF “PHASE BIOTECHNOLOGY CORPORATION”, FILED IN THIS OFFICE ON THE THIRTIETH DAY OF DECEMBER, A.D. 1998, AT 11:30
O’CLOCK A.M. 
  
 A FILED COPY OF THIS CERTIFICATE HAS BEEN
FORWARDED TO THE NEW CASTLE COUNTY RECORDER OF DEEDS. 
  

									
				
	 	 	 	 	[SEAL] 	 	/s/    EDWARD J.
FREEL        
	 	 	 	 	 	 	Edward J. Freel, Secretary of State
					
	 	 	 2977741     8100
	 	 	 	AUTHENTICATION:	 	 9497911

					
	 	 	 981509082
	 	 	 	DATE:	 	 12-31-98

  

 PAGE 1 

 CERTIFICATE OF DESIGNATION 
 of 
 NON-VOTING CONVERTIBLE PREFERRED STOCK 
  
 of 
  
 PHAGE BIOTECHNOLOGY CORPORATION 
  
 (Pursuant to Section 151 of the 
 Delaware General Corporation Law) 
  

  
 Phage Biotechnology Corporation, Inc., a corporation organized and existing
under the General Corporation Law of the State of Delaware (hereinafter called the “Corporation”), hereby certifies that the following resolution was adopted by the Board of Directors of the Corporation as required by Section 151 of the
General Corporation Law at a meeting duly called and held on December 12,1998: 
  
 RESOLVED, that pursuant to the authority granted to and vested in the Board of Directors of this Corporation (hereinafter called the “Board of Directors” or the “Board”) pursuant to the
Corporation’s Articles of Incorporation, the Board of Directors hereby creates a series of Non-Voting Convertible Preferred Stock, par value $.01 per share of the Corporation and hereby states the designation and number of shares, and fixes the
relative rights, preferences, and limitations thereof as follows: 
  
 Non-Voting Convertible Preferred Stock: 
  
 Section 1. Designation and Amount. The shares of this series shall be designated as “Non-Voting Convertible Preferred Stock” (the “Preferred Stock”) and the number of shares constituting the
Preferred Stock shall be 55,000. Such number of shares may be increased or decreased by resolution of the Board of Directors; provided, that no decrease shall reduce the number of shares of Preferred Stock to a number less than the number of
shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding securities issued by the Corporation convertible into Preferred Stock.

  
 Section 2. Dividends.

  
 Holders of shares of the Preferred Stock shall not be
entitled to dividends. 
  
 Section 3. Voting
Rights. Holders of shares of the Preferred Stock shall have no voting rights on any Corporation matter. 

 Section 4. Reacquired Shares. Any shares of the Preferred Stock purchased
or otherwise acquired by the Corporation in any manner whatsoever shall be retired and cancelled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of preferred stock and may
be reissued as part of a new series of preferred stock subject to the conditions and restrictions on issuance set forth herein or in any other Certificate of Designations creating a series of preferred stock or any similar stock or as otherwise
required by law. 
  
 Section 5.
Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Corporation, no distribution, shall be made to the holders of shares of stock ranking junior to the Preferred Stock unless, prior thereto, the
holders of shares of the Preferred Stock shall have received $10 per share. In the event the net assets of the Corporation are not sufficient to return the $10 per share to the holder of the Preferred Stock, each such holder shall share pro-rata in
proportion to the dollar amount of the par value of their respective holdings. 
  
 Section 6. Rank. The Preferred Stock shall rank, with respect to the distribution of assets, senior to all series of any
other class of stock of the Corporation. 
  
 Section 7. Conversion. The Preferred Stock may be converted at any time, at the option of the holder, into Common Stock upon the presentation of a duly executed Preferred Stock certificate with instructions to convert said
shares into Common Stock. The Preferred Stock include a reset provision in their conversion and shall be convertible as follows: 
  
 (a) Prior to the time the Corporation completes an Initial Public Offering, the Preferred Stock may be converted into Common Stock at a
conversion price of $10 per share. With a liquidation value of $10 for the Preferred stock, this equates to a one-for-one exchange ratio. 
  
 (b) After the Corporation completes an Initial Public Offering, the conversion price of the Preferred Stock shall be the lower of $10 per
share or 50% of the initial offering price. 
  

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 Section 8. Transferability. The Preferred Stock shall not be transferable,
provided that in the event of the death of a holder of shares of the Preferred Stock, to the heirs or estate of such person. 
  
 IN WITNESS WHEREOF, this Certificate of Designations is executed on behalf of the Corporation by its President and Secretary this 12 day of December,
1998. 
  

	
	
	/s/    ALEXANDER MONTANO        
	Alexander Montano, President
	
	/s/    JUDITH S. PELTON        
	Judith S. Pelton, Secretary

  

 3 

 CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT 
  
 State of California 
  
 County of Orange 

									
		
	 On
	 	 December 29, 1998 before me,
                                        
                Judith S. Pelton

	 	 	         DATE
                                        
  NAME, TITLE OF OFFICER - __ “JANE DOE NOTARY PUBLIC”

  
 personally appeared
            Alexander G. Montano 
                                        
          NAME(S) OF SIGNER(S) 
  
 x  personally know to me - OR-   ̈  proved to me on the basis of
satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 
  
 [SEAL] 
  

	
	WITNESS my hand and official seal.
	
	/S/    JUDITH S.
PELTON        
	SIGNATURE OF NOTARY

  
 OPTIONAL

  
 Though the data below is not required by law, it may prove valuable to
persons relying on the document and could prevent fraudulent reattachment of this form. 
  

					
	CAPACITY CLAIMED BY SIGNER	 	 	 	DESCRIPTION OF ATTACHED DOCUMENT
	 ̈  INDIVIDUAL	 	 	 	CERTIFICATE OF DESIGNATION
	 ̈  CORPORATE OFFICER	 	 	 	 
	 	 	 	NON-VOTING CONV. PER. STK.
	  	 	 	 	TITLE OR TYPE OF DOCUMENT
	TITLE(S)	 	 	 	 
			
	  ̈  PARTNER(S)                 ̈  LIMITED
                                        
       ̈  GENERAL
	 	 	 	  
 3

	  ̈  ATTORNEY-IN-FACT
  ̈  TRUSTEE(S)
  ̈  GUARDIAN/CONSERVATIOR
  ̈  OTHER:                                   
                                        
   
	 	 	 	NUMBER OF PAGES
	 	 	 	DECEMBER 12, 1998
	                                       
                                        
                        
                                       
                                        
                        
	 	 	 	DATE OF DOCUMENT
	 SIGNER IS REPRESENTING:
 NAME OF PERSON(S) OR
(________)
	 	 	 	 
	 	 	 	 	SIGNER(S) OTHER THAN NAMED ABOVE
	 	 	 	 	 

  
 ©1993 NATIONAL NOTARY ASSOCIATION · 8236 ________ Ave., P.O. Box 7184-Canoga Park, CA 91309-7184

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