IMMUCELL CORPORATION

EXHIBIT 10.1

1989 STOCK OPTION AND INCENTIVE PLAN

I. GENERAL



|1. | Purpose. This 1989 Stock Option and Incentive Plan (the Plan) of Immucell Corporation (the Company) is intended to advance the interests of the
Company by providing certain of its employees and certain other individuals providing services to the Company with an additional incentive, encouraging stock ownership by such individuals, increasing their proprietary interest in the success of the
Company and encouraging them to remain employees of the Company or service providers for the Company.
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|2. | Definitions. Whenever used herein, the following terms shall have the meanings set forth below:
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| | (a) | Board means the Board of Directors of the Company.
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| | (b) | Code means the Internal Revenue Code of 1986, as it may be amended from time to time.
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| | (c) | Committee means the Stock Option Committee appointed by the Board to administer this Plan pursuant to Section 3 hereof.
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| | (d) | Company Group means the Company, a parent corporation or subsidiary corporation of the Company, or a corporation, or a parent corporation or subsidiary corporation of
such corporation, issuing or assuming an Option in a transaction of the type described in Section 425(a) of the Code. The terms parent corporation and subsidiary corporation shall have the meanings assigned to such terms
by Section 425 of the Code.
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| | (e) | Disability means a permanent and total disability as defined in Section 422A(c)(7) of the Code.
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| | (f) | Fair Market Value means, if Shares are traded on a national exchange, the mean between the high and low sales prices or the Shares on the date on which
the determination is made (or if no sales occurred on that date, on the next preceding date on which there was such a sale), or, if sales prices of Shares are made available for publication by the National Association of Securities Dealers Automated
Quotation System (NASDAQ), the closing price on the date on which such determination is made (or if no sales occurred on that date, on the next preceding date on which there was such a sale), or, if bid and asked prices of the Shares are
made available for publication by NASDAQ, the
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| | average of closing bid and asked prices for the Shares on the date as of which the determination is made (or if no such quotation occurred on that date, on
the next preceding date on which there was such a quotation), or if no such prices are available, the fair market value as determined by rules to be adopted by the Committee.
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| | (g) | Incentive Stock Option means an Option granted pursuant to the Incentive Stock Option provisions as set forth in Part II of this Plan.
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| | (h) | Nonqualified Stock Option means an Option granted pursuant to the Nonqualified Stock Option provisions as set forth in Part III of this Plan.
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| | (i) | Option means an option to purchase shares under this Plan.
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| | (j) | Participant means an individual to whom an Option is granted under this Plan.
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| | (k) | Shares means shares of the Companys common stock.
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| | (l) | Stock Appreciation Right means a stock appreciation right granted to a Participant pursuant to Section 3 of Part II or Section 3 of Part III of this Plan.
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|3. | Administration. This Plan shall be administered by a Stock option committee appointed by the Board. The Committee shall consist of at least three members of the Board, who
are not at the time they exercise discretion in administering the Plan eligible, and have not within one year prior thereto been eligible, for selection as persons to whom stock may be allocated or to whom stock options or stock appreciation rights
may be granted pursuant to the Plan or any other plan of the Company Group entitling the participants therein to acquire stock, stock options or stock appreciation rights of any member of the company Group. The Board, at its pleasure, may remove
members from or add members to the Committee. A majority of Committee members shall constitute a quorum of members, and the actions of the majority shall be final and binding on the whole Committee.
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In addition to the other powers granted to the Committee under this Plan, the Committee shall have the power, subject to the terms of this Plan:
(i) to determine which of the eligible individuals shall be granted Options and Stock Appreciation Rights; (ii) to determine the time or times when Options and Stock Appreciation Rights shall be granted and to determine the number of
Shares subject to each Option and Stock Appreciation Right; (iii) to grant Options with or without related Stock Appreciation Rights; (iv) to determine whether Stock Appreciation Rights shall be settled in cash, in Shares, or in a
combination of cash and Shares; (v) to accelerate or extend (except for Incentive Stock Options) the date on which a previously granted Option or Stock Appreciation Right may be exercised; (vi) to prescribe the form of agreement evidencing
Options and Stock Appreciation Rights granted pursuant to this Plan; and (vii) to construe and interpret this Plan and the agreements evidencing Options and Stock Appreciation Rights granted pursuant to this Plan, and to make all other
determinations and take all other actions necessary or advisable for the administration of this Plan.



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|4. | Eligibility. The individuals who shall be eligible to receive Options and Stock Appreciation Rights shall be such employees employed by a member of the Company Group and such
other individuals providing services to a member of the Company Group as shall be selected by the Committee; provided, however, that only employees employed by a member of the Company Group shall be eligible to receive Incentive Stock options.
Participants chosen to participate under this Plan may be granted an Incentive Stock Option (with or without related Stock Appreciation Rights), a Nonqualified Stock Option (with or without related Stock Appreciation Rights), or any combination
thereof.
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|5. | Shares Subject to This Plan. The Shares subject to Options and Stock Appreciation Rights shall be either authorized and unissued Shares or treasury Shares. The aggregate
number of Shares which may be issued pursuant to this Plan shall be nine million (9,000,000). Except as provided below, if an Option shall expire and terminate for any reason, in whole or in part, without being exercised, the number of Shares as to
which such expired or terminated Option shall not have been exercised may again become available for the grant of Options or Stock Appreciation Rights. If a Stock Appreciation Right is exercised in whole or in part, and, as a result, the related
Nonqualified Stock Option or Incentive Stock Option is cancelled, to the extent of the number of Shares with respect to which the Stock Appreciation Right was exercised, such number of Shares shall not again be available for the grant of Options or
Stock Appreciation Rights.
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|6. | No Tandem Options. There shall be no terms and conditions under an Option which provide that the exercise of an Incentive Stock Option reduces the number of Shares for which
a Nonqualified Stock Option may be exercised; and there shall be no terms and conditions under an Option which provide that the exercise of a Nonqualified Stock Option reduces the number of Shares for which an Incentive Stock Option may be
exercised.
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II. INCENTIVE STOCK OPTION PROVISIONS



|1. | Grant of Incentive Stock Options. Subject to the provisions of this Part II, the Committee shall from time to time determine those individuals eligible pursuant to section 4
of Part I to whom Incentive Stock Options shall be granted and the number of Shares subject to, and terms and conditions of, such Options. The aggregate Fair Market Value (determined as of the date of grant) of shares with respect to which incentive
stock options (as defined in Section 422A of the Code) are exercisable for the first time by an individual in a calendar year (under all plans of the Company Group) shall not exceed $100,000. Anything herein to the contrary notwithstanding, no
Incentive Stock Option shall be granted to an employee if, at the time the Incentive Stock Option is granted, such employee owns stock possessing more than 10% of the total combined voting power of all classes of stock of any member of the Company
Group unless the option price is at least 110% of the Fair Market Value of the Shares subject to the Incentive Stock Option at the time the Incentive Stock Option is granted and the Incentive Stock Option is not exercisable after the expiration of
five (5) years from the date the Incentive Stock Option is granted.
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|2. | Terms and Conditions of Incentive Stock Options. Each Incentive Stock Option shall be evidenced by an option agreement which shall be in such form as the Committee shall from
time to time approve, and which shall comply with and be subject to the following terms and conditions:
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| | (a) | Number of Shares. Each Incentive Stock Option agreement shall state the number of shares covered by the agreement.
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| | (b) | Option Price and Method of Payment. The Option price of each Incentive Stock Option shall be no less than the Fair Market Value of the Shares on the date the Incentive Stock Option
is granted. The option price shall be payable on exercise of the Option (i) in cash or by certified check, bank draft or postal or express money order, (ii) in the discretion of the Committee, by the surrender of Shares then owned by the
Participant, or (iii) in the discretion of the Committee, partially in accordance with clause (i) and partially in accordance with clause (ii) of this Section 2(b). Shares so surrendered in accordance with clause (ii) or
(iii) shall be valued at the Fair Market Value thereof on the date of exercise, surrender of such Shares to be evidenced by delivery of the certificate(s) representing such Shares in such manner, and endorsed in such form, or accompanied by
stock powers endorsed in such form, as the Committee may determine.
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| | (c) | Option Period.
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| | (i) | General. The period during which an Incentive Stock Option shall be exercisable shall not exceed ten (10) years from the date such Incentive Stock Option is granted;
provided, however, that such option may be sooner terminated in accordance with the provisions of this Section 2(c).Subject to the foregoing, the Committee may establish a period or periods with respect to all or any part of the
Incentive Stock Option during which such option may not be exercised and at the time of a subsequent grant of an Incentive Stock option or at such longer time as the Committee may determine accelerate the right of the Participant to exercise all or
any part of the Incentive Stock Option not then exercisable. The number of Shares which may be purchased at any one time shall be 100 Shares, a multiple thereof or the total number at the time purchasable under the Incentive Stock Option.
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| | (ii) | Termination of Employment. If the Participant ceases to be an employee of any member of the Company Group for any reason other than Disability or death, any then outstanding
Incentive Stock Option held by the Participant shall terminate on the earlier of the date on which such Option would otherwise expire or three (3) months after such termination of employment, and such option shall be exercisable, prior to its
termination, to the extent it was exercisable as of the date of termination of employment.
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| | (iii) | Disability. If a Participants employment is terminated by reason of Disability, any then outstanding Incentive Stock option held by the Participant
shall terminate on the earlier of the date on
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| | which such Option would otherwise expire or one (1) year after such termination of employment, and such Option shall be exercisable, prior to its
termination, to the extent it was exercisable as of the date of termination of employment.
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| | (iv) | Death. If a Participants employment is terminated by death, the representative of the Participants estate or beneficiaries thereof to whom the Option has been
transferred shall have the right during the one (1) year period following the date of the Participants death to exercise any then outstanding Incentive Stock Options in whole or in part. The number of Shares in respect of which an
Incentive Stock Option may be exercised after a Participants death shall be the number of Shares in respect of which such Option could be exercised as of the date of the Participants death. In no event may the period for exercising an
Incentive Stock Option extend beyond the date on which such Option would otherwise expire.
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| | (d) | Non-transferability. An Incentive Stock Option shall not be transferable or assignable by the Participant other than by will or the laws of descent and distribution and shall
be exercisable during the Participants lifetime only by the Participant.
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| | (e) | Separate Agreements. Nonqualified Options may not be granted in the same agreement as an Incentive Stock option.
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|3. | Stock Appreciation Rights.
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| | (a) | Grant. Stock Appreciation Rights related to all or any portion of an Incentive Stock Option may be granted by the Committee to any Participant in connection with the grant of
an Incentive Stock Option to such Participant. Each Stock Appreciation Right shall be subject to such terms and conditions (which may include limitations as to the time when such Stock Appreciation Right becomes exercisable and when it ceases to be
exercisable that are more restrictive than the limitations on the exercise of the Incentive Stock Option to which it relates) not inconsistent with the provisions of this Part II as shall be determined by the Committee and included in the agreement
relating to such Incentive Stock Option and Stock Appreciation Right, subject in any event, however, to the following terms and conditions of this Section 3.
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| | (b) | Exercise. No Stock Appreciation Right shall be exercisable after the date the related Incentive Stock Option shall cease to be exercisable, and no Stock Appreciation Right
shall be exercisable with respect to such related Incentive Stock Option or portion thereof unless such Incentive Stock Option or portion thereof shall itself be exercisable at that time. A Stock Appreciation Right shall be exercised only upon
surrender of the related Incentive Stock Option or portion thereof in respect of which the Stock Appreciation Right is then being exercised. A Stock Appreciation Right related to an Incentive Stock Option shall be exercisable only at a date when the
then Fair Market Value of a Share exceeds the option price per share specified in the related Incentive Stock Option.
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| | (c) | Amount of Payment. On exercise of a Stock Appreciation Right, a Participant shall be entitled to receive an amount equal to the product of (i) the amount by which the
Fair Market Value of a Share on the date of exercise of the Stock Appreciation Right exceeds the option price per share specified in the related Incentive Stock Option and (ii) the number of shares in respect of which the Stock Appreciation
Right shall have been exercised.
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| | (d) | Form of Payment. The Committee shall have the sole discretion either (i) to determine the form in which payment in settlement of a Stock Appreciation Right will be made
(i.e., cash, Shares or any combination thereof), or (ii) to consent to or disapprove the election by the Participant to receive cash in full or partial settlement of a Stock Appreciation Right, such consent or disapproval to be given at any
time after the election to which it relates. If settlement of a Stock Appreciation Right, or portion thereof, is to be made in the form of Shares, the number of Shares to be distributed shall be the largest whole number obtained by dividing the cash
sum otherwise distributable in respect of such settlement by the Fair Market value of a Share on the date of exercise of the Stock Appreciation Right. The value of any fractional Share shall be paid in cash.
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| | (e) | Effect of Exercise of Related Option. If the related Incentive Stock Option is exercised in whole or in part, then the Stock Appreciation Right with respect to the Shares
purchased pursuant to such exercise (but not with respect to any unpurchased Shares) shall be terminated as of the date of exercise.
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| | (f) | Non-Transferability. A Stock Appreciation Right shall not be transferable or assignable by the Participant other than by will or by the laws of descent and distribution,
shall not be transferred other than together with the Incentive Stock Option to which it relates, and shall be exercisable during the Participants lifetime only by the Participant.
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| | (g) | Termination of Employment. If the Participant ceases to be an employee of any member of the Company Group for any reason, each outstanding Stock Appreciation Right shall only
be exercisable for such period and to such extent as the related Incentive Stock Option or portion thereof.
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III.
NONQUALIFIED STOCK OPTION PROVISIONS



|1. | Grant of Nonqualified Stock Options. Subject to the provisions of this Part III, the Committee shall from time to time determine those individuals eligible pursuant to
Section 4 of Part I to whom Nonqualified Stock Options shall be granted and the number of shares subject to, and terms and conditions of, such Options.
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|2. | Terms and Conditions of Nonqualified Stock Options. Each Nonqualified Stock Option shall be evidenced by an option agreement which shall be in such form as the Board shall
from time to time approve, and which shall comply with and be subject to the following terms and conditions:
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| | (a) | Number of Shares. Each Nonqualified Stock Option agreement shall state the number of Shares covered by the agreement.
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| | (b) | Option Price and Method of Payment. The option price of each Nonqualified Stock Option shall be such price as the Committee, in its discretion, shall establish, and the
Committee may, in its discretion, reduce the option price of such Option at any time prior to the exercise of the Option; provided however, that the option price may not be less than the greater of 85% of the Fair Market Value of the Shares on the
date the Nonqualified Stock Option is granted or the par value, if any, of the Shares. The option price shall be payable on exercise of the Option (i) in cash or by certified check, bank draft or postal or express money order, (ii) in the
discretion of the Committee, by the surrender of shares then owned by the Participant, or (iii) in the discretion of the Committee, partially in accordance with clause (i) and partially in accordance with clause (ii) of this
Section 2(b). Shares so surrendered in accordance with clause (ii) or (iii) shall be valued at the Fair Market Value thereof on the date of exercise, surrender of such Shares to be evidenced by delivery of the certificate(s)
representing such Shares in such manner, and endorsed in such form, or accompanied by stock powers endorsed in such form, as the Committee may determine.
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| | (c) | Option Period.
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| | (i) | General. The period during which a Nonqualified Stock Option shall be exercisable shall not exceed ten (10) years from the date such Nonqualified Stock Option is
granted; provided, however, that such Option may be sooner terminated in accordance with the provisions of this Section 2(c). Subject to the foregoing, the Committee may establish a period or periods with respect to all or any part of the
Nonqualified Stock Option during which such Option may not be exercised and at the time of a subsequent grant of a Nonqualified Stock Option or at such longer time as the Committee may determine accelerate the right of the Participant to exercise
all or any part of the Nonqualified Stock Option not then exercisable. The number of Shares which may be purchased at any one time shall be 100 Shares, a multiple thereof or the total number at the time purchasable under the Nonqualified Stock
Option.
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| | (ii) | Termination of Employment. If the Participant ceases to be an employee of any member of the Company Group or ceases to perform services for any member of the Company Group
for any reason other than Disability or death, any outstanding Nonqualified Stock Option held by the Participant shall terminate on the earlier of the date on which such Option would otherwise expire or three (3) months after such termination
of employment or the provision of services, and such Option shall be exercisable, prior to its termination, to the extent it was exercisable as of the date of termination of employment or the date on which services ceased to be performed.
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| | (iii) | Disability. If a Participants employment or provision of services is terminated by Disability, any then outstanding Nonqualified Stock Option held by the Participant
shall terminate on the earlier of the date on which such Option would otherwise expire or one (1) year after such termination of employment or the provision of services, and such Option shall be exercisable, prior to its termination, to the
extent it was exercisable as of the date of termination of employment or the date on which services ceased to be performed.
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| | (iv) | Death. If a Participants employment or provision of services is terminated by death, the representative of the Participants estate or beneficiaries thereof to
whom the Option has been transferred shall have the right during the one (1) year period following the date of the Participants death to exercise any then outstanding Nonqualified Stock Options in whole or in part. The number of Shares in
respect to which a Nonqualified Stock Option may be exercised after a Participants death shall be the number of Shares in respect of which such Option could be exercised as of the date of the Participants death. In no event may the
period for exercising a Nonqualified Stock Option extend beyond the date on which such Option would otherwise expire.
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| | (d) | Non-transferability. A Nonqualified Stock Option shall not be transferable or assignable by the Participant other than by will or the laws of descent and distribution, and
shall be exercisable during the Participants lifetime only by the Participant.
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|3. | Stock Appreciation Rights.
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| | (a) | Grant. Stock Appreciation Rights related to all or any portion of a Nonqualified Stock Option may be granted by the Committee to any Participant in connection with the grant
of a Nonqualified Stock Option or unexercised portion thereof held by the Participant at any time and from time to use during the term thereof. Each Stock Appreciation Right shall be subject to such terms and conditions (which may include
limitations as to the time when such Stock Appreciation Right becomes exercisable and when it ceases to be exercisable that are more restrictive than the limitations on the exercise of the Nonqualified Stock Option to which it relates) not
inconsistent with the provisions of this Part III as shall be determined by the Committee and included in the agreement relating to such Nonqualified Stock Option and Stock Appreciation Right, subject in any event, however, to the following terms
and conditions of this Section 3.
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| | (b) | Exercise. No Stock Appreciation Right shall be exercisable with respect to such related Nonqualified Stock Option or portion thereof unless such Nonqualified Stock Option or
portion shall itself be exercisable at that time. A Stock Appreciation Right shall be exercised only upon surrender of the related Nonqualified Stock Option or portion thereof in respect of which the Stock Appreciation Right is then being exercised.
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| | (c) | Amount of Payment. On exercise of a Stock Appreciation Right, a Participant shall be entitled to receive an amount equal to the product of (i) the amount by which the
Fair Market value of a Share on the date of exercise of the Stock Appreciation Right exceeds the option price per share specified in the related Nonqualified Stock Option and (ii) the number of shares in respect of which the Stock Appreciation
Right shall have been exercised.
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| | (d) | Form of Payment. The Committee shall have the sole discretion either (i) to determine the form in which payment in settlement of a Stock Appreciation Right will be made
(i.e., cash, Shares or any combination thereof), or (ii) to consent to or disapprove the election by the Participant to receive cash in full or partial settlement of the Stock Appreciation Right, such consent or disapproval to be given at any
time after the election to which it relates. If settlement of a Stock Appreciation Right, or portion thereof, is to be made in the form of Shares, the number of Shares to be distributed shall be the largest whole number obtained by dividing the cash
sum otherwise distributable in respect of such settlement by the Fair Market Value of a Share on the date of exercise of the Stock Appreciation Right. The value of any fractional Share shall be paid in cash.
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| | (e) | Effect of Exercise of Related Option. If the related Nonqualified Stock Option is exercised in whole or in part, then the Stock Appreciation Right with respect to the Shares
purchased pursuant to such exercise (but not with respect to any unpurchased Shares) shall be terminated as of the date of exercise.
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| | (f) | Non-transferability. A Stock Appreciation Right shall not be transferable or assignable by the Participant other than by will or the laws of descent and distribution, shall
not be transferred other than together with the Nonqualified Stock Option to which it relates, and shall be exercisable during the Participants lifetime only by the Participant.
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| | (g) | Termination. If the Participant ceases to be an employee of any member of the Company Group or ceases to perform services for any member of the Company Group for any reason,
each outstanding Stock Appreciation Right shall be exercisable for such period and to such extent as the related Nonqualified Stock Option or portion thereof.
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IV. MISCELLANEOUS



|1. | Effective Date. This Plan shall become effective on March 6, 1989 (the Effective Date), provided, however, that if the Plan is not approved by the
shareholders of the Company prior to the expiration of the one year period commencing on the Effective Date, this Plan and all Options and Stock Appreciation Rights granted hereunder shall be null and void and shall be of no effect.
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|2. | Duration of Program. Unless sooner terminated, the Plan shall remain in effect for a period of ten years after the Effective Date and shall thereafter terminate. No Incentive
Stock Options or Nonqualified Stock Options may be granted after the termination of this Plan; provided, however, that except as otherwise provided in Section 1 of this Part IV, termination of the Plan shall not affect any Options or Stock
Appreciation Rights previously granted, which such Options and Stock Appreciation Rights shall remain in effect until exercised, surrendered or cancelled, or until they have expired, all in accordance with their terms.
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|3. | Changes in Capital Structure, etc. In the event of changes in the outstanding common shares of the Company by reasons of stock dividends, stock splits, recapitalizations,
mergers, consolidations, combinations or exchange of shares, separations, reorganizations, or liquidations, the number of shares available under the Plan in the aggregate and the maximum number of Shares as to which Options and Stock Appreciation
Rights may be granted to any Participant shall be correspondingly adjusted by the Committee. In addition, the Committee shall make appropriate adjustments in the number of Shares as to which outstanding Options, Stock Appreciation Rights, or
portions thereof then unexercised, shall relate, to the end that the Participants proportionate interest shall be maintained as before the occurrence of such events; such adjustment shall be made without change in the total price applicable to
the unexercised portion of Options and with a corresponding adjustment in the option price per Share.
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|4. | Rights as Shareholder. A Participant entitled to Shares as a result of the exercise of an Option or Stock Appreciation Right shall not be deemed for any purpose to be, or
have rights as, a shareholder of the Company by virtue of such exercise, except to the extent a stock certificate is issued therefor and then only from the date such certificate is issued. No adjustments shall be made for dividends or distributions
or other rights for which the record date is prior to the date such stock certificate is issued.
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|5. | Expenses. The expenses of this Plan shall be paid by the Company.
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|6. | Withholding. Any person exercising an Option or Stock Appreciation Right shall be required to pay to the appropriate member of the Company Group the amount of any taxes such
member is required by law to withhold with respect to the exercise of such Option or Stock Appreciation Right. Such payment shall be due on the date such member is required by law to withhold such taxes. Such payment may also be made at the election
of the optionee by the surrender of Shares then owned by the optionee, or the withholding of Shares otherwise to be issued to the optionee on exercise, in an amount that would satisfy the withholding amount due. Any election so made by optionees
subject to section 16(b) of the Securities Exchange Act of 1934, as amended shall be in accordance with the requirements of Rule 16b-3(e) under such Act and any interpretations thereof of the Securities and Exchange Commission. The value of such
Shares withheld or delivered shall be equal to the Fair Market Value of such Shares on the date of exercise. In the event that such payment is not made when due, the Company shall have the right to deduct, to the extent permitted by law, from any
payment of any kind otherwise due to such person from any member of the Company Group, all or part of the amount required to be withheld (including cash payable in settlement of a Stock Appreciation Right).
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|7. | Compliance with Applicable Law. Notwithstanding anything herein to the contrary, the company shall not be obligated to cause to be issued or delivered any certificates
evidencing Shares to be delivered pursuant to the exercise of an Option or Stock Appreciation Right, unless and until the Company is advised by its counsel that the issuance and delivery of such certificates is in compliance with all applicable laws
and regulations of governmental authority. The Company shall in no event be obligated to register any securities pursuant to the Securities Act of 1933 (as now in effect or as hereafter amended) or to take any other action in order to cause the
issuance and delivery of such certificates to comply with any such law or regulation. The Committee may require, as a condition of the issuance and delivery of such certificates and in order to ensure compliance with such laws and regulations, that
the Participant make such covenants, agreements and representations as the Committee, in its sole discretion, deems necessary or desirable.
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|8. | Application of Funds. Any cash proceeds received by the Company from the sale of Shares pursuant to Options will be used for general corporate purposes.
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|9. | Amendment of the Plan. The Board may from time to time suspend or discontinue this Plan or revise or amend it in any respect whatsoever except that, without approval of the
shareholders, no such revision or amendment shall (a) increase the number of shares subject to this Plan, (b) decrease the price at which Options may be granted, (c) remove tile administration of this Plan from the Committee,
(d) modify the requirements as to eligibility for a grant of an Option or Stock Appreciation Right, or (e) materially increase the benefits accruing to the Participants under this Plan. No such suspension, discontinuance, revision or
amendment shall in any manner affect any grant theretofore made without the consent of the Participant or the transferee of the Participant, unless necessary to comply with applicable law.
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