# EDGAR Filing Document

**Accession Number:** 0000811641
**File Stem:** 0001437749-25-030110
**Filing Date:** 2025-9
**Character Count:** 97914
**Document Hash:** 0b192e9c68407ca0b390785f6b8c508d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-030110.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0001437749-25-030110

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250929

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IMMUCELL CORP /DE/
- **CENTRAL INDEX KEY:** 0000811641
- **STANDARD INDUSTRIAL CLASSIFICATION:** IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 010382980
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12934
- **FILM NUMBER:** 251360415

**BUSINESS ADDRESS:**
- **STREET 1:** 56 EVERGREEN DR
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04103
- **BUSINESS PHONE:** 2078782770

**MAIL ADDRESS:**
- **STREET 1:** 56 EVERGREEN DRIVE
- **CITY:** PORTLAND
- **STATE:** ME
- **ZIP:** 04103

?xml version='1.0' encoding='ASCII'? iccc20250827_8k.htm

**FORM 8-K**

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) September 29, 2025

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| |
|:---|
| **ImmuCell Corporation** |
| (Exact name of registrant as specified in its charter) |

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| | | |
|:---|:---|:---|
| Delaware | 001-12934 | 01-0382980 |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

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| | |
|:---|:---|
| 56 Evergreen Drive Portland, Maine | 04103 |
| (Address of principal executive offices) | (Zip Code) |

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Registrant's telephone number, including area code <u>207-878-2770</u>

(Former name or former address, if changed since last report)<br>

Check the appropriate box below if the Form 8-K ﬁling is intended to simultaneously satisfy the ﬁling obligation of the Registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, $0.10 par value per share<br> ICCC | The Nasdaq Capital Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.01. Entry into a Material Definitive Agreement**

The information set forth in Item 5.02 below is hereby incorporated by reference into this Item 1.01.

**Item 5.02. Departure of Directors or Certain Officers, Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

The Board of Directors of ImmuCell Corporation (the Company) has elected Olivier te Boekhorst, age 54, to serve as its President and Chief Executive Officer starting November 1, 2025. Mr. te Boekhorst is currently an Operating Partner of Archimed, a global investment firm based in New York City and Lyon, France. He has served since August 2024 as Chair of SeqCenter, a laboratory services provider located in Pittsburgh, PA. From 2004 to 2022, he held several different positions at IDEXX Laboratories, a leading diagnostics products and services company, located in Westbrook, Maine (Nasdaq: IDXX). Most recently, he was Senior Vice President and General Manager for IDEXX, responsible for a portfolio of businesses including livestock diagnostics, dairy antibiotic residue testing, water safety testing, and OPTI Medical human point-of-care and COVID testing from 2019 to 2022. From 1997 to 2004, Mr. te Boekhorst was a Project Leader and Strategy Consultant for the Boston Consulting Group.

Mr. te Boekhorst will be compensated at a base annual base salary of $450,000 and will be entitled to participate in the employee benefit plans offered by the Company. Mr. te Boekhorst, will be entitled to earn annual cash bonuses of up to an additional $400,000 per year subject to the Company having achieved for the prior year financial improvement targets set in advance by the Company's Board of Directors or its Compensation and Stock Option Committee. The targets for 2026 are anticipated to be negotiated between Mr. te Boekhorst and the Committee in the first quarter of 2026 after financial results for the 2025 fiscal year are available. Mr. te Boekhorst also is to receive a one-time $100,000 signing bonus upon commencement of employment (subject to repayment by him in certain events involving cessation of employment within one year of commencement). As an inducement to employment, the Board approved initial stock option grants to him, in two installments. The first installment was granted to him by the Compensation and Stock Option Committee on September 16, 2025 (concurrent with his signing an offer letter setting out preliminary terms). That award was in the form of a nonqualified stock option for 76,673 shares of Common Stock, with an exercise price of $5.90 per share. The second installment is to be granted by the Committee soon after his actual employment start date and will be for up to 85,000 shares of Common Stock (with the size of this second award adjusted so that its projected value for accounting purposes equals $250,000). Those latter options will be a mix of incentive stock options and nonqualified stock options, with an exercise price equal to the closing price of the Common Stock on the date of grant. Neither of these inducement awards are immediately exercisable but instead vest on the basis of continued employment, in three equal annual increments starting on the first anniversary of their respective grant dates (except that upon a Change in Control, as defined, all then outstanding unvested equity awards, including these awards, will immediately vest in full). Both options will have a 10-year term and otherwise carry conditions similar to those found in the Company's customary stock option agreements. In the event the Company terminates Mr. te Boekhorst's employment without Cause or he terminates his employment for Good Reason (each as defined), he will become eligible for severance compensation consisting of one year's base annual salary, up to 12 months of COBRA cost reimbursement, up to 12 months of accelerated vesting of his outstanding stock options, and an extended period (24 months) within which to exercise his vested options.

Effective upon commencement of employment, Mr. te Boekhorst also will become subject to a Confidential Information, Inventions and Noncompete Agreement on terms patterned after those to which the current CEO (Mr. Brigham) is subject.

Following commencement of Mr. te Boekhorst's employment, the Board of Directors will expand the size of the Board and elect Mr. te Boekhorst as a Director.

The forgoing descriptions of the Employment Agreement and the Confidential Information, Inventions and Noncompete Agreement are qualified in all respects by reference to the full text of those Agreements, attached to this Current Report on Form 8-K as Exhibits 10.1 and 10.2, respectively, and incorporated into this Item 5.02 by reference. A copy of the press release announcing Mr. te Boekhorst's appointment is furnished as Exhibit 99.1.

When Mr. te Boekhorst's employment begins, Michael F. Brigham will step down from his current position as Company President and CEO and will become Special Advisor to the CEO for at least two months, to help assure a smooth transition. Mr. Brigham's present compensatory arrangements will remain unchanged during his continued employment. Mr. Brigham also will remain a Director of the Company, subject to possible re-election by stockholders at the 2026 Annual Meeting of Stockholders. Once no longer employed by the Company, Mr. Brigham will be eligible for compensation under arrangements applicable to other non-employee Directors of the Company.

**Item 9.01. Exhibits.**

(d) <u>Exhibits</u>.

The following exhibit relating to Item 2.02 shall be deemed to be furnished, and not filed:

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| | |
|:---|:---|
| 10.1 | [Employment Agreement between the Company and Olivier te Boekhorst dated as of September 29, 2025.](ex_865267.htm) |
| 10.2 | [Confidential Information, Inventions and Noncompete Agreement between the Company and Olivier te Boekhorst, signed September 29, 2025 and effective upon commencement of employment.](ex_865270.htm) |
| 99.1 | [Press Release of the Company dated September 29, 2025.](ex_857800.htm) |
| 104 | Cover page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **IMMUCELL CORPORATION** | **IMMUCELL CORPORATION** |
| Date: September 30, 2025 | By: | */s/* Michael F. Brigham |
|  |  | Michael F. Brigham |
|  |  | President, Chief Executive Officer and Principal Financial Officer |
| Date: September 30, 2025 | By: | /s/ Timothy C. Fiori |
|  |  | Timothy C. Fiori |
|  |  | Chief Financial Officer |

---

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**Exhibit Index**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Employment Agreement between the Company and Olivier te Boekhorst dated September 29, 2025.](ex_865267.htm) |
| 10.2 | [Confidential Information, Inventions and Noncompete Agreement, signed September 29, 2025 and to become effective upon commencement of employment.](ex_865270.htm) |
| 99.1 | [Press Release of the Company dated September 29, 2025.](ex_857800.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

## Exhibit 10.1

**Exhibit 10.1**

**Employment Agreement**

THIS EMPLOYMENT AGREEMENT (this "**Agreement**") is made and entered into as of September 29, 2025, by and between Paul F. Olivier te Boekhorst (the "**Executive**") and ImmuCell Corporation (the "**Company**") (the Company and Executive, collectively the "**Parties**").

WHEREAS, the Company desires to employ the Executive on the terms and conditions set forth herein; and

WHEREAS, the Executive desires to be employed by the Company on such terms and conditions;

NOW, THEREFORE, in consideration of the mutual covenants, promises, and obligations set forth herein, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Term</u>. The Executive's employment hereunder shall be on an at-will basis and is anticipated to commence on November 1, 2025, unless another date is mutually agreed upon by the Parties. The Executive's actual first day of employment shall hereinafter be referred to as his "**Start Date**." As used in this Agreement, employment on an "at-will basis" means the Executive or the Company may terminate the employment relationship at any time, with or without cause, and with or without notice and for any reason or no particular reason. The period during which the Executive is employed by the Company is referred to as the "**Employment Term**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Position and Duties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Position</u>. During the Employment Term, the Executive shall serve as the President and Chief Executive Officer of the Company, reporting to the Board of Directors of the Company (the "**Board**"). In such position, the Executive shall devote his full business time, attention, and best efforts to performing such duties, maintaining such authority, and carrying out responsibilities as shall be determined from time to time by the Board. Each such duty, authority, and responsibility shall be consistent with the Executive's position. Subject to appointment by the Board and re-election from time to time by the Company's shareholders, the Executive agrees to serve as a non-independent member of the Board, for no additional compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Duties</u>. During the Employment Term, the Executive shall devote substantially all of the Executive's business time and attention to the performance of the Executive's duties hereunder and will not engage in any other business, profession, or occupation for compensation or otherwise which would conflict or interfere with the performance of such services either directly or indirectly without the prior written consent of the Board. Notwithstanding the foregoing, the Executive will be permitted on his own time to (a) participate in civic or charitable events and activities; (b) with the prior written consent of the Board (which consent will not be unreasonably withheld or delayed) act or serve as a director, trustee, committee member, or principal of up to three (3) other companies, either public or private, as long as such activities are disclosed in writing to the Company's Board and done so in accordance with the Company's Code of Business Conduct and Ethics, or similar policy as then in effect; and (c) manage the Executive's personal investment assets, including the purchase or ownership of less than three percent (3%) of the publicly traded securities of any corporation; provided that such ownership represents a passive investment and that the Executive is not a controlling person of, or a member of a group that controls, such corporation; and provided further that the activities described in clauses (a), (b), and (c) do not interfere with the performance of the Executive's duties and responsibilities to the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Place of Performance</u>. The principal place of Executive's employment shall be at the Company's corporate offices in Portland, Maine; provided that the Executive may be required to travel on Company business during the Employment Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Base Salary</u>. The Company shall pay the Executive an annual base salary of $450,000.00, less all applicable taxes and withholdings, in bi-weekly installments in accordance with the Company's customary payroll practices and applicable wage payment laws. The Executive's base salary shall be reviewed on or about February 5, 2027, and annually after that, by the Board; and the Board may, but shall not be required to, increase the base salary during the Employment Term. The Executive's annual base salary, as in effect from time to time, is hereinafter referred to as "**Base Salary**."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Annual Bonus</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For each completed calendar year of employment, the Executive shall be eligible to earn an annual bonus (the "**Annual Bonus**"). The Executive's aggregate Annual Bonus opportunity for a given calendar year shall equal $400,000. The Annual Bonus will be paid out for achieving or exceeding specified performance goals for improvements over the Corporation's prior year financial results, with the target Annual Bonus amount to be allocated among financial metrics (such as Company Revenue, Gross Margin percentage, and Adjusted EBITDA) designated by the Board or the Compensation and Stock Option Committee of the Board (the "**Compensation Committee**"), in each case consisting of a target improvement goal as well as a minimum improvement threshold. If the minimum improvement threshold for a particular metric is not achieved, then no Annual Bonus amount associated with that metric will be earned or paid. If the Company achieves or exceeds the target improvement goal, then 100% of the Annual Bonus for that metric will be deemed earned and thus paid. Performances falling short of the target improvement goal but exceeding the minimum threshold will result in partial payment of the Annual Bonus for that metric, on a pro rata basis. The Board and/or Compensation Committee in consultation with the Executive, expects to finalize each year's target improvement goals and minimum improvement thresholds in February of that year, after seeing actual (unaudited) results from the prior year. The first such Annual Bonus will relate to goals and thresholds established for calendar year 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Annual Bonus, if any, will be paid not later than March 15 in the year following the calendar year for which the Bonus was earned. The Board and the Compensation Committee each reserve discretion to make retroactive adjustments in the performance goals and thresholds (for example to add, exclude, or adjust components of EBITDA) in the event (after consultation with the Executive) the Board or Committee concludes that retroactive adjustment is needed to more fairly reflect the original objectives for which the particular goal or threshold was designated at the outset. Nothing herein shall preclude the Board or the Committee, in its discretion, from approving a payout that exceeds the Annual Bonus formula for one or more metrics, for example in the event the Corporation exceeds a target improvement goal by a significant margin; provided, however, that neither the Board nor the Committee will be under any obligation to do.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order to be eligible to receive an Annual Bonus, the Executive must be employed by the Company on the date that Annual Bonus is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Signing Bonus</u>. The Company shall pay the Executive a lump sum cash signing bonus of $100,000.00 (the "**Signing Bonus**") on the first payroll date following the Start Date; provided that the Executive shall promptly repay the gross amount of the Signing Bonus if the Executive terminates the Executive's employment other than for Good Reason or the Company terminates the Executive's employment for Cause (as defined below), in either case within one year of the Start Date. The Company may exercise a right of setoff in order to effectuate or enforce such repayment obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Equity Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Compensation Committee has previously granted the Executive nonqualified stock options (NSOs) for the purchase of up to 85,000 shares of Common Stock (subject to adjustment). On or soon after the Start Date, the Committee also will award the Executive a stock option for the purchase of up to an additional 85,000 shares (again, subject to adjustment) under a new 2025 Stock Option and Incentive Plan to be approved by the Board (the "**2025 Plan**"). Both such awards are made as an inducement to employment, within the meaning of applicable Nasdaq rules. The second award will include both incentive stock options (ISOs) and nonqualified options, with ISO treatment being (i) conditioned upon approval of the 2025 Plan by vote of Company shareholders within 12 months of the Board's adoption of such Plan and (ii) subject to the applicable $100,000 per year limitation set forth in Section 422 of the Internal Revenue Code (the "**Code**"). The above-referenced "adjustments" will involve changes in the size of the two awards, to reflect a projected value of approximately $250,000 each (applying a Black-Scholes calculation by the Company's independent accountants). These two option grants will vest and become exercisable in three installments during the Employment Term, each for one third of the total number of shares covered by the particular grant (the first two installments to be rounded down to the nearest whole number), on the first, second, and third anniversaries of the applicable grant date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Change in Control occurs, then the Executive shall receive 100% accelerated vesting of his outstanding, unvested stock option awards and any other outstanding, unvested equity awards. For purposes of this Agreement, "**Change in Control**" shall mean the occurrence of any of the following after the Start Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>")) (a "<u>Person</u>") of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either (x) the then-outstanding shares of common stock of the Company (the "<u>Outstanding Company Common Stock</u>") or (y) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the "<u>Outstanding Company Voting Securities</u>"); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change of Control: (a) any acquisition directly from the Company, (b) any acquisition by the Company, (c) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or (d) any acquisition by any corporation pursuant to a transaction which satisfies the criteria set forth in clauses (x), (y) and (z) of subsection (iii) of this Section 4.4(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A change in the composition of the Board, as a result of which fewer than one-half of the incumbent directors are directors who either (x) had been directors of the Company 24 months prior to such change or (y) were elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the directors who had been directors of the Company 24 months prior to such change and who were still in office at the time of the election or nomination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a "Business Combination"), in each case, unless, immediately following such Business Combination, (x) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Company Common Stock or the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than a majority of, respectively, the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, of the corporation resulting from such Business Combination (which as used in this Section 4.4(b)(iii) shall include, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company's assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock or the Outstanding Company Voting Securities, (y) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination, or the combined voting power of the then-outstanding voting securities of such corporation and (z) at least half of the members of the board of directors of the corporation resulting from such Business Combination were members of the Company's Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Company terminates Executive's employment without Cause (other than for death or disability) or if the Executive terminates his employment for Good Reason, then (i) the period of exercisability for each then-vested stock option granted to him by the Company shall be deemed extended to the date which is 24 months after the Termination Date (the "Extended Exercise Period") and (ii) the portion of the Executive's outstanding unvested stock options and other equity awards that would have vested in the 12 months following the Termination Date shall immediately accelerate and become fully vested and exercisable or nonforfeitable as of the Termination Date (with the accelerated portions of the stock options being subject to the Extended Exercise Period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All grants of stock options to the Executive will be evidenced by option agreements consistent with the foregoing terms and otherwise in customary form and on customary terms as called for under 2025 Plan. The options granted to the Executive shall in no event comprise more than 50% of the total shares available under the 2025 Plan, and at least 50% of shares reserved for the 2025 Plan shall be available for grant to other employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Fringe Benefits and Perquisites</u>. During the Employment Term, the Executive shall be entitled to fringe benefits and perquisites consistent with the practices of the Company and governing benefit plan requirements (including plan eligibility provisions), and to the extent the Company provides similar benefits and perquisites to similarly situated executives of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Employee Benefits</u>. During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans, practices, and programs maintained by the Company, as in effect from time to time (collectively, "**Employee Benefit Plans**"), on a basis which is no less favorable than is provided to other similarly situated executives of the Company, to the extent consistent with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or terminate any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Paid Time Off</u>. During the Employment Term, the Executive shall be entitled to earn up to 30 days of paid time off annually. Consistent with Company PTO policies for employees generally, PTO shall accrue pro rata with each bi-weekly payroll period (here, 9.23 hours per period), capped at 200 hours available to the employee at any one time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Business Expenses</u>. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment, and travel expenses incurred by the Executive in connection with the performance of the Executive's duties hereunder in accordance with the Company's expense reimbursement policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Clawback Provisions</u>. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based or other compensation paid to the Executive under this Agreement or any other agreement or arrangement with the Company which is subject to recovery under any law, government regulation, or stock exchange listing requirement will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation, stock exchange listing requirement or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 <u>Indemnification</u>. In the event that the Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a "**Proceeding**"), other than any Proceeding initiated by the Executive or the Company related to any contest or dispute between the Executive and the Company or any of its affiliates with respect to this Agreement or the Executive's employment hereunder, by reason of the fact that the Executive is or was a director or officer of the Company, or any affiliate of the Company, or is or was serving at the request of the Company as a director, officer, member, employee, or agent of another corporation or a partnership, joint venture, trust, or other enterprise, the Executive shall, to the fullest extent permitted by law, be indemnified and held harmless by the Company from and against any liabilities, costs, claims, and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys' fees). The Company shall also provide the Executive with directors and officers liability insurance coverage at least as favorable as that which the Company may maintain from time to time for its other executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Termination of Employment</u>. The Employment Term and the Executive's employment hereunder may be terminated by either the Company or the Executive at any time and for any reason. On termination of the Executive's employment during the Employment Term, the following shall constitute the "**Standard Termination Payments**":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any accrued but unpaid Base Salary and accrued but unused PTO of the Executive as of the Termination Date, to be paid no later than the Company's next regular payroll date following the Termination Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reimbursement for unreimbursed business expenses properly incurred and timely documented by the Executive, which shall be subject to and paid in accordance with the Company's expense reimbursement policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such employee benefits (including equity compensation), if any, to which the Executive may be entitled under the Company's Employee Benefit Plans as of the Termination Date.

In no event shall the Executive be entitled to any payments in the nature of severance or termination payments except as specifically provided below in this Section 5.

Except as expressly provided in this Section 5 or as required by applicable law, the Executive shall have no further rights to any compensation or any other benefits from the Company or any of its affiliates upon a termination of his Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Termination For Cause by the Company</u>. The Company may terminate the Executive's employment at any time for Cause, in which case the Executive shall, as of the Termination Date, become eligible for the Standard Termination Payments. For purposes of this Agreement, "**Cause**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Executive's failure to perform his duties (other than any such failure resulting from excused incapacity due to physical or mental illness), which, if capable of being cured, is not cured to the reasonable satisfaction of the Board within thirty (30) days after the Executive receives from the Board written notice of such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Executive's failure to comply with any valid and legal directive of the Board, which, if capable of being cured, is not cured to the reasonable satisfaction of the Board within thirty (30) days after the Executive receives from the Board written notice of such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Executive's engagement in dishonesty, illegal conduct, or misconduct, which is, in each case, injurious to the Company or its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Executive's embezzlement, misappropriation, or fraud, whether or not related to the Executive's employment with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Executive's conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state law equivalent) or a crime that constitutes a misdemeanor involving moral turpitude;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Executive's material violation of the Company's written policies or codes of conduct, including written policies related to discrimination, harassment, performance of illegal or unethical activities, and ethical misconduct, which, in the case of a violation that is capable of being cured, is not cured to the reasonable satisfaction of the Board within thirty (30) days after the Executive receives from the Board written notice of such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Executive's willful unauthorized disclosure of Confidential Information (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Executive's material breach of any material obligation under this Agreement or any other written agreement between the Executive and the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Executive's engagement in conduct that brings or is reasonably likely to bring the Company negative publicity or into public disgrace, embarrassment, or disrepute; provided, however, that the Executive's engagement in conduct pursuant to a directive from the Board shall not constitute "Cause" under this subsection (ix).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Termination by Executive for Good Reason</u>. The Executive may terminate his employment for Good Reason, in which case the Executive shall, as of the Termination Date, become eligible for the Standard Termination Payments plus the Severance Benefits (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, "**Good Reason**" shall mean the occurrence of any of the following, in each case during the Employment Term and without the Executive's consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in the Executive's Base Salary other than a general reduction in salaries that affects all similarly situated executives in substantially the same proportions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a relocation of the Executive's principal place of employment by more than 40 miles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any material breach by the Company of this Agreement or any Stock Option Agreement between the Executive and the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company's failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a material, adverse change in the Executive's title, authority, duties, or responsibilities (other than temporarily while the Executive is physically or mentally incapacitated or as required by applicable law) taking into account the Company's size, status as a public company, and capitalization as of the date of this Agreement.

The Executive cannot terminate employment for Good Reason unless (i) the Executive has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason within thirty (30) days of the initial existence of such grounds, (ii) the Company has had at least thirty (30) days from the date on which such notice is provided to cure such circumstances (the "Cure Period"), (iii) notwithstanding such efforts, the circumstances providing grounds for termination for Good Reason continue to exist, and (iv) the Executive terminates the Executive's employment within thirty (30) days after the end of the Cure Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that Executive terminates his employment for Good Reason, but conditional upon the Executive first having timely executed and delivered to the Company a Qualifying Release, the Executive shall additionally become entitled to severance benefits (the "**Severance Benefits**") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) twelve (12) months' Base Salary, less all applicable taxes and withholdings, to be paid in periodic installments over twelve (12) months commencing within 60 days of the Termination Date in accordance with the Company's customary payroll practices and applicable wage payment laws, but no less frequently than monthly; *provided, however*, that if the 60-day period begins in one calendar year and ends in a second calendar year, such payments, to the extent they qualify as "non-qualified deferred compensation" within the meaning of Section 409A of the Code, shall begin to be paid in the second calendar year by the last day of such 60-day period; *provided, further*, that the initial payment shall include a catch-up payment to cover amounts retroactive to the day immediately following the Termination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("**COBRA**"), the Company shall reimburse the Executive for the monthly COBRA premium paid by the Executive for the Executive and the Executive's dependents. Such reimbursement shall be paid to the Executive on the fifteenth (15<sup>th</sup>) day of the month immediately following the month in which the Executive timely remits the premium payment. The Executive shall be eligible to receive such reimbursement until the earliest of: (i) the twelve-month anniversary of the Termination Date; (ii) the date the Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Executive becomes eligible to receive substantially similar coverage from another employer or other source. Notwithstanding the foregoing, if the Company's making payments under this Section 5.3(c) would violate the nondiscrimination rules applicable to non-grandfathered plans under the Affordable Care Act (the "**ACA**"), or result in the imposition of penalties under the ACA and the related regulations and guidance promulgated thereunder, the Parties agree to reform this Section 5.3(c) in a manner as is necessary to comply with the ACA.

For purposes of this Section 5.3, a "**Qualifying Release**" shall mean a release provided by the Company to the Executive no later than the Termination Date, in form and substance reasonably satisfactory to the Company, of all claims against the Company, its affiliates and their respective officers and directors (other than a claim against the Company for payment of the Standard Termination Payments, for vested equity awards and interests, or for the Severance Benefits under this Agreement), such release having been delivered to the Company and become effective not later than 28 days following the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Voluntary Termination/Death/Disability</u>. Should Executive voluntarily terminate his role without Good Reason, die, or become unable to perform his job duties as a result of a Disability, the Executive shall, as of the Termination Date, become eligible for the Standard Termination Payments but no Severance Benefits. For purposes of this Section 5.4, "**Disability**" shall mean the Executive's inability, due to physical or mental incapacity, to perform the essential functions of the Executive's job, with or without reasonable accommodation, for one hundred eighty (180) days out of any three hundred sixty-five (365) day period or one hundred twenty (120) consecutive days. Any question as to the existence of the Executive's Disability as to which the Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and the Executive shall be final and conclusive for all purposes of this Agreement. For the avoidance of doubt, if following a Change in Control, the Executive remains employed by the Company or becomes employed by the purchaser or any of their affiliates in connection with any such transaction, then the Executive shall not be entitled to the Severance Benefits solely as a result of such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>All other Terminations</u>. In the event that the Company terminates the Executive's employment for any reason not set forth in Sections 5.2 or 5.4, the Executive shall become eligible for the Standard Termination Payments, and also become eligible for the Severance Benefits subject to his first having timely executed and delivered to the Company a Qualifying Release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Termination Date</u>. The Executive's "**Termination Date**" shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Executive's employment hereunder terminates on account of the Executive's death, the date of the Executive's death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Company terminates the Executive's employment hereunder for Disability or Cause, the date the notice of termination is delivered to the Executive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Company terminates the Executive's employment for any other reason, or the Executive terminates employment for any reason, the Executive's Termination Date shall be the date specified in the notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Resignation of All Other Positions</u>. On the Termination Date, the Executive shall be deemed to have resigned from all positions that the Executive holds as an officer or member of the Board (or a committee thereof) of the Company or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Section 280G</u>. If any of the payments or benefits received or to be received by the Executive (including, without limitation, any payments or benefits received in connection with a Change in Control, whether pursuant to the terms of this Agreement or any other plan, arrangement, or agreement, or otherwise) (all such payments collectively referred to herein as the "**280G Payments**") constitute "parachute payments" within the meaning of Section 280G of the Code and will be subject to the excise tax imposed under Section 4999 of the Code (the "**Excise Tax**"), the 280G Payments shall be reduced to the extent necessary to avoid imposition of the Excise Tax, but only if such reduction puts the Executive in a better after-tax position (taking into account any and all applicable federal, state, and local excise, income, or other taxes at the highest applicable rates on such 280G Payments and on any payments under this Section 5.8 or otherwise) than if the full amount of the 280G Payments had been paid and the Excise Tax had been imposed. All calculations and determinations under this Section 5.8 shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the "**Tax Counsel**") whose determinations shall be conclusive and binding on the Company and the Executive for all purposes. For purposes of making the calculations and determinations required by this Section 5.8, the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Company and the Executive shall furnish the Tax Counsel with such information and documents as the Tax Counsel may reasonably request in order to make its determinations under this Section 5.8. The Company shall bear all costs the Tax Counsel may reasonably incur in connection with its services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Cooperation</u>. The Parties agree that certain matters in which the Executive will be involved during the Employment Term may necessitate the Executive's cooperation in the future. Accordingly, for three (3) years following the termination of the Executive's employment for any reason, to the extent reasonably requested by the Board, the Executive shall cooperate with the Company in connection with matters arising out of the Executive's service to the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Executive's other activities. The Company shall reimburse the Executive for reasonable expenses incurred in connection with such cooperation and, to the extent that the Executive is required to spend substantial time on such matters, the Company shall compensate the Executive at an hourly rate based on the Executive's Base Salary on the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Restrictive Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Acknowledgement</u>. The Executive understands that the nature of the Executive's position gives the Executive access to and knowledge of confidential and/or proprietary information relating to the Company, its customers and suppliers, its employees, and so forth, and places the Executive in a position of trust and confidence with the Company. The Executive understands and acknowledges that the services the Executive provides to the Company are unique. The Executive further understands and acknowledges that the Company's ability to reserve these for the exclusive knowledge and use of the Company is of great competitive importance and commercial value to the Company, and that improper use or disclosure by the Executive is likely to result in unfair or unlawful competitive activity. The Executive further understands that business-related ideas developed by or with assistance from the Executive belong to the Company (as works for hire or otherwise), unless the Board of Directors otherwise provides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>No Material Restrictions</u>. Executive warrants that he has not previously assumed any obligations inconsistent with this Agreement and represent that he is able to accept this job and carry out the work that it would involve without breaching any legal restrictions on his activities, such as non-competition, non-solicitation or other work-related restrictions imposed by a current or former employer. If there are any such restrictions, the Executive shall inform the Company about any such restrictions and provide the Company with as much information about them as possible, including any agreements between the Executive and his current or former employers describing such restrictions on his activities. The Executive further confirms that he will not remove or take any documents or proprietary data or materials of any kind, electronic or otherwise, with him from his current or former employer to the Company without written authorization from his current or former employer, nor will he use or disclose any such confidential information during the course and scope of his employment with the Company. If the Executive has any questions about the ownership of particular documents or other information, he should discuss such questions with his former employer before removing or copying the documents or information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Confidential Information, Inventions And Noncompete Agreement</u>. As a condition to his Employment, the Executive shall enter into the Confidential Information, Inventions And Noncompete Agreement attached hereto as Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Security</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Security and Access</u>. The Executive agrees and covenants (a) to comply with all Company security policies and procedures as in force from time to time ("**Facilities and Information Technology Resources**"); (b) not to access or use any Facilities and Information Technology Resources except as authorized by the Company; and (iii) not to access or use any Facilities and Information Technology Resources in any manner after the termination of the Executive's employment by the Company, whether termination is voluntary or involuntary. The Executive agrees to notify the Company promptly in the event the Executive learns of any violation of the foregoing by others, or of any other misappropriation or unauthorized access, use, reproduction, or reverse engineering of, or tampering with any Facilities and Information Technology Resources or other Company property or materials by others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Exit Obligations</u>. Upon (a) voluntary or involuntary termination of the Executive's employment or (b) the Company's request at any time during the Executive's employment, the Executive shall (i) provide or return to the Company any and all Company property including all correspondence, customer lists, prospect lists, memoranda, notes, records, reports, manuals, drawings, blueprints, microfilms, corporate disks and diskettes, tape recordings, photographs, and any other documents of a confidential nature belonging to the Company, together with all equipment, samples, technical bulletins and price lists, and including all copies of such material which the Executive may then possess or have under his control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Publicity</u>. The Executive hereby irrevocably consents to any and all uses and displays, by the Company and its agents, representatives and licensees, of the Executive's name, voice, likeness, image, appearance, and biographical information in, on or in connection with any pictures, photographs, audio and video recordings, digital images, websites, television programs and advertising, other advertising and publicity, sales and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes, and all other printed and electronic forms and media throughout the world, at any time during or after the Employment Term, for all legitimate commercial and business purposes of the Company ("**Permitted Uses**") without further consent from or royalty, payment, or other compensation to the Executive. The Executive hereby forever waives and releases the Company and its directors, officers, employees, and agents from any and all claims, actions, damages, losses, costs, expenses, and liability of any kind, arising under any legal or equitable theory whatsoever at any time during or after the Employment Term, arising directly or indirectly from the Company's and its agents', representatives', and licensees' exercise of their rights in connection with any Permitted Uses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Governing Law: Jurisdiction and Venue</u>. This Agreement, for all purposes, shall be construed in accordance with the laws of Maine without regard to conflicts of law principles. Any action or proceeding by either of the parties to enforce this Agreement shall be brought only in a state or federal court located in the state of Maine, county of Cumberland. The parties hereby irrevocably submit to the non-exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action or proceeding in such venue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Entire Agreement</u>. Unless specifically provided herein, this Agreement contains all of the understandings and representations between the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with respect to such subject matter. The parties mutually agree that the Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Modification and Waiver</u>. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by the Executive and by the independent Director who then serves as Board Chair or as Lead Director. No waiver by either of the Parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power, or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power, or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Severability</u>. Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification to become a part hereof and treated as though originally set forth in this Agreement.

The Parties further agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional language to this Agreement, or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law.

The Parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal, or unenforceable provisions had not been set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Captions</u>. Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Counterparts</u>. This Agreement may be executed in separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Section 409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 <u>General Compliance</u>. This Agreement is intended to comply with Section 409A or an exemption thereunder and shall be construed and administered in accordance with Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Except as otherwise required by applicable law, any payments to be made under this Agreement upon a termination of employment shall only be made upon a "separation from service" under Section 409A. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Executive on account of non-compliance with Section 409A. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 <u>Specified Employees</u>. Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive in connection with the Executive's termination of employment is determined to constitute "nonqualified deferred compensation" within the meaning of Section 409A and the Executive is determined to be a "specified employee" as defined in Section 409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date following the six-month anniversary of the Termination Date or, if earlier, on the Executive's death (the "**Specified Employee Payment Date**"). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 <u>Reimbursements</u>. To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the calendar year in which the expense was incurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Notification to Subsequent Employer</u>. When the Executive's employment with the Company terminates, the Executive agrees to notify any subsequent employer of the restrictive covenants sections contained in this Agreement. The Executive will also deliver a copy of such notice to the Company before the Executive commences employment with any subsequent employer. In addition, the Executive authorizes the Company to provide a copy of the restrictive covenants sections of this Agreement to third parties, including but not limited to, the Executive's subsequent, anticipated, or possible future employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Successors and Assigns</u>. This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported assignment by the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and permitted successors and assigns. In the event of the Executive's death after the Executive's termination of employment but prior to the completion by the Company of all payments due to the Executive under this Agreement, the Company shall continue such payments to the Executive's beneficiary designated in writing to the Company prior to the Executive's death (or to the Executive's estate, if the Executive fails to make such designation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Notice</u>. Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally, via email, or sent by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below (or such other addresses as specified by the parties by like notice):

If to the Company:

c/o Chief Financial Officer and

Chair of the Board of Directors

56 Evergreen Drive

Portland, Maine 04103

If to the Executive:

Olivier te Boekhorst

1218 Shore Road

Cape Elizabeth, Maine 04107

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Representations of the Executive</u>. The Executive represents and warrants to the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Executive's acceptance of employment with the Company and the performance of duties hereunder will not conflict with or result in a violation of, a breach of, or a default under any contract, agreement, or understanding to which the Executive is a party or is otherwise bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Executive's acceptance of employment with the Company and the performance of duties hereunder will not violate any non-solicitation, non-competition, or other similar covenant or agreement of a prior employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Withholding</u>. The Company shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Survival</u>. Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Acknowledgement of Full Understanding</u>. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE EXECUTIVE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE EXECUTIVE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF THE EXECUTIVE'S CHOICE BEFORE SIGNING THIS AGREEMENT.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ImmuCell Corporation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By <u>/s/ Michael F. Brigham</u><u> </u><u> </u><u> </u><br> Name: Michael F. Brigham<br> Title: President and CEO |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paul F. Olivier te Boekhorst |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature: <u>/s/ Paul F. Olivier te Boekhorst</u><u> </u><u> </u><br> Print Name: Paul F. Olivier te Boekhorst |

---

## Exhibit 10.2

**Exhibit 10.2**

**Confidential Information, Inventions And Noncompete Agreement**

In consideration of my employment by ImmuCell Corporation (together will all of its subsidiaries, divisions or affiliates, the "Company"), and in consideration of the compensation and emoluments paid to and received by me in connection with such employment, I hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any work, materials, compositions, formulae, processes, inventions, improvements, concepts, or ideas and the tangible embodiments of same made or conceived by me (either solely or jointly with others) during my employment with the Company, and related to the business of Company, whether patentable or not, and including all work in progress (collectively, the "Work"), shall be and remain the sole and exclusive property of the Company or its nominee(s). To the extent any Work performed by me under this Agreement is protectable under U.S. Copyright laws, such Work shall be considered as "work made for hire" as that phrase is defined by such laws and shall be owned by and for the express benefit of Company. In the event it should be established that any such Work does not qualify as work made for hire, I agree to and do hereby assign to Company all of my right, title and interest in and to such Work including, but not limited to, all copyrights therein. I further hereby assign all of my right, title and interest in and to all other Works to Company, including without limitation all patents, trademarks and other proprietary rights relating thereto, and all extensions and renewals thereof. I will communicate to the Company promptly and fully all Work made or conceived by me and all progress and steps by me toward such Work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I will keep and maintain adequate and current written records of all Work and processes at all steps thereof, properly witnessed for use as invention records, in the form of notes, sketches, drawings and reports relating thereto, and shall submit such records to Company regularly and in any event at any time when requested by Company and/or at the termination of my employment. I acknowledge and agree that all such records shall be and remain the property of and available to the Company at all times. I will not reproduce such records or any portion of the records without the express prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I will, both during my employment and thereafter, without charge to the Company, but at the Company's request and expense, fully cooperate with and assist the Company and its representatives in the protection and enforcement of any intellectual property rights that may derive as a result of the Work made or conceived by me during the course of my employment. Such assistance and cooperation shall include, without limitation, executing, acknowledging, and delivering to Company all documents or papers, including applications for patents and assignments of patents, that may be necessary to enable Company to publish or protect any inventions, improvements, and ideas or the like included in such Work, and to obtain and vest in the Company title in all countries, patents on all patentable inventions, or improvements of patents, processes, compositions or formulae.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (a)Subject to Section 2.2 of the Employment Agreement, I will devote my agreed-to work time exclusively to the Company's business in accordance with the instructions and directions of the Board of Directors, and any Company policies as in effect from time to time. During the period of my employment with the Company, I will not render assistance (directly or indirectly) to any person, firm, or corporation in the same line of business as, or in any line of business kindred or similar to, the business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) I acknowledge that my duties for the Company in my executive capacities are of a special, unique, extraordinary and intellectual character which place me in a position of trust and responsibility with the Company in relation to its specialized business, including, without limitation, trust and responsibility relating to conceptualization and/or implementation of the Company's marketing and sales strategies, business relationships developed by me with the Company's customers and potential customers, public and investor communications strategic plans, business targets, projects, partners and product developments in the unique aspects of the Company's business. Therefore, I acknowledge that each of the restrictions set forth in Section 4(d) below are reasonable and necessary to protect the Company from unfair competition by any party using or seeking to use the Company's Confidential Information and trade secrets, or using or seeking to use my unique skills and knowledge acquired with and for the Company, or through my position of trust with the Company, to the Company's disadvantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) I acknowledge that the Company's business is international in scope, including locations or markets in which the Company has or is developing a Market Presence (as defined in Section 4(d) hereof). Accordingly, I acknowledge that the restrictions set forth in Section 4(d) below are reasonable in their scope and geographic territory. I agree that if any court should construe the duration, scope or geographical territory of the provisions of Sections 4(d), 4(e) or 4(f) hereof to be too lengthy, broad or extensive, it is the intention of the parties that such provisions be automatically reformed, and as so reformed, enforced, to the maximum limits which may be found to be reasonable and enforceable by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) I agree that, from the date of this Agreement until the first (1st) anniversary (the "Non-Competition Period") of the date on which my employment with the Company ceases for whatever reason ("Date of Termination"), I shall not, directly or indirectly, on my own behalf or for my own benefit, or on behalf of or for the benefit of another (other than the Company), own, operate, manage, engage in, participate in, be employed by, affiliate with, or provide material assistance to, contract for services for or with, render advice or services to or otherwise assist in any capacity, directly or indirectly (whether as an officer, director, partner, agent, investor, consultant, contractor, employee, equityholder, lender, counselor, or otherwise) any Competitive Enterprise.

As used herein, the term "Competitive Enterprise" means and includes any person, association, business, or entity that is directly (either itself or through or with any of its affiliates) engaged in the business of developing, producing or selling products that are or would be competitive with products of the Company or products under development by the Company, provided that, and notwithstanding the foregoing, this Section 4(d) shall not preclude me from engaging with or providing services to a person, association, business or entity that engages in other lines of business in addition to a Competitive Enterprise, so long as my engagement or services are wholly unrelated to the parts of the business that constitute a Competitive Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) During the Non-Competition Period, I shall not directly or indirectly solicit or divert (or seek to divert) or entice away, for my benefit or the benefit of any other person or entity, or cause (or attempt to cause) or persuade in any manner to cease doing business with the Company (or its direct or indirect licensees, to the extent related to products utilizing the Company's Intellectual Property) or reduce its level of business with the Company (or its direct or indirect licensees, to the extent related to products utilizing the Company's Intellectual Property), any customer, supplier, vendor, contractor, business partner, licensee, licensor, agent or investor, who was doing business with the Company (or its direct or indirect licensees, to the extent related to products utilizing the Company's Intellectual Property) at any time within twelve (12) months prior to the Date of Termination, or who was actively engaged in discussions in contemplation of any such business relationship during such period. During the Non-Competition Period, I may not accept business from any of the above-referenced entities where doing so would have the effect of diverting the Company's then-existing business (or that of its direct or indirect licensees, to the extent related to products utilizing the Company's Intellectual Property), or would have the effect of reducing its or their existing level of business with such entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except with the express written permission of the Company, I shall not, during the Non-Competition Period, directly or indirectly solicit for employment or other retention or engagement of services, or otherwise induce to leave the Company, for my benefit or any other person or entity, any employee, consultant or contractor who is then employed by or engaged by the Company or was so employed or engaged as of the Date of Termination (unless subsequently terminated as an employee, consultant or contractor of the Company in the absence of a violation by me of the non-solicitation provisions herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The parties agree that, in the event I violate any of the provisions of Sections 4(d), 4(e) or 4(f) hereof during the time periods of restriction set forth respectively therein, any such period of restriction shall be tolled for the duration of such violation, and the applicable period of restriction shall not expire, and shall be extended for a period of time commensurate with the duration of the violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If, within one year after termination of my employment with the Company, any invention, discovery, or formulae relating to the business of the Company, whether originated by me or others and whether patentable or not, is either described in a patent application by me or is put to use by me or is disclosed by me to a third party, it is presumed that the invention, discovery or formulae was made, discovered, conceived or otherwise revealed to me, during my employment by the Company and will belong to the Company, and I will render the same services with respect thereto as are provided with respect to items referred to in Paragraph 3 above, or this Paragraph 5. I will receive and accept as compensation for my time required for such services rendered after termination of my employment, payment at the same daily rate as my last effective salary with the Company, for my actual time in rendering such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a)"Confidential Information" means any and all information (oral or written) that is not generally known to the public and which the Company treats as confidential relating to the Company or any of its activities engaged in the business of developing, producing or selling medical products to the dairy or beef industries or human healthcare industry, including, but not limited to, information relating to: technology; business strategies and plans; machinery and equipment; processes; financial information; services; products; identity and description of materials and services used; purchasing; costs; pricing; customers and prospects; licensing terms and strategies; suppliers; advertising, promotion and marketing; and selling, servicing and information pertaining to any governmental investigation, except such information which becomes public, other than as a result of a breach of the provisions of Section 6(b) hereof. My obligation not to disclose Confidential Information shall be as set forth in Section 6(b) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) I shall not at any time (other than as may be required or appropriate in connection with the performance by me of my duties for the Company hereunder), directly or indirectly, use, exploit, communicate, disclose or disseminate any Confidential Information to a third party in any manner whatsoever (except as may be required under legal process by subpoena or other court order). I acknowledge that the Confidential Information is a protectable interest of the Company under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) I acknowledge that, as part of the Company's confidences and trust reposed to me, I will be afforded unimpeded access to the Company's Intellectual Property. As used herein, "Intellectual Property" means all trade secrets, patents, patent applications, trademarks, copyright and other proprietary rights relating to the business of the Company. I further acknowledge that all such Intellectual Property is valuable property of the Company and constitutes Confidential Information and trade secrets in which the Company has protectable interest under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016 (</u><u>"</u><u>DTSA</u><u>"</u><u>)</u>. Federal law provides immunity for certain limited uses of trade secrets. Notwithstanding any other provision in this Agreement, the Company hereby agrees that no such statutorily protected use shall constitute a breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. I further agree to deliver promptly to the Company on termination of my employment with the Company, or at any sooner time it may request, all correspondence, customer lists, prospect lists, memoranda, notes, records, reports, manuals, drawings, blueprints, microfilms, corporate disks and diskettes, tape recordings, photographs, and any other documents of a confidential nature belonging to the Company, together with all equipment, samples, technical bulletins and price lists, and including all copies of such material which I may then possess or have under my control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. To the best of my knowledge there is no other contract to assign inventions, processes or formulae that is now in existence between me and any other person, corporation or partnership, except if specifically stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. I warrant that I have not previously assumed any obligation inconsistent with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This Agreement shall be binding upon my heirs, legal representatives and assigns and shall inure to the benefit of any successors and assigns of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. This Agreement constitutes the entire agreement between the Company and me with respect to the subject matter hereof, and supersedes all previous agreements, expressions or understandings, written or oral, relating to the above subject matter and can be amended only by a writing of similar formality duly executed by both me and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. This Agreement shall be governed by and construed in accordance with the laws of the State of Maine, excluding conflict of laws principles. The parties agree that any and all disputes arising under this Agreement shall be adjudicated in the state or federal courts located in Cumberland County, Maine, to whose exclusive jurisdiction the parties hereto irrevocably submit for such purposes. The parties further agree that a breach or threatened breach of any of the provisions of this Agreement would result in irreparable harm to the Company that would not be fully compensable through monetary damages, and that, accordingly, the Company shall be entitled to injunctive or similar relief in addition to whatever other remedies to which it may be entitled. The substantially prevailing party in any proceeding brought pursuant to this Agreement shall be entitled to recover its attorneys' fees and other expenses in connection with such proceeding from the substantially non-prevailing party.

[SIGNATURE PAGE FOLLOWS]

Signed September 29, 2025, to become

effective upon commencement of my employment

by the Company:

---

| | |
|:---|:---|
| <u>/s/ Paul F. Olivier te Boekhorst</u><u> </u><br> Paul F. Olivier te Boekhorst | IMMUCELL CORPORATION<br> By: <u>/s/ Michael F. Brigham</u><u> </u><br> Michael F. Brigham<br> President and CEO |

---

## Exhibit 99.1

**Exhibit 99.1**

## ImmuCell

------

**ImmuCell Announces Selection of its Next President and CEO**

***<u>For Immediate Release</u>***

**PORTLAND, Maine** – **September 29, 2025** – **ImmuCell Corporation (Nasdaq: ICCC)** ("ImmuCell" or the "Company"), a growing animal health company that develops, manufactures and markets scientifically proven and practical products that improve the health and productivity of dairy and beef cattle, today announced that it has selected Olivier te Boekhorst as its next President and CEO. The Company anticipates a start date of November 1, 2025 for Mr. te Boekhorst.

Mr. te Boekhorst is currently an Operating Partner at ARCHIMED, a global investment firm focused on human and animal healthcare industries, and serves as Chair of the Board of SeqCenter, a Next Generation Sequencing laboratory located in Pittsburgh, PA, where he previously served as CEO. From 2004 to 2022, he held several leadership roles at Maine-based global diagnostics leader IDEXX Laboratories. At IDEXX, Mr. te Boekhorst led M&A activities consolidating the livestock diagnostics segment, and as Senior VP he grew the livestock and dairy diagnostics, water safety testing, and human diagnostics divisions. He launched and grew multiple innovations for dairy and beef producers worldwide to drive customer and shareholder value. Early in his career, Mr. te Boekhorst worked for the Boston Consulting Group and received an MBA from Cornell University.

"Change is good, and handing off leadership to Olivier at this time is an exciting next step for the Company," said Michael F. Brigham, the Company's current President and CEO. "Olivier brings to the Company a depth of experience and industry contacts that we expect will be very valuable as we work to grow **First Defense**® sales with our increased production capacity now successfully in place, and progress next steps for **Re-Tain**®."

"I am excited to join the ImmuCell organization as President and CEO at this pivotal time, with exciting opportunities for **First Defense**® and **Re-Tain**® ahead of us," commented Mr. te Boekhorst. "ImmuCell has a unique opportunity to improve farm animal welfare and contribute to the sustainability of the dairy and beef industries by offering solutions that address scours and mastitis without traditional antibiotics. I am impressed with the ImmuCell team, and I look forward to working with them to create value for customers and stockholders."

After Mr. te Boekhorst's start date, Mr. Brigham will serve as Special Advisor to the CEO for at least two months, to help assure a smooth transition. Mr. Brigham also will continue to serve on the Company's Board of Directors until the next Annual Meeting of Stockholders and looks forward to continued Board service thereafter subject to re-election by stockholders.

The terms of Mr. te Boekhorst's employment include two initial awards of stock options as inducement grants under terms approved by Company's Compensation and Stock Option Committee. The first award was a non-qualified stock option to purchase 76,673 shares of common stock of the Company, granted on September 16, 2025. That award will terminate and never become exercisable unless Mr. te Boekhorst commences employment with the Company by November 30, 2025 at the latest. The second award (for up to an additional 85,000 shares, subject to adjustment) is to be made through a grant after commencement of employment and will consist of a mix of incentive stock options and non-qualified stock options. All of these stock options will carry a 10-year term from the date of grant. Each grant will vest in three equal increments, on the first, second, and third anniversaries of their respective dates of grant. The options granted September 16, 2025 have a stated exercise price of $5.90 per share. The options to be granted after commencement of employment will have a stated exercise price equal to the closing price of the Company's common stock on the date of grant.

**<u>Cautionary Note Regarding Forward-Looking Statements (Safe Harbor Statement):</u>**

This Press Release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include words such as "expects", "may", "anticipates", "aims", "intends", "would", "could", "should", "will", "plans", "believes", "estimates", "targets", "projects", "forecasts", "seeks" and similar words and expressions. Such statements include, but are not limited to, any forward-looking statements relating to: our plans, goals and strategies for our business; the expected timing of key future events; future operational performance and financial results; future demand for our products; the timing and outcome of pending or anticipated applications for regulatory approvals; and any other statements that are not historical facts. Such statements involve known and unknown risks and uncertainties that may cause the Company's actual results, financial or operational performance or achievements to be materially different from those expressed or implied by these forward-looking statements. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

**<u>About ImmuCell:</u>**

ImmuCell Corporation's (**Nasdaq: ICCC**) purpose is to create scientifically proven and practical products that improve the health and productivity of dairy and beef cattle. ImmuCell manufactures and markets **First Defense**®, which provides **Immediate Immunity**™ to newborn dairy and beef calves, and is developing **Re-Tain**®, a novel treatment for subclinical mastitis in dairy cows that carries no FDA-required milk discard or pre-slaughter withdrawal label restrictions and that offers many potential benefits over traditional mastitis antibiotics. Press releases and other information about the Company are available at: http://www.immucell.com.

**Contacts:** 

Michael F. Brigham, President and CEO

Timothy C. Fiori, Chief Financial Officer<br> ImmuCell Corporation<br> (207) 878-2770

Joe Diaz, Robert Blum and Joe Dorame<br> Lytham Partners, LLC<br> (602) 889-9700

iccc@lythampartners.com