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                                                                   EXHIBIT 10.25

                                                                     [EXECUTION]

                                    GUARANTEE

                                                                  March 22, 2002

Congress Financial Corporation (Florida)
777 Brickell Avenue
Miami, Florida 33131

Gentlemen:

     LS Holding, Inc. ("Holding"), L.S. Wholesale, Inc. ("Wholesale") and L.S.
Holding (Florida), Inc. ("Florida", and together with Holding and Wholesale,
each individually a "Borrower" and collectively, "Borrowers") have entered into
certain financing arrangements with Congress Financial Corporation (Florida)
("Lender") pursuant to which Lender may make loans and advances and provide
other financial accommodations to Borrowers as set forth in the Loan and
Security Agreement, dated of even date herewith by and among Borrowers, Little
Switzerland, Inc. and Lender (as the same now exists or may hereafter be
amended, modified, supplemented, extended, renewed, restated or replaced, the
"Loan Agreement"), and other agreements, documents and instruments referred to
therein or at any time executed and/or delivered in connection therewith or
related thereto, including, but not limited to, this Guarantee (all of the
foregoing, together with the Loan Agreement, as the same now exist or may
hereafter be amended, modified, supplemented, extended, renewed, restated or
replaced, being collectively referred to herein as the "Financing Agreements").

     Due to the close business and financial relationships between Holding and
each and all of the undersigned (individually and collectively, "Guarantors"),
in consideration of the benefits which will accrue to Guarantors and as an
inducement for and in consideration of Lender making loans and advances and
providing other financial accommodations to Holding pursuant to the Loan
Agreement and the other Financing Agreements, each of Guarantors hereby jointly
and severally agrees in favor of Lender as follows:

     1.   GUARANTEE.

          (a) Each of Guarantors absolutely and unconditionally, jointly and
severally, guarantees and agrees to be liable for the full and indefeasible
payment and performance when due of the following (all of which are collectively
referred to herein as the "Guaranteed Obligations"): (i) all obligations,
liabilities and indebtedness of any kind, nature and description of Holding to
Lender and/or its affiliates, including principal, interest, charges, fees,
costs and expenses, however evidenced, whether as principal, surety, endorser,
guarantor or otherwise, whether arising under the Loan Agreement, the other
Financing Agreements or

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otherwise, whether now existing or hereafter arising, whether arising before,
during or after the initial or any renewal term of the Loan Agreement or after
the commencement of any case with respect to Holding under the United States
Bankruptcy Code or any similar statute or under any insolvency, reorganization,
receivership, readjustment of debt, dissolution or liquidation law or statute of
any jurisdiction now or hereafter in effect, whether at law or in equity
(including, without limitation, the payment of interest and other amounts, which
would accrue and become due but for the commencement of such case, whether or
not such amounts are allowed or allowable in whole or in part in any such case
and including loans, interest, fees, charges and expenses related thereto and
all other obligations of Holding or its successors to Lender arising after the
commencement of such case), whether direct or indirect, absolute or contingent,
joint or several, due or not due, primary or secondary, liquidated or
unliquidated, secured or unsecured, and however acquired by Lender and (ii) all
expenses (including, without limitation, reasonable attorneys' fees and legal
expenses) incurred by Lender in connection with the preparation, execution,
delivery, recording, administration, collection, liquidation, enforcement and
defense of Holding's obligations, liabilities and indebtedness as aforesaid to
Lender, the rights of Lender in any collateral or under this Guarantee and all
other Financing Agreements or in any way involving claims by or against Lender
directly or indirectly arising out of or related to the relationships between
Holding, any of Guarantors or any other Obligor (as hereinafter defined) and
Lender, whether such expenses are incurred before, during or after the initial
or any renewal term of the Loan Agreement and the other Financing Agreements or
after the commencement of any case with respect to Holding or any of Guarantors
under the United States Bankruptcy Code or any similar statute or under any
insolvency, reorganization, receivership, readjustment of debt, dissolution or
liquidation law or statute of any jurisdiction now or hereafter in effect,
whether at law or in equity.

          (b) This Guarantee is a guaranty of payment and not of collection.
Each of Guarantors agrees that Lender need not attempt to collect any Guaranteed
Obligations from Holding, any one of Guarantors or any other Obligor or to
realize upon any collateral, but may require any one of Guarantors to make
immediate payment of all of the Guaranteed Obligations to Lender when due,
whether by maturity, acceleration or otherwise, or at any time thereafter.
Lender may apply any amounts received in respect of the Guaranteed Obligations
to any of the Guaranteed Obligations, in whole or in part (including reasonable
attorneys' fees and legal expenses incurred by Lender with respect thereto or
otherwise chargeable to Holding or Guarantors) and in such order as Lender may
elect.

          (c) Payment by Guarantors shall be made to Lender at the office of
Lender from time to time on demand as Guaranteed Obligations become due.
Guarantors shall make all payments to Lender on the Guaranteed Obligations free
and clear of, and without deduction or withholding for or on account of, any
setoff, counterclaim, defense, duties, taxes, levies, imposts, fees, deductions,
withholding, restrictions or conditions of any kind. One or more successive or
concurrent actions may be brought hereon against any of Guarantors either in the
same action in which Holding or any of the other Guarantors or any other Obligor
is sued or in separate actions. In the event any claim or action, or action on
any judgment, based on this Guarantee is brought against any of Guarantors, each
of Guarantors agrees not to deduct, set-off, or seek any counterclaim for or
recoup any amounts which are or may be owed by Lender to any of Guarantors
hereunder.

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     2.   WAIVERS AND CONSENTS.

          (a) Notice of acceptance of this Guarantee, the making of loans and
advances and providing other financial accommodations to Holding and
presentment, demand, protest, notice of protest, notice of nonpayment or default
and all other notices to which Holding or any of Guarantors are entitled are
hereby waived by each of Guarantors. Each of Guarantors also waives notice of
and hereby consents to, (i) any amendment, modification, supplement, extension,
renewal, or restatement of the Loan Agreement and any of the other Financing
Agreements, including, without limitation, extensions of time of payment of or
increase or decrease in the amount of any of the Guaranteed Obligations, the
interest rate, fees, other charges, or any collateral, and the guarantee made
herein shall apply to the Loan Agreement and the other Financing Agreements and
the Guaranteed Obligations as so amended, modified, supplemented, renewed,
restated or extended, increased or decreased, (ii) the taking, exchange,
surrender and releasing of collateral or guarantees now or at any time held by
or available to Lender for the obligations of Holding or any other party at any
time liable on or in respect of the Guaranteed Obligations or who is the owner
of any property which is security for the Guaranteed Obligations (individually,
an "Obligor" and collectively, the "Obligors"), including, without limitation,
the surrender or release by Lender of any one of Guarantors hereunder, (iii) the
exercise of, or refraining from the exercise of any rights against Holding, any
of Guarantors or any other Obligor or any collateral, (iv) the settlement,
compromise or release of, or the waiver of any default with respect to, any of
the Guaranteed Obligations and (v) any financing by Lender of Holding under
Section 364 of the United States Bankruptcy Code or consent to the use of cash
collateral by Lender under Section 363 of the United States Bankruptcy Code.
Each of Guarantors agrees that the amount of the Guaranteed Obligations shall
not be diminished and the liability of Guarantors hereunder shall not be
otherwise impaired or affected by any of the foregoing.

          (b) No invalidity, irregularity or unenforceability of all or any part
of the Guaranteed Obligations shall affect, impair or be a defense to this
Guarantee, nor shall any other circumstance which might otherwise constitute a
defense available to or legal or equitable discharge of Holding in respect of
any of the Guaranteed Obligations, or any one of Guarantors in respect of this
Guarantee, affect, impair or be a defense to this Guarantee (other than the
defense of final indefeasible payment of the Guaranteed Obligations). Without
limitation of the foregoing, the liability of Guarantors hereunder shall not be
discharged or impaired in any respect by reason of any failure by Lender to
perfect or continue perfection of any lien or security interest in any
collateral or any delay by Lender in perfecting any such lien or security
interest. As to interest, fees and expenses, whether arising before or after the
commencement of any case with respect to Holding under the United States
Bankruptcy Code or any similar statute, Guarantors shall be liable therefor,
even if Holding's liability for such amounts does not, or ceases to, exist by
operation of law. Each of Guarantors acknowledges that Lender has not made any
representations to any of Guarantors with respect to Holding, any other Obligor
or otherwise in connection with the execution and delivery by Guarantors of this
Guarantee and Guarantors are not in any respect relying upon Lender or any
statements by Lender in connection with this Guarantee.

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          (c) Each of Guarantors hereby irrevocably and unconditionally waives
and relinquishes all statutory, contractual, common law, equitable and all other
claims against Holding, any collateral for the Guaranteed Obligations or other
assets of Holding or any other Obligor, for subrogation, reimbursement,
exoneration, contribution, indemnification, setoff or other recourse in respect
to sums paid or payable to Lender by each of Guarantors hereunder and each of
Guarantors hereby further irrevocably and unconditionally waives and
relinquishes any and all other benefits which Guarantors might otherwise
directly or indirectly receive or be entitled to receive by reason of any
amounts paid by or collected or due from Guarantors, Holding or any other
Obligor upon the Guaranteed Obligations or realized from their property until
all of the Guaranteed Obligations have been paid in full and the Financing
Agreements have been terminated and are no longer in full force and effect.

     3.   SUBORDINATION. Payment of all amounts now or hereafter owed to
Guarantors by Holding or any other Obligor is hereby subordinated in right of
payment to the indefeasible payment in full to Lender of the Guaranteed
Obligations and all such amounts and any security and guarantees therefor are
hereby assigned to Lender as security for the Guaranteed Obligations.

     4.   ACCELERATION. Notwithstanding anything to the contrary contained
herein or any of the terms of any of the other Financing Agreements, the
liability of Guarantors for the entire Guaranteed Obligations shall mature and
become immediately due and payable, even if the liability of Holding or any
other Obligor therefor does not, upon the occurrence of any act, condition or
event which constitutes an Event of Default as such term is defined in the Loan
Agreement.

     5.   ACCOUNT STATED. The books and records of Lender showing the account
between Lender and Holding shall be admissible in evidence in any action or
proceeding against or involving Guarantors as PRIMA FACIE proof of the items
therein set forth, and the monthly statements of Lender rendered to Holding, to
the extent to which no written objection is made within thirty (30) days from
the date of sending thereof to Holding, shall be deemed conclusively correct and
constitute an account stated between Lender and Holding and be binding on
Guarantors.

     6.   TERMINATION. This Guarantee is continuing, unlimited, absolute and
unconditional. All Guaranteed Obligations shall be conclusively presumed to have
been created in reliance on this Guarantee. Each of Guarantors shall continue to
be liable hereunder until one of Lender's officers actually receives a written
termination notice from a Guarantor sent to Lender at its address set forth
above by certified mail, return receipt requested and thereafter as set forth
below. Such notice received by Lender from any one of Guarantors shall not
constitute a revocation or termination of this Guarantee as to any of the other
Guarantors. Revocation or termination hereof by any of Guarantors shall not
affect, in any manner, the rights of Lender or any obligations or duties of any
of Guarantors (including the Guarantor which may have sent such notice) under
this Guarantee with respect to (a) Guaranteed Obligations which have been
created, contracted, assumed or incurred prior to the receipt by Lender of such
written notice of revocation or termination as provided herein, including,
without limitation, (i) all amendments, extensions, renewals and modifications
of such Guaranteed Obligations (whether or not

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evidenced by new or additional agreements, documents or instruments executed
on or after such notice of revocation or termination), (ii) all interest, fees
and similar charges accruing or due on and after revocation or termination, and
(iii) all reasonable attorneys' fees and legal expenses, costs and other
expenses paid or incurred on or after such notice of revocation or termination
in attempting to collect or enforce any of the Guaranteed Obligations against
Holding, Guarantors or any other Obligor (whether or not suit be brought), or
(b) Guaranteed Obligations which have been created, contracted, assumed or
incurred after the receipt by Lender of such written notice of revocation or
termination as provided herein pursuant to any contract entered into by Lender
prior to receipt of such notice. The sole effect of such revocation or
termination by any of Guarantors shall be to exclude from this Guarantee the
liability of such Guarantor for those Guaranteed Obligations arising after the
date of receipt by Lender of such written notice which are unrelated to
Guaranteed Obligations arising or transactions entered into prior to such date.
Without limiting the foregoing, this Guarantee may not be terminated and shall
continue so long as the Loan Agreement shall be in effect (whether during its
original term or any renewal, substitution or extension thereof).

     7.   REINSTATEMENT. If after receipt of any payment of, or proceeds of
collateral applied to the payment of, any of the Guaranteed Obligations, Lender
is required to surrender or return such payment or proceeds to any Person for
any reason, then the Guaranteed Obligations intended to be satisfied by such
payment or proceeds shall be reinstated and continue and this Guarantee shall
continue in full force and effect as if such payment or proceeds had not been
received by Lender. Each of Guarantors shall be liable to pay to Lender, and
does indemnify and hold Lender harmless for the amount of any payments or
proceeds surrendered or returned. This Section 7 shall remain effective
notwithstanding any contrary action which may be taken by Lender in reliance
upon such payment or proceeds. This Section 7 shall survive the termination or
revocation of this Guarantee.

     8.   AMENDMENTS AND WAIVERS. Neither this Guarantee nor any provision
hereof shall be amended, modified, waived or discharged orally or by course of
conduct, but only by a written agreement signed by an authorized officer of
Lender. Lender shall not by any act, delay, omission or otherwise be deemed to
have expressly or impliedly waived any of its rights, powers and/or remedies
unless such waiver shall be in writing and signed by an authorized officer of
Lender. Any such waiver shall be enforceable only to the extent specifically set
forth therein. A waiver by Lender of any right, power and/or remedy on any one
occasion shall not be construed as a bar to or waiver of any such right, power
and/or remedy which Lender would otherwise have on any future occasion, whether
similar in kind or otherwise.

     9.   CORPORATE EXISTENCE, POWER AND AUTHORITY. Each of Guarantors is a
corporation duly organized and in good standing under the laws of its state or
other jurisdiction of incorporation and is duly qualified as a foreign
corporation and in good standing in all states or other jurisdictions where the
nature and extent of the business transacted by it or the ownership of assets
makes such qualification necessary, except for those jurisdictions in which the
failure to so qualify would not have a material adverse effect on the financial
condition, results of operation or businesses of any of Guarantors or the rights
of Lender hereunder or under any of the other Financing Agreements. The
execution, delivery and performance of this Guarantee is within the corporate
powers of each of Guarantors, have been duly authorized and are not in

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contravention of law or the terms of the certificates of incorporation, by-laws,
or other organizational documentation of each of Guarantors, or any indenture,
agreement or undertaking to which any of Guarantors is a party or by which any
of Guarantors or its property are bound. This Guarantee constitutes the legal,
valid and binding obligation of each of Guarantors enforceable in accordance
with its terms. Any one of Guarantors signing this Guarantee shall be bound
hereby whether or not any of the other Guarantors or any other person signs this
Guarantee at any time.

     10.  GOVERNING LAW; CHOICE OF FORUM; SERVICE OF PROCESS; JURY TRIAL WAIVER.

          (a) The validity, interpretation and enforcement of this Guarantee and
any dispute arising out of the relationship between any of Guarantors and
Lender, whether in contract, tort, equity or otherwise, shall be governed by the
internal laws of the State of Florida (without giving effect to principles of
conflicts of law).

          (b) Each of Guarantors hereby irrevocably consents and submits to the
non-exclusive jurisdiction of the Circuit Court of Miami-Dade County, Florida
and the United States District Court for the Southern District of Florida, as
Lender may elect, and waives any objection based on venue or FORUM NON
CONVENIENS with respect to any action instituted therein arising under this
Guarantee or any of the other Financing Agreements or in any way connected with
or related or incidental to the dealings of any of Guarantors and Lender in
respect of this Guarantee or any of the other Financing Agreements or the
transactions related hereto or thereto, in each case whether now existing or
hereafter arising and whether in contract, tort, equity or otherwise, and agrees
that any dispute arising out of the relationship between any of Guarantors or
Holding and Lender or the conduct of any such persons in connection with this
Guarantee, the other Financing Agreements or otherwise shall be heard only in
the courts described above (except that Lender shall have the right to bring any
action or proceeding against any of Guarantors or its property in the courts of
any other jurisdiction which Lender deems necessary or appropriate in order to
realize on collateral at any time granted by Holding or any of Guarantors to
Lender or to otherwise enforce its rights against any of Guarantors or its
property).

          (c) Each of Guarantors hereby waives personal service of any and all
process upon it and consents that all such service of process may be made by
certified mail (return receipt requested) directed to its address set forth on
the signature pages hereof and service so made shall be deemed to be completed
five (5) days after the same shall have been so deposited in the U.S. mails, or,
at Lender's option, by service upon any of Guarantors in any other manner
provided under the rules of any such courts. Within thirty (30) days after such
service, any of Guarantors so served shall appear in answer to such process,
failing which such Guarantors shall be deemed in default and judgment may be
entered by Lender against Guarantors for the amount of the claim and other
relief requested.

          (d) EACH OF GUARANTORS HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY
CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (i) ARISING UNDER THIS GUARANTEE OR ANY
OF THE OTHER FINANCING AGREEMENTS OR (ii) IN ANY WAY CONNECTED WITH OR RELATED
OR INCIDENTAL TO THE

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DEALINGS OF ANY OF GUARANTORS AND LENDER IN RESPECT OF THIS GUARANTEE OR ANY OF
THE OTHER FINANCING AGREEMENTS OR THE TRANSACTIONS RELATED HERETO OR THERETO IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT,
TORT, EQUITY OR OTHERWISE. EACH OF GUARANTORS HEREBY AGREES AND CONSENTS THAT
ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT
TRIAL WITHOUT A JURY AND THAT ANY OF GUARANTORS OR LENDER MAY FILE AN ORIGINAL
COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF
THE CONSENT OF GUARANTORS AND LENDER TO THE WAIVER OF THEIR RIGHT TO TRIAL BY
JURY.

          (e) Lender shall not have any liability to Guarantors (whether in
tort, contract, equity or otherwise) for losses suffered by Guarantors in
connection with, arising out of, or in any way related to the transactions or
relationships contemplated by this Guarantee, or any act, omission or event
occurring in connection herewith, unless it is determined by a final and
non-appealable judgment or court order binding on Lender that the losses were
the result of acts or omissions constituting gross negligence or willful
misconduct. In any such litigation, Lender shall be entitled to the benefit of
the rebuttable presumption that it acted in good faith and with the exercise of
ordinary care in the performance by it of the terms of the Loan Agreement and
the other Financing Agreements.

     11.  NOTICES. All notices, requests and demands hereunder shall be in
writing and (a) made to Lender at its address set forth above and to each of
Guarantors at its chief executive office set forth below, or to such other
address as either party may designate by written notice to the other in
accordance with this provision, and (b) deemed to have been given or made: if
delivered in person, immediately upon delivery; if by telex, telegram or
facsimile transmission, immediately upon sending and upon confirmation of
receipt; if by nationally recognized overnight courier service with instructions
to deliver the next business day, two (2) business days after sending; and if by
certified mail, return receipt requested, five (5) days after mailing.

     12.  PARTIAL INVALIDITY. If any provision of this Guarantee is held to be
invalid or unenforceable, such invalidity or unenforceability shall not
invalidate this Guarantee as a whole, but this Guarantee shall be construed as
though it did not contain the particular provision held to be invalid or
unenforceable and the rights and obligations of the parties shall be construed
and enforced only to such extent as shall be permitted by applicable law.

     13.  ENTIRE AGREEMENT. This Guarantee represents the entire agreement and
understanding of this parties concerning the subject matter hereof, and
supersedes all other prior agreements, understandings, negotiations and
discussions, representations, warranties, commitments, proposals, offers and
contracts concerning the subject matter hereof, whether oral or written.

     14.  SUCCESSORS AND ASSIGNS. This Guarantee shall be binding upon
Guarantors and their respective successors and assigns and shall inure to the
benefit of Lender and its successors, endorsees, transferees and assigns. The
liquidation, dissolution or termination of any of

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Guarantors shall not terminate this Guarantee as to such entity or as to any of
the other Guarantors.

     15.  CONSTRUCTION. All references to the term "Guarantors" wherever used
herein shall mean each and all of Guarantors and their respective successors and
assigns, individually and collectively, jointly and severally (including,
without limitation, any receiver, trustee or custodian for any of Guarantors or
any of their respective assets or any of Guarantors in its capacity as debtor or
debtor-in-possession under the United States Bankruptcy Code). All references to
the term "Lender" wherever used herein shall mean Lender and its successors and
assigns and all references to the term "Holding" wherever used herein shall mean
Holding and its successors and assigns (including, without limitation, any
receiver, trustee or custodian for Holding or any of its assets or Holding in
its capacity as debtor or debtor-in-possession under the United States
Bankruptcy Code). All references to the term "Person" or "person" wherever used
herein shall mean any individual, sole proprietorship, partnership, corporation
(including, without limitation, any corporation which elects subchapter S status
under the Internal Revenue Code of 1986, as amended), limited liability company,
limited liability partnership, business trust, unincorporated association, joint
stock corporation, trust, joint venture or other entity or any government or any
agency or instrumentality of political subdivision thereof. All references to
the plural shall also mean the singular and to the singular shall also mean the
plural.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, each of Guarantors has executed and delivered this
Guarantee as of the day and year first above written.

                                                 L.S. WHOLESALE, INC.

                                                 By:
                                                     ---------------------------

                                                 Title: Chief Financial Officer

                                                 CHIEF EXECUTIVE OFFICE

                                                 161-B Crown Bay
                                                 St. Thomas, USVI  00802

                                                 L.S. HOLDING (FLORIDA), INC.

                                                 By:
                                                     ---------------------------

                                                 Title: Chief Financial Officer

                                                 CHIEF EXECUTIVE OFFICE

                                                 161-B Crown Bay
                                                 St. Thomas, USVI  00802

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EXHIBIT 10.33    
  

 
 

ALCIDE CORPORATION
  2001 STOCK INCENTIVE PLAN
  
    SECTION 1. PURPOSE    
  

        The purpose of the Alcide Corporation 2001 Stock Incentive Plan (the "Plan") is to enhance the long-term stockholder value of Alcide Corporation, a
Delaware corporation (the "Company"), by offering opportunities to selected persons to participate in the Company's growth and success, and to encourage them to remain in the service of the Company or
a Related Company (as defined in Section 2) and to acquire and maintain stock ownership in the Company. 

 
 

SECTION 2. DEFINITIONS    
  

In
the Plan: 

"Award" means any Option or Stock Award. 

"Board" means the Board of Directors of the Company. 

"Cause," unless otherwise defined in the instrument evidencing the award or in an employment or services
agreement between the Company or a Related Company and a Participant, means dishonesty, fraud, misconduct, unauthorized use or disclosure of confidential information or trade secrets, or conviction or
confession of a crime punishable by law (except minor violations), in each case as determined by the Plan Administrator, and its determination shall be conclusive and binding. 

"Code" means the Internal Revenue Code of 1986, as amended from time to time. 

"Common Stock" means the common stock, par value $0.01 per share, of the Company. 

"Corporate Transaction," unless otherwise defined in the instrument evidencing the Award or in a written employment or services agreement between the
Company or a Related Company and a Participant, means consummation of either. 

        (a)  a
merger or consolidation of the Company with or into any other corporation, entity or person or 

        (b)  a
sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or substantially all the Company's outstanding securities or all
or substantially all the Company's assets; provided, however, that a Corporate Transaction shall not include a Related Party Transaction. 

"Disability," unless otherwise defined by the Plan Administrator, means a mental or physical impairment
of the Participant that is expected to result in death or that has lasted or is expected to last for a continuous period of 12 months or more and that causes the Participant to be unable, in
the opinion of the Company, to perform his or her duties for the Company or a Related Company and to be engaged in any substantial gainful activity. 

"Employment Termination Date" means, with respect to a Participant, the first day upon which the Participant no longer has an employment or service
relationship with the Company or any Related Company. 

"Exchange Act" means the Securities Exchange Act of 1934, as amended. 

"Fair Market Value" means the per share value of the Common Stock as established in good faith by the Plan Administrator or (a) if the Common
Stock is listed on the Nasdaq National Market, the closing sales price for the Common Stock as reported by that market for a single trading day or (b) if the Common Stock is listed on the New
York Stock Exchange or the American Stock Exchange, the closing sales price for the Common Stock as such price is officially quoted in the composite tape of transactions on such exchange for a single
trading day. If there is no such reported price for the 

 

Common Stock for the date in question, then such price on the last preceding date for which such price exists shall be determinative of Fair Market Value. 

"Grant Date" means the date on which the Plan Administrator completes the corporate action relating to the grant of an Award or such later date
specified by the Plan Administrator, and on which all conditions precedent to the grant have been satisfied, provided that conditions to the exercisability or vesting of Awards shall not defer the
Grant Date. 

"Incentive Stock Option" means an Option granted with the intention, as reflected in the instrument evidencing the Option, that it qualify as an
"incentive stock option" as that term is defined in Section 422 of the Code. 

"Nonqualified Stock Option" means an Option other than an Incentive Stock Option. 

"Option" means the right to purchase Common Stock granted under Section 7. 

"Option Expiration Date" has the meaning set forth in Section 7.6. 

"Option Term" has the meaning set forth in Section 7.3. 

"Participant" means the person to whom an Award is granted. 

"Plan Administrator" has the meaning set forth in Section 3.1. 

"Related Company" means any entity that, directly or indirectly, is in control of or is controlled by the Company. 

"Related Party Transaction" means (a) a merger or consolidation of the Company in which the holders of shares of Common Stock immediately prior
to the merger hold at least a majority of the shares of Common Stock in the Successor Corporation immediately after the merger; (b) a sale, lease, exchange or other transaction in one
transaction or a series of related transactions of all or substantially all the Company's assets to a wholly-owned subsidiary corporation; (c) a mere reincorporation of the Company; or
(d) a transaction undertaken for the sole purpose of creating a holding company that will be owned in substantially the same proportion by the persons who held the Company's securities
immediately before such transaction. 

"Retirement," unless otherwise defined by the Plan Administrator from time to time for purposes of the
Plan, means retirement on or after the individual's normal retirement date under the Company's 401(k) plan or other similar successor plan applicable to salaried employees. 

"Securities Act" means the Securities Act of 1933, as amended. 

"Stock Award" means an Award of shares of Common Stock or units denominated in Common Stock granted under Section 9, the rights of ownership of
which may be subject to restrictions prescribed by the Plan Administrator. 

"Successor Corporation" has the meaning set forth in Section 12.3.1. 

"Vesting Commencement Date" means the Grant Date or such other date selected by the Plan Administrator as the date from which the Option begins to vest
for purposes of Section 7.4. 

 
 

SECTION 3. ADMINISTRATION    
  

3.1  Plan Administrator  

        The Plan shall be administered by the Board and/or a committee or committees (which term includes subcommittees) appointed by, and consisting of two or more
members of, the Board (a "Plan Administrator"). If and so long as the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, the Board shall consider in selecting the
members of any committee acting as Plan 

2

 

Administrator, with respect to any persons subject or likely to become subject to Section 16 of the Exchange Act, the provisions regarding (a) "outside directors" as contemplated by
Section 162(m) of the Code and (b) "nonemployee directors" as contemplated by Rule 16b-3 under the Exchange Act. Notwithstanding the foregoing, the Board may delegate
the responsibility for administering the Plan with respect to designated classes of eligible persons to different committees consisting of one or more members of the Board, subject to such limitations
as the Board deems appropriate. Committee members shall serve for such term as the Board may determine, subject to removal by the Board at any time. 

3.2  Administration and Interpretation by Plan Administrator  

        Except for the terms and conditions explicitly set forth in the Plan, the Plan Administrator shall have exclusive authority, in its discretion, to determine all
matters relating to Awards under the Plan, including the selection of individuals to be granted Awards, the type of Awards, the number of shares of Common Stock subject to an Award, all terms,
conditions, restrictions and limitations, if any, of an Award and the terms of any instrument that evidences the Award. The Plan Administrator shall also have exclusive authority to interpret the Plan
and the terms of any instrument evidencing the Award and may from time to time adopt and change rules and regulations of general application for the Plan's administration. The Plan Administrator's
interpretation of the Plan and its rules and regulations, and all actions taken and determinations made by the Plan Administrator pursuant to the Plan, shall be conclusive and binding on all parties
involved or affected. The Plan Administrator may delegate administrative duties to such of the Company's officers as it so determines. 

 
 

SECTION 4. STOCK SUBJECT TO THE PLAN    
  

4.1  Authorized Number of Shares  

 
  Subject to adjustment from time to time as provided in Section 12.1, the number of shares
  of Common Stock available for issuance under the Plan shall be:    
  

        (a)  275,000
shares plus; 

        (b)  any
authorized shares (i) not issued or subject to outstanding options under the Company's 1993 Stock Option Plan (the "Prior Plan") as of the date the Board
approves the Plan and (ii) any shares subject to outstanding options under the Prior Plan on such date that cease to be subject to such options (other than by reason of exercise of the options
to the extent they are exercised for shares), up to an aggregate maximum of 50,000 shares, which shares shall cease, as of such date, to be available for grant and issuance under the Prior Plan, but
shall be available for issuance under the Plan. 

        Shares
issued under the Plan shall be drawn from authorized and unissued shares or shares now held or subsequently acquired by the Company as treasury shares. 

4.2  Reuse of Shares  

        Any shares of Common Stock that have been made subject to an Award that cease to be subject to the Award (other than by reason of exercise or settlement of the
Award to the extent it is exercised for or settled in shares) shall again be available for issuance in connection with future grants of Awards under the Plan. In the event shares issued under the Plan
are reacquired by the Company pursuant to any forfeiture provision or right of repurchase, such shares shall again be available for the purposes of the Plan; provided, however, that the maximum number
of shares that may be issued upon the exercise of Incentive Stock Options shall equal the share number stated in Section 4.1, subject to adjustment from time to time as provided in
Section 12.1; and provided, further, that for purposes of Section 4.3, any such shares shall be counted in accordance with the requirements of Section 162(m) of the Code. 

3

 

4.3  Limitations  

        (a)  Subject
to adjustment from time to time as provided in Section 12.1, not more than an aggregate of 27,000 shares shall be available for issuance pursuant to
grants of Stock Awards under the Plan. 

        (b)  Subject
to adjustment from time to time as provided in Section 12.1, not more than 27,000 shares of Common Stock may be made subject to Awards under the Plan to
any individual in the aggregate in any one fiscal year of the Company, except that the Company may make one-time grants of up to 54,000 shares to newly hired or newly promoted individuals,
such limitation to be applied in a manner
consistent with the requirements of, and only to the extent required for compliance with, the exclusion from the limitation on deductibility of compensation under Section 162(m) of the Code. 

 
 

SECTION 5. ELIGIBILITY    
  

        An Award may be granted to any officer, director or employee of the Company or a Related Company that the Plan Administrator from time to time selects. An Award
may also be granted to any consultant, agent, advisor or independent contractor who provides services to the Company or any Related Company, so long as such Participant (a) is a natural person
or an alter ego entity of the natural person providing the services; (b) renders bona fide services that are not in connection with the offer and sale of the Company's securities in a
capital-raising transaction; and (c) does not directly or indirectly promote or maintain a market for the Company's securities. 

 
 

SECTION 6. AWARDS    
  

6.1  Form and Grant of Awards  

        The Plan Administrator shall have the authority, in its sole discretion, to determine the type or types of Awards to be granted under the Plan. Awards may be
granted singly or in combination. 

6.2  Settlement of Awards  

        The Company may settle Awards through the delivery of shares of Common Stock, the granting of replacement Awards or any combination thereof as the Plan
Administrator shall determine. Any Award settlement, including payment deferrals, may be subject to such conditions, restrictions and contingencies as the Plan Administrator shall determine. The Plan
Administrator may permit or require the deferral of any Award payment, subject to such rules and procedures as it may establish, which may include provisions for the payment or crediting of interest,
or dividend equivalents, including converting such credits into deferred stock equivalents. 

6.3  Acquired Company Awards  

        Notwithstanding anything in the Plan to the contrary, the Plan Administrator may grant Awards under the Plan in substitution for awards issued under other plans,
or assume under the Plan awards issued under other plans, if the other plans are or were plans of other acquired entities ("Acquired Entities") (or the parent of an Acquired Entity) and the new Award
is substituted, or the old award is assumed, by reason of a merger, consolidation, acquisition of property or stock, reorganization or liquidation (the "Acquisition Transaction"). In the event that a
written agreement pursuant to which the Acquisition Transaction is completed is approved by the Board and said agreement sets forth the terms and conditions of the substitution for or assumption of
outstanding awards of the Acquired Entity, said terms and conditions shall be deemed to be the action of the Plan Administrator without any further action by the Plan Administrator, except as may be
required for compliance with Rule 16b-3 under the Exchange Act, and the persons holding such awards shall be deemed to be Participants. 

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SECTION 7. AWARDS OF OPTIONS    
  

7.1  Grant of Options  

        The Plan Administrator shall have the authority, in its sole discretion, to grant Options as Incentive Stock Options or as Nonqualified Stock Options, which shall
be appropriately designated. 

7.2  Option Exercise Price  

        The exercise price for shares purchased under an Option shall be as determined by the Plan Administrator, but shall not be less than the minimum exercise price
required by Section 8.3 with respect to Incentive Stock Options and shall not be less than 85% of Fair Market Value of the Common Stock on the Grant Date with respect to Nonqualified Stock
Options. 

7.3  Term of Options  

        Subject to earlier termination in accordance with the terms of the Plan and the instrument evidencing the Option, the maximum term of an Option (the "Option
Term") shall be as established for that Option by the Plan Administrator or, if not so established, shall be ten years from the Grant Date. 

7.4  Exercise of Options  

        The Plan Administrator shall establish and set forth in each instrument that evidences an Option the time at which, or the installments in which, the Option shall
vest and become exercisable, any of which provisions may be waived or modified by the Plan Administrator at any time. 

        The
Plan Administrator, in its sole discretion, may adjust the vesting schedule of an Option held by a Participant who works less than "full-time" as that term is defined by
the Plan Administrator or who takes a Company-approved leave of absence. 

        To
the extent an Option has vested and become exercisable, the Option may be exercised in whole or from time to time in part by delivery to the Company of a written stock option exercise
agreement or notice, in a form and in accordance with procedures established by the Plan Administrator, setting forth the number of shares with respect to which the Option is being exercised, the
restrictions imposed on the shares purchased under such exercise agreement, if any, and such representations and agreements as may be required by the Plan Administrator, accompanied by payment in full
as described in Section 7.5. An Option may be exercised only for whole shares and may not be exercised for less than a reasonable number of shares at any one time, as determined by the Plan
Administrator. 

7.5  Payment of Exercise Price  

        The exercise price for shares purchased under an Option shall be paid in full to the Company by delivery of consideration equal to the product of the Option
exercise price and the number of shares purchased. Such consideration must be paid before the Company will issue the shares being purchased and must be in a form or a combination of forms acceptable
to the Plan Administrator for that purchase, which forms may include: 

        (a)  cash; 

        (b)  check;

        (c)  tendering
(either actually or, if the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, by attestation) shares of Common Stock already
owned by the Participant for at least six months (or any shorter period necessary to avoid a charge to the Company's earnings for financial reporting purposes) that on the day prior to the exercise
date 

5

 

have a Fair Market Value equal to the aggregate exercise price of the shares being purchased under the Option; or 

        (d)  if
the Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act, delivery of a properly executed exercise notice, together with irrevocable
instructions to a brokerage firm designated by the Company to deliver promptly to the Company the aggregate amount of sale or loan proceeds to pay the Option exercise price and any withholding tax
obligations that may arise in connection with the exercise, all in accordance with the regulations of the Federal Reserve Board. 

7.6  Post-Termination Exercises  

        The Plan Administrator shall establish and set forth in each instrument that evidences an Option whether the Option shall continue to be exercisable, and the
terms and conditions of such exercise, if the Participant ceases to be employed by, or to provide services to, the Company or a Related Company, which provisions may be waived or modified by the Plan
Administrator at any time. If not so established in the instrument evidencing the Option, the Option shall be exercisable according to the following terms and conditions, which may be waived or
modified by the Plan Administrator at any time: 

        (a)  Except
as otherwise set forth in this Section 7.6, any portion of an Option that is not vested and exercisable on the Employment Termination Date shall expire on
such date. 

        (b)  Any
portion of an Option that is vested and exercisable on the Employment Termination Date shall expire on the earliest to occur of 

	(i)
	if
the Participant's Employment Termination Date occurs for reasons other than Cause, Retirement, Disability or death, the day which is three months
after such Employment Termination Date;

	(ii)
	if
the Participant's Employment Termination Date occurs by reason of Retirement, Disability or death, the one-year anniversary of such
Employment Termination Date; and

	(iii)
	the
last day of the Option Term (the "Option Expiration Date"). 

        Notwithstanding
the foregoing, if the Participant dies after his or her Employment Termination Date but while an Option is otherwise exercisable, the portion of the Option that is vested
and exercisable on such Employment Termination Date shall expire upon the earlier to occur of (y) the Option Expiration Date and (z) the one-year anniversary of the date of
death, unless the Plan Administrator determines otherwise. 

        Also
notwithstanding the foregoing, in case of termination of the Participant's employment or service relationship for Cause, all Options granted to that Participant shall automatically
expire upon first notification to the Participant of such termination, unless the Plan Administrator determines otherwise. If a Participant's employment or service relationship with the Company is
suspended pending an investigation of whether the Participant shall be terminated for Cause, all the Participant's rights under any Option shall likewise be suspended during the period of
investigation. If any facts that would constitute termination for Cause are discovered after the Participant's relationship with the Company or a Related Company has ended, any Option then held by the
Participant may be immediately terminated by the Plan Administrator, in its sole discretion. 

        (c)  A
Participant's transfer of employment or service relationship between or among the Company and any Related Company, or a change in status from an employee to a
consultant, agent, advisor or independent contractor or a change in status from a consultant, agent, advisor or independent contractor to an employee, shall not be considered a termination of
employment or 

6

 

service relationship for purposes of this Section 7. Unless the Plan Administrator determines otherwise, a termination of employment or service relationship shall be deemed to occur if a
Participant's employment or service relationship is with an entity that has ceased to be a Related Company. 

        (d)  The
effect of a Company-approved leave of absence on the application of this Section 7 shall be determined by the Plan Administrator, in its sole discretion. 

        (e)  If
a Participant's employment or service relationship with the Company or a Related Company terminates by reason of Disability or death, the Option shall become fully
vested and exercisable for all the shares subject to the Option. Such Option shall remain exercisable for the time period set forth in this Section 7.6. 

 
 

SECTION 8. INCENTIVE STOCK OPTION LIMITATIONS    
  

        Notwithstanding any other provisions of the Plan, and to the extent required by Section 422 of the Code, Incentive Stock Options shall be subject to the
following additional terms and conditions: 

8.1  Dollar Limitation  

        To the extent the aggregate Fair Market Value (determined as of the Grant Date) of Common Stock with respect to which Incentive Stock Options are exercisable for
the first time during any calendar year (under the Plan and all other stock option plans of the Company) exceeds $100,000, such portion in excess of $100,000 shall be treated as a Nonqualified Stock
Option. In the event the Participant holds two or more such Options that become exercisable for the first time in the same calendar year, such limitation shall be applied on the basis of the order in
which such Options are granted. 

8.2  Eligible Employees  

        Individuals who are not employees of the Company or one of its parent corporations or subsidiary corporations may not be granted Incentive Stock Options. 

8.3  Exercise Price  

        The exercise price of an Incentive Stock Option shall be at least 100% of the Fair Market Value of the Common Stock on the Grant Date, and in the case of an
Incentive Stock Option granted to a Participant who owns more than 10% of the total combined voting power of all classes of the stock of the Company or of its parent or subsidiary corporations (a "Ten
Percent Stockholder"), shall not be less than 110% of the Fair Market Value of the Common Stock on the Grant Date. The determination of more than 10% ownership shall be made in accordance with
Section 422 of the Code. 

8.4  Exercisability  

        An Option designated as an Incentive Stock Option shall cease to qualify for favorable tax treatment as an Incentive Stock Option to the extent it is exercised
(if permitted by the terms of the Option) (a) more than three months after the Employment Termination Date if termination was for reasons other than death or disability, (b) more than
one year after the Employment Termination Date if termination was by reason of disability, or (c) after the Participant has been on leave of absence for more than 90 days, unless the
Participant's reemployment rights are guaranteed by statute or contract. 

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8.5  Taxation of Incentive Stock Options  

        In order to obtain certain tax benefits afforded to Incentive Stock Options under Section 422 of the Code, the Participant must hold the shares acquired
upon the exercise of an Incentive Stock Option for two years after the Grant Date and one year after the date of exercise. 

        A
Participant may be subject to the alternative minimum tax at the time of exercise of an Incentive Stock Option. The Participant shall give the Company prompt notice of any disposition
of shares acquired on the exercise of an Incentive Stock Option prior to the expiration of such holding periods. 

8.6  Code Definitions  

        For the purposes of this Section 8, "parent corporation," "subsidiary corporation" and "disability" shall have the meanings attributed to those terms for
purposes of Section 422 of the Code. 

 
 

SECTION 9. STOCK AWARDS    
  

9.1  Grant of Stock Awards  

        The Plan Administrator is authorized to make Awards of Common Stock or Awards denominated in units of Common Stock on such terms and conditions and subject to
such repurchase or forfeiture restrictions, if any (which may be based on achievement of performance goals), as the Plan Administrator shall determine, in its sole discretion, which terms, conditions
and restrictions shall be set forth in the instrument evidencing the Award. The terms, conditions and restrictions that the Plan Administrator shall have the power to determine shall include, without
limitation, the manner in which shares subject to Stock Awards are held during the periods they are subject to restrictions and the circumstances under which repurchase or forfeiture of the Stock
Award shall occur by reason of termination of the Participant's employment or service relationship. 

9.2  Issuance of Shares  

        Upon the satisfaction of any terms, conditions and restrictions prescribed in respect to a Stock Award, or upon the Participant's release from any terms,
conditions and restrictions of a Stock Award, as
determined by the Plan Administrator, the Company shall release, as soon as practicable, to the Participant or, in the case of the Participant's death, to the personal representative of the
Participant's estate or as the appropriate court directs, the appropriate number of shares of Common Stock. 

9.3  Waiver of Restrictions  

        Notwithstanding any other provisions of the Plan, the Plan Administrator may, in its sole discretion, waive the repurchase or forfeiture period and any other
terms, conditions or restrictions on any Stock Award under such circumstances and subject to such terms and conditions as the Plan Administrator shall deem appropriate; provided, however, that the
Plan Administrator may not adjust performance goals for any Stock Award intended to be exempt under Section 162(m) of the Code for the year in which the Stock Award is settled in such a manner
as would increase the amount of compensation otherwise payable to a Participant. 

 
 

SECTION 10. WITHHOLDING    
  

10.1 General  

        The Company may require the Participant to pay to the Company the amount of any taxes that the Company is required by applicable federal, state, local or foreign
law to withhold with respect to the grant, vesting or exercise of an Award. The Company shall not be required to issue any shares Common Stock under the Plan until such obligations are satisfied. 

8

 

10.2 Payment of Withholding Obligations in Cash or Shares  

        The Plan Administrator may permit or require a Participant to satisfy all or part of his or her tax withholding obligations by (a) paying cash to the
Company, (b) having the Company withhold from any cash amounts otherwise due or to become due from the Company to the Participant, (c) having the Company withhold a portion of any shares
of Common Stock that would otherwise be issued to the Participant having a value equal to the tax withholding obligations (up to the employer's minimum required tax withholding rate), or
(d) surrendering any shares of Common Stock that the Participant previously acquired having a value equal to the tax withholding obligations (up to the employer's
minimum required tax withholding rate to the extent the Participant has held the surrendered shares for less than six months). 

9

  

 
 

SECTION 11. ASSIGNABILITY    
  

        Neither an Award nor any interest therein may be assigned, pledged or transferred by the Participant or made subject to attachment or similar proceedings other
than by will or by the applicable laws of descent and distribution, and, during the Participant's lifetime, such Awards may be exercised only by the Participant. Notwithstanding the foregoing, and to
the extent permitted by Section 422 of the Code, the Plan Administrator, in its sole discretion, may permit a Participant to assign or transfer an Award or may permit a Participant to designate
a beneficiary who may exercise the Award or receive payment under the Award after the Participant's death; provided, however, that any Award so assigned or transferred shall be subject to all the
terms and conditions of the Plan and those contained in the instrument evidencing the Award. 

 
 

SECTION 12. ADJUSTMENTS    
  

12.1 Adjustment of Shares  

        In the event, at any time or from time to time, a stock dividend, stock split, spin-off, combination or exchange of shares, recapitalization, merger,
consolidation, distribution to stockholders other than a normal cash dividend, or other change in the Company's corporate or capital structure, including, without limitation, a Related Party
Transaction, results in (a) the outstanding shares of Common Stock, or any securities exchanged therefor or received in their place, being exchanged for a different number or kind of securities
of the Company or of any other corporation or (b) new, different or additional securities of the Company or of any other corporation being received by the holders of shares of Common Stock of
the Company, then the Plan Administrator shall make proportional adjustments in (i) the maximum number and kind of securities subject to the Plan and issuable as Incentive Stock Options as set
forth in Section 4 and the maximum number and kind of securities that may be made subject to Stock Awards and to Awards to any individual as set forth in Section 4.3, and (ii) the
number and kind of securities that are subject to any outstanding Award and the per share price of such securities, without any change in the aggregate price to be paid therefor. The determination by
the Plan Administrator as to the terms of any of the foregoing adjustments shall be conclusive and binding. Notwithstanding the foregoing, a dissolution or liquidation of the Company or a Corporate
Transaction shall not be governed by this Section 12.1 but shall be governed by Sections 12.2 and 12.3, respectively. 

12.2 Dissolution or Liquidation  

        To the extent not previously exercised or settled, and unless otherwise determined by the Plan Administrator in its sole discretion, Options and Stock Awards
denominated in units shall terminate immediately prior to the dissolution or liquidation of the Company. To the extent a forfeiture provision or repurchase right applicable to an Award has not been
waived by the Plan Administrator, the Award shall be forfeited immediately prior to the consummation of the dissolution or liquidation. 

12.3 Corporate Transaction  

 Options  

        (a)  In
the event of a Corporate Transaction, except as otherwise provided in the instrument evidencing an Option (or in a written employment or services agreement between a
Participant and the Company or Related Company) and except as provided in subsection (b) below, each outstanding Option shall be assumed or an equivalent option or right substituted by the
surviving corporation, the successor corporation or its parent corporation, as applicable (the "Successor Corporation"). 

        (b)  If,
in connection with a Corporate Transaction, the Successor Corporation refuses to assume or substitute for an Option, then each such outstanding Option shall become
fully vested and 

10

 

exercisable with respect to 100% of the unvested portion of the Option. In such case, the Plan Administrator shall notify the Participant in writing or electronically that the unvested portion of the
Option specified above shall be fully vested and exercisable for a specified time period. At the expiration of the time period, the Option shall terminate, provided that the Corporate Transaction has
occurred. 

        (c)  For
the purposes of this Section 12.3, the Option shall be considered assumed or substituted for if following the Corporate Transaction the option or right
confers the right to purchase or receive, for each share of Common Stock subject to the Option immediately prior to the Corporate Transaction, the consideration (whether stock, cash, or other
securities or property) received in the Corporate
Transaction by holders of Common Stock for each share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the
holders of a majority of the outstanding shares); provided, however, that if such consideration received in the Corporate Transaction is not solely common stock of the Successor Corporation, the Plan
Administrator may, with the consent of the Successor Corporation, provide for the consideration to be received upon the exercise of the Option, for each share of Common Stock subject thereto, to be
solely common stock of the Successor Corporation substantially equal in fair market value to the per share consideration received by holders of Common Stock in the Corporate Transaction. The
determination of such substantial equality of value of consideration shall be made by the Plan Administrator and its determination shall be conclusive and binding. 

        (d)  All
Options shall terminate and cease to remain outstanding immediately following the Corporate Transaction, except to the extent assumed by the Successor Corporation. 

12.4 Further Adjustment of Awards  

        Subject to Sections 12.2 and 12.3, the Plan Administrator shall have the discretion, exercisable at any time before a sale, merger, consolidation, reorganization,
liquidation or change of control of the Company, as defined by the Plan Administrator, to take such further action as it determines to be necessary or advisable, and fair and equitable to the
Participants, with respect to Awards. Such authorized action may include (but shall not be limited to) establishing, amending or waiving the type, terms, conditions or duration of, or restrictions on,
Awards so as to provide for earlier, later, extended or additional time for exercise, lifting restrictions and other modifications, and the Plan Administrator may take such actions with respect to all
Participants, to certain categories of Participants or only to individual Participants. The Plan Administrator may take such action before or after granting Awards to which the action relates and
before or after any public announcement with respect to such sale, merger, consolidation, reorganization, liquidation or change of control that is the reason for such action. 

12.5 Limitations  

        The grant of Awards shall in no way affect the Company's right to adjust, reclassify, reorganize or otherwise change its capital or business structure or to
merge, consolidate, dissolve, liquidate or sell or transfer all or any part of its business or assets. 

12.6 Fractional Shares  

        In the event of any adjustment in the number of shares covered by any Award, each such Award shall cover only the number of full shares resulting from such
adjustment. 

11

 

 
 

SECTION 13. AMENDMENT AND TERMINATION    
  

13.1 Amendment or Termination of Plan  

        The Board may suspend, amend or terminate the Plan or any portion of the Plan at any time and in such respects as it shall deem advisable; provided, however, that
to the extent required for compliance with Section 422 of the Code or any applicable law or regulation, stockholder approval shall be required for any amendment that would (a) increase
the total number of shares available for issuance under the Plan, (b) modify the class of employees eligible to receive Options, or (c) otherwise require stockholder approval under any
applicable law or regulation. Any amendment made to the Plan that would constitute a "modification" to Incentive Stock Options outstanding on the date of such amendment shall not, without the consent
of the Participant, be applicable to such outstanding Incentive Stock Options but shall have prospective effect only. 

13.2 Term of Plan  

        Unless sooner terminated as provided herein, the Plan shall terminate ten years after the earlier of the Plan's adoption by the Board and approval by the
stockholders. 

13.3 Consent of Participant  

        The suspension, amendment or termination of the Plan or a portion thereof or the amendment of an outstanding Award shall not, without the Participant's consent,
materially adversely affect any rights under any Award theretofore granted to the Participant under the Plan. Any change or adjustment to an outstanding Incentive Stock Option shall not, without the
consent of the Participant, be made in a manner so as to constitute a "modification" that would cause such Incentive Stock Option to fail to continue to qualify as an Incentive Stock Option.
Notwithstanding the foregoing, any adjustments made pursuant to Section 12 shall not be subject to these restrictions. 

 
 

SECTION 14. GENERAL    
  

14.1 Evidence of Awards  

        Awards granted under the Plan shall be evidenced by a written instrument that shall contain such terms, conditions, limitations and restrictions as the Plan
Administrator shall deem advisable and that are not inconsistent with the Plan. 

14.2 No Individual Rights  

        Nothing in the Plan or any Award granted under the Plan shall be deemed to constitute an employment contract or confer or be deemed to confer on any Participant
any right to continue in the employ of, or to continue any other relationship with, the Company or any Related Company or limit in any way the right of the Company or any Related Company to terminate
a Participant's employment or other relationship at any time, with or without Cause. 

14.3 Issuance of Shares  

        Notwithstanding any other provision of the Plan, the Company shall have no obligation to issue or deliver any shares of Common Stock under the Plan or make any
other distribution of benefits under the Plan unless, in the opinion of the Company's counsel, such issuance, delivery or distribution would comply with all applicable laws (including, without
limitation, the requirements of the Securities Act), and the applicable requirements of any securities exchange or similar entity. 

        The
Company shall be under no obligation to any Participant to register for offering or resale or to qualify for exemption under the Securities Act, or to register or qualify under state
securities laws, 

12

 

any shares of Common Stock, security or interest in a security paid or issued under, or created by, the Plan, or to continue in effect any such registrations or qualifications if made. The Company
may issue certificates for shares with such legends and subject to such restrictions on transfer and stop-transfer instructions as counsel for the Company deems necessary or desirable for
compliance by the Company with federal and state securities laws. 

        To
the extent the Plan or any instrument evidencing an Award provides for issuance of stock certificates to reflect the issuance of shares of Common Stock, the issuance may be effected
on a noncertificated basis, to the extent not prohibited by applicable law or the applicable rules of any stock exchange. 

14.4 No Rights as a Stockholder  

        No Option or Stock Award denominated in units shall entitle the Participant to any cash dividend, voting or other right of a stockholder unless and until the date
of issuance under the Plan of the shares that are the subject of such Award. 

14.5 Compliance With Laws and Regulations  

        Notwithstanding anything in the Plan to the contrary, the Plan Administrator, in its sole discretion, may bifurcate the Plan so as to restrict, limit or condition
the use of any provision of the Plan to Participants who are officers or directors subject to Section 16 of the Exchange Act without so restricting, limiting or conditioning the Plan with
respect to other Participants. Additionally, in interpreting and applying the provisions of the Plan, any Option granted as an Incentive Stock Option pursuant to the Plan shall, to the extent
permitted by law, be construed as an "incentive stock option" within the meaning of Section 422 of the Code. 

14.6 Participants in Other Countries  

        The Plan Administrator shall have the authority to adopt such modifications, procedures and subplans as may be necessary or desirable to comply with provisions of
the laws of other countries in which the Company or any Related Company may operate to assure the viability of the benefits from Awards granted to Participants employed in such countries and to meet
the objectives of the Plan. 

14.7 No Trust or Fund  

        The Plan is intended to constitute an "unfunded" plan. Nothing contained herein shall require the Company to segregate any monies or other property, or shares of
Common Stock, or to create any trusts, or to make any special deposits for any immediate or deferred amounts payable to any Participant, and no Participant shall have any rights that are greater than
those of a general unsecured creditor of the Company. 

14.8 Severability  

        If any provision of the Plan or any Award is determined to be invalid, illegal or unenforceable in any jurisdiction, or as to any person, or would disqualify the
Plan or any Award under any law deemed applicable by the Plan Administrator, such provision shall be construed or deemed amended to conform to applicable laws, or, if it cannot be so construed or
deemed amended without, in the Plan Administrator's determination, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award,
and the remainder of the Plan and any such Award shall remain in full force and effect. 

13

 

14.9 Choice of Law  

        The Plan and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by the laws of the United States, shall be governed
by the laws of the State of Delaware without giving effect to principles of conflicts of law. 

 
 

SECTION 15. EFFECTIVE DATE    
  

        The effective date is the date on which the Plan is adopted by the Board. If the stockholders of the Company do not approve the Plan within 12 months after
the Board's adoption of the Plan, any Incentive Stock Options granted under the Plan will be treated as Nonqualified Stock Options. 

        Adopted by the Board on July 19, 2001, and approved by the Company's stockholders on October 16, 2001. 

 
 

PLAN ADOPTION AND AMENDMENTS/ADJUSTMENTS
  SUMMARY PAGE    
  

	Date of Board

Action
	 	Action
	 	Section/Effect

of Amendment
	 	Date of Stockholder

Approval

	July 19, 2001	 	Initial Plan Adoption	 	 	 	October 16, 2001

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QuickLinks

EXHIBIT 10.33

ALCIDE CORPORATION 2001 STOCK INCENTIVE PLAN SECTION 1. PURPOSE

SECTION 2. DEFINITIONS

SECTION 3. ADMINISTRATION

SECTION 4. STOCK SUBJECT TO THE PLAN

Subject to adjustment from time to time as provided in Section 12.1, the number of shares of Common Stock available for issuance under the Plan shall be

SECTION 5. ELIGIBILITY

SECTION 6. AWARDS

SECTION 7. AWARDS OF OPTIONS

SECTION 8. INCENTIVE STOCK OPTION LIMITATIONS

SECTION 9. STOCK AWARDS

SECTION 10. WITHHOLDING

SECTION 11. ASSIGNABILITY

SECTION 12. ADJUSTMENTS

SECTION 13. AMENDMENT AND TERMINATION

SECTION 14. GENERAL

SECTION 15. EFFECTIVE DATE

PLAN ADOPTION AND AMENDMENTS/ADJUSTMENTS SUMMARY PAGE

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