Document:

EXHIBIT 10.5

 Exhibit 10.5 
  
 DEFERRED STOCK AWARD AGREEMENT 
  
 UNDER THE DIAMONDROCK HOSPITALITY COMPANY 
 2004 STOCK OPTION AND INCENTIVE PLAN 
  
 Name of Grantee: Sean M. Mahoney 
 No. of Shares: 25,000 
 Purchase Price per Share: $0.00 
 Grant Date: June 1, 2005 
 Final Acceptance Date: August 1, 2005 
  
 This Deferred Stock Award Agreement (the “Agreement”), made
as of the 1st day of June, 2005 (the “Grant Date”) by and between DiamondRock Hospitality Company
(the “Company”), and Sean M. Mahoney (the “Grantee”), evidences the grant by the Company of certain shares of Deferred Stock set forth above (the “Award”) to the Grantee on such date and the
Grantee’s acceptance of the Award in accordance with the provisions of the DiamondRock Hospitality Company 2004 Stock Option and Incentive Plan (the “Plan”). The Company and the Grantee agree as follows: 
  
 1. Basis for Award. This Award is made in accordance with
Section 8 of the Plan. 
  
 2. Deferred Stock Awarded.

  
 (a) The Company hereby awards to the Grantee, in the
aggregate the number of shares of Deferred Stock set forth above. 
  
 (b) The Company shall in accordance with the Plan establish and maintain an account (the “Deferred Stock Account”) for the Grantee, and such account shall be credited with the number of shares of Deferred Stock granted to the
Grantee. 
  
 (c) Until the payment of Deferred Stock awarded to
the Grantee, the Deferred Stock and any related securities, dividends or other property nominally credited to a Deferred Stock Account shall not be sold, transferred, or otherwise disposed of and shall not be pledged or otherwise hypothecated.

  
 (d) Upon the payment of any dividends (or other distribution)
by the Company, the Company shall, on the day such dividend (or other distribution) is paid, credit the Deferred Stock Account with additional shares (or a fraction of a share) of Deferred Stock equal to the fair market value of the Stock
(determined as of the close of the New York Stock Exchange on such payment date) in lieu of paying such dividend or making such other distribution. The determination of fair market value shall be made by the Administrator acting in good faith. Any
such additional shares of Deferred Stock shall be subject to the same vesting schedule and deferral as the original Award and such additional shares shall be paid on the same date that the original Award is paid. On the date that the Award is paid,
all fractional shares shall be eliminated. 
  
 3. Vesting
and Deferral Period. The Deferred Stock covered by this Agreement shall vest on the Grant Date. Notwithstanding the foregoing, except as provided in Section 4 
  

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 below, settlement and payment of the Deferred Stock shall automatically be deferred for a period of five (5) years from
the Grant Date (the “Deferral Period”) and shall be paid in accordance with Section 4 below. Notwithstanding the foregoing, if Grantee’s service with the Company is terminated for Cause (as defined below) prior to the
expiration of the Deferral Period, all amounts credited to the Grantee’s Deferred Stock Account shall be forfeited and no payments shall be made to the Grantee hereunder. For purposes hereof “Cause” shall mean the occurrence of any of
the following events based on a determination by the Board of Directors of the Company (the “Board”) in good faith: (i) the conviction or indictment of the Grantee of, or the entry of a plea of guilty or nolo contendere by the Grantee to,
any felony; (ii) fraud, misappropriation or embezzlement by the Grantee; (iii) the Grantee’s willful failure or gross negligence in the performance of his assigned duties for the Company, which failure or gross negligence continues for more
than 15 days following the Grantee’s receipt of written notice of such willful failure or gross negligence from the Board; (iv) any act or omission of the Grantee that has a demonstrated and material adverse impact on the Company reputation for
honesty and fair dealing; (v) the breach by the Grantee of his duties under any agreement he is a party to with the Company or any of its affiliates or any material term of any such agreements; or (vi) a material violation by Grantee of the
Company’s employment policies which continues for more than 15 days following written notice of such violation from the Board. 
  
 4. Payment. Except as provided in the Plan, upon the earlier to occur of (i) a Sale Event or (ii) expiration of the Deferral Period, the
Grantee’s Deferred Stock Account shall be paid in full and payment shall be made in the form of shares of Stock equal to the number of Deferred Stock credited to the Grantee’s Deferred Stock Account which are being paid and settled. The
Administrator shall cause a stock certificate to be delivered to the Grantee with respect to such shares of Stock free of all restrictions hereunder, except for applicable federal securities laws restrictions. Any securities, cash dividends or other
property credited to the Deferred Stock Account other than Deferred Stock shall be paid in kind, or, in the discretion of the Committee, in cash. Notwithstanding the foregoing, to the extent that a Grantee is a “specified employee” as
defined under Section 409A of the Code at the time the payments contemplated hereunder are to be made, any payments of deferred compensation that may be made as a result of the Grantee’s separation from service shall commence six (6) months and
one day following such separation from service if earlier payment would be a violation of Section 409A of the Code. In addition, the timing of certain payment of awards provided for under this Plan may be revised as necessary for compliance with
Section 409A of the Code with or without a Grantee’s consent. This Section 4 is not intended to accelerate the payment of deferred compensation within the meaning of Section 409A of the Code in a manner which would subject the Grantee to any
taxes and penalties under Section 409A of the Code. As such, this Section 4 shall operate only to accelerate the payment of any Award, if such acceleration does not cause the Grantee to become subject to taxes and penalties under Section
409A(a)(1)(B) of the Code or otherwise violate Section 409A(a)(2) of the Code. 
  
 5. Compliance with Laws and Regulations. The issuance of shares of Stock upon the settlement of the Deferred Stock shall be subject to compliance by the Company and the Grantee with all applicable
requirements of securities laws, other applicable laws and regulations of any stock exchange on which the Shares may be listed at the time of such issuance or transfer. The Grantee understands that the Company is under no obligation to register or
qualify the Stock with the United States Securities and Exchange Commission, any state securities commission or any stock exchange to effect such compliance. 
  

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 6. Tax Withholding. The Grantee agrees that no later than the date as of which the Deferred
Stock vest and/or are settled, the Grantee shall pay to the Company (in cash or to the extent permitted by the Administrator, shares of Stock otherwise deliverable to the Grantee hereunder or previously held by the Grantee whose Fair Market Value on
the day preceding the date the Deferred Stock vests and/or are settled is equal to the amount of the Grantee’s tax withholding liability) any federal, state or local taxes of any kind required by law to be withheld, if any, with respect to the
Deferred Stock. Alternatively, the Company or its Subsidiary shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Grantee (including payments due when the Deferred Stock vest and/or
settled) any federal, state or local taxes of any kind required by law to be withheld. 
  
 7. Nontransferability. Except as provided in the Plan, this Award is not transferable. 
  
 8. No Right to Continued Employment. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation on any
right of the Company or any of its affiliates to terminate the Grantee’s employment at any time, in the absence of a specific written agreement to the contrary. 
  
 9. Representations and Warranties of Grantee. The Grantee represents and warrants to the Company that:

  
 (a) Agrees to Terms of the Plan. The Grantee has
received a copy of the Plan and has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions. The Grantee acknowledges that there may be adverse tax consequences upon the vesting and/or
settlement of Deferred Stock or thereafter and that the Grantee should consult a tax adviser prior to such time. The Company makes no guarantee to the Grantee that the Award granted hereunder will not be taxable prior to payment or that the Plan and
this Award comply with Section 409A of the Code. 
  
 (b)
Cooperation. The Grantee agrees to sign such additional documentation as may reasonably be required from time to time by the Company. 
  
 10. Adjustment Upon Changes in Capitalization. In the event of a Change in Stock as set forth in Section 3 of the Plan, the Administrator
may make appropriate adjustments to the number and class of shares relating to the Deferred Stock as it deems appropriate, in its sole discretion, to preserve the value of this Award. The Committee’s adjustment shall be made in accordance with
the provisions of Section 3 of the Plan and shall be effective and final, binding and conclusive for all purposes of the Plan and this Agreement. 
  
 11. Governing Law; Modification. This Agreement shall be governed by the laws of the State of Maryland without regard to the conflict of law
principles. The Agreement may not be modified except in writing signed by both parties. 
  
 12. Defined Terms. Except as otherwise provided herein, or unless the context clearly indicates otherwise, capitalized terms used but not defined herein have the definitions as provided in the Plan. The
terms and provisions of the Plan are incorporated herein by reference. In the event of a conflict or inconsistency between the non-discretionary terms and provisions of the Plan and the provisions of this Agreement, the Plan shall govern and
control. 
  

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 13. Miscellaneous. The masculine pronoun shall be deemed to include the feminine, and the
singular number shall be deemed to include the plural unless a different meaning is plainly required by the context. 
  
 IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the 25th day of July, 2005. 
  

			
	DIAMONDROCK HOSPITALITY COMPANY
		
	By:	 	 /s/ Michael D. Schecter

	Name:	 	Michael D. Schecter
	Title:	 	General Counsel and Secretary
	
	GRANTEE
		
	By:	 	 /s/ Sean M. Mahoney

  

 4Employment Agreement between the Registrant and Joseph H. Crabb

 EXHIBIT 10.1 
  
 EMPLOYMENT AGREEMENT 
  
 THIS AGREEMENT is made as of the 28th day of July, 2005, between IMMUCELL CORPORATION, a Delaware Corporation (the “Company”), and Joseph H.
Crabb, of Falmouth, Maine (“Crabb”). 
  
 WITNESSETH: 
  
 In consideration of the mutual
promises hereinafter contained, the parties hereto agree as follows: 
  
 1. EMPLOYMENT AND TERM. The Company hereby agrees to employ Crabb and Crabb hereby agrees to accept half-time employment by the Company, subject to the provisions of this Agreement, for a term ending on December 31, 2007. Except as provided
in Section 6(e) below, this Agreement replaces and supersedes Crabb’s prior Employment Agreement with the Company, which Agreement became effective January 1, 2005. This Agreement is renewable only upon the mutual written agreement of terms to
be negotiated by both the Company and Crabb. 
  
 2. DUTIES OF
CRABB. Crabb shall continue to be employed by the Company as its Vice President and Chief Scientific Officer, performing such duties consistent with such position as its Board of Directors shall assign to Crabb from time to time. As an exempt
employee, Crabb shall work those hours that are reasonably necessary to complete his assigned duties on behalf of the Company, with the understanding that it is expected that his time commitment to his position responsibilities shall average at
least twenty (20) hours per week. Even though working a half-time schedule, Crabb shall serve the Company faithfully and diligently, using his best efforts to promote the interests of the Company. Crabb further agrees when called upon to serve as a
member of the Board of Directors of the Company. Any service as a director shall be part of Crabb’s expected time commitment to the Company and therefore performed without expectation of any additional compensation. 
  
 3. COMPENSATION. 
  

	 	(a)	Base salary. As compensation for his services hereunder, the Company shall continue to pay Crabb a salary of $7,307.58 per month, provided that on January 1, 2006, and again
on January 1, 2007, such amount shall be increased by the percentage increase in the Consumer Price Index for All Urban Consumers (CPI-U) for the twelve (12) month period ending with the prior December, as reported by the Bureau of Labor Statistics
of the U.S. Department of Labor. 

  

	 	(b)	Employee Benefits. Working a half-time schedule, Crabb shall be entitled to participate in any benefits provided by the Company to its employees, such as life

	 	    	insurance and disability insurance, subject to the eligibility requirements and other terms and conditions of such plans as they may change from time to time. In no way limiting the
above, Crabb shall be eligible to receive health insurance benefits under the same terms and conditions as other employees of the Company subject to the provisions of the Company’s health insurance plan, as amended from time to time. Crabb
shall also be eligible for a 401(k) Plan employer match in accordance with the terms of that Plan as it may be amended from time to time. 

  

	 	    	Holiday, vacation and sick time shall be governed by the policies of the Company, as they may change from time to time, subject to the following: 

  
 (i) During weeks in which a holiday falls, Crabb’s expected commitment
to his position responsibilities shall be reduced by 4 hours (50% of the 8 hour holiday) to average 16 hours per week. 
  
 (ii) Crabb shall be entitled to accrue up to 80 hours of vacation time per year (50% of the 20 vacation days that may be accrued by a full-time employee
with his number of years of service to the Company). 
  
 (iii)
Crabb shall be entitled to accrue up to 24 hours of sick time per year (50% of the sick time that may be accrued by full-time employees), and maintain his earned sick day bank in force for use in the event of a catastrophic illness or disability.
Given the flexibility provided in Crabb’s work schedule, it is not anticipated that sick time will be needed in a significant way to achieve the half-time work commitment. 
  

	 	(c)	Existing Stock Options. This Agreement is not intended to modify the terms of any of Crabb’s outstanding stock option agreements with the Company.

  

	 	(d)	Cash Bonus. Neither this Agreement nor Crabb’s change of status to a half-time schedule shall disqualify Crabb from consideration for incentive compensation, although
Crabb understands his half-time status may be a factor considered by the Company when deciding the amount of any bonus award. 

  
 4. TERMINATION OF EMPLOYMENT. 
  

	 	(a)	Early Termination. Except as provided in subsections 4(b) and 4(c) below, this Agreement shall terminate at the end of its term as provided in Section 1 above.

  

	 	(b)	Termination by Company without Just Cause. The Company may terminate this Agreement and Crabb’s employment without Just Cause before the end of the term of this
Agreement by providing Crabb written notice of such termination. In the event of such early termination by the Company without Just Cause, Crabb shall be entitled to receive severance pay in an amount equal to the balance of his salary that
otherwise would have been paid throughout the then remaining term of this Agreement. 

 Notwithstanding the above, as a condition of receiving the severance payment provided for herein, Crabb
must first execute and deliver to the Company a release agreement, in a form reasonably satisfactory to the Company, releasing any claims Crabb may have against the Company or its agents, arising out of his employment or termination of employment.
Payment of this severance pay shall be made within thirty (30) days after the execution and delivery of the release agreement. 
  

	 	(c)	Termination for Just Cause. A majority of the Board of Directors of the Company may at any time terminate this Agreement and the employment of Crabb for just cause (as
hereinafter defined) upon seven (7) days’ written notice to Crabb. Upon the expiration of such seven (7) day period, Crabb’s employment with the Company shall cease, and from and after such date the Company shall have no further liability
or obligation to make any payments or provide any benefits which would otherwise be paid to Crabb hereunder, except as such have accrued on or before such date. 

  
 As used in this subsection (c), “just cause” shall be deemed to include only the following: 
  

	 	(i)	Crabb’s conviction of a felony involving moral turpitude or dishonesty; or 

  

	 	(ii)	Crabb’s persistent failure to comply with the reasonable directives or assignments of the Company’s Board of Directors, provided that such directives or assignments are
consistent with Crabb’s status and position as set forth in Section 2 of this Agreement; or 

  

	 	(iii)	Crabb’s persistent failure to devote his best efforts to the business and affairs of the Company in the manner contemplated by Section 2 of this Agreement; or

  

	 	(iv)	Crabb’s breach of the requirements of Section 5 of this Agreement or Attachment A as referenced therein. 

  

	 	(d)	Certain Events. In the event that (i) following the termination of Crabb’s employment pursuant to subsection (b) of this Section 4 the Company shall fail to pay Crabb
when due, or within ten (10) business days thereafter, all current sums payable to Crabb pursuant to said subsection (b), or (ii) following the termination of Crabb’s employment for any reason whatsoever, the Company or any successor or
assignee of the Company entitled to the benefits of this Agreement shall cease to conduct the business of the Company engaged in by the Company at the time of such termination, then, and in either such event, the covenants against competition set
forth in Section 5 of this Agreement shall be terminated and Crabb shall thereafter not be bound by 

	 	    	the provisions thereof. The termination of said covenants against competition shall not alter or affect the obligation of the Company to make any payments required to be made to
Crabb pursuant to the provisions of subsection (b) of this Section 4. 

  
 5. COVENANTS CONCERNING OUTSIDE ACTIVITIES. 
  

	 	(a)	Existing Covenants. Crabb hereby covenants that while employed by the Company, and after the termination of Crabb’s employment with the Company, whether before or after
the term of this Agreement and whether or not this Agreement is extended, he will abide by the terms of the “Agreement in Connection with Employment” dated September 19, 1988, between Crabb and the Company, a copy of which is appended
hereto as Attachment A. Notwithstanding the above, the parties agree that the prohibitions against competition set forth in Paragraph 4 of Attachment A shall not apply to Crabb as written, but instead that Crabb may, during or after
the term of his employment, work or consult for others in the human or animal health field except with respect to research and development relating to, or any business activity pertaining to, a “Protected Product or Technology” (as
hereafter defined) or any products or processes competitive with a Protected Product or Technology. 

  
 For the purposes of this Agreement, “Protected Product or Technology” shall mean and include: 
  

	 	(i)	First Defense® 

  

	 	(ii)	Wipe Out® Dairy Wipes, Mast Out® and other Nisin-containing products of the Company or its sublicensees 

  

	 	(iii)	Failure of Passive Transfer (FPT) products for calves 

  

	 	(iv)	DiffGAM 

  

	 	(v)	TravelGAM 

  

	 	(vi)	Crypto-Scan® 

  

	 	(vii)	The diagnosis of Johne’s Disease using Nisin or immunomagnetic separation 

  
 “Protected Product or Technology” shall also mean and include any new products or technologies of the Company or
any product improvements with respect to (i) through (vii) above whether then existing or, to Crabb’s knowledge, under consideration or development by the Company. 
  
 This limitation on research, development and business activities shall remain effective throughout the term of Crabb’s
association with the Company as an employee, director and/or consultant, and for one (1) year after the date that Crabb no longer has any such association. Nothing contained in this subsection shall be construed to limit or waive Crabb’s
confidentiality obligations to the Company, whether under Attachment A or otherwise. 
  

	 	(b)	Covenant Concerning Employees. Crabb hereby covenants that while an employee, director and/or consultant with the Company, and for one (1) year after the date that

	 	    	Crabb no longer has any such association, Crabb will not directly or indirectly hire any person then employed by the Company or persuade, induce or otherwise encourage any such
person to leave the employ of the Company. 

  

	 	(c)	Survival of Obligations. Notwithstanding the termination of this Agreement, Crabb shall continue to be bound by the provisions of this Section 5 and such termination shall
not affect any obligations Crabb may have pursuant to this Section 5 or Attachment A as provided herein. 

  
 6. MISCELLANEOUS. 
  

	 	(a)	Notice. Any notice given hereunder shall be set forth in writing and shall be hand-delivered or mailed, if to the Company, at the address of its principal offices on the date
upon which such notice is given, and if to Crabb, at the then current residential address of Crabb (as reflected on the records of the Company) by any of the aforesaid means. Any such notice shall be deemed effective on the earliest to occur of the
date actually delivered to the specified address; the second business day after being deposited in the United States mail, if sent by registered or certified mail, postage prepaid, return receipt requested; or the date actually received.

  

	 	(b)	Death. In the event of the death of Crabb during the term of this Agreement while he shall be an employee of the Company, Crabb’s compensation pursuant to Section 3
hereof shall cease as of the last day of the month in which Crabb’s death occurs. Any remaining amounts owing to Crabb pursuant to Section 3 hereof in respect to such month shall be paid to his estate or shall pass by applicable laws of descent
and distribution. In the event of the death of Crabb after he has terminated his employment with the Company, but prior to the payment of all amounts payable to him pursuant to the provisions of subsection (b) of Section 4 hereof, the remaining such
amounts shall be paid to the representatives of Crabb’s estate. 

  

	 	(c)	Injunctive Relief. The parties agree that the extent of damage to the Company in the event of the breach by Crabb of the covenants contained in Section 5 of this Agreement
and/or Attachment A would be difficult or impossible to ascertain and that there would be no adequate remedy at law available to the Company in the event of such breach. Therefore, in the event of any such breach, the Company shall be
entitled to enforce any or all of such covenants by injunction or other equitable relief in addition to receiving damages or other relief to which the Company may be entitled. 

  

	 	(d)	Binding Effect; Assignment. This Agreement and the Company’s rights under this Agreement may be assigned or transferred by the Company to any successor in interest to
the Company or the business of the Company. This Agreement is a personal contract and the rights and interest of Crabb herein may not be sold, transferred, assigned, pledged or hypothecated by Crabb, and any such attempted sale, transfer,
assignment, pledge or hypothecation shall be null, void and of no effect. 

	 	(e)	Entire Agreement. Except as set forth in the next succeeding sentence, this Agreement contains the entire agreement between the parties hereto with respect to the
transactions contemplated herein and supersedes all prior agreements and understandings, written and oral with respect to the subject matter hereof, and may not be amended or modified except by an instrument in writing signed by both parties hereto.
It is understood and agreed that the following additional agreements shall remain in full force and effect and shall not be superseded by this Agreement: (i) the “Agreement in Connection with Employment” dated September 19, 1988 and
appended hereto as Attachment A (as amended by Section 5(a) of this Agreement), (ii) the provisions contained Section 3(c) of the Employment Agreement dated April 29, 1999 between Crabb and the Company, regarding nonqualified stock options
granted to Crabb, and (iii) all other incentive and nonqualified stock option agreements previously entered into between Crabb and the Company, which agreements remain in full force to the same extent they were in force before this Agreement was
executed. 

  

	 	(f)	Severability. If any provision of this Agreement is declared invalid, illegal or unenforceable, such provision shall be severed and all remaining provisions shall continue in
full force and effect. 

  

	 	(g)	Law Governing. This Agreement shall be governed by and enforced in accordance with the laws of the State of Maine 

  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement,
intending the same to take effect as a sealed instrument, as of the date first above written. 
  

							
	 	 	 	 	IMMUCELL CORPORATION
				
	By:	 	 /s/ Joseph H. Crabb

	 	By:	 	 /s/ Michael F. Brigham

	 	 	Joseph H. Crabb	 	 	 	Michael F. Brigham, President and CEO
				
	 	 	 	 	By:	 	 /s/ Anthony B. Cashen

	 	 	 	 	 	 	 Anthony B. Cashen, Chairman,
 Compensation and Stock
Option Committee

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