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  Exhibit 10.7

 

CEL-SCI CORPORATION

2019 NON-QUALIFIED STOCK OPTION PLAN

 

 

l.           
Purpose. This
Non-Qualified Stock Option Plan (the "Plan") is intended to advance
the interests of CEL-SCI Corporation (the “Company”)
and its shareholders, by encouraging and enabling selected
officers, directors, consultants and key employees upon whose
judgment, initiative and effort the Company is largely dependent
for the successful conduct of its business, to acquire and retain a
proprietary interest in the Company by ownership of its stock.
Options granted under the Plan are intended to be Options which do
not meet the requirements of Section 422 of the Internal Revenue
Code of 1954, as amended (the "Code").

 

2.           
Definitions.

 

(a)         

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

 

(b)         

"Committee" means
the directors duly appointed to administer the Plan.

 

(c)         

"Common Stock"
means the Company's Common Stock.

 

(d)         

"Date of Grant"
means the date on which an Option is granted under the
Plan.

 

(e)         

"Option" means an
Option granted under the Plan.

 

(f)         

"Optionee" means a
person to whom an Option, which has not expired, has been granted
under the Plan.

 

(g)         

"Successor" means
the legal representative of the estate of a deceased optionee or
the person or persons who acquire the right to exercise an Option
by bequest or inheritance or by reason of the death of any
Optionee.

 

3.           
Administration of
Plan. The Plan shall be administered by the Company's Board
of Directors or in the alternative, by a committee of two or more
directors appointed by the Board (the "Committee"). If a Committee
should be appointed, the Committee shall report all action taken by
it to the Board. The Committee shall have full and final authority
in its discretion, subject to the provisions of the Plan, to
determine the individuals to whom and the time or times at which
Options shall be granted and the number of shares and purchase
price of Common Stock covered by each Option; to construe and
interpret the Plan; to determine the terms and provisions of the
respective Option agreements, which need not be identical,
including, but without limitation, terms covering the payment of
the Option Price; and to make all other determinations and take all
other actions deemed necessary or advisable for the proper
administration of the Plan. All such actions and determinations
shall be conclusively binding for all purposes and upon all
persons.

 

 

4.           
Common Stock Subject to
Options. The aggregate number of shares of the Company's
Common Stock which may be issued upon the exercise of Options
granted under the Plan shall not exceed 3,000,000. The shares of
Common Stock to be issued upon the exercise of Options may be
authorized but unissued shares, shares issued and reacquired by the
Company or shares bought on the market for the purposes of the
Plan. In the event any Option shall, for any reason, terminate or
expire or be surrendered without having been exercised in full, the
shares subject to such Option but not purchased thereunder shall
again be available for Options to be granted under the
Plan.

 

5.           
Participants.
Options may be granted under the Plan to employees, directors and
officers, and consultants or advisors to the Company (or the
Company’s subsidiaries), provided however that bona fide
services shall be rendered by such consultants or advisors and such
services must not be in connection with the offer or sale of
securities in a capital-raising transaction and do not directly or
indirectly promote or maintain a market for the Company’s
securities.

 

 

1

 

 

6.           
Terms and Conditions of
Options. Any Option granted under the Plan shall be
evidenced by an agreement executed by the Company and the recipient
and shall contain such terms and be in such form as the Committee
may from time to time approve, subject to the following limitations
and conditions:

 

(a)         

Option Price. The Option Price
per share with respect to each Option shall be determined by the
Committee. The option price of any
options granted pursuant to the Plan may not be changed, except in
the case of stock splits, reorganizations or
recapitalizations.

 

(b)         

Period of Option. The period
during which each option may be exercised, and the expiration date
of each Option shall be fixed by the Committee, but,
notwithstanding any provision of the Plan to the contrary, such
expiration date shall not be more than ten years from the date of
Grant.

 

(c)         

Vesting of Shareholder Rights.
Neither an Optionee nor his successor shall have any rights as a
shareholder of the Company until the certificates evidencing the
shares purchased are properly delivered to such Optionee or his
successor.

 

(d)         

Exercise of Option. Each Option
shall be exercisable from time to time during a period (or periods)
determined by the Committee, and ending upon the expiration or
termination of the Option; provided, however, (1) the Committee
may, by the provisions of any Option Agreement, limit the number of
shares purchasable thereunder in any period or periods of time
during which the Option is exercisable, and (2) no option may be
exercised until one year after the date of grant.

 

(e)         

Nontransferability of Option.
No Option shall be transferable or assignable by an Optionee,
otherwise than by will or the laws of descent and distribution and
each Option shall be exercisable, during the Optionee's lifetime,
only by him. No Option shall be pledged or hypothecated in any way
and no Option shall be subject to execution, attachment, or similar
process except with the express consent of the
Committee.

(f)         

Death of Optionee. In the event
of the death of an Optionee, an option theretofore granted to the
Optionee shall be exercisable only (i) by the person or persons to
whom the Optionee’s rights under the option shall pass by the
Optionee’s will or by the laws of descent and distribution;
and (ii) if and only to the extent that the Optionee was entitled
to exercise the option at the date of death.

 

(g)         

Payment for Options. The
Corporation is not required to pay
cash for an option under any circumstances.

 

7.           
Reclassification,
Consolidation, or Merger. If and to the extent that the
number of issued shares of Common Stock of the Corporation shall be
increased or reduced by change in par value, split up,
reclassification, distribution of a dividend payable in stock, or
the like, the number of shares which may be issued upon the
exercise of any Options which may be granted pursuant to this Plan,
the number of shares issuable upon the exercise of any Option
previously granted and the Exercise Price of any Option previously
granted, shall be proportionately adjusted by the Committee, whose
determination shall be conclusive. If the Corporation is
reorganized or consolidated or merged with another corporation, an
Optionee granted an Option hereunder shall be entitled to receive
Options covering shares of such reorganized, consolidated, or
merged company in the same proportion, at an equivalent price, and
subject to the same conditions. The new Option or assumption of the
old Option shall not give Optionee additional benefits which he did
not have under the old Option, or deprive him of benefits which he
had under the old Option.

 

2

 

 

8.           
Restrictions on Issuing
Shares. The exercise of each Option shall be subject to the
condition that if at any time the Company shall determine in its
discretion that the satisfaction of withholding tax or other
withholding liabilities, or that the listing, registration, or
qualification of any shares otherwise deliverable upon such
exercise upon any securities exchange or under any state or federal
law, or that the consent or approval of any regulatory body, is
necessary or desirable as a condition of, or in connection with,
such exercise or the delivery or purchase of shares purchased
thereto, then in any such event, such exercise shall not be
effective unless such withholding, listing, registration,
qualification, consent, or approval shall have been effected or
obtained free of any conditions not acceptable to the
Company.

 

Unless
the shares of stock covered by the Plan have been registered with
the Securities and Exchange Commission pursuant to Section 5 of the
Securities Act of l933, each optionee shall, by accepting an
option, represent and agree, for himself and his transferrees by
will or the laws of descent and distribution, that all shares of
stock purchased upon the exercise of the option will be acquired
for investment and not for resale or distribution. Upon such
exercise of any portion of an option, the person entitled to
exercise the same shall, upon request of the Company, furnish
evidence satisfactory to the Company (including a written and
signed representation) to the effect that the shares of stock are
being acquired in good faith for investment and not for resale or
distribution. Furthermore, the Company may, if it deems
appropriate, affix a legend to certificates representing shares of
stock purchased upon exercise of options indicating that such
shares have not been registered with the Securities and Exchange
Commission and may so notify the Company's transfer agent. Such
shares may be disposed of by an optionee in the following manner
only: (l) pursuant to an effective registration statement covering
such resale or reoffer, (2) pursuant to an applicable exemption
from registration as indicated in a written opinion of counsel
acceptable to the Company, or (3) in a transaction that meets all
the requirements of Rule l44 of the Securities and Exchange
Commission. If shares of stock covered by the Plan have been
registered with the Securities and Exchange Commission, no such
restrictions on resale shall apply, except in the case of optionees
who are directors, officers, or principal shareholders of the
Company. Such persons may dispose of shares only by one of the
three aforesaid methods.

 

9.           
Use of Proceeds.
The proceeds received by the Company from the sale of Common Stock
pursuant to the exercise of Options granted under the Plan shall be
added to the Company's general funds and used for general corporate
purposes.

 

10.           
Amendment, Suspension, and
Termination of Plan. The Board of Directors may alter,
suspend, or discontinue the Plan at any time.

 

                
Unless the Plan shall theretofore have been terminated by the
Board, the Plan shall terminate ten years after the adoption of the
Plan. No Option may be granted during any suspension or after the
termination of the Plan. No amendment, suspension, or termination
of the Plan shall, without an Optionee's consent, alter or impair
any of the rights or obligations under any Option theretofore
granted to such Optionee under the Plan.

 

11.           
Limitations. Every
right of action by any person receiving options pursuant to this
Plan against any past, present or future member of the Board, or
any officer or employee of the Company arising out of or in
connection with this Plan shall, irrespective of the place where
such action may be brought and irrespective of the place of
residence of any such director, officer or employee cease and be
barred by the expiration of one year from the date of the act or
omission in respect of which such right of action
arises.

 

l2.           
Governing Law. The
Plan shall be governed by the laws of the State of
Colorado.

 

13.           
Expenses of
Administration. All costs and expenses incurred in the
operation and administration of this Plan shall be borne by the
Company.

  

3Blueprint

  Exhibit 10.8

 

CEL-SCI CORPORATION

2019 STOCK COMPENSATION PLAN

 

CEL-SCI
Corporation (“the Company”) hereby adopts this Stock
Compensation Plan. All officers, directors and employees of the
Company, as well as consultants to the Company (collectively the
“Participants”), will be eligible to participate in the
Plan, provided however that services provided by consultants cannot
be in connection with the offer or sale of securities in a
capital-raising transaction or promoting the Company’s common
stock. Pursuant to the provisions of the Plan, Participants may
agree to receive shares of the Company's common stock in lieu of
all or part of the compensation owed to them by the
Company.

 

 

1.           
Up to 500,000 shares of common stock are reserved for issuance
pursuant to this Plan. At the option of the Company, the shares of
stock issuable pursuant to the Plan will be restricted securities
as that term is defined in Rule 144 of the Securities and Exchange
Commission.

 

2.           
The number of shares to be offered to each Participant will be
equal to the number determined by dividing the compensation to be
satisfied through the issuance of shares by the Price Per Share.
The Price Per Share will be equal to the closing price of the
Company’s common stock on the date prior to the date the
Acceptance Form is delivered to the Participant except that a
higher or a lower price may be set by the Company’s
Compensation Committee. However in no case may the Price Per Share
be less than 80% of the closing price of the Company’s common
stock on the date prior to the date the Acceptance Form is
delivered to the Participant.

 

 

3.           
If the Company is willing to offer shares of its common stock to
any Participant in accordance with this Plan, the Company will
provide the Participant with the attached Acceptance Form. A
Participant wanting to accept the terms outlined in the Acceptance
Form will be required to sign the form and return it to the Company
by the date indicated on the form.

 

4.           
The Company, in its sole discretion, may determine that any
eligible Participant will not, on any or on one or more occasions,
be offered the opportunity to receive shares of common stock
pursuant to this Plan.

 

5.           
The agreement of any Participant to accept shares of common stock
in lieu of compensation is subject to approval by the
Company’s board of directors, which approval may be refused
for any reason.

 

6.           
At the time the shares are issued, the Participant will incur
taxable income equal to the market price of the Company's common
stock on the date the Company’s board of directors approves
the issuance of shares to the Participant. If the Participant is
employed by the Company on the date the shares are issued, the
Company may require the Participant to pay the Company all
applicable federal and state withholding taxes with respect to such
income or, may withhold such amounts from the Participant. If the
Participant is not employed by the Company on the date the shares
are issued, the delivery of the shares may be conditioned, at the
Company’s option, upon the Participant tendering to the
Company an amount equal to all applicable federal and state
withholding taxes. Federal withholding taxes will be based upon the
then current provisions of the Internal Revenue Code for
withholding taxes plus the Participant’s share of Social
Security and Medicaid taxes.

 

7.           
The Company makes no representations to a Participant that the
shares which may be issued pursuant to this Plan will ultimately
have any value whatsoever.

 

8.           
This Plan will terminate on December 31, 2021, after which date the
Company may not issue any shares of common stock pursuant to this
Plan.

 

 

 

 

 

STOCK
COMPENSATION PLAN

 

 

ARTICLE I. ACCEPTANCE
FORM

The
undersigned Participants has read and understands the provisions of
the Stock Compensation Plan of CEL-SCI Corporation (the "Company")
and hereby agrees to accept ___________ shares of the
Company’s common stock in full and complete payment of
$__________ presently owed to the Participant for services provided
to the Company.

 

The
Participant understands that:

 

 

●

if this box is
checked [ ] the shares of the Company's common stock to be issued
in accordance with this Acceptance Form may not be sold in the
public market for a period of one year from the date this
Acceptance Form has been approved by the Company’s directors
and as a result the shares may ultimately have little or no
value;

 

●

the agreement to
accept shares of the Company’s common stock in payment for
services cannot be construed as any guaranty of future employment;
and

 

●

the agreement to
accept shares of common stock in payment of compensation may not be
revoked by the Participant.

 

The
Company's latest reports on Form 10-K and 10-Q are available upon
request.

 

This
Form must be returned to the Company no later than
___________________.

 

 

AGREED TO AND ACCEPTED this ______ day
of _________, 20__.

 

 

 

___________________________________

Participant

 

 

CEL-SCI
Corporation

 

 

By
________________________________

                                                                                 

Authorized
Officer

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