Document:

EXHIBIT 10.1
                                                                    ------------

                              IMMUCELL CORPORATION

             2000 Stock Option and Incentive Plan of the Registrant

<PAGE>

                              IMMUCELL CORPORATION

                      2000 STOCK OPTION AND INCENTIVE PLAN

                                   I. GENERAL

1.   Purpose. This 2000 Stock Option and Incentive Plan (the "Plan") of ImmuCell
     Corporation (the "Company") is intended to advance the interests of the
     Company by providing certain of its employees and certain other individuals
     providing services to the Company with an additional incentive, encouraging
     stock ownership by such individuals, increasing their proprietary interest
     in the success of the Company and encouraging them to remain employees of
     the Company or service providers for the Company.

2.   Definitions. Whenever used herein, the following terms shall have the
     meanings set forth below:

     (a) "Board" means the Board of Directors of the Company.

     (b) "Code" means the Internal Revenue Code of 1986, as it may be amended
         from time to time.

     (c) "Committee" means the Compensation and Stock Option Committee appointed
         by the Board to administer this Plan pursuant to Section 3 hereof.

     (d) "Company Group" means the Company, a parent corporation or subsidiary
         corporation of the Company, or a corporation, or a parent corporation
         or subsidiary corporation of such corporation, issuing or assuming an
         Option in a transaction of the type described in Section 424(a) of the
         Code. The terms "parent corporation" and "subsidiary corporation" shall
         have the meanings assigned to such terms by Section 424 of the Code.

     (e) "Disability" means a permanent and total disability as defined in
         Section 422(c) (6) of the Code.

     (f) "Fair Market Value" means, if Shares are traded on a national exchange,
         the mean between the high and low sales prices for the Shares on the
         date on which the determination is made (or if no sales occurred on
         that date, on the next preceding date on which there was such a sale),
         or, if sales prices of Shares are made available for publication by the
         National Association of Securities Dealers Automated Quotation System
         ("NASDAQ"), the last sales price on the date on which such
         determination is made (or if no sales occurred on that date, on the
         next preceding date on which there was such a sale), or if no such
         prices are available, the fair market value as determined by rules to
         be adopted by the Committee.

     (g) "Incentive Stock Option" means an Option granted pursuant to the
         Incentive Stock Option provisions as set forth in Part II of this Plan.

<PAGE>

     (h) "Nonqualified Stock Option" means an Option granted pursuant to the
         Nonqualified Stock Option provisions as set forth in Part III of this
         Plan.

     (i) "Option" means an option to purchase shares under this Plan.

     (j) "Participant" means an individual to whom an Option is granted under
         this Plan.

     (k) "Shares" means shares of the Company's common stock.

3.   Administration. This Plan shall be administered by a Compensation and Stock
     Option Committee consisting of at least two members appointed by the Board.
     The members of the Committee shall at all times be: (i) "outside directors"
     as such term is defined in Treas. Reg.ss.1.162-27(e)(3) (or any successor
     regulation); and (ii) "non-employee directors" within the meaning of Rule
     16b-3 (or any successor rule) under the Securities Exchange Act of 1934, as
     amended, as such terms are interpreted from time to time. The Board, at its
     pleasure, may remove members from or add members to the Committee. A
     majority of Committee members shall constitute a quorum of members, and the
     actions of the majority shall be final and binding on the whole Committee.

     In addition to the other powers granted to the Committee under this Plan,
     the Committee shall have the power, subject to the terms of this Plan: (i)
     to determine which of the eligible individuals shall be granted Options;
     (ii) to determine the time or times when Options shall be granted and to
     determine the number of Shares subject to each Option; (iii) to accelerate
     or extend (except for Incentive Stock Options) the date on which a
     previously granted Option may be exercised; (iv) to prescribe the form of
     agreement evidencing Options granted pursuant to this Plan; and (v) to
     construe and interpret this Plan and the agreements evidencing Options
     granted pursuant to this Plan, and to make all other determinations and
     take all other actions necessary or advisable for the administration of
     this Plan.

4.   Eligibility. The individuals who shall be eligible to receive Options shall
     be such employees employed by a member of the Company Group and such other
     individuals providing services to a member of the Company Group as shall be
     selected by the Committee; provided, however, that only employees employed
     by a member of the Company Group shall be eligible to receive Incentive
     Stock Options. Participants chosen to participate under this Plan may be
     granted an Incentive Stock Option, a Nonqualified Stock Option, or any
     combination thereof.

5.   Shares Subject to This Plan. The Shares subject to Options shall be either
     authorized and unissued Shares or treasury Shares. The aggregate number of
     Shares which may be issued pursuant to this Plan shall be two hundred fifty
     thousand (250,000). Except as provided below, if an Option shall expire and
     terminate for any reason, in whole or in part, without being exercised, the
     number of Shares as to which such expired or terminated Option shall not
     have been exercised may again become available for the grant of Options.
     The maximum number of shares with respect to which Options may be granted
     to any employee shall be limited to one hundred thousand (100,000) shares
     in any calendar year.

                                      -2-

<PAGE>

6.   No Tandem Options. There shall be no terms and conditions under an Option
     which provide that the exercise of an Incentive Stock Option reduces the
     number of Shares for which a Nonqualified Stock Option may be exercised;
     and there shall be no terms and conditions under an Option which provide
     that the exercise of a Nonqualified Stock Option reduces the number of
     Shares for which an Incentive Stock Option may be exercised.

                      II. INCENTIVE STOCK OPTION PROVISIONS

1.   Grant of Incentive Stock Options. Subject to the provisions of this Part
     II, the Committee shall from time to time determine those individuals
     eligible pursuant to Section 4 of Part I to whom Incentive Stock Options
     shall be granted and the number of Shares subject to, and terms and
     conditions of, such Options. The aggregate Fair Market Value (determined as
     of the date of grant) of shares with respect to which incentive stock
     options (as defined in Section 422 of the Code) are exercisable for the
     first time by an individual in a calendar year (under all plans of the
     Company Group) shall not exceed $100,000. Anything herein to the contrary
     notwithstanding, no Incentive Stock Option shall be granted to an employee
     if, at the time the Incentive Stock Option is granted, such employee owns
     stock possessing more than 10% of the total combined voting power of all
     classes of stock of any member of the Company Group unless the option price
     is at least 110% of the Fair Market Value of the Shares subject to the
     Incentive Stock Option at the time the Incentive Stock Option is granted
     and the Incentive Stock Option is not exercisable after the expiration of
     five (5) years from the date the Incentive Stock Option is granted.

2.   Terms and Conditions of Incentive Stock Options. Each Incentive Stock
     Option shall be evidenced by an option agreement which shall be in such
     form as the Committee shall from time to time approve, and which shall
     comply with and be subject to the following terms and conditions:

     (a) Number of Shares. Each Incentive Stock Option agreement shall state the
         number of shares covered by the agreement.

     (b) Option Price and Method of Payment. The Option price of each Incentive
         Stock Option shall be no less than the Fair Market Value of the Shares
         on the date the Incentive Stock Option is granted. The option price
         shall be payable on exercise of the Option (i) in cash or by certified
         check, bank draft or postal or express money order, (ii) in the
         discretion of the Committee, by the surrender of Shares then owned by
         the Participant, or (iii) in the discretion of the Committee, partially
         in accordance with clause (i) and partially in accordance with clause
         (ii) of this Section 2(b). Shares so surrendered in accordance with
         clause (ii) or (iii) shall be valued at the Fair Market Value thereof
         on the date of exercise, surrender of such Shares to be evidenced by
         delivery of the certificate(s) representing such Shares in such manner,
         and endorsed in such form, or accompanied by stock powers endorsed in
         such form, as the Committee may determine.

                                      -3-
<PAGE>

     (c) Option Period.

         (i)  General. The period during which an Incentive Stock Option shall
              be exercisable shall not exceed ten (10) years from the date such
              Incentive Stock Option is granted; provided, however, that such
              Option may be sooner terminated in accordance with the provisions
              of this Section 2(c) . Subject to the foregoing, the Committee may
              establish a period or periods with respect to all or any part of
              the Incentive Stock Option during which such Option may not be
              exercised and at the time of a subsequent grant of an Incentive
              Stock Option or at such longer time as the Committee may determine
              accelerate the right of the Participant to exercise all or any
              part of the Incentive Stock Option not then exercisable. The
              number of Shares which may be purchased at any one time shall be
              100 Shares, a multiple thereof or the total number at the time
              purchasable under the Incentive Stock Option.

         (ii) Termination of Employment. If the Participant ceases to be an
              employee of any member of the Company Group for any reason other
              than Disability or death, any then outstanding Incentive Stock
              Option held by the Participant shall terminate on the earlier of
              the date on which such Option would otherwise expire or three (3)
              months after such termination of employment, and such Option shall
              be exercisable, prior to its termination, to the extent it was
              exercisable as of the date of termination of employment.

         (iii)Disability. If a Participant's employment is terminated by reason
              of Disability, any then outstanding Incentive Stock Option held by
              the Participant shall terminate on the earlier of the date on
              which such Option would otherwise expire or one (1) year after
              such termination of employment, and such Option shall be
              exercisable, prior to its termination, to the extent it was
              exercisable as of the date of termination of employment.

         (iv) Death. If a Participant's employment is terminated by death, the
              representative of the Participant's estate or beneficiaries
              thereof to whom the Option has been transferred shall have the
              right during the one (1) year period following the date of the
              Participant's death to exercise any then outstanding Incentive
              Stock Options in whole or in part. The number of Shares in respect
              of which an Incentive Stock Option may be exercised after a
              Participant's death shall be the number of Shares in respect of
              which such Option could be exercised as of the date of the
              Participant's death. In no event may the period for exercising an
              Incentive Stock Option extend beyond the date on which such Option
              would otherwise expire.

     (d) Non-transferability. An Incentive Stock Option shall not be
         transferable or assignable by the Participant other than by will or the
         laws of descent and distribution and shall be exercisable during the
         Participant's lifetime only by the Participant.

                                      -4-
<PAGE>

     (e) Separate Agreements. Nonqualified Options may not be granted in the
         same agreement as an Incentive Stock Option.

                    III. NONQUALIFIED STOCK OPTION PROVISIONS

1.   Grant of Nonqualified Stock Options. Subject to the provisions of this Part
     III, the Committee shall from time to time determine those individuals
     eligible pursuant to Section 4 of Part I to whom Nonqualified Stock Options
     shall be granted and the number of Shares subject to, and terms and
     conditions of, such Options.

2.   Terms and Conditions of Nonqualified Stock Options. Each Nonqualified Stock
     Option shall be evidenced by an option agreement which shall be in such
     form as the Board shall from time to time approve, and which shall comply
     with and be subject to the following terms and conditions:

     (a) Number of Shares. Each Nonqualified Stock Option agreement shall state
         the number of Shares covered by the agreement.

     (b) Option Price and Method of Payment. The option price of each
         Nonqualified Stock Option shall be such price as the Committee, in its
         discretion, shall establish, and the Committee may, in its discretion,
         reduce the option price of such Option at any time prior to the
         exercise of the Option; provided however, that the option price may not
         be less than the greater of 85% of the Fair Market Value of the Shares
         on the date the Nonqualified Stock Option is granted or the par value,
         if any, of the Shares. Notwithstanding the foregoing, Nonqualified
         Stock Options granted to "Covered Employees" (within the meaning of
         Section 162(m)(3) of the Code) shall not have an option price less than
         the Fair Market Value of the Shares on the date the Nonqualified Stock
         Option is granted. The option price shall be payable on exercise of the
         Option (i) in cash or by certified check, bank draft or postal or
         express money order, (ii) in the discretion of the Committee, by the
         surrender of Shares then owned by the Participant, or (iii) in the
         discretion of the Committee, partially in accordance with clause (i)
         and partially in accordance with clause (ii) of this Section 2 (b).
         Shares so surrendered in accordance with clause (ii) or (iii) shall be
         valued at the Fair Market Value thereof on the date of exercise,
         surrender of such Shares to be evidenced by delivery of the
         certificate(s) representing such Shares in such manner, and endorsed in
         such form, or accompanied by stock powers endorsed in such form, as the
         Committee may determine.

     (c) Option Period.

         (i)  General. The period during which a Nonqualified Stock Option shall
              be exercisable shall not exceed ten (10) years from the date such
              Nonqualified Stock Option is granted; provided, however, that such
              Option may be sooner terminated in accordance with the provisions
              of this Section 2 (c). Subject to the foregoing, the Committee may
              establish a period or periods with respect to all or any part of
              the Nonqualified Stock

                                      -5-
<PAGE>

              Option during which such Option may not be exercised and at the
              time of a subsequent grant of a Nonqualified Stock Option or at
              such longer time as the Committee may determine accelerate the
              right of the Participant to exercise all or any part of the
              Nonqualified Stock Option not then exercisable. The number of
              Shares which may be purchased at any one time shall be 100 Shares,
              a multiple thereof or the total number at the time purchasable
              under the Nonqualified Stock Option.

         (ii) Termination of Employment. If the Participant ceases to be an
              employee of any member of the Company Group or ceases to perform
              services for any member of the Company Group for any reason other
              than Disability or death, any outstanding Nonqualified Stock
              Option held by the Participant shall terminate on the earlier of
              the date on which such Option would otherwise expire or three (3)
              months after such termination of employment or the provision of
              services, and such Option shall be exercisable, prior to its
              termination, to the extent it was exercisable as of the date of
              termination of employment or the date on which services ceased to
              be performed.

         (iii)Disability. If a Participant's employment or provision of
              services is terminated by Disability, any then outstanding
              Nonqualified Stock Option held by the Participant shall terminate
              on the earlier of the date on which such Option would otherwise
              expire or one (1) year after such termination of employment or the
              provision of services, and such Option shall be exercisable, prior
              to its termination, to the extent it was exercisable as of the
              date of termination of employment or the date on which services
              ceased to be performed.

         (iv) Death. If a Participant's employment or provision of services is
              terminated by death, the representative of the Participant's
              estate or beneficiaries thereof to whom the Option has been
              transferred shall have the right during the one (1) year period
              following the date of the Participant's death to exercise any then
              outstanding Nonqualified Stock Options in whole or in part. The
              number of Shares in respect to which a Nonqualified Stock Option
              may be exercised after a Participant's death shall be the number
              of Shares in respect of which such Option could be exercised as of
              the date of the Participant's death. In no event may the period
              for exercising a Nonqualified Stock Option extend beyond the date
              on which such Option would otherwise expire.

     (d) Non-transferability. Unless otherwise provided by the Committee, a
         Nonqualified Stock Option shall not be transferable or assignable by
         the Participant other than by will or the laws of descent and
         distribution, and shall be exercisable during the Participant's
         lifetime only by the Participant.

                                      -6-
<PAGE>

                                IV. MISCELLANEOUS

1.   Effective Date. This Plan shall become effective on February 17, 2000 (the
     "Effective Date"), provided, however, that if the Plan is not approved by
     the shareholders of the Company prior to the expiration of the one year
     period commencing on the Effective Date, this Plan and all Options granted
     hereunder shall be null and void and shall be of no effect.

2.   Duration of Program. Unless sooner terminated, the Plan shall remain in
     effect for a period of ten years after the Effective Date and shall
     thereafter terminate. No Incentive Stock Options or Nonqualified Stock
     Options may be granted after the termination of this Plan; provided
     however, that except as otherwise provided in Section 1 of this Part IV,
     termination of the Plan shall not affect any Options previously granted,
     which such Options and shall remain in effect until exercised, surrendered
     or cancelled, or until they have expired, all in accordance with their
     terms.

3.   Changes in Capital Structure, etc. In the event of changes in the
     outstanding common shares of the Company by reasons of stock dividends,
     stock splits, recapitalizations, mergers, consolidations, combinations or
     exchange of shares, separations, reorganizations, or liquidations, the
     number of Shares available under the Plan in the aggregate and the maximum
     number of Shares as to which Options may be granted to any Participant
     shall be correspondingly adjusted by the Committee. The Committee shall
     make appropriate adjustments in the number of Shares as to which
     outstanding Options, or portions thereof then unexercised, shall relate, to
     the end that the Participant's proportionate interest shall be maintained
     as before the occurrence of such events; such adjustment shall be made
     without change in the total price applicable to the unexercised portion of
     Options and with a corresponding adjustment in the option price per Share.
     In addition, if the Company is to be consolidated with or acquired by
     another entity in a merger, sale of all or substantially all of the
     Company's assets or otherwise, the Committee or the Board of Directors of
     any entity assuming the obligations of the Company hereunder, may, as to
     outstanding Options either (i) provide that such Options shall be assumed,
     or equivalent options shall be substituted, by the acquiring or successor
     corporation (or an affiliate thereof), (ii) upon written notice to the
     optionees, provide that all Options must be exercised, to the extent then
     exercisable, within a specified number of days of the date of such notice,
     at the end of which period the Options shall terminate, or (iii) terminate
     all Options in exchange for a cash payment equal to the excess of the Fair
     Market Value of the Shares subject to such Options (to the extent then
     exercisable) over the exercise price thereof.

4.   Rights as Shareholder. A Participant entitled to Shares as a result of the
     exercise of an Option shall not be deemed for any purpose to be, or have
     rights as, a shareholder of the Company by virtue of such exercise, except
     to the extent a stock certificate is issued therefor and then only from the
     date such certificate is issued. No adjustments shall be made for dividends
     or distributions or other rights for which the record date is prior to the
     date such stock certificate is issued.

5.   Expenses. The expenses of this Plan shall be paid by the Company.

                                      -7-
<PAGE>

6.   Withholding. Any person exercising an Option shall be required to pay to
     the appropriate member of the Company Group the amount of any taxes such
     member is required by law to withhold with respect to the exercise of such
     Option. Such payment shall be due on the date such member is required by
     law to withhold such taxes. Such payment may also be made at the election
     of the optionee by the surrender of Shares then owned by the optionee, or
     the withholding of Shares otherwise to be issued to the optionee on
     exercise, in an amount that would satisfy the withholding amount due. Any
     election so made by optionees subject to Section 16(b) of the Securities
     Exchange Act of 1934, as amended shall be in accordance with the
     requirements of Rule 16b-3(e) under such Act and any interpretations
     thereof of the Securities and Exchange Commission. The value of such Shares
     withheld or delivered shall be equal to the Fair Market Value of such
     Shares on the date of exercise. In the event that such payment is not made
     when due, the Company shall have the right to deduct, to the extent
     permitted by law, from any payment of any kind otherwise due to such person
     from any member of the Company Group, all or part of the amount required to
     be withheld.

7.   Compliance with Applicable Law. Notwithstanding anything herein to the
     contrary, the Company shall not be obligated to cause to be issued or
     delivered any certificates evidencing Shares to be delivered pursuant to
     the exercise of an Option, unless and until the Company is advised by its
     counsel that the issuance and delivery of such certificates is in
     compliance with all applicable laws and regulations of governmental
     authority. The Company shall in no event be obligated to register any
     securities pursuant to the Securities Act of 1933 (as now in effect or as
     hereafter amended) or to take any other action in order to cause the
     issuance and delivery of such certificates to comply with any such law or
     regulation. The Committee may require, as a condition of the issuance and
     delivery of such certificates and in order to ensure compliance with such
     laws and regulations, that the Participant make such covenants, agreements
     and representations as the Committee, in its sole discretion, deems
     necessary or desirable.

8.   Application of Funds. Any cash proceeds received by the Company from the
     sale of Shares pursuant to Options will be used for general corporate
     purposes.

9.   Amendment of the Plan. The Board may from time to time suspend or
     discontinue this Plan or revise or amend it in any respect whatsoever
     except that, without approval of the shareholders, no such revision or
     amendment shall make any changes requiring shareholder approval under
     Sections 162(m) or 422 of the Code. No such suspension, discontinuance,
     revision or amendment shall in any manner affect any grant theretofore made
     without the consent of the Participant or the transferee of the
     Participant, unless necessary to comply with applicable law.

                                   -8-EXHIBIT 10.2
                                                                    ------------

                              IMMUCELL CORPORATION

                         Form of Incentive Stock Option

<PAGE>

                              IMMUCELL CORPORATION

                      2000 STOCK OPTION AND INCENTIVE PLAN

                        INCENTIVE STOCK OPTION AGREEMENT
                        --------------------------------

         ImmuCell Corporation, a Delaware corporation (hereinafter the
"Company"), hereby grants to _________(the "Optionee"), pursuant to the
Company's 2000 Stock Option and Incentive Plan (hereinafterthe "2000 Plan"), a
copy of which is attached hereto as Exhibit A, an Incentive Stock Option (the
"Option") to purchase _________(___) shares of common stock of the Company at
the price of $___ per share, such price being equal to the Fair Market Value (as
defined in the 2000 Plan) of the common stock on the date hereof.

         This Option is specifically subject to all of the terms and conditions
of the 2000 Plan with the same force and effect as if fully set forth in this
Option. In the event of any inconsistency or misunderstanding with respect to
the terms of this Option, as compared with the provisions of the 2000 Plan, the
provisions of the 2000 Plan shall control and prevail.

         1.       EXERCISE.
                  --------

         This Option may be exercised in full or in part pursuant to the
procedures and requirements set forth in the 2000 Plan. This Option shall be
exercisable according to the following schedule:

         The purchase price for the shares purchased upon exercise of this
Option shall be paid in cash or certified check, or at the discretion of the
Compensation and Stock Option Committee of the Board of Directors of the Company
(i) by the delivery of shares of the Company's common stock with a Fair Market
Value at the time of exercise equal to the total option price, or (ii) by any
combination of the methods described above. As soon as practicable following an
exercise of this Option by delivery to the Company of the exercise price, the
Company shall provide the Optionee with a certificate for the shares being
purchased. Such certificate shall have endorsed thereon any legends required
under federal or state securities laws.

<PAGE>

                                       -2-

         2.       NON-TRANSFERABILITY.
                  -------------------

         Except as otherwise provided in the 2000 Plan, this Option is not
transferable by the Optionee, and is exercisable only pursuant to the terms and
limitations of the 2000 Plan.

         3.       TERMINATION OF OPTION.
                  ---------------------

         Unless earlier terminated pursuant to the terms of the 2000 Plan, this
Option shall terminate ________(__) years from the date hereof, on ________, and
may not be exercised after that date. If the Optionee's employment by the
Company shall terminate for any reason other than disability or death, his or
her rights under this Option shall be governed by Section II.2.(c) (ii) of the
2000 Plan; if the Optionee's employment by the Company shall terminate by reason
of disability, his or her rights under this Option shall be governed by Section
II.2. (c) (iii) of the 2000 Plan; and if the Optionee's employment by the
Company shall terminate by death, his or her rights under this Option shall be
governed by Section II.2 (c) (iv) of the 2000 Plan.

         4.       ACKNOWLEDGEMENT OF OPTIONEE.
                  ---------------------------

         The Optionee hereby accepts the grant of the foregoing Option and
agrees to be bound by its terms and provisions. The Optionee further
acknowledges receipt of a copy of the 2000 Plan, that he or she has read and
understood the same, and agrees to be bound by its terms, conditions and
restrictions.

         5.       DATE OF OPTION.
                  --------------

         The Option is granted as of ______________.

                                     IMMUCELL CORPORATION

                                     By:________________________________________
                                     Its:  President and Chief Executive Officer

                                     ___________________________________________
                                     Optionee

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