Document:

Employment Agreement between the Registrant and Joseph H. Crabb

 IMMUCELL CORPORATION 
 EXHIBIT 10.5 
 EMPLOYMENT AGREEMENT DATED APRIL 29, 1999 BETWEEN THE REGISTRANT 
 AND JOSEPH H. CRABB 
 EMPLOYMENT
AGREEMENT 
 AGREEMENT made this 29th day of April, 1999, between IMMUCELL CORPORATION, a Delaware Corporation (the “Company”), and Joseph H.
Crabb, of Newfield, Maine (“Crabb”). 
 WITNESSETH: 
 In consideration of the mutual promises hereinafter contained, the parties hereto agree as follows: 
 1. EMPLOYMENT AND
TERM. The Company hereby employs Crabb and Crabb hereby accepts employment by the Company subject to the provisions of this Agreement for a term commencing on April 29, 1999 and ending upon the date of termination of Crabb’s employment
with the Company. 
 2. DUTIES OF CRABB. Crabb shall be employed by the Company as Vice President and Chief Scientific Officer to perform such duties
consistent with such a position as Vice President and Chief Scientific Officer as its Board of Directors shall assign Crabb from time to time. Crabb shall serve the Company faithfully and diligently, use his best efforts to promote the interests of
the Company, and shall devote his full time and efforts to the business and affairs of the Company. 
 3. COMPENSATION. 
 (a) Base Salary. As compensation for his services hereunder, the Company shall pay Crabb $7,916.66 per month, beginning on February 1, 1999. During the
entire term of this agreement, Crabb’s salary shall be subject to periodic review and adjustment by the Board of Directors of the Company, which Board of Directors may in its sole discretion change the salary to an amount greater than that
provided for therein; provided, however, that in no event may the Company’s Board of Directors decrease Crabb’s salary below that which is provided for herein. 
 (b) Employee Benefits. During the term of this Agreement the Company shall provide Crabb with the standard health, life, and disability insurance coverage that is provided to the Company’s other
non-officer employees. Crabb shall also be eligible to receive all other employee benefits of the Company in the same manner and to the same extent as other employees of the Company in accordance with the Company’s policies, including, without
limitation, any incentive pay programs offered by the Company to all of its non-officer employees. 
 (c) Nonqualified Stock Options. 
  

	 	(1)	Grant. By unanimous resolution of the full Board of Directors on March 1, 1999 the Company granted to Crabb an option (‘Option’) to purchase thirty-one
thousand and one hundred (31,100) shares of ImmuCell common stock (‘Shares’) at a price equal to $1.3125 per share. 

  

	 	(2)	Vesting. Crabb’s right to purchase the Shares subject to this Option shall vest as follows: 

  

	 	(i)	As to 10,366 Shares on and after March 1, 2000; 

  

	 	(ii)	As to an additional 10,367 Shares on and after March 1, 2001; and 

  

	 	(iii)	As to the remaining 10,367 Shares on and after March 1, 2002. 

  

	 	(3)	Exercise. Except as hereinafter provided, the Option may be exercised in full or in part at any time to the extent vested in accordance with subsection (2). In no event may
the Option be exercised to purchase fewer than one hundred (100) Shares, unless fewer than one hundred (100) Shares are subject to the Option. 

 The purchase price for the Shares acquired upon exercise of the Option shall be paid (i) in cash or
certified check, or (ii) at the discretion of the Compensation and Stock Option Committee of the Board of Directors of the Company by delivery of one or more stock certificates, duly endorsed, evidencing other Shares with a Fair Market Value on
the date of exercise equal to the option price, or (iii) at the discretion of the Compensation and Stock Option Committee, by a combination of the methods described in (i) or (ii). As soon as practicable after Crabb has tendered payment of
the purchase price to the Company, the Company shall provide Crabb with a Certificate evidencing the Shares purchased. Such certificate shall include any legends required under federal or state securities laws. 
 In the event of Crabb’s termination of employment with the Company (except for by reason of “just cause” as provided by subsection
(c) of Section 4 of this Agreement), disability or death, the Option shall be exercisable during the eighteen-month period following the date of Crabb’s termination. In the event of Crabb’s termination for “just cause”
as provided by subsection (c) of Section 4, the Option shall be exercisable for the three month period following such termination only to the extent it was exercisable at the time of such termination. 
  

	 	(4)	Expiration of Option. This Option shall expire at 5:00 p.m., Eastern time on February 28, 2009, unless sooner terminated as provided in Section (c)(3) above, and may not
be exercised thereafter. 

  

	 	(5)	Nontransferability. Crabb may not transfer the Option other than by will or the laws of descent and distribution. During Crabb’s lifetime, only Crabb may exercise the
Option. 

  

	 	(6)	Change in Control. In the event of a change in control of the Company, Crabb’s right to purchase Shares subject to the Option shall vest immediately. For purposes of
this Amendment, ‘change in control’ shall mean any one of the following events: 

 (a) Any person
shall become beneficial owner, directly or indirectly, of securities representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding stock. 
 As used in this Paragraph 6 (a), ‘beneficial owner’ shall have the meaning ascribed to it from time to time under rules
promulgated by the Securities and Exchange Commission pursuant to Section 13 (d) of the Securities Exchange Act of 1934, or any similar successor statute or rule; and a ‘person’ shall include any natural person, corporation,
partnership, trust, association, or any group or combination thereof, whose ownership of the Company stock would be reportable pursuant to such provision of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder;

 (b) The Company’s stockholders approve (i) any consolidation or merger of the Company in which the Company is not
the continuing or surviving corporation or pursuant to which shares of Company common stock would be converted into cash, securities or other property, or (ii) any sale, lease, exchange, liquidation or other transfer (in one transaction or a
series of transactions) of all or substantially all of the assets of the Company. 
 (c) Any other event which a majority of
all the Company’s Directors who are not employees of the Company determines constitutes a change of control. 
  

	 	(7)	No Registration of Securities. The parties agree that the Company presently intends to rely on the securities registration exemption contained in Section 10502
(1) (L) of the Revised Maine Securities Act and that, accordingly, no registration or exemption filing shall be made by the Company under such Act with respect to the Shares. Crabb acknowledges that transfer of the Shares may be restricted
by applicable federal and state securities laws and that the Shares when issued shall contain an appropriate legend to that effect. Notwithstanding the foregoing, the Company agrees to register these shares in conjunction with its next Registration
Statement on Form S-8 to be filed with the Securities and Exchange Commission. 

 (d) Bonus. A cash bonus will be paid to Crabb by the
Company if certain performance objectives are met during any fiscal year. These objectives will be specified by the Company’s Board of Directors on an annual basis. Each and any such annual incentive compensation agreement shall be incorporated
by reference into this Employment Agreement. Any bonus earned during a fiscal year will be paid by 1 February of the next fiscal year. 

 4. TERMINATION OF EMPLOYMENT. 
 (a) Voluntary Termination. Should Crabb voluntarily terminate his employment with the company, Crabb hereby covenants that, for a period of one (1) year 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. 
 (b) Other
Termination. (i) Should Crabb’s employment with the Company terminate for any reason except through Crabb’s voluntary act or by termination for “just cause” as provided by subsection (c) of this Section 4 or
(ii) should Crabb’s status or position with the Company be in any way altered without Crabb’s consent so as to materially reduce Crabb’s status or responsibilities in a manner inconsistent with his position as Vice President and
Chief Scientific Officer of the Company and should Crabb resign from all offices and positions held with the Company in response to such change or alteration in his status or position with the Company or (iii) should the Company terminate
Crabb’s employment at any time, Crabb shall receive from the Company salary and benefits at the monthly level existing prior to termination for an additional three (3) months after the date of termination of Crabb’s employment.

 In consideration for the payments to be made to him pursuant to this subsection (b), Crabb shall be bound by the provisions of subsection (a) of this
Section in the same manner as if his termination had been voluntary, and Crabb shall not compete with the Company as provided therein for a period of one (1) year from the date of termination of Crabb’s employment by the Company.

 (c) Termination for Just Cause. Notwithstanding the forgoing provisions of this Section 4, a majority of the Board of Directors of the Company
may at any time terminate 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. In the
event of the termination of Crabb’s employment for just cause as provided herein, Crabb shall be bound by the provisions of subsection (a) of this Section in the same manner as if his termination had been voluntary, and Crabb shall not
compete with the Company as provided therein for a period of one (1) year from the date of termination of Crabb’s employment. 
 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 full time and efforts to the business and affairs of the Company in the manner contemplated by
Section 2 of this Agreement. 
 (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 times of such
termination, then, and in either such event, the covenants against competition set forth in subsections (a), (b), and (c) of this Section 4 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. COVENANT CONCERNING OTHER EMPLOYEES. Should Crabb voluntarily terminate his employment with the Company for any reason
whatsoever, Crabb hereby covenants that, for a period of one (1) year, Crabb will not directly or indirectly persuade, induce or otherwise encourage any other employee of the Company to leave the employ of the Company to join or form any other
firm, corporation, partnership, association, joint venture, trust or business entity of any kind engaged in, or to be engaged in the future in, any business which is similar to or competitive with the business now or at any time hereafter engaged in
by the Company. 
 6. MISCELLANEOUS. 
 (a) Notice. Any
notice required to be given hereunder shall be given in writing and shall be delivered by hand or sent by registered or certified mail, postage prepaid, return receipt requested, or by Federal Express, 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 effective when
delivered in person or deposited in the United States mails in accordance with the provisions of this subsection. 
 (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 noncompetition covenants contained
in the agreement attached hereto as 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. The provision of this Agreement shall be binding upon and shall inure to the benefit of the Company and its successors and assigns
and to the benefit of Crabb and his heirs and legal representative. This Agreement is a personal contract and the rights and interest of Crabb herein may not be sold, transferred, assigned, pledged, or hypothecated 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, including without limitation the Employment Agreement dated November 8, 1991 as amended on March 17, 1992 between Crabb and the Company, 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 superceded by this Agreement: (i) the “Agreement in Connection with Employment” dated
September 19, 1988 and appended hereto as Attachment A, (ii) the provisions regarding the nonqualified stock options granted to Crabb contained in the Amendment to Employment Agreement dated April 13, 1992 between Crabb and the
Company, 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
			
	/s/ Joseph H. Crabb	 		 	/s/ Anthony B. Cashen
	Joseph H. Crabb	 		 	By: Anthony B. Cashen
	Vice President and Chief Scientific Officer	 		 	Member, Compensation and Stock Option Committee2000 Stock Option and Incentive Plan of the Registrant

 IMMUCELL CORPORATION 
 EXHIBIT 10.6 
 2000 STOCK OPTION AND INCENTIVE PLAN OF THE REGISTRANT 
 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. 

  

	 	(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. § 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 five hundred thousand (500,000). 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. 

  

	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. 

  

	 	(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. 

  

	 	(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 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. 

 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. 

  

	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.

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