Document:

Exhibit 10.7 -- Director Deferred Fee Plan

 Exhibit 10.7 
 ORITANI SAVINGS BANK 
 2005 DIRECTORS DEFERRED FEE PLAN 
 January 1, 2005 

 ORITANI SAVINGS BANK 
 2005 DIRECTORS DEFERRED FEE PLAN 
 THIS 2005 DIRECTORS DEFERRED FEE PLAN (the
“Plan”), effective as of the 1st day of January 2005, has been established by the Board of Directors (the “Board”) of Oritani Savings Bank, a New Jersey chartered savings bank (the “Bank”), to allow members of the Board
(each a “Director”) the opportunity to defer receipt of all or a portion of the fees they receive for serving as a Director. 
 WHEREAS, the Bank intends this Plan to be considered an unfunded arrangement, maintained primarily to provide retirement income for such Directors, for tax planning purposes and, to the extent that any Director participating herein
is also an employee of the Bank or the Company, for purposes of the Employee Retirement Income Security Act of 1974, as amended. 
 WHEREAS, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), requires that certain types of nonqualified deferred compensation arrangements comply with its terms, or subject the recipient of
such deferred compensation to current taxes and penalties. 
 NOW, THEREFORE, in consideration of the premises and the mutual
promises herein contained, the Bank and the Directors agree as follows: 
 ARTICLE I 
 PURPOSE 
 The purpose of the Plan is to provide current tax planning
opportunities as well as supplemental funds for retirement for eligible Directors of the Bank. The Plan is intended to comply with Code Section 409A and any other regulatory guidance issued thereunder. Any terms of the Plan that conflict with
Code Section 409A shall be null and void as of the effective date. 
 ARTICLE II 
 DEFINITIONS 
 For the purposes of the Plan, the following terms have the
meanings indicated, unless the context clearly indicates otherwise: 
 2.1 Bank. “Bank” means Oritani Savings Bank, a New
Jersey chartered savings bank, or any successor to the business thereof, and any affiliated or subsidiary corporations designated by the Board. 
 2.2 Beneficiary. “Beneficiary” means the person or persons (and their heirs) designated as Beneficiary in a Director’s Beneficiary Designation (attached as Exhibit B) to whom the deceased Director’s benefits are
payable. If no Beneficiary is so designated, then the estate of the Director will be deemed the Beneficiary. 
  

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 2.3 Board. “Board” means the Board of Directors of the Bank. 
 2.4 Change in Control. 
  

	 	(a)	“Change in Control” shall mean (i) a change in the ownership of the Bank or Company, (ii) a change in the effective control of the Bank or Company, or
(iii) a change in the ownership of a substantial portion of the assets of the Bank or Company, as described below. 

  

	 	(b)	A change in the ownership of a corporation occurs on the date that any one person, or more than one person acting as a group (as defined in Proposed Treasury Regulations section
1.409A-3(g)(5)(v)(B)), acquires ownership of stock of the Bank or Company that, together with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of such corporation.

  

	 	(c)	A change in the effective control of the Bank or Company occurs on the date that either (i) any one person, or more than one person acting as a group (as defined in Proposed
Treasury Regulations section 1.409A-3(g)(5)(vi)(B)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Bank or Company possessing 35 percent or
more of the total voting power of the stock of the Bank or Company, or (ii) a majority of the members of the Bank or Company’s board of directors is replaced during any 12-month period by directors whose appointment or election is not
endorsed by a majority of the members of the Bank or Company’s board of directors prior to the date of the appointment or election, provided that this subsection “(ii)” is inapplicable where a majority shareholder of the Bank or
Company is another corporation. 

  

	 	(d)	A change in a substantial portion of the Bank or Company’s assets occurs on the date that any one person or more than one person acting as a group (as defined in Proposed
Treasury Regulations section 1.409A-3(g)(5)(vii)(C)) acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or persons) assets from the Bank or Company that have a total gross fair
market value equal to or more than 40 percent of the total gross fair market value of (i) all of the assets of the Bank or Company, or (ii) the value of the assets being disposed of, either of which is determined without regard to any
liabilities associated with such assets. 

  

	 	(e)	 For all purposes hereunder, the definition of Change in Control shall be construed to be consistent with the requirements of Proposed Regulations section
1.409A-3(g)(5), except to the extent that such Proposed 

  

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Regulations are superseded by subsequent guidance. Notwithstanding anything herein to the contrary, the conversion of the Company to a fully-converted stock
holding company in a second step conversion shall not be considered a Change in Control for purposes of this Plan. 

 2.5
Code. “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder. 
 2.6 Committee. “Committee” means the Committee appointed to administer the Plan pursuant to Article VI. 
 2.7 Company. “Company” means Oritani Financial Corp., the holding company of the Bank. 
 2.8 Compensation. “Compensation” means any Board or Committee fees to which the Director becomes entitled during the Deferral Period. 
 2.9 Deferral Agreement. “Deferral Agreement” means the agreement filed by a Director which acknowledges assent to the terms of the Plan and in which the Director elects to defer the receipt of
Compensation earned during a Deferral Period. The Deferral Agreement must be filed with the Committee prior to the beginning of the Deferral Period. A new Deferral Agreement or Notice of Adjustment of Deferral may be submitted by the Director for
each Deferral Commitment. If the Director fails to submit a new Deferral Agreement or Notice of Adjustment of Deferral prior to the beginning of a Deferral Period, deferrals for such period shall be made in accordance with the last submitted
Deferral Agreement or Notice of Adjustment of Deferral. 
 2.10 Deferral Commitment. “Deferral Commitment” means an election
to defer Compensation made by a Director pursuant to Article III and for which a separate Deferral Agreement or Notice of Adjustment of Deferral has been submitted by the Director to the Committee. 
 2.11 Deferral Period. “Deferral Period” means the period over which a Director has elected to defer a portion of his Compensation. Each
Plan Year shall be a separate Deferral Period. 
 2.12 Deferred Fee Account. “Deferred Fee Account” means the account as
maintained by the Bank in accordance with Article IV with respect to any deferral of Compensation pursuant to the Plan. A Director’s Deferred Fee Account shall be utilized solely as a device for the determination and measurement of the amounts
to be paid to the Director pursuant to the Plan. A Director’s Deferred Fee Account shall not constitute or be treated as a trust fund of any kind. 
 2.13 Determination Date. “Determination Date” means the last day of each calendar month. 
 2.14 Director. “Director” means a member of the Board. 
  

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 2.15 Disability. “Disability” means any case in which a Participant: (i) is unable
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or
(ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a
period of not less than 3 months under an accident and health plan covering employees of the Participant’s employer. 
 2.16 Notice
of Adjustment of Deferral. “Notice of Adjustment of Deferral” (Exhibit C hereto) means the notice which the Director may submit for Deferral Periods following the initial Deferral Period in which the initial Deferral Agreement is
submitted. The Notice of Adjustment of Deferral shall set forth the Director’s elections with respect to deferrals for said period. 
 2.17 Participant. “Participant” means any individual who is designated by the Bank to participate in this Plan and who elects to participate by filing a Deferral Agreement as provided in Article IV. 
 2.18 Plan Benefit. “Plan Benefit” means the benefit payable to a Director as calculated in Article V. 
 2.19 Plan Year. “Plan Year” means a twelve month period commencing January 1 and ending the following December 31. 

2.20 Separation from Service. “Separation from Service” means the Participant’s death, retirement or other termination of
employment or service with the Bank. No Separation from Service shall be deemed to occur due to military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six months or, if longer, so long as the
Participant’s right to reemployment is provided by law or contract. If the leave exceeds six months and the Participant’s right to continued service is not provided by law or by contract, then the Participant shall be have a Separation
from Service on the first date immediately following such six-month period. For all purposes hereunder, Separation from Service shall have the meaning required by Code Section 409A. 
 With respect to a Participants who is also an employee of the Bank or the Company, the Participant shall not be treated as having a Separation from
Service if the Participant provides more than insignificant services for the Bank following the Participant’s actual or purported termination of employment with the Bank. Services shall be treated as not being insignificant if such services are
performed at an annual rate that is at least equal to 20% of the services rendered by the Participant for the Bank, on average, during the immediately preceding three full calendar years of employment (or if employed less than three years, such
shorter period of employment) and the annual base compensation for such services is at least equal to 20% of the average base compensation earned during the final three full calendar years of employment (or if employed less than three years, such
shorter period of employment). 
  

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 Where the Participant continues to provide services to a previous employer in a capacity other than as an
employee, a Separation from Service will not be deemed to have occurred if the Participant is providing services at an annual rate that is 50% or more of the services rendered, on average, during the immediate preceding three full calendar years of
employment (or if employed less than three years, such lesser period) and the annual base compensation for such services is 50% or more of the annual base compensation earned during the final three full calendar years of employment (or if less, such
lesser period). 
 2.21 Specified Employee. “Specified Employee” means, in the event the Bank or any corporate parent is or
becomes publicly traded, a Key Employee as such term is defined in Code Section 416(i) without regard to paragraph 5 thereof. 
 2.22
Trustee. “Trustee” means the Trustee, if any, of any grantor trust which may be established by the Bank to accumulate assets for the purpose of funding the benefits promised under this Plan. 
 ARTICLE III 
 PARTICIPATION AND DEFERRAL
COMMITMENTS 
 3.1 Eligibility and Participation. 
 (a) Eligibility. Eligibility to participate in the Plan shall be limited to members of the Board. 
 (b) Participation. A Director may elect to participate in the Plan with respect to any Deferral Period by submitting, as to the
initial Deferral Period, a Deferral Agreement (as set forth at Exhibit A) or, as to subsequent Deferral Periods, a Notice of Adjustment of Deferral (as set forth at Exhibit C). Said Deferral Agreement or Notice of Adjustment of Deferral shall be
submitted to the Committee by December 15 of the calendar year immediately preceding the Deferral Period for which it will be effective. If a previously eligible Director fails to submit a new Deferral Agreement or Notice of Adjustment of
Deferral for a Deferral Period, the Committee shall treat the previously submitted Deferral Agreement or Notice of Adjustment of Deferral as still in effect. In the event that a Director first becomes a Director during a calendar year, a Deferral
Agreement must be submitted to the Committee no later than thirty (30) days following the date the individual first becomes a Director, and such Deferral Agreement shall be effective only with regard to Compensation earned or payable following
the submission of the Deferral Agreement to the Committee. 
 (c) Changes in Participation. In the event that a
Participant ceases to be a Director or in the event that a Director ceases to defer receipt of his Compensation, the balance of his Account shall continue to be adjusted in accordance with Section 4.3 and 4.4. A Director who has filed a Notice
of Adjustment of Deferral pursuant to which he elects to cease deferring receipt of any portion of his Compensation may thereafter again file a Deferral Agreement or Notice of Adjustment of Deferral to defer receipt of his 

  

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Compensation in accordance with Section 3.1(b), but only with respect to Compensation to be earned following submission of such Deferral Agreement to
the Committee. 
 3.2 Form of Deferral. Except as provided in Section 3.1(b) above, a Director may elect in the Deferral
Agreement to defer in whole percentages up to 100% of his Compensation for the calendar year following the calendar year in which the Deferral Agreement is submitted. 
 ARTICLE IV 
 DEFERRED COMPENSATION ACCOUNTS 
 4.1 Deferred Fee Accounts. For recordkeeping purposes only, a Deferred Fee Account shall be maintained for each Director. Separate subaccounts
shall be maintained to the extent necessary to properly reflect the Director’s total vested Deferred Fee Account balance. 
 4.2
Elective Deferred Compensation. The amount of Compensation that a Director elects to defer shall be withheld from each payment of Compensation and credited to the Director’s Deferred Fee Account as the nondeferred portion of the
Compensation becomes or would have become payable. Any withholding of taxes or other amounts with respect to deferred Compensation which is required by state, federal or local law shall be withheld from the Director’s nondeferred Compensation
to the maximum extent possible with any excess being withheld from the Director’s Deferred Fee Account. 
 4.3 Determination of
Accounts. Each Director’s Deferred Fee Account as of each Determination Date will consist of the balance of the Director’s Deferred Fee Account as of the immediately preceding Determination Date, increased by Compensation deferred
pursuant to a Deferral Commitment and earnings, and decreased by distributions and losses, since that Determination Date. 
 4.4
Determination of Earnings. 
 (a) Each Director’s Deferred Fee Account(s) shall be credited with interest on the
amount in such account at the beginning of every month at a rate equal to the greater of: the Citibank Prime Rate (as determined the first day of the month); or 9%. The Committee in its sole discretion may permit a Director to request that the
amounts represented by one or more of his or her Deferred Fee Account(s) be invested in equity securities, fixed income securities, money market accounts and cash, as the Bank shall from time to time allow as permitted investments under the Plan (an
“Alternative Investment”). Any request by a Director as to an Alternative Investment shall be made in writing to the Committee and is subject to the discretion of the Committee. The Deferred Fee Account(s) shall be credited with earnings
or losses (if any) based on the Alternative Investment selected, and as and for the period as reported to the Committee. Amounts invested in an Alternative Investment are not guaranteed by the Bank, and are subject to the risk of loss of principal
and earnings. The Committee shall determine the frequency with which a Director may change his or her Alternative Investments. 
  

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 (b) Any change in net market value of assets in the Deferred Fee Account(s) shall be
reflected in the Deferred Fee Account(s) on a quarterly basis (or on such less frequent basis as reported to the Bank as to the Alternative Investment). 
 (c) The Bank shall not be liable to the Director or his or her beneficiary for any loss or other claim arising under this Plan except for that caused by its gross negligence or willful misconduct. 
 4.5 Vesting of Accounts. A Director shall be one hundred percent (100%) vested at all times in the amount of Compensation elected to be
deferred under this Plan and earnings thereon, provided, however, that neither a Director nor his or her Beneficiary shall be entitled to receive any amount in the Director’s Deferred Fee Account(s) if it is determined at any time that such
Director engaged in a dishonest act in the Director’s relationship with the Bank. 
 4.6 Statement of Accounts. The Committee
shall submit to each Director during the month of January, a statement setting forth the balance to the credit of the Deferred Fee Account(s) maintained for a Director as of the immediately preceding December. 
 ARTICLE V 
 PLAN BENEFITS 

5.1 Plan Benefit. If a Director has a Separation from Service for any reason other than death, the Bank shall pay a Plan Benefit equal to the
Director’s vested Deferred Fee Account, as determined in accordance with Article IV. 
 5.2 Death Benefit. Upon the death of a
Director, the Bank shall pay to the Director’s Beneficiary an amount determined as follows: 
 (a) If the Director dies
after Separation from Service with the Bank, the remaining unpaid balance of the Director’s vested Deferred Fee Account shall be paid in the same form that payments were being made prior to the Director’s death. 
 (b) If the Director dies prior to Separation from Service with the Bank, the amount payable shall be the Director’s Deferred Fee
Account balance which shall be paid over the period designated in the Director’s Deferral Agreement or Notice of Adjustment of Deferral. 
 5.3 Hardship Distributions. Upon a finding that a Director has suffered an unforeseeable emergency, the Committee may, to the extent permitted under Section 409A of the Code, make distributions from the Director’s Deferred
Fee Account prior to the time specified for payment of benefits under the Plan. An unforeseeable emergency means a severe financial hardship to the Director resulting from an illness or accident of the Director, the Director’s spouse or of a
dependent (as defined in Code Section 152) of the Director, loss of the Director’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Director.
The amount of such distribution shall be 

  

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limited to the amount reasonably necessary to alleviate the unforeseeable emergency. If a financial hardship benefit is approved, it shall be paid in a lump
sum within thirty (30) days of the event which triggers payment and only to the extent of the Director’s Deferred Fee Account balances when paid. 
 5.4 Form of Benefit Payment. 
 (a) All Plan Benefits, other than hardship
distributions or distributions pursuant to Article V, shall be paid in the form selected by the Director in the Deferral Agreement or Notice of Adjustment of Deferral at the time of the Deferral Commitment. 
 (b) If for any Deferral Commitment a Director fails to elect a form of benefit payment, the form shall be the form of payment elected on
the most recent past Deferral Agreement or Notice of Adjustment of Deferral. 
 (c) A Director’s Deferred Fee Account may
be distributed in cash, or in the event the Company has established a grantor trust and such trust holds Company stock in connection with a Director’s selection of Company stock as the investment option for his Deferred Fee Account, the
Committee shall direct the Trustee to distribute the Company stock in-kind from the trust in satisfaction of all or part of the Company’s obligation to make distributions to the Director. 
 5.5 Commencement of Payments. 
 (a) Payments under the Plan shall commence within thirty (30) days after the occurrence of the event which triggers distribution, and shall be paid in accordance with the Director’s elections under the Director’s Deferral
Agreement and Notice of Adjustment of Deferral. 
 (b) Notwithstanding anything in the Plan to the contrary, to the extent
required under Section 409A of the Code, payments made to a Specified Employee on or after the date of his Separation from Service shall be made on the first day of the seventh (7th) month after such Separation from Service. 
 5.6 Modification of Deferral Period. In the event a Director desires to modify the period over which amounts accrued in his Deferred Fee Account
shall be deferred, the Director may elect to change the manner and time of distribution of the balance credited to his Deferred Fee Account; provided, however, that with respect to Compensation previously deferred or to be deferred in accordance
with Deferral Commitments previously made and interest or other earnings thereon: 
 (a) the subsequent election shall not be
effective for at least twelve (12) months after the date on which such election was made; and 
 (b) except for payments
upon the Director’s death or Disability, the first payment for which the subsequent election is made shall be deferred for a period of not 

  

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less than five (5) years from the date on which such payment would otherwise have been made; and 
 (c) for payments scheduled to be made on a fixed date or pursuant to a specified schedule, the subsequent election must be made at least
twelve (12) months before the date of the first scheduled payment. 
 ARTICLE VI 
 ADMINISTRATION 
 6.1 Committee; Duties. This Plan shall be administered
by the Committee, which shall be appointed by the Board. The Committee shall have the authority to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all
questions, including interpretations of this Plan, as may arise in connection with the Plan. A majority vote of the Committee members shall control any decision. 
 6.2 Agents. The Committee may, from time to time, employ other agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the
Bank. 
 6.3 Binding Effect of Decisions. The decision or action of the Committee with respect to any question arising out of or in
connection with the administration, interpretation and application of the Plan and the rules of regulations promulgated hereunder shall be final, conclusive and binding upon all persons having any interest in the Plan. 
 6.4 Indemnity of Committee. The Bank shall indemnify and hold harmless the members of the Committee against any and all claims, loss, damage,
expense or liability arising from any action or failure to act with respect to this Plan, except in the case of gross negligence or willful misconduct. 
 ARTICLE VII 
 CLAIMS PROCEDURE 
 7.1 Claim. Any person claiming a benefit, requesting an interpretation or ruling under the Plan, or requesting information under the Plan shall
present the request in writing to the Committee, which shall respond in writing within thirty (30) days. 
 7.2 Denial of Claim.
If the claim or request is denied, the written notice of denial shall state: 
 (a) The reasons for denial, with specific
reference to the Plan provisions on which the denial is based. 
  

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 (b) A description of any additional material or information required and an explanation
of why it is necessary. 
 (c) An explanation of the Plan’s claim review procedure. 
 7.3 Review of Claim. Any person whose claim or request is denied or who has not received a response within thirty (30) days may request
review by notice given in writing to the Committee. The claim or request shall be reviewed by the Committee who may, but shall not be required to, grant the claimant a hearing. On review, the claimant may have representation, examine pertinent
documents, and submit issues and comments in writing. 
 7.4 Final Decision. The decision on review shall normally be made within
sixty (60) days. If an extension of time is required for a hearing or other special circumstances, the claimant shall be notified and the time limit shall be one hundred twenty (120) days. The decision shall be in writing and shall state
the reasons and the relevant Plan provisions. 
 7.5 Arbitration. If a claimant continues to dispute the benefit denial based upon
completed performance of this Plan and the Deferral Agreement or the meaning and effect of the terms and conditions thereof, then the claimant may submit the dispute to mediation, administered by the American Arbitration Association
(“AAA”) (or a mediator selected by the parties) in accordance with the AAA’s Commercial Mediation Rules. If mediation is not successful in resolving the dispute, it shall be settled by arbitration administered by the AAA under its
Commercial Arbitration Rules, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. 
 ARTICLE VIII 
 AMENDMENT AND TERMINATION OF PLAN 
 8.1 Amendment. The Board may at any time amend the Plan in whole or in part, provided, however, that no amendment shall be effective to decrease
or restrict the amount accrued to the date of amendment in any Deferred Fee Account maintained under the Plan. 
 8.2 Termination of the
Plan. Subject to the requirements of Code Section 409A, in the event of complete termination of the Plan, the Plan shall cease to operate and the Bank shall pay out to the Participant his benefit as if the Participant had terminated
employment as of the effective date of the complete termination. Such complete termination of the Plan shall occur only under the following circumstances and conditions: 
 (a) The Board may terminate the Plan within 12 months of a corporate dissolution taxed under Code Section 331, or with approval of a
bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the amounts deferred under the Plan are included in the Participant’s gross income in the latest of (i) the calendar year in which the Plan terminates; (ii) the
calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or (iii) the first calendar year in which the payment is administratively practicable. 
  

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 (b) The Board may terminate the Plan within the 30 days preceding a Change in Control
(but not following a Change in Control), provided that the Plan shall only be treated as terminated if all substantially similar arrangements sponsored by the Bank are terminated so that the Participant and all participants under substantially
similar arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months of the date of the termination of the arrangements. 
 (c) The Board may terminate the Plan provided that (i) all arrangements sponsored by the Bank that would be aggregated with this Plan
under Proposed Regulations Section 1.409A-1(c) if the Participant covered by this Plan was also covered by any of those other arrangements are also terminated; (ii) no payments other than payments that would be payable under the terms of
the arrangement if the termination had not occurred are made within 12 months of the termination of the arrangement; (iii) all payments are made within 24 months of the termination of the arrangements; and (iv) the Bank does not adopt a
new arrangement that would be aggregated with any terminated arrangement under Proposed Regulations Section 1.409A-1(c) if the Participant participated in both arrangements, at any time within five years following the date of termination of the
arrangement. 
 ARTICLE IX 
 MISCELLANEOUS 
 9.1 Unfunded Plan. This Plan is intended to be an unfunded plan maintained primarily to provide
deferred compensation benefits for a select group of management or highly compensated employees. This Plan is not intended to create an investment contract, but to provide tax planning opportunities and retirement benefits to eligible individuals
who have elected to participate in the Plan. Eligible individuals are select members of management who, by virtue of their position with the Bank, are uniquely informed as to the Bank’s operations and have the ability to materially affect the
Bank’s profitability and operations. 
 9.2 Unsecured General Creditor. Directors and their Beneficiaries, heirs, successors and
assigns shall have no legal or equitable rights, interest or claims in any property or assets of the Bank, nor shall they be Beneficiaries of, or have any rights, claims or interests in any life insurance policies, annuity contracts or the proceeds
therefrom owned or which may be acquired by the Bank. Such policies or other assets of the Bank shall not be held under any trust for the benefit of Directors, their Beneficiaries, heirs, successors or assigns, or held in any way as collateral
security for the fulfilling of the obligations of the Bank under this Plan. Any and all of the Bank’s assets and policies shall be, and remain, the general, unpledged, unrestricted assets of the Bank. The Bank’s obligation under the Plan
shall be that of an unfunded and unsecured promise of the Bank to pay money in the future. 
  

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 9.3 Trust Fund. The Bank shall be responsible for the payment of all benefits provided under the
Plan. At its discretion, the Bank may establish one or more trusts, with such trustees as the Board may approve, for the purpose of providing for the payment of such benefits. Such trust or trusts may be irrevocable, but the assets thereof shall be
subject to the claims of the Bank’s creditors. To the extent any benefits provided under the Plan are actually paid from any such trust, the Bank shall have no further obligation with respect thereto, but to the extent not so paid, such
benefits shall remain the obligation of, and shall be paid by, the Bank. 
 9.4 Payment to Director, Legal Representative or
Beneficiary. Any payment to any Director or the legal representative, Beneficiary, or to any guardian or committee appointed for such Director or Beneficiary in accordance with the provisions hereof, shall, to the extent thereof, be in full
satisfaction of all claims hereunder against the Bank, which may require the Director, legal representative, Beneficiary, guardian or committee, as a condition precedent to such payment, to execute a receipt and release thereof in such form as shall
be determined by the Bank. 
 9.5 Nonassignability. Neither a Director nor any other person shall have any right to commute, sell,
assign, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and nontransferable. No part of the
amounts payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Director or any other person, nor be transferable by operation of law in the
event of a Director’s or any other person’s bankruptcy or insolvency. 
 9.6 Terms. Whenever any words are used herein in
the masculine, they shall be construed as though they were used in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the
plural or the singular, as the case may be, in all cases where they would so apply. 
 9.7 Captions. The captions of the articles,
sections and paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions. 
 9.8 Governing Law. The provisions of this Plan shall be construed and interpreted according to the laws of the State of New Jersey. 
 9.9 Validity. In case any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such
illegal and invalid provision had never been inserted herein. 
 9.10 Notice. Any notice or filing required or permitted to be given
to the Committee under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to any member of the Committee, the Plan Administrator, or the Secretary of the Bank. Such notice shall be deemed given as
of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. 
  

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 9.11 Successors. The provisions of this Plan shall bind and inure to the benefit of the Bank and
its successors and assigns. The term “successors” as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and
assets of the Bank, and successors of any such corporation or other business entity. 
 9.12 Cashout of Small Benefits If at any time
the total present value of the payment due and payable to a person under this Plan equals $10,000 or less, such entire present value shall be paid to the recipient as soon as practicable. Any such payment shall be in full settlement of such
person’s interest under this Plan. 
 9.13 Compliance with Section 409A of the Code. The Plan is intended to be a
non-qualified deferred compensation plan described in Section 409A of the Code. The Plan shall be operated, administered and construed to give effect to such intent. To the extent that a provision of the Plan fails to comply with Code
Section 409A and a construction consistent with Code Section 409A is not possible, such provision shall be void ab initio. In addition, the Plan shall be subject to amendment, with or without advance notice to Directors and other
interested parties, and on a prospective or retroactive basis, including but not limited to amendment in a manner that adversely affects the rights of participants and other interested parties, to the extent necessary to effect such compliance.

 IN WITNESS WHEREOF, and pursuant to resolution of the Board of Directors of Oritani Savings Bank, the parties hereto have hereunto
set their hands the day and year first written above. 
  

									
	 ATTEST:
	 		 	ORITANI SAVINGS BANK
					
	By:	 	  	 		 	 By:
	 	  
		 	 Secretary
	 		 		 	 Kevin J. Lynch,

		 		 		 		 	 President and Chief Executive Officer

  

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 Exhibit A 
 ORITANI SAVINGS BANK 
 2005 DIRECTORS DEFERRED FEE PLAN 
 DEFERRAL AGREEMENT 
 I,
                                        
                                        
            , and ORITANI SAVINGS BANK hereby agree for good and valuable consideration, the value of which is hereby acknowledged, that I shall participate in the 2005 Directors
Deferred Fee Plan (the “Plan”), effective as of January 1, 2005, as such Plan may be amended or modified, and do further agree to the terms and conditions thereof. 
 ELECTION TO DEFER 
 Pursuant to the provisions of the Plan, I understand
that I may make an irrevocable election to defer the receipt of board fees due to me during calendar year 200__. Accordingly, I hereby make an irrevocable election to defer
            % of my board fees due to me during calendar year 200__. I understand that once elected, I may not change my election to defer such board fees and/or any retainer due to
me during calendar year 200__. Such deferrals shall commence on                      200__, and shall renew annually unless changed not later
than December 15 of any year under the Plan, such changes to be effective beginning the following January 1. I understand and agree that my deferral election applies only to compensation attributable to services I have not yet performed.

 I understand that my election to defer shall continue for subsequent years in accordance with this Deferral Agreement until such time as I
submit a Notice of Adjustment of Deferral (Exhibit C hereto) to the Administrator not later than December 15 of any year under the Plan. Such adjustment will only take effect January 1 of the calendar year following the year in which it is
executed. A Notice of Adjustment of Deferral can be used to adjust the amount of board fees to be deferred or to discontinue deferrals altogether. 
 DISTRIBUTION ELECTION OPTIONS 
 In accordance with the Plan, I understand and agree that all Plan benefits shall be
paid in the form I selected below, and that such election, once made by me, shall be irrevocable with respect to such Plan year. 
 Select
either (i) or (ii) below: 
  

	 	(i)	In-Service Distributions 

 In accordance with the
terms of the Plan, I hereby elect a deferral period of              years. I agree and acknowledge that in-service distributions will not commence any earlier than January 1st
of the calendar year that is at least two years following the year for which such deferral election is made. Accordingly, payments hereunder shall commence in the year 20__. In accordance therewith, I hereby elect to receive the amount of my
deferred fees in the following form (check one): 
  

 1 

  ̈ Lump Sum Distribution 
  ̈ Monthly installments over a period of              years (not to exceed 10 years) 
  

	 	(ii)	Separation from Service 

 In the event of my
Separation from Service with the Board for any reason other than cause, I hereby elect to receive my Plan Benefits in the following form (check one): 
  ̈ Lump Sum Distribution 
  ̈ Monthly installments over a
period of              years (not to exceed 10 years) 
 Optional
Distribution Forms 
 Notwithstanding the foregoing, in the event of my Disability, death prior to Separation from Service, or in the
event of a Change in Control of the Bank or the Company, as such terms are defined in the Plan, I hereby elect the following alternative distribution forms. I understand that these elections are optional, and that if not made, any relevant
distribution will be made in accordance with my selection under either (i) or (ii) above. 
 Disability 
 In the event that my service on the Board is terminated on account of my Disability, I hereby elect to receive my Plan Benefits in the following form
(check one): 
  ̈
Lump Sum Distribution 
  ̈ Monthly installments over a period of              years (not to exceed 10 years) 
 Death 
 In the event of my death prior to Separation from Service on the Board, I hereby elect that my
Plan Benefits be distributed to my beneficiary(ies) in the following form (check one): 
  ̈ Lump Sum Distribution 
  ̈ Monthly installments over a period of              years (not to exceed 10 years)

 Change in Control 
 In
the event of a Change in Control of the Bank or the Company, I hereby elect to receive my Plan Benefits in the following form (check one): 
  ̈ Lump Sum Distribution 
  ̈ Monthly installments over a
period of              years (not to exceed 10 years) 
  

 2 

 This Deferral Agreement shall become effective upon execution below by both the Director and a duly
authorized officer of the Bank. 
 Dated this
                     day of
                    , 200__. 
  

					
			
	   	 		 	   
	 (Director)
	 		 	 (Bank duly authorized Officer)

 Code Section 409A Transition Year Election (Check if Applicable) 
  

	 ̈	The above election is a Code Section 409A transition year election superseding any prior election (must be made in 2006 or 2007) 

  

 3 

 Exhibit B 
 ORITANI SAVINGS BANK 
 2005 DIRECTORS DEFERRED FEE PLAN 
 BENEFICIARY DESIGNATION 
 The Director,
under the terms of the 2005 Directors Deferred Fee Plan executed by Oritani Savings Bank, hereby designates the following Beneficiary to receive any guaranteed payments or death benefits under such Plan, following his death: 
 PRIMARY BENEFICIARY(IES): 
  

									
	 Name: 
	  	  	  	% of Benefit: 	  	  	  	
					
	 Name: 
	  	  	  	% of Benefit: 	  	  	  	
					
	 Name: 
	  	  	  	% of Benefit: 	  	  	  	

 SECONDARY BENEFICIARY(IES) (if all Primary Beneficiaries pre-decease the
Director): 
  

									
	 Name: 
	  	  	  	% of Benefit: 	  	  	  	
					
	 Name: 
	  	  	  	% of Benefit: 	  	  	  	
					
	 Name: 
	  	  	  	% of Benefit: 	  	  	  	

 This Beneficiary Designation hereby revokes any prior Beneficiary Designation which may have been
in effect and this Beneficiary Designation is revocable. 

					
			
	   	 		 	   
	 Date
	 		 	 Director

 Exhibit C 
 ORITANI SAVINGS BANK 
 2005 DIRECTORS DEFERRED FEE PLAN 
 NOTICE OF ADJUSTMENT OF DEFERRAL 
  

	To:	Oritani Savings Bank 

	Attention:	Administrative Committee, 2005 Directors Deferred Fee Plan 

 I hereby give notice of my election to adjust the amount of my Compensation deferral in accordance with my Deferral Agreement, dated the
                     day of
                    , 20__. This notice is submitted no later than December 15th, and shall become effective January 1st, as
specified below. 
  

			
	 Adjust deferral as of:
	  	 January 1st, 20__

		
	 Previous Deferral Amount
	  	                          per month

	 New Deferral Amount
	  	                          per month

		  	 (to discontinue deferral, enter $0)

			
		
	  	 	  
	 DIRECTOR

		
	  	 	  
	 DATE

	
	 ACKNOWLEDGED

		
	 BY:
	 	  
		
	 TITLE:
	 	  
		
	  	 	  
	 DATEForm of Unit Option Purchase Agreement between Viragen, Inc. and Dawson James

 Exhibit 10.73 
 FORM OF PURCHASE OPTION 
 THE HOLDER OF THIS PURCHASE OPTION (THIS “PURCHASE OPTION”) BY ITS ACCEPTANCE
HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE, HYPOTHECATE OR OTHERWISE DISPOSE OF THIS PURCHASE OPTION EXCEPT AS PROVIDED IN SECTION 3.1 HEREOF. 
 THIS PURCHASE OPTION IS NOT EXERCISABLE PRIOR TO                     , 2007. THIS PURCHASE OPTION SHALL TERMINATE
AND BE VOID IF NOT EXERCISED IN ACCORDANCE WITH SECTION 2 HEREOF BY 5:00 P.M. NEW YORK CITY TIME, ON , 2011, AND ALL RIGHTS OF THE HOLDER UNDER THIS PURCHASE OPTION SHALL THEREUPON CEASE AND EXPIRE. 
 PURCHASE OPTION 
 FOR THE PURCHASE OF

 UNITS 
 OF 
 VIRAGEN, INC. 
 1. Purchase Option. 
 THIS CERTIFIES THAT, in consideration of $ 100.00 duly paid by or on behalf of Dawson James Securities,
                     Inc. (“Dawson James” or “Holder” and, together with other holders hereunder as a result of
permitted transfers hereof, collectively, “Holders”), as registered owner of this Purchase Option, to Viragen, Inc. (“Company”), Holder is entitled, at any time or from time to time upon
                    , 2007 (“Commencement Date”), and at or before 5:00 p.m., on
                    , 2011 New York City local time (“Expiration Date”), but not thereafter, to subscribe for, purchase and receive,
in whole or in part, up to              units (“Units”) of the Company (which represents 6% of the units sold to the public by way of the Registration Statement), each Unit
consisting of one share of common stock of the Company, par value $.01 per share (“Common Stock”), and one warrant (“Warrant(s)”) expiring at 5:00 p.m., New York Time, on
                    , 2011, five years from the effective date (“Effective Date”) of the registration statement on Form S-1
(“Registration Statement”) pursuant to which Units are offered for sale to the public. The allocation of the number of Units that each Holder shall have the option to purchase shall be mutually agreed upon by the Holders; provided
that the Company shall not be obligated to recognize any Holder other than the Holder registered as such on the books and records of the Company. 
 For purposes of this Purchase Option and the exercise of any right hereunder, the term “Holder” shall mean, as of any date, Dawson James or its respective successors and/or any permitted transferees in accordance with
Section 3.1 hereof that is validly holding this Purchase Option as of such date and for purposes of Section 5, Dawson James or its successor or any transferee that is holding Units issued upon exercise of this Purchase Option (or
securities underlying such Units) as of such date. 
 Each Warrant is the same as the warrants included in the Units being registered for
sale to the public (the “Public Warrants”) by way of the Registration Statement (the “Offering”) except that the Warrants shall have an exercise price of $
             per share (the “Warrant Exercise Price”) (which represents 125% 

 of the exercise price of the Public Warrants). If the Expiration Date is a day on which banking institutions are
authorized by law to close, then this Purchase Option may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action
that would terminate the Purchase Option. This Purchase Option is initially exercisable at $             per Unit so purchased (which represents 110% of the initial public offering price of
the units sold to the public by way of the Registration Statement); provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this Purchase Option, including the exercise price per
Unit and the number of Units (and shares of Common Stock and Warrants) to be received upon such exercise, shall be adjusted as therein specified. The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise
price, depending on the context. 
 2. Exercise. 
 2.1 Exercise Form. In order to exercise this Purchase Option, the exercise form attached hereto as exhibit A must be duly executed and completed and delivered to the Company, together with this Purchase Option and payment of the
Exercise Price for the Units being purchased payable in cash or by certified check or official bank check (except to the extent provided by Section 2.3 below). If the subscription rights represented hereby shall not be exercised at or before
5:00 p.m., New York City time, on the Expiration Date this Purchase Option shall become and be void without further force or effect, and all rights represented hereby shall cease and expire. 
 2.2 Legend. Each certificate for the securities purchased under this Purchase Option shall bear a legend as follows unless such securities have
been registered under the Securities Act of 1933, as amended (“Act”): 
 “The securities represented by this certificate
have not been registered under the Securities Act of 1933, as amended (“Act”) or applicable state law. The securities may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under
the Act, or pursuant to an exemption from registration under the Act and applicable state law.” 
 2.3 Cashless Exercise.

 2.3.1 Determination of Amount. In lieu of the payment of the Exercise Price multiplied by the number of Units for which this
Purchase Option is exercisable (and in lieu of being entitled to receive Common Stock and Warrants) in the manner required by Section 2.1, the Holder shall have the right (but not the obligation) to convert any exercisable but unexercised
portion of this Purchase Option into Units (“Conversion Right”) as follows: upon exercise of the Conversion Right, the Company shall deliver to the Holder (without payment by the Holder of any of the Exercise Price in cash) that
number of Units (or, following separation of the Units, that number of shares of Common Stock and Warrants comprising that number of Units) equal to the quotient obtained by dividing (x) the “Value” (as defined below) of the portion
of the Purchase Option being converted by (y) the Current Market Value (as defined below). The “Value” of the portion of the Purchase Option being converted shall equal the remainder derived from subtracting (a) (i) the
Exercise Price multiplied by (ii) the number of Units underlying the portion of this Purchase Option being converted from (b) the Current Market Value of a Unit multiplied by the number of Units underlying the portion of the Purchase
Option being converted. As used herein, the term “Current Market Value” per Unit at any date means: (A) in the event that neither the Units nor Public Warrants are still trading, the remainder derived from subtracting
(x) the exercise price of the Warrants multiplied by the number of shares of Common Stock issuable upon exercise of the Warrants underlying one Unit from (y)(i) the Current Market Price of the Common Stock multiplied by (ii) the number of
shares of Common Stock underlying one Unit, which shall include the shares of 
  

 2 

 Common Stock underlying the Warrants included in such Unit; (B) in the event that the Units, Common Stock and Public
Warrants are still trading, (i) if the Units are listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq Capital Market or NASD OTC Bulletin Board (or successor exchange), the last sale price of the Units in the
principal trading market for the Units as reported by the exchange, Nasdaq or the NASD, as the case may be, on the last trading day preceding the date in question; or (ii) if the Units are not listed on a national securities exchange or quoted
on the Nasdaq National Market, Nasdaq Capital Market or the NASD OTC Bulletin Board (or successor exchange), but are traded in the residual over-the-counter market, the closing bid price for Units on the last trading day preceding the date in
question for which such quotations are reported by the Pink Sheets, LLC or similar publisher of such quotations; and (C) in the event that the Units are not still trading but the Common Stock and Public Warrants underlying the Units are still
trading, the Current Market Price of the Common Stock plus the product of (x) the Current Market Price of the Public Warrants and (y) the number of shares of Common Stock underlying the Warrants included in one Unit. The “Current
Market Price” shall mean (i) if the Common Stock (or Public Warrants, as the case may be) is listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq Capital Market or NASD OTC Bulletin Board (or
successor exchange), the last sale price of the Common Stock (or Public Warrants) in the principal trading market for the Common Stock as reported by the exchange, Nasdaq or the NASD, as the case may be, on the last trading day preceding the date in
question; (ii) if the Common Stock (or Public Warrants, as the case may be) is not listed on a national securities exchange or quoted on the Nasdaq National Market, Nasdaq Capital Market or the NASD OTC Bulletin Board (or successor exchange),
but is traded in the residual over-the-counter market, the closing bid price for the Common Stock (or Public Warrants) on the last trading day preceding the date in question for which such quotations are reported by the Pink Sheets, LLC or similar
publisher of such quotations; and (iii) if the fair market value of the Common Stock cannot be determined pursuant to clause (i) or (ii) above, such price as the Board of Directors of the Company shall determine, in good faith. In the
event the Public Warrants have expired and are no longer exercisable, no “Value” shall be attributed to the Warrants underlying this Purchase Option. Additionally, in the event that this Purchase Option is exercised pursuant to this
Section 2.3 and the Public Warrants are still trading, the “Value” shall be reduced by the difference between the Warrant Exercise Price and the exercise price of the Public Warrants multiplied by the number of Warrants underlying the
Units included in the portion of this Purchase Option being converted. 
 2.3.2 Mechanics of Cashless Exercise. The Cashless Exercise
Right may be exercised by the Holder on any business day on or after the Commencement Date and not later than 5:00 p.m., New York City time on the Expiration Date by delivering the Purchase Option with the duly executed exercise form attached hereto
as exhibit A with the cashless exercise section completed to the Company, exercising the Cashless Exercise Right and specifying the total number of Units the Holder will purchase pursuant to such Cashless Exercise Right. 
 2.4 No Obligation to Net Cash Settle. Notwithstanding anything to the contrary contained in this Purchase Option, in no event will the Company be
required to net cash settle the exercise of the Purchase Option or the Warrants underlying the Purchase Option. The holder of the Purchase Option and the Warrants underlying the Purchase Option will not be entitled to exercise the Purchase Option or
the Warrants underlying such Purchase Option unless a registration statement is effective, or an exemption from the registration requirements is available at such time and, if the holder is not able to exercise the Purchase Option or underlying
Warrants, the Purchase Option and/or the underlying Warrants, as applicable, will expire worthless. 
 3. Transfer. 
 3.1 General Restrictions. Each registered Holder of this Purchase Option, by its acceptance 
  

 3 

 hereof, agrees that it will not sell, transfer, assign, pledge, hypothecate or otherwise dispose of this Purchase Option
for a period of one year following the Effective Date to anyone other than (i) Dawson James or an underwriter or a selected dealer in connection with the Offering, or (ii) a bona fide officer or partner of Dawson James or of any such
underwriter or selected dealer; provided, however, that in each case, such entity, officer or partner shall agree to be bound by the terms of this Section 3.1. On and after the first anniversary of the Effective Date, transfers to others may be
made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, a Holder must deliver to the Company the assignment form attached hereto as exhibit A duly executed and completed, together
with the Purchase Option and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within five business days transfer this Purchase Option on the books of the Company and shall execute and deliver a new Purchase
Option or Purchase Options of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Units purchasable hereunder or such portion of such number as shall be contemplated by any such assignment.

 3.2 Restrictions Imposed by the NASD Conduct Rules. Each registered Holder of this Purchase Option understands and agrees that that
it must comply with the transfer restrictions contained in the National Association of Securities Dealers, Inc. (the “NASD”) Conduct Rule 2710(g)(1) and has entered into a lock-up agreement pursuant to the NASD Conduct Rule 2710(g)(1).

 3.3 Restrictions Imposed by the Act. The securities evidenced by this Purchase Option shall not be transferred by any Holder unless
and until (i) the Company has received the opinion of counsel for such Holder that the securities may be transferred pursuant to an exemption from registration under the Act and applicable state securities laws, the availability of which is
established to the reasonable satisfaction of the Company, or (ii) a registration statement or a post-effective amendment to the Company’s Registration Statement relating to the Offering relating to such securities has been filed by the
Company and declared effective by the Securities and Exchange Commission (the “Commission”) and compliance with applicable state securities law has been established. 
 4. New Purchase Options to be Issued. 
 4.1 Partial Exercise or Transfer. Subject to the
restrictions in Section 3 hereof, this Purchase Option may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Option for cancellation, together with the
duly executed exercise or assignment form and funds sufficient to pay any Exercise Price (except to the extent provided in Section 2.3 above) and/or transfer tax, the Company shall cause to be delivered to the Holder without charge a new
Purchase Option of like tenor to this Purchase Option in the name of the Holder evidencing the right of the Holder to purchase the number of Units purchasable hereunder as to which this Purchase Option has not been, to date, exercised or assigned.
In addition, the Company shall cause to be delivered to any permitted transferee without charge a new Purchase Option of like tenor to this Purchase Option in the name of such transferee evidencing the right of such transferee to purchase the number
of Units purchasable hereunder as to which this Purchase Option has been transferred to such transferee. 
 4.2. Lost Certificate.
Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Option and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new
Purchase Option of like tenor and date. Any such new Purchase Option executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company. 
  

 4 

 5. Registration; Procedures. 
 5.1 Demand Registration. 
 5.1.1 Grant of Right. If the Securities underlying the Purchase
Options are not covered by an effective registration statement, the Company, upon written demand (“Initial Demand Notice”) of the Holder(s) of at least 51% of the Purchase Options and/or the underlying Units and/or the underlying
securities (“Majority Holders”), agrees to use its best efforts to register on one occasion, all or any portion of the Purchase Options requested by the Majority Holders in the Initial Demand Notice and all of the securities
underlying such Purchase Options, including the Units, Common Stock, the Warrants and the Common Stock underlying the Warrants (collectively, the “Registrable Securities”). On such occasion, the Company will use its best efforts to
file a registration statement or a post-effective amendment to the Registration Statement covering the Registrable Securities within sixty days after receipt of the Initial Demand Notice and use its best efforts to have such registration statement
or post-effective amendment declared effective as soon as possible thereafter. The demand for registration may be made at any time during a period of five years beginning on the Effective Date. The Company covenants and agrees to give written notice
of its receipt of any Initial Demand Notice by any Holder(s) to all other registered Holders of the Purchase Options and/or the Registrable Securities within ten days from the date of the receipt of any such Initial Demand Notice. 
 5.1.2 Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities, including the expenses of any legal
counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities, but the Holders shall pay any and all underwriting commissions. The Company agrees to use its reasonable best efforts to qualify or register
the Registrable Securities in such States as are reasonably requested by the Majority Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a State in which such registration would
cause (i) the Company to be obligated to qualify to do business in such State, or would subject the Company to taxation as a foreign corporation doing business in such jurisdiction or (ii) the principal stockholders of the Company to be
obligated to escrow their shares of capital stock of the Company. The Company shall use its best efforts to cause any registration statement or post-effective amendment filed pursuant to the demand rights granted under Section 5.1.1 to remain
effective for a period of nine consecutive months from the effective date of such registration statement or post-effective amendment. 
 5.2
“Piggy-Back” Registration. 
 5.2.1 Grant of Right. In addition to the demand right of registration, the Holders of
the Purchase Options shall have the right for a period of seven years commencing on the Effective Date, to include the Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a
transaction contemplated by Rule 145(a) promulgated under the Act or pursuant to Form S-8); provided, however, that if, in the written opinion of the Company’s managing underwriter or underwriters, if any, for such offering, the inclusion of
the Registrable Securities, when added to the securities being registered by the Company or the selling stockholder(s), will exceed the maximum amount of the Company’s securities which can be marketed (i) at a price reasonably related to
their then current market value, and (ii) without materially and adversely affecting the entire offering, then the Company will still be required to include the Registrable Securities, but may require the Holders to agree, in writing, to delay
the sale of all or any portion of the Registrable Securities for a period of 90 days from the effective date of the offering, provided, further, that if the sale of any Registrable Securities is so delayed, then the number of securities to be sold
by all stockholders in such public offering during such 90 day period shall be apportioned pro rata among all such selling stockholders, including all holders of the Registrable Securities, according to the total amount of securities of the Company
owned by said selling stockholders, including all holders of the Registrable Securities. The “piggy-back” registration rights provided in this Section 5.2.1 shall not be exercisable by Holders if at the time of exercise the
Registrable Securities are currently covered by an effective registration statement. 
  

 5 

 5.2.2 Terms. The Company shall bear all fees and expenses attendant to registering the Registrable
Securities, including the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities but the Holders shall pay any and all underwriting commissions related to the Registrable
Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than fifteen days written notice prior to the proposed date of filing of such registration
statement. Such notice to the Holders shall continue to be given for each applicable registration statement filed (during the period in which the Purchase Option is exercisable) by the Company until such time as the Company is advised by the Holders
that all of the Registrable Securities have been registered and sold. The holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice, within ten days of the receipt of the
Company’s notice of its intention to file a registration statement. The Company shall use its best efforts to cause any registration statement filed pursuant to the above “piggyback” rights to remain effective for at least nine months
from the date that the Holders of the Registrable Securities are first given the opportunity to sell all of such securities. 
 5.3 General Terms.

 5.3.1 Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any
registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20(a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against
all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against litigation, commenced or threatened, or any claim whatsoever whether
arising out of any action between the underwriter and the Company or between the underwriter and any third party or otherwise) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration
statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the underwriter contained in Section 5 of the Underwriting Agreement between the Company and Dawson James
dated the effective date of the Registration Statement. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, its
officers and directors and each person, if any, who controls the Company within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, against all loss, claim, damage, expense or liability (including all reasonable
attorneys’ fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by
or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the provisions contained in Section 5 of the Underwriting Agreement
pursuant to which the underwriter has agreed to indemnify the Company. 
 5.3.2 Exercise of Purchase Options. Nothing contained in
this Purchase Option shall be construed as requiring the Holder(s) to exercise their Purchase Options or Warrants underlying such Purchase Options prior to or after the initial filing of any registration statement or the effectiveness thereof.

 5.3.3 Documents Delivered to Holders. The Company shall furnish Dawson James, as representative of the Holders participating in any
of the foregoing offerings, a signed counterpart, addressed to the participating Holders, of (i) an opinion of counsel to the Company, dated the effective date of such registration statement (and, if such registration includes an underwritten
public offering, an opinion dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the effective date of such registration statement (and, if such registration includes
an 
  

 6 

 underwritten public offering, a letter dated the date of the closing under the underwriting agreement) signed by the
independent registered public accounting firm who have issued a report on the Company’s financial statements included in such registration statement, in each case covering substantially the same matters with respect to such registration
statement (and the prospectus included therein) and, in the case of such accountants’ letter, with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel and in
accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company shall also, prior to filing a registration statement or prospectus, or any amendment or supplement thereto, furnish without charge to the
holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of such registration statement as proposed to be filed, each amendment and supplement to such registration statement (in each case
including all exhibits thereto and documents incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus), and such other documents as the holders of Registrable Securities
included in such registration or legal counsel for any such holders may request in order to facilitate the disposition of the Registrable Securities owned by such holders. The Company shall also deliver promptly to Dawson James, as representative of
the Holders participating in the offering, the correspondence and memoranda described below and copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating to discussions with the
Commission or its staff with respect to the registration statement and permit Dawson James, as representative of the Holders, to do such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the
registration statement as it deems reasonably necessary to comply with applicable securities laws or rules of the NASD. Such investigation shall include access to books, records and properties and opportunities to discuss the business of the Company
with its officers and independent auditors, all to such reasonable extent and at such reasonable times and as often as Dawson James, as representative of the Holders, shall reasonably request. The Company shall not be required to disclose any
confidential information or other records to Dawson James, as representative of the Holders, or to any other person, until and unless such persons shall have entered into reasonable confidentiality agreements (in form and substance reasonably
satisfactory to the Company), with the Company with respect thereto. 
 5.3.4 Underwriting Agreement. The Company shall enter into an
underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably acceptable to the Company.
Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters, and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily
contained in agreements of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten sale of their Registrable Securities and may, at their option, require that any or all the
representations, warranties and covenants of the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not be required to make any representations or warranties to or
agreements with the Company or the underwriters except as they may relate to such Holders and their intended methods of distribution. Such Holders, however, shall agree to such covenants and indemnification and contribution obligations for selling
stockholders as are customarily contained in agreements of that type used by the managing underwriter. Further, such Holders shall execute appropriate custody agreements and otherwise cooperate fully in the preparation of the registration statement
and other documents relating to any offering in which they include securities pursuant to this Section 5. Each Holder shall also furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended
method of disposition of such securities as shall be reasonably required to effect the registration of the Registrable Securities. 
 5.3.5
Rule 144 Sale. Notwithstanding anything contained in this Section 5 to the contrary, the Company shall have no obligation pursuant to Section 5.1 or 5.2 for the registration of 
  

 7 

 Registrable Securities held by any Holder (i) where such Holder would then be entitled to sell under Rule 144 within
any three-month period (or such other period prescribed under Rule 144 as may be provided by amendment thereof) all of the Registrable Securities then held by such Holder, and (ii) where the number of Registrable Securities held by such Holder
is within the volume limitations under paragraph (e) of Rule 144 (calculated as if such Holder were an affiliate within the meaning of Rule 144). 
 5.3.6 Amendments and Supplemental Prospectus. The Company shall prepare and file with the Commission such amendments, including post-effective amendments, and supplements to such registration statement and the
prospectus used in connection therewith as may be necessary to keep such registration statement effective and in compliance with the provisions of the Act until all Registrable Securities and other securities covered by such registration statement
have been disposed of in accordance with the intended method(s) of distribution set forth in such registration statement (which period shall not exceed the sum of one hundred eighty (180) days plus any period during which any such disposition
is interfered with by any stop order or injunction of the Commission or any governmental agency or court) or such securities have been withdrawn. Each Holder agrees, that upon receipt of any notice from the Company of the happening of any event as a
result of which the prospectus included in the registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not
misleading in light of the circumstances then existing, such Holder will immediately discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until such Holder’s receipt of
the copies of a supplemental or amended prospectus, and, if so desired by the Company, such Holder shall deliver to the Company (at the expense of the Company) or destroy (and deliver to the Company a certificate of such destruction) all copies,
other than permanent file copies then in such Holder’s possession, of the prospectus covering such Registrable Securities current at the time of receipt of such notice. 
 5.3.7 Notification. After the filing of a registration statement pursuant to Section 5 hereof, the Company shall promptly, and in no event
more than two (2) business days after such filing, notify the holders of Registrable Securities included in such registration statement, and shall further notify such holders promptly and confirm such advice in writing in all events within two
(2) business days of the occurrence of any of the following: (i) when such registration statement becomes effective; (ii) when any post-effective amendment to such registration statement becomes effective; (iii) the issuance or
threatened issuance by the Commission of any stop order (and the Company shall take all actions required to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for any amendment or supplement
to such registration statement or any prospectus relating thereto or for additional information or of the occurrence of an event requiring the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the
purchasers of the securities covered by such registration statement, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein
not misleading, and promptly make available to the holders of Registrable Securities included in such registration statement any such supplement or amendment; except that before filing with the Commission a registration statement or prospectus or
any amendment or supplement thereto, including documents incorporated by reference, the Company shall furnish to the holders of Registrable Securities included in such registration statement and to the legal counsel for any such holders, copies of
all such documents proposed to be filed sufficiently in advance of filing to provide such holders and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any registration statement
or prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such holders or their legal counsel shall reasonably object. 
 5.3.8 State Securities Law Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities covered by any registration statement prepared pursuant 
  

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 to Section 5 hereof under such securities or “blue sky” laws of such jurisdictions in the United States as
the holders of Registrable Securities included in such registration statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the registration
statement to be registered with or approved by such other Governmental Authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the
holders of Registrable Securities included in such registration statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do
business in any jurisdiction where it would not otherwise be required to qualify but for this paragraph or subject itself to taxation in any such jurisdiction. 
 5.3.9 Cooperation. The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting officer of the Company and all other officers and members of the
management of the Company shall cooperate fully in any offering of Registrable Securities hereunder, which cooperation shall include, without limitation, the preparation of the registration statement with respect to such offering and all other
offering materials and related documents, and participation in meetings with underwriters, attorneys, accountants and potential investors. 
 5.3.10 Records. The Company shall make available for inspection by the Holders of Registrable Securities included in such registration statement, any underwriter(s) participating in any disposition pursuant to such registration
statement and any attorney, accountant or other professional retained by any Holder of Registrable Securities included in such registration statement or any underwriter(s), all financial and other records, pertinent corporate documents and
properties of the Company, as shall be necessary to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested by any of them in connection with such
registration statement. 
 5.3.11 Listing. The Company shall use its best efforts to cause all Registrable Securities included in any
registration to be listed on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed or designated or, if no such similar securities are then listed or designated, in a manner
satisfactory to the Majority Holders of the Registrable Securities included in such registration. 
 6. Adjustments. 
 6.1 Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Units underlying the Purchase Option shall be
subject to adjustment from time to time as hereinafter set forth: 
 6.1.1 Stock Dividends; Split-Ups. If after the date hereof, and
subject to the provisions of Section 6.3 below, the number of outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock or by a split-up of shares of Common Stock or other similar event affecting the
Common Stock as a class, then, on the effective date thereof, the number of shares of Common Stock underlying each of the Units purchasable hereunder shall be increased in proportion to such increase in outstanding shares. In such case, the number
of shares of Common Stock, and the exercise price applicable thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants. 
 6.1.2 Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding shares of
Common Stock is decreased by a consolidation, 
  

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 combination or reclassification of shares of Common Stock or other similar event, then, on the effective date thereof,
the number of shares of Common Stock underlying each of the Units purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares. In such case, the number of shares of Common Stock, and the exercise price applicable
thereto, underlying the Warrants underlying each of the Units purchasable hereunder shall be adjusted in accordance with the terms of the Warrants. 
 6.1.3 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares of Common Stock other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely
affects the par value of such shares of Common Stock, or in the case of any merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that
does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an
entirety in connection with which the Company is dissolved, the Holder of this Purchase Option shall have the right thereafter (until the expiration of the right of exercise of this Purchase Option) to receive upon the exercise hereof, for the same
aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or
upon a dissolution following any such sale or transfer, by a Holder of the number of shares of Common Stock of the Company obtainable upon exercise of this Purchase Option and the underlying Warrants immediately prior to such event; and if any
reclassification also results in a change in shares of Common Stock covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3
shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 
 6.1.4
Changes in Form of Purchase Option. This form of Purchase Option need not be changed because of any change pursuant to this Section, and Purchase Options issued after such change may state the same Exercise Price and the same number of Units
as are stated in the Purchase Options initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Options reflecting a required or permissive change shall not be deemed to waive any rights to an
adjustment occurring after the Commencement Date or the computation thereof. 
 6.2 Substitute Purchase Option. In case of any
consolidation of the Company with, or merger of the Company with, or merger of the Company into, another corporation (other than a consolidation or merger which does not result in any reclassification or change of the outstanding Common Stock), the
corporation formed by such consolidation or merger shall execute and deliver to the Holder a supplemental Purchase Option providing that the holder of each Purchase Option then outstanding or to be outstanding shall have the right thereafter (until
the stated expiration of such Purchase Option) to receive, upon exercise of such Purchase Option, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or merger, by a holder of the number of
shares of Common Stock of the Company for which such Purchase Option might have been exercised immediately prior to such consolidation, merger, sale or transfer. Such supplemental Purchase Option shall provide for adjustments which shall be
identical to the adjustments provided in Section 6.1. The above provision of this Section shall similarly apply to successive consolidations or mergers. 
 6.3 Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of shares of Common Stock or Warrants upon the exercise of the Purchase Option, nor shall
it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up to the nearest whole number of Warrants, shares of Common
Stock or other securities, properties or rights. 
  

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 7. Reservation and Listing. The Company shall at all times reserve and keep available out of its authorized shares
of Common Stock, solely for the purpose of issuance upon exercise of the Purchase Options or the Warrants underlying the Purchase Option, such number of shares of Common Stock or other securities, properties or rights as shall be issuable upon the
exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Options and payment of the Exercise Price therefor, all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly issued,
fully paid and non-assessable and not subject to preemptive rights of any stockholder. The Company further covenants and agrees that upon exercise of the Warrants underlying the Purchase Options and payment of the respective Warrant exercise price
therefor, all shares of Common Stock and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any stockholder. As long as the Purchase Options shall be
outstanding, the Company shall use its best efforts to cause all (i) Units and shares of Common Stock issuable upon exercise of the Purchase Options, (ii) Warrants issuable upon exercise of the Purchase Options and (iii) shares of
Common Stock issuable upon exercise of the Warrants included in the Units issuable upon exercise of the Purchase Option to be listed (subject to official notice of issuance) on all securities exchanges (or, if applicable on the Nasdaq National
Market, Capital Market, OTC Bulletin Board or any successor trading market) on which the Units, the Common Stock or the Public Warrants issued to the public in connection herewith may then be listed and/or quoted. 
 8. Certain Notice Requirements. 
 8.1 Holder’s
Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent as a stockholder for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the
Company. If, however, at any time prior to the expiration of the Purchase Options and their exercise, any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such
event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription
rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company
shall deliver to each Holder a copy of each notice given to the other stockholders of the Company at the same time and in the same manner that such notice is given to the stockholders. 
 8.2 Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following
events: (i) if the Company shall take a record of the holders of its shares of Common Stock for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable
otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, or (ii) the Company shall offer to all the holders of its Common Stock any additional shares of
capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefor, or (iii) a dissolution, liquidation or winding up of the Company
(other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business shall be proposed. 
 8.3 Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof, send notice to the Holders of such event and change
(“Price Notice”). The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company’s President and Chief Financial Officer.

  

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 8.4 Transmittal of Notices. All notices, requests, consents and other communications under this
Purchase Option shall be in writing and shall be deemed to have been duly made when hand delivered, or mailed by express mail or private courier service: (i) if to the registered Holder of the Purchase Option, to the address of such Holder as
shown on the books of the Company, or (ii) if to the Company, to the following address or to such other address as the Company may designate by notice to the Holders: 
 Viragen, Inc. 
 865 Southwest 78th Avenue, Suite 100 
 Plantation, Florida 33324

 Attn: Charles Rice, President and Chief Executive Officer 
 9. Miscellaneous. 
 9.1 Amendments. The Company and Dawson James may from time to time
supplement or amend this Purchase Option without the approval of any of the Holders in order to cure any ambiguity, to correct or supplement any provision contained herein that may be defective or inconsistent with any other provisions herein, or to
make any other provisions in regard to matters or questions arising hereunder that the Company and Dawson James may deem necessary or desirable and that the Company and Dawson James deem shall not adversely affect the interest of the Holders. All
other modifications or amendments shall require the written consent of and be signed by the party against whom enforcement of the modification or amendment is sought. 
 9.2 Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this
Purchase Option. 
 9.3 Entire Agreement. This Purchase Option (together with the other agreements and documents being delivered
pursuant to or in connection with this Purchase Option) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with
respect to the subject matter hereof. 
 9.4 Binding Effect. This Purchase Option shall inure solely to the benefit of and shall be
binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representatives and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in
respect of or by virtue of this Purchase Option or any provisions herein contained. 
 9.5 Governing Law; Submission to Jurisdiction.
This Purchase Option shall be governed by and construed and enforced in accordance with the laws of the State of Florida, without giving effect to conflict of laws. The Company hereby agrees that any action, proceeding or claim against it arising
out of, or relating in any way to this Purchase Option shall be brought and enforced in the courts of the State of Florida or of the United States of America for the Southern District of Florida, and irrevocably submits to such jurisdiction, which
jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy
thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in
any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys’ fees and expenses relating to such
action or proceeding and/or incurred in connection with the preparation therefor. 
  

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 9.6 Waiver, Etc. The failure of the Company or the Holder to at any time enforce any of the
provisions of this Purchase Option shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Option or any provision hereof or the right of the Company or any Holder to thereafter
enforce each and every provision of this Purchase Option. No waiver of any breach, non-compliance or non- fulfillment of any of the provisions of this Purchase Option shall be effective unless set forth in a written instrument executed by the party
or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach or non-compliance. 

9.7 Execution in Counterparts. This Purchase Option may be executed in one or more counterparts, and by the different parties hereto in
separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties
hereto and delivered to each of the other parties hereto. 
 9.8. Exchange Agreement. As a condition of the Holder’s receipt and
acceptance of this Purchase Option, Holder agrees that, at any time prior to the complete exercise of this Purchase Option by Holder, if the Company and Dawson James enter into an agreement (“Exchange Agreement”) pursuant to which
they agree that all outstanding Purchase Options will be exchanged for securities or cash or a combination of both, then Holder shall agree to such exchange and become a party to the Exchange Agreement. 
 9.9 Underlying Warrants. At any time after exercise by the Holder of this Purchase Option, the Holder may exchange his Warrants (with a $ exercise
price) for Public Warrants (with a $              exercise price) upon payment to the Company of the difference between the exercise price of his Warrant and the exercise price of the
Public Warrants. 
  

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 IN WITNESS WHEREOF, the Company has caused this Purchase Option to be signed by its duly authorized
officer as of the      day of                     , 2006. 
  

			
	VIRAGEN, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 14 

 Exhibit A 
 Form to be used to exercise Purchase Option: 
 Viragen, Inc. 
 865 Southwest 78th Avenue, Suite 100 
 Plantation, Florida 33324 
 Attn: Charles Rice, President and Chief Executive Officer 
 Date:                    , 200    
 The undersigned hereby elects irrevocably to exercise all or a portion of the within Purchase Option and to purchase
                     Units of Viragen, Inc. and hereby makes payment of
$                     (at the rate of
$                     per Unit) in payment of the Exercise Price pursuant thereto. Please issue the Units, or if this election is made
following separation of the Units, then please issue the Common Stock and Warrants as to which this Purchase Option is exercised in accordance with the instructions given below. 
 or 
 The undersigned hereby elects irrevocably to convert its right to
purchase                     Units purchasable under the within Purchase Option by surrender of the unexercised portion of the attached
Purchase Option (with a “Value” based of $                     based on a “Market Price” of
$                    ). Please issue the securities comprising the Units as to which this Purchase Option is exercised in accordance with the
instructions given below. 
  

	
	  

	                Signature
	
	  

	                Signature Guaranteed

 INSTRUCTIONS FOR REGISTRATION OF SECURITIES 
  

			
	Name	  	  

		  	(Print in Block Letters)
		
	Address	  	  

 NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE
WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON A REGISTERED NATIONAL
SECURITIES EXCHANGE. 
  

 15 

 Exhibit B 
 Form to be used to assign Purchase Option: 
 ASSIGNMENT 
 (To be executed by the registered Holder to effect a transfer of the within Purchase Option): 
 FOR VALUE RECEIVED,
                                        
                     does hereby sell, assign and transfer unto
                                        
                     the right to purchase
                                        
Units of Viragen, Inc. (“Company”) evidenced by the within Purchase Option and does hereby authorize the Company to transfer such right on the books of the Company. 
 Dated:                     ,
200     
  

	
	  

	                Signature
	
	  

	                Signature Guaranteed

 NOTICE: THE SIGNATURE TO THIS FORM MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF
THE WITHIN PURCHASE OPTION IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A BANK, OTHER THAN A SAVINGS BANK, OR BY A TRUST COMPANY OR BY A FIRM HAVING MEMBERSHIP ON A REGISTERED NATIONAL
SECURITIES EXCHANGE. 
  

 16

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