Document:

Rights Agreement

 Exhibit 4.1 

RIGHTS AGREEMENT 

Agreement, dated as of December 5, 2014, between Cryo-Cell International, Inc., a Delaware corporation (the “Company”), and
Continental Stock and Transfer Trust (the “Rights Agent”). 
 The Board of Directors of the Company has authorized and declared a
dividend of one preferred share purchase right (a “Right”) for each share of Common Stock, par value $0.01 per share, of the Company (a “Common Share”) outstanding on the Close of Business on December 5, 2014 (the
“Record Date”) and has authorized the issuance of one Right with respect to each additional Common Share that shall become outstanding between the Record Date and the earliest of the Close of Business on the Distribution Date, the
Redemption Date and the Close of Business on the Final Expiration Date, and certain additional shares of Common Stock that shall become outstanding after the Distribution Date as provided in Section 22 of this Agreement, each Right representing
the right to purchase one one-thousandth of a Preferred Share (as hereinafter defined), or such different amount and/or kind of securities as shall be hereinafter provided. 

Accordingly, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows: 

 

	 	Section 1.	Certain Definitions. 

 For purposes of this Agreement, the following terms have the
meanings indicated: 
 “Acquiring Person” shall mean any Person who or which, together with all Affiliates and Associates of such
Person, shall be the Beneficial Owner of 20%, or in the case of (i) a Grandfathered Stockholder other than a Second Tier Grandfathered Stockholder, 22.5%, or (ii) a Second Tier Grandfathered Stockholder, the greater of 20% or such
percentage as is beneficially owned by each Existing Holder plus 0.25%, or more of the Common Shares of the Company then outstanding but shall not include (i) the Company, (ii) any Subsidiary of the Company, (iii) any employee benefit
plan of the Company or any Subsidiary of the Company, or (iv) any entity holding Common Shares for or pursuant to the terms of any such employee benefit plan. Notwithstanding the foregoing, (1) no Person shall become an “Acquiring
Person” as the result of an acquisition of Common Shares by the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by such Person to 20% (or such other percentage as
would otherwise result in such person becoming an Acquiring Person) or more of the Common Shares of the Company then outstanding; provided, however, that if a Person shall so become the Beneficial Owner of 20% (or such other
percentage) or more of the Common Shares of the Company then outstanding by reason of an acquisition of Common Shares by the Company and shall, after such share purchases by the Company, become the Beneficial Owner of an additional 0.25% of the
outstanding Common Shares of the Company, then such Person shall be deemed to be an “Acquiring Person”; and (2) if the Board of Directors of the Company determines in good faith that a Person who would otherwise be an “Acquiring
Person,” as defined pursuant to the foregoing provisions of this paragraph, has become such inadvertently, then such Person shall not be deemed to be or to have become an “Acquiring Person” for any purposes of this

 
Agreement unless and until such Person shall have failed to divest itself, as soon as practicable (as determined, in good faith, by the Board of Directors of the Company, which may also determine
to waive such divestiture requirement), of Beneficial Ownership of a sufficient number of shares of Common Stock so that such Person would no longer otherwise qualify as an “Acquiring Person.” 

“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General Rules
and Regulations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as in effect on the date of this Agreement. 

A Person shall be deemed the “Beneficial Owner” of and shall be deemed to “beneficially own” any securities: 

(i) which such Person or any of such Person’s Affiliates or Associates beneficially owns, directly or indirectly; 

(ii) which such Person or any of such Person’s Affiliates or Associates has (A) the right to acquire (whether such right is
exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering
of securities), written or otherwise, or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise; provided, however, that a Person shall not be deemed to be the
Beneficial Owner of, or to beneficially own, securities tendered pursuant to a tender or exchange offer made pursuant to, and in accordance with, the applicable rules and regulations promulgated under the Exchange Act by or on behalf of such Person
or any of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or exchange; or (B) the right to vote pursuant to any agreement, arrangement or understanding; provided, however, that
a Person shall not be deemed the Beneficial Owner of, or to beneficially own, any security if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given to such Person in response
to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations promulgated under the Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act (or any
comparable or successor report); or 
 (iii) which are beneficially owned, directly or indirectly, by any other Person with which such
Person or any of such Person’s Affiliates or Associates has any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of
securities), written or otherwise, for the purpose of acquiring (except to the extent contemplated by the proviso to Section (A) of the immediately preceding paragraph (ii)), holding, voting (except to the extent contemplated by the proviso to
section (B) of the immediately preceding paragraph (ii)) or disposing of any securities of the Company. 
 Notwithstanding anything in
this definition of Beneficial Ownership to the contrary, the phrase “then outstanding,” when used with reference to a Person’s Beneficial Ownership of securities of the Company, shall mean the number of such securities then issued and
outstanding together with the number of such securities not then actually issued and outstanding which such Person would be deemed to own beneficially hereunder. 

  
 - 2 - 

 “Business Day” shall mean any day other than a Saturday, Sunday, or a day on which
banking institutions in the state of Florida are authorized or obligated by law or executive order to close. 
 “Close of
Business” on any given date shall mean 5:00 P.M., Eastern time, on such date; provided, however, that if such date is not a Business Day it shall mean 5:00 P.M., Eastern time, on the next succeeding Business Day. 

“Common Shares” when used with reference to the Company shall have the meaning ascribed to it in the Preamble hereto. “Common
Shares” when used with reference to any Person other than the Company shall mean the capital stock (or equity interest) with the greatest voting power of such other Person or, if such other Person is a Subsidiary of another Person, the Person
or Persons which ultimately control such first-mentioned Person. 
 “common stock equivalents” shall have the meaning set forth in
Section 11(a)(iii)(B)(3) hereof. 
 “Current Value” shall have the meaning set forth in Section 11(a)(iii)(A)(1) hereof.

 “Distribution Date” shall have the meaning set forth in Section 3(a) hereof. 

“equivalent preferred shares” shall have the meaning set forth in Section 11(b) hereof. 

“Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof. 

“Final Expiration Date” shall mean December 2, 2017. 

“Grandfathered Stockholder” shall mean (i) each stockholder that beneficially owns, as of the date of adoption of the form of
this Agreement by the Board, 20% or more of the Common Shares and its Affiliates and Associates (each an “Existing Holder”), other than any Person who or which is not such an Affiliate or Associate on the date of adoption of the form of
this Agreement by the Board and who or which subsequently acquires direct or indirect control of an Existing Holder without the prior written approval of the board of directors of the Company (such Person a “Non-grandfathered
Stockholder”); and (ii) any Person not covered by (i), above, except a Non-grandfathered Stockholder, who or which is the Beneficial Owner of Common Shares beneficially owned by an Existing Holder (each such Person a “Second Tier
Grandfathered Stockholder”). 
 “Person” shall mean any individual, firm, corporation, partnership, limited partnership,
limited liability partnership, business trust, limited liability company, unincorporated association or other entity, and shall include any successor (by merger or otherwise) of such entity. 

  
 - 3 - 

 “Purchase Price” shall have the meaning set forth in Section 7(b) hereof. 

“Preferred Shares” shall mean shares of Series A Junior Participating Preferred Stock, par value $0.01 per share, of the Company
having such rights and preferences as are set forth in the form of Certificate of Designation set forth as Exhibit A hereto, as the same may be amended from time to time. 

“Redemption Date” shall have the meaning set forth in Section 23 hereof. 

“Right Certificate” shall mean a certificate evidencing a Right in substantially the form of Exhibit B hereto. 

“Section 11(a)(ii) Trigger Date” shall have the meaning set forth in Section 11(a)(iii) hereof. 

“Shares Acquisition Date” shall mean the earlier of the date of (i) the public announcement by the Company or an Acquiring
Person that an Acquiring Person has become such or (ii) the public disclosure of facts by the Company or an Acquiring Person indicating that an Acquiring Person has become such. 

“Spread” shall have the meaning set forth in Section 11(a)(iii)(A) hereof. 

“Subsidiary” of any Person shall mean any Person of which a majority of the voting power of the voting equity securities or equity
interest is owned, directly or indirectly, by such Person. 
 “Substitution Period” shall have the meaning set forth in
Section 11(a)(iii) hereof. 
 “Summary of Rights” shall mean the Summary of Rights to Purchase Preferred Shares in
substantially the form of Exhibit C hereto. 
  

	 	Section 2.	Appointment of Rights Agent. 

 The Company hereby appoints the Rights Agent to act as
agent for the Company and the holders of the Rights (who, in accordance with Section 3 hereof, shall prior to the Distribution Date also be the holders of the Common Shares) in accordance with the terms and conditions hereof, and the Rights
Agent hereby accepts such appointment. The Company may from time to time appoint such co-Rights Agents as it may deem necessary or desirable. 
  

	 	Section 3.	Issue of Right Certificates. 

 (a) Until the earlier of (i) the tenth day after the
Shares Acquisition Date or (ii) the tenth Business Day (or such later date as may be determined by action of the Board of Directors prior to such time as any Person becomes an Acquiring Person) after the date of the commencement by any Person
(other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary of the Company or any entity holding Common Shares for or pursuant to the terms of any such plan) of, or of the first public
announcement of the intention of any Person (other than any of the Persons referred to in the 

  
 - 4 - 

 
preceding parenthetical) to commence, a tender or exchange offer the consummation of which would result in any Person becoming the Beneficial Owner of Common Shares aggregating 20% or, in the
case of (i) a Grandfathered Stockholder other than a Second Tier Grandfathered Stockholder, 22.5%, or (ii) a Second Tier Grandfathered Stockholder, the greater of 20% or such percentage as is beneficially owned by each Existing Holder plus
0.25%, or more of the then outstanding Common Shares (such date being herein referred to as the “Distribution Date”), (x) the Rights will be evidenced (subject to the provisions of Section 3(b) hereof) by the certificates for
Common Shares registered in the names of the holders thereof (which certificates shall also be deemed to be Right Certificates) and not by separate Right Certificates, and (y) the right to receive Right Certificates will be transferable only in
connection with the transfer of Common Shares. As soon as practicable after the Distribution Date, the Company will prepare and execute, the Rights Agent will countersign, and the Company will send or cause to be sent (and the Rights Agent will, if
requested, at the expense of the Company, send) by first-class, insured, postage-prepaid mail, to each record holder of Common Shares as of the Close of Business on the Distribution Date, at the address of such holder shown on the records of the
Company, a Right Certificate evidencing one Right for each Common Share so held. As of the Distribution Date, the Rights will be evidenced solely by such Right Certificates. 

(b) On the Record Date, or as soon as practicable thereafter, the Company will send a copy of the Summary of Rights by first-class,
postage-prepaid mail, to each record holder of Common Shares as of the Close of Business on the Record Date, at the address of such holder shown on the records of the Company. With respect to certificates for Common Shares outstanding as of the
Record Date, until the Close of Business on the Distribution Date, the Rights will be evidenced by such certificates registered in the names of the holders thereof together with a copy of the Summary of Rights attached thereto. Until the Close of
Business on the Distribution Date (or the earlier of the Redemption Date or the Close of Business on the Final Expiration Date), the surrender for transfer of any certificate for Common Shares outstanding on the Record Date, with or without a copy
of the Summary of Rights attached thereto, shall also constitute the transfer of the Rights associated with the Common Shares evidenced thereby. 

(c) Certificates for Common Shares which become outstanding (including, without limitation, reacquired Common Shares referred to in the last
sentence of this paragraph (c)) after the Record Date but prior to the earliest of the Close of Business on the Distribution Date, the Redemption Date or the Close of Business on the Final Expiration Date shall have impressed on, printed on, written
on or otherwise affixed to them the following legend: 
 This certificate also evidences and entitles the holder hereof to
certain Rights as set forth in a Rights Agreement between Cryo-Cell International, Inc. and Continental Stock and Transfer Trust, as Rights Agent, dated as of December 5, 2014, as it may from time to time be amended or supplemented pursuant to
its terms (the “Rights Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of Cryo-Cell International, Inc. Under certain circumstances, as set forth
in the Rights Agreement, such Rights will be evidenced by separate certificates and will no longer be evidenced by this certificate. Cryo-Cell International, Inc. will 

  
 - 5 - 

 
mail to the holder of this certificate a copy of the Rights Agreement without charge after receipt of a written request therefor. Under certain circumstances, Rights that are or were acquired or
beneficially owned by Acquiring Persons (as defined in the Rights Agreement) may become null and void. 
 With respect to such certificates containing the
foregoing legend, until the Close of Business on the Distribution Date, the Rights associated with the Common Shares represented by certificates shall be evidenced by such certificates alone, and the surrender for transfer of any such certificate
shall also constitute the transfer of the Rights associated with the Common Shares represented thereby. In the event that the Company purchases or acquires any Common Shares after the Record Date but prior to the Close of Business on the
Distribution Date, any Rights associated with such Common Shares shall be deemed canceled and retired so that the Company shall not be entitled to exercise any Rights associated with the Common Shares which are no longer outstanding. 

 

	 	Section 4.	Form of Right Certificates. 

 The Right Certificates (and the forms of election to
purchase Preferred Shares and of assignment to be printed on the reverse thereof) shall be substantially the same as Exhibit B hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed
thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any stock exchange on which the Rights may from time to time be listed, or to conform to usage. Subject to the other provisions of this Agreement, the Right Certificates shall entitle the holders thereof to purchase such number of one
one-thousandths of a Preferred Share as shall be set forth therein at the Purchase Price, but the number of one one-thousandths of a Preferred Share and the Purchase Price shall be subject to adjustment as provided herein. 

 

	 	Section 5.	Countersignature and Registration. 

 The Right Certificates shall be executed on behalf
of the Company by either of its co-Chief Executive Officers, its Chief Financial Officer, its Chief Information Officer, any of its Vice Presidents, or its Treasurer, either manually or by facsimile signature, shall have affixed thereto the
Company’s seal or a facsimile thereof, and shall be attested by the Secretary or any Assistant Secretary of the Company, either manually or by facsimile signature. The Right Certificates shall be countersigned by the Rights Agent and shall not
be valid for any purpose unless so countersigned, either manually or by facsimile. In case any officer of the Company who shall have signed any of the Right Certificates shall cease to be such officer of the Company before countersignature by the
Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be countersigned by the Rights Agent and issued and delivered by the Company with the same force and effect as though the person who signed such Right
Certificates had not ceased to be such officer of the Company; and any Right Certificate may be signed on behalf of the Company by any person who, at the actual date of the execution of such Right Certificate, shall be a proper officer of the
Company to sign such Right Certificate, although at the date of the execution of this Rights Agreement any such person was not such an officer. 

  
 - 6 - 

 Following the Distribution Date, the Rights Agent will keep or cause to be kept, at its principal
office, books for registration of the transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Right Certificates, the number of Rights evidenced on its face by each of the
Right Certificates and the date of each of the Right Certificates. 
  

	 	Section 6.	Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates. 

Subject to the provisions of Section 14 hereof, at any time after the Close of Business on the Distribution Date, and prior to the earlier
of the Redemption Date or the Close of Business on the Final Expiration Date, any Right Certificate or Right Certificates (other than Right Certificates representing Rights that have become void pursuant to Section 11(a)(ii) hereof or that have
been exchanged pursuant to Section 24 hereof) may be transferred, split up, combined or exchanged for another Right Certificate or Right Certificates, entitling the registered holder to purchase a like number of one one-thousandths of a
Preferred Share as the Right Certificate or Right Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Right Certificate or Right Certificates shall make such
request in writing delivered to the Rights Agent, and shall surrender the Right Certificate or Right Certificates to be transferred, split up, combined or exchanged at the principal office of the Rights Agent. Thereupon the Rights Agent shall
countersign and deliver to the person entitled thereto a Right Certificate or Right Certificates, as the case may be, as so requested. The Company may require payment of a sum sufficient for any tax or governmental charge that may be imposed in
connection with any transfer, split up, combination or exchange of Right Certificates. 
 Upon receipt by the Company and the Rights Agent
of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Right Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and, at the Company’s
request, reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Right Certificate if mutilated, the Company will make and deliver a new Right
Certificate of like tenor to the Rights Agent for delivery to the registered holder in lieu of the Right Certificate so lost, stolen, destroyed or mutilated. 
  

	 	Section 7.	Exercise of Rights; Purchase Price; Expiration Date of Rights. 

 (a) The registered
holder of any Right Certificate (other than a holder whose Rights have become void pursuant to Section 11(a)(ii) hereof or have been exchanged pursuant to Section 24 hereof) may exercise the Rights evidenced thereby in whole or in part at
any time after the Distribution Date upon surrender of the Right Certificate, with the form of election to purchase on the reverse side thereof duly executed, to the Rights Agent at its principal office,

  
 - 7 - 

 
together with payment of the Purchase Price for each one one-thousandth of a Preferred Share as to which the Rights are exercised, prior to the earliest of (i) the Close of Business on the
Final Expiration Date, (ii) the time at which the right to exercise the Rights terminates pursuant to Section 23 hereof, or (iii) the time at which the right to exercise the Rights terminates pursuant to Section 24 hereof. 

(b) The purchase price for each one one-thousandth of a Preferred Share to be purchased upon the exercise of a Right shall initially be
Thirteen Dollars ($13.00) (the “Purchase Price”), shall be subject to adjustment from time to time as provided in Sections 11 and 13 hereof and shall be payable in lawful money of the United States of America in accordance with paragraph
(c) below. 
 (c) Upon receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase and
certificate duly executed, accompanied by payment of the Purchase Price for the number of one one-thousandths of a Preferred Share to be purchased and an amount equal to any applicable transfer tax required to be paid by the holder of such Right
Certificate in accordance with Section 9 hereof by cash, certified check, cashier’s check or money order payable to the order of the Company, the Rights Agent shall thereupon promptly (i) (A) requisition from any transfer agent
of the Preferred Shares certificates for the number of one one-thousandths of a Preferred Share to be purchased and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests, or (B) requisition from any
depositary agent for the Preferred Shares depositary receipts representing such number of one one-thousandths of a Preferred Share as are to be purchased (in which case certificates for the Preferred Shares represented by such receipts shall be
deposited by the transfer agent with the depositary agent) and the Company hereby directs any such depositary agent to comply with such request, (ii) when appropriate, requisition from the Company the amount of cash to be paid in lieu of
issuance of fractional Preferred Shares in accordance with Section 14 hereof, (iii) after receipt of such certificates or depositary receipts, cause the same to be delivered to or upon the order of the registered holder of such Right
Certificate, registered in such name or names as may be designated by such holder and (iv) when appropriate, after receipt, deliver such cash to or upon the order of the registered holder of such Right Certificate. 

(d) In case the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right Certificate
evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent to the registered holder of such Right Certificate or to his duly authorized assigns, subject to the provisions of Section 14 hereof. 

(e) Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any
action with respect to a registered holder upon the occurrence of any purported exercise as set forth in this Section 7 unless such registered holder shall have (i) completed and signed the certificate following the form of election to
purchase set forth on the reverse side of the Right Certificate surrendered for such exercise and (ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as
the Company shall reasonably request. 

  
 - 8 - 

	 	Section 8.	Cancellation and Destruction of Right Certificates. 

 All Right Certificates surrendered
for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent,
shall be canceled by it, and no Right Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Rights Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and
the Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all canceled Right Certificates to the Company, or shall, at the
written request of the Company, destroy such canceled Right Certificates, and in such case shall deliver a certificate of destruction thereof to the Company. 
  

	 	Section 9.	Status and Availability of Preferred Shares. 

 (a) The Company covenants and agrees that
it will take all such action as may be necessary to ensure that all Preferred Shares delivered upon exercise of Rights shall, at the time of delivery of the certificates for such Preferred Shares (subject to payment of the Purchase Price), be duly
and validly authorized and issued and fully paid and non-assessable shares. 
 (b) The Company further covenants and agrees that it will pay
when due and payable any and all federal and state transfer taxes and charges which may be payable in respect of the issuance or delivery of the Right Certificates or of any Preferred Shares upon the exercise of Rights. The Company shall not,
however, be required to pay any transfer tax which may be payable in respect of any transfer or delivery of Right Certificates to a person other than, or the issuance or delivery of certificates or depositary receipts for the Preferred Shares in a
name other than that of, the registered holder of the Right Certificate evidencing Rights surrendered for exercise, or to issue or to deliver any certificates or depositary receipts for Preferred Shares upon the exercise of any Rights until any such
tax shall have been paid (any such tax being payable by the holder of such Right Certificate at the time of surrender) or until it has been established to the Company’s reasonable satisfaction that no such tax is due. 

(c) The Company covenants and agrees that it will cause to be reserved and kept available, out of its authorized and unissued Preferred Shares
or any Preferred Shares held in its treasury, the number of Preferred Shares that will be sufficient to permit the exercise in full of all outstanding Rights in accordance with Section 7 hereof. 

 

	 	Section 10.	Preferred Shares Record Date. 

 Each person in whose name any certificate for Preferred
Shares is issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of the Preferred Shares represented thereby on, and such certificate shall be dated, the date upon which the Right Certificate
evidencing such Rights was duly surrendered and payment of the Purchase Price (and any applicable transfer taxes) was made. Prior to the exercise of the Rights evidenced thereby, the holder of a Right Certificate shall not be entitled to any rights
of a holder of Preferred Shares for which the Rights shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any preemptive rights, and shall not be entitled to receive any
notice of any proceedings of the Company, except as provided herein. 

  
 - 9 - 

	 	Section 11.	Adjustment of Purchase Price, Number of Shares or Number of Rights. 

 (a) 

(i) In the event the Company shall at any time after the date of this Agreement (A) declare a dividend on the Preferred Shares payable
in Preferred Shares, (B) subdivide the outstanding Preferred Shares, (C) combine the outstanding Preferred Shares into a smaller number of Preferred Shares or (D) issue any shares of its capital stock in a reclassification of the
Preferred Shares (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), except as otherwise provided in this Section 11(a), the Purchase Price in
effect at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification, and the number and kind of shares of capital stock issuable on such date, shall be proportionately adjusted so
that the holder of any Right exercised after such time shall be entitled to receive the aggregate number and kind of shares of capital stock which, if such Right had been exercised immediately prior to such date, it would have owned upon such
exercise and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification; provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the
aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right. 
 (ii) Subject to the following
paragraph of this subparagraph (ii) and to Section 24 of this Agreement, in the event any Person shall become an Acquiring Person, each holder of a Right shall thereafter have a right to receive, upon exercise thereof at a price equal to
the then current Purchase Price multiplied by the number of one one-thousandths of a Preferred Share for which a Right is then exercisable, in accordance with the terms of this Agreement and in lieu of Preferred Shares, such number of Common Shares
of the Company as shall equal the result obtained by (x) multiplying the then current Purchase Price by the number of one one-thousandths of a Preferred Share for which a Right is then exercisable and dividing that product by (y) 50% of
the then current per share market price of the Company’s Common Shares (determined pursuant to Section 11(d) hereof) on the date such Person became an Acquiring Person. In the event that any Person shall become an Acquiring Person and the
Rights shall then be outstanding, the Company shall not take any action that would eliminate or diminish the benefits intended to be afforded by the Rights. 

From and after the occurrence of such an event, any Rights that are or were acquired or beneficially owned by such Acquiring Person (or any
Associate or Affiliate of such Acquiring Person) on or after the earlier of (x) the date of such event and (y) the Distribution Date shall be void and any holder of such Rights shall thereafter have no right to exercise such Rights under
any provision of this Agreement. No Right Certificate shall be issued pursuant to Section 3 that represents Rights beneficially owned by an Acquiring Person whose Rights would be void pursuant to the preceding sentence or any Associate or
Affiliate thereof; no Right Certificate shall be issued at any time upon the transfer of any Rights to an Acquiring Person 

  
 - 10 - 

 
whose Rights would be void pursuant to the preceding sentence or any Associate or Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate; and any Right Certificate
delivered to the Rights Agent for transfer to an Acquiring Person whose Rights would be void pursuant to the preceding sentence or any Associate or Affiliate thereof shall be canceled. 

(iii) In the event that the number of Common Shares which are authorized by the Company’s certificate of incorporation and not
outstanding or subscribed for, or reserved or otherwise committed for issuance for purposes other than upon exercise of the Rights, are not sufficient to permit the holder of each Right to purchase the number of Common Shares to which he would be
entitled upon the exercise in full of the Rights in accordance with the foregoing subparagraph (ii) of paragraph (a) of this Section 11, or should the Board of Directors so elect, the Company shall: (A) determine the excess of
(1) the value of the Common Shares issuable upon the exercise of a Right (calculated as provided in the last sentence of this subparagraph (iii)) pursuant to Section 11(a)(ii) hereof (the “Current Value”) over (2) the
Purchase Price (such excess, the “Spread”), and (B) with respect to each Right, make adequate provision to substitute for such Common Shares, upon payment of the applicable Purchase Price, any one or more of the following having an
aggregate value determined by the Board of Directors to be equal to the Current Value: (1) cash, (2) a reduction in the Purchase Price, (3) Common Shares or other equity securities of the Company (including, without limitation,
shares, or units of shares, of preferred stock which the Board of Directors of the Company has determined to have the same value as Common Shares (such shares of preferred stock, “common stock equivalents”)), (4) debt securities of
the Company, or (5) other assets; provided, however, if the Company shall not have made adequate provision to deliver value pursuant to clause (B) above within thirty (30) days following the first occurrence of an event
triggering the rights to purchase Common Shares described in Section 11(a)(ii) (the “Section 11(a)(ii) Trigger Date”), then the Company shall be obligated to deliver, upon the surrender for exercise of a Right and without requiring
payment of the Purchase Price, Common Shares (to the extent available) and then, if necessary, cash, which shares and cash have an aggregate value equal to the Spread. If the Board of Directors of the Company shall determine in good faith that it is
likely that sufficient additional Common Shares could be authorized for issuance upon exercise in full of the Rights, the thirty (30) day period set forth above may be extended to the extent necessary, but not more than ninety (90) days
after the Section 11(a)(ii) Trigger Date, in order that the Company may seek stockholder approval for the authorization of such additional shares (such period, as it may be extended, the “Substitution Period”). To the extent that the
Company determines that some action need be taken pursuant to the first and/or second sentences of this Section 11(a)(iii), the Company (x) shall provide, subject to Section 7(e) hereof and the last paragraph of Section 11(a)(ii)
hereof, that such action shall apply uniformly to all outstanding Rights, and (y) may suspend the exercisability of the Rights until the expiration of the Substitution Period in order to seek any authorization of additional shares and/or to
decide the appropriate form of distribution to be made pursuant to such first sentence and to determine the value thereof. In the event of any such suspension, the Company shall make a public announcement, and shall deliver to the Rights Agent a
statement, stating that the exercisability of the Rights has been temporarily suspended. At such time as the suspension is no longer in effect, the Company shall make another public announcement, and deliver to the Rights Agent a statement, so
stating. For purposes of this Section 11(a)(iii), the value of the Common Shares shall be the current per share market price (as determined pursuant to Section 11(d)(i) hereof) of the Common Shares on the Section 11(a)(ii) Trigger
Date and the value of any common stock equivalent shall be deemed to have the same value as the Common Shares on such date. 

  
 - 11 - 

 (b) In case the Company shall fix a record date for the issuance of rights, options or warrants
to all holders of Preferred Shares entitling them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Preferred Shares (or shares having the same rights, privileges and preferences as the Preferred
Shares (“equivalent preferred shares”)) or securities convertible into Preferred Shares or equivalent preferred shares at a price per Preferred Share or equivalent preferred share (or having a conversion price per share, if a security
convertible into Preferred Shares or equivalent preferred shares) less than the then current per share market price of the Preferred Shares (as defined in Section 11(d)) on such record date, the Purchase Price to be in effect after such record
date shall be adjusted by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of Preferred Shares outstanding on such record date plus the number of Preferred
Shares which the aggregate offering price of the total number of Preferred Shares and/or equivalent preferred shares so to be offered (and/or the aggregate initial conversion price of the convertible securities so to be offered) would purchase at
such current market price and the denominator of which shall be the number of Preferred Shares outstanding on such record date plus the number of additional Preferred Shares and/or equivalent preferred shares to be offered for subscription or
purchase (or into which the convertible securities so to be offered are initially convertible); provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value
of the shares of capital stock of the Company issuable upon exercise of one Right. In case such subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the value of such consideration shall be as
determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent. Preferred Shares owned by or held for the account of the Company shall not be deemed outstanding
for the purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed; and in the event that such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to be the
Purchase Price which would then be in effect if such record date had not been fixed. 
 (c) In case the Company shall fix a record date for
the making of a distribution to all holders of the Preferred Shares (including any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation) of evidences of indebtedness or
assets (other than a regular quarterly cash dividend or a dividend payable in Preferred Shares) or subscription rights or warrants (excluding those referred to in Section 11(b) hereof), the Purchase Price to be in effect after such record date
shall be determined by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the then current per share market price of the Preferred Shares on such record date, less the fair
market value (as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent) of the portion of the assets or evidences of indebtedness so to be distributed or
of such subscription rights or warrants applicable to one Preferred Share and the denominator of which shall be such current per share market price of the Preferred Shares; provided, however, that in no event shall the consideration to
be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company to be 

  
 - 12 - 

 
issued upon exercise of one Right. Such adjustments shall be made successively whenever such a record date is fixed; and in the event that such distribution is not so made, the Purchase Price
shall again be adjusted to be the Purchase Price which would then be in effect if such record date had not been fixed. 
 (d) 

(i) For the purpose of any computation hereunder, the “current per share market price” of any security (a “Security” for
the purpose of this Section 11(d)(i)) on any date shall be deemed to be the average of the daily closing prices per share of such Security for the 30 consecutive Trading Days (as such term is hereinafter defined) immediately prior to such date;
provided, however, that in the event that the current per share market price of the Security is determined during a period following the announcement by the issuer of such Security of (A) a dividend or distribution on such
Security payable in shares of such Security or securities convertible into such shares, or (B) any subdivision, combination or reclassification of such Security and prior to the expiration of 30 Trading Days after the ex-dividend date for such
dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case, the current per share market price shall be appropriately adjusted to reflect the current market price per share
equivalent of such Security. The closing price for each day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, in either case as reported in the
principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the Security is not listed or admitted to trading on the New York Stock Exchange, as reported in the
principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Security is listed or admitted to trading or, if the Security is not listed or admitted to trading on
any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotations
System (“NASDAQ”) or such other system then in use, or, if on any such date the Security is not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in
the Security selected by the Board of Directors of the Company. The term “Trading Day” shall mean a day on which the principal national securities exchange on which the Security is listed or admitted to trading is open for the transaction
of business or, if the Security is not listed or admitted to trading on any national securities exchange, a Business Day. 
 (ii) For the
purpose of any computation hereunder, the “current per share market price” of the Preferred Shares shall be determined in accordance with the method set forth in Section 11(d)(i). If the Preferred Shares are not publicly traded, the
“current per share market price” of the Preferred Shares shall be conclusively deemed to be the current per share market price of the Common Shares as determined pursuant to Section 11(d)(i) (appropriately adjusted to reflect any
stock split, stock dividend or similar transaction occurring after the date hereof), multiplied by 1000. If neither the Common Shares nor the Preferred Shares are publicly held or so listed or traded, “current per share market price” shall
mean the fair value per share as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent. 

  
 - 13 - 

 (e) No adjustment in the Purchase Price shall be required unless such adjustment would require an
increase or decrease of at least 1% in the Purchase Price; provided, however, that any adjustments which by reason of this Section 11(e) are not required to be made shall be carried forward and taken into account in any subsequent
adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest one ten-millionth of a Preferred Share or one ten-thousandth of any other share or security as the case may be. Notwithstanding the first
sentence of this Section 11(e), any adjustment required by this Section 11 shall be made no later than three years from the date of the transaction which requires such adjustment. 

(f) If as a result of an adjustment made pursuant to Section 11(a) hereof, the holder of any Right thereafter exercised shall become
entitled to receive any shares of capital stock of the Company other than Preferred Shares, the number of such other shares so receivable upon exercise of any Right shall thereafter be subject to adjustment from time to time in a manner and on terms
as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in Section 11(a) through (c), inclusive, and the provisions of Sections 7, 9, 10 and 13 with respect to the Preferred Shares shall apply on
like terms to any such other shares. 
 (g) All Rights originally issued by the Company subsequent to any adjustment made to the Purchase
Price hereunder shall evidence the right to purchase, at the adjusted Purchase Price, the number of one one-thousandths of a Preferred Share purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as
provided herein. 
 (h) Unless the Company shall have exercised its election as provided in Section 11(i), upon each adjustment of the
Purchase Price as a result of the calculations made in Sections 11(b) and (c), each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted Purchase Price, that number of
one one-thousandths of a Preferred Share (calculated to the nearest one ten-millionth of a Preferred Share) obtained by (i) multiplying (x) the number of one one-thousandths of a share covered by a Right immediately prior to this
adjustment by (y) the Purchase Price in effect immediately prior to such adjustment of the Purchase Price and (ii) dividing the product so obtained by the Purchase Price in effect immediately after such adjustment of the Purchase Price.

 (i) The Company may elect on or after the date of any adjustment of the Purchase Price to adjust the number of Rights in substitution for
any adjustment in the number of one one-thousandths of a Preferred Share purchasable upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the number of Rights shall be exercisable for the number of one
one-thousandths of a Preferred Share for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to the nearest one
hundred-thousandth) obtained by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company shall make a public
announcement of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made. This record date may be the date on which the Purchase Price is adjusted

  
 - 14 - 

 
or any day thereafter, but, if the Right Certificates have been distributed, shall be at least 10 days later than the date of the public announcement. If Right Certificates have been distributed,
upon each adjustment of the number of Rights pursuant to this Section 11(i), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Right Certificates on such record date Right Certificates evidencing,
subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be distributed to such holders of record in substitution and
replacement for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the Rights to which such holders shall be entitled after such
adjustment. Right Certificates to be so distributed shall be issued, executed and countersigned in the manner provided for herein and shall be registered in the names of the holders of record of Right Certificates on the record date specified in the
public announcement. 
 (j) Irrespective of any adjustment or change in the Purchase Price or the number of one one-thousandths of a
Preferred Share issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price and the number of one one-thousandths of a Preferred Share which were expressed in the
initial Right Certificates issued hereunder. 
 (k) Before taking any action that would cause an adjustment reducing the Purchase Price
below one one-thousandth of the then par value of the Preferred Shares issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and
legally issue fully paid and non-assessable Preferred Shares at such adjusted Purchase Price. 
 (l) In any case in which this
Section 11 shall require that an adjustment in the Purchase Price be made effective as of a record date for a specified event, the Company may elect to defer until the occurrence of such event the issuing to the holder of any Right exercised
after such record date of the Preferred Shares and other capital stock or securities of the Company, if any, issuable upon such exercise over and above the Preferred Shares and other capital stock or securities of the Company, if any, issuable upon
such exercise on the basis of the Purchase Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to
receive such additional shares upon the occurrence of the event requiring such adjustment. 
 (m) Anything in this Section 11 to the
contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it in its sole discretion shall determine
to be advisable in order that any (i) combination or subdivision of the Preferred Shares, (ii) issuance wholly for cash of any Preferred Shares at less than the current market price, (iii) issuance wholly for cash of Preferred Shares
or securities which by their terms are convertible into or exchangeable for Preferred Shares, (iv) dividends on Preferred Shares payable in Preferred Shares or (v) issuance of any rights, options or warrants referred to hereinabove in
Section 11(b), hereafter made by the Company to holders of its Preferred Shares shall not be taxable to such stockholders. 

  
 - 15 - 

 (n) In the event that at any time after the date of this Agreement and prior to the Distribution
Date, the Company shall (i) declare or pay any dividend on the Common Shares payable in Common Shares or (ii) effect a subdivision, combination or consolidation of the Common Shares (by reclassification or otherwise other than by payment
of dividends in Common Shares) into a greater or lesser number of Common Shares, then in any such case (i) the number of one one-thousandths of a Preferred Share purchasable after such event upon proper exercise of each Right shall be
determined by multiplying the number of one one-thousandths of a Preferred Share so purchasable immediately prior to such event by a fraction, the numerator of which is the number of Common Shares outstanding immediately before such event and the
denominator of which is the number of Common Shares outstanding immediately after such event, and (ii) each Common Share outstanding immediately after such event shall have issued with respect to it that number of Rights which each Common Share
outstanding immediately prior to such event had issued with respect to it. The adjustments provided for in this Section 11(n) shall be made successively whenever such a dividend is declared or paid or such a subdivision, combination or
consolidation is effected. 
  

	 	Section 12.	Certificate of Adjustment. 

 Whenever an adjustment is made as provided in Sections 11
and 13 hereof, the Company shall promptly (a) prepare a certificate setting forth such adjustment, and a brief statement of the facts accounting for such adjustment, (b) file with the Rights Agent and with each transfer agent for the
Common Shares or the Preferred Shares a copy of such certificate and (c) if such adjustment occurs following a Distribution Date, mail a brief summary thereof to each holder of a Right Certificate in accordance with Section 25 hereof. The
Rights Agent shall be fully protected in relying on any such certificate and on any adjustment therein contained and shall not be obligated or responsible for calculating any adjustment nor shall it be deemed to have knowledge of such an adjustment
unless and until it shall have received such certificate. 
  

	 	Section 13.	Consolidation, Merger or Sale or Transfer of Assets or Earning Power. 

 In the event
that, at any time after a Person becomes an Acquiring Person, directly or indirectly, (i) the Company shall consolidate with, or merge with and into, any other Person, (ii) any Person shall consolidate with the Company, or merge with and
into the Company and the Company shall be the continuing or surviving corporation of such merger and, in connection with such merger, all or part of the Common Shares shall be changed into or exchanged for stock or other securities of any other
Person (or the Company) or cash or any other property, or (iii) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in one or more transactions, assets or earning power aggregating
50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person other than the Company or one or more of its wholly-owned Subsidiaries, then, and in each such case, proper provision shall be made
so that (A) each holder of a Right (except as otherwise provided herein) shall thereafter have the right to receive, upon the exercise thereof at a price equal to the then current Purchase Price multiplied by the number of one one-thousandths
of a Preferred Share for which a Right is then exercisable, in accordance with the terms of this Agreement and in lieu of Preferred Shares, such number of Common Shares of such other Person (including the Company as successor thereto or as the
surviving corporation) as 

  
 - 16 - 

 
shall equal the result obtained by (x) multiplying the then current Purchase Price by the number of one one-thousandths of a Preferred Share for which a Right is then exercisable and
dividing that product by (y) 50% of the then current per share market price of the Common Shares of such other Person (determined pursuant to Section 11(d) hereof) on the date of consummation of such consolidation, merger, sale or
transfer; (B) the issuer of such Common Shares shall thereafter be liable for, and shall assume, by virtue of such consolidation, merger, sale or transfer, all the obligations and duties of the Company pursuant to this Agreement; (C) the
term “Company” shall thereafter be deemed to refer to such issuer; and (D) such issuer shall take such steps (including, but not limited to, the reservation of a sufficient number of its Common Shares in accordance with Section 9
hereof) in connection with such consummation as may be necessary to assure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to the Common Shares thereafter deliverable upon the exercise of the
Rights. The Company covenants and agrees that it shall not consummate any such consolidation, merger, sale or transfer unless prior thereto the Company and such issuer shall have executed and delivered to the Rights Agent a supplemental agreement so
providing. The Company shall not enter into any transaction of the kind referred to in this Section 13 if at the time of such transaction there are any rights, warrants, instruments or securities outstanding or any agreements or arrangements
which, as a result of the consummation of such transaction, would eliminate or substantially diminish the benefits intended to be afforded by the Rights. The provisions of this Section 13 shall similarly apply to successive mergers or
consolidations or sales or other transfers. For purposes hereof, the “earning power” of the Company and its Subsidiaries shall be determined in good faith by the Company’s Board of Directors on the basis of the operating earnings of
each business operated by the Company and its Subsidiaries during the three fiscal years preceding the date of such determination (or, in the case of any business not operated by the Company or any Subsidiary during three full fiscal years preceding
such date, during the period such business was operated by the Company or any Subsidiary). 
  

	 	Section 14.	Fractional Rights and Fractional Shares. 

 (a) The Company shall not be required to issue
fractions of Rights or to distribute Right Certificates which evidence fractional Rights. In lieu of such fractional Rights, there shall be paid to the registered holders of the Right Certificates with regard to which such fractional Rights would
otherwise be issuable, an amount in cash equal to the same fraction of the current market value of a whole Right. For the purposes of this Section 14(a), the current market value of a whole Right shall be the closing price of the Rights for the
Trading Day immediately prior to the date on which such fractional Rights would have been otherwise issuable. The closing price for any day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average of
the closing bid and asked prices, regular way, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the Rights are not
listed or admitted to trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Rights are listed or
admitted to trading or, if the Rights are not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported
by NASDAQ or such other system then in use or, if on any such date the Rights are not quoted by any such organization, the average of the closing bid and asked prices as furnished 

  
 - 17 - 

 
by a professional market maker making a market in the Rights selected by the Board of Directors of the Company. If on any such date no such market maker is making a market in the Rights, the fair
value of the Rights on such date as determined in good faith by the Board of Directors of the Company shall be used. 
 (b) The Company
shall not be required to issue fractions of Preferred Shares (other than fractions which are integral multiples of one one-thousandth (subject to appropriate adjustment in the case of a subdivision or combination) of a Preferred Share) upon exercise
of the Rights or to distribute certificates which evidence fractional Preferred Shares (other than fractions which are integral multiples of one one-thousandth of a Preferred Share). Fractions of Preferred Shares in integral multiples of one
one-thousandth of a Preferred Share may, at the election of the Company, be evidenced by depositary receipts, pursuant to an appropriate agreement between the Company and a depositary selected by it; provided, that such agreement shall
provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled as beneficial owners of the Preferred Shares represented by such depositary receipts. In lieu of fractional
Preferred Shares that are not integral multiples of one one-thousandth of a Preferred Share, the Company shall pay to each registered holder of Right Certificates at the time such Rights are exercised as herein provided an amount in cash equal to
the same fraction of the current market value of one Preferred Share as the fraction of one Preferred Share that such holder would otherwise receive upon the exercise of the aggregate number of rights exercised by such holder. For the purposes of
this Section 14(b), the current market value of a Preferred Share shall be the closing price of a Preferred Share (as determined pursuant to the second sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date
of such exercise. 
 (c) The holder of a Right by the acceptance of the Right expressly waives any right to receive fractional Rights or
fractional shares upon exercise of a Right (except as provided above). 
  

	 	Section 15.	Rights of Action. 

 All rights of action in respect of this Agreement, excepting the
rights of action given to the Rights Agent under Section 18 hereof, are vested in the respective registered holders of the Right Certificates (and, prior to the Distribution Date, the registered holders of the Common Shares); and any registered
holder of any Right Certificate (or, prior to the Distribution Date, of the Common Shares) may, without the consent of the Rights Agent or of the holder of any other Right Certificate (or, prior to the Distribution Date, of the Common Shares), on
his own behalf and for his own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, his right to exercise the Rights evidenced by such Right Certificate in
the manner provided in such Right Certificate and in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of Rights would not have an adequate remedy at
law for any breach of this Agreement and will be entitled to specific performance of the obligations under, and injunctive relief against actual or threatened violations of the obligations of any Person subject to, this Agreement. 

 

	 	Section 16.	Agreement of Right Holders. 

  

  
 - 18 - 

 Every holder of a Right, by accepting the same, consents and agrees with the Company and the
Rights Agent and with every other holder of a Right that: 
 (a) prior to the Distribution Date, the Rights will be transferable only in
connection with the transfer of the Common Shares; 
 (b) after the Distribution Date, the Right Certificates are transferable only on the
registry books maintained by the Rights Agent if surrendered at the principal office of the Rights Agent, duly endorsed or accompanied by a proper instrument of transfer with a completed form of certification; and 

(c) the Company and the Rights Agent may deem and treat the person in whose name the Right Certificate (or, prior to the Distribution Date,
the associated Common Shares certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificates or the associated Common Shares certificate
made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary. 

 

	 	Section 17.	Right Certificate Holder Not Deemed a Stockholder. 

 No holder, as such, of any Right
Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the holder of the Preferred Shares or any other securities of the Company which may at any time be issuable on the exercise of the Rights represented thereby nor
shall anything contained herein or in any Right Certificate be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any
matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in Section 25 hereof), or to receive
dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Right Certificate shall have been exercised in accordance with the provisions hereof. 

 

	 	Section 18.	Concerning the Rights Agent. 

 The Company agrees to pay to the Rights Agent reasonable
compensation for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, its reasonable expenses and counsel fees and other disbursements incurred in the administration and execution of this Agreement and the
exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, or expense, incurred without negligence, bad faith or willful misconduct on the part
of the Rights Agent, for anything done or omitted by the Rights Agent in connection with the acceptance and administration of this Agreement, including the costs and expenses of defending against any claim or liability in connection therewith. The
indemnification provided for hereunder shall survive the expiration of the Rights and the termination of this Agreement. The costs and expenses of enforcing this right of indemnification shall also be paid by the Company. 

  
 - 19 - 

 The Rights Agent may conclusively rely upon and shall be protected and shall incur no liability
for or in respect of any action taken, suffered or omitted by it in connection with its administration of this Agreement in reliance upon any Right Certificate or certificate for Preferred Shares or for other securities of the Company, instrument of
assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or
acknowledged, by the proper person or persons. Notwithstanding anything in this Agreement to the contrary, in no event shall the Rights Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not
limited to lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage and regardless of the form of the action. 
  

	 	Section 19.	Merger or Consolidation or Change of Name of Rights Agent. 

 Any corporation into which
the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any
corporation succeeding to the corporate trust business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of
any of the parties hereto, provided that such corporation would be eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof. In case at the time such successor Rights Agent shall succeed to the agency
created by this Agreement, any of the Right Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right Certificates so
countersigned; and in case at that time any of the Right Certificates shall not have been countersigned, any successor Rights Agent may countersign such Right Certificates either in the name of the predecessor Rights Agent or in the name of the
successor Rights Agent; and in all such cases such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement. 

In case at any time the name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have been countersigned
but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned; and in case at that time any of the Right Certificates shall not have been countersigned, the Rights Agent may
countersign such Right Certificates either in its prior name or in its changed name; and in all such cases such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement. 

 

	 	Section 20.	Duties of Rights Agent. 

 The Rights Agent undertakes the duties and obligations
expressly set forth in this Agreement and no implied duties or obligations shall be read into this Agreement against the 

  
 - 20 - 

 
Rights Agent. The Rights Agent shall perform those duties and obligations upon the following terms and conditions, by all of which the Company and the holders of Right Certificates, by their
acceptance thereof, shall be bound: 
 (a) Before the Rights Agent acts or refrains from acting, it may consult with legal counsel (who may
be legal counsel for the Company), and the opinion of such counsel shall be full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such opinion. 

(b) Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or
matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and
established by a certificate signed by either of the co-Chief Executive Officers, the Chief Financial Officer, the Chief Information Officer, any of the Vice Presidents, or the Treasurer of the Company and delivered to the Rights Agent; and such
certificate shall be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate. 

(c) The Rights Agent shall be liable hereunder only for its own negligence, bad faith or willful misconduct. 

(d) The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the
Right Certificates (except as to its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only. 

(e) The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof
(except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Right Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition
contained in this Agreement or in any Right Certificate; nor shall it be responsible for any adjustment required under the provisions of Sections 11 or 13 hereof or responsible for the manner, method or amount of any such adjustment or the
ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after actual notice of any such adjustment); nor shall it by any act hereunder be deemed to
make any representation or warranty as to the authorization or reservation of any shares of Preferred Shares to be issued pursuant to this Agreement or any Right Certificate or as to whether any Preferred Shares will, when so issued, be validly
authorized and issued, fully paid and nonassessable. 
 (f) The Company agrees that it will perform, execute, acknowledge and deliver or
cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of
this Agreement. 

  
 - 21 - 

 (g) The Rights Agent is hereby authorized and directed to accept instructions with respect to the
performance of its duties hereunder from any one of the co-Chief Executive Officers, the Chief Financial Officer, the Chief Information Officer, any of the Vice Presidents, or the Treasurer of the Company, and to apply to such officers for advice or
instructions in connection with its duties, and it shall not be liable for any action taken or suffered to be taken by it in good faith in accordance with instructions of any such officer. Any application by the Rights Agent for written instructions
from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken or omitted by the Rights Agent under this Agreement and the date on or after which such action shall be taken or such omission shall be
effective. The Rights Agent shall not be liable for any action taken by, or omission of, the Rights Agent in accordance with a proposal included in any such application on or after the date specified in such application (which date shall not be less
than ten Business Days after the date any officer of the Company actually receives such application, unless any such officer shall have consented in writing to an earlier date) unless, prior to taking any such action (or the effective date in the
case of an omission), the Rights Agent shall have received, in response to such application, written instructions with respect to the proposed action or omission specifying a different action to be taken or omitted. 

(h) The Rights Agent and any stockholder, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or
other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under
this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal entity. 

(i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or
by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such act, default,
neglect or misconduct, provided reasonable care was exercised in the selection and continued employment thereof. 
 (j) No provision of this
Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing
that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it. 
 (k) The Rights
Agent shall not be required to take notice or be deemed to have notice of any fact, event or determination (including, without limitation, any dates or events defined in this Agreement or the designation of any Person as an Acquiring Person,
Affiliate or Associate) under this Agreement unless and until the Rights Agent shall be specifically notified in writing by the Company of such fact, event or determination. 
  

	 	Section 21.	Change of Rights Agent. 

  

  
 - 22 - 

 The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under
this Agreement upon 30 days’ notice in writing mailed to the Company and to each transfer agent of the Common Shares and the Preferred Shares by registered or certified mail. The Company may remove the Rights Agent or any successor Rights Agent
upon 30 days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Common Shares and the Preferred Shares by registered or certified mail. If the Rights Agent shall
resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days after giving notice of such removal or after
it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Right Certificate (who shall, with such notice, submit his Right Certificate for inspection by the Company), then
the registered holder of any Right Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be a corporation
organized and doing business under the laws of the United States or of any state of the United States, in good standing, which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal
or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $100 million. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and
deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of
the Common Shares and the Preferred Shares. Failure to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the
appointment of the successor Rights Agent, as the case may be. 
  

	 	Section 22.	Issuance of New Right Certificates. 

 Notwithstanding any of the provisions of this
Agreement or of the Rights to the contrary, the Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by its Board of Directors to reflect any adjustment or change in the Purchase Price and the
number or kind or class of shares or other securities or property purchasable under the Right Certificates made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale of Common Stock following the
Distribution Date and prior to the earlier of the Redemption Date and the Close of Business on the Final Expiration Date, the Company may with respect to shares of Common Stock so issued or sold pursuant to (i) the exercise of stock options,
(ii) under any employment plan or arrangement, (iii) upon the exercise, conversion or exchange of securities, notes or debentures issued by the Company or (iv) a contractual obligation of the Company, in each case existing prior to
the Distribution Date, issue Right Certificates representing the appropriate number of Rights in connection with such issuance or sale. 
  

	 	Section 23.	Redemption. 

  

  
 - 23 - 

 (a) The Board of Directors of the Company may, at its option, at any time prior to such time as
any Person becomes an Acquiring Person, redeem all but not less than all the then outstanding Rights at a redemption price of $0.01 per Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after
the date hereof (such redemption price being hereinafter referred to as the “Redemption Price”). The redemption of the Rights by the Board of Directors may be made effective at such time, on such basis and subject to such conditions as the
Board of Directors in its sole discretion may establish. 
 (b) Immediately upon the time of the effectiveness of the redemption of the
Rights pursuant to paragraph (a) of this Section 23 or such earlier time as may be determined by the Board of Directors of the Company in the action ordering such redemption (although not earlier than the time of such action) (such time
the “Redemption Date”), and without any further action and without any notice, the right to exercise the Rights shall terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price. The Company
shall promptly give public notice of any such redemption; provided, however, that the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. Within 10 days after such action of the Board of
Directors ordering the redemption of the Rights pursuant to paragraph (a), the Company shall mail a notice of redemption to all the holders of the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights
Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the Common Shares. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. If the
payment of the Redemption Price is not included with such notice, each such notice shall state the method by which the payment of the Redemption Price will be made. Neither the Company nor any of its Affiliates or Associates may redeem, acquire or
purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in Section 24 hereof, other than in connection with the purchase of Common Shares prior to the Distribution Date. 

 

	 	Section 24.	Exchange. 

 (a) The Board of Directors of the Company may, at its option, at any time
after any Person becomes an Acquiring Person, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to the provisions of Section 11(a)(ii) hereof) for Common Shares at
an exchange ratio of one Common Share per Right (such exchange ratio being hereinafter referred to as the “Exchange Ratio”). Notwithstanding the foregoing, the Board of Directors shall not be empowered to effect such exchange at any time
after any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or any such Subsidiary, or any entity holding Common Shares for or pursuant to the terms of any such plan), together with all
Affiliates and Associates of such Person, becomes the Beneficial Owner of a majority of the Common Shares then outstanding. 
 (b)
Immediately upon the action of the Board of Directors of the Company ordering the exchange of any Rights pursuant to subsection (a) of this Section 24 and without any further action and without any notice, the right to exercise such Rights
shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of Common Shares equal to the number of such Rights held by such holder multiplied by the Exchange Ratio.

  
 - 24 - 

 
The Company shall promptly give public notice of any such exchange; provided, however, that the failure to give, or any defect in, such notice shall not affect the validity of such
exchange. The Company promptly shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of the Rights Agent. Any notice which is mailed in the manner herein provided
shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method by which the exchange of the Common Shares for Rights will be effected and, in the event of any partial exchange, the number of
Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which have become void pursuant to the provisions of Section 11(a)(ii) hereof) held by each holder of
Rights. 
 (c) In any exchange pursuant to this Section 24, the Company, at its option, may substitute Preferred Shares or common stock
equivalents for Common Shares exchangeable for Rights, at the initial rate of one one-thousandth of a Preferred Share (or an appropriate number of common stock equivalents) for each Common Share, as appropriately adjusted to reflect adjustments in
the voting rights of the Preferred Shares pursuant to the terms thereof, so that the fraction of a Preferred Share delivered in lieu of each Common Share shall have the same voting rights as one Common Share. 

(d) In the event that there shall not be sufficient Common Shares, Preferred Shares or common stock equivalents authorized by the
Company’s certificate of incorporation and not outstanding or subscribed for, or reserved or otherwise committed for issuance for purposes other than upon exercise of Rights, to permit any exchange of Rights as contemplated in accordance with
this Section 24, the Company shall take all such action as may be necessary to authorize additional Common Shares, Preferred Shares or common stock equivalents for issuance upon exchange of the Rights. 

(e) The Company shall not be required to issue fractions of Common Shares or to distribute certificates which evidence fractional Common
Shares. In lieu of such fractional Common Shares, the Company shall pay to the registered holders of the Right Certificates with regard to which such fractional Common Shares would otherwise be issuable an amount in cash equal to the same fraction
of the current per share market value of a whole Common Share. For the purposes of this paragraph (e), the current per share market value of a whole Common Share shall be the closing price of a Common Share (as determined pursuant to the second
sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of exchange pursuant to this Section 24. 

(f) Notwithstanding anything in this Section 24 to the contrary, the exchange of the Rights may be made effective at such time, on such
basis and with such conditions as the Board of Directors in its sole discretion may establish. Without limiting the preceding sentence, the Board may (i) in lieu of issuing shares of Common Stock or any other securities contemplated by this
Section 24 to the Persons entitled thereto in connection with the exchange (such Persons, the “Exchange Recipients,” and such shares and other securities, together with any dividends or distributions made on such shares or other
securities, the “Exchange Property”), issue, transfer or deposit the Exchange Property to or into a trust or other entity that may hold such Exchange Property for the benefit of the Exchange Recipients (provided that such trust or other
entity may not be controlled by the Company or any of its Affiliates or Associates and 

  
 - 25 - 

 
provided further that the trustee or similar fiduciary of the trust or other entity will attempt to distribute the Exchange Property to the Exchange Recipients as promptly as practicable),
(ii) permit such trust or other entity to exercise all of the rights that a stockholder of record would possess with respect to any shares deposited in such trust or entity and (iii) impose such procedures as are necessary to verify that
the Exchange Recipients are not Acquiring Persons or Affiliates or Associates of Acquiring Persons as of any time periods established by the Board of Directors or such trust or entity. In the event the Board of Directors determines, before the
Distribution Date, to effect an exchange, such Board may delay the occurrence of the Distribution Date to such time as such Board deems advisable; provided that the Distribution Date must occur no later than 20 days after the Shares Acquisition
Date. 
  

	 	Section 25.	Notice of Certain Events. 

 (a) In case the Company shall after the Distribution Date
propose (i) to pay any dividend payable in stock of any class to the holders of its Preferred Shares or to make any other distribution to the holders of its Preferred Shares (other than a regular quarterly cash dividend), (ii) to offer to
the holders of its Preferred Shares rights or warrants to subscribe for or to purchase any additional Preferred Shares or shares of stock of any class or any other securities, rights or options, (iii) to effect any reclassification of its
Preferred Shares (other than a reclassification involving only the subdivision of outstanding Preferred Shares), (iv) to effect any consolidation or merger into or with, or to effect any sale or other transfer (or to permit one or more of its
Subsidiaries to effect any sale or other transfer), in one or more transactions, of 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to, any other Person, (v) to effect the liquidation,
dissolution or winding up of the Company, or (vi) to declare or pay any dividend on the Common Shares payable in Common Shares or to effect a subdivision, combination or consolidation of the Common Shares (by reclassification or otherwise than
by payment of dividends in Common Shares), then, in each such case, the Company shall give to each holder of a Right Certificate, in accordance with Section 26 hereof, a notice of such proposed action, which shall specify the record date for
the purposes of such stock dividend, or distribution of rights or warrants, or the date on which such reclassification, consolidation, merger, sale, transfer, liquidation, dissolution, or winding up is to take place and the date of participation
therein by the holders of the Common Shares and/or Preferred Shares, if any such date is to be fixed, and such notice shall be so given in the case of any action covered by clause (i) or (ii) above at least 10 days prior to the record date
for determining holders of the Preferred Shares for purposes of such action, and in the case of any such other action, at least 10 days prior to the date of the taking of such proposed action or the date of participation therein by the holders of
the Common Shares and/or Preferred Shares, whichever shall be the earlier. 
 (b) In case any event set forth in Section 11(a)(ii)
hereof shall occur, then the Company shall as soon as practicable thereafter give to each holder of a Right Certificate, in accordance with Section 26 hereof, a notice of the occurrence of such event, which notice shall describe such event and
the consequences of such event to holders of Rights under Section 11(a)(ii) hereof. 
  

	 	Section 26.	Notices. 

  

  
 - 26 - 

 Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the
holder of any Right Certificate to or on the Company shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Rights Agent) as follows: 

Cryo-Cell International, Inc. 

700 Brooker Creek Blvd. 
 Suite
1800 
 Oldsmar, FL 34677 

Attention: Mark Portnoy and David Portnoy 

Copy to: 
 Morris, Nichols,
Arsht & Tunnell LLP 
 1201 North Market Street 

P.O. Box 1347 
 Wilmington, DE
19899-1347 
 Attention: Eric S. Klinger-Wilensky 

Subject to the provisions of Section 21 hereof, any notice or demand authorized by this Agreement to be given or made by the Company or
by the holder of any Right Certificate to or on the Rights Agent shall be sufficiently given or made if sent by registered or certified mail and shall be deemed given upon receipt and, addressed (until another address is filed in writing with the
Company) as follows: 
 Continental Stock and Transfer Trust 

17 Battery Place 
 New York, NY
10004 
 Attention: Jeanne Schaffer 

Notices or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Right Certificate
shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the Company. 

 

	 	Section 27.	Supplements and Amendments. 

 The Company may from time to time, and the Rights Agent
shall, if the Company so directs, supplement or amend this Agreement without the approval of any holders of Right Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or
inconsistent with any other provisions herein, or to make any 

  
 - 27 - 

 
change to or delete any provision hereof or to adopt any other provisions with respect to the Rights which the Company may deem necessary or desirable; provided, however, that from
and after such time as any Person becomes an Acquiring Person, this Agreement shall not be amended or supplemented in any manner which would adversely affect the interests of the holders of Rights (other than an Acquiring Person and its Affiliates
and Associates). Any supplement or amendment authorized by this Section 27 will be evidenced by a writing signed by the Company and the Rights Agent. Notwithstanding anything in this Agreement to the contrary, no supplement or amendment that
changes the rights and duties of the Rights Agent under this Agreement will be effective against the Rights Agent without the execution of such supplement or amendment by the Rights Agent. 

 

	 	Section 28.	Successors. 

 All the covenants and provisions of this Agreement by or for the benefit of
the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 
  

	 	Section 29.	Benefits of this Agreement. 

 Nothing in this Agreement shall be construed to give to any
person or entity other than the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares) any legal or equitable right, remedy or claim under this Agreement; but this
Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares). 

 

	 	Section 30.	Severability. 

 If any term, provision, covenant or restriction of this Agreement is held
by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected,
impaired or invalidated. 
  

	 	Section 31.	Governing Law. 

 This Agreement and each Right Certificate issued hereunder shall be
deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State
(without regard to conflicts of law principles of such State). 
  

	 	Section 32.	Counterparts. 

 This Agreement may be executed in any number of counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
  

	 	Section 33.	Descriptive Headings. 

  

  
 - 28 - 

 Descriptive headings of the several Sections of this Agreement are inserted for convenience only
and shall not control or affect the meaning or construction of any of the provisions hereof. 
  

	 	Section 34.	Administration. 

 The Board of Directors of the Company shall have the exclusive power
and authority to administer and interpret the provisions of this Agreement and to exercise all rights and powers specifically granted to the Board of Directors or the Company or as may be necessary or advisable in the administration of this
Agreement. All such actions, calculations, determinations and interpretations which are done or made by the Board of Directors in good faith shall be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all
other parties and shall not subject the Board of Directors to any liability to the holders of the Rights. 

  
 - 29 - 

 In witness whereof, the parties hereto have caused this Rights Agreement to be duly executed and
their respective corporate seals to be hereunder affixed and attested, all as of the day and year first above written. 
  

							
	 Attest:
	 		 	CRYO-CELL INTERNATIONAL, INC.
				
	 /s/ Jill Taymans
	 		 	By:	  	 /s/ Mark Portnoy

			
	 Attest:
	 		 	 CONTINENTAL STOCK AND TRANSFER

TRUST

		 		 	as Rights Agent
				
	 /s/ Margaret Villani
	 		 	By:	  	 /s/ Jeanne Schaffer

  
 - 30 - 

  

CRYO-CELL INTERNATIONAL, INC. 

and 
 CONTINENTAL STOCK AND
TRANSFER TRUST 
 Rights Agent 

Rights Agreement 
 Dated as of
December 5, 2014 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	Section 1.	 	Certain Definitions	  	 	1	  
	Section 2.	 	Appointment of Rights Agent	  	 	4	  
	Section 3.	 	Issue of Right Certificates	  	 	4	  
	Section 4.	 	Form of Right Certificates	  	 	6	  
	Section 5.	 	Countersignature and Registration	  	 	6	  
	Section 6.	 	Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates	  	 	7	  
	Section 7.	 	Exercise of Rights; Purchase Price; Expiration Date of Rights	  	 	7	  
	Section 8.	 	Cancellation and Destruction of Right Certificates	  	 	9	  
	Section 9.	 	Status and Availability of Preferred Shares	  	 	9	  
	Section 10.	 	Preferred Shares Record Date	  	 	9	  
	Section 11.	 	Adjustment of Purchase Price, Number of Shares or Number of Rights	  	 	10	  
	Section 12.	 	Certificate of Adjustment	  	 	16	  
	Section 13.	 	Consolidation, Merger or Sale or Transfer of Assets or Earning Power	  	 	16	  
	Section 14.	 	Fractional Rights and Fractional Shares	  	 	17	  
	Section 15.	 	Rights of Action	  	 	18	  
	Section 16.	 	Agreement of Right Holders	  	 	18	  
	Section 17.	 	Right Certificate Holder Not Deemed a Stockholder	  	 	19	  
	Section 18.	 	Concerning the Rights Agent	  	 	19	  
	Section 19.	 	Merger or Consolidation or Change of Name of Rights Agent	  	 	20	  
	Section 20.	 	Duties of Rights Agent	  	 	20	  
	Section 21.	 	Change of Rights Agent	  	 	22	  
	Section 22.	 	Issuance of New Right Certificates	  	 	23	  
	Section 23.	 	Redemption	  	 	23	  
	Section 24.	 	Exchange	  	 	24	  
	Section 25.	 	Notice of Certain Events	  	 	26	  
	Section 26.	 	Notices	  	 	26	  
	Section 27.	 	Supplements and Amendments	  	 	27	  
	Section 28.	 	Successors	  	 	28	  
	Section 29.	 	Benefits of this Agreement	  	 	28	  
	Section 30.	 	Severability	  	 	28	  
	Section 31.	 	Governing Law	  	 	28	  
	Section 32.	 	Counterparts	  	 	28	  
	Section 33.	 	Descriptive Headings	  	 	28	  
	Section 34.	 	Administration	  	 	29	  

  
 - i - 

 EXHIBIT A 

FORM 
 of 

CERTIFICATE OF DESIGNATION 
 of

 SERIES A JUNIOR PARTICIPATING PREFERRED STOCK 

of 
 CRYO-CELL INTERNATIONAL, INC.

  
  

(Pursuant to Section 151 of the Delaware General Corporation Law) 

 
  

Cryo-Cell International, Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware (hereinafter
called the “Corporation”), hereby certifies that the following resolution was adopted by the Board of Directors of the Corporation as required by Section 151 of the General Corporation Law at a meeting duly called and held on
November 26, 2014: 
 RESOLVED, that pursuant to the authority granted to and vested in the Board of Directors of this Corporation
(hereinafter called the “Board of Directors” or the “Board”) in accordance with the provisions of the Certificate of Incorporation of the Corporation (the “Certificate of Incorporation”), the Board of Directors hereby
creates a series of Preferred Stock, par value $0.01 per share (the “Preferred Stock”), of the Corporation and hereby states the designation and number of shares, and fixes the relative rights, preferences, and limitations thereof as
follows: 
 Section 1. Designation and Amount. The shares of this series shall be designated as “Series A Junior
Participating Preferred Stock” (the “Series A Preferred Stock”) and the number of shares constituting the Series A Preferred Stock shall be 20,000 shares. Such number of shares may be increased or decreased by resolution of the Board
of Directors; provided, that no decrease shall reduce the number of shares of Series A Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of
outstanding options, rights or warrants or upon the conversion of any outstanding securities issued by the Corporation convertible into Series A Preferred Stock. 

	 	Section 2.	Dividends and Distributions. 

 (A) Subject to the rights of the holders of any shares of any
series of Preferred Stock (or any other stock) ranking prior and superior to the Series A Preferred Stock with respect to dividends, the holders of shares of Series A Preferred Stock shall be entitled to receive, when, as and if declared by the
Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on the last day of March, June, September and December in each year (each such date being referred to herein as a “Quarterly Dividend Payment
Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series A Preferred Stock, in an amount (if any) per share (rounded to the nearest cent), subject to the provision for
adjustment hereinafter set forth, equal to 1000 times the aggregate per share amount of all cash dividends, and 1000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other than a dividend
payable in shares of Common Stock, par value $0.01 per share (the “Common Stock”), of the Corporation or a subdivision of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the
immediately preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share of Series A Preferred Stock. In the event the Corporation shall at any
time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend
in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under the preceding sentence
shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event. 
 (B) The Corporation shall declare a dividend or distribution on the Series A Preferred Stock
as provided in paragraph (A) of this Section immediately after it declares a dividend or distribution on the Common Stock (other than a dividend payable in shares of Common Stock). 

(C) Dividends due pursuant to paragraph (A) of this Section shall begin to accrue and be cumulative on outstanding shares of Series A
Preferred Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on
such shares shall begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series A Preferred Stock
entitled to receive a quarterly dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall
not bear interest. Dividends paid on the shares of Series A Preferred Stock in an amount less than the total amount of such dividends at the time 

  
 - A-2 - 

 
accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors may fix a record date for the
determination of holders of shares of Series A Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the payment thereof. 

Section 3. Voting Rights. The holders of shares of Series A Preferred Stock shall have the following voting rights: 

(A) Subject to the provision for adjustment hereinafter set forth, each share of Series A Preferred Stock shall entitle the holder thereof to
1000 votes on all matters submitted to a vote of the stockholders of the Corporation. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the
number of votes per share to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number by a fraction, the numerator of which is the number of shares of Common Stock
outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

(B) Except as otherwise provided in the Certificate of Incorporation, including any other Certificate of Designations creating a series of
Preferred Stock or any similar stock, or by law, the holders of shares of Series A Preferred Stock and the holders of shares of Common Stock and any other capital stock of the Corporation having general voting rights shall vote together as one class
on all matters submitted to a vote of stockholders of the Corporation. 
 (C) Except as set forth herein, or as otherwise required by law,
holders of Series A Preferred Stock shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action. 

 

	 	Section 4.	Certain Restrictions. 

 (A) Whenever quarterly dividends or other dividends or distributions
payable on the Series A Preferred Stock as provided in Section 2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not declared, on shares of Series A Preferred Stock outstanding shall have been
paid in full, the Corporation shall not: 
 (i) declare or pay dividends, or make any other distributions, on any shares of stock ranking
junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock; 
 (ii) declare or pay
dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series A Preferred Stock, except dividends paid ratably on the Series A Preferred
Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled; or 

  
 - A-3 - 

 (iii) redeem or purchase or otherwise acquire for consideration shares of any stock ranking
junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series A Preferred Stock, provided that the Corporation may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for
shares of any stock of the Corporation ranking junior (as to dividends and upon dissolution, liquidation or winding up) to the Series A Preferred Stock. 

(B) The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any shares of stock
of the Corporation unless the Corporation could, under paragraph (A) of this Section 4, purchase or otherwise acquire such shares at such time and in such manner. 

Section 5. Reacquired Shares. Any shares of Series A Preferred Stock purchased or otherwise acquired by the Corporation in any
manner whatsoever shall be retired and canceled promptly after the acquisition thereof. The Corporation shall take all such actions as are necessary to cause all such shares to become authorized but unissued shares of Preferred Stock that may be
reissued as part of a new series of Preferred Stock subject to the conditions and restrictions on issuance set forth herein or in the Certificate of Incorporation, including any Certificate of Designations creating a series of Preferred Stock or any
similar stock, or as otherwise required by law. 
 Section 6. Liquidation, Dissolution or Winding Up. Upon any liquidation,
dissolution or winding up of the Corporation the holders of shares of Series A Preferred Stock shall be entitled to receive an aggregate amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1000 times the
aggregate amount to be distributed per share to holders of shares of Common Stock plus an amount equal to any accrued and unpaid dividends. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in
shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of
shares of Common Stock, then in each such case the aggregate amount to which holders of shares of Series A Preferred Stock were entitled immediately prior to such event under the preceding sentence shall be adjusted by multiplying such amount by a
fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

Section 7. Consolidation, Merger, Etc. In case the Corporation shall enter into any consolidation, merger, combination or other
transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each share of Series A Preferred Stock shall at the same time be similarly exchanged
or changed into an amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or
for which each share of 

  
 - A-4 - 

 
Common Stock is changed or exchanged. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or
combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the
amount set forth in the preceding sentence with respect to the exchange or change of shares of Series A Preferred Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock
outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 

Section 8. Amendment. The Certificate of Incorporation shall not be amended in any manner, including in a merger or consolidation,
which would alter, change, or repeal the powers, preferences or special rights of the Series A Preferred Stock so as to affect them adversely without the affirmative vote of the holders of at least two-thirds of the outstanding shares of Series A
Preferred Stock, voting together as a single class. 
 Section 9. Rank. The Series A Preferred Stock shall rank, with respect to
the payment of dividends and upon liquidation, dissolution and winding up, junior to all other series of Preferred Stock. 
 IN WITNESS
WHEREOF, this Certificate of Designation is executed on behalf of the Corporation by its duly authorized officer this 2nd day of December, 2014. 
  

			
	CRYO-CELL INTERNATIONAL, INC.
		
	By:	 	/s/ Mark Portnoy
		 	Name: Mark Portnoy
		 	Title: Co-CEO, Rights Plan Committee Member

  
 - A-5 - 

 EXHIBIT B 

Form of Right Certificate 
  

			
	 Certificate No. R-                
	  	                Rights

 NOT EXERCISABLE AFTER DECEMBER 2, 2017 OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO
REDEMPTION AT $0.01 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, RIGHTS THAT ARE OR WERE ACQUIRED OR BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR ANY ASSOCIATES OR AFFILIATES THEREOF (AS SUCH
TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) OR ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID. 
 Right Certificate 

CRYO-CELL INTERNATIONAL, INC. 

This certifies that
                                        ,
or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Rights Agreement, dated as of December 2, 2014 (the
“Rights Agreement”), between Cryo-Cell International, Inc., a Delaware corporation (the “Company”), and Continental Stock and Transfer Trust (the “Rights Agent”), to purchase from the Company at any time after the
Distribution Date (as such term is defined in the Rights Agreement) and prior to 5:00 P.M., Eastern time, on December 2, 2017, at the principal office of the Rights Agent, or at the office of its successor as Rights Agent, one one-thousandth of
a fully paid non-assessable share of Series A Junior Participating Preferred Stock, par value $0.01 per share (the “Preferred Shares”), of the Company, at a purchase price of $13.00 per one one-thousandth of a Preferred Share (the
“Purchase Price”), upon presentation and surrender of this Right Certificate with the certification and the Form of Election to Purchase duly executed. The number of Rights evidenced by this Right Certificate (and the number of one
one-thousandths of a Preferred Share which may be purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are the number and Purchase Price as of December 2, 2014, based on the Preferred Shares as constituted at
such date. As provided in the Rights Agreement, the Purchase Price and the number of one one-thousandths of a Preferred Share which may be purchased upon the exercise of the Rights evidenced by this Right Certificate are subject to modification and
adjustment upon the happening of certain events. 
 From and after the occurrence of an event described in Section 11(a)(ii) of the
Rights Agreement, if the Rights evidenced by this Right Certificate are or were at any time on or 

 
after the earlier of (x) the date of such event and (y) the Distribution Date (as such term is defined in the Rights Agreement) acquired or beneficially owned by an Acquiring Person or
an Associate or Affiliate of an Acquiring Person (as such terms are defined in the Rights Agreement), such Rights shall become void, and any holder of such Rights shall thereafter have no right to exercise such Rights. 

This Right Certificate is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and
conditions are hereby incorporated herein by reference and made a part hereof and to which Rights Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the
Rights Agent, the Company and the holders of the Right Certificates. Copies of the Rights Agreement are on file at the principal executive offices of the Company and the offices of the Rights Agent. 

This Right Certificate, with or without other Right Certificates, upon surrender at the principal office of the Rights Agent, may be exchanged
for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of Preferred Shares as the Rights evidenced by the Right Certificate or Right Certificates
surrendered shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender hereof another Right Certificate or Right Certificates for the number of whole
Rights not exercised. 
 Subject to the provisions of the Rights Agreement, at the Company’s option, the Rights evidenced by this
Certificate (i) may be redeemed by the Company at a redemption price of $0.01 per Right or (ii) may be exchanged in whole or in part for shares of the Company’s Common Stock, par value $0.01 per share, or Preferred Shares. 

No fractional Preferred Shares will be issued upon the exercise of any Right or Rights evidenced hereby (other than fractions which are
integral multiples of one one-thousandth of a Preferred Share, which may, at the election of the Company, be evidenced by depositary receipts), but in lieu thereof a cash payment will be made, as provided in the Rights Agreement. 

No holder of this Right Certificate shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred
Shares or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such, any of the rights of a
stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other
actions affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right Certificate shall have been exercised as provided in the
Rights Agreement. 
 This Right Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by the
Rights Agent. 

  
 - B-2 - 

 WITNESS the facsimile signature of the proper officers of the Company and its corporate seal.
Dated as of                     ,     . 
  

									
	 Attest:
	  		  	CRYO-CELL INTERNATIONAL, INC.
				
	  
	  		  	By:	 	  

				
	 Countersigned:
	  		  		 	
				
	  
	  		  		 	
	 Rights Agent
	  		  		 	
					
	 By:
	 	  
	  		  		 	
		 	Authorized Signature	  		  		 	

  
 - B-3 - 

 Form of Reverse Side of Right Certificate 

FORM OF ASSIGNMENT 
 (To be
executed by the registered holder if such holder desires to transfer the Right Certificate.) 
 FOR VALUE RECEIVED
                                        
hereby sells, assigns and transfers unto
                                         
                                

(Please print name and address of transferee) 

this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
                                        ,
Attorney, to transfer the within Right Certificate on the books of the within-named Company, with full power of substitution. 
  

			
	 Date:
	 	                     ,         

  

					
		 	  
	 	
		 	Signature	 	

 Signature Guaranteed: 

Signatures should be guaranteed by an eligible guarantor institution (bank, stock broker or savings and loan association with membership in an
approved signature medallion program). 
  

			
	----------------------------------------------------------------------	 	

 The undersigned hereby certifies that the Rights evidenced by this Right Certificate are not beneficially
owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement). 
  

					
		 	  
	 	
		 	Signature	 	

  

			
	----------------------------------------------------------------------	 	

  
 - B-4 - 

 Form of Reverse Side of Right Certificate — continued 

FORM OF ELECTION TO PURCHASE 

(To be executed if holder desires to exercise the Right Certificate.) 

To Cryo-Cell International, Inc.: 
 The
undersigned hereby irrevocably elects to exercise                  Rights represented by this Right Certificate to purchase the Preferred Shares issuable upon the
exercise of such Rights and requests that certificates for such Preferred Shares be issued in the name of: 
 Please insert social security 

or other identifying number 
  

	
	  

	(Please print name and address)
	
	  

 If such number of Rights shall not be all the Rights evidenced by this Right Certificate, a new Right Certificate for the
balance remaining of such Rights shall be registered in the name of and delivered to: 
 Please insert social security 

or other identifying number 
  

	
	  

	(Please print name and address)
	
	  

  

			
	 Dated:
	 	                     ,         

  

					
		 	  
	 	
		 	Signature	 	

 Signature Guaranteed: 

Signatures should be guaranteed by an eligible guarantor institution (bank, stock broker or savings and loan association with membership in an
approved signature medallion program). 

  
 - B-5 - 

 Form of Reverse Side of Right Certificate — continued 

                
---------------------------------------------------------------------- 
 The undersigned hereby certifies that the Rights evidenced by this
Right Certificate are not beneficially owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Rights Agreement). 
  

					
		 	  
	 	
		 	Signature	 	

  

			
	----------------------------------------------------------------------	 	

 NOTICE 

The signature in the foregoing Forms of Assignment and Election must conform to the name as written upon the face of this Right Certificate in
every particular, without alteration or enlargement or any change whatsoever. 
 In the event the certification set forth above in the Form
of Assignment or the Form of Election to Purchase, as the case may be, is not completed, the Company and the Rights Agent will deem the beneficial owner of the Rights evidenced by this Right Certificate to be an Acquiring Person or an Affiliate or
Associate thereof (as defined in the Rights Agreement) and such Assignment or Election to Purchase will not be honored. 

  
 - B-6 - 

 EXHIBIT C 

SUMMARY OF RIGHTS TO PURCHASE 

PREFERRED SHARES 
 On
November 26, 2014, the Board of Directors of Cryo-Cell International, Inc. (the “Company”) declared a dividend of one preferred share purchase right (a “Right”) for each outstanding share of Common Stock, par value $0.01 per
share (the “Common Shares”) outstanding on December 5, 2014 (the “Record Date”) to the stockholders of record on that date. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share
of Series A Junior Participating Preferred Stock, par value $0.01 per share (the “Preferred Shares”), of the Company, at a price of $13.00 per one one-thousandth of a Preferred Share (the “Purchase Price”), subject to adjustment.
The description and terms of the Rights are set forth in a Rights Agreement (the “Rights Agreement”) between the Company and Continental Stock and Transfer Trust, as Rights Agent (the “Rights Agent”). 

Until the earlier to occur of (i) 10 days following a public announcement that a person or group of affiliated or associated persons (an
“Acquiring Person”) has acquired beneficial ownership of 20% or, in the case of a Grandfathered Stockholder or a Second Tier Grandfathered Stockholder, respectively, such percentage as is specified in the Rights Agreement, or more of the
outstanding Common Shares or (ii) 10 business days (or such later date as may be determined by action of the Board of Directors prior to such time as any Person becomes an Acquiring Person) following the commencement of, or announcement of an
intention to make, a tender offer or exchange offer the consummation of which would result in the beneficial ownership by a person or group of 20% or, in the case of a Grandfathered Stockholder or a Second Tier Grandfathered Stockholder,
respectively, such percentage as is specified in the Rights Agreement, or more of the outstanding Common Shares (the earlier of such dates being called the “Distribution Date”), the Rights will be evidenced, with respect to any of the
Common Share certificates outstanding as of the Record Date, by such Common Share certificate with a copy of this Summary of Rights attached thereto. 

The Rights Agreement provides that, until the Distribution Date, the Rights will be transferred with and only with the Common Shares. Until
the Distribution Date (or earlier redemption or expiration of the Rights), new Common Share certificates issued after the Record Date or upon transfer or new issuance of Common Shares will contain a notation incorporating the Rights Agreement by
reference. Until the Distribution Date (or earlier redemption or expiration of the Rights), the surrender for transfer of any certificates for Common Shares outstanding as of the Record Date, even without such notation or a copy of this Summary of
Rights being attached thereto, will also constitute the transfer of the Rights associated with the Common Shares represented by such certificate. As soon as practicable following the Distribution Date, separate certificates evidencing the Rights
(“Right Certificates”) will be mailed to holders of record of the Common Shares as of the Close of Business on the Distribution Date and such separate Right Certificates alone will evidence the Rights. 

 The Rights are not exercisable until the Distribution Date. The Rights will expire on
December 2, 2017 (the “Final Expiration Date”), unless the Final Expiration Date is extended or unless the Rights are earlier redeemed by the Company, in each case, as described below. 

The Purchase Price payable, and the number of Preferred Shares or other securities or property issuable, upon exercise of the Rights are
subject to adjustment from time to time to prevent dilution (i) in the event of a stock dividend on, or a subdivision, combination or reclassification of, the Preferred Shares, (ii) upon the grant to holders of the Preferred Shares of
certain rights or warrants to subscribe for or purchase Preferred Shares at a price, or securities convertible into Preferred Shares with a conversion price, less than the then current market price of the Preferred Shares or (iii) upon the
distribution to holders of the Preferred Shares of evidences of indebtedness or assets (excluding regular periodic cash dividends paid out of earnings or retained earnings or dividends payable in Preferred Shares) or of subscription rights or
warrants (other than those referred to above). 
 The number of outstanding Rights and the number of one one-thousandths of a Preferred
Share issuable upon exercise of each Right are also subject to adjustment in the event of a stock split of the Common Shares or a stock dividend on the Common Shares payable in Common Shares or subdivisions, consolidations or combinations of the
Common Shares occurring, in any such case, prior to the Distribution Date. 
 Preferred Shares purchasable upon exercise of the Rights will
not be redeemable. Each Preferred Share will be entitled to a quarterly dividend payment of 1000 times the dividend declared per Common Share. In the event of liquidation, the holders of the Preferred Shares will be entitled to an aggregate payment
of 1000 times the aggregate payment made per Common Share. Each Preferred Share will have 1000 votes, voting together with the Common Shares. In the event of any merger, consolidation or other transaction in which Common Shares are exchanged, each
Preferred Share will be entitled to receive 1000 times the amount received per Common Share. These rights are protected by customary antidilution provisions. 

Because of the nature of the Preferred Shares’ dividend, liquidation and voting rights, the value of the one one-thousandth interest in a
Preferred Share purchasable upon exercise of each Right should approximate the value of one Common Share. 
 From and after the time any
Person becomes an Acquiring Person, if the Rights evidenced by this Right Certificate are or were at any time on or after the earlier of (x) the date of such event and (y) the Distribution Date (as such term is defined in the Rights
Agreement) acquired or beneficially owned by an Acquiring Person or an Associate or Affiliate of an Acquiring Person (as such terms are defined in the Rights Agreement), such Rights shall become void, and any holder of such Rights shall thereafter
have no right to exercise such Rights. 
 In the event that, at any time after a Person becomes an Acquiring Person, the Company is acquired
in a merger or other business combination transaction or 50% or more of its consolidated assets or earning power are sold, proper provision will be made so that each holder of a Right will thereafter have the right to receive, upon the exercise
thereof at the then current exercise price of the Right, that number of shares of common stock of the acquiring company which at the time of such transaction will have a market value of two times the exercise

  
 - C-2 - 

 
price of the Right. In the event that any person becomes an Acquiring Person, proper provision shall be made so that each holder of a Right, other than Rights beneficially owned by the Acquiring
Person and its Affiliates and Associates (which will thereafter be void), will thereafter have the right to receive upon exercise that number of Common Shares having a market value of two times the exercise price of the Right. If the Company does
not have sufficient Common Shares to satisfy such obligation to issue Common Shares, or if the Board of Directors so elects, the Company shall deliver upon payment of the exercise price of a Right an amount of cash or securities equivalent in value
to the Common Shares issuable upon exercise of a Right; provided that, if the Company fails to meet such obligation within 30 days following the date a Person becomes an Acquiring Person, the Company must deliver, upon exercise of a Right but
without requiring payment of the exercise price then in effect, Common Shares (to the extent available) and cash equal in value to the difference between the value of the Common Shares otherwise issuable upon the exercise of a Right and the exercise
price then in effect. The Board of Directors may extend the 30-day period described above for up to an additional 60 days to permit the taking of action that may be necessary to authorize sufficient additional Common Shares to permit the issuance of
Common Shares upon the exercise in full of the Rights. 
 At any time after any Person becomes an Acquiring Person and prior to the
acquisition by any person or group of a majority of the outstanding Common Shares, the Board of Directors of the Company may exchange the Rights (other than Rights owned by such person or group which have become void), in whole or in part, at an
exchange ratio of one Common Share per Right (subject to adjustment). 
 With certain exceptions, no adjustment in the Purchase Price will
be required until cumulative adjustments require an adjustment of at least 1% in such Purchase Price. No fractional Preferred Shares will be issued (other than fractions which are integral multiples of one one-thousandth of a Preferred Share, which
may, at the election of the Company, be evidenced by depositary receipts) and in lieu thereof, an adjustment in cash will be made based on the market price of the Preferred Shares on the last trading day prior to the date of exercise. 

At any time prior to the time any Person becomes an Acquiring Person, the Board of Directors of the Company may redeem the Rights in whole,
but not in part, at a price of $0.01 per Right (the “Redemption Price”). The redemption of the Rights may be made effective at such time, on such basis and with such conditions as the Board of Directors in its sole discretion may
establish. Immediately upon any redemption of the Rights, the right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price. 

The terms of the Rights may be amended by the Board of Directors of the Company without the consent of the holders of the Rights, except that
from and after such time as any person becomes an Acquiring Person no such amendment may adversely affect the interests of the holders of the Rights (other than the Acquiring Person and its Affiliates and Associates). 

Until a Right is exercised, the holder thereof, as such, will have no rights as a stockholder of the Company, including, without limitation,
the right to vote or to receive dividends. 

  
 - C-3 - 

 A copy of the Agreement has been filed with the Securities and Exchange Commission as an Exhibit
to a Registration Statement on Form 8-A dated December 3, 2014. A copy of the Agreement is available free of charge from the Company. This summary description of the Rights does not purport to be complete and is qualified in its entirety by
reference to the Agreement, which is hereby incorporated herein by reference. 

  
 - C-4 -Exhibit 4.12

 

Execution Copy

 

ASTROTECH CORPORATION

 

2011 STOCK INCENTIVE PLAN

 

(As Effective April 20, 2011)

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	 	 	Page
	 	 	 	 	 
	Section
    1. GENERAL PROVISIONS RELATING TO PLAN GOVERNANCE, COVERAGE AND BENEFITS	1
	 	1.1	Background
    and Purpose	1
	 	1.2	Definitions	1
	 	 	(a)	Authorized
    Officer	1
	 	 	(b)	Board	1
	 	 	(c)	Cause	1
	 	 	(d)	CEO	2
	 	 	(e)	Change
    in Control	2
	 	 	(f)	Code	2
	 	 	(g)	Committee	2
	 	 	(h)	Common
    Stock	3
	 	 	(i)	Company	3
	 	 	(j)	Consultant	3
	 	 	(k)	Covered
    Employee	3
	 	 	(l)	Disability	3
	 	 	(m)	Employee	3
	 	 	(n)	Employment	3
	 	 	(o)	Exchange
    Act	4
	 	 	(p)	Fair
    Market Value	4
	 	 	(q)	Grantee	4
	 	 	(r)	Immediate
    Family	4
	 	 	(s)	Incentive
    Agreement	5
	 	 	(t)	Incentive
    Award	5
	 	 	(u)	Incentive
    Stock Option or ISO	5
	 	 	(v)	Insider	5
	 	 	(w)	Nonstatutory
    Stock Option	5
	 	 	(x)	Option
    Price	5
	 	 	(y)	Other
    Stock-Based Award	5
	 	 	(z)	Outside
    Director	5
	 	 	(aa)	Parent	5
	 	 	(bb)	Performance-Based
    Award	5
	 	 	(cc)	Performance-Based
    Exception	5
	 	 	(dd)	Performance
    Criteria	5
	 	 	(ee)	Performance
    Period	6
	 	 	(ff)	Plan	6
	 	 	(gg)	Plan
    Year	6
	 	 	(hh)	Publicly
    Held Corporation	6
	 	 	(ii)	Restricted
    Stock	6
	 	 	(jj)	Restricted
    Stock Award	6
	 	 	(kk)	Restricted
    Stock Unit	6
	 	 	(ll)	Restriction
    Period	6

 

    	i

    	 

    

 

	 	 	(mm)	Retirement	6
	 	 	(nn)	Share	6
	 	 	(oo)	Share
    Pool	6
	 	 	(pp)	Spread	6
	 	 	(qq)	Stock
    Appreciation Right or SAR	6
	 	 	(rr)	Stock
    Option or Option	7
	 	 	(ss)	Subsidiary	7
	 	 	(tt)	Supplemental
    Payment	7
	 	1.3	Plan
    Administration	7
	 	 	(a)	Authority
    of the Committee	7
	 	 	(b)	Meetings	7
	 	 	(c)	Decisions
    Binding	7
	 	 	(d)	Modification
    of Outstanding Incentive Awards	8
	 	 	(e)	Delegation
    of Authority	8
	 	 	(f)	Expenses
    of Committee	8
	 	 	(g)	Surrender
    of Previous Incentive Awards	8
	 	 	(h)	Indemnification	9
	 	1.4	Shares
    of Common Stock Available for Incentive Awards	9
	 	1.5	Share
    Pool Adjustments for Awards and Payouts	10
	 	1.6	Common
    Stock Available	11
	 	1.7	Participation	11
	 	 	(a)	Eligibility	11
	 	 	(b)	Incentive
    Stock Option Eligibility	11
	 	1.8	Types
    of Incentive Awards	11
	 	 	 	 	 
	Section
    2. STOCK OPTIONS AND STOCK APPRECIATION RIGHTS	12
	 	2.1	Grant
    of Stock Options	12
	 	2.2	Stock
    Option Terms	12
	 	 	(a)	Written
    Agreement	12
	 	 	(b)	Number
    of Shares	12
	 	 	(c)	Exercise
    Price	12
	 	 	(d)	Term	12
	 	 	(e)	Exercise	12
	 	 	(f)	$100,000
    Annual Limit on Incentive Stock Options	13
	 	2.3	Stock
    Option Exercises	13
	 	 	(a)	Method
    of Exercise and Payment	13
	 	 	(b)	Restrictions
    on Share Transferability	14
	 	 	(c)	Notification
    of Disqualifying Disposition of Shares from Incentive Stock Options	14
	 	 	(d)	Proceeds
    of Option Exercise	15
	 	2.4	Supplemental
    Payment on Exercise of Nonstatutory Stock Options	15
	 	2.5	Stock
    Appreciation Rights	15
	 	 	(a)	Grant	15
	 	 	(b)	General
    Provisions	15
	 	 	(c)	Exercise	15
	 	 	(d)	Settlement	15

 

    	ii

    	 

    

 

	Section
    3. RESTRICTED STOCK	16
	 	3.1	Award
    of Restricted Stock	16
	 	 	(a)	Grant	16
	 	 	(b)	Immediate
    Transfer Without Immediate Delivery of Restricted Stock	16
	 	3.2	Restrictions	17
	 	 	(a)	Forfeiture
    of Restricted Stock	17
	 	 	(b)	Issuance
    of Certificates	17
	 	 	(c)	Removal
    of Restrictions	17
	 	3.3	Delivery
    of Shares of Common Stock	18
	 	3.4	Supplemental
    Payment on Vesting of Restricted Stock	18
	 	 	 	 	 
	Section
    4. other stock-based awards	18
	 	4.1	Grant
    of Other Stock-Based Awards	18
	 	4.2	Other
    Stock-Based Award Terms	19
	 	 	(a)	Written
    Agreement	19
	 	 	(b)	Purchase
    Price	19
	 	 	(c)	Performance
    Criteria and Other Terms	19
	 	4.3	Supplemental
    Payment on Other Stock-Based Awards	19
	 	 	 	 	 
	Section
    5. Performance-based awards and performance criteria	19
	 	 
	Section
    6. PROVISIONS RELATING TO PLAN PARTICIPATION	21
	 	6.1	Incentive
    Agreement	21
	 	6.2	No
    Right to Employment	22
	 	6.3	Securities
    Requirements	22
	 	6.4	Transferability	23
	 	6.5	Rights
    as a Shareholder	23
	 	 	(a)	No
    Shareholder Rights	23
	 	 	(b)	Representation
    of Ownership	24
	 	6.6	Change
    in Stock and Adjustments	24
	 	 	(a)	Changes
    in Law or Circumstances	24
	 	 	(b)	Exercise
    of Corporate Powers	24
	 	 	(c)	Recapitalization
    of the Company	24
	 	 	(d)	Issue
    of Common Stock by the Company	25
	 	 	(e)	Assumption
    under the Plan of Outstanding Stock Options	25
	 	 	(f)	Assumption
    of Incentive Awards by a Successor	25
	 	6.7	Termination
    of Employment, Death, Disability and Retirement	27
	 	 	(a)	Termination
    of Employment	27
	 	 	(b)	Termination
    of Employment for Cause	27
	 	 	(c)	Retirement	27
	 	 	(d)	Disability
    or Death	27
	 	 	(e)	Continuation	28
	 	6.8	Change
    in Control	28
	 	6.9	Exchange
    of Incentive Awards	30
	 	 	 	 	 
	Section
    7. GENERAL	30

 

    	iii

    	 

    

 

	 	7.1	Effective
    Date and Grant Period	30
	 	7.2	Funding
    and Liability of Company	31
	 	7.3	Withholding
    Taxes	31
	 	 	(a)	Tax
    Withholding	31
	 	 	(b)	Share
    Withholding	31
	 	 	(c)	Incentive
    Stock Options	31
	 	7.4	No
    Guarantee of Tax Consequences	32
	 	7.5	Designation
    of Beneficiary by Participant	32
	 	7.6	Deferrals	32
	 	7.7	Amendment
    and Termination	32
	 	7.8	Requirements
    of Law	33
	 	 	(a)	Governmental
    Entities and Securities Exchanges	33
	 	 	(b)	Securities
    Act Rule 701	34
	 	7.9	Rule
    16b-3 Securities Law Compliance for Insiders	34
	 	7.10	Compliance
    with Code Section 162(m) for Publicly Held Corporation	34
	 	7.11	Compliance
    with Code Section 409A	35
	 	7.12	Notices	35
	 	 	(a)	Notice
    From Insiders to Secretary of Change in Beneficial Ownership	35
	 	 	(b)	Notice
    to Insiders and Securities and Exchange Commission	35
	 	7.13	Pre-Clearance
    Agreement with Brokers	35
	 	7.14	Successors
    to Company	35
	 	7.15	Miscellaneous
    Provisions	36
	 	7.16	Severability	36
	 	7.17	Gender,
    Tense and Headings	36
	 	7.18	Governing
    Law	36

 

    	iv

    	 

    

 

ASTROTECH CORPORATION

2011 STOCK INCENTIVE PLAN

 

Section
1.

 

GENERAL
PROVISIONS RELATING TO

PLAN GOVERNANCE, COVERAGE AND BENEFITS

 

1.1       Background
and Purpose

 

Astrotech Corporation.,
a Washington corporation (the “Company”), has adopted this plan document, entitled “Astrotech Corporation
2011 Stock Incentive Plan” (the “Plan”), effective as of April 20, 2011 (the “Effective Date”).

 

The purpose of the
Plan is to foster and promote the long-term financial success of the Company and to increase stockholder value by: (a) encouraging
the commitment of selected key Employees, Consultants and Outside Directors, (b) motivating superior performance of key Employees,
Consultants and Outside Directors by means of long-term performance related incentives, (c) encouraging and providing key
Employees, Consultants and Outside Directors with a program for obtaining ownership interests in the Company which link and align
their personal interests to those of the Company's stockholders, (d) attracting and retaining key Employees, Consultants and
Outside Directors by providing competitive compensation opportunities, and (e) enabling key Employees, Consultants and Outside
Directors to share in the long-term growth and success of the Company.

 

The Plan provides for
payment of various forms of compensation. It is not intended to be a plan that is subject to the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”). The Plan will be interpreted, construed and administered consistent with
its status as a plan that is not subject to ERISA.

 

The Plan will remain
in effect, subject to the right of the Board to amend or terminate the Plan at any time pursuant to Section 7.7, until
all Shares subject to the Plan have been purchased or acquired according to its provisions. However, in no event may an Incentive
Award be granted under the Plan after the expiration of ten (10) years from the Effective Date.

 

1.2       Definitions

 

The following terms shall have the meanings set forth below:

 

(a)        Authorized
Officer. The Chairman of the Board, the CEO or any other senior officer of
the Company to whom either of them delegate the authority to execute any Incentive Agreement for and on behalf of the Company.
No officer or director shall be an Authorized Officer with respect to any Incentive Agreement for himself.

 

(b)        Board.
The then-current Board of Directors of the Company.

 

(c)        Cause.
When used in connection with the termination of a Grantee's Employment, shall mean the termination of the Grantee's Employment
by the Company 

 

    	1

    	 

    

 

or
any Subsidiary by reason of (i) the conviction of the Grantee by a court of competent jurisdiction as to which no further
appeal can be taken of a crime involving moral turpitude or a felony; (ii) the commission by the Grantee of a material act
of fraud upon the Company or any Subsidiary, or any customer or supplier thereof; (iii) the misappropriation of any funds
or property of the Company or any Subsidiary, or any customer or supplier thereof; (iv) the willful and continued failure
by the Grantee to perform the material duties assigned to him that is not cured to the reasonable satisfaction of the Company within
30 days after written notice of such failure is provided to Grantee by the Board or CEO (or by another officer of the Company or
a Subsidiary who has been designated by the Board or CEO for such purpose); (v) the engagement by the Grantee in any direct
and material conflict of interest with the Company or any Subsidiary without compliance with the Company's or Subsidiary's conflict
of interest policy, if any, then in effect; or (vi) the engagement by the Grantee, without the written approval of the Board
or CEO, in any material activity which competes with the business of the Company or any Subsidiary or which would result in a material
injury to the business, reputation or goodwill of the Company or any Subsidiary.

 

(d)        CEO.
The then-current Chief Executive Officer of the Company.

 

(e)        Change
in Control. Any of the events described in and subject to Section 6.8.

 

(f)         Code.
The Internal Revenue Code of 1986, as amended, and the regulations and other authority promulgated thereunder by the appropriate
governmental authority. References herein to any provision of the Code shall refer to any successor provision thereto.

 

(g)        Committee.
The committee appointed by the Board to administer the Plan. If the Company is a Publicly Held Corporation, the Plan shall be administered
by the Committee appointed by the Board consisting of not less than two directors who fulfill the “nonemployee director”
requirements of Rule 16b-3 under the Exchange Act and the “outside director” requirements of Code Section 162(m).
In either case, the Committee may be the Compensation Committee of the Board, or any subcommittee of the Compensation Committee,
provided that the members of the Committee satisfy the requirements of the previous provisions of this paragraph.

 

The Board
shall have the power to fill vacancies on the Committee arising by resignation, death, removal or otherwise. The Board, in its
sole discretion, may bifurcate the powers and duties of the Committee among one or more separate committees, or retain all powers
and duties of the Committee in a single Committee. The members of the Committee shall serve at the discretion of the Board.

 

Notwithstanding
the preceding paragraphs of this Section 1.2(g), the term “Committee” as used in the Plan with respect to any
Incentive Award for an Outside Director shall refer to the entire Board. In the case of an Incentive Award for an Outside Director,
the Board shall have all the powers and responsibilities of the Committee hereunder as to such Incentive Award, and any actions
as to such Incentive Award may

 

    	2

    	 

    

 

be acted upon
only by the Board (unless it otherwise designates in its discretion). When the Board exercises its authority to act in the capacity
as the Committee hereunder with respect to an Incentive Award for an Outside Director, it shall so designate with respect to any
action that it undertakes in its capacity as the Committee.

 

(h)        Common
Stock. The common stock of the Company, no par value, and any class of common
stock into which such common shares may hereafter be converted, reclassified or recapitalized.

 

(i)         Company.
Astrotech Corporation, a corporation organized under the laws of the State of Washington, and any successor in interest thereto.

 

(j)         Consultant.
An independent agent, consultant, attorney, an individual who has agreed to become an Employee within the next six months, or
any other individual who is not an Outside Director or an Employee and who, in the opinion of the Committee, is (i) in a
position to contribute to the growth or financial success of the Company (or any Parent or Subsidiary), (ii) is a natural person
and (iii) provides bona fide services to the Company (or any
Parent or Subsidiary), which services are not in connection with the offer or sale of securities in a capital raising transaction,
and do not directly or indirectly promote or maintain a market for the Company's securities.

 

(k)        Covered
Employee. A named executive officer who is one of the group of covered employees,
as defined in Code Section 162(m) and Treasury Regulation Section 1.162-27(c) (or its successor), during any period that the
Company is a Publicly Held Corporation.

 

(l)         Disability.
As determined by the Committee in its discretion exercised in good faith, a physical or mental condition of the Grantee that would
entitle him to payment of disability income payments under the Company's long term disability insurance policy or plan for employees,
as then effective, if any; or in the event that the Grantee is not covered, for whatever reason, under the Company's long-term
disability insurance policy or plan, “Disability” means a permanent and total disability as defined in Code Section
22(e)(3). A determination of Disability may be made by a physician selected or approved by the Committee and, in this respect,
the Grantee shall submit to any reasonable examination(s) required in the opinion of such physician.

 

(m)       Employee.
Any employee of the Company (or any Parent or Subsidiary) within the meaning of Code Section 3401(c) including, without limitation,
officers who are members of the Board.

 

(n)        Employment.
Employment means that the individual is employed as an Employee, or engaged as a Consultant or Outside Director, by the Company
(or any Parent or Subsidiary), or by any corporation issuing or assuming an Incentive Award in any transaction described in Code
Section 424(a), or by a parent corporation or a subsidiary corporation of such corporation issuing or assuming such Incentive Award,
as the parent-subsidiary relationship shall be determined at the time of the corporate action described in Code Section 424(a).
In this regard, neither the transfer of a Grantee from 

 

    	3

    	 

    

 

Employment
by the Company to Employment by any Parent or Subsidiary, nor the transfer of a Grantee from Employment by any Parent or Subsidiary
to Employment by the Company, shall be deemed to be a termination of Employment of the Grantee. Moreover, the Employment of a Grantee
shall not be deemed to have been terminated because of an approved leave of absence from active Employment on account of temporary
illness, authorized vacation or granted for reasons of professional advancement, education, or health, or during any period required
to be treated as a leave of absence by virtue of any applicable statute, Company personnel policy or written agreement.

 

The term
“Employment” for purposes of the Plan shall include (i) active performance of agreed services by a Consultant
for the Company (or any Parent or Subsidiary) or (ii) current membership on the Board by an Outside Director.

 

All determinations
hereunder regarding Employment, and termination of Employment, shall be made by the Committee in its discretion.

 

(o)        Exchange
Act. The Securities Exchange Act of 1934, as amended.

 

(p)        Fair
Market Value. If the Company is a Publicly Held Corporation, the Fair Market
Value of one Share on the date in question shall be (i) the closing sales price on such day for a Share as quoted on the National
Association of Securities Dealers Automated Quotation System (“NASDAQ”) or the national securities exchange on which
Shares are then principally listed or admitted to trading, or (ii) if not quoted on NASDAQ or other national securities exchange,
the average of the closing bid and asked prices for a Share as quoted by the National Quotation Bureau's “Pink Sheets”
or the National Association of Securities Dealers' OTC Bulletin Board System. If there was no public trade of Common Stock on the
date in question, Fair Market Value shall be determined by reference to the last preceding date on which such a trade was so reported.

 

If the Company
is not a Publicly Held Corporation at the time a determination of the Fair Market Value of the Common Stock is required to be made
hereunder, the determination of Fair Market Value for purposes of the Plan shall be made by the Committee in its discretion. In
this respect, the Committee may rely on such financial data, appraisals, valuations, experts, and other sources as, in its sole
and absolute discretion, it deems advisable under the circumstances. With respect to Stock Options, SARs, and other Incentive Awards
subject to Code Section 409A, such Fair Market Value shall be determined by the Committee consistent with the requirements of Section 409A
in order to satisfy the exception under Section 409A for stock rights.

 

(q)        Grantee.
Any Employee, Consultant or Outside Director who is granted an Incentive Award under the Plan.

 

(r)         Immediate
Family. With respect to a Grantee, the Grantee's child, stepchild, grandchild,
parent, stepparent, grandparent, spouse, former spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, including adoptive relationships.

 

    	4

    	 

    

 

(s)         Incentive
Agreement. The written agreement entered into between the Company and the
Grantee setting forth the terms and conditions pursuant to which an Incentive Award is granted under the Plan, as such agreement
is further defined in Section 6.1.

 

(t)         Incentive
Award. A grant of an award under the Plan to a Grantee, including any Nonstatutory
Stock Option, Incentive Stock Option (ISO), Stock Appreciation Right (SAR), Restricted Stock Award, Restricted Stock Unit or Other
Stock-Based Award, as well as any Supplemental Payment with respect thereto.

 

(u)        Incentive
Stock Option or ISO. A Stock Option granted by the Committee to an Employee
under Section 2 which is designated by the Committee as an Incentive Stock Option and intended to qualify as an Incentive
Stock Option under Code Section 422.

 

(v)        Insider.
If the Company is a Publicly Held Corporation, an individual who is, on the relevant date, an officer, director or ten percent
(10%) beneficial owner of any class of the Company's equity securities that is registered pursuant to Section 12 of the Exchange
Act, all as defined under Section 16 of the Exchange Act.

 

(w)       Nonstatutory
Stock Option. A Stock Option granted by the Committee to a Grantee under
Section 2 that is not designated by the Committee as an Incentive Stock Option.

 

(x)        Option
Price. The exercise price at which a Share may be purchased by the Grantee
of a Stock Option.

 

(y)        Other
Stock-Based Award. An award granted by the Committee to a Grantee under Section 4.1
that is valued in whole or in part by reference to, or is otherwise based upon, Common Stock.

 

(z)        Outside
Director. A member of the Board who is not, at the time of grant of an Incentive
Award, an employee of the Company or any Parent or Subsidiary.

 

(aa)      Parent.
Any corporation (whether now or hereafter existing) which constitutes a “parent” of the Company, as defined in Code
Section 424(e).

 

(bb)      Performance-Based
Award. A grant of an Incentive Award under the Plan pursuant to Section
5 that is intended to satisfy the Performance-Based Exception.

 

(cc)       Performance-Based
Exception. The performance-based exception from the tax deductibility limitations
of Code Section 162(m), as prescribed in Code Section 162(m) and Treasury Regulation Section 1.162-27(e) (or its successor),
which is applicable during such period that the Company is a Publicly Held Corporation.

 

(dd)      Performance
Criteria. The business criteria that are specified by the Committee pursuant
to Section 5 for an Incentive Award that is intended to qualify for the Performance-Based Exception; the satisfaction of
such business criteria during the 

 

    	5

    	 

    

 

Performance
Period being required for the grant and/or vesting of the particular Incentive Award to occur, as specified in the particular Incentive
Agreement.

 

(ee)      Performance
Period. A period of time determined by the Committee over which performance
is measured for the purpose of determining a Grantee's right to, and the payment value of, any Incentive Award that is intended
to qualify for the Performance-Based Exception.

 

(ff)       Plan.
Astrotech Corporation 2011 Stock Incentive Plan, as effective on the Effective Date, which is set forth herein and as it may be
amended from time to time.

 

(gg)      Plan
Year. The calendar year.

 

(hh)     Publicly
Held Corporation. A corporation issuing any class of common equity securities
required to be registered under Section 12 of the Exchange Act.

 

(ii)       Restricted
Stock. Common Stock that is issued or transferred to a Grantee pursuant to
Section 3.

 

(jj)        Restricted
Stock Award. An authorization by the Committee to issue or transfer
Restricted Stock to a Grantee pursuant to Section 3.

 

(kk)      Restricted
Stock Unit. A unit granted to a Grantee pursuant to Section 4.1 which
entitles him to receive a Share or cash on the vesting date, as specified in the Incentive Agreement.

 

(ll)        Restriction
Period. The period of time determined by the Committee and set forth in the
Incentive Agreement during which the transfer of Restricted Stock by the Grantee is restricted.

 

(mm)    Retirement.
The voluntary termination of Employment from the Company or any Parent or Subsidiary constituting retirement for age on any date
after the Employee attains the normal retirement age of 65 years, or such other age as may be designated by the Committee in the
Employee's Incentive Agreement.

 

(nn)     Share.
A share of the Common Stock of the Company.

 

(oo)      Share
Pool. The number of shares authorized for issuance under Section 1.4,
as adjusted for (i) awards and payouts under Section 1.5 and (ii) changes and adjustments as described in
Section 6.6.

 

(pp)      Spread.
The difference between the exercise price per Share specified in a SAR grant and the Fair Market Value of a Share on the date of
exercise of the SAR.

 

(qq)      Stock
Appreciation Right or SAR. A Stock Appreciation Right as described in Section 2.5.

 

    	6

    	 

    

 

(rr)       Stock
Option or Option. Pursuant to Section 2, (i) an Incentive
Stock Option granted to an Employee, or (ii) a Nonstatutory Stock Option granted to an Employee, Consultant or Outside Director,
whereunder such option the Grantee has the right to purchase Shares of Common Stock. In accordance with Code Section 422,
only an Employee may be granted an Incentive Stock Option.

 

(ss)       Subsidiary.
Any company (whether a corporation, partnership, joint venture or other form of entity) in which the Company or a corporation in
which the Company owns a majority of the shares of capital stock, directly or indirectly, owns a greater than 50% equity interest
except that, with respect to the issuance of Incentive Stock Options, the term “Subsidiary” shall have the same meaning
as the term “subsidiary corporation” as defined in Code Section 424(f) as required by Code Section 422.

 

(tt)        Supplemental
Payment. Any amount, as described in Sections 2.4, 3.4 and/or 4.3,
that is dedicated to payment of income taxes which are payable by the Grantee resulting from an Incentive Award.

 

1.3       Plan
Administration

 

(a)        Authority
of the Committee. Except as may be limited by law and subject to the provisions
herein, the Committee shall have the complete power and authority to (i) select Grantees who shall participate in the Plan;
(ii) determine the sizes, duration and types of Incentive Awards; (iii) determine the terms and conditions of Incentive
Awards and Incentive Agreements; (iv) determine whether any Shares subject to Incentive Awards will be subject to any restrictions
on transfer; (v) construe and interpret the Plan and any Incentive Agreement or other agreement entered into under the Plan;
and (vi) establish, amend, or waive rules for the Plan's administration. Further, the Committee shall make all other determinations
which may be necessary or advisable for the administration of the Plan.

 

(b)        Meetings.
The Committee shall designate a chairman from among its members who shall preside at its meetings, and shall designate a secretary,
without regard to whether that person is a member of the Committee, who shall keep the minutes of the proceedings and all records,
documents, and data pertaining to its administration of the Plan. Meetings shall be held at such times and places as shall be determined
by the Committee and the Committee may hold telephonic meetings. The Committee may take any action otherwise proper under the Plan
by the affirmative vote, taken with or without a meeting, of a majority of its members. The Committee may authorize any one or
more of its members or any officer of the Company to execute and deliver documents on behalf of the Committee.

 

(c)        Decisions
Binding. All determinations and decisions of the Committee shall be made
in its discretion pursuant to the provisions of the Plan, and shall be final, conclusive and binding on all persons including the
Company, its shareholders, Employees, Grantees, and their estates and beneficiaries. The Committee's decisions and determinations
with respect to any Incentive Award need not be uniform and may be 

 

    	7

    	 

    

 

made
selectively among Incentive Awards and Grantees, whether or not such Incentive Awards are similar or such Grantees are similarly
situated.

 

(d)        Modification
of Outstanding Incentive Awards. Subject to the shareholder approval requirements
of Section 7.7 if applicable, the Committee may, in its discretion, provide for the extension of the exercisability of an
Incentive Award, accelerate the vesting or exercisability of an Incentive Award, eliminate or make less restrictive any restrictions
contained in an Incentive Award, waive any restriction or other provisions of an Incentive Award, or otherwise amend or modify
an Incentive Award in any manner that (i) is not adverse to the Grantee to whom such Incentive Award was granted, (ii) is consented
to by such Grantee, (iii) does not cause the Incentive Award to provide for the deferral of compensation in a manner that does
not comply with Code Section 409A or is not exempt from Section 409A (unless otherwise determined by the Committee), or (iv) does
not contravene the requirements of the Performance-Based Exception under Code Section 162(m), if applicable. With respect
to an Incentive Award that is an ISO, no adjustment thereto shall be made to the extent constituting a “modification”
within the meaning of Code Section 424(h)(3) unless otherwise agreed to by the Grantee in writing. Notwithstanding the above
provisions of this subsection, no amendment or modification of an Incentive Award shall be made to the extent such modification
results in any Stock Option with an exercise price less than 100% of the Fair Market Value per Share on the date of grant (110%
for Grantees of ISOs who are 10% or greater shareholders pursuant to Section 1.7(b)).

 

(e)        Delegation
of Authority. The Committee may delegate to designated officers or other
employees of the Company any of its duties and authority under the Plan pursuant to such conditions or limitations as the Committee
may establish from time to time, including, without limitation, the authority to recommend Grantees and the forms and terms of
their Incentive Awards; provided, however, the Committee may not delegate to any person the authority (i) to grant Incentive
Awards or (ii) if the Company is a Publicly Held Corporation, to take any action which would contravene the requirements of
Rule 16b-3 under the Exchange Act, the Performance-Based Exception under Code Section 162(m), or the Sarbanes-Oxley Act
of 2002.

 

(f)         Expenses
of Committee. The Committee may employ legal counsel, including, without
limitation, independent legal counsel and counsel regularly employed by the Company, and other agents as the Committee may deem
appropriate for the administration of the Plan. The Committee may rely upon any opinion or computation received from any such counsel
or agent. All expenses incurred by the Committee in interpreting and administering the Plan, including, without limitation, meeting
expenses and professional fees, shall be paid by the Company.

 

(g)        Surrender
of Previous Incentive Awards. The Committee may, in its discretion, grant
Incentive Awards to Grantees on the condition that such Grantees surrender to the Committee for cancellation such other Incentive
Awards (including, without limitation, Incentive Awards with higher exercise prices) as the Committee directs. Incentive Awards
granted on the condition precedent of surrender of outstanding Incentive Awards shall not count against the limits set forth in
Section 1.4 until such time 

 

    	8

    	 

    

 

as
such previous Incentive Awards are surrendered and cancelled. No surrender of Incentive Awards shall be made under this Section
1.3(g) if such surrender causes any Incentive Award to provide for the deferral of compensation in a manner that is subject
to taxation under Code Section 409A (unless otherwise determined by the Committee).

 

(h)        Indemnification.
Each person who is or was a member of the Committee shall be indemnified by the Company against and from any damage, loss, liability,
cost and expense that may be imposed upon or reasonably incurred by him in connection with or resulting from any claim, action,
suit, or proceeding to which he may be a party or in which he may be involved by reason of any action taken or failure to act under
the Plan, except for any such act or omission constituting willful misconduct or gross negligence. Each such person shall be indemnified
by the Company for all amounts paid by him in settlement thereof, with the Company's approval, or paid by him in satisfaction of
any judgment in any such action, suit, or proceeding against him, provided he shall give the Company an opportunity, at its own
expense, to handle and defend the same before he undertakes to handle and defend it on his own behalf. The foregoing right of indemnification
shall not be exclusive of any other rights of indemnification to which such persons may be entitled (i) under the Company's
Articles or Certificate of Incorporation or Bylaws, (ii) pursuant to any separate indemnification or hold harmless agreement
with the Company, (iii) as a matter of law, contract or otherwise, or (iv) any power that the Company may have to indemnify
them or hold them harmless.

 

1.4       Shares
of Common Stock Available for Incentive Awards

 

Subject to adjustment under Section 6.6, there shall
be available for Incentive Awards that are granted wholly or partly in Common Stock (including rights or Stock Options that may
be exercised for or settled in Common Stock) One Million and Seven Hundred and Fifty Thousand (1,750,000) Shares of Common Stock.
Pursuant to Section 1.5, the number of Shares that are the subject of Incentive Awards under this Plan, which are forfeited
or terminated, expire unexercised, are settled in cash in lieu of Common Stock or in a manner such that all or some of the Shares
covered by an Incentive Award are not issued to a Grantee or are exchanged for Incentive Awards that do not involve Common Stock,
shall again immediately become available for Incentive Awards hereunder. The aggregate number of Shares which may be issued upon
exercise of ISOs shall be Eight Hundred and Seventy-Five Thousand (875,000) of the Shares reserved pursuant to the first sentence
of this paragraph. For purposes of counting Shares against the ISO maximum number of reserved Shares, the net number of Shares
issued pursuant to the exercise of an ISO shall be counted. The Committee may from time to time adopt and observe such procedures
concerning the counting of Shares against the Plan maximum as it may deem appropriate.

 

During any period that the Company is a Publicly Held Corporation,
then unless the Committee determines that a particular Incentive Award granted to a Covered Employee is not intended to comply
with the Performance-Based Exception, the following rules shall apply to grants of Incentive Awards to Covered Employees:

 

(a)        Subject
to adjustment as provided in Section 6.6, the maximum aggregate number of Shares of Common Stock attributable to Incentive
Awards paid out in Shares

 

    	9

    	 

    

 

that may be
granted (in the case of Stock Options and SARs) or that may vest (in the case of Restricted Stock, Restricted Stock Units or Other
Stock-Based Awards), as applicable, in any calendar year pursuant to any Incentive Award held by any individual Covered Employee
shall be Eight Hundred Thousand (800,000) Shares.

 

(b)        The
maximum aggregate cash payout (with respect to any Incentive Awards paid out in cash) in any calendar year which may be made to
any Covered Employee shall be Five Million dollars ($5,000,000).

 

(c)        With
respect to any Stock Option or SAR granted to a Covered Employee that is canceled or repriced, the number of Shares subject to
such Stock Option or SAR shall continue to count against the maximum number of Shares that may be the subject of Stock Options
or SARs granted to such Covered Employee hereunder and, in this regard, such maximum number shall be determined in accordance with
Code Section 162(m).

 

(d)        The
limitations of subsections (a), (b) and (c) above shall be construed and administered so as to comply with the Performance-Based
Exception.

 

1.5       Share
Pool Adjustments for Awards and Payouts

 

The following Incentive Awards shall reduce, on a one Share
for one Share basis, the number of Shares authorized for issuance under the Share Pool:

 

(a)        Stock
Option;

 

(b)        SAR;

 

(c)        Restricted
Stock Award; and

 

(d)        A
Restricted Stock Unit or Other Stock-Based Award in Shares.

 

The following transactions shall restore, on a one Share for
one Share basis, the number of Shares authorized for issuance under the Share Pool:

 

(e)        A
payout of a Restricted Stock Award, Restricted Stock Unit, SAR, or Other Stock-Based Award in the form of cash and not Shares (but
not the “cashless” exercise of a Stock Option with a broker, as provided in Section 2.3(a));

 

(f)         A
cancellation, termination, expiration, forfeiture, or lapse for any reason of any Shares subject to an Incentive Award; and

 

(g)        Payment
of an Option Price by withholding Shares which otherwise would be acquired on exercise (i.e., the Share Pool shall be increased
by the number of Shares withheld in payment of the Option Price).

 

    	10

    	 

    

 

1.6       Common
Stock Available

 

The Common Stock available for issuance or transfer under the
Plan shall be made available from Shares now or hereafter (a) held in the treasury of the Company, (b) authorized but unissued
shares, or (c) Shares to be purchased or acquired by the Company. No fractional shares shall be issued under the Plan; payment
for fractional shares shall be made in cash.

 

1.7       Participation

 

(a)        Eligibility.
The Committee shall from time to time designate those Employees, Consultants and/or Outside Directors, if any, to be granted Incentive
Awards under the Plan, the type of Incentive Awards granted, the number of Shares, Stock Options, rights or units, as the case
may be, which shall be granted to each such person, and any other terms or conditions relating to the Incentive Awards as it may
deem appropriate to the extent consistent with the provisions of the Plan. A Grantee who has been granted an Incentive Award may,
if otherwise eligible, be granted additional Incentive Awards at any time. 

 

(b)        Incentive
Stock Option Eligibility. No Consultant or Outside Director shall be eligible
for the grant of any Incentive Stock Option. In addition, no Employee shall be eligible for the grant of any Incentive Stock Option
who owns or would own immediately before the grant of such Incentive Stock Option, directly or indirectly, stock possessing more
than ten percent (10%) of the total combined voting power of all classes of stock of the Company, or any Parent or Subsidiary.
This restriction does not apply if, at the time such Incentive Stock Option is granted, the Incentive Stock Option exercise price
is at least one hundred and ten percent (110%) of the Fair Market Value on the date of grant and the Incentive Stock Option by
its terms is not exercisable after the expiration of five (5) years from the date of grant. For the purpose of the immediately
preceding sentence, the attribution rules of Code Section 424(d) shall apply for the purpose of determining an Employee's percentage
ownership in the Company or any Parent or Subsidiary. This paragraph shall be construed consistent with the requirements of Code
Section 422.

 

1.8       Types
of Incentive Awards

 

The types of Incentive Awards under the Plan are Stock Options,
Stock Appreciation Rights and Supplemental Payments as described in Section 2, Restricted Stock Awards and Supplemental
Payments as described in Section 3, Restricted Stock Units and Other Stock-Based Awards and Supplemental Payments as described
in Section 4, or any combination of the foregoing.

 

    	11

    	 

    

 

SECTION 2.

 

STOCK OPTIONS
AND STOCK APPRECIATION RIGHTS

 

2.1       Grant
of Stock Options

 

The Committee is authorized to grant (a) Nonstatutory Stock
Options to Employees, Consultants and/or Outside Directors and (b) Incentive Stock Options to Employees only, in accordance
with the terms and conditions of the Plan, and with such additional terms and conditions, not inconsistent with the Plan, as the
Committee shall determine in its discretion. Successive grants may be made to the same Grantee regardless whether any Stock Option
previously granted to such person remains unexercised.

 

2.2       Stock
Option Terms

 

(a)        Written
Agreement. Each grant of a Stock Option shall be evidenced by a written Incentive
Agreement. Among its other provisions, each Incentive Agreement shall set forth the extent to which the Grantee shall have the
right to exercise the Stock Option following termination of the Grantee's Employment. Such provisions shall be determined in the
discretion of the Committee, shall be included in the Grantee's Incentive Agreement, and need not be uniform among all Stock Options
issued pursuant to the Plan.

 

(b)        Number
of Shares. Each Stock Option shall specify the number of Shares of Common
Stock to which it pertains.

 

(c)        Exercise
Price. The exercise price per Share of Common Stock under each Stock Option
shall be (i) not less than 100% of the Fair Market Value per Share on the date the Stock Option is granted and (ii) specified in
the Incentive Agreement; provided, however, if the Grantee of an ISO is a 10% or greater shareholder pursuant to Section 1.7(b)),
the exercise price for the ISO shall not be less than 110% of the Fair Market Value on the date of grant. Each Stock Option shall
specify the method of exercise which shall be consistent with Section 2.3(a).

 

(d)        Term.
In the Incentive Agreement, the Committee shall fix the term of each Stock Option which shall not be more than (i) ten (10) years
from the date of grant, or (ii) five (5) years from the date of grant for an ISO granted to 10% or greater shareholder pursuant
to Section 1.7(b)). 

 

(e)        Exercise.
The Committee shall determine the time or times at which a Stock Option may be exercised, in whole or in part. Each Stock Option
may specify the required period of continuous Employment and/or the Performance Criteria to be achieved before the Stock Option
or portion thereof will become exercisable. Each Stock Option, the exercise of which, or the timing of the exercise of which, is
dependent, in whole or in part, on the achievement of designated Performance Criteria, may specify a minimum level of achievement
in respect of the specified Performance Criteria below which no Stock Options will be exercisable and a method for determining
the number of Stock Options that will be exercisable if performance is at or above such minimum but 

 

    	12

    	 

    

 

short
of full achievement of the Performance Criteria. All such terms and conditions shall be set forth in the Incentive Agreement.

 

(f)         $100,000
Annual Limit on Incentive Stock Options. Notwithstanding any contrary provision
in the Plan, a Stock Option designated as an ISO shall be an ISO only to the extent that the aggregate Fair Market Value (determined
as of the time the ISO is granted) of the Shares of Common Stock with respect to which ISOs are exercisable for the first time
by the Grantee during any single calendar year (under the Plan and any other stock option plans of the Company and its Subsidiaries
or Parent) does not exceed $100,000. This limitation shall be applied by taking ISOs into account in the order in which they were
granted and shall be construed in accordance with Section 422(d) of the Code. To the extent that a Stock Option intended to
constitute an ISO exceeds the $100,000 limitation (or any other limitation under Code Section 422), the portion of the Stock Option
that exceeds the $100,000 limitation (or violates any other limitation under Code Section 422) shall be deemed a Nonstatutory Stock
Option. In such event, all other terms and provisions of such Stock Option grant shall remain unchanged. 

 

2.3       Stock
Option Exercises

 

(a)        Method
of Exercise and Payment. Stock Options shall be exercised by the delivery
of a signed written notice of exercise to the Company, which must be received as of a date set by the Company in advance of the
effective date of the proposed exercise. The notice shall set forth the number of Shares with respect to which the Option is to
be exercised, accompanied by full payment for the Shares.

 

The Option
Price upon exercise of any Stock Option shall be payable to the Company in full either: (i) in cash or its equivalent; or (ii)
subject to prior approval by the Committee in its discretion, by tendering previously acquired Shares having an aggregate Fair
Market Value at the time of exercise equal to the Option Price, (iii) subject to prior approval by the Committee in its discretion,
by withholding Shares which otherwise would be acquired on exercise having an aggregate Fair Market Value at the time of exercise
equal to the total Option Price; or (iv) subject to prior approval by the Committee in its discretion, by a combination of (i),
(ii), and (iii) above.

 

Any payment
in Shares shall be effected by the surrender of such Shares to the Company in good form for transfer and shall be valued at their
Fair Market Value on the date when the Stock Option is exercised. Unless otherwise permitted by the Committee in its discretion,
the Grantee shall not surrender, or attest to the ownership of, Shares in payment of the Option Price if such action would cause
the Company to recognize compensation expense (or additional compensation expense) with respect to the Stock Option for financial
accounting reporting purposes.

 

The Committee,
in its discretion, also may allow the Option Price to be paid with such other consideration as shall constitute lawful consideration
for the issuance of Shares (including, without limitation, effecting a “cashless exercise” with a broker of the Option),
subject to applicable securities law restrictions and tax withholdings, or by any

 

    	13

    	 

    

 

other means
which the Committee determines to be consistent with the Plan's purpose and applicable law. At the direction of the Grantee, the
broker will either (i) sell all of the Shares received when the Option is exercised and pay the Grantee the proceeds of the sale
(minus the Option Price, withholding taxes and any fees due to the broker); or (ii) sell enough of the Shares received upon
exercise of the Option to cover the Option Price, withholding taxes and any fees due the broker and deliver to the Grantee (either
directly or through the Company) a stock certificate for the remaining Shares. Dispositions to a broker effecting a cashless exercise
are not exempt under Section 16 of the Exchange Act if the Company is a Publicly Held Corporation. Moreover, in no event will the
Committee allow the Option Price to be paid with a form of consideration, including a loan or a “cashless exercise,”
if such form of consideration would violate the Sarbanes-Oxley Act of 2002 as determined by the Committee.

 

As soon as
practicable after receipt of a written notification of exercise and full payment, the Company shall deliver, or cause to be delivered,
to or on behalf of the Grantee, in the name of the Grantee or other appropriate recipient, evidence of ownership for the number
of Shares purchased under the Stock Option.

 

Subject to
Section 6.4, during the lifetime of a Grantee, each Option granted to the Grantee shall be exercisable only by the Grantee
(or his legal guardian in the event of his Disability) or by a broker-dealer acting on his behalf pursuant to a cashless exercise
under the foregoing provisions of this Section 2.3(a).

 

(b)        Restrictions
on Share Transferability. The Committee may impose such restrictions on any
grant of Stock Options or on any Shares acquired pursuant to the exercise of a Stock Option as it may deem advisable, including,
without limitation, restrictions under (i) any shareholders' agreement, buy/sell agreement, right of first refusal, non-competition,
and any other agreement between the Company and any of its securities holders or employees; (ii) any applicable federal securities
laws; (iii) the requirements of any stock exchange or market upon which such Shares are then listed and/or traded; or (iv) any
blue sky or state securities law applicable to such Shares. Any certificate issued to evidence Shares issued upon the exercise
of an Incentive Award may bear such legends and statements as the Committee shall deem advisable to assure compliance with applicable
federal and state laws and regulations.

 

Any Grantee
or other person exercising an Incentive Award shall be required, if requested by the Committee, to give a written representation
that the Incentive Award and the Shares subject to the Incentive Award will be acquired for investment and not with a view to public
distribution; provided, however, that the Committee, in its discretion, may release any person receiving an Incentive Award from
any such representations either prior to or subsequent to the exercise of the Incentive Award.

 

(c)        Notification
of Disqualifying Disposition of Shares from Incentive Stock Options. Notwithstanding
any other provision of the Plan, a Grantee who disposes of Shares of Common Stock acquired upon the exercise of an Incentive Stock
Option by a sale or exchange either (i) within two (2) years after the date of the grant of the Incentive Stock Option under which
the Shares were acquired or (ii) within one (1) year after the 

 

    	14

    	 

    

 

transfer
of such Shares to him pursuant to exercise, shall promptly notify the Company of such disposition, the amount realized and his
adjusted basis in such Shares.

 

(d)        Proceeds
of Option Exercise. The proceeds received by the Company from the sale of
Shares pursuant to Stock Options exercised under the Plan shall be used for general corporate purposes.

 

2.4       Supplemental
Payment on Exercise of Nonstatutory Stock Options

 

The Committee, either at the time of grant or exercise of any
Nonstatutory Stock Option, may provide in the Incentive Agreement for a Supplemental Payment by the Company to the Grantee with
respect to the exercise of any Nonstatutory Stock Option. The Supplemental Payment shall be in the amount specified by the Committee,
which amount shall not exceed the amount necessary to pay the federal and state income tax payable with respect to both the exercise
of the Nonstatutory Stock Option and the receipt of the Supplemental Payment, assuming the holder is taxed at either the maximum
effective income tax rate applicable thereto or at a lower tax rate as deemed appropriate by the Committee in its discretion. No
Supplemental Payments will be made with respect to any SARs or ISOs.

 

2.5       Stock
Appreciation Rights

 

(a)        Grant.
The Committee may grant Stock Appreciation Rights to any Employee, Consultant or Outside Director. Any SARs granted under the Plan
are intended to satisfy the requirements under Code Section 409A to the effect that such SARs do not provide for the deferral of
compensation that is subject to taxation under Code Section 409A.

 

(b)        General
Provisions. The terms and conditions of each SAR shall be evidenced by an
Incentive Agreement. The exercise price per Share shall not be less than one hundred percent (100%) of the Fair Market Value of
a Share on the grant date of the SAR. The term of the SAR shall be determined by the Committee but shall not be greater than ten
(10) years from the date of grant. The Committee cannot include any feature for the deferral of compensation other than the deferral
of recognition of income until exercise of the SAR.

 

(c)        Exercise.
SARs shall be exercisable subject to such terms and conditions as the Committee shall specify in the Incentive Agreement for the
SAR grant. No SAR granted to an Insider may be exercised prior to six (6) months from the date of grant, except in the event of
his death or Disability which occurs prior to the expiration of such six-month period if so permitted under the Incentive Agreement.

 

(d)        Settlement.
Upon exercise of the SAR, the Grantee shall receive an amount equal to the Spread. The Spread, less applicable withholdings, shall
be payable only in cash or in Shares, or a combination of both, as specified in the Incentive Agreement, within 30 calendar days
of the exercise date. In addition, the Incentive Agreement under which such SARs are awarded, or any other agreements or arrangements,
shall not provide that the Company will purchase any Shares delivered to the Grantee as a result of the exercise or vesting of
a SAR.

 

    	15

    	 

    

 

SECTION 3.

 

RESTRICTED
STOCK

 

3.1       Award
of Restricted Stock

 

(a)        Grant.
With respect to a Grantee who is an Employee, Consultant or Outside Director, Shares of Restricted Stock, which may be designated
as a Performance-Based Award in the discretion of the Committee, may be awarded by the Committee with such restrictions during
the Restriction Period as the Committee shall designate in its discretion. Any such restrictions may differ with respect to a particular
Grantee. Restricted Stock shall be awarded for no additional consideration or such additional consideration as the Committee may
determine, which consideration may be less than, equal to or more than the Fair Market Value of the shares of Restricted Stock
on the grant date. The terms and conditions of each grant of Restricted Stock shall be evidenced by an Incentive Agreement and,
during the Restriction Period, such Shares of Restricted Stock must remain subject to a “substantial risk of forfeiture”
within the meaning given to such term under Code Section 83. Any Restricted Stock Award may, at the time of grant, be designated
by the Committee as a Performance-Based Award that is intended to qualify for the Performance-Based Exception.

 

(b)        Immediate
Transfer Without Immediate Delivery of Restricted Stock. Unless otherwise
specified in the Grantee's Incentive Agreement, each Restricted Stock Award shall constitute an immediate transfer of the record
and beneficial ownership of the Shares of Restricted Stock to the Grantee in consideration of the performance of services as an
Employee, Consultant or Outside Director, as applicable, entitling such Grantee to all voting and other ownership rights in such
Shares.

 

As specified
in the Incentive Agreement, a Restricted Stock Award may limit the Grantee's dividend rights during the Restriction Period in which
the shares of Restricted Stock are subject to a “substantial risk of forfeiture” (within the meaning given to such
term under Code Section 83) and restrictions on transfer. In the Incentive Agreement, the Committee may apply any restrictions
to the dividends that the Committee deems appropriate. Without limiting the generality of the preceding sentence, if the grant
or vesting of Shares of a Restricted Stock Award granted to a Covered Employee, is designed to comply with the requirements of
the Performance-Based Exception, the Committee may apply any restrictions it deems appropriate to the payment of dividends declared
with respect to such Shares of Restricted Stock, such that the dividends and/or the Shares of Restricted Stock maintain eligibility
for the Performance-Based Exception. In the event that any dividend constitutes a derivative security or an equity security pursuant
to the rules under Section 16 of the Exchange Act, if applicable, such dividend shall be subject to a vesting period equal to the
remaining vesting period of the Shares of Restricted Stock with respect to which the dividend is paid.

 

Shares awarded
pursuant to a grant of Restricted Stock, whether or not under a Performance-Based Award, may be issued in the name of the Grantee
and held, together with a stock power endorsed in blank, by the Committee or Company (or their delegates)

 

    	16

    	 

    

 

or in trust
or in escrow pursuant to an agreement satisfactory to the Committee, as determined by the Committee, until such time as the restrictions
on transfer have expired. All such terms and conditions shall be set forth in the particular Grantee's Incentive Agreement. The
Company or Committee (or their delegates) shall issue to the Grantee a receipt evidencing the certificates held by it which are
registered in the name of the Grantee.

 

3.2       Restrictions

 

(a)        Forfeiture
of Restricted Stock. Restricted Stock awarded to a Grantee may be subject
to the following restrictions until the expiration of the Restriction Period: (i) a restriction that constitutes a “substantial
risk of forfeiture” (as defined in Code Section 83), and a restriction on transferability; (ii) unless otherwise specified
by the Committee in the Incentive Agreement, the Restricted Stock that is subject to restrictions which are not satisfied shall
be forfeited and all rights of the Grantee to such Shares shall terminate; and (iii) any other restrictions that the Committee
determines in advance are appropriate, including, without limitation, rights of repurchase or first refusal in the Company or provisions
subjecting the Restricted Stock to a continuing substantial risk of forfeiture in the hands of any transferee. Any such restrictions
shall be set forth in the particular Grantee's Incentive Agreement.

 

(b)        Issuance
of Certificates. Reasonably promptly after the date of grant with respect
to Shares of Restricted Stock, the Company shall cause to be issued a stock certificate, registered in the name of the Grantee
to whom such Shares of Restricted Stock were granted, evidencing such Shares; provided, however, that the Company shall not cause
to be issued such a stock certificate unless it has received a stock power duly endorsed in blank with respect to such Shares.
Each such stock certificate shall bear the following legend or any other legend approved by the Company:

 

The transferability of this
certificate and the shares of stock represented hereby are subject to the restrictions, terms and conditions (including forfeiture
and restrictions against transfer) contained in the Astrotech Corporation 2011 Stock Incentive Plan and an Incentive Agreement
entered into between the registered owner of such shares and Astrotech Corporation. A copy of the Plan and Incentive Agreement
are on file in the main corporate office of Astrotech Corporation.

 

Such legend shall not be removed from the certificate
evidencing such Shares of Restricted Stock unless and until such Shares vest pursuant to the terms of the Incentive Agreement.

 

(c)        Removal
of Restrictions. The Committee, in its discretion, shall have the authority
to remove any or all of the restrictions on the Restricted Stock if it determines that, by reason of a change in applicable law
or another change in circumstance arising after the grant date of the Restricted Stock, such action is necessary or appropriate.

 

    	17

    	 

    

 

3.3       Delivery
of Shares of Common Stock

 

Subject to withholding taxes under Section 7.3 and to
the terms of the Incentive Agreement, a stock certificate evidencing the Shares of Restricted Stock with respect to which the restrictions
in the Incentive Agreement have been satisfied shall be delivered to the Grantee or other appropriate recipient free of restrictions.

 

3.4       Supplemental
Payment on Vesting of Restricted Stock

 

The Committee, either at the time of grant or vesting of Restricted
Stock, may provide for a Supplemental Payment by the Company to the holder in an amount specified by the Committee, which amount
shall not exceed the amount necessary to pay the federal and state income tax payable with respect to both the vesting of the Restricted
Stock and receipt of the Supplemental Payment, assuming the Grantee is taxed at either the maximum effective income tax rate applicable
thereto or at a lower tax rate as deemed appropriate by the Committee in its discretion.

 

SECTION 4.

 

OTHER STOCK-BASED
AWARDS

 

4.1       Grant
of Other Stock-Based Awards

 

Other Stock-Based Awards may be awarded by the Committee to
Grantees that are payable in Shares or in cash, as determined in the discretion of the Committee to be consistent with the goals
of the Company. Other types of Stock-Based Awards that are payable in Shares include, without limitation, purchase rights, Shares
awarded that are not subject to any restrictions or conditions, Shares awarded subject to the satisfaction of specified Performance
Criteria, convertible or exchangeable debentures, other rights convertible into Shares, Incentive Awards valued by reference to
the performance of a specified Subsidiary, division or department of the Company, and settlement in cancellation of rights of any
person with a vested interest in any other plan, fund, program or arrangement that is or was sponsored, maintained or participated
in by the Company (or any Parent or Subsidiary). As is the case with other types of Incentive Awards, Other Stock-Based Awards
may be awarded either alone or in addition to or in conjunction with any other Incentive Awards. Other Stock-Based Awards that
are payable in Shares are not intended to be deferred compensation subject to taxation under Code Section 409A, unless otherwise
determined by the Committee at the time of grant.

 

In addition to Other Stock-Based Awards that are payable in
Shares, the Committee may award Restricted Stock Units to a Grantee that are payable in Shares or cash, or in a combination thereof.
Restricted Stock Units are not intended to be deferred compensation that is subject to Code Section 409A. During the period beginning
on the date such Incentive Award is granted and ending on the payment date specified in the Incentive Agreement, the Grantee’s
right to payment under the Incentive Agreement must remain subject to a “substantial risk of forfeiture” within the
meaning of such term under Code Section 409A. In addition, payment to the Grantee under the Incentive Agreement shall be made within
two and one-half months (21⁄2) months

 

    	18

    	 

    

 

following the end of the calendar year in which the substantial
risk of forfeiture lapses unless an earlier payment date is specified in the Incentive Agreement.

 

4.2       Other
Stock-Based Award Terms

 

(a)        Written
Agreement. The terms and conditions of each grant of an Other Stock-Based
Award shall be evidenced by an Incentive Agreement.

 

(b)        Purchase
Price. Except to the extent that an Other Stock-Based Award is granted in
substitution for an outstanding Incentive Award or is delivered upon exercise of a Stock Option, the amount of consideration required
to be received by the Company shall be either (i) no consideration other than services rendered (in the case of authorized and
unissued shares), or to be rendered, by the Grantee, or (ii) as otherwise specified in the Incentive Agreement.

 

(c)        Performance
Criteria and Other Terms. The Committee may specify Performance Criteria
for (i) vesting in Other Stock-Based Awards and (ii) payment thereof to the Grantee, as it may determine in its discretion. The
extent to which any such Performance Criteria have been met shall be determined and certified by the Committee in accordance with
the requirements to qualify for the Performance-Based Exception under Code Section 162(m). All terms and conditions of Other Stock-Based
Awards shall be determined by the Committee and set forth in the Incentive Agreement.

 

4.3       Supplemental
Payment on Other Stock-Based Awards

 

The Committee, either at the time of grant or vesting of an
Other Stock-Based Award, may provide for a Supplemental Payment by the Company to the holder in an amount specified by the Committee,
which amount shall not exceed the amount necessary to pay the federal and state income tax payable with respect to both the vesting
of the Other Stock-Based Award and receipt of the Supplemental Payment, assuming the Grantee is taxed at either the maximum effective
income tax rate applicable thereto or at a lower tax rate as deemed appropriate by the Committee in its discretion.

 

SECTION 5.

 

PERFORMANCE-BASED
AWARDS AND PERFORMANCE CRITERIA

 

As determined by the Committee at the time of grant, Performance-Based
Awards may be granted subject to performance objectives relating to one or more of the following within the meaning of Code Section
162(m) (the “Performance Criteria”) in order to qualify for the Performance-Based Exception:

 

(a)        profits
(including, but not limited to, profit growth, net operating profit or economic profit);

 

(b)        profit-related
return ratios;

 

    	19

    	 

    

 

(c)        return
measures (including, but not limited to, return on assets, capital, equity, investment or sales);

 

(d)        cash
flow (including, but not limited to, operating cash flow, free cash flow or cash flow return on capital or investments);

 

(e)        earnings
(including but not limited to, total shareholder return, earnings per share or earnings before or after taxes);

 

(f)         net
sales growth;

 

(g)        net
earnings or income (before or after taxes, interest, depreciation and/or amortization);

 

(h)        gross,
operating or net profit margins;

 

(i)         productivity
ratios;

 

(j)         share
price (including, but not limited to, growth measures and total shareholder return);

 

(k)        turnover
of assets, capital, or inventory;

 

(l)         expense
targets;

 

(m)       margins;

 

(n)        measures
of health, safety or environment;

 

(o)        operating
efficiency;

 

(p)        customer
service or satisfaction;

 

(q)        market
share;

 

(r)         credit
quality;

 

(s)        debt
ratios (e.g., debt to equity and debt to total capital); and

 

(t)         working
capital targets.

 

Performance Criteria may be stated in absolute terms or relative
to comparison companies or indices to be achieved during a Performance Period. In the Incentive Agreement, the Committee shall
establish one or more Performance Criteria for each Incentive Award that is intended to qualify for the Performance-Based Exception
on its grant date.

 

In establishing the Performance Criteria for each applicable
Incentive Award, the Committee may provide that the effect of specified extraordinary or unusual events will be included or excluded
(including, but not limited to, items of gain, loss or expense determined to

 

    	20

    	 

    

 

be extraordinary or unusual in nature or infrequent in occurrence,
or related to the disposal of a segment of business or a change in accounting principle, each as determined in accordance with
the standards under Opinion No. 30 of the Accounting Principles Board (APB Opinion 30) or any successor or other authoritative
financial accounting standards, as determined by the Committee). The terms of the stated Performance Criteria for each applicable
Incentive Award, whether for a Performance Period of one (1) year or multiple years, must preclude the Committee’s discretion
to increase the amount payable to any Grantee that would otherwise be due upon attainment of the Performance Criteria, but may
permit the Committee to reduce the amount otherwise payable to the Grantee in the Committee’s discretion.

 

The Performance Criteria specified in any Incentive Agreement
need not be applicable to all Incentive Awards, and may be particular to an individual Grantee’s function or business unit.
The Committee may establish the Performance Criteria of the Company (or any entity which is affiliated by common ownership with
the Company) as determined and designated by the Committee, in its discretion, in the Incentive Agreement.

 

Performance-Based Awards will be granted in the discretion of
the Committee and will be (a) sufficiently objective so that an independent person or entity having knowledge of the relevant facts
could determine the amount payable to Grantee, if applicable, and whether the pre-determined goals have been achieved with respect
to the Incentive Award, (b) established at a time when the performance outcome is substantially uncertain, (c) established in writing
no later than ninety (90) days after the commencement of the Performance Period to which they apply, and (d) based on operating
earnings, performance against peers, earnings criteria or such other criteria as provided in this Section 5.

 

SECTION 6.

 

PROVISIONS
RELATING TO PLAN PARTICIPATION

 

6.1       Incentive
Agreement

 

Each Grantee to whom an Incentive Award is granted shall be
required to enter into an Incentive Agreement with the Company, in such a form as is provided by the Committee. The Incentive Agreement
shall contain specific terms as determined by the Committee, in its discretion, with respect to the Grantee's particular Incentive
Award. Such terms need not be uniform among all Grantees or any similarly situated Grantees. The Incentive Agreement may include,
without limitation, vesting, forfeiture and other provisions particular to the particular Grantee's Incentive Award, as well as,
for example, provisions to the effect that the Grantee (a) shall not disclose any confidential information acquired during
Employment with the Company, (b) shall abide by all the terms and conditions of the Plan and such other terms and conditions as
may be imposed by the Committee, (c) shall not interfere with the employment or other service of any employee, (d) shall not compete
with the Company or become involved in a conflict of interest with the interests of the Company, (e) shall forfeit an Incentive
Award if terminated for Cause, (f) shall not be permitted to make an election under Code Section 83(b) when applicable, and (g)
shall be subject to any other agreement between the Grantee and the Company regarding Shares that may be acquired under an Incentive
Award including, without limitation, a shareholders' agreement, buy-sell agreement, or other agreement restricting the

 

    	21

    	 

    

 

transferability of Shares by Grantee. An Incentive Agreement
shall include such terms and conditions as are determined by the Committee, in its discretion, to be appropriate with respect to
any individual Grantee. The Incentive Agreement shall be signed by the Grantee to whom the Incentive Award is made and by an Authorized
Officer.

 

6.2       No
Right to Employment

 

Nothing in the Plan or any instrument executed pursuant to the
Plan shall create any Employment rights (including without limitation, rights to continued Employment) in any Grantee or affect
the right of the Company to terminate the Employment of any Grantee at any time without regard to the existence of the Plan.

 

6.3       Securities
Requirements

 

The Company shall be under no obligation to effect the registration
of any Shares to be issued hereunder pursuant to the Securities Act of 1933 or to effect similar compliance under any state securities
laws. Notwithstanding anything herein to the contrary, the Company shall not be obligated to cause to be issued or delivered any
certificates evidencing Shares pursuant to the Plan unless and until the Company is advised by its counsel that the issuance and
delivery of such certificates is in compliance with all applicable laws, regulations of governmental authorities, and the requirements
of any securities exchange on which Shares are traded. The Committee may require, as a condition of the issuance and delivery of
certificates evidencing Shares pursuant to the terms hereof, that the recipient of such Shares make such covenants, agreements
and representations, and that such certificates bear such legends, as the Committee, in its discretion, deems necessary or desirable.

 

The Committee may, in its discretion, defer the effectiveness
of any exercise of an Incentive Award in order to allow the issuance of Shares to be made pursuant to registration or an exemption
from registration or other methods for compliance available under federal or state securities laws. The Committee shall inform
the Grantee in writing of its decision to defer the effectiveness of the exercise of an Incentive Award. During the period that
the effectiveness of the exercise of an Incentive Award has been deferred, the Grantee may, by written notice to the Committee,
withdraw such exercise and obtain the refund of any amount paid with respect thereto.

 

If the Shares issuable on exercise of an Incentive Award are
not registered under the Securities Act of 1933, the Company may imprint on the certificate for such Shares the following legend
or any other legend which counsel for the Company considers necessary or advisable to comply with the Securities Act of 1933:

 

THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (“ACT”), OR THE SECURITIES LAWS
OF ANY STATE. THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE
STATE SECURITIES LAWS OR PURSUANT TO ANY APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS

 

    	22

    	 

    

 

OF SUCH ACT AND SUCH LAWS OR
PURSUANT TO A WRITTEN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

6.4       Transferability

 

Incentive Awards granted under the Plan shall not be transferable
or assignable other than: (a) by will or the laws of descent and distribution or (b) pursuant to a qualified domestic relations
order (as defined under Code Section 414(p)); provided, however, only with respect to Incentive Awards consisting of Nonstatutory
Stock Options, the Committee may, in its discretion, authorize all or a portion of the Nonstatutory Stock Options to be granted
on terms which permit transfer by the Grantee to (i) the members of the Grantee's Immediate Family, (ii) a trust or trusts for
the exclusive benefit of Immediate Family members, (iii) a partnership in which such Immediate Family members are the only partners,
or (iv) any other entity owned solely by Immediate Family members; provided that (A) there may be no consideration for any such
transfer, (B) the Incentive Agreement pursuant to which such Nonstatutory Stock Options are granted must be approved by the Committee,
and must expressly provide for transferability in a manner consistent with this Section 6.4, (C) subsequent transfers of
transferred Nonstatutory Stock Options shall be prohibited except in accordance with clauses (a) and (b) (above) of this sentence,
and (D) there may be no transfer of any Incentive Award in a listed transaction as described in IRS Notice 2003-47. Following any
permitted transfer, the Nonstatutory Stock Option shall continue to be subject to the same terms and conditions as were applicable
immediately prior to transfer, provided that the term “Grantee” shall be deemed to refer to the transferee. The events
of termination of employment, as set out in Section 6.7 and in the Incentive Agreement, shall continue to be applied with
respect to the original Grantee, and the Incentive Award shall be exercisable by the transferee only to the extent, and for the
periods, specified in the Incentive Agreement.

 

Except as may otherwise be permitted under the Code, in the
event of a permitted transfer of a Nonstatutory Stock Option hereunder, the original Grantee shall remain subject to withholding
taxes upon exercise. In addition, the Company and the Committee shall have no obligation to provide any notices to any Grantee
or transferee thereof, including, for example, notice of the expiration of an Incentive Award following the original Grantee's
termination of employment.

 

The designation by a Grantee of a beneficiary of an Incentive
Award shall not constitute transfer of the Incentive Award. No transfer by will or by the laws of descent and distribution shall
be effective to bind the Company unless the Committee has been furnished with a copy of the deceased Grantee's enforceable will
or such other evidence as the Committee deems necessary to establish the validity of the transfer. Any attempted transfer in violation
of this Section 6.4 shall be void and ineffective. All determinations under this Section 6.4 shall be made by the
Committee in its discretion.

 

6.5       Rights
as a Shareholder

 

(a)        No
Shareholder Rights. Except as otherwise provided in Section 3.1(b)
for grants of Restricted Stock, a Grantee of an Incentive Award (or a permitted transferee

 

    	23

    	 

    

 

of
such Grantee) shall have no rights as a shareholder with respect to any Shares of Common Stock until the issuance of a stock certificate
or other record of ownership for such Shares.

 

(b)        Representation
of Ownership. In the case of the exercise of an Incentive Award by a person
or estate acquiring the right to exercise such Incentive Award by reason of the death or Disability of a Grantee, the Committee
may require reasonable evidence as to the ownership of such Incentive Award or the authority of such person. The Committee may
also require such consents and releases of taxing authorities as it deems advisable.

 

6.6       Change
in Stock and Adjustments

 

(a)        Changes
in Law or Circumstances. Subject to Section 6.8 (which only applies
in the event of a Change in Control), in the event of any change in applicable law or any change in circumstances which results
in or would result in any dilution of the rights granted under the Plan, or which otherwise warrants an equitable adjustment because
it interferes with the intended operation of the Plan, then, if the Board or Committee should so determine, in its absolute discretion,
that such change equitably requires an adjustment in the number or kind of shares of stock or other securities or property theretofore
subject, or which may become subject, to issuance or transfer under the Plan or in the terms and conditions of outstanding Incentive
Awards, such adjustment shall be made in accordance with such determination. Such adjustments may include changes with respect
to (i) the aggregate number of Shares that may be issued under the Plan, (ii) the number of Shares subject to Incentive Awards,
and (iii) the Option Price or other price per Share for outstanding Incentive Awards, but shall not result in the grant of any
Stock Option with an exercise price less than 100% of the Fair Market Value per Share on the date of grant. The Board or Committee
shall give notice to each applicable Grantee of such adjustment which shall be effective and binding.

 

(b)        Exercise
of Corporate Powers. The existence of the Plan or outstanding Incentive Awards
hereunder shall not affect in any way the right or power of the Company or its shareholders to make or authorize any or all adjustments,
recapitalization, reorganization or other changes in the Company's capital structure or its business or any merger or consolidation
of the Company, or any issue of bonds, debentures, preferred or prior preference stocks ahead of or affecting the Common Stock
or the rights thereof, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets
or business, or any other corporate act or proceeding whether of a similar character or otherwise.

 

(c)        Recapitalization
of the Company. Subject to Section 6.8 (which only applies in the
event of a Change in Control), if while there are Incentive Awards outstanding, the Company shall effect any subdivision or consolidation
of Shares of Common Stock or other capital readjustment, the payment of a stock dividend, stock split, combination of Shares, recapitalization
or other increase or reduction in the number of Shares outstanding, without receiving compensation therefor in money, services
or property, then the number of Shares available under the Plan and the number of Incentive 

 

    	24

    	 

    

 

Awards
which may thereafter be exercised shall (i) in the event of an increase in the number of Shares outstanding, be proportionately
increased and the Option Price or Fair Market Value of the Incentive Awards awarded shall be proportionately reduced; and (ii) in
the event of a reduction in the number of Shares outstanding, be proportionately reduced, and the Option Price or Fair Market Value
of the Incentive Awards awarded shall be proportionately increased. The Board or Committee shall take such action and whatever
other action it deems appropriate, in its discretion, so that the value of each outstanding Incentive Award to the Grantee shall
not be adversely affected by a corporate event described in this Section 6.6(c).

 

(d)        Issue
of Common Stock by the Company. Except as hereinabove expressly provided
in this Section 6.6 and subject to Section 6.8 in the event of a Change in Control, the issue by the Company of shares
of stock of any class, or securities convertible into shares of stock of any class, for cash or property, or for labor or services,
either upon direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon any conversion of shares or obligations
of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be
made with respect to, the number of, or Option Price or Fair Market Value of, any Incentive Awards then outstanding under previously
granted Incentive Awards; provided, however, in such event, outstanding Shares of Restricted Stock shall be treated the same as
outstanding unrestricted Shares of Common Stock.

 

(e)        Assumption
under the Plan of Outstanding Stock Options. Notwithstanding any other provision
of the Plan, the Board or Committee, in its discretion, may authorize the assumption and continuation under the Plan of outstanding
and unexercised stock options or other types of stock-based incentive awards that were granted under a stock option plan (or other
type of stock incentive plan or agreement) that is or was maintained by a corporation or other entity that was merged into, consolidated
with, or whose stock or assets were acquired by, the Company as the surviving corporation. Any such action shall be upon such terms
and conditions as the Board or Committee, in its discretion, may deem appropriate, including provisions to preserve the holder's
rights under the previously granted and unexercised stock option or other stock-based incentive award; such as, for example, retaining
an existing exercise price under an outstanding stock option. Any such assumption and continuation of any such previously granted
and unexercised incentive award shall be treated as an outstanding Incentive Award under the Plan and shall thus count against
the number of Shares reserved for issuance pursuant to Section 1.4. In addition, any Shares issued by the Company through
the assumption or substitution of outstanding grants from an acquired company shall reduce the Shares available for grants under
Section 1.4.

 

(f)         Assumption
of Incentive Awards by a Successor. Subject to the accelerated vesting and
other provisions of Section 6.8 that apply in the event of a Change in Control, in the event of a Corporate Event (defined
below), each Grantee shall be entitled to receive, in lieu of the number of Shares subject to Incentive Awards, such shares of
capital stock or other securities or property as may be issuable or payable with respect to or in exchange for the number of Shares
which Grantee would have received had he exercised the Incentive Award immediately prior to such Corporate Event, 

 

    	25

    	 

    

 

together
with any adjustments (including, without limitation, adjustments to the Option Price and the number of Shares issuable on exercise
of outstanding Stock Options). For this purpose, Shares of Restricted Stock shall be treated the same as unrestricted outstanding
Shares of Common Stock. A “Corporate Event” means any of the following: (i) a dissolution or liquidation of the Company,
(ii) a sale of all or substantially all of the Company's assets, or (iii) a merger, consolidation or combination involving the
Company (other than a merger, consolidation or combination (A) in which the Company is the continuing or surviving corporation
and (B) which does not result in the outstanding Shares being converted into or exchanged for different securities, cash or other
property, or any combination thereof). The Board or Committee shall take whatever other action it deems appropriate to preserve
the rights of Grantees holding outstanding Incentive Awards.

 

Notwithstanding
the previous paragraph of this Section 6.6(f), but subject to the accelerated vesting and other provisions of Section
6.8 that apply in the event of a Change in Control, in the event of a Corporate Event (described in the previous paragraph),
the Board or Committee, in its discretion, shall have the right and power to:

 

		(i)	cancel, effective immediately prior to the occurrence of
the Corporate Event, each outstanding Incentive Award (whether or not then exercisable) and, in full consideration of such cancellation,
pay to the Grantee an amount in cash equal to the excess of (A) the value, as determined by the Board or Committee, of the property
(including cash) received by the holders of Common Stock as a result of such Corporate Event over (B) the exercise price of such
Incentive Award, if any (for the avoidance of doubt, with respect to an Option, if the value of the amount in clause (A) is less
than the Option Price, the Option may be canceled for no consideration); provided, however, this subsection (i) shall be inapplicable
to an Incentive Award granted within six (6) months before the occurrence of the Corporate Event if the Grantee is an Insider
and such disposition is not exempt under Rule 16b-3 (or other rules preventing liability of the Insider under Section 16(b) of
the Exchange Act) and, in that event, the provisions hereof shall be applicable to such Incentive Award after the expiration of
six (6) months from the date of grant; or

 

		(ii)	provide for the exchange or substitution of each Incentive
Award outstanding immediately prior to such Corporate Event (whether or not then exercisable) for another award with respect to
the Common Stock or other property for which such Incentive Award is exchangeable and, incident thereto, make an equitable adjustment
as determined by the Board or Committee, in its discretion, in the Option Price or exercise price of the Incentive Award, if any,
or in the number of Shares or amount of property (including cash) subject to the Incentive Award; or

 

    	26

    	 

    

 

		(iii)	provide for assumption of the Plan and such outstanding
Incentive Awards by the surviving entity or its parent.

 

The Board or Committee, in its discretion, shall have the authority
to take whatever action it deems to be necessary or appropriate to effectuate the provisions of this Section 6.6(f).

 

6.7       Termination
of Employment, Death, Disability and Retirement

 

(a)        Termination
of Employment. Unless otherwise expressly provided in the Grantee's Incentive
Agreement or the Plan, if the Grantee's Employment is terminated for any reason other than due to his death, Disability, Retirement
or for Cause, any non-vested portion of any Stock Option or other Incentive Award at the time of such termination shall automatically
expire and terminate and no further vesting shall occur after the termination date. In such event, except as otherwise expressly
provided in his Incentive Agreement, the Grantee shall be entitled to exercise his rights only with respect to the portion of the
Incentive Award that was vested as of his termination of Employment date for a period that shall end on the earlier of (i) the
expiration date set forth in the Incentive Agreement or (ii) ninety (90) days after the date of his termination of Employment.

 

(b)        Termination
of Employment for Cause. Unless otherwise expressly provided in the Grantee's
Incentive Agreement or the Plan, in the event of the termination of a Grantee's Employment for Cause, all vested and non-vested
Stock Options and other Incentive Awards granted to such Grantee shall immediately expire, and shall not be exercisable to any
extent, as of 12:01 a.m. (CST) on the date of such termination of Employment.

 

(c)        Retirement.
Unless otherwise expressly provided in the Grantee's Incentive Agreement or the Plan, upon the termination of Employment due to
the Grantee’s Retirement:

 

		(i)	any non-vested portion of any outstanding Option or other Incentive Award shall immediately terminate
and no further vesting shall occur; and

 

		(ii)	any vested Option or other Incentive Award shall expire on the earlier of (A) the expiration date
set forth in the Incentive Agreement for such Incentive Award; or (B) the expiration of (1) six (6) months after the date
of his termination of Employment due to Retirement in the case of any Incentive Award other than an Incentive Stock Option or (2)
three months after his termination date in the case of an Incentive Stock Option.

 

(d)        Disability
or Death. Unless otherwise expressly provided in the Grantee's Incentive
Agreement or the Plan, upon termination of Employment as a result of the Grantee's Disability or death:

 

    	27

    	 

    

 

		(i)	any non-vested portion of any outstanding Option or other Incentive Award shall immediately terminate
upon termination of Employment and no further vesting shall occur; and

 

		(ii)	any vested Incentive Award shall expire on the earlier of either (A) the expiration date set
forth in the Incentive Agreement or (B) the one year anniversary date of the Grantee's termination of Employment date.

 

In the case
of any vested Incentive Stock Option held by an Employee following termination of Employment, notwithstanding the definition of
“Disability” in Section 1.2, whether the Employee has incurred a “Disability” for purposes of determining
the length of the Option exercise period following termination of Employment under this Section 6.7(d) shall be determined
by reference to Code Section 22(e)(3) to the extent required by Code Section 422(c)(6). The Committee shall determine whether a
Disability for purposes of this Section 6.7(d) has occurred.

 

(e)        Continuation.
Subject to the conditions and limitations of the Plan and applicable law and regulation in the event that a Grantee ceases to be
an Employee, Outside Director or Consultant, as applicable, for whatever reason, the Committee and Grantee may mutually agree with
respect to any outstanding Option or other Incentive Award then held by the Grantee (i) for an acceleration or other adjustment
in any vesting schedule applicable to the Incentive Award; (ii) for a continuation of the exercise period following termination
for a longer period than is otherwise provided under such Incentive Award; or (iii) to any other change in the terms and conditions
of the Incentive Award. In the event of any such change to an outstanding Incentive Award, a written amendment to the Grantee's
Incentive Agreement shall be required. No amendment to a Grantee’s Incentive Award shall be made to the extent compensation
payable pursuant thereto as a result of such amendment would be considered deferred compensation subject to taxation under Code
Section 409A, unless otherwise determined by the Committee.

 

6.8       Change
in Control

 

Notwithstanding any contrary provision in the Plan, in the event
of a Change in Control (as defined below), the following actions shall automatically occur as of the day immediately preceding
the Change in Control date unless expressly provided otherwise in the individual Grantee's Incentive Agreement:

 

(a)        all
of the Stock Options and Stock Appreciation Rights then outstanding shall become 100% vested and immediately and fully exercisable;

 

(b)        all
of the restrictions and conditions of any Restricted Stock Awards, Restricted Stock Units and any Other Stock-Based Awards then
outstanding shall be deemed satisfied, and the Restriction Period with respect thereto shall be deemed to have expired, and thus
each such Incentive Award shall become free of all restrictions and fully vested; and

 

    	28

    	 

    

 

(c)        all
of the Performance-Based Awards shall become fully vested, deemed earned in full, and promptly paid within thirty (30) days to
the affected Grantees without regard to payment schedules and notwithstanding that the applicable performance cycle, retention
cycle or other restrictions and conditions have not been completed or satisfied.

 

For all purposes of this Plan, a “Change in Control”
of the Company means the occurrence of any one or more of the following events:

 

(d)        The
acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”))
of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of fifty percent (50%) or more of
either (i) the then outstanding shares of common stock of the Company (the “Outstanding Company Stock”) or (ii)
the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of
directors (the “Outstanding Company Voting Securities”); provided, however, that the following acquisitions
shall not constitute a Change in Control: (i) any acquisition directly from the Company or any Subsidiary, (ii) any acquisition
by the Company or any Subsidiary or by any employee benefit plan (or related trust) sponsored or maintained by the Company or any
Subsidiary, or (iii) any acquisition by any corporation pursuant to a reorganization, merger, consolidation or similar business
combination involving the Company (a “Merger”), if, following such Merger, the conditions described in Section
6.8(c) (below) are satisfied;

 

(e)        Individuals
who, as of the Effective Date, constitute the Board of Directors of the Company (the “Incumbent Board”) cease
for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent
to the Effective Date whose election, or nomination for election by the Company's shareholders, was approved by a vote of at least
a majority of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, but excluding,
for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election
contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board;

 

(f)        Approval
by the shareholders of the Company of a Merger, unless immediately following such Merger, (i) substantially all of the holders
of the Outstanding Company Voting Securities immediately prior to Merger beneficially own, directly or indirectly, more than fifty
percent (50%) of the common stock of the corporation resulting from such Merger (or its parent corporation) in substantially the
same proportions as their ownership of Outstanding Company Voting Securities immediately prior to such Merger and (ii) at least
a majority of the members of the board of directors of the corporation resulting from such Merger (or its parent corporation) were
members of the Incumbent Board at the time of the execution of the initial agreement providing for such Merger;

 

    	29

    	 

    

 

(g)        The
sale or other disposition of all or substantially all of the assets of the Company, unless immediately following such sale or other
disposition, (i) substantially all of the holders of the Outstanding Company Voting Securities immediately prior to the consummation
of such sale or other disposition beneficially own, directly or indirectly, more than fifty percent (50%) of the common stock of
the corporation acquiring such assets in substantially the same proportions as their ownership of Outstanding Company Voting Securities
immediately prior to the consummation of such sale or disposition, and (ii) at least a majority of the members of the board of
directors of such corporation (or its parent corporation) were members of the Incumbent Board at the time of execution of the initial
agreement or action of the Board providing for such sale or other disposition of assets of the Company; or

 

(h)        The
adoption of any plan or proposal for the liquidation or dissolution of the Company.

 

Notwithstanding the foregoing provisions of this Section
6.8, to the extent that any payment (or acceleration of payment) hereunder is considered to be deferred compensation that is
subject to, and not exempt under, Code Section 409A, then the term Change in Control hereunder shall be construed to have the meaning
as set forth in Code Section 409A with respect to the payment (or acceleration of payment) of such deferred compensation, but only
to the extent inconsistent with the foregoing provisions of the Change in Control definition (above) as determined by the Incumbent
Board.

 

6.9       Exchange
of Incentive Awards

 

The Committee may, in its discretion, permit any Grantee to
surrender outstanding Incentive Awards in order to exercise or realize his rights under other Incentive Awards or in exchange for
the grant of new Incentive Awards, or require holders of Incentive Awards to surrender outstanding Incentive Awards (or comparable
rights under other plans or arrangements) as a condition precedent to the grant of new Incentive Awards. No exchange of Incentive
Awards shall be made under this Section 6.9 if such surrender causes any Incentive Award to provide for the deferral of
compensation in a manner that is subject to taxation under Code Section 409A unless otherwise determined by the Committee.

 

SECTION 7.

 

GENERAL

 

7.1       Effective
Date and Grant Period

 

The Plan shall be subject to the approval of the shareholders
of the Company within twelve (12) months after the Effective Date. Incentive Awards may be granted under the Plan at any time prior
to receipt of such shareholder approval; provided, however, if the requisite shareholder approval is not obtained within such 12-month
period, any Incentive Awards granted hereunder shall automatically become null and void and of no force or effect. Notwithstanding
the foregoing, any Incentive Award that is intended to satisfy the Performance-Based Exception

 

    	30

    	 

    

 

shall not be granted until the terms of the Plan are disclosed
to, and approved by, shareholders of the Company in accordance with the requirements of the Performance-Based Exception.

 

7.2       Funding
and Liability of Company

 

No provision of the Plan shall require the Company, for the
purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which
contributions are made, or otherwise to segregate any assets. In addition, the Company shall not be required to maintain separate
bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund
for purposes of the Plan. Although bookkeeping accounts may be established with respect to Grantees who are entitled to cash, Common
Stock or rights thereto under the Plan, any such accounts shall be used merely as a bookkeeping convenience. The Company shall
not be required to segregate any assets that may at any time be represented by cash, Common Stock or rights thereto. The Plan shall
not be construed as providing for such segregation, nor shall the Company, the Board or the Committee be deemed to be a trustee
of any cash, Common Stock or rights thereto. Any liability or obligation of the Company to any Grantee with respect to an Incentive
Award shall be based solely upon any contractual obligations that may be created by this Plan and any Incentive Agreement, and
no such liability or obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property
of the Company. The Company, Board, and Committee shall not be required to give any security or bond for the performance of any
obligation that may be created by the Plan.

 

7.3       Withholding
Taxes

 

(a)        Tax
Withholding. The Company shall have the power and the right to deduct or
withhold, or require a Grantee to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes, domestic
or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of the Plan or an
Incentive Award hereunder. Upon the lapse of restrictions on Restricted Stock, the Committee, in its discretion, may elect to satisfy
the tax withholding requirement, in whole or in part, by having the Company withhold Shares having a Fair Market Value on the date
the tax is to be determined equal to the minimum withholding taxes which could be imposed on the transaction as determined by the
Committee.

 

(b)        Share
Withholding. With respect to tax withholding required upon the exercise of
Stock Options or SARs, upon the lapse of restrictions on Restricted Stock, or upon any other taxable event arising as a result
of any Incentive Awards, Grantees may elect, subject to the approval of the Committee in its discretion, to satisfy the withholding
requirement, in whole or in part, by having the Company withhold Shares having a Fair Market Value on the date the tax is to be
determined equal to the minimum withholding taxes which could be imposed on the transaction as determined by the Committee. All
such elections shall be made in writing, signed by the Grantee, and shall be subject to any restrictions or limitations that the
Committee, in its discretion, deems appropriate.

 

(c)        Incentive
Stock Options. With respect to Shares received by a Grantee pursuant to the
exercise of an Incentive Stock Option, if such Grantee disposes of any 

 

    	31

    	 

    

 

such
Shares within (i) two years from the date of grant of such Option or (ii) one year after the transfer of such shares to the Grantee,
the Company shall have the right to withhold from any salary, wages or other compensation payable by the Company to the Grantee
an amount sufficient to satisfy the minimum withholding taxes which could be imposed with respect to such disqualifying disposition.

 

7.4       No
Guarantee of Tax Consequences

 

The Company, Board and the Committee do not make any commitment
or guarantee that any federal, state, local or foreign tax treatment will apply or be available to any person participating or
eligible to participate hereunder.

 

7.5       Designation
of Beneficiary by Participant

 

Each Grantee may, from time to time, name any beneficiary or
beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of his death
before he receives any or all of such benefit. Each such designation shall revoke all prior designations by the same Grantee, shall
be in a form prescribed by the Committee, and will be effective only when filed by the Grantee in writing with the Committee (or
its delegate), and received and accepted during the Grantee’s lifetime. In the absence of any such designation, benefits
remaining unpaid at the Grantee's death shall be paid to the Grantee's estate.

 

7.6       Deferrals

 

Subject to the requirements for compliance with, or exemption
under, Code Section 409A, if applicable, the Committee shall not permit a Grantee to defer such Grantee's receipt of the payment
of cash or the delivery of Shares under the terms of his Incentive Agreement that would otherwise be due and payable by virtue
of the lapse or waiver of restrictions with respect to Restricted Stock or another form of Incentive Award, or the satisfaction
of any requirements or goals with respect to any Incentive Awards.

 

7.7       Amendment
and Termination

 

The Board shall have the power and authority to terminate or
amend the Plan at any time in its discretion; provided, however, the Board shall not, without the approval of the shareholders
of the Company within the time period required by applicable law:

 

(a)        except
as provided in Section 6.6, increase the maximum number of Shares that may be issued under the Plan pursuant to Section
1.4;

 

(b)        amend
the requirements as to the class of Employees eligible to purchase Common Stock under the Plan;

 

(c)        extend
the term of the Plan; or,

 

(d)        if
the Company is a Publicly Held Corporation (i) increase the maximum limits on Incentive Awards to Covered Employees as set for
compliance with the Performance-Based Exception or (ii) decrease the authority granted to the Committee

 

    	32

    	 

    

 

under the Plan
in contravention of Rule 16b-3 under the Exchange Act to the extent Section 16 of the Exchange Act is applicable to the Company.

 

No termination, amendment, or modification of the Plan shall
adversely affect in any material way any outstanding Incentive Award previously granted to a Grantee under the Plan, without the
written consent of such Grantee or other designated holder of such Incentive Award.

 

In addition, to the extent that the Committee determines that
(a) the listing for qualification requirements of any national securities exchange or quotation system on which the Company's Common
Stock is then listed or quoted, if applicable, or (b) the Code (or regulations promulgated thereunder), require shareholder approval
in order to maintain compliance with such listing requirements or to maintain any favorable tax advantages or qualifications, then
the Plan shall not be amended in such respect without approval of the Company's shareholders.

 

7.8       Requirements
of Law

 

(a)        Governmental
Entities and Securities Exchanges. The granting of Incentive Awards and the
issuance of Shares under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required. Certificates evidencing Shares delivered under the Plan
(to the extent that such shares are so evidenced) may be subject to such stop transfer orders and other restrictions as the Committee
may deem advisable under the rules and regulations of the Securities and Exchange Commission, any securities exchange or transaction
reporting system upon which the Common Stock is then listed or to which it is admitted for quotation, and any applicable federal
or state securities law or regulation. The Committee may cause a legend or legends to be placed upon such certificates (if any)
to make appropriate reference to such restrictions.

 

The Company
shall not be required to sell or issue any Shares under any Incentive Award if the sale or issuance of such Shares would constitute
a violation by the Grantee or any other individual exercising the Incentive Award, or the Company, of any provision of any law
or regulation of any governmental authority, including without limitation, any federal or state securities law or regulation. If
at any time the Company shall determine, in its discretion, that the listing, registration or qualification of any Shares subject
to an Incentive Award upon any securities exchange or under any governmental regulatory body is necessary or desirable as a condition
of, or in connection with, the issuance or purchase of Shares hereunder, no Shares may be issued or sold to the Grantee or any
other individual pursuant to an Incentive Award unless such listing, registration, qualification, consent or approval shall have
been effected or obtained free of any conditions not acceptable to the Company, and any delay caused thereby shall in no way affect
the date of termination of the Incentive Award. The Company shall not be obligated to take any affirmative action in order to cause
the exercise of an Incentive Award or the issuance of Shares pursuant to the Plan to comply with any law or regulation of any governmental
authority. As to any jurisdiction that expressly imposes the requirement that an Incentive Award shall not be exercisable until
the Shares covered thereby are registered or are exempt from registration, the exercise of such Incentive Award (under circumstances
in which the laws of such jurisdiction apply) shall be

 

    	33

    	 

    

 

deemed conditioned
upon the effectiveness of such registration or the availability of such an exemption.

 

(b)        Securities
Act Rule 701. If no class of the Company's securities is registered under
Section 12 of the Exchange Act, then unless otherwise determined by the Committee, grants of Incentive Awards to “Rule 701
Grantees” (as defined below) and issuances of the underlying shares of Common Stock, if any, on the exercise or conversion
of such Incentive Awards are intended to comply with all applicable conditions of Securities Act Rule 701 (“Rule 701”),
including, without limitation, the restrictions as to the amount of securities that may be offered and sold in reliance on Rule 701,
so as to qualify for an exemption from the registration requirements of the Securities Act. Any ambiguities or inconsistencies
in the construction of an Incentive Award or the Plan shall be interpreted to give effect to such intention. In accordance with
Rule 701, each Grantee shall receive a copy of the Plan on or before the date an Incentive Award is granted to him, as well as
the additional disclosure required by Rule 701 (e) if the aggregate sales price or amount of securities sold during any consecutive
12-month period exceeds $5,000,000 as determined under Rule 701(e). If Rule 701 (or any successor provision) is amended to eliminate
or otherwise modify any of the requirements specified in Rule 701, then the provisions of this Section 7.8(b) shall be interpreted
and construed in accordance with Rule 701 as so amended. For purposes of this Section 7.8(b), as determined in accordance
with Rule 701, “Rule 701 Grantees” shall mean any Grantee other than a director of the Company, the Company's chairman,
CEO, president, chief financial officer, controller and any vice president of the Company, and any other key employee of the Company
who generally has access to financial and other business related information and possesses sufficient sophistication to understand
and evaluate such information.

 

7.9       Rule
16b-3 Securities Law Compliance for Insiders

 

If the Company is a Publicly Held Corporation, transactions
under the Plan with respect to Insiders are intended to comply with all applicable conditions of Rule 16b-3 under the Exchange
Act to the extent Section 16 of the Exchange Act is applicable to the Company. Any ambiguities or inconsistencies in the construction
of an Incentive Award or the Plan shall be interpreted to give effect to such intention, and to the extent any provision of the
Plan or action by the Committee fails to so comply, it shall be deemed null and void to the extent permitted by law and deemed
advisable by the Committee in its discretion.

 

7.10     Compliance
with Code Section 162(m) for Publicly Held Corporation

 

If the Company is a Publicly Held Corporation, unless otherwise
determined by the Committee with respect to any particular Incentive Award, it is intended that the Plan shall comply fully with
the applicable requirements so that any Incentive Awards subject to Section 162(m) that are granted to Covered Employees shall
qualify for the Performance-Based Exception. If any provision of the Plan or an Incentive Agreement would disqualify the Plan or
would not otherwise permit the Plan or Incentive Award to comply with the Performance-Based Exception as so intended, such provision
shall be construed or deemed to be amended to conform to the requirements of the Performance-Based Exception to the extent permitted
by applicable

 

    	34

    	 

    

 

law and deemed advisable by the Committee; provided, however,
no such construction or amendment shall have an adverse effect on the prior grant of an Incentive Award or the economic value to
a Grantee of any outstanding Incentive Award.

 

7.11     Compliance
with Code Section 409A

 

It is intended that Incentive Awards granted under the Plan
shall be exempt from, or if not so exempt, in compliance with, Code Section 409A, unless otherwise determined by the Committee
at the time of grant. In that respect, the Company, by action of its Board, reserves the right to amend the Plan, and the Board
and the Committee each reserve the right to amend any outstanding Incentive Agreement, to the extent deemed necessary or appropriate
either to exempt such Incentive Award from taxation under Section 409A or to comply with the requirements of Section 409A to avoid
additional taxation thereunder. Further, Grantees who are “Specified Employees” (as defined under Section 409A), shall
be required to delay payment of an Incentive Award for six (6) months after separation from service (as defined under Section 409A),
but only to the extent such Incentive Award is subject to taxation under Section 409A and such delay is required thereunder.

 

7.12     Notices

 

(a)        Notice
From Insiders to Secretary of Change in Beneficial Ownership. To the extent
Section 16 of the Exchange Act is applicable to the Company, within two business days after the date of a change in beneficial
ownership of the Common Stock issued or delivered pursuant to this Plan, an Insider should report to the Secretary of the Company
any such change to the beneficial ownership of Common Stock that is required to be reported with respect to such Insider under
Rule 16(a)-3 promulgated pursuant to the Exchange Act. Whenever reasonably feasible, Insiders will provide the Committee with advance
notification of such change in beneficial ownership.

 

(b)        Notice
to Insiders and Securities and Exchange Commission. To the extent applicable,
the Company shall provide notice to any Insider, as well as to the Securities and Exchange Commission, of any “blackout period,”
as defined in Section 306(a)(4) of the Sarbanes-Oxley Act of 2002, in any case in which Insider is subject to the requirements
of Section 304 of said Act in connection with such “blackout period.”

 

7.13     Pre-Clearance
Agreement with Brokers

 

Notwithstanding anything in the Plan to the contrary, no Shares
issued pursuant to the Plan will be delivered to a broker or dealer that receives such Shares for the account of an Insider unless
and until the broker or dealer enters into a written agreement with the Company whereby such broker or dealer agrees to report
immediately to the Secretary of the Company (or other designated person) a change in the beneficial ownership of such Shares.

 

7.14     Successors
to Company

 

All obligations of the Company under the Plan with respect to
Incentive Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such

 

    	35

    	 

    

 

successor is the result of a direct or indirect purchase, merger,
consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

 

7.15     Miscellaneous
Provisions

 

(a)        No
Employee, Consultant, Outside Director, or other person shall have any claim or right to be granted an Incentive Award under the
Plan. Neither the Plan, nor any action taken hereunder, shall be construed as giving any Employee, Consultant, or Outside Director
any right to be retained in the Employment or other service of the Company or any Parent or Subsidiary.

 

(b)        The
expenses of the Plan shall be borne by the Company.

 

(c)        By
accepting any Incentive Award, each Grantee and each person claiming by or through him shall be deemed to have indicated his acceptance
of the Plan.

 

(d)        The
proceeds received from the sale of Common Stock pursuant to the Plan shall be used for general corporate purposes of the Company.

 

7.16     Severability

 

In the event that any provision of this Plan shall be held illegal,
invalid or unenforceable for any reason, such provision shall be fully severable, but shall not affect the remaining provisions
of the Plan, and the Plan shall be construed and enforced as if the illegal, invalid, or unenforceable provision was not included
herein.

 

7.17     Gender,
Tense and Headings

 

Whenever the context so requires, words of the masculine gender
used herein shall include the feminine and neuter, and words used in the singular shall include the plural. Section headings as
used herein are inserted solely for convenience and reference and constitute no part of the interpretation or construction of the
Plan.

 

7.18     Governing
Law

 

The Plan shall be interpreted, construed and constructed in
accordance with the laws of the State of Texas without regard to its conflicts of law provisions, except as may be superseded by
applicable laws of the United States.

 

[Signature page follows.]

 

    	36

    	 

    

 

IN WITNESS WHEREOF, the Company has caused this Plan to be duly
executed in its name and on its behalf by its duly authorized officer, on this 20th day of April, 2011, to be effective as of the
Effective Date.

 

	 	ASTROTECH CORPORATION
	 	 
	 	By: 	/s/ Thomas B. Pickens III

 

	 	Name: 	Thomas B. Pickens III
	 	 	 
	 	Title: 	Chairman & CEO

 

    	37

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00238-of-00352.parquet"}]]