te Boekhorst Paul Francis Olivier 4

What Happened
Paul te Boekhorst, President & CEO and a director of Immucell Corp (ICCC), was granted a derivative award covering 110,000 shares on January 27, 2026. The Form 4 reports the acquisition price as $0 and lists the award as a derivative (stock option), not an immediate purchase of common stock.

Key Details

• Transaction date: 2026-01-27; Form 4 filed: 2026-01-29 (timely filing).
• Grant: 110,000 share-equivalent stock option award; acquisition price shown as $0 (derivative).
• Shares owned after transaction: Not specified in the filing.
• Footnote: The option will be treated as an incentive stock option to the extent allowed by law; any remaining portion will be a nonqualified stock option. Vesting is 100% contingent on the company achieving net operating income for four consecutive calendar quarters equal to or exceeding 300% of Immucell’s audited net operating income for its 2025 fiscal year.

Context
This was an option grant (future upside if performance targets are met), not an immediate cash purchase or sale. The $0 acquisition value reflects that the filing reports a derivative award; it does not mean the grant has no potential economic value. Because vesting is entirely performance‑based, the award only converts into exercisable options if the specified financial goal is achieved.