<SEC-DOCUMENT>0001104659-22-056987.txt : 20220506
<SEC-HEADER>0001104659-22-056987.hdr.sgml : 20220506
<ACCEPTANCE-DATETIME>20220506160829
ACCESSION NUMBER:		0001104659-22-056987
CONFORMED SUBMISSION TYPE:	S-8 POS
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20220506
DATE AS OF CHANGE:		20220506
EFFECTIVENESS DATE:		20220506

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vericel Corp
		CENTRAL INDEX KEY:			0000887359
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				943096597
		STATE OF INCORPORATION:			MI
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-231163
		FILM NUMBER:		22901105

	BUSINESS ADDRESS:	
		STREET 1:		64 SIDNEY ST.
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139
		BUSINESS PHONE:		7349305555

	MAIL ADDRESS:	
		STREET 1:		64 SIDNEY ST.
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AASTROM BIOSCIENCES INC
		DATE OF NAME CHANGE:	19960428
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8 POS
<SEQUENCE>1
<FILENAME>tm2214640d2_s8pos.htm
<DESCRIPTION>S-8 POS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0.5in"><B>Registration No.&nbsp;333-231163</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-241700</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on May&nbsp;6, 2022.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES SECURITIES AND EXCHANGE<BR>
COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POST-EFFECTIVE AMENDMENT
NO. 1 TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT ON FORM&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registration No.&nbsp;333-231163)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POST-EFFECTIVE AMENDMENT NO. 1 TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT ON FORM&nbsp;S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registration No.&nbsp;333-241700)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER<BR>
THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vericel Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; padding: 0.25pt; font-size: 10pt; text-align: center"><B>Michigan</B></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 49%; padding: 0.25pt; font-size: 10pt; text-align: center"><B>94-3096597</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; text-align: center">(I.R.S. employer identification no.)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; text-align: center">of incorporation or organization)</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>64 Sidney St.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cambridge, Massachusetts 02139<BR>
</B>(Address of principal executive offices) (Zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vericel Corporation 2019 Omnibus Incentive
Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vericel Corporation 2022 Omnibus Incentive
Plan<BR>
</B>(Full title of the plans)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dominick Colangelo<BR>
President and Chief Executive Officer<BR>
Vericel Corporation<BR>
64 Sidney St.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cambridge, Massachusetts 02139<BR>
</B>(Name and address of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(617) 588-5555</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone Number,&nbsp;Including area code, of
Agent for Service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Copy to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Keith M. Townsend</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Robert J. Leclerc</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">King&nbsp;&amp; Spalding LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1180 Peachtree Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Atlanta, Georgia 30309</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(404) 572-4600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%; padding: 0.25pt; font-size: 10pt">Large accelerated filer</TD>
    <TD STYLE="width: 32%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="width: 25%; padding: 0.25pt; font-size: 10pt">Accelerated filer</TD>
    <TD STYLE="width: 24%; padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Non-accelerated filer</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Smaller reporting company</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Emerging growth company</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Wingdings">o</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act. <FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 12pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May&nbsp;1, 2019, Vericel Corporation, formerly
Aastrom Biosciences,&nbsp;Inc. (the &ldquo;Registrant&rdquo;), filed a registration statement on Form&nbsp;S-8 (Registration No.&nbsp;333-231163)
with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) to register 3,325,446 shares of the Registrant&rsquo;s Common Stock,
no par value per share (the &ldquo;Common Stock&rdquo;), authorized and issuable under the Vericel Corporation 2019 Omnibus Incentive
Plan (the &ldquo;2019 Plan&rdquo;). The Registrant paid a registration fee of $7,025.06 at that time to register the securities. On August&nbsp;6,
2020, the Registrant filed a registration statement on Form&nbsp;S-8 (Registration No.&nbsp;333-241700) to register an additional 2,400,000
shares of Common Stock issuable pursuant to the 2019 Plan. The Registrant paid a registration fee of $5,121.39 to register the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May&nbsp;1, 2019, the Registrant filed a Post-Effective
Amendment No.2 to the registration statements on Form&nbsp;S-8 filed in connection with the Registrant&rsquo;s 2004 Equity Incentive
Plan (the &ldquo;2004 Plan&rdquo;) and the Registrant&rsquo;s 2009 Omnibus Incentive Plan (as amended and restated, the &ldquo;2009 Plan&rdquo;),
and a Post-Effective Amendment No.1 to the registration statements on Form&nbsp;S-8 filed in connection with the Registrant&rsquo;s 2017
Omnibus Incentive Plan (the &ldquo;2017 Plan&rdquo; and, together with the 2004 Plan, 2009 Plan, and 2019 Plan, the &ldquo;Prior Plans&rdquo;)
to reflect that as any shares subject to outstanding awards under the 2004 Plan, 2009 Plan, and 2017 Plan, are terminated canceled surrendered,
settled for cash, or forfeited, a corresponding number of shares registered under the 2019 Plan will automatically be added to the number
of shares that may be issued under the 2019 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April&nbsp;27, 2022 (the &ldquo;Effective Date&rdquo;),
the Registrant&rsquo;s shareholders approved the adoption of the Vericel Corporation 2022 Omnibus Incentive Plan (the &ldquo;New Plan&rdquo;)
and the transfer of available shares under the 2019 Plan for issuance under the New Plan. Pursuant to the terms of the New Plan, shares
subject to awards that were previously outstanding under the Prior Plans that are terminated, canceled, surrendered, settled for cash
or forfeited after the Effective Date of the New Plan are available for awards under the New Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the undertaking in Item 512(a)(1)(iii)&nbsp;of
Regulation S-K that the Registrant disclose a material change in the plan of distribution, the Registrant is filing this Post-Effective
Amendment No.&nbsp;1 to the registration statements on Form&nbsp;S-8 filed in connection with the 2019 Plan to reflect that 2,822,710
available shares under the 2019 Plan are available for issuance under the New Plan and that there are 6,068,438 shares subject to outstanding
awards under the Prior Plans. As awards are terminated, canceled, surrendered, settled for cash or forfeited under the Prior Plans, a
corresponding number of shares registered pursuant to this Registration Statement will automatically be added to the number of shares
that may be issued under the New Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION&nbsp;10A
PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 1. Plan Information.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The documents containing the information specified
in this Item 1 will be sent or given to participants as specified by Rule&nbsp;428(b)(1)&nbsp;under the Securities Act. In accordance
with the rules&nbsp;and regulations of the Commission and the instructions to Form&nbsp;S-8, such documents are not being filed with
the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule&nbsp;424 under
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2. Registrant Information and Employee Plan Annual Information.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The documents containing the information specified
in this Item 2 will be sent or given to participants as specified by Rule&nbsp;428(b)(1)&nbsp;under the Securities Act. In accordance
with the rules&nbsp;and regulations of the Commission and the instructions to Form&nbsp;S-8, such documents are not being filed with
the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule&nbsp;424 under
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company hereby incorporates by reference
in this Registration Statement the following documents previously filed by the Company with the Commission:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887359/000162828022003661/vcel-20211231.htm" STYLE="color: Blue; -sec-extract: exhibit">a)</A></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887359/000162828022003661/vcel-20211231.htm" STYLE="color: Blue; -sec-extract: exhibit">The Company&rsquo;s Annual Report on Form&nbsp;10-K for the year
                                            ended December&nbsp;31, 2021, as filed with the Commission on February&nbsp;24, 2022;</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828022012151/vcel-20220331.htm">b).</A></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828022012151/vcel-20220331.htm">The Company's Quarterly Report on Form 10-Q for the period ended March 31, 2022, as filed with the Commission on May 4, 2022;</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887359/000110465922053666/tm2213824d1_8k.htm" STYLE="color: Blue; -sec-extract: exhibit">c).</A></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887359/000110465922053666/tm2213824d1_8k.htm" STYLE="color: Blue; -sec-extract: exhibit">The Company&rsquo;s Current Report on Form&nbsp;8-K filed with the
                                            Commission on April&nbsp;29, 2022;</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887359/000110465922026723/tm227640d2_8k.htm" STYLE="color: Blue; -sec-extract: exhibit">d).</A></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887359/000110465922026723/tm227640d2_8k.htm" STYLE="color: Blue; -sec-extract: exhibit">The Company&rsquo;s Current Report on Form&nbsp;8-K filed with the
                                            Commission on February&nbsp;24, 2022 (regarding Item 5.02);</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887359/000110465922010829/tm225156d1_8k.htm" STYLE="color: Blue; -sec-extract: exhibit">e).</A></TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/0000887359/000110465922010829/tm225156d1_8k.htm" STYLE="color: Blue; -sec-extract: exhibit">The Company&rsquo;s Current Report on Form&nbsp;8-K filed with the
                                            Commission on February&nbsp;2, 2022;</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">f).</TD><TD>All other reports filed by the Registrant pursuant to Sections 13(a)&nbsp;or
                                            15(d)&nbsp;of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
                                            since December&nbsp;31, 2021; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><A HREF="http://www.sec.gov/Archives/edgar/data/887359/0000950130-96-004174-index.html" STYLE="-sec-extract: exhibit">g).</A></TD><TD><A HREF="http://www.sec.gov/Archives/edgar/data/887359/0000950130-96-004174-index.html" STYLE="-sec-extract: exhibit">The description of the Company&rsquo;s Common Stock contained in
                                            the Registrant&rsquo;s registration statement on S-1 dated November&nbsp;1, 1996, filed with
                                            the Commission pursuant to Section&nbsp;12 of Exchange Act, including any amendment thereto
                                            or report filed for the purpose of updating such description.&nbsp;</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All documents subsequently filed with the Commission
by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act, prior to the filing of a post-effective amendment
which indicates that all securities offered herein have been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any statement contained herein, or in a document
all or a portion of which is incorporated or deemed to be incorporated by reference herein, shall be deemed to be modified or superseded
for purposes of this registration statement to the extent that a statement contained herein or in any other subsequently filed document
which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Interests of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Sections 561 through 571 of the Michigan Business
Corporation Act (the &ldquo;MBCA&rdquo;) authorize a corporation to grant or a court to award, indemnity to directors, officers, employees
and agents in terms sufficiently broad to permit such indemnification under certain circumstances for liabilities (including reimbursement
for expenses incurred) arising under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Amended and Restated Bylaws of the Company
(the &ldquo;Bylaws&rdquo;) provide that the Company shall, to the fullest extent authorized or permitted by the MBCA, or other applicable
law, indemnify a director or officer who was or is a party or is threatened to be made a party to any proceeding by or in the right of
the Company to procure a judgment in its favor by reason of the fact that such person is or was a director, officer, employee or agent
of the Company, against expenses, including actual and reasonable attorneys&rsquo; fees, and amounts paid in settlement incurred in connection
with the action or suit, if the indemnitee acted in good faith and in a manner the person reasonably believed to be in, or not opposed
to, the best interests of the Company or its shareholders. The Bylaws also authorize the Company to advance expenses incurred by any
officer or director of the Company in defending any proceeding prior to the final disposition of such proceeding upon receipt of an undertaking
by or on behalf of the agent to repay such amount unless it shall be determined ultimately that the agent is entitled to be indemnified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Bylaws also authorize the Company to purchase
and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Company against any liability
asserted against or incurred by such person in such capacity or arising out of such person&rsquo;s status as such, regardless of whether
the Company would have the power to indemnify such person against such liability under the provisions of the MBCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company has entered into an indemnification
agreement with each of its directors (each, an &ldquo;Agreement&rdquo;). Each Agreement provides that the Company will indemnify each
director to the fullest extent permitted by law for claims arising in his or her capacity as a director of the Company, provided that
such director acted in good faith and in a manner that he or she reasonably believed to be in, or not opposed to, the Company&rsquo;s
best interests and, with respect to any criminal proceeding, had no reasonable cause to believe that his or her conduct was unlawful.
In the event that the Company does not assume the defense of a claim against a director, the Company is required to advance such director&rsquo;s
expenses in connection with his or her defense, provided that the director undertakes to repay all amounts advanced if it is ultimately
determined that he or she is not entitled to be indemnified by the Company. A copy of the form of Agreement is filed as Exhibit&nbsp;10.1
to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed on August&nbsp;31, 2010 and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section&nbsp;209 of the MBCA permits a Michigan
corporation to include in its Articles of Incorporation a provision eliminating or limiting a director&rsquo;s liability to a corporation
or its shareholders for monetary damages for breaches of fiduciary duty. Section&nbsp;209 of the MBCA provides, however, that liability
for any of the following may not be eliminated: the amount of a financial benefit received by a director to which he or she is not entitled,
intentional infliction of harm on the corporation or the shareholders, a violation of Section&nbsp;551 of the MBCA, or an intentional
criminal act. The Company&rsquo;s Restated Articles of Incorporation, as amended, include a provision which eliminates, to the fullest
extent permitted by the MBCA, director liability for monetary damages for breaches of fiduciary duty, except under the circumstances
required to be excepted under the MBCA as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company has obtained director and officer
liability insurance for the benefit of its directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Exemption From Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">See the Exhibit&nbsp;Index which is incorporated
into this Item 8 by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>To file, during any period in which offers or sales are being made,
                                            a post-effective amendment to this registration statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>To include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of
                                            the Securities Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the
                                            effective date of the registration statement (or the most recent post-effective amendment
                                            thereof) which, individually or in the aggregate, represent a fundamental change in the information
                                            set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease
                                            in volume of securities offered (if the total dollar value of securities offered would not
                                            exceed that which was registered) and any deviation from the low or high end of the estimated
                                            maximum offering range may be reflected in the form of prospectus filed with the Commission
                                            pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in volume and price represent
                                            no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
                                            of Registration Fee&rdquo; table in the effective registration statement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>To include any material information with respect to the plan of
                                            distribution not previously disclosed in the registration statement or any material change
                                            to such information in the registration statement; <U>provided</U>, <U>however</U>, that
                                            paragraphs (1)(i)&nbsp;and (1)(ii)&nbsp;do not apply if the information required to be included
                                            in a post-effective amendment by those paragraphs is contained in periodic reports filed
                                            with or furnished to the Securities and Exchange Commission by the registrant pursuant to
                                            Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Exchange Act that are incorporated by reference
                                            in the registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities
                                            Act, each such post-effective amendment shall be deemed to be a new registration statement
                                            relating to the securities offered therein, and the offering of such securities at that time
                                            shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>To remove from registration by means of a post-effective amendment
                                            any of the securities being registered which remain unsold at the termination of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the registrant&rsquo;s annual report pursuant
to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act (and, where applicable, each filing of an employee benefit
plan&rsquo;s annual report pursuant to Section&nbsp;15(d)&nbsp;of the Exchange Act) that is incorporated by reference in the registration
statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been
settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT&nbsp;INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 6%; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000129993309004957/exhibit1.htm" STYLE="color: Blue; -sec-extract: exhibit">3.1</A></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 93%; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000129993309004957/exhibit1.htm" STYLE="color: Blue; -sec-extract: exhibit">Restated Articles of Incorporation of the Company,
    filed as Exhibit&nbsp;4.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K filed with the Securities and Exchange Commission
    on December&nbsp;17, 2009 and incorporated herein by reference (File No.&nbsp;000-22025).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000095012310030777/b80276exv3w2.htm" STYLE="color: Blue; -sec-extract: exhibit">3.2</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000095012310030777/b80276exv3w2.htm" STYLE="color: Blue; -sec-extract: exhibit">Certificate of Amendment to Restated Articles of Incorporation
    of the Company dated February&nbsp;9, 2010, filed as Exhibit&nbsp;3.2 to the Company&rsquo;s Post-Effective Amendment No.&nbsp;1
    to Form&nbsp;S-1 filed on March&nbsp;31, 2010 and incorporated herein by reference (File No.&nbsp;333-160044).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000095012311029237/a59068exv3w1.htm" STYLE="color: Blue; -sec-extract: exhibit">3.3</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000095012311029237/a59068exv3w1.htm" STYLE="color: Blue; -sec-extract: exhibit">Certificate of Amendment to Restated Articles of Incorporation
    of the Company dated March&nbsp;22, 2011, filed as Exhibit&nbsp;3.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K, filed
    on March&nbsp;25, 2011 and incorporated herein by reference (File No.&nbsp;000-22025).</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>

<TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 6%"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000110465913075144/a13-22026_1ex3d1.htm" STYLE="color: Blue; -sec-extract: exhibit">3.4</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt; width: 93%"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000110465913075144/a13-22026_1ex3d1.htm" STYLE="color: Blue; -sec-extract: exhibit">Certificate of Amendment to Restated Articles of Incorporation
    of the Company dated October&nbsp;8, 2013, filed as Exhibit&nbsp;3.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K, filed
    on October&nbsp;10, 2013 and incorporated herein by reference (File No.&nbsp;001-35280).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000110465913075144/a13-22026_1ex3d2.htm" STYLE="color: Blue; -sec-extract: exhibit">3.5</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000110465913075144/a13-22026_1ex3d2.htm" STYLE="color: Blue; -sec-extract: exhibit">Certificate of Amendment to Restated Articles of Incorporation
    of the Company dated October&nbsp;9, 2013, filed as Exhibit&nbsp;3.2 to the Company&rsquo;s Current Report on Form&nbsp;8-K, filed
    on October&nbsp;10, 2013 and incorporated herein by reference (File No.&nbsp;001-35280).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000110465914083052/a14-25082_1ex3d1.htm" STYLE="color: Blue; -sec-extract: exhibit">3.6</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000110465914083052/a14-25082_1ex3d1.htm" STYLE="color: Blue; -sec-extract: exhibit">Certificate of Amendment to Restated Articles of Incorporation
    of the Company dated November&nbsp;21, 2014, filed as Exhibit&nbsp;3.1 to the Company&rsquo;s Current Report on Form&nbsp;8-K, filed
    on November&nbsp;24, 2014 and incorporated herein by reference (File No.&nbsp;001-35280).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000129993310004053/exhibit1.htm" STYLE="color: Blue; -sec-extract: exhibit">3.7</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000129993310004053/exhibit1.htm" STYLE="color: Blue; -sec-extract: exhibit">Amended and Restated Bylaws, filed as Exhibit&nbsp;3.1 to the Company&rsquo;s
    Current Report on Form&nbsp;8-K filed on November&nbsp;12, 2010 and incorporated herein by reference (File No.&nbsp;000-22025).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/887359/000120677422000743/vcel3982361-def14a.htm" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/887359/000120677422000743/vcel3982361-def14a.htm" STYLE="-sec-extract: exhibit">Vericel Corporation 2022 Omnibus Incentive Plan, attached as Appendix
    I to the Company&rsquo;s Proxy Statement filed on March&nbsp;17, 2022, incorporated herein by reference (File No.&nbsp;001-35280).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="tm2214640d2_ex5-1.htm" STYLE="-sec-extract: exhibit">5.1*</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="tm2214640d2_ex5-1.htm" STYLE="-sec-extract: exhibit">Opinion of Dykema Gossett PLLC.</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="tm2214640d2_ex23-1.htm">23.1*</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="tm2214640d2_ex23-1.htm">Consent of PricewaterhouseCoopers LLP,&nbsp;Independent Registered
    Public Accounting Firm.</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="tm2214640d2_ex5-1.htm" STYLE="-sec-extract: exhibit">23.2*</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="tm2214640d2_ex5-1.htm" STYLE="-sec-extract: exhibit">Consent of Dykema Gossett PLLC (included in Exhibit&nbsp;5.1 hereto).</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="#a_001">24.1*</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font-size: 10pt"><A HREF="#a_001">Power of Attorney (included in signature pages&nbsp;to this Registration
    Statement).</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form&nbsp;S-8
and has duly caused this Post-Effective Amendment No.1 to the registration statements on Form&nbsp;S-8 filed in connection with 2019
Plan to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Cambridge, Commonwealth of Massachusetts,
on May&nbsp;6, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><B>VERICEL CORPORATION</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 5%; padding: 0.25pt; font-size: 10pt">By:</TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 0.5pt; font-size: 10pt">/s/ Dominick Colangelo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">Dominick Colangelo</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font-size: 10pt">President and Chief Executive Officer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We, the undersigned officers and directors of
Vericel Corporation, hereby severally constitute and appoint Dominick Colangelo and Joseph Mara, and each of them singly, our true and
lawful attorneys, with full power to sign for us in our names in the capacities indicated below, any amendments to this Post-Effective
Amendment No.1 to the registration statements on Form&nbsp;S-8 filed in connection with the 2019 Plan , and to file the same, with all
exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, and generally to do all things
in our names and on our behalf in our capacities as officers and directors to enable Vericel Corporation, to comply with the provisions
of the Securities Act of 1933, as amended, hereby ratifying and confirming our signatures as they may be signed by our said attorneys,
or any of them, to said Post-Effective Amendment No.1 to the registration statements on Form&nbsp;S-8 filed in connection with the 2019
Plan and all amendments thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Post-Effective Amendment No.1 to the registration statements on Form&nbsp;S-8 filed in connection with
the 2019 Plan have been signed by the following persons in the capacities indicated on May&nbsp;6, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt; text-align: center; width: 48%"><B>Signature</B></TD>
    <TD STYLE="padding: 0.25pt; width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt; text-align: center; width: 48%"><B>Title</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt">/s/ Dominick Colangelo</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">President and Chief Executive Officer, Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">Dominick Colangelo</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">(Principal Executive Officer)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt">/s/ Joseph Mara</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">Chief Financial Officer</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">Joseph Mara</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">(Principal Financial Officer)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt">/s/ Jonathan Siegal</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">Vice President and Corporate Controller</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">Jonathan Siegal</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;(Principal Accounting Officer)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt">/s/ Robert Zerbe, M.D.</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">Chairman of the Board of Directors</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">Robert Zerbe, M.D.</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt">/s/ Alan Rubino</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">Alan Rubino</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt">/s/ Heidi Hagen</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">Heidi Hagen</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt">/s/ Steven Gilman</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">Steven Gilman</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt">/s/ Kevin McLaughlin</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">Kevin McLaughlin</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt">/s/ Paul Wotton</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">Paul Wotton</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt">/s/ Lisa Wright</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">Director</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">Lisa Wright</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 9; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2214640d2_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 70%"><IMG SRC="tm2214640d2_ex5-1img001.jpg" ALT=""></TD>
  <TD STYLE="width: 30%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dykema Gossett PLLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">39577 Woodward Avenue<BR>
Suite 300<BR>
Bloomfield Hills, MI 48304</P>

<P STYLE="font: small-caps 10pt Times New Roman, Times, Serif; margin: 0pt 0">www.dykema.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel: &nbsp;&nbsp;&nbsp;&nbsp;(248) 203-0700<BR>
Fax: &nbsp;&nbsp;&nbsp;&nbsp;(248) 203-0763</P>
</TD></TR>
</TABLE>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 6, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Vericel Corporation<BR> 64 Sidney Street<BR>
Cambridge, Massachusetts 02139</P>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font-weight: normal">Re:</FONT></TD><TD STYLE="text-align: justify">Post-Effective Amendment No.
                                            1 to Vericel Corporation Registration Statement on Forms S-8 (Registration No. 333-231163,
                                            and 333-241700) (collectively, the &ldquo;<B>Registration Statements</B>&rdquo;) Registering
                                            Shares Issuable under the 2022 Omnibus Incentive Plan (collectively, the &ldquo;<B>Amendment</B>&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As special counsel for
Vericel Corporation, a Michigan corporation (the &ldquo;<B>Company</B>&rdquo;), we are rendering this opinion in connection with the
Company&rsquo;s registration under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), of (i)
2,822,710 shares of the Common Stock, no par value, of the Company, that were authorized and remain available for issuance
under the Company&rsquo;s 2019 Omnibus Incentive Plan (as amended and restated, the &ldquo;<B>2019 Plan</B>&rdquo;), and  are
shares subject to outstanding awards granted under the 2004 Equity Incentive Plan (the &ldquo;<B>2004 Plan</B>&rdquo;), the 2009
Omnibus Incentive Plan (as amended and restated, the &ldquo;<B>2009 Plan</B>&rdquo;), and 2017 Omnibus Incentive Plan (the
 &ldquo;<B>2017 Plan</B>,&rdquo; and, together with the 2004 Plan, 2009 Plan, and 2019 Plan, the &ldquo;<B>Prior Plans</B>&rdquo;)
and any forfeitures of shares under outstanding awards on or after the date of the Amendment (the &ldquo;<B>Remaining Prior Plan
Shares</B>&rdquo;). The Remaining Prior Plan Shares are on and after the date of the Amendment available for issuance under the
Vericel Corporation 2019 Omnibus Incentive Plan (the &ldquo;<B>New Plan</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have examined all instruments,
documents, and records that we deemed relevant and necessary for the basis of our opinion hereinafter expressed. In such examination,
we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of original documents
and the conformity to original documents of all photostatic and facsimile copies submitted to us, and the due execution and delivery
of all documents by any party where due execution and delivery are a prerequisite to the effectiveness thereof. We have assumed that
all information contained in all documents reviewed by us is true and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California
    | Illinois | Michigan | Minnesota | Texas | Washington, D.C.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><IMG SRC="tm2214640d2_ex5-1img002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">May 6, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In rendering the opinions
set forth herein, we have assumed that, at the time of the issuance of the Remaining Prior Plan Shares pursuant to awards granted under
the New Plan (the &ldquo;<B>Award Shares</B>&rdquo;), (i) the resolutions of the Company with respect to the authorization of the issuance
of the Remaining Prior Plan Shares and related matters thereto will not have been modified or rescinded, (ii) there will not have occurred
any change in the law affecting the authorization, execution, delivery, validity or fully paid status of the Company&rsquo;s Common Stock,
(iii) all requirements of the Michigan Business Corporation Act, the Amended and Restated Articles of Incorporation and Amended and Restated
Bylaws, as amended to date, will be complied with when the Award Shares are issued, (iv) sufficient shares of Common Stock will be authorized
for issuance under the Amended and Restated Articles of Incorporation of the Company that have not otherwise been issued or reserved
for issuance and (v) neither the issuance nor sale of the Award Shares will result in a violation of any agreement or instrument then
binding upon the Company or any order of any court or governmental body having jurisdiction over the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on our examination,
we are of the opinion that the Remaining Prior Plan Shares issued under the New Plan, have been duly authorized and, when issued against
payment of the purchase price therefor and in accordance with the provisions of the New Plan, will be validly issued, fully paid, and
non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The opinion expressed herein
is limited to the laws of the State of Michigan. We express no opinion and make no representation with respect to the law of any other
jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We consent to the inclusion
of this opinion as an exhibit to the Registration Statements and to the reference to our firm in the Registration Statements. Such consent
does not constitute a consent under Section 7 of the Act, because we have not certified any part of such Registration Statements and
do not otherwise come within the categories of persons whose consent is required under Section 7 of the Act or the rules and regulations
of the Securities and Exchange Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dykema Gossett <FONT STYLE="font-size: 10pt; font-variant: small-caps"></FONT><B>pllc</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/jmw</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="color: Black; text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California
| Illinois | Michigan | Minnesota | Texas | Washington, D.C.</FONT></P>



<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: small-caps bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2214640d2_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hereby consent to the incorporation by reference in this Registration
Statement on Form<B>&nbsp;</B>S-8 of Vericel Corporation of our report dated February&nbsp;24, 2022 relating to the financial statements,
and the effectiveness of internal control over financial reporting, which appears in Vericel Corporation's Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, Massachusetts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;6, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>tm2214640d2_ex5-1img001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2214640d2_ex5-1img001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !# ,(# 2(  A$! Q$!_\0
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)** "BBB@#__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tm2214640d2_ex5-1img002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2214640d2_ex5-1img002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  X &L# 2(  A$! Q$!_\0
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M.*S?BYHEZTVAZWHF(]32\-D7 _AN%\K<?I\H_&O4!"@Z*H^@H>))  ZA@"&
M(SR#D'\#0!X]\0]'@T-_AGI5FK&"SU:")2>I 9.3]>M;WA[3=4UW4M?\06>M
M26$5[?O#&BVZONC@_=*V3ZE6/XUZ(8U8@L <=,BE50HP* /#_"5K=^ ?CG?Z
M+=3&:UUZ(SQS;=H9\LX) X'(D7'N*]QIIC4D$@9'?%.H **** "BBB@ HHHH
3 **** "BBB@ HHHH **** /_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
