<SEC-DOCUMENT>0001104659-23-063136.txt : 20230522
<SEC-HEADER>0001104659-23-063136.hdr.sgml : 20230522
<ACCEPTANCE-DATETIME>20230522160603
ACCESSION NUMBER:		0001104659-23-063136
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20230522
DATE AS OF CHANGE:		20230522
EFFECTIVENESS DATE:		20230522

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
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-272119
		FILM NUMBER:		23944412

	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
<SEQUENCE>1
<FILENAME>tm2316449d1_s8.htm
<DESCRIPTION>FORM S-8
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-</B></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;22, 2023.</B></P>

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

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<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>UNITED STATES SECURITIES AND EXCHANGE
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">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;S-8</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>REGISTRATION STATEMENT<BR>
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; 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%">
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: center; width: 49%"><B>Michigan</B></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; text-align: center; width: 49%"><B>94-3096597</B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; 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; text-align: center">(I.R.S. employer identification no.)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; 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; 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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Keith Townsend</B></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; text-align: center">King&nbsp;&amp; Spalding LLP</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; text-align: center">Atlanta, Georgia 30309</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Tel: (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: 0.25in">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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 44%">Large accelerated filer</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 5%"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 44%">Accelerated filer</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 5%"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">Non-accelerated filer</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">Smaller reporting company</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" 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">Emerging growth company</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><FONT STYLE="font-family: Wingdings">&#168;</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; text-indent: 0.25in">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">&#168;</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>

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<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>

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<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">&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: 0.25in">This Registration Statement on Form&nbsp;S-8
(the &ldquo;Registration Statement&rdquo;) is filed by Vericel Corporation (the &ldquo;Company&rdquo;) for the purpose of registering
$25,000,000 of deferred compensation obligations of the Company under the Vericel Corporation Deferred Compensation Plan (the &ldquo;Plan&rdquo;).</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; 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; text-align: center"><B>PART&nbsp;II</B></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)</TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828023004714/vcel-20221231.htm" STYLE="-sec-extract: exhibit">The Company&rsquo;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2022, as filed with the Commission on February&nbsp;23, 2023;</A></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">b)</TD><TD><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000162828023017039/vcel-20230331.htm" STYLE="-sec-extract: exhibit">The Company&rsquo;s Quarterly Report on Form&nbsp;10-Q for the period ended March&nbsp;31, 2023, as filed with the Commission on May&nbsp;10, 2023;</A></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">c)</TD><TD>The Company&rsquo;s <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/887359/000114036123023201/brhc20052514_8k.htm" STYLE="-sec-extract: exhibit">Current Report on Form&nbsp;8-K filed with the Commission on May&nbsp;5, 2023</A>;</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">d)</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, 2022; and</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">e)</TD><TD>The <A HREF="https://www.sec.gov/Archives/edgar/data/887359/0000950130-96-004174-index.html" STYLE="-sec-extract: exhibit">description of the Company&rsquo;s Common Stock contained in the Registrant&rsquo;s registration statement on S-1 dated November&nbsp;1, 1996</A>, 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.</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"></P>

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<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">The following description of our Deferred Compensation
Obligations under the Plan is qualified by reference to the Plan. Capitalized terms used in this Item 4 and not otherwise defined in
this Registration Statement shall have the respective meanings attributed to such terms in the Plan. As used herein, &ldquo;Deferred
Compensation Obligations&rdquo; are general unsecured and unfunded obligations to pay deferred compensation in the future in accordance
with the terms of the 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: 0.25in">The Deferred Compensation Obligations being registered
under this Registration Statement are to be offered to non-employee directors and, as determined by the Compensation Committee of the
Board of Directors of the Company (the &ldquo;Board,&rdquo; and such committee the &ldquo;Compensation Committee&rdquo;) in its sole
discretion, a select group of management or highly compensated employees of the Company.</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 amount of compensation deferred by each participant
in the Plan is determined in accordance with the Plan based upon elections by each Plan participant. Pursuant to the Plan, a Plan participant
may elect to defer up to 100% of his or her annual base salary, annual bonus and/or cash director fees, as applicable. In addition, a
Plan participant may elect to defer up to 100% of each of his or her grants of restricted stock units (&ldquo;RSUs&rdquo;) under the
Company&rsquo;s 2022 Omnibus Incentive Plan, as may be amended from time to time (the &ldquo;Equity Plan&rdquo;). The Company may also
be required, in accordance with employment or other agreements, to contribute amounts to a Plan participant&rsquo;s Plan Account. The
Plan also permits, but does not require, the Company to make discretionary contributions to participants&rsquo; Plan Accounts.</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 deferred cash amounts under the Plan are
deemed invested in one or more Measurement Funds available under the Plan, as elected by the Plan participant in accordance with the
Plan&rsquo;s procedures. Any deferred RSUs will, at the time the RSU would otherwise vest and become transferable to the Plan participant
under the terms of the Equity Plan, but for the election to defer, be reflected on the books of the Company as an unfunded, unsecured
promise to deliver to the Plan participant a specific number of actual shares of common stock, no par value of the Company (&ldquo;Stock&rdquo;)
in the future. All other deferrals under the Plan shall be paid in cash to the Plan participants. Plan participants&rsquo; deferrals
of cash compensation shall at all times be 100% vested. All unvested contributions to a Plan participant&rsquo;s account from the Company
shall become 100% vested in the event of a Change of Control or upon a Plan participant&rsquo;s death or disability.</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 portion of a Plan participant&rsquo;s Account
attributable to the deferral of RSUs pursuant to the terms of the Plan will automatically and irrevocably be allocated to the Stock Account.
Any stock dividends that are paid pursuant to the Equity Plan and related award agreements during any period that a Plan participant
holds Stock in a Stock Account, shall be credited to the Plan participant&rsquo;s Stock Account in the form of additional shares of Stock
and shall automatically and irrevocably be deemed to be re-invested in the Stock Account until such amounts are distributed to the Plan
participant. Any cash dividends that are paid pursuant to the Equity Plan and related award agreements during any period that a Plan
participant holds Stock in a Stock Account shall be credited to the Plan participant&rsquo;s Cash Account on the date on which the applicable
dividend is paid to stockholders generally or such other date as is determined by the Compensation Committee and held in the Cash Account
until such amounts are distributed to the Plan participant.</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">A Plan participant may elect to receive distributions
from his or her Plan Accounts in lump sum or annual installment payments. The Deferred Compensation Obligations generally are payable
upon the earliest to occur of a Plan participant&rsquo;s Separation from Service or the date(s)&nbsp;elected by the Plan participant.
Upon a qualifying disability, a death, or a Change in Control of the Company, the Deferred Compensation Obligations become immediately
payable in a lump sum. The Deferred Compensation Obligations also may become payable or partially payable upon a Plan participant&rsquo;s
qualifying Unforeseeable Emergency. However, any RSU deferrals will only be payable to the extent vested under the terms of the Equity
Plan and related award agreements. Any distributions representing RSUs are payable in Stock issued pursuant to the Equity Plan. This
Registration Statement relates to the registration of the Deferred Compensation Obligations and not the registration of any shares of
Stock issuable upon settlement of any RSU deferrals.</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>

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<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 Deferred Compensation Obligations are not
subject to sale, assignment, transfer, pledge, anticipation or mortgage and cannot otherwise be encumbered, transferred, hypothecated,
alienated or conveyed in advance of their payment. Before actual payment, the Deferred Compensation Obligations also are not subject
to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by
a Plan participant or any other person, nor are they transferable by operation of law in the event of a Plan participant&rsquo;s or any
other person&rsquo;s bankruptcy or insolvency or transferable to a spouse as a result of a property settlement or otherwise, including,
but not limited to, a domestic relations order. A Plan participant may, in accordance with the Plan&rsquo;s procedures, designate one
or more beneficiaries to receive any Plan benefits payable upon the Plan participant&rsquo;s death.</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">However, the Deferred Compensation Obligations
are subject to any policy of the Company or any affiliate that provides for forfeiture, disgorgement or clawback with respect to incentive
compensation, including any RSU deferrals, and are further subject to forfeiture and disgorgement to the extent required by law or applicable
stock exchange listing standards.</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 Plan is administered by the Compensation
Committee, which has the power to make, amend, interpret and enforce all appropriate rules&nbsp;and regulations for the administration
of the Plan, to construe and resolve all questions arising under the Plan, and otherwise to carry out the terms of the Plan. The Company,
by action of its Board, may terminate the Plan at any time and, by action of the Board (or the Compensation Committee) may amend the
Plan from time to time; provided, however, that no such amendment shall be effective to the extent it reduces the value of a Plan participant&rsquo;s
account under the Plan in existence as of such amendment.</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 forgoing description is qualified in its
entirety by reference to the Plan, a copy of which is attached hereto as Exhibit&nbsp;4.2 and incorporated by reference into 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 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">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; 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 <A HREF="https://www.sec.gov/Archives/edgar/data/887359/000129993310003245/exhibit1.htm" STYLE="-sec-extract: exhibit">Exhibit&nbsp;10.1 to the Registrant&rsquo;s Current Report on Form&nbsp;8-K filed on August&nbsp;31, 2010</A> 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"></P>

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<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(1)&nbsp;To file, during any period in which
offers or sales are being made, a post-effective amendment to 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; text-indent: 0.5in">(i)&nbsp;To include any prospectus required by
Section&nbsp;10(a)(3)&nbsp;of 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: 0.5in">(ii)&nbsp;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</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">(iii)&nbsp;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.</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">(2)&nbsp;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.</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>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(3)&nbsp;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.</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
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; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></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>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 8%"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000129993309004957/exhibit1.htm" STYLE="-sec-extract: exhibit">3.1</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 90%"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000129993309004957/exhibit1.htm" STYLE="-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">&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"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000095012310030777/b80276exv3w2.htm" STYLE="-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"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000095012310030777/b80276exv3w2.htm" STYLE="-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">&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"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000095012311029237/a59068exv3w1.htm" STYLE="-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"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000095012311029237/a59068exv3w1.htm" STYLE="-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">&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"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000110465913075144/a13-22026_1ex3d1.htm" STYLE="-sec-extract: exhibit">3.4</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000110465913075144/a13-22026_1ex3d1.htm" STYLE="-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"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000110465913075144/a13-22026_1ex3d2.htm" STYLE="-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"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000110465913075144/a13-22026_1ex3d2.htm" STYLE="-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">&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"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000110465914083052/a14-25082_1ex3d1.htm" STYLE="-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"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000110465914083052/a14-25082_1ex3d1.htm" STYLE="-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">&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"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000129993310004053/exhibit1.htm" STYLE="-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"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000129993310004053/exhibit1.htm" STYLE="-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">&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"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/0000898430-96-005817-index.html" STYLE="-sec-extract: exhibit">4.1</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/0000898430-96-005817-index.html" STYLE="-sec-extract: exhibit">Specimen Common Stock Certificate, filed as Exhibit&nbsp;4.1 to Amendment No.&nbsp;2
    to the Company&rsquo;s Registration Statement on Form&nbsp;S-1/A filed on December&nbsp;20, 1996 and incorporated herein by reference
    (File No.&nbsp;333-15415).</A></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 8%"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000114036123023201/brhc20052514_ex10-1.htm" STYLE="-sec-extract: exhibit">4.2</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; width: 90%"><A HREF="https://www.sec.gov/Archives/edgar/data/887359/000114036123023201/brhc20052514_ex10-1.htm" STYLE="-sec-extract: exhibit">Vericel Corporation Deferred Compensation Plan, attached as Exhibit&nbsp;10.1 to
    the Company&rsquo;s Current Report on Form&nbsp;8-K, filed on May&nbsp;5, 2023, 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"><A HREF="tm2316449d1_ex5-1.htm">5.1*</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><A HREF="tm2316449d1_ex5-1.htm">Opinion of Dykema Gossett PLLC.</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"><A HREF="tm2316449d1_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"><A HREF="tm2316449d1_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">&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"><A HREF="tm2316449d1_ex5-1.htm">23.2*</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><A HREF="tm2316449d1_ex5-1.htm">Consent of Dykema Gossett PLLC (included in Exhibit&nbsp;5.1 hereto).</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"><A HREF="#poa">24.1*</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><A HREF="#poa">Power of Attorney (included in signature pages&nbsp;to this Registration Statement).</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"><A HREF="tm2316449d1_ex-filingfees.htm">107*</A></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><A HREF="tm2316449d1_ex-filingfees.htm">Filing Fee Table</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

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

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<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>

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<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"><A NAME="poa"></A><B>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; text-align: left; 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 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Cambridge, Commonwealth of Massachusetts, on May&nbsp;22, 2023.</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: top">
    <TD COLSPAN="2"><B>VERICEL CORPORATION</B></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ Dominick Colangelo</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Dominick Colangelo</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">President and Chief Executive Officer</TD>
    <TD>&nbsp;</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 Registration
Statement on Form&nbsp;S-8 (including post-effective amendments), 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 Registration
Statement 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 Registration Statement has been signed by the following persons in the capacities indicated on May&nbsp;22,
2023.</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: 38%"><B>Signature</B></TD>
    <TD STYLE="padding: 0.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding: 0.25pt 0.25pt 1pt; text-align: center; width: 60%"><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 C. 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 C. 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 A. 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 A. 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 D. 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 D. 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; width: 38%">/s/ Robert Zerbe, M.D.</TD>
    <TD STYLE="padding: 0.25pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; width: 60%">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 L. 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 L. 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 M. 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 M. 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 C. 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 C. 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 F. 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 F. 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 K. 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 K. 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; text-align: right">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>tm2316449d1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 80%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><IMG SRC="tm2316449d1_ex5-1img01.jpg" ALT="" STYLE="height: 45px; width: 162px"></FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="white-space: nowrap; width: 20%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dykema Gossett PLLC</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">39577 Woodward Avenue<BR>
    Suite&nbsp;300<BR>
    Bloomfield Hills, MI 48304</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">www.dykema.com</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel:&#9;(248) 203-0700<BR>
    Fax:&#9;(248) 203-0763</P></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">May&nbsp;22, 2023</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Vericel Corporation<BR>
64 Sidney Street<BR>
Cambridge, Massachusetts 02139</FONT></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"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Vericel Corporation Registration Statement on Form&nbsp;S-8 (the &ldquo;<B>Registration Statement</B>&rdquo;) Registering Deferred
Compensation Obligations under the Vericel Corporation Deferred Compensation Plan</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">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 Statement under the Securities Act of 1933, as amended (the &ldquo;<B>Securities Act</B>&rdquo;), relating to the Company&rsquo;s
issuance of deferred compensation obligations that constitute general unsecured obligations of the Company to pay deferred compensation
in the future (the &ldquo;<B>Deferred Compensation Obligations</B>&rdquo;), under the Vericel Corporation Deferred Compensation Plan (the
 &ldquo;<B>Plan</B>&rdquo;).</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">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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on such examination,
we are of the opinion that the Deferred Compensation Obligations, when issued and incurred pursuant to and in accordance with the terms
of the Plan after the filing of the Registration Statement, will be valid and binding obligations of the Company, enforceable against
the Company in accordance with the terms of the Plan, subject to applicable bankruptcy, insolvency, moratorium, fraudulent transfer and
conveyance or other laws of general applicability relating to or affecting creditors&rsquo; rights, general principles of equity and the
application of principles of public policy.</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">The opinion expressed herein
is limited to the laws of the State of Michigan and the federal securities laws of the United States. 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion speaks only as
of the date hereof, and we shall have no obligation to update this opinion in any respect after the date hereof, including with respect
to changes in law occurring on or after the date hereof.</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-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center; width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California
    | Illinois | Michigan | Minnesota | Texas | Washington, D.C. | Wisconsin</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"></P>

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    <TD STYLE="width: 100%; font-size: 10pt"><IMG SRC="tm2316449d1_ex5-1img02.jpg" ALT="" STYLE="height: 29px; width: 105px"></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">Vericel Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 22, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</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">We consent to the inclusion
of this opinion as an exhibit to the Registration Statement and to the reference to our firm in the Registration Statement. Such consent
does not constitute a consent under Section&nbsp;7 of the Act, because we have not certified any part of such Registration Statement
and do not otherwise come within the categories of persons whose consent is required under Section&nbsp;7 of the Act or the rules&nbsp;and
regulations of the Securities and Exchange Commission promulgated thereunder.</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">Sincerely,</P>

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

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

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    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">California
    | Illinois | Michigan | Minnesota | Texas | Washington, D.C. | Wisconsin</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"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>tm2316449d1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
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     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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: right"><B>Exhibit 23.1</B></P>

<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">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<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">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 23, 2023 relating to the financial statements and
the effectiveness of internal control over financial reporting, which appears in Vericel Corporation's Annual Report on Form 10-K for
the year ended December&nbsp;31, 2022.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 22, 2023</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>

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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>4
<FILENAME>tm2316449d1_ex-filingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;107</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>CALCULATION OF FILING FEE TABLE</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>FORM&nbsp;S-8</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Table 1: Newly Registered Securities</U></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: bottom">
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-bottom: 2pt; padding-left: 8.4pt; font-size: 10pt; text-align: center; width: 8%">Security<BR>
Type</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-bottom: 2pt; font-size: 10pt; text-align: center; width: 32%">Security<BR>
Class&nbsp;Title</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-bottom: 2pt; font-size: 10pt; text-align: center; width: 10%">Fee<BR>
Calculation<BR>
Rule</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-bottom: 2pt; font-size: 10pt; text-align: center; width: 10%">Amount<BR>
Registered</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-bottom: 2pt; width: 10%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Proposed<BR>
Maximum<BR>
Offering<BR>
Price Per<BR>
Unit</P></TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-bottom: 2pt; width: 10%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Maximum <BR>
Aggregate</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Offering <BR>
Price<SUP>(2)</SUP></P></TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-bottom: 2pt; font-size: 10pt; text-align: center; width: 10%">Fee Rate</TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; white-space: nowrap; padding-right: 2.4pt; padding-bottom: 2pt; font-size: 10pt; text-align: center; width: 10%">Amount of<BR>
Registration<BR>
Fee</TD></TR>
  <TR>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-bottom: 2pt; padding-left: 8.4pt; font-size: 10pt; text-align: center">Debt</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-bottom: 2pt; font-size: 10pt; text-align: center">Deferred Compensation Obligations<SUP>(1)</SUP></TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-bottom: 2pt; font-size: 10pt; text-align: center">Other</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-bottom: 2pt; font-size: 10pt; text-align: center">$25,000,000</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-bottom: 2pt; font-size: 10pt; text-align: center">100%</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-bottom: 2pt; font-size: 10pt; text-align: center">$25,000,000</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-bottom: 2pt; font-size: 10pt; text-align: center">$0.00011020</TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 2.4pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">$2,755</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-bottom: 2pt; padding-left: 8.4pt; font-size: 10pt; text-align: center">Total Offering Amounts</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-bottom: 2pt; font-size: 10pt; text-align: center">$25,000,000</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 2.4pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">&mdash;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-bottom: 2pt; padding-left: 8.4pt; font-size: 10pt; text-align: center">Total Fees Previously Paid</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 2.4pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">&mdash;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-bottom: 2pt; padding-left: 8.4pt; font-size: 10pt; text-align: center">Total Fee Offsets<SUP>(3)</SUP></TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-top: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-right: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 2.4pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">&mdash;</TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: top; padding-bottom: 2pt; padding-left: 8.4pt; font-size: 10pt; text-align: center">Net Fee Due</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; border-top: Black 1pt solid; vertical-align: bottom; padding-bottom: 2pt">&nbsp;</TD>
    <TD STYLE="padding-top: 2pt; border: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 2.4pt; padding-bottom: 2pt; font-size: 10pt; text-align: center">$2,755</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The Deferred Compensation Obligations include general unsecured obligations of the Company to pay up to $25,000,000 of deferred compensation from time to time in the future in accordance with the terms of the Vericel Corporation Deferred Compensation Plan (the &ldquo;Plan&rdquo;). . </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Solely for the purposes of calculating the registration fee pursuant to Rule&nbsp;457(h)&nbsp;under the Securities Act of 1933, the amount of Deferred Compensation Obligations registered is based upon an estimate of the amount of compensation Plan participants may defer under the Plan. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">The Company does not have any fee offsets.</FONT></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"></P>

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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tm2316449d1_ex5-1img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
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