<SEC-DOCUMENT>0001213900-15-007254.txt : 20150924
<SEC-HEADER>0001213900-15-007254.hdr.sgml : 20150924
<ACCEPTANCE-DATETIME>20150924155137
ACCESSION NUMBER:		0001213900-15-007254
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20150922
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
FILED AS OF DATE:		20150924
DATE AS OF CHANGE:		20150924

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IMMUCELL CORP /DE/
		CENTRAL INDEX KEY:			0000811641
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		IRS NUMBER:				010382980
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12934
		FILM NUMBER:		151123108

	BUSINESS ADDRESS:	
		STREET 1:		56 EVERGREEN DR
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
		BUSINESS PHONE:		2078782770

	MAIL ADDRESS:	
		STREET 1:		56 EVERGREEN DRIVE
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k092215_immucellcorp.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr>
    <td style="padding: 2.25pt"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><br>
                                <br>
                                <B>UNITED STATES</B><br>
                                <B>SECURITIES AND EXCHANGE COMMISSION</B><br>
                                Washington, D.C. 20549</FONT></P>


        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FORM
        8-K </B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CURRENT
        REPORT </B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Pursuant
        to Section 13 or 15(d) of the</B><br>
        <B>Securities Exchange Act of 1934 </B></FONT></P></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr>
    <td colspan="3" style="padding-bottom: 12pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Date
    of Report: September 22, 2015</B><br>
    (Date of earliest event reported)</FONT></td></tr>
<tr>
    <td colspan="3" style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ImmuCell
    Corporation</B><br>
    (Exact name of registrant as specified in its charter)</FONT></td></tr>
<tr>
    <td colspan="3" style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top">
    <td style="width: 40%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>DE</B><br>
    (State or other jurisdiction <br>
    of incorporation)</FONT></td>
    <td style="width: 20%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>001-12934</B><br>
    (Commission File Number)</FONT></td>
    <td style="width: 40%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>01-0382980</B><br>
    (IRS Employer <br>
    Identification Number)</FONT></td></tr>
<tr>
    <td colspan="3" style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>56
        Evergreen Drive</B></FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Portland,
        Maine </B><br>
        (Address of principal executive offices)</FONT></P></td>
    <td style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <td style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>04103</B><br>
    (Zip Code)</FONT></td></tr>
<tr>
    <td colspan="3" style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><br>
    <B>207-878-2770</B><br>
    (Registrant's telephone number, including area code)</FONT></td></tr>
<tr>
    <td colspan="3" style="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr>
    <td colspan="3" style="font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Not
    Applicable</B><br>
    (Former Name or Former Address, if changed since last report)</FONT></td></tr>
</table>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under
any of the following provisions:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9744;
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt 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>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>





<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 1.01 &ndash; Entry into a Material Definitive Agreement</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 2.03 &ndash; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On September 22, 2015, ImmuCell Corporation (the &quot;Company&quot;) entered into a loan agreement with TD Bank N.A. in the amount of $2,500,000. By entering into an interest rate swap agreement, the Company effectively converted a floating interest rate based on the London Interbank Offered Rate to the fixed rate of 4.38%. Principal and interest payments are due monthly based on a 20-year amortization schedule, with a balloon principal payment of approximately $1,550,000 due in ten years. The loan and the Company&rsquo;s obligations under the interest rate swap are secured by a mortgage on the Company&rsquo;s real property, which recently appraised for approximately $4,180,000, and a security interest in the Company&rsquo;s other assets. The Company must adhere to certain financial covenants set forth in the Amended and Restated Loan Agreement related to its net worth and operating results relative to its levels of indebtedness and debt service costs, respectively. The Company&rsquo;s failure to comply with these covenants, to make timely payments of principal and interest, or otherwise to comply with the terms of its agreements with TD Bank N.A. would entitle the lender to accelerate the maturity of such debt and demand repayment in full.</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Mortgage Loan Note and the Amended and Restated Loan Agreement issued in connection with this event are attached as Exhibit 99.1and Exhibit 99.2, respectively, to this Current Report on Form 8-K.</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The information shall not be deemed &quot;filed&quot; for purposes of Section 18 of the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;) or otherwise subject to liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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

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

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

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-indent: 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-indent: 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IMMUCELL CORPORATION</B></FONT> </B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">Dated: September 24, 2015</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/Michael F Brigham</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Michael F.
Brigham<BR>President, Chief Executive Officer</I> and Principal Financial Officer</I></FONT></TD></TR>
</TABLE>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt 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%; text-align: center">2</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
Index</B></FONT></P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid"><B>Exhibit No.&#9;</B></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 88%; border-bottom: Black 1pt solid"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD>EX-99.1</TD>
    <TD>&nbsp;</TD>
    <TD>Mortgage
                                         Loan Note of ImmuCell Corporation dated September 21, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD>EX-99.2</TD>
    <TD>&nbsp;</TD>
    <TD>Amended
                                         and Restated Loan Agreement dated September 21, 2015</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 6pt"><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; &nbsp; &nbsp;</FONT></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt 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%; text-align: center">3</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f8k092215ex99i_immucellcorp.htm
<DESCRIPTION>MORTGAGE LOAN NOTE OF IMMUCELL CORPORATION DATED SEPTEMBER 21, 2015
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit
99.1</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 3pt; text-align: left"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">LOAN
#__________</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>MORTGAGE
LOAN NOTE</U></B><BR>
<B><U>(Floating Rate)</U></B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Date
    of Note:</B></FONT></TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September
    21, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principal
    Amount:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2,500,000.00</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Maturity
    Date:</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September
    21, 2025</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Interest
                                         Rate:</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">An
                                         interest rate equal at all times to Two and One Quarter (2.25%) percent per annum (the
                                         &ldquo;LIBOR Spread&quot;) in excess of the rate of interest per annum (rounded upwards,
                                         if necessary, to the nearest 1/8th of 1%) of the one (1) month<B> </B>LIBOR (as hereinafter
                                         defined) for any Interest Period (as hereinafter defined). The Lender shall not be required
                                         to notify Borrower of adjustments in said interest rate.</FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&ldquo;LIBOR</B>&rdquo;
        (i.e., the London Interbank Offered Rate) means the rate of interest in U.S. Dollars (rounded upwards, at the Lender's
        option, to the next 1/8th of one percent) equal to the Intercontinental Exchange Benchmark Administration Ltd. (&ldquo;ICE,
        &rdquo;or the successor thereto if ICE is no longer making a London Interbank Offered Rate available) (&ldquo;ICE LIBOR&rdquo;)
        rate for the equivalent Interest Period as published by Bloomberg (or such other commercially available source providing
        quotations of ICE LIBOR as designated by Lender from time to time) at approximately 11:00 A.M. (London time) two (2) London
        Business Days prior to the Reset Date; provided however, if more than one ICE LIBOR is specified, the applicable rate
        shall be the arithmetic mean of all such rates. London Business Days means any day on which commercial banks are open
        for general business (including dealings in foreign exchange and foreign currency deposits) in London, England. If, for
        any reason, such rate is not available, the term LIBOR shall mean, with respect to any Interest Period, the rate of interest
        per annum determined by Lender to be the average rate per annum at which deposits in dollars are offered for such Interest
        Period by major banks in London, England at approximately 11:00 A.M. (London time) 2 London Business Days prior to the
        Reset Date.</FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest
        shall be computed on an actual/360 day basis (i.e., interest for each day during which the Principal Amount, or any part
        thereof, is outstanding shall be computed at Interest Rate divided by 360).</FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
the foregoing, LIBOR Rate loans shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to
reserve requirements without benefits of credits for proration, exceptions or offsets that may be available from time to time
to Lender. The LIBOR Rate shall be adjusted automatically on and as of the effective date of any change in the LIBOR Reserve Percentage
or the LIBOR Interest Period for each LIBOR Rate loan comprising part of the same borrowing (including conversions, extensions
and renewals), to a per annum interest rate determined pursuant to the following formula:</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"></TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt"> </P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><B></B></P></TD>
    <TD STYLE="width: 78%; padding-right: 5.4pt; padding-left: 5.4pt"> </P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adjusted
LIBOR Rate = <U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LIBOR
Rate______</U></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1
- LIBOR Reserve Percentage<U> </U></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt 1.8pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
purposes of this calculation LIBOR Reserve Percentage is defined as, for any day, that percentage (expressed as a decimal) which
is in effect from time to time under Regulation D, as such regulation may be amended from time to time or any successor regulation,
as the maximum reserve requirement (including, without limitation, any basic, supplemental, emergency, special, or marginal reserves)
applicable with respect to Eurocurrency liabilities as that term is defined in Regulation D (or against any other category of
liabilities that includes deposits by reference to which the interest rate of LIBOR Rate loans is determined), whether or not
Lender has any Eurocurrency liabilities subject to such reserve requirement at that time.</FONT><BR><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT><BR></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LIBOR
                                         Interest</B></FONT><FONT STYLE="font-size: 10pt"><BR>
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Period:</B></FONT></FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Initially,
    the first (1st) LIBOR Interest Period hereunder shall be the period commencing on the date hereof and ending on (and including)
    October 20, 2015.&nbsp;&nbsp;Thereafter, each LIBOR Interest Period shall commence on the 21st calendar day of every calendar
    month immediately following the previous LIBOR Interest Period (the &ldquo;Reset Date&rdquo;); provided however, if any LIBOR
    Interest Period is to commence in a month for which there is no day which numerically corresponds to the Reset Date, the Interest
    Period shall commence on the last day of such calendar month.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Business
    Day:</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Business
    Day means a day (other than Saturday, Sunday, federal holiday, or a day on which commercial banks in New York are required
    or permitted to close) on which the Bank is open and conducting its customary banking transactions.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>State:</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shall
    mean the State of Maine.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<B>FOR
VALUE RECEIVED</B>, <B>ImmuCell Corporation</B>, a Delaware corporation<B> </B>(the &ldquo;<B>Borrower</B>&rdquo;), having an
address as indicated below, <B>HEREBY PROMISES TO PAY</B> to the order of TD Bank, N.A., a national banking association, (hereinafter,
together with its successors and assigns, referred to as the &ldquo;<B>Lender</B>&rdquo;) at P.O. Box 5600, Lewiston, Maine, 04243-5600,
or at such other place as the holder hereof may from time to time designate in writing, in immediately available federal funds,
the Principal Amount, which Principal Amount shall be due and payable on the Maturity Date, together with interest on the outstanding
Principal Amount from time to time at the Interest Rate, in arrears. The Borrower shall pay consecutive monthly installments comprised
of a fixed payment of principal as specified in the amortization schedule attached hereto as Schedule A, together with accrued
interest on the Principal Amount. The said payments shall be due on the 21<SUP>st</SUP> day of each month commencing on October
21, 2015. Notwithstanding anything to the contrary herein, payment dates shall be subject to adjustment in accordance with the
Following Business Day Convention which means that any payment due date that would otherwise fall on a day that is not a Business
Day shall be extended to the first following day that is a Business Day. Such extension of time will not be included in the calculation
of interest due.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrower
hereby authorizes Lender to charge checking account number <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>at TD Bank, N.A. (or such other account maintained by Borrower at TD Bank, N.A. as Borrower shall designate by written notice
to Lender) (the &ldquo;<B><U>Deposit Account</U></B>&rdquo;) to satisfy the scheduled payments of principal and/or interest due
and payable to Lender hereunder on the twenty first (21st) day of each month (each, a &ldquo;<B><U>Charge Date</U></B>&rdquo;)
and Lender is hereby authorized to charge the Deposit Account on each Charge Date or, if any Charge Date shall fall on a Saturday,
Sunday or legal holiday, then the Lender reserves the right to charge the Deposit Account on either on the first (1<SUP>st</SUP>)
Business Day immediately preceding or on the first (1<SUP>st</SUP>) Business Day immediately following any such Charge Date until
the Note shall be paid in full.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrower
agrees to maintain sufficient funds in the Deposit Account to satisfy the payment due Lender under the Note on each Charge Date
during the term of this Note. If sufficient funds are not available in the Deposit Account on any Charge Date to pay the amounts
then due and payable under this Note, Lender, in its sole discretion, is authorized to: (a)&nbsp;charge the Deposit Account for
such lesser amount as shall then be available; and/or (b)&nbsp;charge the Deposit Account on such later date or dates that funds
shall be available in the Deposit Account to satisfy the payment then due (or balance of such payment then due). Notwithstanding
the foregoing, Borrower shall only be entitled to receive credit in respect of any payments of principal and interest due under
the Note for funds actually received by Lender as a result of any such charges to the Deposit Account. Borrower shall be liable
to Lender for any late fees or interest at the Default Rate on any payments not made on a timely basis by Borrower because of
insufficient funds in the Deposit Account on any Charge Date. In the event the Deposit Account continues to contain insufficient
funds to fully satisfy the payments due Lender under the Note, Borrower shall be responsible for making all such payments from
another source and in no event shall the obligations of Borrower under the Note be affected or diminished as a result of any shortages
in the Deposit Account, it being understood and agreed that Borrower shall at all times remain liable for payment in full of all
indebtedness under the Note.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lender
may, at Lender&rsquo;s sole discretion, discontinue charging the Deposit Account at any time on not less than ten (10) days&rsquo;
written notice to the Borrower, in which event, Borrower shall thereafter be responsible for making all payments hereunder to
Lender at the address set forth in Lender&rsquo;s notice or if no such address is given, then to Lender at P.O. Box 5600, Lewiston,
Maine, 04243-5600.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Borrower and each endorser and guarantor hereof grant to the Bank a continuing lien on and security interest in any and all deposits
or other sums at any time credited by or due from the Bank or any Bank Affiliate (as hereinafter defined) to the Borrower and/or
each endorser or guarantor hereof and any cash, securities, instruments or other property of the Borrower and each endorser and
guarantor hereof in the possession of the Bank or any Bank Affiliate, whether for safekeeping or otherwise, or in transit to or
from the Bank or any Bank Affiliate (regardless of the reason the Bank or Bank Affiliate had received the same or whether the
Bank or Bank Affiliate has conditionally released the same) as security for the full and punctual payment and performance of all
of the liabilities and obligations of the Borrower and/or any endorser or guarantor hereof to the Bank or any Bank Affiliate and
such deposits and other sums may be applied or set off against such liabilities and obligations of the Borrower or any endorser
or guarantor hereof to the Bank or any Bank Affiliate at any time, whether or not such are then due, whether or not demand has
been made and whether or not other collateral is then available to the Bank or any Bank Affiliate.</FONT></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrower
shall pay a late payment charge of six cents ($.06) for each dollar ($1.00) of each payment that is made more than fifteen (15)
days after the due date thereof, which charge shall be due and payable with each such late payment.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
any present or future law, governmental rule, regulation, policy, guideline, directive or similar requirement (whether or not
having the force of law) imposes, modifies, or deems applicable any capital adequacy, capital maintenance or similar requirement
which affects the manner in which Lender allocates capital resources to its commitments (including any commitments hereunder),
and as a result thereof, in the opinion of Lender, the rate of return on Lender&rsquo;s capital with regard to the loan evidenced
by this Note is reduced to a level below that which Lender could have achieved but for such circumstances, then in such case and
upon notice from Lender to Borrower, from time to time, Borrower shall pay Lender such additional amount or amounts as shall compensate
Lender for such reduction in Lender&rsquo;s rate of return. Such notice shall contain the statement of Lender with regard to any
such amount or amounts which shall, in the absence of manifest error, be binding upon Borrower. In determining such amount, Lender
may use any reasonable method of averaging and attribution that it deems applicable. For the avoidance of doubt, the foregoing
provisions shall apply to all requests, rules, guidelines or directives concerning capital adequacy issued in connection with
the Dodd&minus;Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives
concerning capital adequacy promulgated by the Bank for International Settlements, the Basel Committee on Banking Regulations
and Supervisory Practices (or any successor or similar authority) or the United States financial regulatory authorities, regardless
of the date adopted, issued, promulgated or implemented</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notwithstanding
any other provision of this Note, if Lender shall reasonably determine (which determination shall be conclusive and binding absent
manifest error) that, (i) by reason of circumstances affecting the relevant market, reasonable and adequate means do not exist
for ascertaining the Adjusted LIBOR Rate, or (ii) the Adjusted LIBOR Rate does not adequately and fairly reflect the cost to Lender
of funding the loan evidenced by this Note, or (iii) it is unlawful for Lender to make or maintain the loan evidenced by the Note
as a LIBOR Rate based loan as contemplated by this Note, or to obtain in the interbank Eurodollar market the funds with which
to make such LIBOR Rate based loans, Lender shall give prompt written notice thereof to Borrower and after the giving of such
notice, until any such notice has been withdrawn by Lender, the Principal Amount shall bear interest at another rate then designated
by the Lender, in its sole discretion, for general commercial loan reference purposes.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">If
the adoption of or any change in any applicable law or regulation or in the interpretation or application thereof or compliance
by Lender with any request or directive (whether or not having the force of law) from any central bank or other governmental authority
made subsequent to the date hereof, shall (a) subject Lender to any tax of any kind whatsoever with respect to any LIBOR Rate
based loan made by it, or change the basis of taxation of payments to Lender in respect thereof (except for changes in the rate
of tax on the overall net income of Lender); (b) impose, modify, or hold applicable, any reserve, special deposit, compulsory
loan, or similar requirement against assets held by, deposits or other liabilities in, or for the account of, advances, loans,
or other extension of credit (including participations therein) by, or any other acquisition of funds by, any office of Lender
which is not otherwise included in the determination of the Adjusted LIBOR Rate hereunder; or (c) shall impose on such Lender
any other condition; and the result of any of the foregoing is to materially increase the cost to Lender of making or maintaining
the loan evidenced by this Note as a LIBOR Rate based loan, or to reduce any amount receivable hereunder, then, in any such case,
Borrower shall promptly pay Lender, upon its demand, any additional amounts necessary to compensate Lender for such additional
costs or reduced amount receivable which Lender reasonably deems to be material as determined by Lender, with respect to this
Note. A certificate as to any additional amounts payable pursuant to this paragraph submitted by Lender to Borrower shall be presumptive
evidence of such amounts owing. Lender agrees to use reasonable efforts to avoid, or to minimize, any amounts which might otherwise
be payable pursuant to this paragraph provided however, that such efforts shall not cause the imposition on Lender of any additional
costs or legal regulatory burdens deemed by Lender in good faith to be material.</FONT></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Note is secured by, and the parties hereto are entitled to the benefits and security of, that certain Mortgage and Security Agreement
(the &ldquo;<B>Mortgage</B>&rdquo;), dated the date hereof, from Borrower, as mortgagor, to Lender, as mortgagee, encumbering,
among other things, certain real property and improvements described in the Mortgage all of the covenants, conditions and agreements
of the Mortgage being made a part of this Note by this reference. This Note is also secured by a certain Security Agreement dated
on or about August 13, 2010 executed and delivered by Borrower to Lender.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
as may be otherwise provided in the Mortgage, all monthly payments received by Lender hereunder shall be applied <U>first</U>,
to the payment of accrued interest on the Principal Amount, <U>second</U>, to the reduction of the Principal Amount of this Note,
and <U>finally</U>, the balance, if any, to the payment of any fees, costs, expenses or charges then payable by Borrower to Lender
hereunder, under the Mortgage or under any other document executed and delivered by Borrower in connection with the loan evidenced
by this Note.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrower
agrees that if it fails to timely make any payment due under this Note or upon the happening of any &ldquo;<B>Event of Default</B>&rdquo;
under the Mortgage, (as defined in the Mortgage), the outstanding Principal Amount, together with accrued interest and all other
expenses, including, reasonable attorneys&rsquo; fees, shall immediately become due and payable at the option of the holder of
this Note, notwithstanding the Maturity Date. For purposes hereof, attorneys&rsquo; fees shall include, without limitation, fees
and disbursements for legal services incurred by the holder hereof in collecting or enforcing payment hereof whether or not suit
is brought, and if suit is brought, then through all appellate actions. From and after any &ldquo;<B>Event of Default</B>&rdquo;
under the Mortgage, the interest rate of this Note shall be the &ldquo;<B>Default Rate</B>&rdquo; (as defined in the Mortgage).</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
no event shall the total of all charges payable under this Note, the Mortgage and any other documents executed and delivered in
connection herewith and therewith that are or could be held to be in the nature of interest exceed the maximum rate permitted
to be charged by applicable law. Should Lender receive any payment that is or would be in excess of that permitted to be charged
under any such applicable law, such payment shall have been, and shall be deemed to have been, made in error and shall thereupon
be applied to reduce the principal balance outstanding on this Note.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrower
waives demand, presentment for payment, notice of dishonor, protest and notice of protest of this Note.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Any
notice, demand or request relating to any matter set forth in this Note shall be given in the manner provided for in the Mortgage.
Time is of the essence as to all dates set forth herein.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Note may not be waived, changed, modified, terminated or discharged orally, but only by an agreement in writing signed by the
party against whom enforcement of any such waiver, change, modification, termination or discharge is sought.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrower
shall indemnify Lender, and hold Lender harmless from any loss, damages, liability, or expense which Lender may sustain or incur
as a consequence of the making of a prepayment, whether by voluntary prepayment, acceleration or otherwise, on a day which is
not the last day of a LIBOR Interest Period with respect thereto. With respect to such prepayment, such indemnification shall
equal the excess, if any, of (i) the amount of interest which would have accrued on the amount so prepaid for the period from
the date of such prepayment at the applicable rate of interest provided for herein over (ii) the amount of interest (as reasonably
determined by Lender) which would have accrued to Lender on such amount by placing such amount on deposit for a comparable period
with leading banks in the London interbank Eurodollar market. This covenant shall survive the termination of this Note, and the
payment of the entire outstanding Principal Amount, all other unpaid indebtedness secured by the Mortgage.</FONT></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>BORROWER,
AND BY ITS ACCEPTANCE HEREOF, LENDER, EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND
WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS NOTE,
OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY
AND VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE
RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. BORROWER AND LENDER ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH
IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER.</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Patriot
Act Notice. Lender is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56) (signed into law October
26, 2001)) (the &ldquo;Act&rdquo;) and hereby notifies the Borrower that pursuant to the requirements of the Act, it is required
to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the
Borrower and other information that will allow Lender to identify the Borrower in accordance with the Act.</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>BORROWER
HEREBY EXPRESSLY AND UNCONDITIONALLY WAIVES, IN CONNECTION WITH ANY SUIT, ACTION OR PROCEEDING BROUGHT BY OR ON BEHALF OF LENDER
ON THIS NOTE, ANY AND EVERY RIGHT BORROWER MAY HAVE TO (I) INJUNCTIVE RELIEF, (II) INTERPOSE ANY COUNTERCLAIM THEREIN (OTHER THAN
COMPULSORY COUNTERCLAIMS), AND (III) HAVE THE SAME CONSOLIDATED WITH ANY OTHER OR SEPARATE SUIT, ACTION OR PROCEEDING. NOTHING
HEREIN CONTAINED SHALL PREVENT OR PROHIBIT BORROWER FROM INSTITUTING OR MAINTAINING A SEPARATE ACTION AGAINST LENDER WITH RESPECT
TO ANY ASSERTED CLAIM.</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Note and the rights and obligations of the parties hereunder shall in all respects be governed by, and construed and enforced
in accordance with, the laws of the State (without giving effect to the State&rsquo;s principles of conflicts of law). Borrower
hereby irrevocably submits to the nonexclusive jurisdiction of any state or federal court in the State sitting in the City of
Portland, County of Cumberland, over any suit, action or proceeding arising out of or relating to this Note, and Borrower hereby
agrees and consents that, in addition to any methods of service of process provided for under applicable law, all service of process
in any such suit, action or proceeding in any state or federal court in the State sitting in the City of Portland, County of Cumberland,
may be made by certified or registered mail, return receipt requested, directed to the Borrower at the address indicated below,
and service so made shall be complete five (5) days after the same shall have been so mailed.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By
signing below, Borrower agrees and acknowledges that, under Maine law, no promise, contract, or agreement to lend money, extend
credit, forbear from collection of debt or make any other accommodation for the repayment of a debt for more than $250,000 may
be enforced against Lender unless the promise, contract, or agreement (or some memorandum or note thereof) is in writing and signed
by Lender.</FONT></P>

<P STYLE="font: 12pt/12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[NO
FURTHER TEXT ON THIS PAGE]</FONT></P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF</B>, the Borrower has executed and delivered this Note on the Date of Note as an instrument under seal.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%"><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attesting
Witness:</FONT></P>
</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 40%">Borrower:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ImmuCell
Corporation</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/David
J. Champoux<U>&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">By:/s/Michael
F. Brigham<U></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:&#9;David
J. Champoux</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Michael Brigham</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: President and CEO</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Borrower&rsquo;s
Address:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>56
Evergreen Drive</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Portland,
Maine 04103</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 7; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>



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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>f8k092215ex99ii_immucellcorp.htm
<DESCRIPTION>AMENDED AND RESTATED LOAN AGREEMENT DATED SEPTEMBER 21, 2015
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
99.2&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amended
and Restated</B> <B>Loan Agreement</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Agreement is entered into this 21<SUP>st</SUP> day of September, 2015 by, between and among <B>ImmuCell Corporation</B> (the &ldquo;<U>Borrower</U>&rdquo;)
and <B>TD Bank, N.A</B>. (together with its successors and assigns, the &ldquo;<U>Lender</U>&rdquo;), for itself and as agent
for any Affiliate Counterparty (as that term is defined in a certain Mortgage and Security Agreement dated of or about even date
herewith (the &ldquo;<U>Mortgage</U>&rdquo;) with respect to property therein described and located at or about 56 Evergreen Drive,
Portland, Maine (the &ldquo;<U>Premises</U>&rdquo;), and amends and restates a certain Loan Agreement between Borrower and Lender
dated on or about August 13, 2010.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;<B>RECITALS</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.&#9;Borrower
and Lender entered into loan transactions dated on or about August 13, 2010 in the amount of up to an aggregate of $2,100,000
with respect to term debt and line of credit financing in said amount secured by a first mortgage on the Premises and all business
assets of the Borrower, and Borrower and Lender are entering into a loan transaction of or about even date in the original principal
amount of $2,500,000 to be secured by the same collateral (all of the foregoing, together with all modifications, extensions,
renewals and replacements thereof, the &ldquo;<U>Loans</U>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.&#9;Borrower
has entered, or may enter, into one or more Hedging Contracts with an Affiliate Counterparty of Lender (all Hedging Obligations
under any such Hedging Contracts, together with the Loans, the &ldquo;<U>Indebtedness</U>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.&#9;Under
the documents evidencing, securing or relating to the Indebtedness (the &ldquo;<U>Loan Documents</U>&rdquo;), Borrower is required
to maintain, remain in compliance with and otherwise adhere to certain financial covenants (the &ldquo;<U>Covenants</U>&rdquo;)
so long as any of the Indebtedness is outstanding.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.&#9;The
parties intend to memorialize the Covenants in a single document that will remain in full force and effect until the Indebtedness
governed hereby is paid in full.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.&#9;This
agreement is intended by the parties to set forth financial Covenants governing the Indebtedness with respect to the specific
types of covenants set forth herein. Certain of the Loan Documents may impose or require compliance with other financial covenants,
none of which are affected hereby.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;<B>AGREEMENT
</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
consideration of the mutual covenants and conditions herein contained, and intending to be legally bound, the parties hereto agree
as follows:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.&#9;<U>Application
of Covenants Generally</U>.&#9;The Covenants set forth herein shall apply to the Borrower while any of the Indebtedness remains
outstanding, whether now existing or hereafter owing or arising, howsoever evidenced, created, incurred, acquired or owing, whether
primary or secondary, joint and/or several, direct or indirect, absolute or contingent, or otherwise, remain outstanding.&nbsp;The
Covenants may be modified by the parties at any time, but only by a written document signed by the parties.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.&#9;<U>Definitions</U>.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Terms
not otherwise defined herein shall have the meanings set forth in the Mortgage. For purposes of this Agreement, the following
terms shall have the respective meanings assigned to them below:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 76.5pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;&ldquo;<U>CMLTD</U>&rdquo;
shall mean the current scheduled principal or capital lease &#9;payments required to be paid during the following four quarters.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 60pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&ldquo;<U>Distributions</U>&rdquo;
shall mean all cash dividends to shareholders.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Earnings</U>&rdquo;
shall mean earnings as defined under GAAP.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>EBITDA</U>&rdquo;
means, for any period, Earnings from continuing operations before payment of federal, state and local income taxes, plus Interest
Expense, depreciation and amortization, in each case for such period, computed and calculated in accordance with GAAP.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>GAAP</U>&rdquo;
means Generally Accepted Accounting Principles in effect from time to time in the United States.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Intangible
Assets</U>&rdquo; means, as of the date of determination thereof, assets that in accordance with GAAP are properly classifiable
as intangible assets, including, but not limited to, goodwill, franchises, licenses, patents, trademarks, trade names, deferred
assets and copyrights.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Interest
Expense</U>&rdquo; means, for any period, ordinary, regular, recurring and continuing expenses for interest on all borrowed money.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Tangible
Net Worth</U>&rdquo; means, as of the date of determination thereof, total assets, excluding all Intangible Assets, all obligations
owed from affiliates or any employee, shareholder, partner or member, any capitalized start-up or development expense, and any
write up or reappraisal of the Borrower&rsquo;s existing assets less total liabilities.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 3.15pt; text-align: justify; text-indent: 32.85pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.&#9;<U>Financial
Covenants</U>. As long as any Indebtedness remains outstanding, unpaid and/or committed, Borrower shall remain in compliance with
the following covenants:</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A.&#9;<U>Debt
Service Coverage Ratio Covenant</U>. The Borrower covenants &#9;that beginning with its fiscal quarter end next following the
date of this Agreement &#9;and continuing with each fiscal quarter thereafter, it shall not permit the ratio of its &#9;EBITDA,
minus taxes paid in cash and Distributions to Interest Expense plus &#9;CMLTD to be less than 1.30 to 1.00.&nbsp; For purposes
of calculating this &#9;covenant, EBITDA shall not include any gains or losses from the sale of assets &#9;outside the normal
course of business or any other extraordinary accounting &#9;adjustments or non-recurring items of income or loss, all of the
foregoing as &#9;determined by the Lender.<B> &#9;</B>This covenant will be measured quarterly on a rolling &#9;four quarter basis.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 40pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">B.&#9;<U>Debt
to Tangible Net Worth</U>. The Borrower covenants that from and after the date hereof, the Borrower shall not permit its ratio
of total liabilities to Tangible Net Worth to be above 1.25 to 1.00. This covenant will be measured at and as of the end of each
fiscal quarter end following Borrower&rsquo;s submission of financial statements to Lender as required hereby and by instruments
evidencing the Loans dated on or about even date herewith. This covenant will be annually at the end of each fiscal year of Borrower
following submission of financial reports, as required hereby.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.&#9;<U>Financial
Reporting</U>. As a material covenant hereof, Borrower agrees to provide Lender and Affiliate Counterparty (i) within one hundred
and fifty (150) days after the close of Borrower&rsquo;s fiscal year, complete audited financial statements for Borrower prepared
in accordance with GAAP together with any management letter that shall have been issued, and (ii) within forty five (45) days
after the close of each quarter of Borrower&rsquo;s fiscal year management prepared financial statements including a detailed
balance sheet and profit and loss statement, and aging of accounts receivable and accounts payable; and (iii) such other documents
and things evidencing Borrower&rsquo;s net worth and financial condition as Lender and Affiliate Counterparty may reasonably request
from time to time.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.
&#9;<U>Covenant calculation</U>. All calculations shall be based upon the financial statements submitted by the Borrower that
are acceptable to Lender and Affiliate Counterparty; provided, however, that if Borrower&rsquo;s financial statements as reported
by Borrower do not, in the view of Lender and/or Affiliate Counterparty, accurately reflect Borrower&rsquo;s operations, and Lender
and Affiliate Counterparty make an independent, good faith determination of Borrower&rsquo;s Net Income, assets or liabilities,
such determination will be conclusive.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.&#9;Any
default by Borrower under the terms of this Amended and Restated Loan Agreement shall constitute an Event of Default under the
Mortgage.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
witness whereof the parties have set their hands and seals of the date above set forth.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 20%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 40%; line-height: 107%"><FONT STYLE="font: 10pt/106% Times New Roman, Times, Serif">&#9;ImmuCell Corporation</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%"><FONT STYLE="font: 10pt/106% Times New Roman, Times, Serif">/s/
    David J. Champoux</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%"><FONT STYLE="font: 10pt/106% Times New Roman, Times, Serif">By: /s/Michael F. Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt/106% Times New Roman, Times, Serif">Witness&#9; &#9;</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt/106% Times New Roman, Times, Serif">Michael Brigham&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt/106% Times New Roman, Times, Serif">Its duly authorized President and CEO</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt/106% Times New Roman, Times, Serif">&#9;TD Bank, N.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; line-height: 107%"><FONT STYLE="font: 10pt/106% Times New Roman, Times, Serif">By:&#9;/s/
    William R. Schad&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Witness</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif">William R. Schad&#9;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font: 10pt/106% Times New Roman, Times, Serif">Senior Commercial Loan Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-align: justify"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
