<SEC-DOCUMENT>0001213900-16-012823.txt : 20160428
<SEC-HEADER>0001213900-16-012823.hdr.sgml : 20160428
<ACCEPTANCE-DATETIME>20160428081104
ACCESSION NUMBER:		0001213900-16-012823
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20160615
FILED AS OF DATE:		20160428
DATE AS OF CHANGE:		20160428
EFFECTIVENESS DATE:		20160428

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:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12934
		FILM NUMBER:		161597245

	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>DEF 14A
<SEQUENCE>1
<FILENAME>def14a0416_immucellcorp.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
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<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SCHEDULE
14A</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proxy
Statement Pursuant to Section 14(a) of the Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange
Act of 1934</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Amendment
No. )</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed
by the Registrant&nbsp;&#9746;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed
by a Party other than the Registrant &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check
the appropriate box:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, 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; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding: 0; layout-grid-mode: line; text-indent: 0">&#9744;</TD>
    <TD STYLE="width: 96%; padding: 0; layout-grid-mode: line; text-indent: 0">Preliminary Proxy Statement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&#9744;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&#9746;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">Definitive Proxy Statement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&#9744;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">Definitive Additional Materials</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&#9744;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">Soliciting Material Pursuant to Section 240.14a-12</TD></TR>
</TABLE>


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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name
of Registrant as Specified In Its Charter)</FONT></P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name of Person(s) Filing Proxy Statement,
if other than the Registrant)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payment
of Filing Fee (Check the appropriate box):</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding: 0; layout-grid-mode: line; text-indent: 0">&#9746;</TD>
    <TD STYLE="width: 96%; padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No fee required.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&#9744;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1)</FONT></TD>
    <TD STYLE="width: 92%; padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title of each class of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2)</FONT></TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3)</FONT></TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4)</FONT></TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5)</FONT></TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total fee paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; width: 4%">&#9744;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fee paid previously with preliminary materials.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&#9744;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.&nbsp;&nbsp;Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 4%; padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1) </FONT></TD>
    <TD STYLE="width: 92%; padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount Previously Paid:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2) </FONT></TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3) </FONT></TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filing Party:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4) </FONT></TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date Filed:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-align: justify; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-align: justify; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-align: justify; text-indent: 0; border-bottom: Black 1.5pt solid">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 14pt Times New Roman, Times, Serif"><B>ImmuCell
Corporation</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>June
15, 2016</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
the Stockholders of ImmuCell Corporation:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOTICE
IS HEREBY GIVEN that the Annual Meeting of Stockholders of ImmuCell Corporation (the Company) will be held at the Company&rsquo;s
principal place of business at 56 Evergreen Drive in Portland, Maine on Wednesday, June 15, 2016 at 8:00 a.m. for the following
purposes:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 72pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Election
                                         of Directors:</I> To elect a Board of Directors to serve until the next Annual Meeting
                                         of Stockholders and until their successors are elected and qualified (Proposal One);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 72pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Advisory
                                         Vote to Approve Executive Compensation:</I> To approve a nonbinding advisory resolution
                                         on the Company&rsquo;s executive compensation program (Proposal Two);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 72pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Increase
                                         in Authorized Common Stock: </I>To approve an amendment to the Company&rsquo;s Certificate
                                         of Incorporation to increase the number of authorized shares of common stock from
                                         8,000,000 to 10,000,000 (Proposal Three); and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 72pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"></TD><TD STYLE="width: 18pt; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Other
                                         Business:</I> To conduct such other business as may properly come before the Annual Meeting
                                         or any adjournments or postponements thereof, including approving any such adjournment
                                         or postponement, if necessary.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Board of Directors has fixed the close of business on Tuesday, April 19, 2016, as the record date for the determination of stockholders
entitled to notice of, and to vote at, the meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 43.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; width: 60%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; width: 40%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>By
    Order of the Board of Directors</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
    Michael F. Brigham </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael
    F. Brigham,<B> </B><I>Secretary</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; layout-grid-mode: line; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
    28, 2016</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>WHETHER
OR NOT YOU EXPECT TO ATTEND THE MEETING IN PERSON, PLEASE COMPLETE, DATE AND SIGN THE ACCOMPANYING PROXY CARD AND RETURN IT PROMPTLY
IN THE ENVELOPE ENCLOSED FOR THAT PURPOSE. THE GIVING OF SUCH PROXY WILL NOT AFFECT YOUR RIGHT TO VOTE IN PERSON IF YOU ATTEND
THE MEETING IN PERSON.</B></FONT></P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ImmuCell
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>56
Evergreen Drive</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Portland,
ME 04103</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
28, 2016</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2016
Annual Meeting of Stockholder</B>s</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Proxy Statement is furnished in connection with the solicitation by the Board of Directors of ImmuCell Corporation (the Company),
a Delaware corporation, of proxies to be voted at the Annual Meeting of Stockholders of the Company to be held at 8:00 a.m. on
Wednesday, June 15, 2016 at the Company&rsquo;s principal place of business at 56 Evergreen Drive in Portland, Maine, and any
and all adjournments thereof, for the purposes set forth in the accompanying Notice of Annual Meeting of Stockholders. This Proxy
Statement and the enclosed proxy card are first being given or sent to stockholders on or about April 28, 2016. Stockholders who
execute proxies may revoke them at any time before exercise thereof.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>VOTING
OF OUTSTANDING COMMON STOCK</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Only
stockholders of record at the close of business on Tuesday, April 19, 2016, the record date, are entitled to notice of, and to
vote at, the Annual Meeting of Stockholders and at any adjournments thereof. As of such date, there were 4,178,844 shares of common
stock of the Company issued and outstanding. Each share is entitled to one vote with respect to all matters to be acted upon at
the meeting. The holders of one-third of the shares of the Company&rsquo;s common stock outstanding and entitled to vote, represented
at the meeting in person or by proxy, shall constitute a quorum for the transaction of business. Votes cast in person or by proxy
at the meeting will be tabulated by the voting inspector appointed for the meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
Board of Directors is asking for your proxy. Giving us your proxy means that you authorize the persons named in this proxy to
vote your shares at the Annual Meeting in the manner that you direct, or if you do not direct us, in the manner as recommended
by the Board of Directors in this proxy statement. You can vote for the director nominees or withhold your vote for one or all
nominees. You also can vote for or against the other proposals or abstain from voting. If you request a proxy card, and return
your signed proxy card, but do not give voting instructions, the shares represented by that proxy will be voted <B><U>FOR</U></B>
each proposal.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">With
regard to the election of directors (Proposal One), votes may be cast in favor or withheld. The nominees for director receiving
a plurality of the votes cast by the holders of the common stock represented at the meeting in person or<B> </B>by proxy will
be elected. This means that the seven nominees receiving the largest number of votes cast will be elected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">With
respect to Proposal Two, we are providing you with the opportunity to vote to approve, on an advisory, nonbinding basis, the compensation
of the three executive officers named in the &ldquo;<B>SUMMARY COMPENSATION TABLE</B>&rdquo; under &ldquo;<B>EXECUTIVE COMPENSATON</B>&rdquo;,
as disclosed in this Proxy Statement in accordance with the rules of the Securities and Exchange Commission (SEC). This proposal,
which is commonly referred to as &ldquo;say-on-pay&rdquo;, is required by the Dodd-Frank Wall Street Reform and Consumer Protection
Act of 2010, which added Section 14A to the Securities Exchange Act of 1934 (Exchange Act). Proposal Two is nonbinding.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
affirmative vote of the holders of a majority of the outstanding common stock of the Company is required in order to effectuate
the proposed amendment to the Company&rsquo;s Certificate of Incorporation to increase the number of authorized shares of common
stock of the Company (Proposal Three). Abstentions and votes against may be specified on the proposal to amend the Company&rsquo;s
Certificate of Incorporation to increase the number of authorized shares of common stock of the Company. Since approval of this
amendment requires approval of the holders of a majority of the outstanding shares of the Company&rsquo;s common stock abstentions,
votes against and broker non-votes will have the effect of a negative vote. Proposal Three is binding.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Approximately
half of our stockholders hold their shares through a stockbroker, bank, trustee, or other nominee (Beneficial Owner) rather than
directly in their own name (Stockholder of Record). As summarized below, there are some distinctions between shares held beneficially
and those owned of record.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Beneficial
Owner</B>: If your shares are held in a stock brokerage account, by a bank, broker, trustee, or other nominee, you are considered
the beneficial owner of shares held in street name and these proxy materials are being made available to you through your bank,
broker, trustee, or nominee, who is considered the stockholder of record of those shares. As the beneficial owner, you have the
right to direct your bank, broker, trustee, or nominee on how to vote and you are also invited to attend the meeting. Your bank,
broker, trustee, or nominee is obligated to provide you with voting instructions for use in instructing the bank, broker, trustee,
or nominee how to vote these shares. However, since you are not the stockholder of record, you may not vote these shares in person
at the meeting unless you have a proxy from the bank, broker, trustee or nominee that holds the shares giving you the right as
beneficial owner to vote your shares at the meeting. If you do not give instructions to your bank or brokerage firm, it will not
be allowed to vote your shares with respect to certain &ldquo;non-discretionary&rdquo; proposals, but it will be able to vote
your shares with respect to certain &ldquo;discretionary&rdquo; proposals. For example, the election of directors (Proposal One),
the advisory vote to approve executive compensation (Proposal Two) and the vote to amend the Company&rsquo;s Certificate of Incorporation
(Proposal Three) are considered to be &ldquo;non-discretionary&rdquo; proposals on which banks and brokerage firms may not vote
without instructions from the beneficial owner. &ldquo;Broker nonvotes&rdquo; for &ldquo;non-discretionary&rdquo; proposals are
votes with respect to shares that are held in &ldquo;street name&rdquo; by a bank or brokerage firm that indicates on its proxy
that it does not have discretionary authority to vote on a particular matter.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Stockholder
of Record</B>: If your shares are registered directly in your name with ImmuCell&rsquo;s transfer agent, American Stock Transfer
&amp; Trust Company, you are considered the stockholder of record of those shares and these proxy materials are being made available
directly to you by the Company. As the stockholder of record, you have the right to grant your voting proxy directly to the Company
or to vote in person at the meeting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
preliminary voting results will be announced at the meeting. The final voting results will be tallied by the voting inspector
and reported in a Current Report on Form 8-K, which will be filed with the SEC within four business days after the meeting.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
cost of preparing, assembling, and mailing the proxy material and of reimbursing brokers, nominees and fiduciaries for the out-of-pocket
and clerical expenses of transmitting copies of the proxy material to the beneficial owners of shares held of record by such persons
will be borne by the Company. Although the Company reserves the right to do so, the Company does not currently intend to solicit
proxies otherwise than by use of the mail, but certain officers and employees and advisors of the Company, without additional
compensation, may use their personal efforts, by telephone or otherwise, to obtain proxies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>STOCKHOLDER
PROPOSALS, DIRECTOR NOMINATIONS AND COMMUNICATIONS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proposals
(other than director nominations, which are addressed in the following paragraph) of stockholders of the Company intended to be
presented at the 2017 Annual Meeting of Stockholders must be received by the Company at its principal place of business no later
than December 30, 2016 (which date is 120 days prior to the first anniversary of when the 2016 Proxy Statement is first mailed
to stockholders) to be eligible for possible inclusion in the Company&rsquo;s Proxy Statement and form of proxy relating to the
2017 meeting. Certified mail addressed to the Secretary of the Company is advised. No such proposals were received by the Company
by December 26, 2015 for inclusion in the Company&rsquo;s Proxy Statement and form of proxy relating to the 2016 Annual Meeting
of Stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Nominating Committee of the Board of Directors will consider nominees for director recommended by stockholders, applying the same
evaluation standards as it would apply to candidates identified by management, other members of the Board of Directors or the
Nominating Committee. Recommendations for director nominees may be sent to the Nominating Committee through the Secretary of the
Company. Under the advance notice provisions in the Company&rsquo;s By-laws, stockholders intending to formally nominate a person
for election as a director at the Annual Meeting, as distinguished from recommending a candidate to the Nominating Committee,
must notify the Secretary of the Company in writing of this intent not less than 60 nor more than 90 days prior to the first anniversary
of the preceding year&rsquo;s Annual Meeting. If the date of the Annual Meeting is changed by more than 30 days from such anniversary
date, the notice from the stockholder must be received not later than the close of business on the tenth day following the day
on which notice of the date of such Annual Meeting was mailed to stockholders. Such notice must comply with the provisions set
forth in the By-laws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
nominations of candidates recommended by stockholders for election as directors to have been considered at the 2016 Annual Meeting
of Stockholders, notice must have been received by the Secretary of the Company no earlier than March 14, 2016 and no later than
April 13, 2016, and meet other requirements set forth in the By-laws. No such nominations were received. A copy of the relevant
provisions of the By-laws will be sent to any stockholder who requests these in writing. Such requests should be addressed to
the Secretary of the Company.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stockholders
that wish to send communications to the Board of Directors for any reason may do so by mail sent to ImmuCell Corporation, 56 Evergreen
Drive, Portland, Maine 04103, Attention: Secretary. The Secretary is responsible for bringing any such communications to the attention
of the full Board of Directors at its next regularly scheduled meeting, which is generally quarterly. Additionally, after adjournment
of the formal business matters at each year&rsquo;s Annual Meeting, there is an opportunity for stockholders to communicate directly
with the Company&rsquo;s management and directors. The Company encourages its directors to attend the Annual Meeting of Stockholders
in person. All directors did attend the 2015 Annual Meeting of Stockholders.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
shares represented by proxies in the form enclosed herewith will be voted at the meeting and adjournments thereof in accordance
with the terms of such proxies and the pertinent statements included herein relative to the exercise of the power granted by said
proxies, provided such proxies appear to be valid and executed by stockholders of record entitled to vote thereat and have not
previously been revoked. A proxy may be revoked at any time prior to its exercise by the filing with the Secretary of the Company
of an instrument revoking such proxy or a duly executed proxy bearing a later date. A stockholder&rsquo;s proxy will not be voted
if the stockholder attends the meeting and elects to vote in person. Where the person solicited specifies in his, her or its proxy
a choice with respect to any matter to be acted upon, the shares will be voted in accordance with the specification so made. If
a stockholder fails to so specify with respect to such proposals, the proxy will be voted <B><U>FOR</U> </B>the election of the
nominees listed in Proposal One, <B><U>FOR</U></B> the advisory vote to approve executive compensation outlined in Proposal Two
and <B><U>FOR</U></B> the amendment to the Company&rsquo;s Certificate of Incorporation increasing its authorized common stock
outlined in Proposal Three.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LEADERSHIP
STRUCTURE OF THE BOARD OF DIRECTORS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">With
approval from the Board of Directors, the Compensation and Stock Option Committee determined that the title of President and CEO
should be given to an individual not being the same person holding the title of Chair. The objective of this policy is to avoid
a concentration of authority in any one person. Mr. Michael F. Brigham has served as President and CEO since February 2000. Dr.
Joseph H. Crabb has served as Vice President and Chief Scientific Officer since December 1998, and he also served as Chair of
the Board of Directors from June 2009 to February 2013. Effective February 2013 with compensation retroactive to January 1, 2013,
Dr. David S. Tomsche has served as Chair of the Board of Directors. Before June 2009, the position of Chair had been vacant. It
is the policy of the Board of Directors to have a meeting without the presence of the executive officers each time that the board
or any of its committees meets to assure that candid discussions of business matters are conducted with and without the influence
of the executive officers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>THE
BOARD OF DIRECTORS AND ITS COMMITTEES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the year ended December 31, 2015, the Board of Directors of the Company held four regular meetings and three special meetings,
and took action by unanimous written consent four times. The committees of the Board of Directors are the Audit Committee, the
Compensation and Stock Option Committee and the Nominating Committee. During the year ended December 31, 2015, each director attended
at least 75 percent of the aggregate of (i) the total number of meetings of the Board of Directors and (ii) the total number of
meetings held by all committees of the board on which he or she served (during the periods that he or she served). The board has
not set a formal policy for required meeting attendance. A high level of attendance and participation is expected, and to date
directors have fulfilled this expectation. At the first meeting of the board following this year&rsquo;s Annual Meeting, directors
will be elected to serve on the various board committees until the next Annual Meeting and until their successors are elected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
board has established an Audit Committee for the purpose of overseeing the accounting and financial reporting processes of
the Company and the audits and reviews of its financial statements. The Audit Committee engages the Company&rsquo;s
Independent Registered Public Accounting Firm, consults with such auditors with regard to audit plans, reviews the annual
reports of the independent auditors, oversees the adequacy of the Company&rsquo;s internal operating procedures and controls,
meets with management and the auditors to review quarterly and annual financial results, authorizes the public release of
press releases covering financial results, reviews and authorizes quarterly and annual reports filed with the SEC and
otherwise oversees compliance with certain legal, ethical and regulatory matters. The development and manufacture of products
with scientifically-proven efficacy and with and without regulatory approval is subject to considerable risk. The Audit
Committee takes the lead on oversight of credit, liquidity and operational risk, but the entire board, in conjunction with
the executive officers, is very involved with reviewing Audit Committee recommendations and making independent assessments of
risks in all areas of the Company&rsquo;s business. The Company does not have a specific risk management department, but the
Company&rsquo;s Director of Finance and Administration and its President and CEO manage and contract for the Company&rsquo;s
insurance coverages in consultation with outside experts, in addition to identifying, managing and monitoring risk in areas
not specifically covered by insurance. The Director of Finance and Administration reports to the President and CEO, who
reports to the board. The Committee&rsquo;s members are Mr. Cunningham, Mr. Rothschild and Mr. Wainman. Mr. Wainman serves as
Chair of the Audit Committee. All members of the Audit Committee meet the heightened independence requirements for audit
committees under applicable NASDAQ Stock Market rules. The Audit Committee held six meetings during 2015. The Audit Committee
Report can be found beginning on page 14 of this Proxy Statement, and the &ldquo;Charter and Powers of the Audit
Committee&rdquo; has been posted on the Company&rsquo;s web-site
(http://immucell.com/wp-content/uploads/charter.pdf).</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
board has established a Compensation and Stock Option Committee (Compensation Committee) for the purpose of reviewing and recommending
salary, bonus and other benefits for executive officers and directors of the Company. The Compensation Committee is responsible
for administering the Company&rsquo;s 2000 Stock Option and Incentive Plan and the 2010 Stock Option and Incentive Plan. The Compensation
Committee&rsquo;s members are Dr. Rhodes and Mr. Rothschild, both of whom are independent directors. Dr. Rhodes serves as Chair
of the Compensation Committee. The Compensation Committee held three meetings during 2015. The Compensation Committee does not
have a charter but instead operates within the authority provided by the Company&rsquo;s By-laws and authorizing resolutions adopted
by the board. Its recommendations on executive and director compensation are subject to review and final approval by the Board
of Directors, a majority of whose members are independent directors. The Company&rsquo;s President and CEO provides the Compensation
Committee with recommendations relevant to a determination of executive and director compensation, but he does not participate
in votes of the Compensation Committee in this regard. In recent years, the Compensation Committee has not retained or relied
upon outside consultants to assist in its determination of executive or director compensation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
board has established a Nominating Committee for the purpose of recommending to the full board the number of directors to serve
on the board, criteria for board membership and nominees for election to the board. In doing so, the Nominating Committee considers
the integrity and relevant business experience of each nominee. All nominees included on this year&rsquo;s proxy card were recommended
by the Nominating Committee and then approved by a vote of the board. The Nominating Committee values diversity, believing that
the Company benefits from decision making that includes a range of opinions, viewpoints and experience. For instance, the Nominating
Committee would not want a board comprised only of directors having principally financial expertise or only of directors whose
principal experience is in the dairy industry. Likewise, the Nominating Committee believes that a board consisting of all men
or all women would not be as strong as a gender-diverse board. While there is always room for improvement, the Nominating Committee
believes that it has made substantial progress towards achieving these goals. The Committee&rsquo;s members are Mr. Cunningham
and Dr. Tomsche, both of whom are independent directors. Mr. Cunningham serves as Chair of the Nominating Committee. The Nominating
Committee held one meeting during 2015. Provisions for stockholders to nominate candidates for election as directors are described
above under the caption, &ldquo;<B>STOCKHOLDER PROPOSALS, DIRECTOR NOMINATIONS AND COMMUNICATIONS</B>&rdquo;. Upon recommendation
of the Nominating Committee, the Board of Directors adopted a charter for the Nominating Committee in December 2012. This charter
sets forth the policy to be utilized by the Nominating Committee in considering nominees identified by management to serve as
directors for the Company. The Nominating Committee applies the same evaluation standards in considering nominees for director
recommended by stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table contains information as to the compensation paid by the Company to its non-executive directors for services rendered
during the year ended December 31, 2015.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Name</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Fees </B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Earned or </B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Paid in&nbsp;Cash</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Option<BR>
 Awards</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">All Other Compensation</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; text-indent: 0pt; padding-left: 0pt">David S. Cunningham</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">18,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">18,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 0pt">Linda Rhodes, V.M.D., Ph.D.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 0pt">Jonathan E. Rothschild</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 0pt">David S. Tomsche, D.V.M.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 0pt">Paul R. Wainman</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Officers
of the Company who are also directors do not receive additional compensation for attendance at Board of Directors&rsquo; meetings
or committee meetings. Through June 30, 2011, the Company paid non-employee directors an annual retainer of $4,000 (payable in
two equal installments in January and July) plus a fee of $1,000 for each of the four regularly scheduled board meetings per year.
Effective July 1, 2011, the annual retainer was increased from $4,000 to $12,000 (payable in four equal installments in advance
to each individual serving as director as of the first day of each quarter) and the $1,000 per meeting fee was discontinued. Effective
July 1, 2014, the annual fee was increased from $12,000 to $16,000 (payable in four equal installments in advance to each individual
serving as director as of the first day of each quarter). Effective July 1, 2015, the annual fee was increased from $16,000 to
$20,000 (payable in four equal installments in advance to each individual serving as director as of the first day of each quarter).
Effective July 1, 2016, the annual fee is expected to increase from $20,000 to $24,000 (payable in four equal installments in
advance to each individual serving as a director as of the first day of each quarter). Effective January 1, 2013, the additional
compensation for the Chair of the Board of Directors was set at $12,000 per year (payable in four equal installments in advance
as of the first day of each quarter).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At
the time first appointed to the board, Mr. Cunningham and Mr. Wainman were each granted a non-qualified stock option to purchase
15,000 shares of common stock under the 2010 Stock Option and Incentive Plan. The options were granted on terms similar to those
previously granted to other directors under the 2000 Outside Director Plan, which plan expired in June 2005. Mr. Cunningham&rsquo;s
option has an exercise price equal to the fair market value of the common stock on the grant date, October 12, 2011 ($5.75 per
share), and vested on October 12, 2014. This option expires if not exercised by October 11, 2016 or, if earlier, within one month
(twelve months in the case of death or disability) after termination of service as a director. Mr. Wainman&rsquo;s option has
an exercise price equal to the fair market value of the common stock on the grant date, March 31, 2014 ($4.80 per share), and
vests on March 31, 2017. This option expires if not exercised by March 30, 2019 or, if earlier, within one month (twelve months
in the case of death or disability) after termination of service as a director.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has entered into indemnification agreements with its directors and executive officers in substantially the form approved
by the stockholders at the 1989 Annual Meeting, as recently updated. The agreements include procedures for reimbursement by the
Company of certain liabilities and expenses which may be incurred in connection with service as a director or executive officer.
The Company expects to enter into indemnification agreements with individuals who become directors in the future, as well as such
executive officers of the Company as the Board of Directors may from time to time determine.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under
the By-laws, executive officers are elected by the Board of Directors at its first meeting following each Annual Meeting of Stockholders
of the Company, and each serves for a one-year term and until his or her successor is chosen and qualified. The Company has four
executive officers, as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>MICHAEL
F. BRIGHAM:</B> Information concerning the background and experience of Mr. Brigham and the period during which he has served
in his current capacity is set forth below under the caption <B>&ldquo;ELECTION OF THE BOARD OF DIRECTORS (Proposal One)&rdquo;</B>.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>BOBBI
JO BROCKMANN:</B> Ms. Brockmann was promoted to Vice President of Sales and Marketing in February 2015, having joined the Company
as Director of Sales and Marketing in January 2010. Prior to that, she had been employed as Director of Sales since May 2008 and
Sales Manager from February 2004 to April 2008 at APC, Inc. of Ankeny, Iowa, a developer and marketer of functional protein products
for animal health and nutrition. Prior to that, she held other sales and marketing positions at APC, W &amp; G Marketing Company,
Inc. of Ames, Iowa, The Council for Agricultural Science and Technology of Ames, Iowa and Meyocks Group Advertising of West Des
Moines, Iowa after graduating from Iowa State University.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>JOSEPH
H. CRABB, Ph.D.:</B> Information concerning the background and experience of Dr. Crabb and the period during which he has served
in his current capacity is set forth below under the caption <B>&ldquo;ELECTION OF THE BOARD OF DIRECTORS (Proposal One)&rdquo;</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT><B>ELIZABETH
L. WILLIAMS</B>: Ms. Williams joined the Company as Vice President of Manufacturing Operations in April 2016. Prior to that, she
had been employed as Vice President of U.S. Operations, Global Manufacturing and Supply, for Zoetis, Inc. (formerly Pfizer, Inc.
Animal Health Division). She has a broad and deep background in animal health manufacturing, technical and supply operations.<B>&#9;</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table contains information as to the total compensation paid by the Company to its executive officers for services rendered
during the years ended December 31, 2015 and 2014.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    and Principal Position</B></FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year
    </B>&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Salary</B></FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Bonus</B></FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Option</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt"><B>Awards</B></FONT></FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>All
    Other</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR>
    <FONT STYLE="font-size: 10pt"><B>Compensation</B></FONT><BR>
    <FONT STYLE="font-size: 10pt"><B>(1)</B> </FONT></FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; width: 40%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    F. Brigham</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">271,500</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; text-align: right; line-height: 115%">&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23,881</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">295,381</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President,
    Chief Executive Officer,<BR>
Treasurer and Secretary</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">266,923</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,926</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">289,849</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bobbi
    Jo Brockmann</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">192,692</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,700</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,870</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">239,262</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
    President of Sales and Marketing</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">180,192</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,455</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">189,647</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joseph
    H. Crabb, Ph.D.</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2015</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">89,308</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,572</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">92,880</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice
    President and Chief Scientific Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2014</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77,385</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,095</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,480</FONT></TD>
    <TD STYLE="vertical-align: bottom; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"></P>




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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 0pt; text-indent: 0pt; width: 0.3in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Includes employer contributions earned under a Company-wide
401(k) matching program for these three executive officers. For Mr. Brigham and Ms. Brockmann, this amount also includes the cost
of health and life insurance that is paid by the Company and available to all employees of similar employment status. For Ms.
Brockmann, this amount also includes the personal use of a Company-owned vehicle.</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Generally
effective on or about February 1<SUP>st</SUP> of each year, annual salaries and bonuses for these named executive officers are
determined in the discretion of the Compensation and Stock Option Committee. Effective February 8, 2014, this annual salary amount
for Mr. Brigham was increased by 8.3% to $260,000. Effective February 7, 2015, the annual salary for Mr. Brigham was increased
by 5% to $273,000. Effective February 6, 2016, this annual salary for Mr. Brigham was increased by 5% to $286,650. Effective February
8, 2014, this annual salary amount for Ms. Brockmann was increased by 6.1% to $175,000. Effective February 7, 2015, this annual
salary for Ms. Brockmann was increased by 11.4% to $195,000. Effective February 6, 2016, this annual salary for Ms. Brockman was
increased by 5% to $204,750. Effective December 28, 2013, this annual salary for Dr. Crabb was decreased to $72,000, reflecting
Dr. Crabb&rsquo;s decision to reduce his time commitment to the Company. Effective January 10, 2015, this annual salary for Dr.
Crabb was increased to $90,000. Effective February 6, 2016, this annual salary for Dr. Crabb was decreased to $50,000. Effective
December 1, 2015 through November 30, 2016, the Company contributes $14,045 per year towards the cost of family coverage for all
full-time employees electing this coverage. Mr. Brigham has elected this option. Ms. Brockmann has elected a cash payment of $2,800
per year that is available to all employees that opt to obtain coverage elsewhere. The Company makes no contribution towards the
cost of health insurance coverage for part-time employees, although all part-time employees working at least 10 hours per week
may buy into the Company&rsquo;s group coverage on a pre-tax basis. Dr. Crabb elects this option.</FONT></P>

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

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

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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: left; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective
March 26, 2010, both Mr. Brigham and Dr. Crabb entered into amendments to their employment agreements that superseded and replaced
in their entirety previous employment agreements. By waiving rights to contractual employment, these named executive officers
agreed to serve the Company in &ldquo;at will&rdquo; capacities on such terms as the Board of Directors may from time to time
determine, subject to termination by the Board of Directors at any time with or without cause and without a contractual right
to severance compensation. Under these contract amendments, Mr. Brigham continues to serve the Company as President and CEO, and
Dr. Crabb continues to serve the Company as Vice President and Chief Scientific Officer.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stock
options are the only outstanding form of equity awards to the Company&rsquo;s employees and directors. The following table contains
information on stock options held by the certain key employees as of December 31, 2015.</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Outstanding Option Awards as of December 31, 2015</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Name</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Number
of</B><BR>
<B>Shares<BR>
Underlying<BR>
Unexercised<BR>
Options -<BR>
Exercisable</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
of<BR>
Shares<BR>
Underlying Unexercised<BR>
</B><B>Options -<BR>
Unexercisable</B> </FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Option<BR>
Exercise<BR>
Price</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Grant<BR>
Date<BR>
(1)</B> </FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Expiration<BR>
Date</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left">Michael F. Brigham</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">5.25</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">3/19/2007</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center">3/18/2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1/09/2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1/08/2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Bobbi Jo Brockmann</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1/04/2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1/03/2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2/08/2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">2/07/2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12/15/2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12/14/2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10/12/2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">10/11/2021</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12/16/2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">12/15/2025</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Joseph H. Crabb, Ph.D.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3/19/2007</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3/18/2017</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1/09/2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1/08/2019</TD></TR>
</TABLE>





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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 96%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">These
                                         stock options became exercisable three years after the date of grant.</FONT></TD></TR></TABLE>

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


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



<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; margin-right: 0"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The following table
sets forth certain information known to the Company regarding beneficial ownership of the Company&rsquo;s common stock as of April
19, 2016 of (i) each person known to the Company to be the beneficial owner of more than five percent of the Company&rsquo;s common
stock, (ii) each of the Company&rsquo;s directors and nominees, (iii) each of the Company&rsquo;s employees named in the &ldquo;<B>SUMMARY
COMPENSATION TABLE</B>&rdquo; above and (iv) all directors and certain key employees of the Company as a group:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Name of Beneficial Owner</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Shares of the</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Company&rsquo;s Common Stock</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Beneficially Owned (1)</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Percent of the</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Company&rsquo;s Common Stock</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Beneficially Owned</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; font-size: 10pt; text-align: left">Jonathan E. Rothschild (2)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">510,158</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">12.2</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Norman H. and Brian Pessin</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">270,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">NorthPointe Capital, LLC</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">225,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5.4</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Michael F. Brigham (3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">204,752</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.8</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Joseph H. Crabb, Ph.D. (4)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">163,611</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3.9</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">David S. Tomsche, D.V.M. (5)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66,789</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Bobbi Jo Brockmann (6)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">26,055</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.6</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">David S. Cunningham (7)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22,404</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.5</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Linda Rhodes, V.M.D., Ph.D. (8)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,157</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.2</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Paul R. Wainman (9)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.05</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Directors and named executive officers as a group (8 persons) (10)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,002,926</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">23.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(1)</TD><TD STYLE="padding: 0; text-indent: 0">The persons named in the table have sole voting and investment power with respect to all shares of common stock shown to be
beneficially owned by them, subject to the information contained in the footnotes to this table. The figures in the table include
shares of common stock covered by stock options which are currently exercisable or will become exercisable within 60 days of the
date of this Proxy Statement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(2)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">This figure includes 226,416 shares of common stock held by Arterio Inc., a corporation owned solely
by Mr. Rothschild. The address of Mr. Rothschild is c/o Arterio, Inc., 1061-B Shary Circle, Concord, CA 94518.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(3)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">This figure includes options to acquire 48,500 shares of common stock, which are currently exercisable
and are priced in accordance with the details provided in the &ldquo;<B>OUTSTANDING EQUITY AWARDS</B>&rdquo; table. Mr. Brigham&rsquo;s
address is c/o ImmuCell Corporation, 56 Evergreen Drive, Portland, ME 04103.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(4)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">This figure includes options to acquire 48,500 shares of common stock, which are currently exercisable
and are priced in accordance with the details provided in the &ldquo;<B>OUTSTANDING EQUITY AWARDS</B>&rdquo; table and 115,111
shares of common stock held jointly with Dr. Crabb&rsquo;s wife. Dr. Crabb&rsquo;s address is c/o ImmuCell Corporation, 56 Evergreen
Drive, Portland, ME 04103.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(5)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">This figure includes 2,322 shares of common stock held by immediate family members of Dr. Tomsche.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(6)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">This figure includes options to acquire 25,000 shares of common stock, which are currently exercisable.
These options are priced and have vested in accordance with the details provided in the &ldquo;<B>OUTSTANDING EQUITY AWARDS</B>&rdquo;
table.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(7)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">This figure includes options to acquire 15,000 shares of common stock at $5.75 per share, which are
currently exercisable.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(8)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">This figure includes 1,009 shares of common stock held by an immediate family member of Dr. Rhodes,
to which Dr. Rhodes disclaims beneficial ownership.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(9)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">Mr. Wainman holds options to acquire 15,000 shares of common stock at $4.80 per share, which become
exercisable on March 31, 2017.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(10)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">This figure includes 137,000 shares of common stock covered by stock options, which are currently
exercisable.</TD></TR></TABLE>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Dr. David S. Tomsche (Chair of our Board of
Directors) is a controlling owner of Leedstone Inc. (formerly Stearns Veterinary Outlet, Inc.), a domestic distributor of ImmuCell
products (<B>First Defense&reg;</B>, <B>Wipe Out&reg;</B> <B>Dairy Wipes</B>, and <B>CMT</B>) and of J-t Enterprises of Melrose,
Inc., an exporter. His affiliated companies purchased $573,165, $426,358 and $395,042 of products from ImmuCell during the years
ended December 31, 2015, 2014 and 2013, respectively, on terms consistent with those offered to other distributors of similar
status. We made marketing-related payments of $3,222, $7,330 and $6,010 to these affiliate companies during the years ended December
31, 2015, 2014 and 2013, respectively. Our accounts receivable (subject to standard and customary payment terms) due from these
affiliated companies aggregated $36,528 and $18,796 as of December 31, 2015 and 2014, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The President and CEO
of the Company is responsible for reviewing related party transactions. To assist with this process, each director is asked to
complete an annual questionnaire covering transactions of this nature and other related matters. Regardless of dollar value, all
related party transactions are reviewed with the relevant director and with the entire Board of Directors, if necessary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><B>ELECTION OF THE BOARD OF DIRECTORS (Proposal One)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 20pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the seven persons listed below has been nominated to serve
as a director until the next Annual Meeting of Stockholders and until his or her successor is chosen and qualified. Proxies in
the enclosed form which are executed and returned will be voted (unless otherwise directed) <B><U>FOR</U></B> election as directors
of the nominees listed below:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <TD STYLE="width: 30%; padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>MICHAEL F. BRIGHAM</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Age: 55</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Officer since: October 1991</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Director since: March 1999</P></TD>
    <TD STYLE="width: 70%; layout-grid-mode: line; padding: 0; text-indent: 0">Mr. Brigham was appointed to serve as President and Chief Executive Officer in February 2000, while maintaining the titles of Treasurer and Secretary, and was appointed to serve as a Director of the Company in March 1999.&nbsp;&nbsp;He previously had been elected Vice President of the Company in December 1998 and had served as Chief Financial Officer since October 1991.&nbsp;&nbsp;He has served as Secretary since December 1995 and as Treasurer since October 1991.&nbsp;&nbsp;Prior to that, he served as Director of Finance and Administration since originally joining the Company in September 1989.&nbsp;&nbsp;Mr. Brigham has been a member of the Board of Directors of the United Way of York County since 2011, serving as its Treasurer.&nbsp;&nbsp;Mr. Brigham served as the Treasurer of the Board of Trustees of the Kennebunk Free Library from 2005 to 2011.&nbsp;&nbsp;He re-joined the Finance Committee of the library in 2012.&nbsp;&nbsp;Prior to joining the Company, he was employed as an audit manager for the public accounting firm of Ernst &amp; Young.&nbsp;&nbsp;Mr. Brigham earned his Masters in Business Administration from New York University in 1989.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>JOSEPH H. CRABB, Ph.D.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Age: 61</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Officer since: March 1996</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Director since: March 2001</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dr. Crabb served as Chair of the Board of Directors from
June 2009 to February 2013. He was appointed a Director of the Company in March 2001, having previously served in that capacity
during the period from March 1999 until February 2000. Before that, he was elected Vice President of the Company in December 1998,
while maintaining the title of Chief Scientific Officer. He has served as Chief Scientific Officer since September 1998. Prior
to that, he served as Vice President of Research and Development since March 1996. Prior to that, he served as Director of Research
and Development and Senior Scientist since originally joining the Company in November 1988. Concurrent with his employment, he
has served on national study sections and advisory panels, served as a peer reviewer, and held several adjunct faculty positions.
Prior to joining the Company in 1988, Dr. Crabb earned his Ph.D. in Biochemistry from Dartmouth Medical School and completed postdoctoral
studies in microbial pathogenesis at Harvard Medical School, where he also served on the faculty.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>DAVID S. CUNNINGHAM</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Age: 50</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Director since: September 2011</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Cunningham is a member of the Audit Committee and the
Nominating Committee of the Board of Directors. He has been Chief Operating Officer of Axxiom Consulting LLC (which firm has no
direct or indirect material interest in the transactions of Axxiom LLC, which firm has been engaged to provide consulting services
to the Company) since January 2013. He was President and CEO of Teva Animal Health from May 2009 through December 2012. He was
Vice President of Agri Laboratories, Ltd. of St Joseph, MO from 2003 to November 2008. Prior to that, he held several management
related positions with Boehringer Ingelheim Vetmedica, Inc. and Hoechst-Roussel Agri-Vet from 1990 to 2003.&nbsp;</P></TD></TR>
</TABLE>

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

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

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

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    <TD STYLE="padding: 0; text-indent: 0; width: 30%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>LINDA RHODES, V.M.D., Ph.D</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Age: 66</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Director since: August 2005</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding: 0; text-indent: 0; width: 70%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dr. Rhodes is Chair of the Compensation and Stock Option
Committee of the Board of Directors. She is currently the Chief Scientific Officer (CSO) of Aratana Therapeutics, a public animal
health company that is developing and commercializing pet therapeutics (Aratana) and will be retiring from that position on May
15, 2016. Dr. Rhodes served as a member of Aratana&rsquo;s Board of Directors from February 2011 to March 2014. Prior to her role
as CSO, she served as CEO of the company from February 2011 through September 2012. From 2001 to 2010, she was a founding partner
and Vice President of AlcheraBio, LLC, an animal health consulting and contract research firm, which firm was acquired in October
2008 by Argenta, a New Zealand animal health formulations and contract manufacturing organization (operating as AlcheraBio in
the United States). She is an adjunct professor for the Graduate School of Animal Science at Rutgers University and is a member
of the Board of Directors of the Alliance for Contraception in Cats and Dogs (a non-profit organization). From 1998 to 2001, she
was a Director of Development Projects and New Technology Assessment at Merial Ltd. Prior to that, she held various research positions
at Merck Research Laboratories and Sterling Drug Company. She held several teaching positions and worked as a bovine veterinarian
in private practice. She earned her Ph.D. in Physiology/Immunology from Cornell University and her V.M.D. from the Pennsylvania
School of Veterinary Medicine.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>JONATHAN E. ROTHSCHILD</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Age: 62</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Director since: April 2001</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Mr. Rothschild is a member of the Audit Committee and the
Compensation and Stock Option Committee of the Board of Directors. Since 1981, he has been President and CEO of Arterio, Inc.,
of Concord, California, a vitamin and supplement company that does business as Ecological Formulas. Mr. Rothschild served on the
Board of Directors of CCA Industries, Inc. of East Rutherford, New Jersey (a developer and marketer of health and beauty products)
from August 2012 through December 2014. He also serves as a director of the Anne Frank Center USA, a not-for-profit organization.
He served as a director and Chief Financial Officer of Cistron Biotechnology from 1999 until it was acquired by Celltech, PLC
in November 2000.&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>David S. Tomsche, D.V.M.</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Age: 59</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Director since: December 2006</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Dr. Tomsche was appointed
to serve as</FONT> <FONT STYLE="font-size: 10pt">Chair of the Board of Directors in February 2013 and is a member of the Nominating
Committee of the Board of Directors and serves as Chair of that committee. He served on the Audit Committee from February 25,
2014 through March 31, 2014. He is a large animal veterinarian and owner of Leedstone Inc. (formerly Stearns Veterinary Outlet,
Inc., an animal health distribution and milking system installation company) and of J-t Enterprises of Melrose, Inc., an exporter
of ImmuCell products. He served as a director of VetPharm, Inc., an animal health products distributor, from 1995 until the company
was sold in 2007. He also is a dairy producer. He obtained his degrees from the University of Minnesota.</FONT>&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>PAUL R. WAINMAN</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Age: 51</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt">Director since: March 2014</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P></TD>
    <TD STYLE="layout-grid-mode: line; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Mr. Wainman was appointed to the Board of Directors on March 31, 2014 and is a member of the Audit Committee and serves as Chair of that committee. He qualifies to serve as a &ldquo;financial expert&rdquo; given his background in accounting and finance. Mr. Wainman has served as Chief Financial Officer of Hancock Lumber since February 2016. From April 2015 until February 2016, he was a business strategy and financial consultant specializing in the paper and greeting card industry. Prior to that, he was President of Kleinfeld Paper of Billerica, MA, a personalized wedding stationery company, from September 2013 until April 2015. &nbsp;From 2005 to 2012, he was President and CEO of William Arthur, Inc., a division of Hallmark Cards, located in Kennebunk, ME where he led a 275-employee manufacturer of luxury stationery products. Prior to that, he served another division of Hallmark Cards as CFO and COO from 1998 to 2004. Mr. Wainman serves as a member of the Board of Directors of the Education Foundation of the Kennebunks and Arundel. He obtained a degree in Accounting and Financial Control from Sheffield City University in England and qualified as a Chartered Accountant of England and Wales in 1990.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Each of these individuals brings distinct skills,
perspectives and attributes to the Board of Directors. Mr. Brigham is an executive officer who has been employed by the Company
since 1989 and has a financial and accounting background. Dr. Crabb is an executive officer who has been employed by the Company
since 1988 and has a strong technical/scientific background. Mr. Cunningham is the Chief Operating Officer of an animal health
consulting business and brings to the board substantial expertise in our industry. Dr. Rhodes was a practicing large animal veterinarian
earlier in her career and is serving as the CSO of a public company (NASDAQ: PETX) that is developing and commercializing new drugs
for companion animals until May 15, 2016. Mr. Rothschild owns approximately 12.2% of the Company&rsquo;s common stock and has experience
owning and operating small businesses in the health and nutritional sector. Dr. Tomsche is a veterinarian and owner of a distribution
outlet of products and services for animals, as well as an investor in and owner of dairy farms, and brings to the board substantial
expertise in our industry. Mr. Wainman has extensive managerial and financial training and expertise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">There is no family relationship between any
executive officer, director, or person nominated or chosen by the Company to become a director. Except for Mr. Brigham and Dr.
Crabb (both of whom are Company employees), each of the Company&rsquo;s existing directors or nominees qualifies as an &ldquo;independent
director&rdquo; as defined under applicable NASDAQ Stock Market rules. In evaluating the independence of directors, the board
did consider the matters described above under the caption &ldquo;<B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS&rdquo;</B>.
If any of the individuals named above should not be available for election as contemplated, it is the intention of the persons
named in the proxy to vote for such other person or persons as management may recommend. Management has no reason to believe any
nominees will be unavailable. Any vacancies that may occur during the year may be filled by the Board of Directors to serve until
the next Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board of Directors recommends that you vote <B><U>FOR</U></B> the election of the seven nominees listed
above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION
(Proposal Two)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As required by Section 14A of the Exchange Act,
which was enacted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we are asking our stockholders
to approve, on an advisory (nonbinding) basis, the compensation of our named executive officers, as disclosed in this proxy statement
pursuant to the compensation disclosure rules of the SEC. This proposal is commonly referred to as &quot;say-on-pay.&quot; We currently
present such proposal to our stockholders on an annual basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We maintain a simple executive compensation
program that consists almost entirely of base salary and periodic stock option grants, with the possibility of annual discretionary
bonuses. No annual discretionary bonus has been awarded to these named executive officers by the Company since 2007. These elements
of compensation have been selected by the Compensation and Stock Option Committee (Compensation Committee) because the Compensation
Committee believes that they effectively achieve the fundamental goals of our compensation program, which are to attract, motivate,
retain and reward exceptionally talented executives; to align executive interests and stockholder interests through an appropriate
mix of long-term and short-term incentives; and to maximize the financial efficiency of the program from risk, tax, accounting,
and cash flow perspectives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company does not provide any compensation
or benefit plans to these named executive officers that are not also available to other employees. The Company differentiates among
key employees primarily based on size of base salary. Annual compensation decisions for the named executive officers are made by
the Compensation Committee based on performance and market-related factors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Features of our compensation program for the
named executive officers include the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
                                         majority of total compensation is fixed, but is regularly reviewed and evaluated based
                                         on both long-term and short-term corporate performance.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top"><TD STYLE="padding: 0; text-indent: 0; width: 0.5in"></TD><TD STYLE="padding: 0; text-indent: 0; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Equity
                                         awards, which consist of stock options, generally vest after a three-year period. The
                                         Compensation Committee believes that this alig</FONT>ns interests of key employees and
                                         stockholders.</TD></TR>
</TABLE></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></P></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">From
                                         time to time, the Compensation Committee reviews compensation against a peer group (companies
                                         of similar size and structure) to ensure that our total compensation is both competitive
                                         and appropriate.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                         Compensation Committee annually reviews risk associated with our compensation program
                                         to ensure that our program does not create incentives that would encourage subjecting
                                         the Company to risks that are reasonably likely to have a material adverse effect on
                                         the Company.</FONT></TD></TR></TABLE>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are asking our stockholders to indicate their support for the compensation as described in this proxy statement. This vote is
not intended to address any s</FONT>pecific item of compensation, but rather the overall compensation of the named executive officers
and the philosophy, policies and practices described in this proxy statement. Our Board of Directors is asking stockholders to
approve a nonbinding advisory vote on the following resolution:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">RESOLVED, that the compensation paid to the
named executive officers of the Company, as disclosed pursuant to Item 402 of Regulation S-K, including the &ldquo;<B>SUMMARY COMPENSATON
TABLE</B>&rdquo; and &ldquo;<B>OUTSTANDING EQUITY AWARDS</B>&rdquo; table, is hereby approved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As an advisory vote, this proposal is not binding.
The outcome of this advisory vote does not overrule any decision by the Company or the Board of Directors (or any committee thereof),
create or imply any change to the fiduciary duties of the Company or the Board of Directors (or any committee thereof), or create
or imply any additional fiduciary duties for the Company or the Board of Directors (or any committee thereof). However, our Compensation
Committee and Board of Directors value the opinions expressed by our stockholders in their vote on this proposal and will consider
the outcome of the vote when making future compensation decisions for these key employees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The Board of Directors
recommends</FONT> <FONT STYLE="font-size: 10pt">that you vote <B><U>FOR</U></B> the approval of the advisory resolution on compensation
for the named executive officers.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>VOTE TO APPROVE INCREASE IN AUTHORIZED COMMON
STOCK (Proposal Three)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The Company&rsquo;s Board
of Directors has unanimously approved an amendment to the Company&rsquo;s Certificate of Incorporation to increase the number of
shares of common stock authorized for issuance from 8,000,000 to 10,000,000. The primary purpose of the proposed increase in the
number of authorized shares of common stock is to provide the Company with the flexibility to issue additional shares of stock
in private or public offerings to raise additional capital, or to have available additional shares for issuance in stock-based
compensation plans for employees or directors of the Company. These shares could also be used to make more difficult a change in
control of the Company, and in certain circumstances, such shares could be used to dilute the stock ownership of a person or entity
seeking to obtain control of the Company. Such shares could also be privately placed with purchasers who might side with the Board
in opposing a hostile takeover bid or efforts to elect alternative candidates to the Board. No such issuances, however, are presently
planned for the near term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The Board of Directors recommends
that you vote <B><U>FOR</U></B> the proposed amendment to our Certificate of Incorporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On March 2, 2016, Baker Newman &amp; Noyes,
LLC informed the Company that it would decline to propose to audit the Company&rsquo;s financial statements for the year ending
December 31, 2016. Baker Newman &amp; Noyes, LLC had previously audited the Company&rsquo;s financial statements for the years
ended December 31, 2015, 2014 and 2013. Baker Newman &amp; Noyes, LLC is expected to perform the review of the Company&rsquo;s
financial statements for the three-month period ended March 31, 2016. The Audit Committee&rsquo;s engagement of Baker Newman &amp;
Noyes, LLC was made in accordance with procedures contemplated in the Committee&rsquo;s charter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company is actively engaged in soliciting
proposals from new Independent Registered Accounting Firms. The Company expects to complete this selection process in the coming
weeks.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The report of
Baker Newman &amp; Noyes, LLC on the Company&rsquo;s financial statements for the three years ended December 31, 2015 contained
no adverse opinion or disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles.
In connection with that firm&rsquo;s audits of financial statements for the three years ended December 31, 2015, there were no
disagreements between the Company and Baker Newman &amp; Noyes, LLC on any matter of accounting principles or practices, financial
statement disclosure, or auditing scope and procedures, which disagreements, if not resolved to the satisfaction of Baker Newman
&amp; Noyes, LLC, would have caused Baker Newman &amp; Noyes, LLC to make reference to the subject matter of the disagreements
in their report on the financial statements for such years.</FONT> <FONT STYLE="font-size: 10pt">A representative of Baker Newman
&amp; Noyes, LLC is expected to be present at the Annual Meeting of Stockholders with an opportunity<B> </B>to make a statement
if he or she desires to do so and is expected to be available to respond to appropriate questions. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>Principal Accounting Fees and Services</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Set forth below is a summary
of the fees incurred for services rendered by the Company&rsquo;s Independent Registered Public Accounting Firm, which was Baker
Newman &amp; Noyes, LLC, for the years ended December 31, 2015, 2014 and 2013.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2013</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font-size: 10pt; text-align: left">Audit Fees (1)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">62,700</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">58,250</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 9%; font-size: 10pt; text-align: right">56,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Audit-Related Fees (2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,410</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,475</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,200</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt">Tax Fees (3)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1.5pt solid">7,950</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1.5pt solid">7,750</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 1.5pt solid">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 1.5pt solid">7,500</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 4pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 4pt double">$</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 4pt double">75,060</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 4pt double">$</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 4pt double">70,475</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; border-bottom: Black 4pt double">$</TD><TD STYLE="font-size: 10pt; text-align: right; border-bottom: Black 4pt double">64,700</TD><TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 4pt">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(1)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">These fees include charges by the auditors for their reviews of quarterly financial statements included
in the Company&rsquo;s Quarterly Reports on Form 10-Q for the first three quarters of each year and their audits of the annual
financial statements included in the Company&rsquo;s Annual Reports on Form 10-K, and incidental expenses.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(2)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">In 2015, these fees were related to the preparation of our preliminary Registration Statement on Form
S-3. In 2014, these fees were related to research about accounting issues related to our public disclosures and tax credits. In
2013, these fees were for additional research related to accounting for the investment in the Company&rsquo;s pharmaceutical-grade
Nisin plant.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.3in; padding: 0; text-indent: 0">(3)</TD><TD STYLE="text-align: left; padding: 0; text-indent: 0">The Tax Fees for 2015 represent the agreed upon contract amount to assist with the preparation of
the tax returns for the year ended December 31, 2015, which work is expected to be completed and paid for in 2016. The Tax Fees
in 2014 represent the agreed upon contract amount to assist with the preparation of the tax returns for the year ended December
31, 2014, which work was completed and paid for in 2015. The Tax Fees in 2013 represent the agreed upon contract amount to assist
with the preparation of the tax returns for the year ended December 31, 2013, which work was completed and paid for in 2014.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: left; text-indent: -0.25in"><I>Pre-Approval
Policy</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In accordance with the procedures set forth
in its charter, the Audit Committee pre-approves all auditing services and permitted non-audit services (including the fees and
terms of those services) to be performed for the Company by its Independent Registered Public Accounting Firm. Such approval may
be accomplished by approving the terms of the engagement prior to the engagement of the Independent Registered Public Accounting
Firm with respect to such services or by establishing detailed pre-approval policies and procedures to govern such engagement.
The Audit Committee authorizes management to spend up to $5,000 per year for services that are not anticipated at the time of the
engagement, provided that the Audit Committee is promptly informed of such services.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The management of the Company
does not know of any business not specifically referred to above as to which any action is expected to be taken at the meeting.
However, if any business other than those items referred to above properly comes before the meeting, it is the intention of the
persons named in the enclosed form of proxy to vote such proxy in accordance with their judgment on such matters.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><I>Audit Committee Financial Expert</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to Section 306 of the Sarbanes-Oxley
Act of 2002 and Item 407 of Regulation S-K promulgated by the SEC, the Company is required to disclose whether it has at least
one &ldquo;Financial Expert&rdquo; serving on its Audit Committee and if so, the name of the expert and whether the expert is
independent of management. A company that does not have an Audit Committee Financial Expert must disclose this fact and explain
why it has no such expert. Mr. Paul Wainman, who joined our Board of Directors on March 31, 2014 and currently serves as Chair
of the Audit Committee, meets the SEC&rsquo;s definition of a financial expert. It is the opinion of the Company&rsquo;s Board
of Directors that the Company addresses its audit functions with a depth of penetration and rigo<FONT STYLE="font-family: Times New Roman, Times, Serif">r
that meets the intent of the requirements of the Sarbanes-Oxley Act for the following reasons:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
                                         members of the Audit Committee of the Company are independent Directors, as defined by
                                         the SEC and NASDAQ.</FONT></TD></TR>                                                                                                                                                                                                                                                                                                                                    <TR STYLE="vertical-align: top">
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                         three members of the Audit Committee have knowledge of accounting for both their own
                                         businesses as well as for the Company. The three members of the Audit Committee have
                                         considerable experience operating a publicly-held animal health company, his own vitamin
                                         and nutrition company and a for-profit, privately-held commercial enterprise, respectively.</FONT></TD></TR>                                                                                                             <TR STYLE="vertical-align: top">
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Internal
                                         audit work of the Company is performed by its Director of Finance and Administration,
                                         Accounting Associate and Office Manager.</FONT></TD></TR>                  <TR STYLE="vertical-align: top">
<TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in; padding: 0; text-indent: 0"></TD><TD STYLE="width: 0.25in; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                         Company also continuously reviews, at its own initiative, the expertise of the members
                                         of its Board of Directors and its Audit Committee.</FONT></TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The Audit Committee of the
Board of Directors reviews the financial reporting process, the system of internal controls, the audit process and the process
for monitoring compliance with certain applicable laws and regulations. The Audit Committee is responsible for selecting and hiring
the Independent Registered Public Accounting Firm and meets with those accountants (in person or by telephone) before each quarterly
press release concerning the Company&rsquo;s financial results. The Audit Committee approves the public disclosure and filing with
the SEC of the related press releases. After reviewing the quarterly and annual reports that are prepared by management, the Audit
Committee authorizes the filing of such reports with the SEC. All members of the Audit Committee meet the heightened independence
requirements for audit committees under applicable NASDAQ Stock Market rules. Mr. Rothschild has served as a member of the Audit
Committee since 2008. Mr. Wainman joined the Audit Committee effective March 31, 2014 and serves as its Chair. Mr. Cunningham joined
the Audit Committee as of July 2014. The Audit Committee currently operates under a charter adopted by the board in 2004. The Company
has a January 1st to December 31st fiscal year. The Audit Committee met six times during 2015.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Audit Committee has reviewed the Company&rsquo;s
audited financial statements for the year ended December 31, 2015 and discussed such statements with management and Baker Newman
&amp; Noyes, LLC, the Company&rsquo;s independent registered public accounting firm for 2015 and for the first quarter of 2016.
The Audit Committee has discussed with Baker Newman &amp; Noyes, LLC various communications that Baker Newman &amp; Noyes, LLC
is required to provide to the Audit Committee including the matters required to be discussed by Public Company Accounting Oversight
Board (PCAOB) Auditing Standards No. 16  (Communication with Audit Committees).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The Audit Committee received
from Baker Newman &amp; Noyes, LLC the written disclosures and the letter required by applicable requirements of the PCAOB concerning
independence and has discussed the auditor&rsquo;s independence with them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Based on the review and discussions
noted above, the Audit Committee recommended to the board that the Company&rsquo;s audited financial statements be included in
the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and be filed with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">This report of the Audit Committee shall not
be deemed incorporated by reference by any general statement incorporating this proxy statement by reference into any filing under
the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that the Company
specifically incorporates this information by reference and shall not otherwise be deemed filed under such Acts.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Paul R. Wainman, Chair</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>CODE OF BUSINESS CONDUCT AND ETHICS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">In December 2003, the Board
of Directors of the Company adopted a Code of Business Conduct and Ethics that applies to all employees of the Company including
the Company&rsquo;s President and CEO and Director of Finance and Administration. This Code is a set of written standards that
are designed to deter wrongdoing and to promote: (i) honest and ethical conduct, (ii) full, fair, accurate, timely and understandable
disclosure in reports filed with the SEC, (iii) compliance with acceptable laws, (iv) prompt internal reporting of violations of
the Code and (v) accountability for adherence to the Code. On March 19, 2014, the Board of Directors approved several minor revisions
to this Code. This Code has been posted on the Company&rsquo;s web-site (http://immucell.com/wp-content/uploads/2014-Code-of-Business-Conduct-and-Ethics-revision.pdf)
and was filed as Exhibit 14 to the Company&rsquo;s Current Report on Form 8-K dated March 20, 2014. The Company will mail a copy
of its Code of Business Conduct and Ethics to any interested party without charge, upon request. Such requests may be made by mail
to the Company&rsquo;s Secretary at ImmuCell Corporation, 56 Evergreen Drive, Portland, Maine 04103.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING
COMPLIANCE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">Section 16 of the Securities
Exchange Act of 1934 requires the Company&rsquo;s directors, executive officers and persons who own more than ten percent of a
registered class of the Company&rsquo;s equity securities, to file with the SEC initial reports of ownership and reports of changes
in ownership of common stock and other equity securities of the Company. Officers, directors and greater than ten percent stockholders
are required by SEC regulation to furnish the Company with copies of all Section 16(a) reports they file. To the best of the Company&rsquo;s
knowledge, based solely on review of the copies of such reports furnished to the Company and written representations that no other
reports were required, during the year ended December 31, 2015, the Company&rsquo;s directors, executive officers and greater than
ten percent beneficial owners complied on a timely basis with all applicable Section 16(a) filing requirements.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="width: 40%; padding: 0; layout-grid-mode: line; text-indent: 0"><B>By Order of the Board of Directors</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0; border-bottom: Black 1.5pt solid">/s/ Michael F. Brigham</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">Michael F. Brigham, <I>Secretary</I></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; layout-grid-mode: line; text-indent: 0">April 28, 2016</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>A COPY OF THE COMPANY&rsquo;S ANNUAL REPORT ON FORM 10-K FOR
THE YEAR ENDED DECEMBER 31, 2015, WHICH INCLUDES THE COMPANY&rsquo;S FINANCIAL STATEMENTS, ACCOMPANIES THIS PROXY STATEMENT. COPIES
OF THE EXHIBITS TO THE 2015 ANNUAL REPORT ON FORM 10-K ARE AVAILABLE UPON WRITTEN REQUEST TO THE FOLLOWING ADDRESS: INVESTOR RELATIONS,
IMMUCELL CORPORATION, 56 EVERGREEN DRIVE, PORTLAND, ME 04103.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">15</P>

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

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

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