<SEC-DOCUMENT>0001213900-16-019154.txt : 20161205
<SEC-HEADER>0001213900-16-019154.hdr.sgml : 20161205
<ACCEPTANCE-DATETIME>20161205164437
ACCESSION NUMBER:		0001213900-16-019154
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20161205
DATE AS OF CHANGE:		20161205

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:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-214641
		FILM NUMBER:		162034264

	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>S-3/A
<SEQUENCE>1
<FILENAME>fs32016a1_immucellcorp.htm
<DESCRIPTION>AMENDMENT TO FORM S-3
<TEXT>
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<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.3pt 0 0 0.8in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.3pt 0 0 0.8in"> <FONT STYLE="letter-spacing: -0.05pt">As filed
with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Securities</FONT> and <FONT STYLE="letter-spacing: -0.05pt">Exchange Commission
on December</FONT> 5, <FONT STYLE="letter-spacing: -0.05pt">2016&#9;Registration No. 333-214641</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.3pt 0 0 0.8in"><FONT STYLE="letter-spacing: -0.05pt"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.3pt 0 0 0.8in"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0 0 0 55.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.9pt 106.15pt 0 106.1pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt/16.1pt Times New Roman, Times, Serif; margin: 0.1pt 106.1pt 0 106.15pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>SECURITIES
</B></FONT><B><FONT STYLE="letter-spacing: -0.1pt">AND EXCHANGE COMMISSION</FONT></B></P>

<P STYLE="font: 10pt/16.1pt Times New Roman, Times, Serif; margin: 0 106.15pt 0 106.1pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>Washington,
</B></FONT><B><FONT STYLE="letter-spacing: -0.1pt">D.C.</FONT> <FONT STYLE="letter-spacing: -0.05pt">20549</FONT></B></P>

<P STYLE="font: 10pt/16.1pt Times New Roman, Times, Serif; margin: 0 106.15pt 0 106.1pt; text-align: center"><B><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"> <FONT STYLE="letter-spacing: -0.1pt"><B>PRE-EFFECTIVE
AMENDMENT</B></FONT><B> NO. 1<FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT>TO</B> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><B>FORM
</B></FONT><B><FONT STYLE="letter-spacing: -0.05pt">S-3</FONT></B></P>

<P STYLE="font: 10pt/137% Times New Roman, Times, Serif; margin: 5.95pt 169.5pt 0 169.45pt; text-align: center"><B><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 106.1pt 0 106.15pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF</B></FONT><B> 1933</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 5.85pt 106.15pt 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>ImmuCell
Corporation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.85pt 169.45pt 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">(Exact
name</FONT> of <FONT STYLE="letter-spacing: -0.05pt">registrant</FONT> as <FONT STYLE="letter-spacing: -0.05pt">specified in</FONT>
its <FONT STYLE="letter-spacing: -0.05pt">charter)</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: center"><B>01-0382980</B></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center">(State
</FONT>or other <FONT STYLE="letter-spacing: -0.05pt">jurisdiction</FONT> of <FONT STYLE="letter-spacing: -0.05pt">incorporation
</FONT>or organization)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">(I.R.S.
Employer Identification Number)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.15pt; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 10pt/13.75pt Times New Roman, Times, Serif; margin-top: 3.65pt; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">56 <FONT STYLE="letter-spacing: -0.05pt">Evergreen</FONT>
Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Portland,</FONT>
ME 04103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">(207)
878-2770</FONT></P>

<P STYLE="font: 10pt/10.25pt Times New Roman, Times, Serif; margin-top: 3.8pt; margin-bottom: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.05pt; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">(Address,
including zip</FONT> code, <FONT STYLE="letter-spacing: -0.05pt">and telephone number, including</FONT> area code, of <FONT STYLE="letter-spacing: -0.05pt">registrant&rsquo;s
principal executive offices)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.55pt; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Michael
F. Brigham</FONT></P>

<P STYLE="font: 10pt/111% Times New Roman, Times, Serif; margin-top: 1.45pt; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">President,
Chief Executive Officer and Treasurer</FONT> 56 <FONT STYLE="letter-spacing: -0.05pt">Evergreen</FONT> Drive</P>

<P STYLE="font: 10pt/13.75pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Portland,</FONT>
ME 04103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 1.55pt; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">(207)
878-2770</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 1.5pt; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">(Name,</FONT>
address, <FONT STYLE="letter-spacing: -0.05pt">including zip</FONT> code, <FONT STYLE="letter-spacing: -0.05pt">and telephone number,
including</FONT> area code, of <FONT STYLE="letter-spacing: -0.05pt">agent</FONT> for <FONT STYLE="letter-spacing: -0.05pt">service)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0.2pt; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>Copy
to:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">David</FONT> <FONT STYLE="letter-spacing: 0.05pt">J.</FONT> <FONT STYLE="letter-spacing: -0.05pt">Champoux</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Pierce Atwood
</FONT><FONT STYLE="letter-spacing: -0.1pt">LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center">254
<FONT STYLE="letter-spacing: -0.05pt">Commercial Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">Portland,
</FONT>ME 04101</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">(207)
791-1100</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><B>Approximate
</B></FONT><B>date of <FONT STYLE="letter-spacing: -0.05pt">commencement</FONT> of <FONT STYLE="letter-spacing: -0.05pt">proposed
sale</FONT> to <FONT STYLE="letter-spacing: -0.05pt">the public:</FONT></B> From time <FONT STYLE="letter-spacing: -0.05pt">to
time after this Registration Statement</FONT> becomes <FONT STYLE="letter-spacing: -0.05pt">effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">If
<FONT STYLE="letter-spacing: -0.05pt">the</FONT> only <FONT STYLE="letter-spacing: -0.05pt">securities</FONT> being <FONT STYLE="letter-spacing: -0.05pt">registered
</FONT>on <FONT STYLE="letter-spacing: -0.05pt">this</FONT> Form are being <FONT STYLE="letter-spacing: -0.05pt">offered pursuant
to dividend</FONT> or <FONT STYLE="letter-spacing: -0.05pt">interest reinvestment</FONT> plans, <FONT STYLE="letter-spacing: -0.05pt">please
check</FONT> the <FONT STYLE="letter-spacing: -0.05pt">following box:<FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">If
any of the <FONT STYLE="letter-spacing: -0.05pt">securities</FONT> being <FONT STYLE="letter-spacing: -0.05pt">registered</FONT>
on <FONT STYLE="letter-spacing: -0.05pt">this</FONT> Form are <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">offered
</FONT>on a <FONT STYLE="letter-spacing: -0.05pt">delayed</FONT> or <FONT STYLE="letter-spacing: -0.05pt">continuous</FONT> basis
<FONT STYLE="letter-spacing: -0.05pt">pursuant to</FONT> <FONT STYLE="letter-spacing: -0.1pt">Rule</FONT> 415 <FONT STYLE="letter-spacing: -0.05pt">under
the Securities Act</FONT> of 1933, <FONT STYLE="letter-spacing: -0.05pt">other than securities offered</FONT> only <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">connection with dividend</FONT> or <FONT STYLE="letter-spacing: -0.05pt">interest
</FONT>reinvestment <FONT STYLE="letter-spacing: -0.05pt">plans,</FONT> check the <FONT STYLE="letter-spacing: -0.05pt">following
</FONT>box: <FONT STYLE="font-family: Wingdings">&thorn;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">If
<FONT STYLE="letter-spacing: -0.05pt">this</FONT> Form <FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">filed
to register additional securities for</FONT> an <FONT STYLE="letter-spacing: -0.05pt">offering pursuant to Rule</FONT> 462(b)
<FONT STYLE="letter-spacing: -0.05pt">under the Securities Act, please check</FONT> the <FONT STYLE="letter-spacing: -0.05pt">following
</FONT>box <FONT STYLE="letter-spacing: -0.05pt">and</FONT> list <FONT STYLE="letter-spacing: -0.05pt">the Securities Act</FONT>
registration <FONT STYLE="letter-spacing: -0.05pt">statement number</FONT> of the earlier <FONT STYLE="letter-spacing: -0.05pt">effective
registration statement for the same</FONT> offering. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">If
<FONT STYLE="letter-spacing: -0.05pt">this</FONT> Form <FONT STYLE="letter-spacing: 0.05pt">is</FONT> a <FONT STYLE="letter-spacing: -0.05pt">post-effective
amendment filed pursuant to Rule</FONT> 462(c) <FONT STYLE="letter-spacing: -0.05pt">under the Securities Act,</FONT> check <FONT STYLE="letter-spacing: -0.05pt">the
following</FONT> box <FONT STYLE="letter-spacing: -0.05pt">and list</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Securities
Act registration statement number</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">earlier effective registration statement
for</FONT> the <FONT STYLE="letter-spacing: -0.05pt">same offering.</FONT></P>

<P STYLE="font: 10pt Wingdings; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&uml;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">If
<FONT STYLE="letter-spacing: -0.05pt">this</FONT> Form <FONT STYLE="letter-spacing: 0.05pt">is</FONT> a <FONT STYLE="letter-spacing: -0.05pt">registration
statement pursuant to General Instruction</FONT> I.D. or a <FONT STYLE="letter-spacing: -0.05pt">post-effective amendment thereto
that shall become effective</FONT> upon <FONT STYLE="letter-spacing: -0.05pt">filing with</FONT> the Commission <FONT STYLE="letter-spacing: -0.05pt">pursuant
to Rule</FONT> 462(e) <FONT STYLE="letter-spacing: -0.05pt">under the Securities Act,</FONT> check <FONT STYLE="letter-spacing: -0.05pt">the
following</FONT> box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">If
<FONT STYLE="letter-spacing: -0.05pt">this</FONT> Form <FONT STYLE="letter-spacing: 0.05pt">is</FONT> a <FONT STYLE="letter-spacing: -0.05pt">post-effective
amendment to</FONT> a <FONT STYLE="letter-spacing: -0.05pt">registration statement filed pursuant to</FONT> General <FONT STYLE="letter-spacing: -0.05pt">Instruction
</FONT>I.D. <FONT STYLE="letter-spacing: -0.05pt">filed to register additional securities</FONT> or <FONT STYLE="letter-spacing: -0.05pt">additional
classes</FONT> of securities <FONT STYLE="letter-spacing: -0.05pt">pursuant to Rule</FONT> 413(b) <FONT STYLE="letter-spacing: -0.05pt">under
the Securities Act,</FONT> check the <FONT STYLE="letter-spacing: -0.05pt">following</FONT> box. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">In<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">dicate
</FONT></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: 0.05pt">by</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">check
mark <FONT STYLE="letter-spacing: -0.05pt">whether</FONT> the <FONT STYLE="letter-spacing: -0.05pt">registrant is</FONT> a <FONT STYLE="letter-spacing: -0.05pt">large
</FONT>accelerated <FONT STYLE="letter-spacing: -0.05pt">filer,</FONT> <FONT STYLE="letter-spacing: 0.05pt">an</FONT> accelerated
<FONT STYLE="letter-spacing: -0.05pt">filer,</FONT> a <FONT STYLE="letter-spacing: -0.05pt">non-accelerated filer</FONT> or a
<FONT STYLE="letter-spacing: -0.05pt">smaller reporting company. See</FONT> the <FONT STYLE="letter-spacing: -0.05pt">definitions
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">&ldquo;large accelerated filer&rdquo;, &ldquo;accelerated filer&rdquo;</FONT>
and <FONT STYLE="letter-spacing: -0.05pt">&ldquo;smaller reporting company&rdquo;</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 12b-2 of <FONT STYLE="letter-spacing: 0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Securities
</FONT>Exchange <FONT STYLE="letter-spacing: -0.05pt">Act</FONT> of 1934.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Large
    accelerated filer</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> &#9744; </FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;<FONT STYLE="letter-spacing: -0.05pt">Accelerated
    filer</FONT> &nbsp;&#9744;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
    filer &#9744;</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
    reporting company &#9746;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 69pt"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 69pt"><FONT STYLE="font-size: 10pt">&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 69pt"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.7pt 0 0 69pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 328.4pt; text-indent: -12.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">CALCULATION
OF REGISTRATION FEE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&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; text-align: left; border-bottom: Black 1.5pt solid; vertical-align: bottom"><P STYLE="font: 10pt Wingdings; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
                                         of each <FONT STYLE="letter-spacing: -0.05pt">class</FONT> of <FONT STYLE="letter-spacing: -0.05pt">securities
                                         </FONT>to <FONT STYLE="letter-spacing: -0.05pt">be registered</FONT></B></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Wingdings; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P><P STYLE="font: 10pt Wingdings; margin: 0.45pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>Amount
                                         </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
                                         <FONT STYLE="letter-spacing: -0.05pt">be registered</FONT> (1)(2)</FONT></B></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Wingdings; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.05pt 0 7pt; text-align: center; text-indent: 0.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed
                                         maximum <FONT STYLE="letter-spacing: -0.05pt">offering price per Share(2)</FONT></B></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate
    maximum offering price (2)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Wingdings; margin: 0.05pt 0 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>Amount
                                         </B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
                                         registration fee</FONT></B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 18%; padding-bottom: 1.5pt; padding-left: 0.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
    Stock, par value $0.10 per share (3) </FONT></TD><TD STYLE="width: 3%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 18%; padding-bottom: 1.5pt; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">659,880
    shares</FONT></TD><TD STYLE="width: 3%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 16%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.16</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 15%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,404,981</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 3%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 15%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">394.64</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Wingdings; margin: 0.35pt 0 6pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-top: 1.65pt; padding-left: 11.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="width: 95%; padding-top: 1.65pt; padding-right: 11.45pt; padding-left: 5.65pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Pursuant
    to Rule </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">416 <FONT STYLE="letter-spacing: -0.05pt">under
    </FONT>the <FONT STYLE="letter-spacing: -0.05pt">Securities Act</FONT> of 1933 <FONT STYLE="letter-spacing: -0.05pt">(the
    &ldquo;Securities Act&rdquo;), this</FONT> registration <FONT STYLE="letter-spacing: -0.05pt">statement</FONT> also <FONT STYLE="letter-spacing: -0.05pt">covers
    </FONT>any additional <FONT STYLE="letter-spacing: -0.05pt">securities that</FONT> may be <FONT STYLE="letter-spacing: -0.05pt">offered
    </FONT>or <FONT STYLE="letter-spacing: -0.05pt">issued in</FONT> connection <FONT STYLE="letter-spacing: -0.05pt">with</FONT>
    <FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">stock split, stock dividend</FONT> or
    <FONT STYLE="letter-spacing: -0.05pt">similar transaction.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 11.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="padding-right: 11.4pt; padding-left: 5.65pt; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Estimated
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">solely <FONT STYLE="letter-spacing: -0.05pt">for
    the</FONT> purpose of <FONT STYLE="letter-spacing: -0.05pt">calculating</FONT> the amount of <FONT STYLE="letter-spacing: -0.05pt">the
    registration fee in</FONT> accordance <FONT STYLE="letter-spacing: -0.05pt">with Rule</FONT> 457(c) <FONT STYLE="letter-spacing: -0.05pt">under
    </FONT>the <FONT STYLE="letter-spacing: -0.05pt">Securities Act. The</FONT> proposed <FONT STYLE="letter-spacing: -0.05pt">maximum
    offering</FONT> price per <FONT STYLE="letter-spacing: -0.05pt">share</FONT> and proposed <FONT STYLE="letter-spacing: -0.05pt">maximum
    aggregate offering</FONT> price are based <FONT STYLE="letter-spacing: -0.05pt">upon the average</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the
    </FONT>high ($5.24) <FONT STYLE="letter-spacing: -0.05pt">and</FONT> low ($5.08) <FONT STYLE="letter-spacing: -0.05pt">sales
    </FONT>price of <FONT STYLE="letter-spacing: -0.05pt">the registrant&rsquo;s</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock
    </FONT>on <FONT STYLE="letter-spacing: -0.05pt">November</FONT> 15, 2016, as <FONT STYLE="letter-spacing: -0.05pt">reported
    </FONT>on <FONT STYLE="letter-spacing: -0.05pt">the NASDAQ Capital Market.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 11.5pt; font-size: 10pt"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT> </TD>
    <TD STYLE="padding-right: 11.45pt; padding-left: 5.65pt; font-size: 10pt; text-align: justify"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt; line-height: 99%">Also
    includes rights</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 99%">issuable
    <FONT STYLE="letter-spacing: -0.05pt">in</FONT> respect of any <FONT STYLE="letter-spacing: -0.05pt">such shares</FONT> of
    Common <FONT STYLE="letter-spacing: -0.05pt">Stock pursuant to the registrant&rsquo;s</FONT> Common <FONT STYLE="letter-spacing: -0.05pt">Stock
    Rights Plan,</FONT> as amended, as <FONT STYLE="letter-spacing: -0.05pt">more fully</FONT> described <FONT STYLE="letter-spacing: -0.05pt">in
    the</FONT> prospectus forming a part of <FONT STYLE="letter-spacing: -0.05pt">this registration statement.</FONT></FONT> </TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">The
Registrant hereby amends this</FONT> <FONT STYLE="font-size: 10pt">Registration <FONT STYLE="letter-spacing: -0.05pt">Statement
</FONT>on <FONT STYLE="letter-spacing: -0.05pt">such </FONT>date or dates as <FONT STYLE="letter-spacing: -0.1pt">may</FONT> <FONT STYLE="letter-spacing: -0.05pt">be
necessary</FONT> to <FONT STYLE="letter-spacing: -0.05pt">delay its</FONT> effective <FONT STYLE="letter-spacing: -0.05pt">date
until the Registrant shall file</FONT> a <FONT STYLE="letter-spacing: -0.05pt">further amendment</FONT> which <FONT STYLE="letter-spacing: -0.05pt">specifically
</FONT>states that <FONT STYLE="letter-spacing: -0.05pt">this</FONT> Registration <FONT STYLE="letter-spacing: -0.05pt">Statement
shall</FONT> thereafter <FONT STYLE="letter-spacing: -0.05pt">become</FONT> effective <FONT STYLE="letter-spacing: -0.05pt">in
</FONT>accordance with <FONT STYLE="letter-spacing: -0.05pt">Section</FONT> 8(a) of <FONT STYLE="letter-spacing: -0.05pt">the
Securities</FONT> Act of 1933 or <FONT STYLE="letter-spacing: -0.05pt">until the</FONT> Registration <FONT STYLE="letter-spacing: -0.05pt">Statement
</FONT>shall <FONT STYLE="letter-spacing: -0.05pt">become</FONT> effective on <FONT STYLE="letter-spacing: -0.05pt">such</FONT>
date as <FONT STYLE="letter-spacing: -0.05pt">the Securities</FONT> and <FONT STYLE="letter-spacing: -0.05pt">Exchange Commission,
acting pursuant</FONT> to <FONT STYLE="letter-spacing: -0.05pt">said Section</FONT> 8(a), <FONT STYLE="letter-spacing: -0.1pt">may
</FONT><FONT STYLE="letter-spacing: -0.05pt">determine.</FONT></FONT></P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; color: red; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">information in this</FONT> preliminary <FONT STYLE="letter-spacing: -0.05pt">prospectus
</FONT><FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">not</FONT> complete <FONT STYLE="letter-spacing: -0.05pt">and
may</FONT> be <FONT STYLE="letter-spacing: -0.05pt">changed.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders
</FONT>may <FONT STYLE="letter-spacing: -0.05pt">not sell these securities until</FONT> the <FONT STYLE="letter-spacing: -0.05pt">registration
statement filed with the Securities</FONT> and Exchange Commission <FONT STYLE="letter-spacing: -0.05pt">is effective.</FONT>
This <FONT STYLE="letter-spacing: -0.05pt">prospectus is not </FONT>an <FONT STYLE="letter-spacing: -0.05pt">offer to sell these
securities and the Selling Stockholders </FONT>are <FONT STYLE="letter-spacing: -0.05pt">not soliciting offers to</FONT> buy <FONT STYLE="letter-spacing: -0.05pt">these
securities in</FONT> any <FONT STYLE="letter-spacing: -0.05pt">state where</FONT> the <FONT STYLE="letter-spacing: -0.05pt">offer
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">sale</FONT> of <FONT STYLE="letter-spacing: -0.05pt">these securities</FONT> <FONT STYLE="letter-spacing: 0.05pt">is
</FONT><FONT STYLE="letter-spacing: -0.05pt">not</FONT> permitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"> <FONT STYLE="font-size: 10pt">Subject To <FONT STYLE="letter-spacing: -0.05pt">Completion,
    Dated December</FONT> 5, 2016</FONT> </TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">Prospectus</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.65pt; text-align: center; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.65pt 106.15pt 0; text-align: center"><FONT STYLE="font-size: 10pt">IMMUCELL
CORPORATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"><FONT STYLE="font-size: 10pt"><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-size: 10pt"><B>659,880
</B></FONT><B>Shares <FONT STYLE="letter-spacing: 0.05pt">of</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt"><B>Common
</B></FONT><B>Stock</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
<FONT STYLE="letter-spacing: -0.05pt">prospectus covers the</FONT> sale, <FONT STYLE="letter-spacing: -0.05pt">transfer</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">other disposition</FONT> of <FONT STYLE="letter-spacing: -0.05pt">up to 659,880 shares
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">common stock</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> certain <FONT STYLE="letter-spacing: -0.05pt">Selling
Stockholders, which,</FONT> as used <FONT STYLE="letter-spacing: -0.05pt">herein, includes</FONT> donees, <FONT STYLE="letter-spacing: -0.05pt">pledgees,
transferees, and other successors-in-interest selling shares</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock
</FONT>received <FONT STYLE="letter-spacing: -0.05pt">after</FONT> the date of <FONT STYLE="letter-spacing: -0.05pt">this</FONT>
prospectus from a Selling Stockholder as a <FONT STYLE="letter-spacing: -0.05pt">gift, pledge, partnership distribution</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">other transfer, </FONT>or <FONT STYLE="letter-spacing: -0.05pt">the Selling Stockholders.
The Selling Stockholders may, </FONT>from <FONT STYLE="letter-spacing: -0.05pt">time to</FONT> time, <FONT STYLE="letter-spacing: -0.05pt">sell,
transfer</FONT> or <FONT STYLE="letter-spacing: -0.05pt">otherwise </FONT>dispose of <FONT STYLE="letter-spacing: 0.05pt">any
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">all</FONT> of <FONT STYLE="letter-spacing: -0.05pt">their shares</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT>common stock on any stock <FONT STYLE="letter-spacing: -0.05pt">exchange, market,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">trading
facility</FONT> on <FONT STYLE="letter-spacing: -0.05pt">which the shares</FONT> are traded or <FONT STYLE="letter-spacing: -0.05pt">in
private transactions.</FONT> These <FONT STYLE="letter-spacing: -0.05pt">dispositions</FONT> may be at <FONT STYLE="letter-spacing: -0.05pt">fixed
prices,</FONT> at <FONT STYLE="letter-spacing: -0.05pt">prevailing market</FONT> prices at <FONT STYLE="letter-spacing: -0.05pt">the
time</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">sale,</FONT> at prices related
<FONT STYLE="letter-spacing: 0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> prevailing <FONT STYLE="letter-spacing: -0.05pt">market
</FONT>price, at <FONT STYLE="letter-spacing: -0.05pt">varying</FONT> prices <FONT STYLE="letter-spacing: -0.05pt">determined
</FONT><FONT STYLE="letter-spacing: 0.05pt">at</FONT> <FONT STYLE="letter-spacing: -0.05pt">the time</FONT> of <FONT STYLE="letter-spacing: -0.05pt">sale,
</FONT>or at <FONT STYLE="letter-spacing: -0.05pt">negotiated prices.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">ImmuCell
is not offering</FONT> <FONT STYLE="font-size: 10pt">any <FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of common stock <FONT STYLE="letter-spacing: -0.05pt">for
sale under this prospectus.</FONT> We <FONT STYLE="letter-spacing: -0.1pt">will</FONT> <FONT STYLE="letter-spacing: -0.05pt">not
receive</FONT> any <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> proceeds from
<FONT STYLE="letter-spacing: -0.05pt">the sale</FONT> or <FONT STYLE="letter-spacing: -0.05pt">other disposition</FONT> of the
<FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of common stock <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
</FONT> <FONT STYLE="font-size: 10pt">common stock <FONT STYLE="letter-spacing: -0.05pt">is listed</FONT> on <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>NASDAQ <FONT STYLE="letter-spacing: -0.05pt">Capital</FONT> Market under <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
symbol <FONT STYLE="letter-spacing: -0.05pt">&ldquo;ICCC.&rdquo;</FONT> The <FONT STYLE="letter-spacing: -0.05pt">aggregate market
value </FONT>of our outstanding common <FONT STYLE="letter-spacing: -0.05pt">stock held</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">non-affiliates was</FONT> approximately $24,779,280 based on 4,847,390 <FONT STYLE="letter-spacing: -0.05pt">shares
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">outstanding</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock,</FONT>
<FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">which</FONT> 863,583 <FONT STYLE="letter-spacing: -0.05pt">shares
</FONT>are <FONT STYLE="letter-spacing: -0.05pt">held</FONT> by <FONT STYLE="letter-spacing: -0.05pt">affiliates,</FONT> and a
price of $6.22 per <FONT STYLE="letter-spacing: -0.05pt">share, which was the last</FONT> reported <FONT STYLE="letter-spacing: -0.05pt">sale
</FONT>price of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock</FONT> <FONT STYLE="letter-spacing: 0.05pt">as
</FONT><FONT STYLE="letter-spacing: -0.05pt">quoted</FONT> on NASDAQ <FONT STYLE="letter-spacing: -0.05pt">Capital Market</FONT>
on December 1, 2016.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">INVESTING
IN OUR COMMON STOCK INVOLVES <FONT STYLE="letter-spacing: -0.05pt">RISKS.</FONT> YOU SHOULD REVIEW <FONT STYLE="letter-spacing: -0.05pt">CAREFULLY
</FONT><FONT STYLE="letter-spacing: 0.05pt">THE</FONT> RISKS <FONT STYLE="letter-spacing: -0.05pt">AND</FONT> UNCERTAINTIES DESCRIBED
UNDER <FONT STYLE="letter-spacing: 0.05pt">THE</FONT> <FONT STYLE="letter-spacing: -0.05pt">HEADING &ldquo;RISK</FONT> FACTORS&rdquo;
<FONT STYLE="letter-spacing: -0.05pt">CONTAINED HEREIN</FONT> AND IN OUR ANNUAL REPORT ON <FONT STYLE="letter-spacing: -0.05pt">FORM
</FONT>10-K FOR <FONT STYLE="letter-spacing: 0.05pt">THE</FONT> YEAR ENDED DECEMBER <FONT STYLE="letter-spacing: 0.05pt">31,</FONT>
2015, <FONT STYLE="letter-spacing: -0.05pt">AND</FONT> UNDER SIMILAR <FONT STYLE="letter-spacing: -0.05pt">HEADINGS</FONT> IN
<FONT STYLE="letter-spacing: 0.05pt">THE</FONT> OTHER DOCUMENTS THAT ARE INCORPORATED BY <FONT STYLE="letter-spacing: -0.05pt">REFERENCE
</FONT>INTO THIS PROSPECTUS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">NEITHER
<FONT STYLE="letter-spacing: 0.05pt">THE</FONT> <FONT STYLE="letter-spacing: -0.05pt">SECURITIES AND</FONT> EXCHANGE <FONT STYLE="letter-spacing: -0.05pt">COMMISSION
</FONT>NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR <FONT STYLE="letter-spacing: -0.05pt">DETERMINED
</FONT>IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. <FONT STYLE="letter-spacing: -0.05pt">ANY</FONT> REPRESENTATION <FONT STYLE="letter-spacing: 0.05pt">TO
THE</FONT> <FONT STYLE="letter-spacing: -0.05pt">CONTRARY</FONT> IS A CRIMINAL OFFENSE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 106.15pt; text-align: center"> <FONT STYLE="font-size: 10pt">The
date of <FONT STYLE="letter-spacing: -0.05pt">this prospectus is December</FONT> 5, 2016.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 106.15pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 106.15pt; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 106.15pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.65pt 169.45pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TABLE
OF <FONT STYLE="letter-spacing: -0.05pt">CONTENTS</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.65pt 169.45pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.65pt 169.45pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#CAUTIONARY"><FONT STYLE="letter-spacing: -0.05pt"><B>CAUTIONARY
    </B></FONT><B>NOTE <FONT STYLE="letter-spacing: -0.05pt">REGARDING FORWARD-LOOKING STATEMENTS</FONT></B></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#ABOUT"><FONT STYLE="letter-spacing: -0.05pt"><B>ABOUT
    THIS PROSPECTUS</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#ABOUTIMMUCELL"><FONT STYLE="letter-spacing: -0.05pt"><B>ABOUT
    IMMUCELL CORPORATION</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#PRIVATEPLACEMENT"><FONT STYLE="letter-spacing: -0.05pt"><B>PRIVATE
    PLACEMENT</B></FONT><B> OF <FONT STYLE="letter-spacing: -0.05pt">COMMON SHARES</FONT></B></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#THEOFFERING"><FONT STYLE="letter-spacing: -0.05pt"><B>THE
    OFFERING</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#WHEREYOU"><FONT STYLE="letter-spacing: -0.05pt"><B>WHERE
    YOU CAN FIND ADDITIONAL INFORMATION</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#INCORPORATION"><FONT STYLE="letter-spacing: -0.05pt"><B>INCORPORATION
    </B></FONT><B>OF <FONT STYLE="letter-spacing: -0.05pt">INFORMATION BY REFERENCE</FONT></B></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#RISKFACTORS"><FONT STYLE="letter-spacing: -0.05pt"><B>RISK
    FACTORS</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#DESCRIPTIONOFCOMMON"><FONT STYLE="letter-spacing: -0.05pt"><B>DESCRIPTION
    </B></FONT><B>OF COMMON <FONT STYLE="letter-spacing: -0.05pt">STOCK</FONT></B></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#PLANOFDISTRIBUTION"><FONT STYLE="letter-spacing: -0.05pt"><B>PLAN
    </B></FONT><B>OF <FONT STYLE="letter-spacing: -0.05pt">DISTRIBUTION</FONT></B></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#SELLINGSTOCKHOLDERS"><FONT STYLE="letter-spacing: -0.05pt"><B>SELLING
    STOCKHOLDERS</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>10</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#LEGALMATTERS"><FONT STYLE="letter-spacing: -0.05pt"><B>LEGAL
    MATTERS</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>11</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#EXPERTS"><FONT STYLE="letter-spacing: -0.05pt"><B>EXPERTS</B></FONT></A></FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>11</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding: 0; text-align: left; line-height: 107%; text-indent: 0; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-align: center; line-height: 107%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0; line-height: 107%; text-indent: 0; text-align: left; vertical-align: top"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#INTERESTSOFNAMED"><FONT STYLE="letter-spacing: -0.05pt"><B>INTERESTS
                                         </B></FONT><B>OF <FONT STYLE="letter-spacing: -0.05pt">NAMED EXPERTS AND COUNSEL</FONT></B></A></FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"></P></TD>
    <TD STYLE="padding: 0; line-height: 107%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>11</B></FONT></TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.65pt 169.45pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.65pt 169.45pt 0; text-align: center"></P>

<P STYLE="font: 10pt/1.5pt Times New Roman, Times, Serif; margin: 0 0 0 56.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.9pt; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="CAUTIONARY"></A>CAUTIONARY
NOTE <FONT STYLE="letter-spacing: -0.05pt">REGARDING</FONT></FONT> <FONT STYLE="font-size: 10pt">FORWARD-LOOKING STATEMENTS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Some
</FONT><FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">of</FONT> <FONT STYLE="font-size: 10pt">the <FONT STYLE="letter-spacing: -0.05pt">statements
</FONT><FONT STYLE="letter-spacing: 0.05pt">in </FONT>this <FONT STYLE="letter-spacing: -0.05pt">prospectus constitute &ldquo;forward-looking
statements&rdquo; within the meaning </FONT>of Section 27A of the <FONT STYLE="letter-spacing: -0.05pt">Securities Act</FONT>
of 1933 <FONT STYLE="letter-spacing: -0.05pt">and Section</FONT> 21E of the <FONT STYLE="letter-spacing: -0.05pt">Securities Exchange
Act</FONT> <FONT STYLE="letter-spacing: 0.05pt">of </FONT>1934. These <FONT STYLE="letter-spacing: -0.05pt">statements</FONT> relate
<FONT STYLE="letter-spacing: -0.05pt">to future </FONT>events concerning our <FONT STYLE="letter-spacing: -0.05pt">business and
to our future</FONT> revenues, <FONT STYLE="letter-spacing: -0.05pt">operating results</FONT> and <FONT STYLE="letter-spacing: -0.05pt">financial
condition.</FONT> In some cases, <FONT STYLE="letter-spacing: -0.05pt">you </FONT>can identify <FONT STYLE="letter-spacing: -0.05pt">forward-looking
statements</FONT> <FONT STYLE="letter-spacing: 0.05pt">by </FONT>terminology such as <FONT STYLE="letter-spacing: -0.05pt">&ldquo;may&rdquo;,
&ldquo;will&rdquo;, &ldquo;could&rdquo;, &ldquo;would&rdquo;, &ldquo;should&rdquo;, &ldquo;expect&rdquo;, &ldquo;plan&rdquo;,
&ldquo;anticipate&rdquo;, &ldquo;aim&rdquo;, &ldquo;intend&rdquo;, &ldquo;believe&rdquo;, &ldquo;estimate&rdquo;, &ldquo;target&rdquo;,
&ldquo;forecast&rdquo;, &ldquo;predict&rdquo;,</FONT> &ldquo;project&rdquo;, <FONT STYLE="letter-spacing: -0.05pt">&ldquo;propose&rdquo;,
&ldquo;potential&rdquo;,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">&ldquo;continue&rdquo;, </FONT>or the <FONT STYLE="letter-spacing: -0.05pt">negative
</FONT>of those terms or <FONT STYLE="letter-spacing: -0.05pt">other </FONT>comparable <FONT STYLE="letter-spacing: -0.05pt">terminology.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0; text-indent: 40pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any
<FONT STYLE="letter-spacing: -0.05pt">forward-looking statements contained</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT>
<FONT STYLE="letter-spacing: -0.05pt">this prospectus</FONT> are only estimates or <FONT STYLE="letter-spacing: -0.05pt">predictions
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">future events</FONT> based on <FONT STYLE="letter-spacing: -0.05pt">information
</FONT>currently <FONT STYLE="letter-spacing: -0.05pt">available to our management and management&rsquo;s current beliefs </FONT>about
the <FONT STYLE="letter-spacing: -0.05pt">potential outcome</FONT> of <FONT STYLE="letter-spacing: -0.05pt">future events. Whether
these future events will occur</FONT> as <FONT STYLE="letter-spacing: -0.05pt">management anticipates, whether</FONT> we will
<FONT STYLE="letter-spacing: -0.05pt">achieve our</FONT> business <FONT STYLE="letter-spacing: -0.05pt">objectives,</FONT> and
<FONT STYLE="letter-spacing: -0.05pt">whether our revenues, operating </FONT>results or <FONT STYLE="letter-spacing: -0.05pt">financial
</FONT>condition will be <FONT STYLE="letter-spacing: -0.05pt">sustained</FONT> or improve <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">future</FONT> periods are subject <FONT STYLE="letter-spacing: -0.05pt">to numerous
</FONT>risks. There are a number of <FONT STYLE="letter-spacing: -0.05pt">important factors that could cause actual</FONT> results
<FONT STYLE="letter-spacing: -0.05pt">to differ materially</FONT> from the <FONT STYLE="letter-spacing: -0.05pt">results anticipated
</FONT>by <FONT STYLE="letter-spacing: -0.05pt">these forward-looking statements.</FONT> These <FONT STYLE="letter-spacing: -0.05pt">important
factors include those that</FONT> we discuss <FONT STYLE="letter-spacing: -0.05pt">under the heading &ldquo;Risk</FONT> Factors&rdquo;
<FONT STYLE="letter-spacing: -0.05pt">and in other sections</FONT> of <FONT STYLE="letter-spacing: -0.05pt">our Annual</FONT>
Report on Form 10-K <FONT STYLE="letter-spacing: -0.05pt">for the year ended December</FONT> 31, 2015 <FONT STYLE="letter-spacing: -0.05pt">and
our</FONT> Form 10-Q for <FONT STYLE="letter-spacing: -0.05pt">the</FONT> quarterly period <FONT STYLE="letter-spacing: -0.05pt">ended
September</FONT> 30, 2016, <FONT STYLE="letter-spacing: -0.05pt">all filed with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Securities
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">Exchange Commission (&ldquo;SEC&rdquo;),</FONT> <FONT STYLE="letter-spacing: 0.05pt">as
</FONT><FONT STYLE="letter-spacing: -0.05pt">well</FONT> as <FONT STYLE="letter-spacing: 0.05pt">in</FONT> our <FONT STYLE="letter-spacing: -0.05pt">other
</FONT>reports <FONT STYLE="letter-spacing: -0.05pt">filed</FONT> from <FONT STYLE="letter-spacing: -0.05pt">time to time with
</FONT>the SEC that are incorporated by <FONT STYLE="letter-spacing: -0.05pt">reference into this prospectus.</FONT> You <FONT STYLE="letter-spacing: -0.05pt">should
</FONT>read <FONT STYLE="letter-spacing: -0.05pt">these</FONT> factors <FONT STYLE="letter-spacing: -0.05pt">and the other</FONT>
cautionary <FONT STYLE="letter-spacing: -0.05pt">statements made in this prospectus and in</FONT> the documents we incorporate
by <FONT STYLE="letter-spacing: -0.05pt">reference into</FONT> this <FONT STYLE="letter-spacing: -0.05pt">prospectus</FONT> <FONT STYLE="letter-spacing: 0.05pt">as
</FONT>being applicable <FONT STYLE="letter-spacing: -0.05pt">to all related forward-looking statements wherever they</FONT> appear
<FONT STYLE="letter-spacing: -0.05pt">in</FONT> this prospectus or the documents we incorporate <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">reference into this</FONT> prospectus. If <FONT STYLE="letter-spacing: -0.05pt">one
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">more</FONT> of <FONT STYLE="letter-spacing: -0.05pt">these factors materialize,
</FONT>or <FONT STYLE="letter-spacing: 0.05pt">if any</FONT> <FONT STYLE="letter-spacing: -0.05pt">underlying</FONT> assumptions
prove incorrect, <FONT STYLE="letter-spacing: -0.05pt">our</FONT> actual <FONT STYLE="letter-spacing: -0.05pt">results, performance
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">achievements</FONT> may vary <FONT STYLE="letter-spacing: -0.05pt">materially
</FONT>from <FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">future</FONT> results, <FONT STYLE="letter-spacing: -0.05pt">performance
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">achievements expressed</FONT> or <FONT STYLE="letter-spacing: -0.05pt">implied
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> these <FONT STYLE="letter-spacing: -0.05pt">forward-looking statements.
</FONT>We <FONT STYLE="letter-spacing: -0.05pt">undertake no</FONT> obligation <FONT STYLE="letter-spacing: 0.05pt">to</FONT>
publicly <FONT STYLE="letter-spacing: -0.05pt">update</FONT> any forward-looking <FONT STYLE="letter-spacing: -0.05pt">statements,
whether</FONT> as a <FONT STYLE="letter-spacing: -0.05pt">result</FONT> of new <FONT STYLE="letter-spacing: -0.05pt">information,
future events</FONT> or <FONT STYLE="letter-spacing: -0.05pt">otherwise,</FONT> except as <FONT STYLE="letter-spacing: -0.05pt">required
</FONT>by <FONT STYLE="letter-spacing: -0.05pt">law.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ABOUT"></A><FONT STYLE="letter-spacing: -0.05pt">ABOUT
</FONT>THIS PROSPECTUS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">This
<FONT STYLE="letter-spacing: -0.05pt">document is called</FONT> a <FONT STYLE="letter-spacing: -0.05pt">prospectus and is</FONT>
part of a registration <FONT STYLE="letter-spacing: -0.05pt">statement</FONT> that <FONT STYLE="letter-spacing: -0.1pt">we</FONT>
<FONT STYLE="letter-spacing: -0.05pt">have filed with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">SEC,</FONT> using a <FONT STYLE="letter-spacing: -0.05pt">&ldquo;shelf&rdquo;
registration</FONT> process.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0; text-indent: 40pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">If
<FONT STYLE="letter-spacing: -0.05pt">there</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> any inconsistency between the
<FONT STYLE="letter-spacing: -0.05pt">information</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> this <FONT STYLE="letter-spacing: -0.05pt">prospectus
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">information</FONT> incorporated by <FONT STYLE="letter-spacing: -0.05pt">reference
having</FONT> a <FONT STYLE="letter-spacing: -0.05pt">later</FONT> date, <FONT STYLE="letter-spacing: -0.05pt">you</FONT> should
<FONT STYLE="letter-spacing: -0.05pt">rely</FONT> on the incorporated <FONT STYLE="letter-spacing: -0.05pt">information having
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">later</FONT> date. We <FONT STYLE="letter-spacing: -0.05pt">urge you to</FONT>
read <FONT STYLE="letter-spacing: -0.05pt">carefully this prospectus, together with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">information
</FONT>incorporated <FONT STYLE="letter-spacing: -0.05pt">herein</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">reference
</FONT><FONT STYLE="letter-spacing: 0.05pt">as</FONT> described under <FONT STYLE="letter-spacing: -0.05pt">the heading &ldquo;Where
</FONT>You <FONT STYLE="letter-spacing: -0.05pt">Can Find</FONT> More <FONT STYLE="letter-spacing: -0.05pt">Information,&rdquo;
</FONT>before <FONT STYLE="letter-spacing: -0.05pt">buying</FONT> <FONT STYLE="letter-spacing: 0.05pt">any of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
securities being</FONT> offered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-indent: 40pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">You
<FONT STYLE="letter-spacing: -0.05pt">should rely</FONT> only on <FONT STYLE="letter-spacing: -0.05pt">the information</FONT>
<FONT STYLE="letter-spacing: -0.1pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">have</FONT> provided or <FONT STYLE="letter-spacing: -0.05pt">incorporated
</FONT>by <FONT STYLE="letter-spacing: -0.05pt">reference in this prospectus.</FONT> We <FONT STYLE="letter-spacing: -0.05pt">have
not,</FONT> and <FONT STYLE="letter-spacing: -0.05pt">the Selling Stockholders have not,</FONT> authorized <FONT STYLE="letter-spacing: -0.05pt">anyone
to</FONT> provide <FONT STYLE="letter-spacing: -0.05pt">you with different information.</FONT> No dealer, <FONT STYLE="letter-spacing: -0.05pt">salesperson
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">other</FONT> person <FONT STYLE="letter-spacing: -0.05pt">is authorized to give
</FONT>any information or <FONT STYLE="letter-spacing: -0.05pt">to represent anything not contained in this</FONT> prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0; text-indent: 40pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Neither
the</FONT> <FONT STYLE="font-size: 10pt">delivery <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">this
prospectus nor</FONT> any <FONT STYLE="letter-spacing: -0.05pt">sale made under it implies that there</FONT> has been <FONT STYLE="letter-spacing: -0.05pt">no
change in our affairs</FONT> or <FONT STYLE="letter-spacing: -0.05pt">that the information in this prospectus is</FONT> correct
as of any date <FONT STYLE="letter-spacing: -0.05pt">after the</FONT> date of <FONT STYLE="letter-spacing: -0.05pt">this prospectus.
</FONT>You should <FONT STYLE="letter-spacing: -0.05pt">assume</FONT> that the <FONT STYLE="letter-spacing: -0.05pt">information
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">this prospectus</FONT> <FONT STYLE="letter-spacing: 0.05pt">is
</FONT><FONT STYLE="letter-spacing: -0.05pt">accurate</FONT> only <FONT STYLE="letter-spacing: 0.05pt">as</FONT> of the date on
<FONT STYLE="letter-spacing: -0.05pt">the front</FONT> of this <FONT STYLE="letter-spacing: -0.05pt">prospectus, and</FONT> that
<FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">information</FONT> we <FONT STYLE="letter-spacing: -0.05pt">have
incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference is accurate</FONT> only as <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> date of the <FONT STYLE="letter-spacing: -0.05pt">document</FONT> incorporated
by <FONT STYLE="letter-spacing: -0.05pt">reference, regardless</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">time</FONT>
of delivery <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">this prospectus</FONT> or any
sale of a <FONT STYLE="letter-spacing: -0.05pt">security.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0; text-indent: 40pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">This <FONT STYLE="letter-spacing: -0.05pt">prospectus</FONT>
contains summaries <FONT STYLE="letter-spacing: 0.05pt">of</FONT> certain <FONT STYLE="letter-spacing: -0.05pt">provisions
contained</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">some </FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT>
the documents described <FONT STYLE="letter-spacing: -0.05pt">herein, but reference </FONT><FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">made
to the actual</FONT> documents <FONT STYLE="letter-spacing: -0.05pt">for complete information.</FONT> <FONT STYLE="letter-spacing: -0.1pt">All </FONT><FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT>
summaries are <FONT STYLE="letter-spacing: -0.05pt">qualified</FONT> <FONT STYLE="letter-spacing: 0.05pt">in </FONT><FONT STYLE="letter-spacing: -0.05pt">their </FONT>entirety
by the actual <FONT STYLE="letter-spacing: -0.05pt">documents. </FONT>Copies of <FONT STYLE="letter-spacing: -0.05pt">some</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> documents <FONT STYLE="letter-spacing: -0.05pt">referred to</FONT> herein <FONT STYLE="letter-spacing: -0.05pt">have</FONT>
been <FONT STYLE="letter-spacing: -0.05pt">filed, will</FONT> be <FONT STYLE="letter-spacing: -0.05pt">filed</FONT> or <FONT STYLE="letter-spacing: -0.05pt">will</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">incorporated </FONT>by <FONT STYLE="letter-spacing: -0.05pt">reference</FONT> <FONT STYLE="letter-spacing: 0.05pt">as </FONT><FONT STYLE="letter-spacing: -0.05pt">exhibits
to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">registration statement </FONT>of <FONT STYLE="letter-spacing: -0.05pt">which
this</FONT> prospectus <FONT STYLE="letter-spacing: -0.05pt">is</FONT> a part, and <FONT STYLE="letter-spacing: -0.05pt">you</FONT>
may obtain copies of <FONT STYLE="letter-spacing: -0.05pt">those</FONT> documents as described below under <FONT STYLE="letter-spacing: -0.05pt">&ldquo;Where </FONT>You <FONT STYLE="letter-spacing: -0.05pt">Can
Find</FONT> More <FONT STYLE="letter-spacing: -0.05pt">Information&rdquo;.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0; text-indent: 40pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
<FONT STYLE="letter-spacing: -0.05pt">this prospectus, unless</FONT> the <FONT STYLE="letter-spacing: -0.05pt">context otherwise
requires, references to &ldquo;we&rdquo;, &ldquo;us&rdquo;, &ldquo;our&rdquo;</FONT> or <FONT STYLE="letter-spacing: -0.05pt">similar
terms,</FONT> as <FONT STYLE="letter-spacing: -0.05pt">well</FONT> as <FONT STYLE="letter-spacing: -0.05pt">references to &ldquo;ImmuCell&rdquo;
</FONT><FONT STYLE="letter-spacing: 0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">the &ldquo;Company&rdquo;, refer to
ImmuCell Corporation.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 106.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="ABOUTIMMUCELL"></A><FONT STYLE="letter-spacing: -0.05pt">ABOUT
IMMUCELL</FONT> CORPORATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
are a <FONT STYLE="letter-spacing: -0.05pt">growing</FONT> animal <FONT STYLE="letter-spacing: -0.05pt">health</FONT> company
<FONT STYLE="letter-spacing: -0.05pt">whose</FONT> purpose <FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">to
create scientifically-proven and practical</FONT> products <FONT STYLE="letter-spacing: -0.05pt">that result in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">measurable
economic impact</FONT> on animal <FONT STYLE="letter-spacing: -0.05pt">health and productivity in</FONT> the dairy and beef <FONT STYLE="letter-spacing: -0.05pt">industries.
</FONT>We <FONT STYLE="letter-spacing: -0.05pt">were original</FONT> incorporated <FONT STYLE="letter-spacing: -0.05pt">in Maine
in</FONT> 1982 <FONT STYLE="letter-spacing: -0.05pt">and reincorporated in Delaware in</FONT> 1987, <FONT STYLE="letter-spacing: -0.05pt">in
conjunction with our initial public offering</FONT> of common <FONT STYLE="letter-spacing: -0.05pt">stock.</FONT> We <FONT STYLE="letter-spacing: -0.05pt">have
</FONT>developed products <FONT STYLE="letter-spacing: -0.05pt">that</FONT> provide <FONT STYLE="letter-spacing: -0.05pt">significant,
</FONT>immediate immunity <FONT STYLE="letter-spacing: -0.05pt">to newborn</FONT> dairy <FONT STYLE="letter-spacing: -0.05pt">and
</FONT>beef <FONT STYLE="letter-spacing: -0.05pt">cattle and</FONT> are <FONT STYLE="letter-spacing: -0.05pt">in the late stages
</FONT>of developing a new product <FONT STYLE="letter-spacing: -0.05pt">that</FONT> addresses <FONT STYLE="letter-spacing: -0.05pt">mastitis,
the most</FONT> significant <FONT STYLE="letter-spacing: -0.05pt">cause</FONT> of <FONT STYLE="letter-spacing: -0.05pt">economic
loss to</FONT> the dairy <FONT STYLE="letter-spacing: -0.05pt">industry.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">Across
all product lines, our product <FONT STYLE="letter-spacing: -0.05pt">sales for the year ended December</FONT> 31, 2015 <FONT STYLE="letter-spacing: -0.05pt">increased
</FONT><FONT STYLE="letter-spacing: 0.05pt">by </FONT>35%, <FONT STYLE="letter-spacing: 0.05pt">or </FONT>$2,632,000, <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>$10,229,000 <FONT STYLE="letter-spacing: -0.05pt">from</FONT> $7,597,000 <FONT STYLE="letter-spacing: -0.05pt">in </FONT>2014,
<FONT STYLE="letter-spacing: -0.05pt">and gross margins</FONT> <FONT STYLE="letter-spacing: 0.05pt">as</FONT> a <FONT STYLE="letter-spacing: -0.05pt">percentage
</FONT>of product sales <FONT STYLE="letter-spacing: -0.05pt">were</FONT> 61% <FONT STYLE="letter-spacing: -0.05pt">in</FONT>
2015, as <FONT STYLE="letter-spacing: -0.05pt">compared to</FONT> 59% <FONT STYLE="letter-spacing: -0.05pt">during</FONT> 2014.
<FONT STYLE="letter-spacing: -0.05pt">Growth</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">sales
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">our lead</FONT> product, <FONT STYLE="letter-spacing: -0.05pt"><B>First</B></FONT><B>
Defense</B>&reg; and <FONT STYLE="letter-spacing: -0.05pt">related</FONT> product <FONT STYLE="letter-spacing: -0.05pt">line extensions,
has</FONT> driven <FONT STYLE="letter-spacing: -0.05pt">the</FONT> increase <FONT STYLE="letter-spacing: -0.05pt">in our total
</FONT>product <FONT STYLE="letter-spacing: -0.05pt">sales. Sales</FONT> of <FONT STYLE="letter-spacing: -0.05pt"><B>First Defense</B>&reg;,
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">related product line extensions, aggregated</FONT> 92.8% <FONT STYLE="letter-spacing: -0.05pt">and
</FONT>91.6% of <FONT STYLE="letter-spacing: -0.05pt">our total</FONT> product sales during the <FONT STYLE="letter-spacing: -0.05pt">years
</FONT>ended <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 31, 2015 <FONT STYLE="letter-spacing: -0.05pt">and</FONT> 2014,
<FONT STYLE="letter-spacing: -0.05pt">respectively. Sales</FONT> of <B>First Defense</B>&reg; <FONT STYLE="letter-spacing: -0.05pt">and
related</FONT> product <FONT STYLE="letter-spacing: -0.05pt">line extensions increased</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT>36%, 27% and 14% <FONT STYLE="letter-spacing: -0.05pt">during</FONT> the <FONT STYLE="letter-spacing: -0.05pt">years</FONT>
ended <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 31, 2015, 2014 <FONT STYLE="letter-spacing: -0.05pt">and</FONT> 2013,
<FONT STYLE="letter-spacing: -0.05pt">respectively, in</FONT> comparison <FONT STYLE="letter-spacing: -0.05pt">to the</FONT> prior
<FONT STYLE="letter-spacing: -0.05pt">years. <B>First Defense</B>&reg; is manufactured</FONT> from <FONT STYLE="letter-spacing: -0.05pt">hyperimmune
</FONT>cows&rsquo; colostrum (the <FONT STYLE="letter-spacing: -0.05pt">milk</FONT> that a <FONT STYLE="letter-spacing: 0.05pt">cow
</FONT>produces immediately <FONT STYLE="letter-spacing: -0.05pt">after</FONT> giving <FONT STYLE="letter-spacing: -0.05pt">birth)
utilizing our proprietary vaccine</FONT> and <FONT STYLE="letter-spacing: -0.05pt">milk</FONT> protein <FONT STYLE="letter-spacing: -0.05pt">purification
technologies.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">target disease, bovine enteritis (calf scours),</FONT> causes <FONT STYLE="letter-spacing: -0.05pt">diarrhea
and dehydration</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">newborn</FONT> calves
<FONT STYLE="letter-spacing: -0.05pt">and</FONT> often leads <FONT STYLE="letter-spacing: -0.05pt">to serious sickness</FONT>
and even <FONT STYLE="letter-spacing: -0.05pt">death.</FONT> <B>First <FONT STYLE="letter-spacing: -0.05pt">Defense</FONT></B><FONT STYLE="letter-spacing: -0.05pt">&reg;
is the</FONT> only USDA- <FONT STYLE="letter-spacing: -0.05pt">licensed,</FONT> orally delivered scours <FONT STYLE="letter-spacing: -0.05pt">preventive
</FONT>product on <FONT STYLE="letter-spacing: -0.05pt">the market for calves with claims against</FONT> <I>E. coli</I> K99 <FONT STYLE="letter-spacing: -0.05pt">and
coronavirus (two</FONT> leading causes of <FONT STYLE="letter-spacing: -0.05pt">scours). <B>First</B></FONT><B> Defense</B>&reg;
provides <FONT STYLE="letter-spacing: -0.05pt">bovine</FONT> antibodies <FONT STYLE="letter-spacing: -0.05pt">that</FONT> newborn
<FONT STYLE="letter-spacing: -0.05pt">calves need but </FONT>are <FONT STYLE="letter-spacing: -0.05pt">unable to</FONT> produce
on <FONT STYLE="letter-spacing: -0.05pt">their</FONT> own immediately <FONT STYLE="letter-spacing: -0.05pt">after birth. Our milk
</FONT>antibody products provide <FONT STYLE="letter-spacing: -0.05pt"><B>Immediate</B></FONT><B> Immunity</B>&trade; <FONT STYLE="letter-spacing: -0.05pt">during
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">first</FONT> few critical days <FONT STYLE="letter-spacing: 0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.05pt">life</FONT> when calves <FONT STYLE="letter-spacing: -0.05pt">need</FONT> this protection
<FONT STYLE="letter-spacing: -0.05pt">most. Studies have shown</FONT> that calves <FONT STYLE="letter-spacing: -0.05pt">that</FONT>
scour are <FONT STYLE="letter-spacing: -0.05pt">more susceptible to other diseases later</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">life and</FONT> under-perform calves that do <FONT STYLE="letter-spacing: -0.05pt">not
contract scours.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">During
the <FONT STYLE="letter-spacing: -0.05pt">third quarter</FONT> of 2016, <FONT STYLE="letter-spacing: -0.05pt">our total product
</FONT>sales <FONT STYLE="letter-spacing: -0.05pt">declined</FONT> 20%, or $504,000, <FONT STYLE="letter-spacing: -0.05pt">to
$1,968,000</FONT> from $2,472,000 <FONT STYLE="letter-spacing: -0.05pt">during</FONT> the <FONT STYLE="letter-spacing: -0.05pt">same
</FONT>period <FONT STYLE="letter-spacing: -0.05pt">in </FONT>2015. For <FONT STYLE="letter-spacing: -0.05pt">the nine-month</FONT>
period <FONT STYLE="letter-spacing: -0.05pt">ended September</FONT> 30, 2016, <FONT STYLE="letter-spacing: -0.05pt">our total
</FONT>product <FONT STYLE="letter-spacing: -0.05pt">sales declined</FONT> 3%, or $204,000, <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>$7,330,000 <FONT STYLE="letter-spacing: -0.05pt">from </FONT>$7,534,000 <FONT STYLE="letter-spacing: -0.05pt">during the
same</FONT> period <FONT STYLE="letter-spacing: -0.05pt">in </FONT><FONT STYLE="letter-spacing: 0.05pt">2015.We</FONT> <FONT STYLE="letter-spacing: -0.05pt">experienced
net operating income </FONT>of $50,000 <FONT STYLE="letter-spacing: -0.05pt">during the third quarter</FONT> of 2016 <FONT STYLE="letter-spacing: -0.05pt">(compared
to</FONT> $627,000 <FONT STYLE="letter-spacing: -0.05pt">in the third quarter</FONT> of <FONT STYLE="letter-spacing: -0.05pt">2015).
</FONT>We recorded <FONT STYLE="letter-spacing: -0.05pt">net operating income</FONT> of $771,000 <FONT STYLE="letter-spacing: -0.05pt">during
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">nine-month</FONT> period <FONT STYLE="letter-spacing: -0.05pt">ended September
</FONT>30, 2016, <FONT STYLE="letter-spacing: -0.05pt">compared to</FONT> $1,661,000 <FONT STYLE="letter-spacing: -0.05pt">during
the comparable</FONT> period of 2015. <FONT STYLE="letter-spacing: -0.05pt">We</FONT> recorded <FONT STYLE="letter-spacing: -0.05pt">net
income </FONT>of $35,000, or <FONT STYLE="letter-spacing: -0.05pt">$0.01</FONT> per <FONT STYLE="letter-spacing: -0.05pt">diluted
share, during</FONT> the <FONT STYLE="letter-spacing: -0.05pt">third quarter</FONT> <FONT STYLE="letter-spacing: 0.05pt">of 2016
</FONT><FONT STYLE="letter-spacing: -0.05pt">compared to</FONT> $351,000, or $0.11 per <FONT STYLE="letter-spacing: -0.05pt">diluted
share during the</FONT> comparable period of 2015. We <FONT STYLE="letter-spacing: -0.05pt">recorded net income</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT>$478,000, or <FONT STYLE="letter-spacing: -0.05pt">$0.11</FONT> per <FONT STYLE="letter-spacing: -0.05pt">diluted share,
during</FONT> the <FONT STYLE="letter-spacing: -0.05pt">nine-month</FONT> period <FONT STYLE="letter-spacing: -0.05pt">ended September
30,</FONT> 2016 <FONT STYLE="letter-spacing: -0.05pt">compared to</FONT> $924,000, <FONT STYLE="letter-spacing: 0.05pt">or </FONT>$0.29
per <FONT STYLE="letter-spacing: -0.05pt">diluted share, during the</FONT> comparable period of 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
<FONT STYLE="letter-spacing: -0.05pt">believe that the</FONT> declines <FONT STYLE="letter-spacing: -0.05pt">experienced in</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">third quarter</FONT> of 2016 <FONT STYLE="letter-spacing: -0.05pt">in <B>First Defense</B>&reg;
sales</FONT> are <FONT STYLE="letter-spacing: -0.05pt">attributable to several factors:</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Customer
                                         </FONT><FONT STYLE="font-size: 10pt">order <FONT STYLE="letter-spacing: -0.05pt">patterns
                                         were disrupted during the</FONT> prolonged period of order <FONT STYLE="letter-spacing: -0.05pt">backlog
                                         </FONT>from <FONT STYLE="letter-spacing: -0.05pt">first quarter</FONT> of 2015 <FONT STYLE="letter-spacing: -0.1pt">until
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> early part of <FONT STYLE="letter-spacing: -0.05pt">the
                                         third quarter</FONT> of <FONT STYLE="letter-spacing: 0.05pt">2016.</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">After
                                         </FONT><FONT STYLE="font-size: 10pt">completing a <FONT STYLE="letter-spacing: -0.05pt">significant
                                         investment to</FONT> double <FONT STYLE="letter-spacing: -0.05pt"><B>First</B></FONT><B>
                                         Defense&reg;</B> production capacity during early 2016, <FONT STYLE="letter-spacing: -0.05pt">the
                                         distribution</FONT> chain <FONT STYLE="letter-spacing: -0.05pt">was re-supplied </FONT><FONT STYLE="letter-spacing: -0.1pt">with
                                         </FONT>product <FONT STYLE="letter-spacing: -0.05pt">largely</FONT> during <FONT STYLE="letter-spacing: -0.05pt">the
                                         second quarter</FONT> of <FONT STYLE="letter-spacing: 0.05pt">2016.</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">When
                                         customers were unable to secure</FONT> <FONT STYLE="font-size: 10pt">supply of <FONT STYLE="letter-spacing: -0.05pt"><B>First
                                         Defense&reg;</B>,</FONT> some <FONT STYLE="letter-spacing: -0.05pt">moved to other products
                                         (with and without claims), and some </FONT>opted <FONT STYLE="letter-spacing: -0.05pt">to
                                         use no scours preventative </FONT>at <FONT STYLE="letter-spacing: -0.05pt">all.</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                         <FONT STYLE="letter-spacing: -0.05pt">competitive</FONT> product, <FONT STYLE="letter-spacing: -0.05pt">that
                                         experienced interrupted</FONT> supply <FONT STYLE="letter-spacing: -0.05pt">to the market
                                         during late</FONT> 2014 <FONT STYLE="letter-spacing: -0.1pt">and </FONT><FONT STYLE="letter-spacing: -0.05pt">through
                                         </FONT>the <FONT STYLE="letter-spacing: -0.05pt">first half</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT>2015, <FONT STYLE="letter-spacing: -0.05pt">has returned to the market. Some customers
                                         have reverted</FONT> back <FONT STYLE="letter-spacing: -0.05pt">to </FONT>using <FONT STYLE="letter-spacing: -0.05pt">this
                                         </FONT>product.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         <FONT STYLE="letter-spacing: -0.05pt">Company&rsquo;s sales</FONT> team needs <FONT STYLE="letter-spacing: -0.05pt">to
                                         regain momentum</FONT> lost <FONT STYLE="letter-spacing: -0.05pt">when it was not</FONT>
                                         able <FONT STYLE="letter-spacing: -0.05pt">to focus</FONT> <FONT STYLE="letter-spacing: 0.05pt">on
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">acquiring </FONT>new <FONT STYLE="letter-spacing: -0.05pt">customers
                                         during</FONT> the period of <FONT STYLE="letter-spacing: -0.05pt">scarce product supply.</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Based
                                         on <FONT STYLE="letter-spacing: -0.05pt">our informal</FONT> survey <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">market sources, the</FONT> value of a <FONT STYLE="letter-spacing: -0.05pt">bull
                                         </FONT>calf <FONT STYLE="letter-spacing: -0.05pt">has</FONT> dropped <FONT STYLE="letter-spacing: -0.05pt">from
                                         approximately </FONT>$450 <FONT STYLE="letter-spacing: -0.05pt">last year</FONT> <FONT STYLE="letter-spacing: 0.05pt">to
                                         </FONT>about $50 <FONT STYLE="letter-spacing: -0.05pt">to </FONT>$200 <FONT STYLE="letter-spacing: -0.05pt">presently.</FONT></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         <FONT STYLE="letter-spacing: -0.05pt">average Class</FONT> III <FONT STYLE="letter-spacing: -0.05pt">milk
                                         </FONT>price <FONT STYLE="letter-spacing: -0.05pt">has</FONT> declined from $15.80 per
                                         <FONT STYLE="letter-spacing: -0.05pt">hundred pounds during</FONT> <FONT STYLE="letter-spacing: 0.05pt">2015
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">(compared to</FONT> $22.34 <FONT STYLE="letter-spacing: -0.05pt">for
                                         </FONT>2014) <FONT STYLE="letter-spacing: -0.05pt">to</FONT> $14.38 <FONT STYLE="letter-spacing: -0.05pt">during
                                         </FONT>the <FONT STYLE="letter-spacing: -0.05pt">first</FONT> <FONT STYLE="letter-spacing: -0.1pt">nine
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">months </FONT><FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT>2016. The <FONT STYLE="letter-spacing: -0.05pt">average</FONT> price of $13.48
                                         <FONT STYLE="letter-spacing: -0.05pt">during the first</FONT> six <FONT STYLE="letter-spacing: -0.05pt">months
                                         </FONT>of the <FONT STYLE="letter-spacing: -0.05pt">year increased to</FONT> $16.18 <FONT STYLE="letter-spacing: -0.05pt">during
                                         </FONT>the <FONT STYLE="letter-spacing: -0.05pt">third quarter</FONT> of <FONT STYLE="letter-spacing: 0.05pt">2016.</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.45pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Although
</FONT><FONT STYLE="font-size: 10pt">some of <FONT STYLE="letter-spacing: -0.05pt">these</FONT> unfavorable <FONT STYLE="letter-spacing: -0.05pt">conditions
</FONT>appear <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">improving,</FONT> <FONT STYLE="letter-spacing: -0.15pt">we
</FONT>do <FONT STYLE="letter-spacing: -0.05pt">not</FONT> expect <FONT STYLE="letter-spacing: -0.05pt">to see total sales for
</FONT>2016 <FONT STYLE="letter-spacing: -0.05pt">reaching</FONT> the <FONT STYLE="letter-spacing: -0.05pt">historic high</FONT>
levels <FONT STYLE="letter-spacing: -0.05pt">experienced</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
majority of <FONT STYLE="letter-spacing: -0.05pt">our </FONT>product <FONT STYLE="letter-spacing: -0.05pt">development budget
</FONT>from 2000 <FONT STYLE="letter-spacing: -0.05pt">through</FONT> 2016 <FONT STYLE="letter-spacing: -0.05pt">has</FONT> been
<FONT STYLE="letter-spacing: -0.05pt">focused </FONT>on <FONT STYLE="letter-spacing: -0.05pt">the development</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><B>Mast <FONT STYLE="letter-spacing: -0.05pt">Out</FONT></B><FONT STYLE="letter-spacing: -0.05pt">&reg;,</FONT> a <FONT STYLE="letter-spacing: -0.05pt">Nisin-based
intramammary treatment</FONT> of <FONT STYLE="letter-spacing: -0.05pt">subclinical mastitis</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">lactating</FONT> <FONT STYLE="letter-spacing: 0.05pt">dairy </FONT><FONT STYLE="letter-spacing: -0.05pt">cows.
During the</FONT> 16.75-year period <FONT STYLE="letter-spacing: -0.05pt">that</FONT> began on January 1, 2000 <FONT STYLE="letter-spacing: -0.05pt">(the
year</FONT> <FONT STYLE="letter-spacing: -0.1pt">we</FONT> began <FONT STYLE="letter-spacing: -0.05pt">the</FONT> development of
<B>Mast Out</B>&reg;) <FONT STYLE="letter-spacing: -0.05pt">and</FONT> ended on September <FONT STYLE="letter-spacing: 0.05pt">30,
</FONT>2016, <FONT STYLE="letter-spacing: -0.15pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">invested</FONT> the <FONT STYLE="letter-spacing: -0.05pt">aggregate
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> approximately $12,271,000 <FONT STYLE="letter-spacing: -0.05pt">in</FONT>
the development of <B>Mast <FONT STYLE="letter-spacing: -0.05pt">Out</FONT></B><FONT STYLE="letter-spacing: -0.05pt">&reg;.</FONT>
This estimated <FONT STYLE="letter-spacing: -0.05pt">allocation to</FONT> <B>Mast Out</B>&reg; <FONT STYLE="letter-spacing: -0.05pt">reflects
</FONT>only direct <FONT STYLE="letter-spacing: -0.05pt">expenditures</FONT> and <FONT STYLE="letter-spacing: -0.05pt">includes
no</FONT> allocation of product development <FONT STYLE="letter-spacing: 0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">administrative
overhead expenses. Approximately</FONT> $2,891,000 of <FONT STYLE="letter-spacing: -0.05pt">this</FONT> investment <FONT STYLE="letter-spacing: -0.05pt">was
</FONT>offset <FONT STYLE="letter-spacing: 0.05pt">by </FONT>product <FONT STYLE="letter-spacing: -0.05pt">licensing</FONT> revenues
<FONT STYLE="letter-spacing: -0.05pt">and grant</FONT> income <FONT STYLE="letter-spacing: -0.05pt">related to</FONT> <B>Mast Out</B>&reg;.
Nisin <FONT STYLE="letter-spacing: -0.05pt">is</FONT> an antibacterial peptide <FONT STYLE="letter-spacing: -0.05pt">that has
</FONT>been <FONT STYLE="letter-spacing: -0.05pt">demonstrated</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">clinical
</FONT>studies <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be an <FONT STYLE="letter-spacing: -0.05pt">effective</FONT> aid
<FONT STYLE="letter-spacing: -0.05pt">in the reduction</FONT> of <FONT STYLE="letter-spacing: -0.05pt">mastitis-causing organisms
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> dairy <FONT STYLE="letter-spacing: -0.05pt">cows.</FONT> Mastitis <FONT STYLE="letter-spacing: -0.05pt">is
</FONT>a very common infection <FONT STYLE="letter-spacing: 0.05pt">in</FONT> dairy cows that results <FONT STYLE="letter-spacing: -0.05pt">in
</FONT>inflammation <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> mammary gland.
<FONT STYLE="letter-spacing: -0.05pt">Because</FONT> dairy producers are <FONT STYLE="letter-spacing: -0.05pt">required to discard
milk</FONT> for a period <FONT STYLE="letter-spacing: -0.05pt">during</FONT> and <FONT STYLE="letter-spacing: -0.05pt">after</FONT>
treatment <FONT STYLE="letter-spacing: -0.05pt">with all currently</FONT> marketed <FONT STYLE="letter-spacing: -0.05pt">mastitis
treatment</FONT> products <FONT STYLE="letter-spacing: -0.05pt">due to</FONT> concerns about <FONT STYLE="letter-spacing: -0.05pt">antibiotic
residue in</FONT> <FONT STYLE="letter-spacing: -0.1pt">milk,</FONT> <FONT STYLE="letter-spacing: -0.05pt">it is generally current
practice to</FONT> only <FONT STYLE="letter-spacing: -0.05pt">treat mastitis when the</FONT> disease has <FONT STYLE="letter-spacing: -0.05pt">progressed
to the clinical</FONT> stage <FONT STYLE="letter-spacing: -0.05pt">where the milk</FONT> from <FONT STYLE="letter-spacing: 0.05pt">an
</FONT>infected cow cannot be sold. We <FONT STYLE="letter-spacing: -0.05pt">believe </FONT>that <B>Mast Out&reg;</B> <FONT STYLE="letter-spacing: -0.05pt">could
revolutionize the way</FONT> that <FONT STYLE="letter-spacing: -0.05pt">mastitis is treated</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">making earlier treatment</FONT> of <FONT STYLE="letter-spacing: -0.05pt">subclinically
infected cows</FONT> economically feasible <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">not
</FONT>requiring a <FONT STYLE="letter-spacing: -0.05pt">milk</FONT> discard <FONT STYLE="letter-spacing: -0.05pt">during,</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">for</FONT> a period of <FONT STYLE="letter-spacing: -0.05pt">time after, treatment.</FONT>
No <FONT STYLE="letter-spacing: -0.05pt">other</FONT> FDA-approved <FONT STYLE="letter-spacing: -0.05pt">mastitis treatment</FONT>
product on <FONT STYLE="letter-spacing: -0.05pt">the market</FONT> can <FONT STYLE="letter-spacing: -0.05pt">offer this value
proposition.</FONT> Commercial <FONT STYLE="letter-spacing: -0.05pt">introduction</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><B>Mast Out&reg;</B> <FONT STYLE="letter-spacing: -0.05pt">in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">United States
</FONT><FONT STYLE="letter-spacing: 0.05pt">is</FONT> subject <FONT STYLE="letter-spacing: -0.05pt">to approval</FONT> of <FONT STYLE="letter-spacing: -0.05pt">our
</FONT>New <FONT STYLE="letter-spacing: -0.05pt">Animal</FONT> Drug <FONT STYLE="letter-spacing: -0.05pt">Application</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> U.S. Food <FONT STYLE="letter-spacing: -0.05pt">and</FONT> Drug <FONT STYLE="letter-spacing: -0.05pt">Administration&rsquo;s
Center for</FONT> Veterinary Medicine <FONT STYLE="letter-spacing: -0.05pt">(FDA), which</FONT> approval <FONT STYLE="letter-spacing: -0.05pt">cannot
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">assured. Foreign</FONT> regulatory approvals <FONT STYLE="letter-spacing: -0.05pt">would
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">required for sales in</FONT> key <FONT STYLE="letter-spacing: -0.05pt">markets
</FONT>outside of the <FONT STYLE="letter-spacing: -0.05pt">United States, which would involve some similar and</FONT> some <FONT STYLE="letter-spacing: -0.05pt">different
requirements.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">During
</FONT><FONT STYLE="font-size: 10pt">the <FONT STYLE="letter-spacing: -0.05pt">third quarter</FONT> of 2016, <FONT STYLE="letter-spacing: -0.15pt">we
</FONT><FONT STYLE="letter-spacing: -0.05pt">began</FONT> construction of a <FONT STYLE="letter-spacing: -0.05pt">major expansion
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">our manufacturing facilities to enable us to</FONT> produce <FONT STYLE="letter-spacing: -0.05pt">Nisin
</FONT>for <FONT STYLE="letter-spacing: -0.05pt">use in the</FONT> production and <FONT STYLE="letter-spacing: -0.05pt">sale</FONT>
of <B>Mast <FONT STYLE="letter-spacing: -0.05pt">Out&reg;</FONT></B><FONT STYLE="letter-spacing: -0.05pt">.</FONT> We <FONT STYLE="letter-spacing: -0.05pt">anticipate
that construction</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the building</FONT> will be completed by <FONT STYLE="letter-spacing: -0.05pt">the
end</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the third quarter </FONT>of 2017, <FONT STYLE="letter-spacing: -0.05pt">and
that </FONT>equipment <FONT STYLE="letter-spacing: -0.05pt">installation will</FONT> be <FONT STYLE="letter-spacing: -0.05pt">completed
during the first quarter</FONT> of 2018. This facility <FONT STYLE="letter-spacing: -0.05pt">would then</FONT> produce <FONT STYLE="letter-spacing: -0.05pt">validation
</FONT>batches <FONT STYLE="letter-spacing: -0.05pt">for submittal to and</FONT> review by FDA, and the <FONT STYLE="letter-spacing: -0.05pt">facility
will</FONT> be <FONT STYLE="letter-spacing: -0.05pt">inspected</FONT> by <FONT STYLE="letter-spacing: -0.05pt">FDA,</FONT> as
part of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> NADA <FONT STYLE="letter-spacing: -0.05pt">application</FONT> process,
<FONT STYLE="letter-spacing: -0.05pt">which</FONT> we hope <FONT STYLE="letter-spacing: -0.05pt">will</FONT> be <FONT STYLE="letter-spacing: -0.05pt">complete
</FONT>in 2019, <FONT STYLE="letter-spacing: -0.05pt">enabling commercial</FONT> sales of <B>Mast Out&reg;</B> <FONT STYLE="letter-spacing: -0.05pt">to
commence.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The <FONT STYLE="letter-spacing: -0.05pt">estimated</FONT>
cost <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">this </FONT>production <FONT STYLE="letter-spacing: -0.05pt">facility</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT>
$20 <FONT STYLE="letter-spacing: -0.05pt">million. </FONT>As of <FONT STYLE="letter-spacing: -0.05pt">September</FONT> 30, <FONT STYLE="letter-spacing: 0.05pt">2016,</FONT> <FONT STYLE="letter-spacing: -0.05pt">our
cash</FONT> and cash <FONT STYLE="letter-spacing: -0.05pt">equivalents totaled</FONT> $9,607,000 <FONT STYLE="letter-spacing: -0.05pt">(including </FONT>approximately
$5.3 <FONT STYLE="letter-spacing: -0.05pt">million</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> net proceeds <FONT STYLE="letter-spacing: -0.05pt">from</FONT>
our <FONT STYLE="letter-spacing: -0.05pt">public offering</FONT> <FONT STYLE="letter-spacing: 0.05pt">of </FONT>common <FONT STYLE="letter-spacing: -0.05pt">stock
completed in</FONT> February 2016 <FONT STYLE="letter-spacing: -0.05pt">and excluding</FONT> $343,000 <FONT STYLE="letter-spacing: -0.05pt">held
temporarily in escrow).</FONT> We <FONT STYLE="letter-spacing: -0.05pt">previously arranged for secured</FONT> credit <FONT STYLE="letter-spacing: -0.05pt">facilities</FONT>
provided by <FONT STYLE="letter-spacing: 0.05pt">TD </FONT>Bank <FONT STYLE="letter-spacing: -0.05pt">totaling</FONT> $4.5 <FONT STYLE="letter-spacing: -0.05pt">million</FONT>
and a <FONT STYLE="letter-spacing: -0.05pt">line</FONT> of credit totaling $500,000 <FONT STYLE="letter-spacing: -0.05pt">to</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">available to fund</FONT> a portion of the cost <FONT STYLE="letter-spacing: 0.05pt">of
the</FONT> Nisin production <FONT STYLE="letter-spacing: -0.05pt">facility. Approximately</FONT> $651,000 <FONT STYLE="letter-spacing: -0.05pt">had
been</FONT> paid <FONT STYLE="letter-spacing: -0.05pt">towards</FONT> this project as <FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: -0.05pt">September</FONT>
30, 2016. The <FONT STYLE="letter-spacing: -0.05pt">remaining</FONT> cost of <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
production <FONT STYLE="letter-spacing: -0.05pt">facility</FONT> (approximately $4.4 <FONT STYLE="letter-spacing: -0.05pt">million)</FONT>
we expect <FONT STYLE="letter-spacing: -0.05pt">to fund with the </FONT></FONT>approximately <FONT STYLE="font-size: 10pt">$3.2 <FONT STYLE="letter-spacing: -0.05pt">million</FONT> <FONT STYLE="letter-spacing: 0.05pt">in </FONT><FONT STYLE="letter-spacing: -0.05pt">net </FONT>proceeds <FONT STYLE="letter-spacing: -0.05pt">from</FONT>
the common <FONT STYLE="letter-spacing: -0.05pt">stock issuance </FONT>described <FONT STYLE="letter-spacing: -0.05pt">in
&ldquo;Private Placement</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Common Shares&rdquo;, and with</FONT> a combination
of cash <FONT STYLE="letter-spacing: -0.05pt">generated </FONT>by operations <FONT STYLE="letter-spacing: -0.05pt">in </FONT>the <FONT STYLE="letter-spacing: -0.05pt">fourth
quarter </FONT>of 2016 <FONT STYLE="letter-spacing: -0.05pt">and the first and second quarters</FONT> of 2017 <FONT STYLE="letter-spacing: -0.05pt">and
possibly some additional</FONT> bank borrowings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
principal executive</FONT> <FONT STYLE="font-size: 10pt">offices are <FONT STYLE="letter-spacing: -0.05pt">located</FONT> at 56
<FONT STYLE="letter-spacing: -0.05pt">Evergreen Drive,</FONT> Portland, ME 04103. <FONT STYLE="letter-spacing: -0.05pt">Our telephone
number is </FONT>(207) 878-2770. <FONT STYLE="letter-spacing: -0.05pt">Our website is located</FONT> at <FONT STYLE="letter-spacing: -0.05pt">www.immucell.com.
</FONT>Information <FONT STYLE="letter-spacing: -0.05pt">contained </FONT>on, or <FONT STYLE="letter-spacing: -0.05pt">that</FONT>
can be <FONT STYLE="letter-spacing: -0.05pt">accessed through, our website is not</FONT> part of <FONT STYLE="letter-spacing: -0.05pt">this
prospectus.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">PRIVATE
<A NAME="PRIVATEPLACEMENT"></A><FONT STYLE="letter-spacing: -0.05pt">PLACEMENT </FONT>OF <FONT STYLE="letter-spacing: -0.05pt">COMMON
</FONT>SHARES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">On
October 17, 2016 <FONT STYLE="letter-spacing: -0.15pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">entered into</FONT> a <FONT STYLE="letter-spacing: -0.05pt">purchase
agreement (the &ldquo;Securities Purchase Agreement&rdquo;) with institutional and accredited</FONT> investors <FONT STYLE="letter-spacing: 0.05pt">as
</FONT>part <FONT STYLE="letter-spacing: 0.05pt">of</FONT> a private placement <FONT STYLE="letter-spacing: -0.05pt">pursuant
to which</FONT> <FONT STYLE="letter-spacing: -0.1pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">agreed to issue</FONT> a <FONT STYLE="letter-spacing: -0.05pt">total
</FONT>of 659,880 <FONT STYLE="letter-spacing: -0.05pt">share</FONT> of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> common
stock <FONT STYLE="letter-spacing: -0.05pt">(the &ldquo;Shares&rdquo;) for</FONT> an <FONT STYLE="letter-spacing: -0.05pt">aggregate
purchase</FONT> price of $3,464,370. <FONT STYLE="letter-spacing: -0.05pt">Closing </FONT>of the <FONT STYLE="letter-spacing: -0.05pt">private
placement pursuant to the Securities Purchase Agreement occurred</FONT> on October <FONT STYLE="letter-spacing: -0.05pt">21,</FONT>
2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
<FONT STYLE="letter-spacing: -0.05pt">connection with the Securities Purchase Agreement,</FONT> <FONT STYLE="letter-spacing: -0.1pt">we
</FONT>also entered <FONT STYLE="letter-spacing: -0.05pt">into</FONT> a <FONT STYLE="letter-spacing: -0.05pt">Registration Rights
Agreement</FONT> (the <FONT STYLE="letter-spacing: -0.05pt">&ldquo;Registration Rights Agreement&rdquo;) pursuant to which</FONT>
<FONT STYLE="letter-spacing: -0.1pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">have filed with</FONT> the SEC <FONT STYLE="letter-spacing: -0.05pt">the
registration statement</FONT> of <FONT STYLE="letter-spacing: -0.05pt">which this prospectus</FONT> forms a part, <FONT STYLE="letter-spacing: -0.05pt">relating
to the offer</FONT> and <FONT STYLE="letter-spacing: -0.05pt">sale</FONT> or <FONT STYLE="letter-spacing: -0.05pt">other disposition
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">the holders</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Shares.
Pursuant to</FONT> <FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Registration Rights Agreement,
</FONT><FONT STYLE="letter-spacing: -0.1pt">we</FONT> are <FONT STYLE="letter-spacing: -0.05pt">obligated to file</FONT> the <FONT STYLE="letter-spacing: -0.05pt">registration
statement</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">November</FONT> 16, 2016 <FONT STYLE="letter-spacing: -0.05pt">and
to use commercially</FONT> reasonable efforts <FONT STYLE="letter-spacing: -0.05pt">to</FONT> cause the <FONT STYLE="letter-spacing: -0.05pt">registration
statement to</FONT> be declared <FONT STYLE="letter-spacing: -0.05pt">effective</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT>January 15, 2017, <FONT STYLE="letter-spacing: -0.1pt">which</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> 90 <FONT STYLE="letter-spacing: -0.05pt">days
</FONT>from the date of <FONT STYLE="letter-spacing: -0.05pt">the Securities Purchase Agreement. Failure to meet</FONT> those
<FONT STYLE="letter-spacing: -0.05pt">and related obligations,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">failure to maintain
the effective registration</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the Shares, will</FONT> subject <FONT STYLE="letter-spacing: -0.05pt">ImmuCell
to payment</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">liquidated damages.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">Copies
of <FONT STYLE="letter-spacing: -0.05pt">the Securities</FONT> Purchase <FONT STYLE="letter-spacing: -0.05pt">Agreement</FONT>
and <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Registration <FONT STYLE="letter-spacing: -0.05pt">Rights Agreement</FONT>
are <FONT STYLE="letter-spacing: -0.05pt">incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference</FONT> as <FONT STYLE="letter-spacing: -0.05pt">exhibits
to the registration statement</FONT> of <FONT STYLE="letter-spacing: -0.05pt">which this</FONT> prospectus <FONT STYLE="letter-spacing: -0.05pt">forms
</FONT>a part. The <FONT STYLE="letter-spacing: -0.05pt">foregoing</FONT> summaries of each <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the transaction</FONT> documents, <FONT STYLE="letter-spacing: -0.05pt">including
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">warrants,</FONT> are <FONT STYLE="letter-spacing: -0.05pt">qualified in their
</FONT>entirety <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">reference to such</FONT> documents.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;<FONT STYLE="letter-spacing: 0.05pt">THE
</FONT><A NAME="THEOFFERING"></A><FONT STYLE="letter-spacing: -0.05pt">OFFERING</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 43%"><FONT STYLE="font-size: 10pt">Common stock outstanding:</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 53%"><FONT STYLE="font-size: 10pt">&#9;4,847,390 <FONT STYLE="letter-spacing: -0.05pt">shares</FONT> (1)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Common</FONT> <FONT STYLE="font-size: 10pt">Stock that <FONT STYLE="letter-spacing: -0.05pt">may
    </FONT>be sold or <FONT STYLE="letter-spacing: -0.05pt">otherwise </FONT>disposed of by the Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders:</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#9;659,880 <FONT STYLE="letter-spacing: -0.05pt">shares</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">NASDAQ Capital Market symbol for common <FONT STYLE="letter-spacing: -0.05pt">stock:</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&#9;ICCC</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">Use of proceeds:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">We <FONT STYLE="letter-spacing: -0.1pt">will</FONT> <FONT STYLE="letter-spacing: -0.05pt">not
    receive</FONT> <FONT STYLE="letter-spacing: 0.05pt">any of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the proceeds from the
    sale or other disposition of the Shares covered</FONT> <FONT STYLE="letter-spacing: 0.05pt">by </FONT><FONT STYLE="letter-spacing: -0.05pt">this
    prospectus</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">Risk factors:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">&#9;See &ldquo;Risk</FONT> <FONT STYLE="font-size: 10pt">Factors&rdquo;
    <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">our Annual</FONT> Report on Form 10-K
    <FONT STYLE="letter-spacing: -0.05pt">for </FONT>the <FONT STYLE="letter-spacing: -0.05pt">year </FONT>ended <FONT STYLE="letter-spacing: -0.05pt">December
    </FONT>31, 2015 as <FONT STYLE="letter-spacing: -0.1pt">well</FONT> as <FONT STYLE="letter-spacing: -0.05pt">our subsequently
    filed</FONT> periodic <FONT STYLE="letter-spacing: -0.05pt">and current </FONT>reports, <FONT STYLE="letter-spacing: -0.05pt">for
    </FONT>a <FONT STYLE="letter-spacing: -0.05pt">discussion</FONT> <FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: -0.05pt">factors
    to consider</FONT> before <FONT STYLE="letter-spacing: -0.05pt">investing </FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT>
    <FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of our common <FONT STYLE="letter-spacing: -0.05pt">stock.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: left"> <FONT STYLE="font-size: 10pt">(1)</FONT> </TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">The
                                         number</FONT> <FONT STYLE="font-size: 10pt">of <FONT STYLE="letter-spacing: -0.05pt">shares
                                         </FONT>shown to <FONT STYLE="letter-spacing: -0.05pt">be </FONT>outstanding is <FONT STYLE="letter-spacing: -0.05pt">based
                                         </FONT>on <FONT STYLE="letter-spacing: -0.05pt">the number</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">shares </FONT><FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT>our <FONT STYLE="letter-spacing: -0.05pt">common </FONT>stock outstanding <FONT STYLE="letter-spacing: -0.05pt">as
                                         </FONT>of <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 1, 2016, <FONT STYLE="letter-spacing: -0.05pt">and
                                         </FONT>does not <FONT STYLE="letter-spacing: -0.05pt">include shares reserved for issuance
                                         </FONT>upon the <FONT STYLE="letter-spacing: -0.05pt">exercise </FONT>of options <FONT STYLE="letter-spacing: -0.05pt">granted
                                         </FONT>or <FONT STYLE="letter-spacing: -0.05pt">available under stock option</FONT> plans.</FONT> </TD>
</TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.65pt; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><A NAME="WHEREYOU"></A>WHERE
YOU <FONT STYLE="letter-spacing: -0.05pt">CAN FIND</FONT> ADDITIONAL INFORMATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
<FONT STYLE="letter-spacing: -0.05pt">have filed with</FONT> the SEC a <FONT STYLE="letter-spacing: -0.05pt">registration statement
</FONT>on <FONT STYLE="letter-spacing: 0.05pt">Form</FONT> <FONT STYLE="letter-spacing: -0.05pt">S-3 under the Securities Act</FONT>
<FONT STYLE="letter-spacing: 0.05pt">of</FONT> 1933, as <FONT STYLE="letter-spacing: -0.05pt">amended (&ldquo;Securities Act&rdquo;),
with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to the securities</FONT> covered <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">this</FONT> prospectus. This <FONT STYLE="letter-spacing: -0.05pt">prospectus, which
is</FONT> a part of <FONT STYLE="letter-spacing: -0.05pt">the registration statement,</FONT> does not <FONT STYLE="letter-spacing: -0.05pt">contain
all</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> information <FONT STYLE="letter-spacing: -0.05pt">set
forth</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the registration statement</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">the exhibits and schedules filed therewith.</FONT> For <FONT STYLE="letter-spacing: -0.05pt">further
</FONT>information <FONT STYLE="letter-spacing: -0.05pt">with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to us and</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">securities</FONT> covered by <FONT STYLE="letter-spacing: -0.05pt">this</FONT> prospectus,
<FONT STYLE="letter-spacing: -0.05pt">please see the registration statement and the </FONT>exhibits <FONT STYLE="letter-spacing: -0.05pt">filed
with the registration statement.</FONT> A copy <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
registration statement and the</FONT> exhibits <FONT STYLE="letter-spacing: -0.05pt">filed</FONT> with the registration <FONT STYLE="letter-spacing: -0.05pt">statement
</FONT>may be <FONT STYLE="letter-spacing: -0.05pt">inspected without charge</FONT> at <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>Public <FONT STYLE="letter-spacing: -0.05pt">Reference </FONT>Room <FONT STYLE="letter-spacing: -0.05pt">maintained</FONT>
by the <FONT STYLE="letter-spacing: -0.05pt">SEC, located</FONT> at 100 F <FONT STYLE="letter-spacing: -0.05pt">Street,</FONT>
N.E., <FONT STYLE="letter-spacing: -0.05pt">Washington, D.C.</FONT> 20549. Please <FONT STYLE="letter-spacing: -0.05pt">call the
SEC</FONT> at 1-800-SEC-0330 <FONT STYLE="letter-spacing: -0.05pt">for more information</FONT> about the operation of <FONT STYLE="letter-spacing: -0.05pt">the
Public Reference Room.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">SEC also</FONT> maintains a <FONT STYLE="letter-spacing: -0.05pt">website
that contains</FONT> reports, proxy and <FONT STYLE="letter-spacing: -0.05pt">information statements</FONT> and <FONT STYLE="letter-spacing: -0.05pt">other
information</FONT> regarding <FONT STYLE="letter-spacing: -0.05pt">registrants</FONT> that <FONT STYLE="letter-spacing: -0.05pt">file
</FONT>electronically <FONT STYLE="letter-spacing: -0.05pt">with the SEC. The</FONT> address of <FONT STYLE="letter-spacing: -0.05pt">the
website</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">http://www.sec.gov.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
are <FONT STYLE="letter-spacing: -0.05pt">subject to the information and</FONT> periodic <FONT STYLE="letter-spacing: -0.05pt">reporting
requirements</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Securities Exchange Act</FONT> of 1934, as <FONT STYLE="letter-spacing: -0.05pt">amended
(the &ldquo;Exchange Act&rdquo;) and, in</FONT> accordance <FONT STYLE="letter-spacing: -0.05pt">therewith,</FONT> <FONT STYLE="letter-spacing: -0.1pt">we
</FONT><FONT STYLE="letter-spacing: -0.05pt">file</FONT> periodic <FONT STYLE="letter-spacing: -0.05pt">reports,</FONT> proxy
<FONT STYLE="letter-spacing: -0.05pt">statements and</FONT> other <FONT STYLE="letter-spacing: -0.05pt">information with</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">SEC.</FONT> Such periodic reports, proxy <FONT STYLE="letter-spacing: -0.05pt">statements
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">other</FONT> information are <FONT STYLE="letter-spacing: -0.05pt">available
for inspection and copying</FONT> at the <FONT STYLE="letter-spacing: -0.05pt">Public Reference</FONT> Room <FONT STYLE="letter-spacing: -0.05pt">and
website</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> SEC <FONT STYLE="letter-spacing: -0.05pt">referred to above.
</FONT>We <FONT STYLE="letter-spacing: -0.05pt">maintain</FONT> a <FONT STYLE="letter-spacing: -0.05pt">website</FONT> at <FONT STYLE="letter-spacing: -0.05pt">www.immucell.com.
</FONT>You <FONT STYLE="letter-spacing: 0.05pt">may</FONT> access <FONT STYLE="letter-spacing: -0.05pt">our Annual</FONT> Report
on Form 10-K, <FONT STYLE="letter-spacing: -0.05pt">Quarterly</FONT> Reports on Form 10-Q, <FONT STYLE="letter-spacing: -0.05pt">Current
</FONT>Reports on Form 8-K <FONT STYLE="letter-spacing: -0.05pt">and amendments to those</FONT> reports <FONT STYLE="letter-spacing: -0.05pt">filed
pursuant to Sections</FONT> 13(a) <FONT STYLE="letter-spacing: -0.05pt">or</FONT> 15(d) of <FONT STYLE="letter-spacing: -0.05pt">the
Exchange Act with the</FONT> SEC <FONT STYLE="letter-spacing: -0.05pt">free</FONT> of <FONT STYLE="letter-spacing: -0.05pt">charge
</FONT>at <FONT STYLE="letter-spacing: -0.05pt">our website</FONT> <FONT STYLE="letter-spacing: 0.05pt">as</FONT> soon as reasonably
<FONT STYLE="letter-spacing: -0.05pt">practicable after such material is electronically filed with, or furnished</FONT> to, <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>SEC. <FONT STYLE="letter-spacing: -0.05pt">Our website</FONT> and <FONT STYLE="letter-spacing: -0.05pt">the</FONT> information
<FONT STYLE="letter-spacing: -0.05pt">contained</FONT> on <FONT STYLE="letter-spacing: -0.05pt">that site,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">connected
to that site,</FONT> are <FONT STYLE="letter-spacing: -0.05pt">not incorporated into and</FONT> are <FONT STYLE="letter-spacing: -0.05pt">not
</FONT>a part of <FONT STYLE="letter-spacing: -0.05pt">this prospectus.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="INCORPORATION"></A>INCORPORATION
OF INFORMATION BY <FONT STYLE="letter-spacing: -0.05pt">REFERENCE</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">SEC allows us to &ldquo;incorporate </FONT>by <FONT STYLE="letter-spacing: -0.05pt">reference&rdquo;
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">information</FONT> <FONT STYLE="letter-spacing: -0.1pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">file
with it, which means</FONT> that <FONT STYLE="letter-spacing: -0.1pt">we</FONT> can <FONT STYLE="letter-spacing: -0.05pt">disclose
important</FONT> information <FONT STYLE="letter-spacing: -0.05pt">to you</FONT> by <FONT STYLE="letter-spacing: -0.05pt">referring
you to</FONT> those documents. The <FONT STYLE="letter-spacing: -0.05pt">information</FONT> we <FONT STYLE="letter-spacing: -0.05pt">incorporate
</FONT>by <FONT STYLE="letter-spacing: -0.05pt">reference</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> an <FONT STYLE="letter-spacing: -0.05pt">important
</FONT>part of <FONT STYLE="letter-spacing: -0.05pt">this prospectus,</FONT> and <FONT STYLE="letter-spacing: -0.05pt">certain
</FONT>information that <FONT STYLE="letter-spacing: -0.15pt">we</FONT> <FONT STYLE="letter-spacing: -0.1pt">will</FONT> <FONT STYLE="letter-spacing: -0.05pt">later
file with</FONT> the SEC <FONT STYLE="letter-spacing: -0.1pt">will</FONT> <FONT STYLE="letter-spacing: -0.05pt">automatically update
and supersede this information.</FONT> We <FONT STYLE="letter-spacing: -0.05pt">incorporate</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference
the</FONT> documents <FONT STYLE="letter-spacing: -0.05pt">listed below,</FONT> as <FONT STYLE="letter-spacing: -0.05pt">well
</FONT>as any <FONT STYLE="letter-spacing: -0.05pt">future filings made with the </FONT>SEC under <FONT STYLE="letter-spacing: -0.05pt">Sections
</FONT>13(a), <FONT STYLE="letter-spacing: -0.05pt">13(c),</FONT> 14 or 15(d) of the <FONT STYLE="letter-spacing: -0.05pt">Exchange
Act </FONT>from the date of the initial <FONT STYLE="letter-spacing: -0.05pt">registration statement and</FONT> prior <FONT STYLE="letter-spacing: -0.05pt">to
the effectiveness</FONT> of <FONT STYLE="letter-spacing: -0.05pt">this registration statement, and</FONT> any <FONT STYLE="letter-spacing: -0.05pt">filings
made after the</FONT> date of <FONT STYLE="letter-spacing: -0.05pt">this</FONT> prospectus <FONT STYLE="letter-spacing: -0.05pt">until
we sell all</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">securities</FONT> under <FONT STYLE="letter-spacing: -0.05pt">this
</FONT>prospectus, <FONT STYLE="letter-spacing: -0.05pt">except</FONT> that <FONT STYLE="letter-spacing: -0.1pt">we</FONT> do
<FONT STYLE="letter-spacing: -0.05pt">not incorporate any</FONT> document or portion of a <FONT STYLE="letter-spacing: -0.05pt">document
</FONT>that <FONT STYLE="letter-spacing: -0.05pt">was furnished and deemed</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT>
<FONT STYLE="letter-spacing: -0.05pt">the rules</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">SEC not to have</FONT> been
<FONT STYLE="letter-spacing: -0.05pt">filed:</FONT></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
                                         Annual</FONT> <FONT STYLE="font-size: 10pt">Report on Form 10-K <FONT STYLE="letter-spacing: -0.05pt">for
                                         the fiscal year ended December</FONT> 31, 2015, <FONT STYLE="letter-spacing: -0.05pt">filed
                                         with the SEC</FONT> <FONT STYLE="letter-spacing: 0.05pt">on </FONT>March <FONT STYLE="letter-spacing: 0.05pt">25,
                                         </FONT>2016;</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
                                         Quarterly</FONT> <FONT STYLE="font-size: 10pt">Reports on Form 10-Q <FONT STYLE="letter-spacing: -0.05pt">for
                                         the quarters ended</FONT> March 31, 2016, <FONT STYLE="letter-spacing: -0.05pt">June
                                         </FONT>30, <FONT STYLE="letter-spacing: -0.05pt">2016 and September</FONT> <FONT STYLE="letter-spacing: 0.05pt">30,
                                         </FONT>2016, <FONT STYLE="letter-spacing: -0.05pt">filed with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">SEC,
                                         respectively,</FONT> on May 11, 2016, <FONT STYLE="letter-spacing: -0.1pt">August </FONT>11,
                                         2016 <FONT STYLE="letter-spacing: -0.05pt">and November</FONT> 10, 2016;</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
                                         Current</FONT> <FONT STYLE="font-size: 10pt">Reports on Form <FONT STYLE="letter-spacing: -0.05pt">8-K
                                         filed with </FONT>the <FONT STYLE="letter-spacing: -0.05pt">SEC</FONT> <FONT STYLE="letter-spacing: 0.05pt">on
                                         </FONT>January 7, 2016, January 29, 2016, January 29, 2016, February 3, 2016, <FONT STYLE="letter-spacing: -0.05pt">February
                                         </FONT>10, 2016, March 7, 2016, March 31, 2016, May 11, 2016, May 23, 2016, <FONT STYLE="letter-spacing: -0.05pt">June
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">15, </FONT>2016, <FONT STYLE="letter-spacing: -0.05pt">June
                                         </FONT>16, <FONT STYLE="letter-spacing: -0.05pt">2016, August</FONT> <FONT STYLE="letter-spacing: 0.05pt">11,
                                         </FONT>2016, <FONT STYLE="letter-spacing: -0.05pt">October 11, 2016, October 18,</FONT>
                                         2016, October 18, 2016, <FONT STYLE="letter-spacing: -0.05pt">October 21,</FONT> 2016
                                         <FONT STYLE="letter-spacing: -0.05pt">and November</FONT> 10, 2016; <FONT STYLE="letter-spacing: -0.1pt">and</FONT></FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
                                         definitive</FONT> <FONT STYLE="font-size: 10pt">proxy statement on <FONT STYLE="letter-spacing: -0.05pt">Schedule
                                         </FONT>14A <FONT STYLE="letter-spacing: -0.05pt">filed</FONT> on <FONT STYLE="letter-spacing: -0.05pt">April
                                         </FONT>28, 2016 <FONT STYLE="letter-spacing: -0.05pt">for our annual meeting</FONT> of
                                         <FONT STYLE="letter-spacing: -0.05pt">shareholders held</FONT> on <FONT STYLE="letter-spacing: -0.05pt">June
                                         </FONT>15, 2016.</FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
                                         </FONT><FONT STYLE="font-size: 10pt">Form 8-A <FONT STYLE="letter-spacing: -0.05pt">filed
                                         with</FONT> the SEC on March 18, 1987 <FONT STYLE="letter-spacing: -0.05pt">with</FONT>
                                         respect <FONT STYLE="letter-spacing: -0.05pt">to our Common Stock.</FONT></FONT></TD>
</TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
                                         </FONT><FONT STYLE="font-size: 10pt">Form 8-A <FONT STYLE="letter-spacing: -0.05pt">filed
                                         with</FONT> the SEC on <FONT STYLE="letter-spacing: -0.05pt">September </FONT>13, 1995,
                                         as <FONT STYLE="letter-spacing: -0.05pt">amended </FONT><FONT STYLE="letter-spacing: 0.05pt">by
                                         </FONT>Form 8-A/A <FONT STYLE="letter-spacing: -0.05pt">filed with the SEC</FONT> on
                                         <FONT STYLE="letter-spacing: -0.05pt">June</FONT> 30, 2008, <FONT STYLE="letter-spacing: -0.05pt">with
                                         </FONT>respect <FONT STYLE="letter-spacing: -0.05pt">to our Common</FONT> Stock <FONT STYLE="letter-spacing: -0.05pt">Purchase
                                         Rights.</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Additionally,
all</FONT> <FONT STYLE="font-size: 10pt">reports and <FONT STYLE="letter-spacing: -0.05pt">other</FONT> documents subsequently
<FONT STYLE="letter-spacing: -0.05pt">filed </FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">us
pursuant to</FONT> Sections 13(a), 13(c), 14 <FONT STYLE="letter-spacing: -0.05pt">and</FONT> 15(d) of <FONT STYLE="letter-spacing: -0.05pt">the
Exchange Act</FONT> after <FONT STYLE="letter-spacing: -0.05pt">(i) the</FONT> date of <FONT STYLE="letter-spacing: -0.05pt">the
initial registration statement and</FONT> prior <FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">effectiveness
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> registration <FONT STYLE="letter-spacing: -0.05pt">statement;</FONT>
and <FONT STYLE="letter-spacing: -0.05pt">(ii) </FONT>the date of <FONT STYLE="letter-spacing: -0.05pt">this prospectus and</FONT>
prior <FONT STYLE="letter-spacing: -0.05pt">to </FONT>the <FONT STYLE="letter-spacing: -0.05pt">termination</FONT> or completion
<FONT STYLE="letter-spacing: 0.05pt">of</FONT> this offering, <FONT STYLE="letter-spacing: -0.05pt">shall</FONT> be deemed <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference in this
</FONT>prospectus and <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be part <FONT STYLE="letter-spacing: -0.05pt">hereof</FONT>
from the date <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">filing</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">such</FONT> reports and other <FONT STYLE="letter-spacing: -0.05pt">documents.</FONT>
Any <FONT STYLE="letter-spacing: -0.05pt">information that</FONT> <FONT STYLE="letter-spacing: -0.1pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">subsequently
file with the SEC that is incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference</FONT> as described <FONT STYLE="letter-spacing: -0.05pt">above
will automatically update and supersede</FONT> any previous <FONT STYLE="letter-spacing: -0.05pt">information</FONT> that <FONT STYLE="letter-spacing: 0.05pt">is
</FONT>part of <FONT STYLE="letter-spacing: -0.05pt">this prospectus.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
<FONT STYLE="letter-spacing: -0.05pt">hereby undertake to</FONT> provide <FONT STYLE="letter-spacing: -0.05pt">without charge
to</FONT> each person, <FONT STYLE="letter-spacing: -0.05pt">including</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">beneficial
</FONT>owner, <FONT STYLE="letter-spacing: -0.05pt">to whom</FONT> a <FONT STYLE="letter-spacing: 0.05pt">copy</FONT> of <FONT STYLE="letter-spacing: -0.05pt">this
</FONT>prospectus <FONT STYLE="letter-spacing: -0.05pt">is delivered,</FONT> upon <FONT STYLE="letter-spacing: -0.05pt">written
</FONT>or oral <FONT STYLE="letter-spacing: -0.05pt">request</FONT> of any such <FONT STYLE="letter-spacing: -0.05pt">person,
</FONT>a copy of <FONT STYLE="letter-spacing: 0.05pt">any</FONT> and <FONT STYLE="letter-spacing: -0.05pt">all</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>information <FONT STYLE="letter-spacing: -0.05pt">that has</FONT> been or <FONT STYLE="letter-spacing: -0.05pt">may</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference in</FONT> this
<FONT STYLE="letter-spacing: -0.05pt">prospectus, other</FONT> than <FONT STYLE="letter-spacing: -0.05pt">exhibits to</FONT> such
documents. <FONT STYLE="letter-spacing: -0.05pt">Requests for such</FONT> copies <FONT STYLE="letter-spacing: -0.05pt">should
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">directed to our </FONT>Corporate <FONT STYLE="letter-spacing: -0.05pt">Secretary
</FONT>at 56 <FONT STYLE="letter-spacing: -0.05pt">Evergreen Drive, </FONT>Portland, ME 04103. <FONT STYLE="letter-spacing: -0.05pt">Our
telephone </FONT>number <FONT STYLE="letter-spacing: -0.05pt">is</FONT> (207) 878-2770.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="RISKFACTORS"></A><FONT STYLE="letter-spacing: -0.05pt">RISK
</FONT>FACTORS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">An
<FONT STYLE="letter-spacing: -0.05pt">investment</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">our
</FONT>common <FONT STYLE="letter-spacing: -0.05pt">stock involves risks.</FONT> Prior <FONT STYLE="letter-spacing: -0.05pt">to
making</FONT> a <FONT STYLE="letter-spacing: -0.05pt">decision</FONT> about <FONT STYLE="letter-spacing: -0.05pt">investing in
our</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock, you should</FONT> consider <FONT STYLE="letter-spacing: -0.05pt">carefully
the risks together with</FONT> all <FONT STYLE="letter-spacing: 0.05pt">of</FONT> the other information <FONT STYLE="letter-spacing: -0.05pt">contained
</FONT>or incorporated <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">reference in this prospectus,
</FONT>including any risks described <FONT STYLE="letter-spacing: -0.05pt">in the</FONT> section <FONT STYLE="letter-spacing: -0.05pt">entitled
&ldquo;Risk Factors&rdquo; contained in our Annual</FONT> Report on Form 10-K <FONT STYLE="letter-spacing: -0.05pt">for the fiscal
year ended December</FONT> 31, 2015 <FONT STYLE="letter-spacing: -0.05pt">and our subsequent</FONT> filings <FONT STYLE="letter-spacing: -0.05pt">with
the SEC.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="DESCRIPTIONOFCOMMON"></A>DESCRIPTION
OF COMMON STOCK</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">description</FONT> below <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">our
</FONT>common stock and <FONT STYLE="letter-spacing: -0.05pt">provisions</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.05pt">our certificate</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> incorporation <FONT STYLE="letter-spacing: -0.05pt">and
bylaws</FONT> are <FONT STYLE="letter-spacing: -0.05pt">summaries</FONT> and are <FONT STYLE="letter-spacing: -0.05pt">qualified
</FONT>by <FONT STYLE="letter-spacing: -0.05pt">reference to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">certificate</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">incorporation and the bylaws.</FONT> These documents are filed as <FONT STYLE="letter-spacing: -0.05pt">exhibits
to the registration statement</FONT> of <FONT STYLE="letter-spacing: -0.05pt">which</FONT> this <FONT STYLE="letter-spacing: -0.05pt">prospectus
is</FONT> a <FONT STYLE="letter-spacing: -0.05pt">part.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
authorized capital stock consists</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">of</FONT> <FONT STYLE="font-size: 10pt">10,000,000
<FONT STYLE="letter-spacing: -0.05pt">shares </FONT>of common <FONT STYLE="letter-spacing: -0.05pt">stock.</FONT> As <FONT STYLE="letter-spacing: 0.05pt">of
</FONT>December 1, 2016, <FONT STYLE="letter-spacing: -0.05pt">there were</FONT> 4,847,390 <FONT STYLE="letter-spacing: -0.05pt">shares
</FONT>of common stock <FONT STYLE="letter-spacing: -0.05pt">outstanding.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">holders
</FONT>of common stock are <FONT STYLE="letter-spacing: -0.05pt">entitled to receive</FONT> ratably <FONT STYLE="letter-spacing: -0.05pt">dividends,
if any,</FONT> as <FONT STYLE="letter-spacing: -0.05pt">may</FONT> be declared <FONT STYLE="letter-spacing: -0.05pt">from time
to time</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> the Board of <FONT STYLE="letter-spacing: -0.05pt">Directors out
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">funds</FONT> legally <FONT STYLE="letter-spacing: -0.05pt">available for that
</FONT>purpose. In <FONT STYLE="letter-spacing: -0.05pt">the event</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">our
liquidation,</FONT> dissolution or <FONT STYLE="letter-spacing: -0.05pt">winding up, whether voluntary</FONT> or <FONT STYLE="letter-spacing: -0.05pt">involuntary,
the</FONT> holders <FONT STYLE="letter-spacing: 0.05pt">of</FONT> common stock are <FONT STYLE="letter-spacing: -0.05pt">entitled
to share </FONT>ratably <FONT STYLE="letter-spacing: 0.05pt">in</FONT> all <FONT STYLE="letter-spacing: -0.05pt">assets remaining
after payment</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> or provision <FONT STYLE="letter-spacing: -0.05pt">for liabilities.
</FONT>The common <FONT STYLE="letter-spacing: -0.05pt">stock has no preemptive</FONT> or <FONT STYLE="letter-spacing: -0.05pt">conversion
</FONT>rights or <FONT STYLE="letter-spacing: -0.05pt">other subscription rights.</FONT> There are <FONT STYLE="letter-spacing: -0.05pt">no
redemption</FONT> or sinking <FONT STYLE="letter-spacing: -0.05pt">fund provisions</FONT> applicable <FONT STYLE="letter-spacing: -0.05pt">to
the</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock. All</FONT> outstanding <FONT STYLE="letter-spacing: -0.05pt">shares
</FONT>of common stock are fully paid <FONT STYLE="letter-spacing: -0.05pt">and nonassessable, and the shares</FONT> of common
<FONT STYLE="letter-spacing: -0.05pt">stock to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">issued</FONT> upon the <FONT STYLE="letter-spacing: -0.05pt">closing
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">this</FONT> offering will be <FONT STYLE="letter-spacing: -0.05pt">fully
</FONT>paid <FONT STYLE="letter-spacing: -0.05pt">and nonassessable.</FONT></FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">holders</FONT> of <FONT STYLE="letter-spacing: -0.05pt">common</FONT> stock are <FONT STYLE="letter-spacing: -0.05pt">entitled
to one vote</FONT> per <FONT STYLE="letter-spacing: -0.05pt">share</FONT> on <FONT STYLE="letter-spacing: -0.05pt">all matters
to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">voted</FONT> upon by <FONT STYLE="letter-spacing: -0.05pt">the shareholders.
</FONT>There <FONT STYLE="letter-spacing: -0.05pt">is no cumulative voting.</FONT></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Effect
</FONT><FONT STYLE="font-size: 10pt">of Certain <FONT STYLE="letter-spacing: -0.05pt">Provisions</FONT> of our <FONT STYLE="letter-spacing: -0.05pt">Certificate
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">Incorporation,</FONT> Bylaws and <FONT STYLE="letter-spacing: -0.05pt">Common
</FONT>Stock <FONT STYLE="letter-spacing: -0.05pt">Rights</FONT> Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Provisions
</FONT><FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">of</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">our
certificate</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">of </FONT><FONT STYLE="font-size: 10pt">incorporation,
<FONT STYLE="letter-spacing: -0.05pt">our bylaws,</FONT> our Common <FONT STYLE="letter-spacing: -0.05pt">Stock Rights</FONT>
Plan or <FONT STYLE="letter-spacing: -0.05pt">Delaware</FONT> law may <FONT STYLE="letter-spacing: -0.05pt">discourage, </FONT>delay
or <FONT STYLE="letter-spacing: -0.05pt">prevent</FONT> a <FONT STYLE="letter-spacing: -0.05pt">merger,</FONT> acquisition or
other <FONT STYLE="letter-spacing: -0.05pt">change</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">control
</FONT>that <FONT STYLE="letter-spacing: -0.05pt">stockholders may</FONT> consider <FONT STYLE="letter-spacing: -0.05pt">favorable,
including transactions</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> which <FONT STYLE="letter-spacing: -0.05pt">stockholders
might otherwise receive</FONT> a premium <FONT STYLE="letter-spacing: -0.05pt">for</FONT> their <FONT STYLE="letter-spacing: -0.05pt">shares
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">our</FONT> common stock. These <FONT STYLE="letter-spacing: -0.05pt">provisions
</FONT>may also <FONT STYLE="letter-spacing: -0.05pt">prevent</FONT> or <FONT STYLE="letter-spacing: -0.05pt">frustrate attempts
</FONT><FONT STYLE="letter-spacing: 0.05pt">by </FONT><FONT STYLE="letter-spacing: -0.05pt">our stockholders to</FONT> replace
or <FONT STYLE="letter-spacing: -0.05pt">remove our management.</FONT> These <FONT STYLE="letter-spacing: -0.05pt">provisions
</FONT>include:</FONT></P>

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<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">limitations
                                         </FONT><FONT STYLE="font-size: 10pt">on the <FONT STYLE="letter-spacing: -0.05pt">removal
                                         </FONT>of <FONT STYLE="letter-spacing: -0.05pt">directors; advance notice requirements
                                         for stockholder proposals and nominations;</FONT></FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">the
                                         </FONT><FONT STYLE="font-size: 10pt">ability <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">our </FONT>Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
                                         to alter</FONT> or repeal <FONT STYLE="letter-spacing: -0.05pt">our bylaws;</FONT></FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">the
                                         </FONT><FONT STYLE="font-size: 10pt">ability of <FONT STYLE="letter-spacing: -0.05pt">our
                                         </FONT>Board of Directors <FONT STYLE="letter-spacing: -0.05pt">to refuse to</FONT> redeem
                                         rights <FONT STYLE="letter-spacing: -0.05pt">issued </FONT>under <FONT STYLE="letter-spacing: -0.05pt">our
                                         </FONT>Common Stock <FONT STYLE="letter-spacing: -0.05pt">Rights</FONT> Plan or <FONT STYLE="letter-spacing: -0.05pt">otherwise
                                         to limit</FONT> or <FONT STYLE="letter-spacing: -0.05pt">suspend its</FONT> operation
                                         <FONT STYLE="letter-spacing: -0.05pt">that would work to dilute the stock ownership</FONT>
                                         of a <FONT STYLE="letter-spacing: -0.05pt">potential hostile</FONT> acquirer, likely
                                         <FONT STYLE="letter-spacing: -0.05pt">preventing acquisitions</FONT> that <FONT STYLE="letter-spacing: -0.05pt">have
                                         not </FONT>been approved by <FONT STYLE="letter-spacing: -0.05pt">our</FONT> Board of
                                         <FONT STYLE="letter-spacing: -0.05pt">Directors; and</FONT></FONT></TD>
</TR></TABLE>

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<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Section
                                         </FONT><FONT STYLE="font-size: 10pt">203 of <FONT STYLE="letter-spacing: -0.05pt">the
                                         </FONT>Delaware <FONT STYLE="letter-spacing: -0.05pt">General </FONT>Corporation <FONT STYLE="letter-spacing: -0.05pt">Law,
                                         which prohibits</FONT> a <FONT STYLE="letter-spacing: -0.05pt">publicly-held Delaware
                                         </FONT>corporation from <FONT STYLE="letter-spacing: -0.05pt">engaging </FONT><FONT STYLE="letter-spacing: 0.05pt">in
                                         </FONT>a <FONT STYLE="letter-spacing: -0.05pt">business</FONT> combination <FONT STYLE="letter-spacing: -0.05pt">with
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">an </FONT><FONT STYLE="letter-spacing: -0.05pt">interested
                                         stockholder</FONT> (generally <FONT STYLE="letter-spacing: -0.05pt">defined </FONT><FONT STYLE="letter-spacing: 0.05pt">as
                                         </FONT>a person <FONT STYLE="letter-spacing: -0.05pt">which together with its affiliates
                                         owns,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">within the</FONT> last three <FONT STYLE="letter-spacing: -0.05pt">years
                                         has</FONT> owned, 15% of <FONT STYLE="letter-spacing: -0.05pt">our voting stock, for
                                         </FONT>a period of <FONT STYLE="letter-spacing: -0.05pt">three years after</FONT> the
                                         date <FONT STYLE="letter-spacing: 0.05pt">of the</FONT> <FONT STYLE="letter-spacing: -0.05pt">transaction
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">which
                                         </FONT>the person <FONT STYLE="letter-spacing: -0.05pt">became </FONT>an <FONT STYLE="letter-spacing: -0.05pt">interested
                                         stockholder) unless the business</FONT> combination <FONT STYLE="letter-spacing: -0.05pt">is
                                         </FONT>approved <FONT STYLE="letter-spacing: -0.05pt">in</FONT> a prescribed <FONT STYLE="letter-spacing: -0.05pt">manner.</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.8pt 67.1pt 0 0.8in; text-indent: 35.95pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.8pt 67.1pt 0 0.8in; text-indent: 35.95pt"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">existence</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
foregoing provisions</FONT> and <FONT STYLE="letter-spacing: -0.05pt">anti-takeover measures could</FONT> depress the <FONT STYLE="letter-spacing: -0.05pt">trading
</FONT>price of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock</FONT> or
<FONT STYLE="letter-spacing: -0.05pt">limit</FONT> the price <FONT STYLE="letter-spacing: -0.05pt">that investors might</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">willing to</FONT> <FONT STYLE="letter-spacing: 0.05pt">pay in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">future
for shares</FONT> of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock.</FONT>
They <FONT STYLE="letter-spacing: -0.05pt">could also</FONT> deter <FONT STYLE="letter-spacing: -0.05pt">potential acquirers</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">our Company,</FONT> thereby <FONT STYLE="letter-spacing: -0.05pt">reducing</FONT> the
likelihood of <FONT STYLE="letter-spacing: -0.05pt">obtaining</FONT> a premium <FONT STYLE="letter-spacing: -0.05pt">for our</FONT>
common <FONT STYLE="letter-spacing: -0.05pt">stock</FONT> <FONT STYLE="letter-spacing: 0.05pt">in an</FONT> <FONT STYLE="letter-spacing: -0.05pt">acquisition.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">These
<FONT STYLE="letter-spacing: -0.05pt">provisions,</FONT> summarized <FONT STYLE="letter-spacing: -0.05pt">below,</FONT> are <FONT STYLE="letter-spacing: -0.05pt">expected
to discourage coercive takeover</FONT> practices <FONT STYLE="letter-spacing: -0.05pt">and inadequate takeover</FONT> bids <FONT STYLE="letter-spacing: -0.05pt">and
to promote stability in our management.</FONT> These <FONT STYLE="letter-spacing: -0.05pt">provisions</FONT> are <FONT STYLE="letter-spacing: -0.05pt">also
designed to encourage persons</FONT> seeking <FONT STYLE="letter-spacing: -0.05pt">to acquire control</FONT> of us <FONT STYLE="letter-spacing: -0.05pt">to
first negotiate with</FONT> our board of <FONT STYLE="letter-spacing: -0.05pt">directors.</FONT></FONT></P>

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<TD STYLE="width: 35pt; text-align: right"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"><U>Shareholder
                                         Meetings</U>. Our bylaws</FONT> <FONT STYLE="font-size: 10pt">provide that a <FONT STYLE="letter-spacing: -0.05pt">special
                                         meeting</FONT> of <FONT STYLE="letter-spacing: -0.05pt">shareholders </FONT>may be <FONT STYLE="letter-spacing: -0.05pt">called
                                         </FONT>only <FONT STYLE="letter-spacing: 0.05pt">by</FONT> the <FONT STYLE="letter-spacing: -0.05pt">President
                                         </FONT>or by <FONT STYLE="letter-spacing: -0.05pt">the </FONT>Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
                                         </FONT>or by <FONT STYLE="letter-spacing: -0.05pt">shareholders holding</FONT> a <FONT STYLE="letter-spacing: -0.05pt">majority
                                         </FONT>of the outstanding <FONT STYLE="letter-spacing: -0.05pt">shares </FONT><FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">our </FONT>common <FONT STYLE="letter-spacing: -0.05pt">stock.</FONT></FONT> </TD>
</TR></TABLE>

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<TD STYLE="width: 35pt; text-align: right"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"><U>Requirements
                                         </U></FONT> <U><FONT STYLE="font-size: 10pt">for <FONT STYLE="letter-spacing: -0.05pt">Advance
                                         Notification </FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">Shareholder
                                         </FONT>Nominations <FONT STYLE="letter-spacing: -0.05pt">and </FONT>Proposals</FONT></U><FONT STYLE="font-size: 10pt">.
                                         <FONT STYLE="letter-spacing: -0.05pt">Our bylaws establish advance notice</FONT> procedures
                                         <FONT STYLE="letter-spacing: -0.05pt">with </FONT>respect <FONT STYLE="letter-spacing: -0.05pt">to
                                         shareholder proposals</FONT> and <FONT STYLE="letter-spacing: -0.05pt">the nomination
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> candidates <FONT STYLE="letter-spacing: -0.05pt">for
                                         election </FONT>as <FONT STYLE="letter-spacing: -0.05pt">directors, other than nominations
                                         made</FONT> <FONT STYLE="letter-spacing: 0.05pt">by </FONT>or at <FONT STYLE="letter-spacing: -0.05pt">the
                                         </FONT>direction of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
                                         </FONT>or a <FONT STYLE="letter-spacing: -0.05pt">committee</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the
                                         </FONT>Board of <FONT STYLE="letter-spacing: -0.05pt">Directors.</FONT></FONT> </TD>
</TR></TABLE>

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<TD STYLE="width: 35pt; text-align: right"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt"><U>Board
                                         <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">Directors
                                         Vacancies</FONT></U><FONT STYLE="letter-spacing: -0.05pt">. Under our bylaws,</FONT>
                                         <FONT STYLE="letter-spacing: 0.05pt">any</FONT> vacancy <FONT STYLE="letter-spacing: 0.05pt">on
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors,
                                         including</FONT> a vacancy <FONT STYLE="letter-spacing: -0.05pt">resulting</FONT> from
                                         <FONT STYLE="letter-spacing: 0.05pt">an </FONT><FONT STYLE="letter-spacing: -0.05pt">enlargement
                                         </FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors,
                                         may</FONT> only be <FONT STYLE="letter-spacing: -0.05pt">filled</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">vote </FONT>of a <FONT STYLE="letter-spacing: -0.05pt">majority
                                         </FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> remaining <FONT STYLE="letter-spacing: -0.05pt">directors.
                                         Any</FONT> director <FONT STYLE="letter-spacing: -0.05pt">may</FONT> be <FONT STYLE="letter-spacing: -0.05pt">removed
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">vote
                                         </FONT>of the holders of a <FONT STYLE="letter-spacing: -0.05pt">majority </FONT><FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">the outstanding shares</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">our</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock.
                                         </FONT>The <FONT STYLE="letter-spacing: -0.05pt">limitations </FONT>on the <FONT STYLE="letter-spacing: -0.05pt">removal
                                         </FONT>of directors <FONT STYLE="letter-spacing: -0.05pt">and filling </FONT>of <FONT STYLE="letter-spacing: -0.05pt">vacancies
                                         would have</FONT> the <FONT STYLE="letter-spacing: -0.05pt">effect</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">making it more difficult for</FONT> a <FONT STYLE="letter-spacing: -0.05pt">third
                                         </FONT>party <FONT STYLE="letter-spacing: -0.05pt">to acquire control</FONT> of us, or
                                         of <FONT STYLE="letter-spacing: -0.05pt">discouraging </FONT>a <FONT STYLE="letter-spacing: -0.05pt">third
                                         </FONT>party from <FONT STYLE="letter-spacing: -0.05pt">acquiring control </FONT>of <FONT STYLE="letter-spacing: -0.05pt">us.</FONT></FONT> </TD>
</TR></TABLE>

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<TD STYLE="width: 35pt; text-align: right"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt"><U>Board
                                         of <FONT STYLE="letter-spacing: -0.05pt">Directors Size</FONT></U><FONT STYLE="letter-spacing: -0.05pt">.
                                         Within </FONT>the <FONT STYLE="letter-spacing: -0.05pt">range specified</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">our bylaws, our</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
                                         determines</FONT> the <FONT STYLE="letter-spacing: -0.05pt">size </FONT>of <FONT STYLE="letter-spacing: -0.05pt">our
                                         </FONT>board <FONT STYLE="letter-spacing: -0.05pt">and may create</FONT> <FONT STYLE="letter-spacing: 0.05pt">new
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">directorships and elect</FONT> new directors,
                                         <FONT STYLE="letter-spacing: -0.1pt">which </FONT>may enable an incumbent board <FONT STYLE="letter-spacing: -0.05pt">to
                                         maintain control</FONT> <FONT STYLE="letter-spacing: 0.05pt">by </FONT><FONT STYLE="letter-spacing: -0.05pt">adding
                                         </FONT>directors.</FONT> </TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"> <FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT> </TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"><U>Indemnification</U>.
                                         Our certificate</FONT> <FONT STYLE="font-size: 10pt">of <FONT STYLE="letter-spacing: -0.05pt">incorporation
                                         and our bylaws,</FONT> <FONT STYLE="letter-spacing: 0.05pt">as</FONT> amended, provide
                                         <FONT STYLE="letter-spacing: -0.05pt">that </FONT><FONT STYLE="letter-spacing: -0.15pt">we
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">will indemnify officers</FONT> and directors
                                         <FONT STYLE="letter-spacing: -0.05pt">against</FONT> losses as they <FONT STYLE="letter-spacing: -0.05pt">incur
                                         in investigations </FONT>and <FONT STYLE="letter-spacing: -0.05pt">legal</FONT> proceedings
                                         <FONT STYLE="letter-spacing: -0.05pt">resulting </FONT>from <FONT STYLE="letter-spacing: -0.05pt">their
                                         services to us, which</FONT> may <FONT STYLE="letter-spacing: -0.05pt">include service
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">connection
                                         with takeover defense measures.</FONT></FONT> </TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
<FONT STYLE="letter-spacing: -0.05pt">September</FONT> 1995, <FONT STYLE="letter-spacing: -0.05pt">our</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
</FONT>adopted a <FONT STYLE="letter-spacing: -0.05pt">Common Stock</FONT> Rights Plan <FONT STYLE="letter-spacing: -0.05pt">and
</FONT>declared a <FONT STYLE="letter-spacing: -0.05pt">dividend</FONT> of <FONT STYLE="letter-spacing: -0.05pt">one</FONT> common
<FONT STYLE="letter-spacing: -0.05pt">share purchase</FONT> right (a <FONT STYLE="letter-spacing: -0.05pt">&ldquo;Right&rdquo;)
for</FONT> each of the then <FONT STYLE="letter-spacing: -0.05pt">outstanding shares</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>common stock of the <FONT STYLE="letter-spacing: -0.05pt">Company.</FONT> Each Right <FONT STYLE="letter-spacing: -0.05pt">entitles
</FONT>the registered <FONT STYLE="letter-spacing: -0.05pt">holder to purchase</FONT> from the Company <FONT STYLE="letter-spacing: -0.05pt">one
share</FONT> of common stock at an initial purchase price of $70.00 per <FONT STYLE="letter-spacing: -0.05pt">share, subject to
adjustment.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">description and</FONT> terms of the <FONT STYLE="letter-spacing: -0.05pt">Rights
</FONT><FONT STYLE="letter-spacing: 0.05pt">are</FONT> <FONT STYLE="letter-spacing: -0.05pt">set forth</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">Rights Agreement</FONT> between <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
Company and <FONT STYLE="letter-spacing: -0.05pt">American</FONT> Stock <FONT STYLE="letter-spacing: -0.05pt">Transfer</FONT>
&amp; Trust <FONT STYLE="letter-spacing: -0.05pt">Company, LLC,</FONT> as <FONT STYLE="letter-spacing: -0.05pt">Rights Agent.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">Rights</FONT> (as amended) become <FONT STYLE="letter-spacing: -0.05pt">exercisable and
transferable</FONT> apart <FONT STYLE="letter-spacing: -0.05pt">from</FONT> the common <FONT STYLE="letter-spacing: -0.05pt">stock
upon</FONT> the <FONT STYLE="letter-spacing: -0.05pt">earlier</FONT> of <FONT STYLE="letter-spacing: -0.05pt">i)</FONT> 10 <FONT STYLE="letter-spacing: -0.05pt">days
</FONT>following a <FONT STYLE="letter-spacing: -0.05pt">public announcement</FONT> that a person or group <FONT STYLE="letter-spacing: -0.05pt">(Acquiring
</FONT>Person) <FONT STYLE="letter-spacing: -0.05pt">has, without</FONT> the prior <FONT STYLE="letter-spacing: -0.05pt">consent
</FONT>of the <FONT STYLE="letter-spacing: -0.05pt">Continuing Directors</FONT> (as such term <FONT STYLE="letter-spacing: -0.05pt">is
defined</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the Rights Agreement), acquired
</FONT>beneficial <FONT STYLE="letter-spacing: -0.05pt">ownership</FONT> of 20% or <FONT STYLE="letter-spacing: -0.05pt">more
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> outstanding common stock or <FONT STYLE="letter-spacing: -0.05pt">ii)
10 days following commencement</FONT> of a tender <FONT STYLE="letter-spacing: -0.05pt">offer</FONT> <FONT STYLE="letter-spacing: 0.05pt">or
</FONT><FONT STYLE="letter-spacing: -0.05pt">exchange offer the consummation</FONT> of <FONT STYLE="letter-spacing: -0.05pt">which
would result in ownership</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> a person or <FONT STYLE="letter-spacing: -0.05pt">group
</FONT>of 20% or <FONT STYLE="letter-spacing: -0.05pt">more</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the outstanding</FONT>
common stock <FONT STYLE="letter-spacing: -0.05pt">(the earlier</FONT> of <FONT STYLE="letter-spacing: -0.05pt">such</FONT> dates
being <FONT STYLE="letter-spacing: -0.05pt">called the Distribution</FONT> Date).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">Upon
<FONT STYLE="letter-spacing: -0.05pt">the Distribution Date,</FONT> the <FONT STYLE="letter-spacing: -0.05pt">holder</FONT> of
each Right <FONT STYLE="letter-spacing: -0.05pt">not</FONT> owned <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
Acquiring</FONT> Person <FONT STYLE="letter-spacing: -0.05pt">would</FONT> be <FONT STYLE="letter-spacing: -0.05pt">entitled to
purchase</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock</FONT> at a <FONT STYLE="letter-spacing: -0.05pt">discount
to the initial purchase</FONT> price of $70.00 per <FONT STYLE="letter-spacing: -0.05pt">share, effectively</FONT> equal <FONT STYLE="letter-spacing: -0.05pt">to
one</FONT> half of the <FONT STYLE="letter-spacing: -0.05pt">market</FONT> price of a <FONT STYLE="letter-spacing: -0.05pt">share
</FONT>of common stock on <FONT STYLE="letter-spacing: -0.05pt">the</FONT> date <FONT STYLE="letter-spacing: -0.05pt">the Acquiring
</FONT>Person <FONT STYLE="letter-spacing: -0.05pt">becomes</FONT> <FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">Acquiring
</FONT>Person. <FONT STYLE="letter-spacing: -0.05pt">If, after the Distribution Date, the</FONT> Company <FONT STYLE="letter-spacing: -0.05pt">should
consolidate</FONT> or <FONT STYLE="letter-spacing: -0.1pt">merge </FONT><FONT STYLE="letter-spacing: -0.05pt">with</FONT> <FONT STYLE="letter-spacing: 0.05pt">any
</FONT>other <FONT STYLE="letter-spacing: -0.05pt">entity</FONT> and <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company
were <FONT STYLE="letter-spacing: -0.05pt">not the surviving</FONT> company, or, <FONT STYLE="letter-spacing: -0.05pt">if the
</FONT>Company <FONT STYLE="letter-spacing: -0.05pt">were the surviving</FONT> company, <FONT STYLE="letter-spacing: -0.05pt">all
</FONT>or part of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company&rsquo;s common stock <FONT STYLE="letter-spacing: -0.1pt">were
</FONT><FONT STYLE="letter-spacing: -0.05pt">changed</FONT> or <FONT STYLE="letter-spacing: -0.05pt">exchanged into the securities
</FONT>of <FONT STYLE="letter-spacing: 0.05pt">any</FONT> other <FONT STYLE="letter-spacing: -0.05pt">entity,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">if
more than</FONT> 50% of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company&rsquo;s <FONT STYLE="letter-spacing: -0.05pt">assets
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">earning</FONT> power <FONT STYLE="letter-spacing: -0.1pt">were</FONT> sold, each
Right <FONT STYLE="letter-spacing: -0.05pt">would entitle</FONT> its <FONT STYLE="letter-spacing: -0.05pt">holder to purchase,
</FONT>at the Rights&rsquo; <FONT STYLE="letter-spacing: -0.05pt">then-current purchase</FONT> price, a <FONT STYLE="letter-spacing: -0.05pt">number
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">acquiring company&rsquo;s
</FONT>common stock <FONT STYLE="letter-spacing: -0.05pt">having</FONT> a <FONT STYLE="letter-spacing: -0.05pt">market value</FONT>
at <FONT STYLE="letter-spacing: -0.05pt">that time equal to twice</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Right&rsquo;s
</FONT>exercise price.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">At
</FONT><FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">any</FONT> <FONT STYLE="font-size: 10pt">time <FONT STYLE="letter-spacing: -0.05pt">after
</FONT>a person or group <FONT STYLE="letter-spacing: -0.05pt">becomes</FONT> <FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">Acquiring
</FONT>Person <FONT STYLE="letter-spacing: -0.05pt">and</FONT> prior <FONT STYLE="letter-spacing: -0.05pt">to the acquisition
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">such</FONT> person or <FONT STYLE="letter-spacing: -0.05pt">group
</FONT>of 50% or <FONT STYLE="letter-spacing: -0.05pt">more</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> outstanding
common <FONT STYLE="letter-spacing: -0.05pt">stock,</FONT> the Board of <FONT STYLE="letter-spacing: -0.05pt">Directors</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company <FONT STYLE="letter-spacing: -0.05pt">may exchange the Rights</FONT>
(other <FONT STYLE="letter-spacing: -0.05pt">than Rights owned</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> such person
or <FONT STYLE="letter-spacing: -0.05pt">group which have become void), in whole</FONT> or <FONT STYLE="letter-spacing: -0.05pt">in
</FONT>part, at an <FONT STYLE="letter-spacing: -0.05pt">exchange ratio</FONT> of <FONT STYLE="letter-spacing: -0.05pt">one</FONT>
share of common stock per <FONT STYLE="letter-spacing: -0.05pt">Right</FONT> (subject <FONT STYLE="letter-spacing: -0.05pt">to
adjustment).</FONT> <FONT STYLE="letter-spacing: -0.1pt">At</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">time
</FONT>prior <FONT STYLE="letter-spacing: -0.05pt">to</FONT> 14 <FONT STYLE="letter-spacing: -0.05pt">days</FONT> following <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>date that any person <FONT STYLE="letter-spacing: 0.05pt">or </FONT>group becomes an <FONT STYLE="letter-spacing: -0.05pt">Acquiring
</FONT>Person (subject <FONT STYLE="letter-spacing: -0.05pt">to extension</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT>
<FONT STYLE="letter-spacing: -0.05pt">the</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors), the</FONT> Board of
<FONT STYLE="letter-spacing: -0.05pt">Directors</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company may redeem
the then <FONT STYLE="letter-spacing: -0.05pt">outstanding Rights</FONT> <FONT STYLE="letter-spacing: 0.05pt">in </FONT><FONT STYLE="letter-spacing: -0.05pt">whole,
but not in</FONT> part, at a price of $0.005 per <FONT STYLE="letter-spacing: -0.1pt">Right, </FONT>subject <FONT STYLE="letter-spacing: -0.05pt">to
adjustment.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">On
<FONT STYLE="letter-spacing: -0.05pt">June</FONT> 8, 2005, <FONT STYLE="letter-spacing: -0.05pt">our</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
voted to authorize</FONT> an <FONT STYLE="letter-spacing: -0.05pt">amendment</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.05pt">the Rights Agreement to extend the Final Expiration Date</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
an</FONT> <FONT STYLE="letter-spacing: -0.05pt">additional three years, to September</FONT> 19, 2008. <FONT STYLE="letter-spacing: -0.1pt">As
</FONT>of June 30, <FONT STYLE="letter-spacing: -0.05pt">2005, </FONT><FONT STYLE="letter-spacing: -0.15pt">we</FONT> <FONT STYLE="letter-spacing: -0.05pt">entered
into</FONT> an <FONT STYLE="letter-spacing: -0.05pt">amendment to the Rights Agreement with the Rights Agent reflecting</FONT>
such <FONT STYLE="letter-spacing: -0.05pt">extension.</FONT> On June 6, 2008 <FONT STYLE="letter-spacing: -0.05pt">our Board</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">Directors voted to authorize</FONT> <FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">amendment
</FONT>of <FONT STYLE="letter-spacing: 0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Rights Agreement to extend the
Final Expiration Date</FONT> <FONT STYLE="letter-spacing: 0.05pt">by an</FONT> <FONT STYLE="letter-spacing: -0.05pt">additional
three years, to September</FONT> 19, 2011, <FONT STYLE="letter-spacing: -0.05pt">and to increase the ownership threshold for determining
&ldquo;Acquiring</FONT> Person&rdquo; <FONT STYLE="letter-spacing: -0.05pt">status</FONT> from 15% <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>18%. As of <FONT STYLE="letter-spacing: -0.05pt">June</FONT> 30, 2008, <FONT STYLE="letter-spacing: -0.15pt">we</FONT>
entered <FONT STYLE="letter-spacing: -0.05pt">into</FONT> an <FONT STYLE="letter-spacing: -0.05pt">amendment to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Rights
Agreement with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Rights Agent reflecting such extension</FONT> and <FONT STYLE="letter-spacing: -0.05pt">threshold
increase.</FONT> On <FONT STYLE="letter-spacing: -0.05pt">August</FONT> 5, 2011, <FONT STYLE="letter-spacing: -0.05pt">our</FONT>
Board of <FONT STYLE="letter-spacing: -0.05pt">Directors voted to authorize amendments</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the Rights Agreement to extend</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Final
Expiration Date</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> an additional <FONT STYLE="letter-spacing: -0.05pt">three
years to September</FONT> 19, 2014 <FONT STYLE="letter-spacing: -0.05pt">and to increase the ownership threshold for determining
&ldquo;Acquiring</FONT> Person&rdquo; <FONT STYLE="letter-spacing: -0.05pt">status</FONT> from 18% <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>20%. <FONT STYLE="letter-spacing: -0.1pt">As</FONT> of <FONT STYLE="letter-spacing: -0.05pt">August</FONT> 9, 2011, <FONT STYLE="letter-spacing: -0.15pt">we
</FONT><FONT STYLE="letter-spacing: -0.05pt">entered into</FONT> an <FONT STYLE="letter-spacing: -0.05pt">amendment to</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">Rights Agreement with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Rights Agent
reflecting</FONT> such <FONT STYLE="letter-spacing: -0.05pt">extension</FONT> and <FONT STYLE="letter-spacing: -0.05pt">threshold
increase.</FONT> <FONT STYLE="letter-spacing: 0.05pt">On</FONT> <FONT STYLE="letter-spacing: -0.1pt">June</FONT> 10, 2014, <FONT STYLE="letter-spacing: -0.05pt">our
Board</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Directors voted to authorize</FONT> an <FONT STYLE="letter-spacing: -0.05pt">amendment
to the Rights Agreement to extend the final expiration</FONT> date by an additional <FONT STYLE="letter-spacing: -0.05pt">three
years to September</FONT> 19, <FONT STYLE="letter-spacing: -0.05pt">2017.</FONT> <FONT STYLE="letter-spacing: -0.1pt">As </FONT>of
<FONT STYLE="letter-spacing: -0.05pt">June</FONT> 16, 2014, <FONT STYLE="letter-spacing: -0.15pt">we </FONT><FONT STYLE="letter-spacing: -0.05pt">entered
into</FONT> an amendment <FONT STYLE="letter-spacing: -0.05pt">to the</FONT> Rights <FONT STYLE="letter-spacing: -0.05pt">Agreement
with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Rights Agent reflecting</FONT> such <FONT STYLE="letter-spacing: -0.05pt">extension.
</FONT>As of <FONT STYLE="letter-spacing: -0.05pt">April</FONT> 15, 2015, <FONT STYLE="letter-spacing: -0.15pt">we</FONT> entered
<FONT STYLE="letter-spacing: -0.05pt">into</FONT> an <FONT STYLE="letter-spacing: -0.05pt">amendment to the Rights Agreement with
the Rights Agent</FONT> deleting <FONT STYLE="letter-spacing: -0.05pt">the</FONT> provisions <FONT STYLE="letter-spacing: -0.05pt">requiring
</FONT>that redemptions of <FONT STYLE="letter-spacing: -0.05pt">the Rights, waivers</FONT> or <FONT STYLE="letter-spacing: -0.05pt">consents
avoiding &ldquo;Acquiring</FONT> Person&rdquo; <FONT STYLE="letter-spacing: -0.05pt">status</FONT> or <FONT STYLE="letter-spacing: -0.05pt">certain
</FONT>amendments <FONT STYLE="letter-spacing: -0.05pt">to the</FONT> Rights <FONT STYLE="letter-spacing: -0.05pt">Agreement</FONT>
be approved by &ldquo;Continuing <FONT STYLE="letter-spacing: -0.05pt">Directors&rdquo;.</FONT> No <FONT STYLE="letter-spacing: -0.05pt">other
changes have</FONT> been <FONT STYLE="letter-spacing: -0.05pt">made to the</FONT> terms <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the Rights</FONT> or <FONT STYLE="letter-spacing: -0.05pt">the Rights Agreement.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
</FONT><FONT STYLE="font-size: 10pt">Board of <FONT STYLE="letter-spacing: -0.05pt">Directors believes that</FONT> there <FONT STYLE="letter-spacing: -0.05pt">is
</FONT>some risk <FONT STYLE="letter-spacing: -0.05pt">that</FONT> the <FONT STYLE="letter-spacing: -0.05pt">potential value</FONT>
<FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <B>Mast Out</B>&reg; product <FONT STYLE="letter-spacing: -0.05pt">development
initiative</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">not fairly reflected in the
market</FONT> price of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> common <FONT STYLE="letter-spacing: -0.05pt">stock,</FONT>
as <FONT STYLE="letter-spacing: -0.05pt">it fluctuates</FONT> from time <FONT STYLE="letter-spacing: -0.05pt">to time, and</FONT>
that <FONT STYLE="letter-spacing: -0.05pt">opportunistic</FONT> buyers <FONT STYLE="letter-spacing: -0.05pt">could</FONT> take
<FONT STYLE="letter-spacing: -0.05pt">advantage</FONT> of that disparity <FONT STYLE="letter-spacing: 0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
detriment</FONT> of <FONT STYLE="letter-spacing: -0.05pt">our</FONT> stockholders. If <FONT STYLE="letter-spacing: -0.05pt">this
were to</FONT> happen and <FONT STYLE="letter-spacing: -0.05pt">result</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> a
<FONT STYLE="letter-spacing: -0.05pt">potential</FONT> threat <FONT STYLE="letter-spacing: -0.05pt">through</FONT> <FONT STYLE="letter-spacing: 0.05pt">an
</FONT><FONT STYLE="letter-spacing: -0.05pt">unsolicited</FONT> acquisition <FONT STYLE="letter-spacing: -0.05pt">effort</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">otherwise, our</FONT> Board of <FONT STYLE="letter-spacing: -0.05pt">Directors feels
</FONT>that the <FONT STYLE="letter-spacing: -0.05pt">Common</FONT> Stock <FONT STYLE="letter-spacing: -0.05pt">Rights</FONT>
Plan could <FONT STYLE="letter-spacing: -0.05pt">enhance stockholder</FONT> value by providing <FONT STYLE="letter-spacing: -0.05pt">management
with negotiating leverage.</FONT></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Listing</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Our
</FONT><FONT STYLE="font-size: 10pt">common stock <FONT STYLE="letter-spacing: -0.05pt">is listed</FONT> on <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>NASDAQ <FONT STYLE="letter-spacing: -0.05pt">Capital</FONT> Market <FONT STYLE="letter-spacing: -0.05pt">under the symbol
&ldquo;ICCC&rdquo;.</FONT></FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Transfer
</FONT><FONT STYLE="font-size: 10pt">Agent and Registrar</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">transfer agent</FONT> and <FONT STYLE="letter-spacing: -0.05pt">registrar for our common
</FONT>stock <FONT STYLE="letter-spacing: -0.05pt">is</FONT> American <FONT STYLE="letter-spacing: -0.05pt">Stock</FONT> Transfer
&amp; Trust <FONT STYLE="letter-spacing: -0.05pt">Company, LLC.</FONT></FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="PLANOFDISTRIBUTION"></A>PLAN
OF DISTRIBUTION</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">Each
Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholder</FONT> (the <FONT STYLE="letter-spacing: -0.05pt">&ldquo;Selling Stockholders&rdquo;)
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Shares and <FONT STYLE="letter-spacing: 0.05pt">any</FONT> of <FONT STYLE="letter-spacing: -0.05pt">their
pledgees, assignees and successors-in-interest may, from time to time, sell</FONT> any or <FONT STYLE="letter-spacing: -0.05pt">all
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the Shares covered</FONT> hereby on <FONT STYLE="letter-spacing: -0.05pt">the
NASDAQ Capital</FONT> Market or <FONT STYLE="letter-spacing: -0.05pt">any other stock exchange, market</FONT> or <FONT STYLE="letter-spacing: -0.05pt">trading
</FONT>facility on <FONT STYLE="letter-spacing: -0.05pt">which the</FONT> Shares are traded or <FONT STYLE="letter-spacing: -0.05pt">in
private transactions. These sales may</FONT> be at <FONT STYLE="letter-spacing: -0.05pt">fixed</FONT> or <FONT STYLE="letter-spacing: -0.05pt">negotiated
prices.</FONT> A <FONT STYLE="letter-spacing: -0.05pt">Selling</FONT> Stockholder <FONT STYLE="letter-spacing: -0.05pt">may</FONT>
use any one or <FONT STYLE="letter-spacing: -0.05pt">more</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the following methods
when selling Shares:</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">ordinary
                                         brokerage</FONT> <FONT STYLE="font-size: 10pt">transactions <FONT STYLE="letter-spacing: -0.05pt">and
                                         transactions</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">which
                                         </FONT>the <FONT STYLE="letter-spacing: -0.05pt">broker-dealer solicits purchasers;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">block
                                         trades <FONT STYLE="letter-spacing: -0.05pt">in which</FONT> the <FONT STYLE="letter-spacing: -0.05pt">broker-dealer
                                         will attempt to</FONT> sell Shares as <FONT STYLE="letter-spacing: -0.05pt">agent</FONT>
                                         but <FONT STYLE="letter-spacing: -0.05pt">may </FONT>position <FONT STYLE="letter-spacing: -0.05pt">and
                                         resell</FONT> a portion of <FONT STYLE="letter-spacing: -0.05pt">the </FONT>block as
                                         principal <FONT STYLE="letter-spacing: -0.05pt">to facilitate</FONT> the <FONT STYLE="letter-spacing: -0.05pt">transaction;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">purchases
                                         </FONT><FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">by </FONT><FONT STYLE="font-size: 10pt">a
                                         <FONT STYLE="letter-spacing: -0.05pt">broker-dealer </FONT>as <FONT STYLE="letter-spacing: -0.05pt">principal
                                         and resale </FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> the <FONT STYLE="letter-spacing: -0.05pt">broker-dealer
                                         for its account;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                         <FONT STYLE="letter-spacing: -0.05pt">exchange distribution</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
                                         </FONT>accordance <FONT STYLE="letter-spacing: -0.05pt">with the</FONT> rules of the
                                         applicable <FONT STYLE="letter-spacing: -0.05pt">exchange;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">privately
                                         negotiated transactions;</FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">settlement
                                         </FONT><FONT STYLE="font-size: 10pt">of short <FONT STYLE="letter-spacing: -0.05pt">sales;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">in
                                         transactions</FONT> <FONT STYLE="font-size: 10pt">through <FONT STYLE="letter-spacing: -0.05pt">broker-dealers
                                         that agree with the Selling Stockholders to sell</FONT> a <FONT STYLE="letter-spacing: -0.05pt">specified
                                         number</FONT> of <FONT STYLE="letter-spacing: -0.05pt">such </FONT>Shares at a <FONT STYLE="letter-spacing: -0.05pt">stipulated
                                         </FONT>price per <FONT STYLE="letter-spacing: -0.05pt">Share;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">through
                                         </FONT><FONT STYLE="font-size: 10pt">the <FONT STYLE="letter-spacing: -0.05pt">writing
                                         </FONT>or <FONT STYLE="letter-spacing: -0.05pt">settlement </FONT>of <FONT STYLE="letter-spacing: -0.05pt">options
                                         </FONT>or <FONT STYLE="letter-spacing: -0.05pt">other </FONT>hedging <FONT STYLE="letter-spacing: -0.05pt">transactions,
                                         whether</FONT> through an <FONT STYLE="letter-spacing: -0.05pt">options exchange</FONT>
                                         or <FONT STYLE="letter-spacing: -0.05pt">otherwise;</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         <FONT STYLE="letter-spacing: -0.05pt">combination</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT>any <FONT STYLE="letter-spacing: -0.05pt">such methods</FONT> of <FONT STYLE="letter-spacing: -0.05pt">sale;
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">or</FONT></FONT></TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right"><FONT STYLE="font-family: Symbol; font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         other <FONT STYLE="letter-spacing: -0.05pt">method permitted pursuant to</FONT> applicable
                                         <FONT STYLE="letter-spacing: -0.05pt">law.</FONT></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders may also sell</FONT> Shares under <FONT STYLE="letter-spacing: -0.05pt">Rule
</FONT>144 or any <FONT STYLE="letter-spacing: -0.05pt">other</FONT> exemption from <FONT STYLE="letter-spacing: -0.05pt">registration
under the Securities Act</FONT> of 1933, as <FONT STYLE="letter-spacing: -0.05pt">amended (the &ldquo;<U>Securities Act</U>&rdquo;),
if available, rather than under this prospectus.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Broker-dealers
engaged</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: 0.05pt">by the</FONT> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Selling
Stockholders</FONT> <FONT STYLE="font-size: 10pt">may <FONT STYLE="letter-spacing: -0.05pt">arrange for other</FONT> broker-dealers
<FONT STYLE="letter-spacing: -0.05pt">to participate in sales. Broker-dealers may</FONT> receive <FONT STYLE="letter-spacing: -0.05pt">commissions
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">discounts </FONT>from <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Selling
<FONT STYLE="letter-spacing: -0.05pt">Stockholders</FONT> (or, <FONT STYLE="letter-spacing: -0.05pt">if</FONT> <FONT STYLE="letter-spacing: 0.05pt">any
</FONT><FONT STYLE="letter-spacing: -0.05pt">broker-dealer </FONT>acts as <FONT STYLE="letter-spacing: -0.05pt">agent for the
purchaser</FONT> of <FONT STYLE="letter-spacing: -0.05pt">securities, </FONT>from <FONT STYLE="letter-spacing: -0.05pt">the purchaser)
in amounts to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">negotiated, but,</FONT> except as <FONT STYLE="letter-spacing: -0.05pt">set
forth in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">supplement to this prospectus, in</FONT> the case of an agency <FONT STYLE="letter-spacing: -0.05pt">transaction
not in</FONT> excess of a customary brokerage <FONT STYLE="letter-spacing: -0.05pt">commission</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">compliance with</FONT> FINRA <FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 2440;
<FONT STYLE="letter-spacing: -0.05pt">and in the case </FONT>of a <FONT STYLE="letter-spacing: -0.05pt">principal transaction
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">markup </FONT>or <FONT STYLE="letter-spacing: -0.05pt">markdown</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">compliance with</FONT> FINRA IM-2440.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
<FONT STYLE="letter-spacing: -0.05pt">connection with the sale</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Shares
</FONT>or interests therein, the Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders may enter into</FONT> hedging <FONT STYLE="letter-spacing: -0.05pt">transactions
with</FONT> broker-dealers or <FONT STYLE="letter-spacing: -0.05pt">other financial institutions, which</FONT> may <FONT STYLE="letter-spacing: 0.05pt">in
</FONT>turn <FONT STYLE="letter-spacing: -0.05pt">engage in</FONT> short <FONT STYLE="letter-spacing: -0.05pt">sales</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> Shares <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.1pt">the
</FONT><FONT STYLE="letter-spacing: -0.05pt">course</FONT> of hedging <FONT STYLE="letter-spacing: -0.05pt">the positions</FONT>
they <FONT STYLE="letter-spacing: -0.05pt">assume.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders may</FONT>
also <FONT STYLE="letter-spacing: -0.05pt">sell</FONT> shares of common <FONT STYLE="letter-spacing: -0.05pt">stock</FONT> short
<FONT STYLE="letter-spacing: -0.1pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">deliver Shares to close out their short positions,
</FONT>or loan or <FONT STYLE="letter-spacing: -0.05pt">pledge Shares to broker-dealers that in</FONT> turn may sell <FONT STYLE="letter-spacing: -0.05pt">Shares.
</FONT>The <FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders may</FONT> also <FONT STYLE="letter-spacing: -0.05pt">enter
into</FONT> option or <FONT STYLE="letter-spacing: -0.05pt">other transactions with broker-dealers</FONT> or <FONT STYLE="letter-spacing: -0.05pt">other
financial</FONT> institutions or <FONT STYLE="letter-spacing: -0.05pt">create one</FONT> or <FONT STYLE="letter-spacing: -0.05pt">more
derivative securities which require</FONT> the delivery <FONT STYLE="letter-spacing: -0.05pt">to such</FONT> broker-dealer or
<FONT STYLE="letter-spacing: -0.05pt">other financial institution</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Shares offered
</FONT>by this <FONT STYLE="letter-spacing: -0.05pt">prospectus, which</FONT> Shares such <FONT STYLE="letter-spacing: -0.05pt">broker-dealer
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">other financial institution</FONT> may resell <FONT STYLE="letter-spacing: -0.05pt">pursuant
to</FONT> <FONT STYLE="letter-spacing: -0.1pt">this</FONT> <FONT STYLE="letter-spacing: -0.05pt">prospectus</FONT> (as <FONT STYLE="letter-spacing: -0.05pt">supplemented
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">amended to reflect such transaction).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders and</FONT> any broker-dealers or <FONT STYLE="letter-spacing: -0.05pt">agents
</FONT>that are <FONT STYLE="letter-spacing: -0.05pt">involved</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> selling the
<FONT STYLE="letter-spacing: -0.05pt">Shares</FONT> may be <FONT STYLE="letter-spacing: -0.05pt">deemed to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">&ldquo;underwriters&rdquo;
within the meaning</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Securities Act in</FONT> connection <FONT STYLE="letter-spacing: -0.05pt">with
such sales.</FONT> <FONT STYLE="letter-spacing: 0.05pt">In</FONT> such <FONT STYLE="letter-spacing: -0.05pt">event,</FONT> any
<FONT STYLE="letter-spacing: -0.05pt">commissions</FONT> received <FONT STYLE="letter-spacing: 0.05pt">by</FONT> such <FONT STYLE="letter-spacing: -0.05pt">broker-dealers
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">agents</FONT> <FONT STYLE="letter-spacing: 0.05pt">and</FONT> any <FONT STYLE="letter-spacing: -0.05pt">profit
</FONT>on the <FONT STYLE="letter-spacing: -0.05pt">resale</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> the Shares <FONT STYLE="letter-spacing: -0.05pt">purchased
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> them may be <FONT STYLE="letter-spacing: -0.05pt">deemed to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">underwriting
commissions</FONT> or discounts under <FONT STYLE="letter-spacing: -0.05pt">the Securities Act.</FONT> Each <FONT STYLE="letter-spacing: -0.05pt">Selling
Stockholder has</FONT> informed <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company that <FONT STYLE="letter-spacing: -0.05pt">it
</FONT>does <FONT STYLE="letter-spacing: -0.05pt">not have </FONT><FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">written
</FONT>or oral <FONT STYLE="letter-spacing: -0.05pt">agreement</FONT> or <FONT STYLE="letter-spacing: -0.05pt">understanding,
</FONT>directly or <FONT STYLE="letter-spacing: -0.05pt">indirectly, with</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT>
person <FONT STYLE="letter-spacing: -0.05pt">to distribute the Shares.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
Company <FONT STYLE="letter-spacing: -0.05pt">is</FONT> required <FONT STYLE="letter-spacing: -0.05pt">to</FONT> <FONT STYLE="letter-spacing: 0.05pt">pay
</FONT><FONT STYLE="letter-spacing: -0.05pt">certain</FONT> fees <FONT STYLE="letter-spacing: -0.05pt">and</FONT> expenses <FONT STYLE="letter-spacing: -0.05pt">incurred
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> the Company incident <FONT STYLE="letter-spacing: -0.05pt">to</FONT> the
<FONT STYLE="letter-spacing: -0.05pt">registration</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
Shares.</FONT> The Company has <FONT STYLE="letter-spacing: -0.05pt">agreed to</FONT> indemnify <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders against</FONT> certain <FONT STYLE="letter-spacing: -0.05pt">losses,
claims, damages</FONT> and <FONT STYLE="letter-spacing: -0.05pt">liabilities,</FONT> including <FONT STYLE="letter-spacing: -0.05pt">liabilities
under the Securities</FONT> Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">Company</FONT> has <FONT STYLE="letter-spacing: -0.05pt">agreed to keep the registration
statement that includes this prospectus effective until the earlier</FONT> of <FONT STYLE="letter-spacing: -0.05pt">(i)</FONT>
the date on <FONT STYLE="letter-spacing: -0.05pt">which the </FONT>Shares <FONT STYLE="letter-spacing: -0.05pt">may</FONT> be
<FONT STYLE="letter-spacing: -0.05pt">resold</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Selling
Stockholders without registration</FONT> and <FONT STYLE="letter-spacing: -0.05pt">without regard to</FONT> <FONT STYLE="letter-spacing: 0.05pt">any
</FONT><FONT STYLE="letter-spacing: -0.05pt">volume</FONT> or <FONT STYLE="letter-spacing: -0.05pt">manner-of-sale limitations
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> reason of <FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 144, <FONT STYLE="letter-spacing: -0.05pt">without
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">requirement for</FONT> the Company <FONT STYLE="letter-spacing: -0.05pt">to</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">in compliance with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">current public</FONT>
information <FONT STYLE="letter-spacing: -0.05pt">requirement</FONT> under <FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 144
<FONT STYLE="letter-spacing: -0.05pt">under the Securities Act</FONT> or any <FONT STYLE="letter-spacing: -0.05pt">other</FONT>
rule of <FONT STYLE="letter-spacing: -0.05pt">similar effect</FONT> or <FONT STYLE="letter-spacing: -0.05pt">(ii) all</FONT> of
the Shares <FONT STYLE="letter-spacing: -0.05pt">have</FONT> been <FONT STYLE="letter-spacing: -0.05pt">sold pursuant to this
</FONT>prospectus or <FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 144 under the <FONT STYLE="letter-spacing: -0.05pt">Securities
Act</FONT> or <FONT STYLE="letter-spacing: 0.05pt">any </FONT><FONT STYLE="letter-spacing: -0.05pt">other</FONT> rule <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">similar effect.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">Shares will</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">sold</FONT> only through <FONT STYLE="letter-spacing: -0.05pt">registered or licensed
</FONT>brokers or <FONT STYLE="letter-spacing: -0.05pt">dealers if required under</FONT> applicable <FONT STYLE="letter-spacing: -0.05pt">state
securities laws.</FONT> In <FONT STYLE="letter-spacing: -0.05pt">addition, in certain states,</FONT> the Shares <FONT STYLE="letter-spacing: -0.05pt">covered
</FONT>hereby <FONT STYLE="letter-spacing: -0.05pt">may not</FONT> be <FONT STYLE="letter-spacing: -0.05pt">sold unless</FONT>
they <FONT STYLE="letter-spacing: -0.05pt">have</FONT> been <FONT STYLE="letter-spacing: -0.05pt">registered</FONT> or <FONT STYLE="letter-spacing: -0.05pt">qualified
for sale in the</FONT> applicable <FONT STYLE="letter-spacing: -0.05pt">state</FONT> or an <FONT STYLE="letter-spacing: -0.05pt">exemption
</FONT>from <FONT STYLE="letter-spacing: -0.05pt">the</FONT> registration or <FONT STYLE="letter-spacing: -0.05pt">qualification
requirement</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">available and is</FONT>
complied <FONT STYLE="letter-spacing: -0.05pt">with.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Under
</FONT><FONT STYLE="font-size: 10pt">applicable <FONT STYLE="letter-spacing: -0.05pt">rules and</FONT> regulations <FONT STYLE="letter-spacing: -0.05pt">under
</FONT>the Exchange <FONT STYLE="letter-spacing: -0.05pt">Act,</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT> person <FONT STYLE="letter-spacing: -0.05pt">engaged
in</FONT> the distribution of <FONT STYLE="letter-spacing: -0.05pt">the Shares</FONT> may <FONT STYLE="letter-spacing: -0.05pt">not
</FONT>simultaneously <FONT STYLE="letter-spacing: -0.05pt">engage</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">market
making activities with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to the</FONT> Company&rsquo;s common stock <FONT STYLE="letter-spacing: -0.05pt">for
</FONT><FONT STYLE="letter-spacing: -0.1pt">the</FONT> applicable <FONT STYLE="letter-spacing: -0.05pt">restricted</FONT> period,
<FONT STYLE="letter-spacing: -0.1pt">as</FONT> <FONT STYLE="letter-spacing: -0.05pt">defined</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">Regulation</FONT> M, prior <FONT STYLE="letter-spacing: -0.05pt">to the</FONT> commencement
<FONT STYLE="letter-spacing: 0.05pt">of</FONT> the <FONT STYLE="letter-spacing: -0.05pt">distribution.</FONT> In <FONT STYLE="letter-spacing: -0.05pt">addition,
</FONT><FONT STYLE="letter-spacing: 0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders will</FONT> be
subject <FONT STYLE="letter-spacing: -0.05pt">to</FONT> applicable <FONT STYLE="letter-spacing: -0.05pt">provisions</FONT> of
the <FONT STYLE="letter-spacing: -0.05pt">Exchange Act and the rules and regulations</FONT> thereunder, <FONT STYLE="letter-spacing: -0.05pt">including
Regulation</FONT> M, <FONT STYLE="letter-spacing: -0.05pt">which</FONT> may limit the <FONT STYLE="letter-spacing: -0.05pt">timing
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">purchases and sales</FONT> of the common <FONT STYLE="letter-spacing: -0.05pt">stock
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders</FONT> or
any other <FONT STYLE="letter-spacing: -0.05pt">person.</FONT> The Company <FONT STYLE="letter-spacing: -0.05pt">will make</FONT>
copies of <FONT STYLE="letter-spacing: -0.05pt">this</FONT> prospectus available <FONT STYLE="letter-spacing: -0.05pt">to the
</FONT>Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders and has</FONT> informed <FONT STYLE="letter-spacing: -0.05pt">them
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the need to deliver</FONT> a copy of
<FONT STYLE="letter-spacing: -0.05pt">this prospectus to</FONT> each <FONT STYLE="letter-spacing: -0.05pt">purchaser</FONT> at
or <FONT STYLE="letter-spacing: -0.05pt">prior to the time</FONT> of the sale <FONT STYLE="letter-spacing: -0.05pt">(including
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">compliance with Rule</FONT> 172 <FONT STYLE="letter-spacing: -0.05pt">under
the Act).</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><A NAME="SELLINGSTOCKHOLDERS"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"></A>&nbsp;SELLING
STOCKHOLDERS</FONT> </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of common <FONT STYLE="letter-spacing: -0.05pt">stock</FONT> being <FONT STYLE="letter-spacing: -0.05pt">offered
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> the Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders</FONT> are
<FONT STYLE="letter-spacing: -0.05pt">those</FONT> previously <FONT STYLE="letter-spacing: -0.05pt">issued to the Selling Stockholders.
</FONT>For <FONT STYLE="letter-spacing: -0.05pt">additional information regarding</FONT> the issuances of those <FONT STYLE="letter-spacing: -0.05pt">shares
</FONT>of <FONT STYLE="letter-spacing: 0.05pt">common</FONT> <FONT STYLE="letter-spacing: -0.05pt">stock, see</FONT> &quot;Private
<FONT STYLE="letter-spacing: -0.05pt">Placement</FONT> of Common <FONT STYLE="letter-spacing: -0.05pt">Shares&quot; </FONT>above.
We are <FONT STYLE="letter-spacing: -0.05pt">registering</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Shares in</FONT> order
<FONT STYLE="letter-spacing: -0.05pt">to permit the Selling Stockholders to offer the</FONT> Shares <FONT STYLE="letter-spacing: -0.05pt">for
resale</FONT> from <FONT STYLE="letter-spacing: -0.05pt">time to time.</FONT> Except <FONT STYLE="letter-spacing: -0.05pt">for
the ownership</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the </FONT>Shares <FONT STYLE="letter-spacing: -0.05pt">and other
shares</FONT> of common stock previously acquired by <FONT STYLE="letter-spacing: -0.05pt">such</FONT> Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders,
the Selling Stockholders have not had</FONT> any <FONT STYLE="letter-spacing: -0.05pt">material relationship with</FONT> the Company
<FONT STYLE="letter-spacing: -0.05pt">within the</FONT> past <FONT STYLE="letter-spacing: -0.05pt">three years.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">table</FONT> below <FONT STYLE="letter-spacing: -0.05pt">lists</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Selling
Stockholders and other information regarding</FONT> the beneficial <FONT STYLE="letter-spacing: -0.05pt">ownership</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the
shares</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> common stock <FONT STYLE="letter-spacing: 0.05pt">by</FONT> each of
the Selling Stockholders. The <FONT STYLE="letter-spacing: -0.05pt">second column lists</FONT> the <FONT STYLE="letter-spacing: -0.05pt">number
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of common <FONT STYLE="letter-spacing: -0.05pt">stock beneficially
owned</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> each Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholder</FONT>
as of <FONT STYLE="letter-spacing: -0.05pt">November</FONT> 16, 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">third column lists the</FONT> shares of common stock being offered by <FONT STYLE="letter-spacing: -0.05pt">this
prospectus</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Selling Stockholders.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">In
accordance <FONT STYLE="letter-spacing: -0.05pt">with</FONT> the terms of <FONT STYLE="letter-spacing: -0.05pt">the Registration
Rights Agreement, this prospectus</FONT> generally <FONT STYLE="letter-spacing: -0.05pt">covers</FONT> the <FONT STYLE="letter-spacing: -0.05pt">resale
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> sum <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
number</FONT> of shares of common stock <FONT STYLE="letter-spacing: -0.05pt">issued to the</FONT> Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders
in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">transaction</FONT> described above, <FONT STYLE="letter-spacing: -0.05pt">in
&ldquo;Private Placement</FONT> of Common <FONT STYLE="letter-spacing: -0.05pt">Shares&rdquo;,</FONT> as of the trading day <FONT STYLE="letter-spacing: -0.05pt">immediately
preceding</FONT> the applicable date of <FONT STYLE="letter-spacing: -0.05pt">determination and all</FONT> subject <FONT STYLE="letter-spacing: -0.05pt">to
adjustment</FONT> as provided <FONT STYLE="letter-spacing: -0.05pt">in the Registration Rights Agreement.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">fourth
column</FONT> assumes the <FONT STYLE="letter-spacing: -0.05pt">sale</FONT> of <FONT STYLE="letter-spacing: -0.05pt">all</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Shares <FONT STYLE="letter-spacing: -0.05pt">offered</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> Selling <FONT STYLE="letter-spacing: -0.05pt">Stockholders pursuant</FONT>
<FONT STYLE="letter-spacing: 0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">this prospectus.</FONT></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;&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="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Number
                                         of shares of Common Stock Owned Prior to this</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Maximum
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif">Number <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT><FONT STYLE="letter-spacing: -0.05pt">shares</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
                                         </FONT>Common <FONT STYLE="letter-spacing: -0.05pt">Stock to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">Sold
                                         Pursuant to this</FONT></FONT></FONT></P>


</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD COLSPAN="5" STYLE="text-align: center; vertical-align: bottom"><P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Number
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif">of <FONT STYLE="letter-spacing: -0.05pt">shares
                                         </FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> Common <FONT STYLE="letter-spacing: -0.05pt">Stock
                                         </FONT>Owned <FONT STYLE="letter-spacing: -0.05pt">after this Offering</FONT></FONT></FONT></P>

</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; padding-left: 5.1pt; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Name
    <FONT STYLE="font-family: Times New Roman, Times, Serif">of <FONT STYLE="letter-spacing: -0.05pt">Selling</FONT> Stockholder</FONT></FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;<FONT STYLE="font-size: 10pt">Offering</FONT></P></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Prospectus</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Numbers</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: center; vertical-align: bottom; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Percentage&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Norman
    H. Pessin SEP IRA fbo Norman H. Pessin</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">480,000</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">230,000</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">250,000</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">5.16</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Dolphin Offshore Partners,
    L.P.</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">150,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">150,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Craton Capital, L.P.</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">171,428</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">95,238</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">76,190</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.57</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Brian Lee Pessin</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">40,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Sudbury Capital Fund,
    L.P.</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">35,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">25,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">CVI Investments, Inc.(1)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">29,762</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">29,762</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Iroquois Master Fund,
    Ltd.</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">19,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">19,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Iroquois Capital Investment
    Group LLC</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Warberg WF IV L.P.</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7,500</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">7,500</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Anthony Polak</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,983</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,524</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">459</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Domaco Venture Capital
    Fund</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">30,524</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,524</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">21,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Maura Kelly</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,524</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,524</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">RL Capital Partners,
    L.P.</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,523</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">9,523</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Jamie Polak</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,762</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,762</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Margrit Polak</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,762</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,762</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">RBC Capital Markets,
    LLC (Custodian fbo Ronald Lazar IRA)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">10,661</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">4,761</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,900</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Steven Farber</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">72,500</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">67,500</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">1.39</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">John Lipman</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; padding-left: 5.1pt"><FONT STYLE="font-size: 10pt">Kevin Harris</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">18,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="17"><FONT STYLE="font-size: 10pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than one percent</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>(1)
</SUP><FONT STYLE="letter-spacing: -0.05pt">Heights Capital Management, Inc., the</FONT> authorized <FONT STYLE="letter-spacing: -0.05pt">agent
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">CVI Investments, Inc.</FONT> (&ldquo;CVI&rdquo;),
<FONT STYLE="letter-spacing: -0.05pt">has discretionary</FONT> authority <FONT STYLE="letter-spacing: -0.05pt">to vote and</FONT>
dispose of <FONT STYLE="letter-spacing: -0.05pt">the shares held</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">CVI
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">may</FONT> be deemed <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">the
beneficial owner </FONT>of <FONT STYLE="letter-spacing: -0.05pt">these shares. Martin</FONT> Kobinger, <FONT STYLE="letter-spacing: -0.05pt">in
</FONT>his capacity <FONT STYLE="letter-spacing: 0.05pt">as</FONT> <FONT STYLE="letter-spacing: -0.05pt">Investment Manager</FONT>
of Heights <FONT STYLE="letter-spacing: -0.05pt">Capital Management, Inc., may also</FONT> be <FONT STYLE="letter-spacing: -0.05pt">deemed
to have investment discretion and</FONT> voting <FONT STYLE="letter-spacing: -0.05pt">power over the shares held</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">CVI.</FONT> Mr. <FONT STYLE="letter-spacing: -0.05pt">Kobinger disclaims</FONT> any
such <FONT STYLE="letter-spacing: -0.05pt">beneficial ownership to</FONT> <FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">shares.
CVI investments,</FONT> Inc. <FONT STYLE="letter-spacing: -0.05pt">is affiliated with one</FONT> or <FONT STYLE="letter-spacing: -0.05pt">more
</FONT>FINRA <FONT STYLE="letter-spacing: -0.05pt">member, none</FONT> of <FONT STYLE="letter-spacing: -0.05pt">whom</FONT> are
<FONT STYLE="letter-spacing: -0.05pt">currently</FONT> expected <FONT STYLE="letter-spacing: -0.05pt">to participate in the sale
pursuant to this prospectus</FONT> of <FONT STYLE="letter-spacing: -0.05pt">shares purchased</FONT> by <FONT STYLE="letter-spacing: -0.05pt">CVI
in</FONT> the private <FONT STYLE="letter-spacing: -0.05pt">offering</FONT> described <FONT STYLE="letter-spacing: -0.05pt">elsewhere
herein.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="LEGALMATTERS"></A>LEGAL
MATTERS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">Pierce
<FONT STYLE="letter-spacing: -0.05pt">Atwood LLP </FONT><FONT STYLE="letter-spacing: -0.1pt">will</FONT> pass upon <FONT STYLE="letter-spacing: -0.05pt">legal
matters in</FONT> connection <FONT STYLE="letter-spacing: -0.1pt">with</FONT> the validity <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the securities offered hereby.</FONT></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">financial statements</FONT> of ImmuCell Corporation as of <FONT STYLE="letter-spacing: -0.05pt">December
</FONT>31, 2015 <FONT STYLE="letter-spacing: -0.05pt">and</FONT> 2014 <FONT STYLE="letter-spacing: -0.05pt">and for</FONT> each
of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.15pt">two</FONT> <FONT STYLE="letter-spacing: -0.05pt">years
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the </FONT>period <FONT STYLE="letter-spacing: -0.05pt">ended
December </FONT>31, 2015 <FONT STYLE="letter-spacing: -0.05pt">incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">this</FONT> prospectus from the <FONT STYLE="letter-spacing: -0.05pt">Annual
</FONT>Report on Form 10-K <FONT STYLE="letter-spacing: -0.05pt">for</FONT> the <FONT STYLE="letter-spacing: -0.05pt">year</FONT>
ended <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 31, 2015 <FONT STYLE="letter-spacing: -0.05pt">have</FONT> been <FONT STYLE="letter-spacing: -0.05pt">so
</FONT>incorporated <FONT STYLE="letter-spacing: -0.05pt">in reliance</FONT> <FONT STYLE="letter-spacing: 0.05pt">on</FONT> the
report of <FONT STYLE="letter-spacing: -0.05pt">Baker Newman</FONT> &amp; Noyes <FONT STYLE="letter-spacing: -0.05pt">LLC,</FONT>
<FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">independent registered public accounting firm,
</FONT>incorporated <FONT STYLE="letter-spacing: -0.05pt">herein</FONT> by reference, <FONT STYLE="letter-spacing: -0.05pt">given
</FONT>on <FONT STYLE="letter-spacing: -0.05pt">the authority</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> said firm <FONT STYLE="letter-spacing: 0.05pt">as
</FONT><FONT STYLE="letter-spacing: -0.05pt">experts</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> auditing <FONT STYLE="letter-spacing: -0.05pt">and
accounting.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="INTERESTSOFNAMED"></A>INTERESTS
OF <FONT STYLE="letter-spacing: -0.05pt">NAMED</FONT> EXPERTS <FONT STYLE="letter-spacing: -0.05pt">AND</FONT> COUNSEL</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">No <FONT STYLE="letter-spacing: -0.05pt">expert</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">counsel named</FONT> <FONT STYLE="letter-spacing: 0.05pt">in </FONT><FONT STYLE="letter-spacing: -0.05pt">this
prospectus</FONT> as <FONT STYLE="letter-spacing: -0.05pt">having</FONT> prepared <FONT STYLE="letter-spacing: -0.05pt">or
certified</FONT> any part of <FONT STYLE="letter-spacing: -0.05pt">this</FONT> prospectus or having <FONT STYLE="letter-spacing: -0.05pt">given</FONT> <FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">opinion </FONT>upon <FONT STYLE="letter-spacing: -0.05pt">the</FONT>
validity of the <FONT STYLE="letter-spacing: -0.05pt">securities </FONT>being <FONT STYLE="letter-spacing: -0.05pt">registered</FONT>
or upon <FONT STYLE="letter-spacing: -0.05pt">other</FONT> legal <FONT STYLE="letter-spacing: -0.05pt">matters</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">connection
with the registration</FONT> or offering of <FONT STYLE="letter-spacing: -0.05pt">the securities was employed</FONT> on a <FONT STYLE="letter-spacing: -0.05pt">contingency
basis,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">had,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">is to receive,
in </FONT>connection <FONT STYLE="letter-spacing: -0.05pt">with the offering,</FONT> a <FONT STYLE="letter-spacing: -0.05pt">substantial </FONT>interest,
direct or <FONT STYLE="letter-spacing: -0.05pt">indirect, in the registrant.</FONT> Nor <FONT STYLE="letter-spacing: -0.05pt">was </FONT>any <FONT STYLE="letter-spacing: -0.05pt">such </FONT>person <FONT STYLE="letter-spacing: -0.05pt">connected </FONT><FONT STYLE="letter-spacing: -0.1pt">with </FONT>the <FONT STYLE="letter-spacing: -0.05pt">registrant </FONT>as
a <FONT STYLE="letter-spacing: -0.05pt">promoter, managing </FONT>or <FONT STYLE="letter-spacing: -0.05pt">principal
underwriter, voting trustee,</FONT> director, <FONT STYLE="letter-spacing: -0.05pt">officer, </FONT>or <FONT STYLE="letter-spacing: -0.05pt">employee.</FONT></FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">&nbsp;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">PART
</FONT><FONT STYLE="font-size: 10pt">II</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt">INFORMATION
NOT <FONT STYLE="letter-spacing: -0.05pt">REQUIRED</FONT> IN PROSPECTUS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Item
14. <FONT STYLE="letter-spacing: -0.05pt">Other Expenses</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">Issuance
</FONT><FONT STYLE="letter-spacing: 0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">Distribution</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">estimated expenses</FONT> payable by the <FONT STYLE="letter-spacing: -0.05pt">registrant
in</FONT> connection <FONT STYLE="letter-spacing: -0.05pt">with </FONT>the <FONT STYLE="letter-spacing: -0.05pt">issuance and
distribution</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the securities being registered</FONT> are as <FONT STYLE="letter-spacing: -0.05pt">follows:</FONT>&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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">SEC Registration Fee</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 10pt">395</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Legal Fees and Expenses*</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">73,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Accounting Fees and Expenses*</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">5,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Miscellaneous Fees and Expenses*</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">9,500</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">TOTAL:</FONT></TD><TD STYLE="padding-bottom: 4pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 4pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 4pt double"><FONT STYLE="font-size: 10pt">87,895</FONT></TD><TD STYLE="padding-bottom: 4pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: center"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Estimated
                                         </FONT><FONT STYLE="font-size: 10pt">solely <FONT STYLE="letter-spacing: -0.05pt">for
                                         the</FONT> purposes of <FONT STYLE="letter-spacing: -0.05pt">this Item. Actual expenses
                                         </FONT>may <FONT STYLE="letter-spacing: -0.05pt">vary.</FONT></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Item
15. <FONT STYLE="letter-spacing: -0.05pt">Indemnification</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">Directors
and Officers</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
are <FONT STYLE="letter-spacing: -0.05pt">incorporated in Delaware</FONT> and consequently are subject <FONT STYLE="letter-spacing: -0.05pt">to
the Delaware</FONT> General Corporation <FONT STYLE="letter-spacing: 0.05pt">Law</FONT> <FONT STYLE="letter-spacing: -0.05pt">(the
&ldquo;DGCL&rdquo;).</FONT> Section 145 of the DGCL provides a <FONT STYLE="letter-spacing: -0.05pt">detailed</FONT> statutory
<FONT STYLE="letter-spacing: -0.05pt">framework covering indemnification</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT>
directors and <FONT STYLE="letter-spacing: -0.05pt">officers who have </FONT>been or are <FONT STYLE="letter-spacing: -0.05pt">threatened
to</FONT> be or <FONT STYLE="letter-spacing: -0.05pt">have </FONT>been <FONT STYLE="letter-spacing: -0.05pt">made defendants in
legal proceedings</FONT> by reason of <FONT STYLE="letter-spacing: -0.05pt">their service</FONT> as directors or <FONT STYLE="letter-spacing: -0.05pt">officers.
Our bylaws</FONT> provide, <FONT STYLE="letter-spacing: -0.05pt">in effect, that</FONT> <FONT STYLE="letter-spacing: -0.15pt">we
</FONT><FONT STYLE="letter-spacing: -0.05pt">shall</FONT> indemnify <FONT STYLE="letter-spacing: -0.05pt">our</FONT> directors
<FONT STYLE="letter-spacing: -0.05pt">and officers to the</FONT> maximum <FONT STYLE="letter-spacing: -0.05pt">extent permitted
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">Delaware law. Article</FONT> V, <FONT STYLE="letter-spacing: -0.05pt">Sections
</FONT>1 through 9 of <FONT STYLE="letter-spacing: -0.05pt">our bylaws</FONT> provide <FONT STYLE="letter-spacing: 0.05pt">as
</FONT><FONT STYLE="letter-spacing: -0.05pt">follows:</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">&ldquo;Section
</FONT><FONT STYLE="font-size: 10pt">1. <FONT STYLE="letter-spacing: -0.05pt">Actions</FONT> other <FONT STYLE="letter-spacing: -0.05pt">than
</FONT><FONT STYLE="letter-spacing: 0.05pt">by </FONT>or <FONT STYLE="letter-spacing: -0.05pt">in the Right</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the Corporation.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">corporation shall
indemnify</FONT> <FONT STYLE="letter-spacing: 0.05pt">any </FONT>person <FONT STYLE="letter-spacing: -0.05pt">who was</FONT> or
<FONT STYLE="letter-spacing: -0.05pt">is</FONT> a party or <FONT STYLE="letter-spacing: -0.05pt">is threatened to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">made
</FONT>a party <FONT STYLE="letter-spacing: -0.05pt">to</FONT> any threatened, <FONT STYLE="letter-spacing: -0.05pt">pending</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">completed action, suit</FONT> or <FONT STYLE="letter-spacing: -0.05pt">proceeding, whether
civil, criminal, administrative</FONT> or <FONT STYLE="letter-spacing: -0.05pt">investigative </FONT>(other <FONT STYLE="letter-spacing: -0.05pt">than
</FONT><FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">action </FONT><FONT STYLE="letter-spacing: 0.05pt">by
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">right </FONT><FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> corporation) by reason of <FONT STYLE="letter-spacing: -0.05pt">the fact
that he</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> or <FONT STYLE="letter-spacing: -0.1pt">was </FONT>a director, <FONT STYLE="letter-spacing: -0.05pt">officer,
employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent </FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>corporation, or <FONT STYLE="letter-spacing: -0.05pt">is or </FONT><FONT STYLE="letter-spacing: -0.1pt">was</FONT> serving
at the <FONT STYLE="letter-spacing: -0.05pt">request</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>corporation as a director, <FONT STYLE="letter-spacing: -0.05pt">officer, employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">another</FONT> corporation, <FONT STYLE="letter-spacing: -0.05pt">partnership,
</FONT>joint <FONT STYLE="letter-spacing: -0.05pt">venture, trust </FONT>or <FONT STYLE="letter-spacing: -0.05pt">other enterprise,
against</FONT> expenses (including <FONT STYLE="letter-spacing: -0.05pt">attorneys&rsquo; fees), judgments, fines and amounts
</FONT>paid <FONT STYLE="letter-spacing: -0.05pt">in settlement</FONT> actually and reasonably <FONT STYLE="letter-spacing: -0.05pt">incurred
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> him <FONT STYLE="letter-spacing: 0.05pt">in </FONT><FONT STYLE="letter-spacing: -0.05pt">connection
with such action, suit</FONT> or proceeding <FONT STYLE="letter-spacing: -0.05pt">if he acted in</FONT> good <FONT STYLE="letter-spacing: -0.05pt">faith
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">manner</FONT> <FONT STYLE="letter-spacing: -0.1pt">he
</FONT>reasonably <FONT STYLE="letter-spacing: -0.05pt">believed to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">in</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">not</FONT> opposed <FONT STYLE="letter-spacing: -0.1pt">to </FONT><FONT STYLE="letter-spacing: -0.05pt">the
</FONT>best <FONT STYLE="letter-spacing: -0.05pt">interests</FONT> of the corporation, <FONT STYLE="letter-spacing: -0.05pt">and,
</FONT><FONT STYLE="letter-spacing: -0.1pt">with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to </FONT>any criminal action
or <FONT STYLE="letter-spacing: -0.05pt">proceedings, had no</FONT> reasonable <FONT STYLE="letter-spacing: -0.05pt">cause to
believe</FONT> his conduct <FONT STYLE="letter-spacing: -0.05pt">was unlawful.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">termination
</FONT>of any <FONT STYLE="letter-spacing: -0.05pt">action, suit</FONT> or proceeding by <FONT STYLE="letter-spacing: -0.05pt">judgment,
</FONT>order, <FONT STYLE="letter-spacing: -0.05pt">settlement, conviction,</FONT> or upon a plea of <FONT STYLE="letter-spacing: -0.05pt">NOLO
</FONT>CONTENDERE or <FONT STYLE="letter-spacing: -0.05pt">its equivalent, shall not,</FONT> of <FONT STYLE="letter-spacing: -0.05pt">itself,
create</FONT> a <FONT STYLE="letter-spacing: -0.05pt">presumption that</FONT> the person did <FONT STYLE="letter-spacing: -0.05pt">not
</FONT>act <FONT STYLE="letter-spacing: -0.05pt">in</FONT> good <FONT STYLE="letter-spacing: -0.05pt">faith and</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">manner which he</FONT> reasonably <FONT STYLE="letter-spacing: -0.05pt">believed
to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">in</FONT> or <FONT STYLE="letter-spacing: -0.05pt">not</FONT> opposed <FONT STYLE="letter-spacing: -0.05pt">to
the</FONT> best <FONT STYLE="letter-spacing: -0.05pt">interests</FONT> of the corporation, <FONT STYLE="letter-spacing: -0.05pt">and,
with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to</FONT> any criminal <FONT STYLE="letter-spacing: -0.05pt">action
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">proceeding, had reasonable cause to believe</FONT> that <FONT STYLE="letter-spacing: -0.05pt">his
</FONT>conduct <FONT STYLE="letter-spacing: -0.05pt">was unlawful.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Section
</FONT><FONT STYLE="font-size: 10pt">2. <FONT STYLE="letter-spacing: -0.05pt">Actions</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT>or <FONT STYLE="letter-spacing: 0.05pt">in </FONT>the <FONT STYLE="letter-spacing: -0.05pt">Right</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Corporation.
</FONT>The <FONT STYLE="letter-spacing: -0.05pt">corporation shall</FONT> indemnify any person <FONT STYLE="letter-spacing: -0.05pt">who
was</FONT> or <FONT STYLE="letter-spacing: -0.05pt">is</FONT> a party or <FONT STYLE="letter-spacing: -0.05pt">is threatened to
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">made</FONT> a party <FONT STYLE="letter-spacing: -0.05pt">to</FONT> any threatened,
pending or <FONT STYLE="letter-spacing: -0.05pt">completed action</FONT> or <FONT STYLE="letter-spacing: -0.05pt">suit</FONT>
<FONT STYLE="letter-spacing: 0.05pt">by</FONT> or <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
right</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> corporation <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>procure a <FONT STYLE="letter-spacing: -0.05pt">judgment in his favor</FONT> by reason of <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>fact <FONT STYLE="letter-spacing: -0.05pt">that he is</FONT> or <FONT STYLE="letter-spacing: -0.05pt">was</FONT> a director,
<FONT STYLE="letter-spacing: -0.05pt">officer, employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>corporation, or <FONT STYLE="letter-spacing: -0.05pt">is</FONT> or <FONT STYLE="letter-spacing: -0.05pt">was</FONT> serving
at <FONT STYLE="letter-spacing: -0.05pt">the</FONT> request of the corporation as a director, <FONT STYLE="letter-spacing: -0.05pt">officer,
employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent</FONT> of another <FONT STYLE="letter-spacing: -0.05pt">corporation,
partnership,</FONT> joint <FONT STYLE="letter-spacing: -0.05pt">venture, trust</FONT> or <FONT STYLE="letter-spacing: -0.05pt">other
enterprise against</FONT> expenses <FONT STYLE="letter-spacing: -0.05pt">(including attorney&rsquo;s fees)</FONT> actually and
reasonably <FONT STYLE="letter-spacing: -0.05pt">incurred</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> him <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">connection with the</FONT> defense or <FONT STYLE="letter-spacing: -0.05pt">settlement
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">such</FONT> action or <FONT STYLE="letter-spacing: -0.05pt">suit
</FONT><FONT STYLE="letter-spacing: 0.05pt">if</FONT> <FONT STYLE="letter-spacing: -0.05pt">he acted</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT>good <FONT STYLE="letter-spacing: -0.05pt">faith</FONT> and <FONT STYLE="letter-spacing: -0.05pt">in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">manner
he</FONT> reasonably believed <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">in</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">not</FONT> opposed <FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>best <FONT STYLE="letter-spacing: -0.05pt">interests</FONT> of the corporation <FONT STYLE="letter-spacing: -0.05pt">and
except that no indemnification shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">made in</FONT> respect of any <FONT STYLE="letter-spacing: -0.05pt">claim,
issue </FONT>or <FONT STYLE="letter-spacing: -0.05pt">matter</FONT> as <FONT STYLE="letter-spacing: -0.05pt">to which such</FONT>
person <FONT STYLE="letter-spacing: -0.05pt">shall have</FONT> been adjudged <FONT STYLE="letter-spacing: 0.05pt">to</FONT> be
<FONT STYLE="letter-spacing: -0.05pt">liable unless and</FONT> only <FONT STYLE="letter-spacing: -0.05pt">to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">extent
</FONT>that the Court of Chancery of the <FONT STYLE="letter-spacing: -0.05pt">State</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">Delaware </FONT>or <FONT STYLE="letter-spacing: -0.05pt">the court in which</FONT>
such action or <FONT STYLE="letter-spacing: -0.05pt">suit was brought shall</FONT> determine upon <FONT STYLE="letter-spacing: -0.05pt">application
that, despite the</FONT> adjudication of liability <FONT STYLE="letter-spacing: -0.05pt">but</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT>view <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">all</FONT> the <FONT STYLE="letter-spacing: -0.05pt">circumstances
for the case,</FONT> such person <FONT STYLE="letter-spacing: -0.05pt">is fairly</FONT> and reasonably <FONT STYLE="letter-spacing: -0.05pt">entitled
to indemnity for such</FONT> expenses <FONT STYLE="letter-spacing: -0.05pt">which the Court</FONT> of Chancery <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> State of <FONT STYLE="letter-spacing: -0.05pt">Delaware</FONT> or <FONT STYLE="letter-spacing: -0.05pt">such
other court shall</FONT> deem proper.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Section
</FONT><FONT STYLE="font-size: 10pt">3. <FONT STYLE="letter-spacing: -0.05pt">Success</FONT> on the <FONT STYLE="letter-spacing: -0.05pt">Merits.
</FONT><FONT STYLE="letter-spacing: 0.05pt">To </FONT><FONT STYLE="letter-spacing: -0.05pt">the extent</FONT> that any person
described <FONT STYLE="letter-spacing: -0.05pt">in Section</FONT> 1 or 2 of <FONT STYLE="letter-spacing: -0.05pt">this Article
</FONT>V <FONT STYLE="letter-spacing: -0.05pt">has </FONT>been <FONT STYLE="letter-spacing: -0.05pt">successful</FONT> on <FONT STYLE="letter-spacing: -0.05pt">the
merits</FONT> or otherwise <FONT STYLE="letter-spacing: -0.05pt">in</FONT> defense of any <FONT STYLE="letter-spacing: -0.05pt">action,
suit </FONT>or proceeding <FONT STYLE="letter-spacing: -0.05pt">referred to in said Sections,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">in
</FONT>defense of any <FONT STYLE="letter-spacing: -0.05pt">claim,</FONT> issue or <FONT STYLE="letter-spacing: -0.05pt">matter
therein, he shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">indemnified against expenses</FONT> (including <FONT STYLE="letter-spacing: -0.05pt">attorneys&rsquo;
fees)</FONT> actually and reasonably <FONT STYLE="letter-spacing: -0.05pt">incurred</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT>him <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">connection therewith.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Section
</FONT><FONT STYLE="font-size: 10pt">4. <FONT STYLE="letter-spacing: -0.05pt">Specific Authorization. Any indemnification</FONT>
under <FONT STYLE="letter-spacing: -0.05pt">Section </FONT>1 or 2 of <FONT STYLE="letter-spacing: -0.05pt">this</FONT> Article
V <FONT STYLE="letter-spacing: -0.05pt">(unless</FONT> ordered by a <FONT STYLE="letter-spacing: -0.05pt">court) shall</FONT>
be <FONT STYLE="letter-spacing: -0.05pt">made</FONT> <FONT STYLE="letter-spacing: 0.05pt">by </FONT>the corporation <FONT STYLE="letter-spacing: -0.05pt">only
</FONT><FONT STYLE="letter-spacing: 0.05pt">as</FONT> <FONT STYLE="letter-spacing: -0.05pt">authorized in the specific case</FONT>
upon a determination that <FONT STYLE="letter-spacing: -0.05pt">indemnification</FONT> of any person described <FONT STYLE="letter-spacing: -0.05pt">in
</FONT>said <FONT STYLE="letter-spacing: -0.05pt">Sections is</FONT> proper <FONT STYLE="letter-spacing: -0.05pt">in the circumstances
because he</FONT> has <FONT STYLE="letter-spacing: -0.1pt">met</FONT> <FONT STYLE="letter-spacing: 0.05pt">the</FONT> applicable
<FONT STYLE="letter-spacing: -0.05pt">standard</FONT> of <FONT STYLE="letter-spacing: -0.05pt">conduct set forth</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">said Sections.</FONT> Such <FONT STYLE="letter-spacing: -0.05pt">determination shall
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">made</FONT> (1) by <FONT STYLE="letter-spacing: -0.05pt">the </FONT>Board of <FONT STYLE="letter-spacing: -0.05pt">Directors
</FONT>by a <FONT STYLE="letter-spacing: -0.05pt">majority vote </FONT>of a quorum <FONT STYLE="letter-spacing: -0.05pt">consisting
</FONT>of directors <FONT STYLE="letter-spacing: -0.1pt">who </FONT><FONT STYLE="letter-spacing: -0.05pt">were not parties to
such action, suit</FONT> or <FONT STYLE="letter-spacing: -0.05pt">proceeding, </FONT>or <FONT STYLE="letter-spacing: -0.05pt">(2)
if such</FONT> a quorum <FONT STYLE="letter-spacing: -0.05pt">is not obtainable, </FONT>or <FONT STYLE="letter-spacing: -0.05pt">even
</FONT><FONT STYLE="letter-spacing: 0.05pt">if</FONT> <FONT STYLE="letter-spacing: -0.05pt">obtainable </FONT>a quorum of <FONT STYLE="letter-spacing: -0.05pt">disinterested
</FONT>directors <FONT STYLE="letter-spacing: -0.05pt">so directs,</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">independent
legal counsel</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">written opinion,</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">(3) </FONT>by <FONT STYLE="letter-spacing: -0.05pt">the stockholders to the</FONT> corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Section
</FONT><FONT STYLE="font-size: 10pt">5. <FONT STYLE="letter-spacing: -0.05pt">Advance</FONT> Payment. <FONT STYLE="letter-spacing: -0.05pt">Expenses
incurred in defending</FONT> a <FONT STYLE="letter-spacing: -0.05pt">civil</FONT> or <FONT STYLE="letter-spacing: -0.05pt">criminal
action, suit</FONT> or proceeding <FONT STYLE="letter-spacing: -0.05pt">may</FONT> <FONT STYLE="letter-spacing: 0.05pt">be</FONT>
paid by <FONT STYLE="letter-spacing: -0.05pt">the</FONT> corporation <FONT STYLE="letter-spacing: -0.05pt">in</FONT> advance of
the <FONT STYLE="letter-spacing: -0.05pt">final</FONT> disposition of <FONT STYLE="letter-spacing: -0.05pt">such action, suit
</FONT>or proceeding upon receipt of an <FONT STYLE="letter-spacing: -0.05pt">undertaking</FONT> by or on behalf of <FONT STYLE="letter-spacing: 0.05pt">any
</FONT>person described <FONT STYLE="letter-spacing: -0.05pt">in said Section to</FONT> repay <FONT STYLE="letter-spacing: -0.05pt">such
</FONT>amount <FONT STYLE="letter-spacing: -0.05pt">if</FONT> <FONT STYLE="letter-spacing: 0.05pt">it</FONT> <FONT STYLE="letter-spacing: -0.05pt">shall
</FONT>ultimately be <FONT STYLE="letter-spacing: -0.05pt">determined</FONT> that <FONT STYLE="letter-spacing: -0.05pt">he</FONT>
<FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">not entitled to indemnification</FONT> by
the corporation as <FONT STYLE="letter-spacing: -0.05pt">authorized in this Article</FONT> V.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Section
</FONT><FONT STYLE="font-size: 10pt">6. <FONT STYLE="letter-spacing: -0.05pt">Non-Exclusivity. The indemnification</FONT> and
<FONT STYLE="letter-spacing: -0.05pt">advancement </FONT>of expenses provided <FONT STYLE="letter-spacing: -0.05pt">by,</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">granted pursuant</FONT> to, <FONT STYLE="letter-spacing: -0.05pt">the other Sections
</FONT>of this <FONT STYLE="letter-spacing: -0.05pt">Article </FONT>V <FONT STYLE="letter-spacing: -0.05pt">shall not</FONT> be
<FONT STYLE="letter-spacing: -0.05pt">deemed exclusive</FONT> of <FONT STYLE="letter-spacing: 0.05pt">any</FONT> other <FONT STYLE="letter-spacing: -0.05pt">rights
to which those</FONT> provided <FONT STYLE="letter-spacing: -0.05pt">indemnification</FONT> or <FONT STYLE="letter-spacing: -0.05pt">advancement
</FONT>of expenses <FONT STYLE="letter-spacing: -0.05pt">may</FONT> be <FONT STYLE="letter-spacing: -0.05pt">entitled under</FONT>
any <FONT STYLE="letter-spacing: -0.05pt">By-law, </FONT>agreement, <FONT STYLE="letter-spacing: -0.05pt">vote</FONT> of <FONT STYLE="letter-spacing: -0.05pt">stockholders
</FONT><FONT STYLE="letter-spacing: 0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">disinterested</FONT> directors or <FONT STYLE="letter-spacing: -0.05pt">otherwise,
</FONT>both as <FONT STYLE="letter-spacing: -0.05pt">to action</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> his <FONT STYLE="letter-spacing: -0.05pt">official
</FONT>capacity and as <FONT STYLE="letter-spacing: -0.05pt">to action in another</FONT> capacity <FONT STYLE="letter-spacing: -0.05pt">while
holding such office.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Section
</FONT><FONT STYLE="font-size: 10pt">7. <FONT STYLE="letter-spacing: -0.05pt">Insurance.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">Board
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">Directors may</FONT> authorize, by a <FONT STYLE="letter-spacing: -0.05pt">vote
</FONT>of the <FONT STYLE="letter-spacing: -0.05pt">majority </FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> the <FONT STYLE="letter-spacing: -0.05pt">full
</FONT>board, <FONT STYLE="letter-spacing: -0.05pt">the </FONT>corporation <FONT STYLE="letter-spacing: -0.05pt">to purchase and
maintain insurance</FONT> on behalf of any person <FONT STYLE="letter-spacing: -0.05pt">who is</FONT> or <FONT STYLE="letter-spacing: -0.05pt">was
</FONT>a director, <FONT STYLE="letter-spacing: -0.05pt">officer, employee </FONT>or <FONT STYLE="letter-spacing: -0.05pt">agent
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> corporation, or <FONT STYLE="letter-spacing: -0.05pt">is</FONT> or
<FONT STYLE="letter-spacing: -0.05pt">was</FONT> serving at <FONT STYLE="letter-spacing: -0.05pt">the </FONT>request of the corporation
as a director, <FONT STYLE="letter-spacing: -0.05pt">officer, employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent </FONT>of
another <FONT STYLE="letter-spacing: -0.05pt">corporation, partnership,</FONT> joint <FONT STYLE="letter-spacing: -0.05pt">venture,
trust</FONT> or <FONT STYLE="letter-spacing: -0.05pt">other enterprise against</FONT> <FONT STYLE="letter-spacing: 0.05pt">any
</FONT>liability asserted <FONT STYLE="letter-spacing: -0.05pt">against</FONT> him and <FONT STYLE="letter-spacing: -0.05pt">incurred
</FONT>by him <FONT STYLE="letter-spacing: -0.05pt">in</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">such
capacity,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">arising out</FONT> of his <FONT STYLE="letter-spacing: -0.05pt">status
</FONT>as <FONT STYLE="letter-spacing: -0.05pt">such, whether</FONT> or <FONT STYLE="letter-spacing: -0.05pt">not the corporation
would have</FONT> the <FONT STYLE="letter-spacing: -0.05pt">power to indemnify</FONT> him <FONT STYLE="letter-spacing: -0.05pt">against
</FONT>such liability under <FONT STYLE="letter-spacing: -0.05pt">the provisions</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">this Article</FONT> V.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Section
</FONT><FONT STYLE="font-size: 10pt">8. <FONT STYLE="letter-spacing: -0.05pt">Continuation</FONT> of Indemnification <FONT STYLE="letter-spacing: -0.05pt">and
Advancement</FONT> of <FONT STYLE="letter-spacing: -0.05pt">Expenses.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">indemnification
and advancement</FONT> of <FONT STYLE="letter-spacing: -0.05pt">expenses</FONT> provided <FONT STYLE="letter-spacing: -0.05pt">by,
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">granted pursuant</FONT> to, <FONT STYLE="letter-spacing: -0.05pt">this Article
</FONT>V <FONT STYLE="letter-spacing: -0.05pt">shall continue</FONT> as <FONT STYLE="letter-spacing: -0.05pt">to</FONT> a person
<FONT STYLE="letter-spacing: -0.05pt">who has</FONT> ceased <FONT STYLE="letter-spacing: -0.05pt">to</FONT> be a <FONT STYLE="letter-spacing: -0.05pt">director,
officer, employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent</FONT> and <FONT STYLE="letter-spacing: -0.05pt">shall
</FONT>inure <FONT STYLE="letter-spacing: -0.05pt">to the benefit</FONT> of <FONT STYLE="letter-spacing: 0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">heirs,
executors and</FONT> administrators of <FONT STYLE="letter-spacing: -0.05pt">such</FONT> a <FONT STYLE="letter-spacing: -0.05pt">person.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Section
</FONT><FONT STYLE="font-size: 10pt">9. <FONT STYLE="letter-spacing: -0.05pt">Intent</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">Article. The intent</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">this
Article</FONT> V <FONT STYLE="letter-spacing: -0.05pt">is to</FONT> provide <FONT STYLE="letter-spacing: -0.05pt">for indemnification
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">advancement </FONT>of <FONT STYLE="letter-spacing: -0.05pt">expenses to the fullest
extent permitted</FONT> <FONT STYLE="letter-spacing: 0.05pt">by </FONT><FONT STYLE="letter-spacing: -0.05pt">Section</FONT> 145
of the <FONT STYLE="letter-spacing: -0.05pt">General</FONT> Corporation Law of <FONT STYLE="letter-spacing: -0.05pt">Delaware.
</FONT><FONT STYLE="letter-spacing: 0.05pt">To</FONT> <FONT STYLE="letter-spacing: -0.05pt">the extent</FONT> that <FONT STYLE="letter-spacing: -0.05pt">such
</FONT>Section or any successor <FONT STYLE="letter-spacing: -0.05pt">action may</FONT> be <FONT STYLE="letter-spacing: -0.05pt">amended
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">supplemented </FONT>from <FONT STYLE="letter-spacing: -0.05pt">time to time, this
Article</FONT> V <FONT STYLE="letter-spacing: -0.05pt">shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">amended automatically
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">construed</FONT> so as <FONT STYLE="letter-spacing: -0.05pt">to permit indemnification
and advancement</FONT> of expenses <FONT STYLE="letter-spacing: -0.05pt">to the fullest extent</FONT> from <FONT STYLE="letter-spacing: -0.05pt">time
to time</FONT> permitted by <FONT STYLE="letter-spacing: -0.05pt">law.&rdquo;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Reference
is made to Article Eighth</FONT> <FONT STYLE="font-size: 10pt">of our <FONT STYLE="letter-spacing: -0.05pt">certificate</FONT>
<FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: -0.05pt">incorporation,</FONT> <FONT STYLE="letter-spacing: -0.1pt">which
</FONT>provides <FONT STYLE="letter-spacing: 0.05pt">as </FONT><FONT STYLE="letter-spacing: -0.05pt">follows:</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">&ldquo;EIGHTH.
A director of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> corporation <FONT STYLE="letter-spacing: -0.05pt">shall not</FONT>
be personally <FONT STYLE="letter-spacing: -0.05pt">liable to the</FONT> corporation or <FONT STYLE="letter-spacing: -0.05pt">its
stockholders</FONT> for <FONT STYLE="letter-spacing: -0.05pt">monetary damages for</FONT> breach of fiduciary duty as a director,
<FONT STYLE="letter-spacing: -0.05pt">except for liability (i) for</FONT> any breach of <FONT STYLE="letter-spacing: -0.05pt">the
director&rsquo;s</FONT> duty <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">loyalty to</FONT>
the corporation or <FONT STYLE="letter-spacing: -0.1pt">its</FONT> <FONT STYLE="letter-spacing: -0.05pt">stockholders, (ii) for
acts</FONT> or <FONT STYLE="letter-spacing: -0.05pt">omissions not in</FONT> good <FONT STYLE="letter-spacing: -0.05pt">faith
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">which involve intentional misconduct</FONT> or a <FONT STYLE="letter-spacing: -0.05pt">knowing
violation</FONT> of <FONT STYLE="letter-spacing: -0.05pt">law, (iii)</FONT> under <FONT STYLE="letter-spacing: -0.05pt">Section
</FONT>174 of <FONT STYLE="letter-spacing: -0.05pt">the General</FONT> Corporation Law <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">Delaware,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">(iv)</FONT> for any <FONT STYLE="letter-spacing: -0.05pt">transaction
</FONT>from <FONT STYLE="letter-spacing: -0.05pt">which</FONT> <FONT STYLE="letter-spacing: 0.05pt">the</FONT> director <FONT STYLE="letter-spacing: -0.05pt">derived
</FONT>an improper <FONT STYLE="letter-spacing: -0.05pt">personal benefit.</FONT> In addition <FONT STYLE="letter-spacing: 0.05pt">to
</FONT><FONT STYLE="letter-spacing: -0.05pt">and not in limitation</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">foregoing,
</FONT>a director of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> corporation <FONT STYLE="letter-spacing: -0.05pt">shall
not</FONT> be <FONT STYLE="letter-spacing: -0.05pt">liable to the</FONT> corporation or <FONT STYLE="letter-spacing: -0.05pt">its
stockholders for monetary damages</FONT> for breach of fiduciary duty as a director <FONT STYLE="letter-spacing: -0.05pt">to the
fullest extent</FONT> provided by the General Corporation Law <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">Delaware
</FONT>as the <FONT STYLE="letter-spacing: -0.05pt">same</FONT> may <FONT STYLE="letter-spacing: -0.05pt">hereafter</FONT> be
amended.&rdquo;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Reference
is</FONT> <FONT STYLE="font-size: 10pt">also <FONT STYLE="letter-spacing: -0.05pt">made to</FONT> Section 145 of <FONT STYLE="letter-spacing: -0.05pt">the
DGCL, which</FONT> provides as <FONT STYLE="letter-spacing: -0.05pt">follows:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">&ldquo;(a)&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">A
corporation <FONT STYLE="letter-spacing: -0.05pt">shall have</FONT> power <FONT STYLE="letter-spacing: -0.05pt">to indemnify</FONT>
any person who <FONT STYLE="letter-spacing: -0.1pt">was</FONT> or <FONT STYLE="letter-spacing: -0.05pt">is</FONT> a party or <FONT STYLE="letter-spacing: -0.05pt">is
threatened to</FONT> <FONT STYLE="letter-spacing: 0.05pt">be</FONT> <FONT STYLE="letter-spacing: -0.05pt">made</FONT> a party <FONT STYLE="letter-spacing: -0.05pt">to
</FONT><FONT STYLE="letter-spacing: 0.05pt">any</FONT> threatened, <FONT STYLE="letter-spacing: -0.05pt">pending</FONT> or <FONT STYLE="letter-spacing: -0.05pt">completed
action, suit</FONT> or <FONT STYLE="letter-spacing: -0.05pt">proceeding,</FONT> <FONT STYLE="letter-spacing: -0.1pt">whether</FONT>
<FONT STYLE="letter-spacing: -0.05pt">civil, criminal, administrative</FONT> or <FONT STYLE="letter-spacing: -0.05pt">investigative
(other than</FONT> an action <FONT STYLE="letter-spacing: 0.05pt">by</FONT> or <FONT STYLE="letter-spacing: -0.05pt">in the</FONT>
right of the corporation) by reason of the fact <FONT STYLE="letter-spacing: -0.05pt">that</FONT> the person <FONT STYLE="letter-spacing: -0.05pt">is
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">was</FONT> a director, <FONT STYLE="letter-spacing: -0.05pt">officer, employee
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">agent</FONT> <FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: -0.05pt">the
</FONT>corporation, or <FONT STYLE="letter-spacing: -0.05pt">is</FONT> or <FONT STYLE="letter-spacing: -0.05pt">was </FONT>serving
at the <FONT STYLE="letter-spacing: -0.05pt">request</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>corporation as a <FONT STYLE="letter-spacing: -0.05pt">director, officer, employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">another</FONT> corporation, <FONT STYLE="letter-spacing: -0.05pt">partnership,
joint venture, trust</FONT> or <FONT STYLE="letter-spacing: -0.05pt">other enterprise, against</FONT> expenses <FONT STYLE="letter-spacing: -0.05pt">(including
attorneys&rsquo; fees), judgments, fines</FONT> and <FONT STYLE="letter-spacing: -0.05pt">amounts</FONT> paid <FONT STYLE="letter-spacing: -0.05pt">in
settlement</FONT> actually and reasonably <FONT STYLE="letter-spacing: -0.05pt">incurred</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> person <FONT STYLE="letter-spacing: -0.05pt">in connection with such</FONT>
action, <FONT STYLE="letter-spacing: -0.05pt">suit</FONT> or proceeding <FONT STYLE="letter-spacing: -0.05pt">if</FONT> the person
<FONT STYLE="letter-spacing: -0.05pt">acted in</FONT> good <FONT STYLE="letter-spacing: -0.05pt">faith and</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">manner the</FONT> person reasonably <FONT STYLE="letter-spacing: -0.05pt">believed
to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">in</FONT> or <FONT STYLE="letter-spacing: -0.05pt">not</FONT> opposed <FONT STYLE="letter-spacing: -0.05pt">to
the</FONT> best <FONT STYLE="letter-spacing: -0.05pt">interests</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">corporation,
and, with</FONT> respect <FONT STYLE="letter-spacing: 0.05pt">to</FONT> any <FONT STYLE="letter-spacing: -0.05pt">criminal</FONT>
action or <FONT STYLE="letter-spacing: -0.05pt">proceeding, had no reasonable cause to believe</FONT> the <FONT STYLE="letter-spacing: -0.05pt">person&rsquo;s
conduct was unlawful.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">termination</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT>any <FONT STYLE="letter-spacing: -0.05pt">action, suit</FONT> or proceeding by <FONT STYLE="letter-spacing: -0.05pt">judgment,
</FONT>order, <FONT STYLE="letter-spacing: -0.05pt">settlement, conviction,</FONT> or upon a plea of <FONT STYLE="letter-spacing: -0.05pt">NOLO
</FONT>CONTENDERE or <FONT STYLE="letter-spacing: -0.05pt">its equivalent, shall not,</FONT> of <FONT STYLE="letter-spacing: -0.05pt">itself,
create</FONT> a <FONT STYLE="letter-spacing: -0.05pt">presumption that</FONT> the person did <FONT STYLE="letter-spacing: -0.05pt">not
</FONT>act <FONT STYLE="letter-spacing: -0.05pt">in</FONT> good <FONT STYLE="letter-spacing: -0.05pt">faith and</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">manner which the</FONT> person reasonably <FONT STYLE="letter-spacing: -0.05pt">believed
to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">in</FONT> or <FONT STYLE="letter-spacing: -0.05pt">not</FONT> opposed <FONT STYLE="letter-spacing: -0.05pt">to
the</FONT> best <FONT STYLE="letter-spacing: -0.05pt">interests</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">corporation,
and, with</FONT> respect <FONT STYLE="letter-spacing: 0.05pt">to</FONT> any <FONT STYLE="letter-spacing: -0.05pt">criminal</FONT>
action or <FONT STYLE="letter-spacing: -0.05pt">proceeding, had reasonable cause to believe</FONT> that the <FONT STYLE="letter-spacing: -0.05pt">person&rsquo;s
conduct was unlawful.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>A
corporation <FONT STYLE="letter-spacing: -0.05pt">shall have</FONT> power <FONT STYLE="letter-spacing: -0.05pt">to indemnify </FONT>any
person who <FONT STYLE="letter-spacing: -0.1pt">was</FONT> or <FONT STYLE="letter-spacing: -0.05pt">is</FONT> a party or <FONT STYLE="letter-spacing: -0.05pt">is
threatened to</FONT> <FONT STYLE="letter-spacing: 0.05pt">be</FONT> <FONT STYLE="letter-spacing: -0.05pt">made </FONT>a party <FONT STYLE="letter-spacing: -0.05pt">to
</FONT><FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">threatened, pending</FONT> or <FONT STYLE="letter-spacing: -0.05pt">completed
</FONT>action or <FONT STYLE="letter-spacing: -0.05pt">suit </FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> or <FONT STYLE="letter-spacing: -0.05pt">in
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">right </FONT>of the corporation <FONT STYLE="letter-spacing: -0.05pt">to procure
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">judgment in</FONT> its <FONT STYLE="letter-spacing: -0.05pt">favor</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT>reason of the <FONT STYLE="letter-spacing: -0.05pt">fact </FONT>that the person <FONT STYLE="letter-spacing: -0.05pt">is
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">was</FONT> a director, <FONT STYLE="letter-spacing: -0.05pt">officer, employee
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">agent</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">corporation, </FONT>or
<FONT STYLE="letter-spacing: -0.05pt">is</FONT> or <FONT STYLE="letter-spacing: -0.05pt">was</FONT> serving at <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>request <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> corporation, as
a director, <FONT STYLE="letter-spacing: -0.05pt">officer, employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">another</FONT> corporation, <FONT STYLE="letter-spacing: -0.05pt">partnership,</FONT>
joint <FONT STYLE="letter-spacing: -0.05pt">venture,</FONT> trust or <FONT STYLE="letter-spacing: -0.05pt">other enterprise against
expenses</FONT> (including <FONT STYLE="letter-spacing: -0.05pt">attorneys&rsquo; fees) actually and</FONT> reasonably <FONT STYLE="letter-spacing: -0.05pt">incurred
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> person <FONT STYLE="letter-spacing: 0.05pt">in
</FONT>connection <FONT STYLE="letter-spacing: -0.05pt">with the</FONT> defense or <FONT STYLE="letter-spacing: -0.05pt">settlement
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">such</FONT> action or <FONT STYLE="letter-spacing: -0.05pt">suit</FONT> <FONT STYLE="letter-spacing: 0.05pt">if
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> person <FONT STYLE="letter-spacing: -0.05pt">acted in</FONT> good <FONT STYLE="letter-spacing: -0.05pt">faith
and in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">manner he</FONT> reasonably <FONT STYLE="letter-spacing: -0.05pt">believed
to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">in</FONT> or <FONT STYLE="letter-spacing: -0.05pt">not opposed to the</FONT>
best <FONT STYLE="letter-spacing: -0.05pt">interests</FONT> of the corporation <FONT STYLE="letter-spacing: -0.05pt">and except
that no indemnification shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">made in</FONT> respect of any <FONT STYLE="letter-spacing: -0.05pt">claim,
issue </FONT>or <FONT STYLE="letter-spacing: -0.05pt">matter</FONT> as <FONT STYLE="letter-spacing: -0.05pt">to which such</FONT>
person <FONT STYLE="letter-spacing: -0.05pt">shall have</FONT> been adjudged <FONT STYLE="letter-spacing: 0.05pt">to</FONT> be
<FONT STYLE="letter-spacing: -0.05pt">liable to the corporation unless</FONT> and only <FONT STYLE="letter-spacing: -0.05pt">to
the extent</FONT> that <FONT STYLE="letter-spacing: -0.05pt">the Court</FONT> <FONT STYLE="letter-spacing: 0.05pt">of </FONT>Chancery
or <FONT STYLE="letter-spacing: -0.05pt">the court in which such action</FONT> or <FONT STYLE="letter-spacing: -0.05pt">suit was
brought shall determine</FONT> upon <FONT STYLE="letter-spacing: -0.05pt">application that, despite</FONT> the adjudication of
<FONT STYLE="letter-spacing: -0.05pt">liability but in view</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">all
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">circumstances</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the case,</FONT>
such person <FONT STYLE="letter-spacing: -0.05pt">is</FONT> fairly <FONT STYLE="letter-spacing: -0.05pt">and</FONT> reasonably
<FONT STYLE="letter-spacing: -0.05pt">entitled to indemnity for such</FONT> expenses <FONT STYLE="letter-spacing: -0.05pt">which
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">Court</FONT> of Chancery or <FONT STYLE="letter-spacing: -0.05pt">such other
court shall</FONT> deem proper.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: 0.05pt">To
</FONT><FONT STYLE="letter-spacing: -0.05pt">the extent that</FONT> a present or <FONT STYLE="letter-spacing: -0.05pt">former
</FONT>director or <FONT STYLE="letter-spacing: -0.05pt">officer</FONT> of a corporation <FONT STYLE="letter-spacing: -0.05pt">has
</FONT>been <FONT STYLE="letter-spacing: -0.05pt">successful</FONT> on the <FONT STYLE="letter-spacing: -0.05pt">merits </FONT>or
<FONT STYLE="letter-spacing: -0.05pt">otherwise</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">defense
</FONT>of any action, <FONT STYLE="letter-spacing: -0.05pt">suit</FONT> or <FONT STYLE="letter-spacing: -0.05pt">proceeding</FONT>
referred <FONT STYLE="letter-spacing: -0.05pt">to in subsections</FONT> <FONT STYLE="letter-spacing: 0.05pt">(a)</FONT> <FONT STYLE="letter-spacing: -0.05pt">and
</FONT>(b) of <FONT STYLE="letter-spacing: -0.05pt">this section,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">in defense</FONT>
of any <FONT STYLE="letter-spacing: -0.05pt">claim, issue</FONT> or <FONT STYLE="letter-spacing: -0.05pt">matter therein,</FONT>
such person <FONT STYLE="letter-spacing: -0.05pt">shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">indemnified against</FONT>
expenses <FONT STYLE="letter-spacing: -0.05pt">(including attorneys&rsquo; fees) actually and</FONT> reasonably incurred by <FONT STYLE="letter-spacing: -0.05pt">such
</FONT>person <FONT STYLE="letter-spacing: 0.05pt">in</FONT> connection <FONT STYLE="letter-spacing: -0.05pt">therewith.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Any
<FONT STYLE="letter-spacing: -0.05pt">indemnification under subsections</FONT> (a) <FONT STYLE="letter-spacing: -0.05pt">and </FONT>(b)
of <FONT STYLE="letter-spacing: -0.05pt">this</FONT> section <FONT STYLE="letter-spacing: -0.05pt">(unless</FONT> ordered by a
court) <FONT STYLE="letter-spacing: -0.05pt">shall</FONT> <FONT STYLE="letter-spacing: 0.05pt">be</FONT> <FONT STYLE="letter-spacing: -0.05pt">made
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> corporation only as <FONT STYLE="letter-spacing: -0.05pt">authorized
in the specific</FONT> case upon a <FONT STYLE="letter-spacing: -0.05pt">determination</FONT> that <FONT STYLE="letter-spacing: -0.05pt">indemnification
</FONT>of the director, <FONT STYLE="letter-spacing: -0.05pt">officer, employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent
</FONT><FONT STYLE="letter-spacing: 0.05pt">is</FONT> proper <FONT STYLE="letter-spacing: -0.05pt">in the circumstances</FONT>
because the person has <FONT STYLE="letter-spacing: -0.1pt">met</FONT> the applicable <FONT STYLE="letter-spacing: -0.05pt">standard
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">conduct</FONT> set <FONT STYLE="letter-spacing: -0.05pt">forth</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">subsections</FONT> (a) <FONT STYLE="letter-spacing: -0.05pt">and</FONT> (b) of <FONT STYLE="letter-spacing: -0.05pt">this
section.</FONT> Such <FONT STYLE="letter-spacing: -0.05pt">determination shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">made
</FONT><FONT STYLE="letter-spacing: -0.1pt">with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to</FONT> a person <FONT STYLE="letter-spacing: -0.15pt">who
</FONT><FONT STYLE="letter-spacing: -0.05pt">is</FONT> a director or <FONT STYLE="letter-spacing: -0.05pt">officer</FONT> at <FONT STYLE="letter-spacing: -0.05pt">the
time</FONT> of such <FONT STYLE="letter-spacing: -0.05pt">determination</FONT> (1) by a <FONT STYLE="letter-spacing: -0.05pt">majority
vote</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> directors <FONT STYLE="letter-spacing: -0.1pt">who</FONT> are
<FONT STYLE="letter-spacing: -0.05pt">not parties to such action, suit</FONT> or <FONT STYLE="letter-spacing: -0.05pt">proceeding,
even</FONT> though <FONT STYLE="letter-spacing: -0.05pt">less</FONT> than a <FONT STYLE="letter-spacing: -0.05pt">quorum,</FONT>
or (2) by a <FONT STYLE="letter-spacing: -0.05pt">committee</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">such
</FONT>directors designated by <FONT STYLE="letter-spacing: -0.05pt">majority vote</FONT> of <FONT STYLE="letter-spacing: -0.05pt">such
directors, even though</FONT> less <FONT STYLE="letter-spacing: -0.05pt">than</FONT> a <FONT STYLE="letter-spacing: -0.05pt">quorum,
</FONT>or (3) <FONT STYLE="letter-spacing: -0.05pt">if there</FONT> are <FONT STYLE="letter-spacing: -0.05pt">no such directors,
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">if such</FONT> directors <FONT STYLE="letter-spacing: -0.05pt">so direct,</FONT>
by <FONT STYLE="letter-spacing: -0.05pt">independent legal counsel</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">written
</FONT>opinion, or (4) by <FONT STYLE="letter-spacing: -0.05pt">the </FONT>stockholders.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: -0.05pt">Expenses
(including attorneys&rsquo; fees) incurred</FONT> by <FONT STYLE="letter-spacing: 0.05pt">an </FONT><FONT STYLE="letter-spacing: -0.05pt">officer
</FONT>or director <FONT STYLE="letter-spacing: -0.05pt">in defending</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT> civil,
<FONT STYLE="letter-spacing: -0.05pt">administrative</FONT> or <FONT STYLE="letter-spacing: -0.05pt">investigative action, suit
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">proceeding, may</FONT> be paid by <FONT STYLE="letter-spacing: -0.05pt">the </FONT>corporation
<FONT STYLE="letter-spacing: -0.05pt">in advance</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">final </FONT>disposition
of <FONT STYLE="letter-spacing: -0.05pt">such action, suit</FONT> or <FONT STYLE="letter-spacing: -0.05pt">proceeding </FONT>upon
receipt of an <FONT STYLE="letter-spacing: -0.05pt">undertaking</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> or on behalf
of such director or <FONT STYLE="letter-spacing: -0.05pt">officer to</FONT> repay such <FONT STYLE="letter-spacing: -0.05pt">amount
</FONT><FONT STYLE="letter-spacing: 0.05pt">if</FONT> <FONT STYLE="letter-spacing: -0.05pt">it shall ultimately</FONT> be <FONT STYLE="letter-spacing: -0.05pt">determined
that such</FONT> person <FONT STYLE="letter-spacing: -0.05pt">is not entitled to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">indemnified
</FONT>by the corporation as <FONT STYLE="letter-spacing: -0.05pt">authorized in</FONT> this <FONT STYLE="letter-spacing: -0.05pt">section.
Such expenses</FONT> (including <FONT STYLE="letter-spacing: -0.05pt">attorneys&rsquo; fees) incurred</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">former</FONT> directors <FONT STYLE="letter-spacing: -0.05pt">and officers</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">other employees</FONT> and <FONT STYLE="letter-spacing: -0.05pt">agents</FONT> may be
<FONT STYLE="letter-spacing: -0.05pt">so</FONT> paid upon <FONT STYLE="letter-spacing: -0.05pt">such</FONT> terms <FONT STYLE="letter-spacing: -0.05pt">and
conditions,</FONT> <FONT STYLE="letter-spacing: 0.05pt">if</FONT> <FONT STYLE="letter-spacing: -0.05pt">any,</FONT> as the corporation
<FONT STYLE="letter-spacing: -0.05pt">deems</FONT> appropriate.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;The
<FONT STYLE="letter-spacing: -0.05pt">indemnification</FONT> and <FONT STYLE="letter-spacing: -0.05pt">advancement </FONT><FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">expenses</FONT> provided <FONT STYLE="letter-spacing: -0.05pt">by, </FONT>or <FONT STYLE="letter-spacing: -0.05pt">granted
pursuant</FONT> to, <FONT STYLE="letter-spacing: -0.05pt">the other subsections </FONT><FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">this</FONT> section shall <FONT STYLE="letter-spacing: -0.05pt">not </FONT>be <FONT STYLE="letter-spacing: -0.05pt">deemed
exclusive</FONT> of any other <FONT STYLE="letter-spacing: -0.05pt">rights to which</FONT> those <FONT STYLE="letter-spacing: -0.05pt">seeking
</FONT>indemnification or <FONT STYLE="letter-spacing: -0.05pt">advancement </FONT>of expenses <FONT STYLE="letter-spacing: -0.05pt">may
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">entitled under</FONT> any <FONT STYLE="letter-spacing: -0.05pt">bylaw, agreement,
vote</FONT> of <FONT STYLE="letter-spacing: -0.05pt">stockholders </FONT>or <FONT STYLE="letter-spacing: -0.05pt">disinterested
</FONT>directors <FONT STYLE="letter-spacing: 0.05pt">or</FONT> <FONT STYLE="letter-spacing: -0.05pt">otherwise,</FONT> both as
<FONT STYLE="letter-spacing: -0.05pt">to action</FONT> <FONT STYLE="letter-spacing: 0.05pt">in </FONT><FONT STYLE="letter-spacing: -0.05pt">such
</FONT>person&rsquo;s <FONT STYLE="letter-spacing: -0.05pt">official</FONT> capacity <FONT STYLE="letter-spacing: -0.05pt">and
</FONT>as <FONT STYLE="letter-spacing: -0.05pt">to action in another</FONT> capacity <FONT STYLE="letter-spacing: -0.05pt">while
holding</FONT> such office.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
corporation <FONT STYLE="letter-spacing: -0.05pt">shall have</FONT> power <FONT STYLE="letter-spacing: -0.05pt">to purchase and
maintain insurance</FONT> on behalf <FONT STYLE="letter-spacing: 0.05pt">of</FONT> any person <FONT STYLE="letter-spacing: -0.1pt">who
</FONT><FONT STYLE="letter-spacing: -0.05pt">is</FONT> or <FONT STYLE="letter-spacing: -0.05pt">was</FONT> a director, <FONT STYLE="letter-spacing: -0.05pt">officer,
employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent</FONT> of the corporation, or <FONT STYLE="letter-spacing: -0.05pt">is
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">was</FONT> serving at <FONT STYLE="letter-spacing: -0.05pt">the request</FONT>
of the corporation as a director, <FONT STYLE="letter-spacing: -0.05pt">officer, employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">another</FONT> corporation, <FONT STYLE="letter-spacing: -0.05pt">partnership,
</FONT>joint <FONT STYLE="letter-spacing: -0.05pt">venture,</FONT> trust or <FONT STYLE="letter-spacing: -0.05pt">other enterprise
against</FONT> any <FONT STYLE="letter-spacing: -0.05pt">liability asserted against such</FONT> person <FONT STYLE="letter-spacing: -0.05pt">and
incurred</FONT> by such person <FONT STYLE="letter-spacing: -0.05pt">in</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT>
<FONT STYLE="letter-spacing: -0.05pt">such capacity,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">arising out</FONT> of <FONT STYLE="letter-spacing: -0.05pt">such
</FONT>person&rsquo;s <FONT STYLE="letter-spacing: -0.05pt">status</FONT> as <FONT STYLE="letter-spacing: -0.05pt">such, whether
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">not the</FONT> corporation <FONT STYLE="letter-spacing: -0.1pt">would</FONT> <FONT STYLE="letter-spacing: -0.05pt">have
</FONT><FONT STYLE="letter-spacing: 0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">power to indemnify</FONT> him <FONT STYLE="letter-spacing: -0.05pt">against
such liability under this section.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>For
purposes of <FONT STYLE="letter-spacing: -0.05pt">this section,</FONT> references <FONT STYLE="letter-spacing: -0.05pt">to &ldquo;the
</FONT>corporation&rdquo; <FONT STYLE="letter-spacing: -0.05pt">shall</FONT> include, <FONT STYLE="letter-spacing: -0.05pt">in
</FONT>addition <FONT STYLE="letter-spacing: -0.05pt">to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">resulting corporation,
</FONT>any <FONT STYLE="letter-spacing: -0.05pt">constituent</FONT> corporation <FONT STYLE="letter-spacing: -0.05pt">(including
</FONT>any <FONT STYLE="letter-spacing: -0.05pt">constituent</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> a <FONT STYLE="letter-spacing: -0.05pt">constituent)
</FONT>absorbed <FONT STYLE="letter-spacing: -0.05pt">in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">consolidation</FONT> or
<FONT STYLE="letter-spacing: -0.05pt">merger which, if</FONT> its <FONT STYLE="letter-spacing: -0.05pt">separate existence had
continued, would have</FONT> had <FONT STYLE="letter-spacing: -0.05pt">power and</FONT> authority <FONT STYLE="letter-spacing: -0.05pt">to
indemnify</FONT> its <FONT STYLE="letter-spacing: -0.05pt">directors, officers,</FONT> and <FONT STYLE="letter-spacing: -0.05pt">employees
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">agents, so</FONT> that <FONT STYLE="letter-spacing: 0.05pt">any</FONT> person
<FONT STYLE="letter-spacing: -0.05pt">who is</FONT> or <FONT STYLE="letter-spacing: -0.05pt">was</FONT> a director, <FONT STYLE="letter-spacing: -0.05pt">officer,
employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent</FONT> of such <FONT STYLE="letter-spacing: -0.05pt">constituent
corporation,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">is</FONT> or <FONT STYLE="letter-spacing: -0.1pt">was </FONT><FONT STYLE="letter-spacing: -0.05pt">serving
</FONT>at the <FONT STYLE="letter-spacing: -0.05pt">request</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">such
constituent</FONT> corporation as a <FONT STYLE="letter-spacing: -0.05pt">director, officer, employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">another</FONT> corporation, <FONT STYLE="letter-spacing: -0.05pt">partnership,
joint venture, trust</FONT> or <FONT STYLE="letter-spacing: -0.05pt">other enterprise, shall stand in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">same
position under this</FONT> section <FONT STYLE="letter-spacing: -0.05pt">with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to
the</FONT> resulting or <FONT STYLE="letter-spacing: -0.05pt">surviving</FONT> corporation as <FONT STYLE="letter-spacing: -0.05pt">such
</FONT>person <FONT STYLE="letter-spacing: -0.05pt">would have with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to such
constituent</FONT> corporation <FONT STYLE="letter-spacing: -0.05pt">if its separate existence had</FONT> continued.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>For
purposes of <FONT STYLE="letter-spacing: -0.05pt">this section,</FONT> references <FONT STYLE="letter-spacing: -0.05pt">to &ldquo;other
enterprises&rdquo; shall</FONT> include <FONT STYLE="letter-spacing: -0.05pt">employee benefit</FONT> plans; <FONT STYLE="letter-spacing: -0.05pt">references
to &ldquo;fines&rdquo; shall</FONT> include any excise <FONT STYLE="letter-spacing: -0.05pt">taxes assessed </FONT>on a person
<FONT STYLE="letter-spacing: -0.05pt">with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to</FONT> any <FONT STYLE="letter-spacing: -0.05pt">employee
</FONT>benefit <FONT STYLE="letter-spacing: -0.05pt">plans; and references to &ldquo;serving</FONT> at the <FONT STYLE="letter-spacing: -0.05pt">request
</FONT>of the corporation&rdquo; <FONT STYLE="letter-spacing: -0.05pt">shall include</FONT> <FONT STYLE="letter-spacing: 0.05pt">any
</FONT><FONT STYLE="letter-spacing: -0.05pt">service</FONT> as a director, <FONT STYLE="letter-spacing: -0.05pt">officer, employee
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">agent</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> corporation <FONT STYLE="letter-spacing: -0.05pt">which
</FONT>imposes <FONT STYLE="letter-spacing: -0.05pt">duties</FONT> on, or <FONT STYLE="letter-spacing: -0.05pt">involves</FONT>
services <FONT STYLE="letter-spacing: -0.05pt">by, such</FONT> director, <FONT STYLE="letter-spacing: -0.05pt">officer, employee
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">agent with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to</FONT> an <FONT STYLE="letter-spacing: -0.05pt">employee
</FONT>benefit <FONT STYLE="letter-spacing: -0.05pt">plan, its participants</FONT> or <FONT STYLE="letter-spacing: -0.05pt">beneficiaries;
</FONT><FONT STYLE="letter-spacing: 0.05pt">and</FONT> a person <FONT STYLE="letter-spacing: -0.15pt">who </FONT><FONT STYLE="letter-spacing: -0.05pt">acted
in</FONT> good <FONT STYLE="letter-spacing: -0.05pt">faith and</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">manner
he</FONT> reasonably <FONT STYLE="letter-spacing: -0.05pt">believed to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">in</FONT>
<FONT STYLE="letter-spacing: 0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">interest</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">participants
and beneficiaries</FONT> of <FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">employee benefit
</FONT>plan <FONT STYLE="letter-spacing: -0.05pt">shall</FONT> be deemed <FONT STYLE="letter-spacing: -0.05pt">to have acted</FONT>
<FONT STYLE="letter-spacing: 0.05pt">in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">manner &ldquo;not</FONT> opposed <FONT STYLE="letter-spacing: -0.05pt">to
the</FONT> best <FONT STYLE="letter-spacing: -0.05pt">interests</FONT> of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> corporation&rdquo;
as <FONT STYLE="letter-spacing: -0.05pt">referred to in this section.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
<FONT STYLE="letter-spacing: -0.05pt">indemnification</FONT> and <FONT STYLE="letter-spacing: -0.05pt">advancement </FONT><FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">expenses</FONT> provided <FONT STYLE="letter-spacing: -0.05pt">by, </FONT>or <FONT STYLE="letter-spacing: -0.05pt">granted
pursuant</FONT> to, <FONT STYLE="letter-spacing: -0.05pt">this section shall, unless otherwise</FONT> provided <FONT STYLE="letter-spacing: -0.1pt">when
</FONT><FONT STYLE="letter-spacing: -0.05pt">authorized </FONT>or <FONT STYLE="letter-spacing: -0.05pt">ratified, continue</FONT>
as <FONT STYLE="letter-spacing: -0.05pt">to</FONT> a person <FONT STYLE="letter-spacing: -0.1pt">who</FONT> <FONT STYLE="letter-spacing: -0.05pt">has
ceased to</FONT> be a director, <FONT STYLE="letter-spacing: -0.05pt">officer, employee</FONT> or <FONT STYLE="letter-spacing: -0.05pt">agent
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">shall </FONT>inure <FONT STYLE="letter-spacing: -0.05pt">to the benefit</FONT>
of <FONT STYLE="letter-spacing: 0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">heirs, executors and</FONT> administrators
of <FONT STYLE="letter-spacing: -0.05pt">such</FONT> a <FONT STYLE="letter-spacing: -0.05pt">person.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(k)&nbsp;&nbsp;&nbsp;&nbsp;The
<FONT STYLE="letter-spacing: -0.05pt">Court</FONT> of Chancery <FONT STYLE="letter-spacing: -0.05pt">is hereby vested with exclusive
jurisdiction to hear and determine all actions for advancement</FONT> of expenses or <FONT STYLE="letter-spacing: -0.05pt">indemnification
brought</FONT> under <FONT STYLE="letter-spacing: -0.05pt">this</FONT> section or <FONT STYLE="letter-spacing: -0.05pt">under
</FONT>any <FONT STYLE="letter-spacing: -0.05pt">bylaw, agreement, vote</FONT> of <FONT STYLE="letter-spacing: -0.05pt">stockholders
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">disinterested directors,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">otherwise.
</FONT>The <FONT STYLE="letter-spacing: -0.05pt">Court</FONT> of Chancery may summarily <FONT STYLE="letter-spacing: -0.05pt">determine
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">corporation&rsquo;s obligation to advance</FONT> expenses <FONT STYLE="letter-spacing: -0.05pt">(including
attorneys&rsquo; fees).&rdquo;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">As
<FONT STYLE="letter-spacing: -0.05pt">permitted</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> the <FONT STYLE="letter-spacing: -0.05pt">bylaws,
</FONT>we <FONT STYLE="letter-spacing: -0.05pt">also presently maintain</FONT> a policy of <FONT STYLE="letter-spacing: -0.05pt">directors&rsquo;
and officers&rsquo; liability insurance.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">We
<FONT STYLE="letter-spacing: -0.05pt">have also</FONT> entered <FONT STYLE="letter-spacing: -0.05pt">into</FONT> an <FONT STYLE="letter-spacing: -0.05pt">indemnification
agreement</FONT> (the <FONT STYLE="letter-spacing: -0.05pt">&ldquo;Indemnification </FONT>Agreement&rdquo;) <FONT STYLE="letter-spacing: -0.05pt">with
</FONT>each of <FONT STYLE="letter-spacing: -0.05pt">our </FONT>directors <FONT STYLE="letter-spacing: -0.05pt">and executive
</FONT>officers <FONT STYLE="letter-spacing: -0.05pt">which is</FONT> intended <FONT STYLE="letter-spacing: -0.05pt">to complement
the</FONT> indemnity and <FONT STYLE="letter-spacing: -0.05pt">protection available under our certificate</FONT> of incorporation
and <FONT STYLE="letter-spacing: -0.05pt">bylaws</FONT> and <FONT STYLE="letter-spacing: -0.05pt">the directors&rsquo;</FONT>
<FONT STYLE="letter-spacing: 0.05pt">and</FONT> <FONT STYLE="letter-spacing: -0.05pt">officers&rsquo; </FONT>liability <FONT STYLE="letter-spacing: -0.05pt">insurance
</FONT>policy <FONT STYLE="letter-spacing: -0.05pt">maintained </FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> us, <FONT STYLE="letter-spacing: -0.05pt">and
</FONT><FONT STYLE="letter-spacing: 0.05pt">to </FONT>provide <FONT STYLE="letter-spacing: -0.05pt">for indemnification</FONT>
of directors <FONT STYLE="letter-spacing: -0.05pt">and officers to the fullest extent</FONT> permitted by applicable <FONT STYLE="letter-spacing: -0.05pt">law.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">While
our bylaws</FONT> <FONT STYLE="font-size: 10pt">provide, <FONT STYLE="letter-spacing: -0.05pt">in effect, that</FONT> <FONT STYLE="letter-spacing: -0.1pt">we
</FONT><FONT STYLE="letter-spacing: -0.05pt">shall indemnify</FONT> directors <FONT STYLE="letter-spacing: -0.05pt">and officers
to the</FONT> maximum extent <FONT STYLE="letter-spacing: -0.05pt">permitted</FONT> by Delaware <FONT STYLE="letter-spacing: -0.05pt">law,
</FONT>the Indemnification <FONT STYLE="letter-spacing: -0.05pt">Agreement</FONT> provides a <FONT STYLE="letter-spacing: -0.05pt">number
</FONT>of procedures, <FONT STYLE="letter-spacing: -0.05pt">presumptions and remedies used</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT><FONT STYLE="letter-spacing: -0.05pt">the determination</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">right</FONT>
of the director or <FONT STYLE="letter-spacing: -0.05pt">officer to indemnification.</FONT> These procedures, <FONT STYLE="letter-spacing: -0.05pt">presumptions
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">remedies substantially</FONT> broaden <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>indemnity rights of directors <FONT STYLE="letter-spacing: -0.05pt">and officers beyond</FONT> those expressly <FONT STYLE="letter-spacing: -0.05pt">contained
in</FONT> the bylaws and <FONT STYLE="letter-spacing: -0.05pt">in Section</FONT> 145 of <FONT STYLE="letter-spacing: -0.05pt">the
DGCL.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">Indemnification Agreement</FONT> provides <FONT STYLE="letter-spacing: -0.05pt">that</FONT>
<FONT STYLE="letter-spacing: -0.1pt">we will</FONT> <FONT STYLE="letter-spacing: 0.05pt">pay</FONT> certain <FONT STYLE="letter-spacing: -0.05pt">expenses
</FONT>incurred by a director or <FONT STYLE="letter-spacing: -0.05pt">officer in connection with</FONT> any <FONT STYLE="letter-spacing: -0.05pt">threatened,
pending</FONT> or <FONT STYLE="letter-spacing: -0.05pt">completed action, suit, arbitration</FONT> or <FONT STYLE="letter-spacing: -0.05pt">proceeding,
whether civil, criminal, administrative,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">investigative, and specifically</FONT>
including <FONT STYLE="letter-spacing: -0.05pt">actions</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> or <FONT STYLE="letter-spacing: -0.05pt">in
our name (&ldquo;derivative suits&rdquo;), where the individual&rsquo;s</FONT> involvement <FONT STYLE="letter-spacing: -0.05pt">is
</FONT><FONT STYLE="letter-spacing: 0.05pt">by</FONT> reason of <FONT STYLE="letter-spacing: -0.05pt">the fact</FONT> that <FONT STYLE="letter-spacing: -0.05pt">he
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">she is</FONT> or <FONT STYLE="letter-spacing: -0.05pt">was</FONT> a director or
<FONT STYLE="letter-spacing: -0.05pt">officer. Such amounts</FONT> include <FONT STYLE="letter-spacing: -0.05pt">attorneys&rsquo;
fees</FONT> and <FONT STYLE="letter-spacing: -0.05pt">other</FONT> expenses <FONT STYLE="letter-spacing: -0.05pt">customarily
incurred in</FONT> connection <FONT STYLE="letter-spacing: -0.05pt">with legal</FONT> proceedings <FONT STYLE="letter-spacing: -0.05pt">and,
in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">case</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">proceedings
other than derivative suits, judgments, fines</FONT> and <FONT STYLE="letter-spacing: -0.05pt">amounts</FONT> paid <FONT STYLE="letter-spacing: -0.05pt">in
settlement. Indemnification would</FONT> be <FONT STYLE="letter-spacing: -0.05pt">available for actions, suits, arbitrations</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">proceedings</FONT> commenced <FONT STYLE="letter-spacing: -0.05pt">after the effective
</FONT>date of <FONT STYLE="letter-spacing: -0.05pt">the Indemnification Agreement.</FONT> A director or <FONT STYLE="letter-spacing: -0.05pt">officer
</FONT><FONT STYLE="letter-spacing: -0.1pt">will</FONT> <FONT STYLE="letter-spacing: -0.05pt">not receive indemnification if</FONT>
the director or <FONT STYLE="letter-spacing: -0.05pt">officer is found not to have acted</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT>good <FONT STYLE="letter-spacing: -0.05pt">faith and</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">manner
he</FONT> reasonably <FONT STYLE="letter-spacing: -0.05pt">believed to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">in</FONT>
or <FONT STYLE="letter-spacing: -0.05pt">not</FONT> opposed <FONT STYLE="letter-spacing: -0.1pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">our
</FONT>best <FONT STYLE="letter-spacing: -0.05pt">interests.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">Indemnification Agreement further</FONT> provides <FONT STYLE="letter-spacing: -0.05pt">that
</FONT><FONT STYLE="letter-spacing: 0.05pt">if</FONT> an action <FONT STYLE="letter-spacing: -0.05pt">against</FONT> an <FONT STYLE="letter-spacing: -0.05pt">indemnified
</FONT>party <FONT STYLE="letter-spacing: -0.05pt">is dismissed,</FONT> <FONT STYLE="letter-spacing: -0.1pt">with</FONT> or <FONT STYLE="letter-spacing: -0.05pt">without
</FONT>prejudice, <FONT STYLE="letter-spacing: -0.05pt">the defense is deemed to have</FONT> been <FONT STYLE="letter-spacing: -0.05pt">successful
</FONT>and <FONT STYLE="letter-spacing: -0.05pt">indemnification</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">required
to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">made.</FONT> The <FONT STYLE="letter-spacing: -0.05pt">Indemnification Agreement
</FONT>also provides <FONT STYLE="letter-spacing: -0.05pt">that litigation</FONT> expenses <FONT STYLE="letter-spacing: -0.1pt">must
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">advanced within</FONT> twenty days of <FONT STYLE="letter-spacing: 0.05pt">any
</FONT><FONT STYLE="letter-spacing: -0.05pt">request, against</FONT> <FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">undertaking
to</FONT> repay <FONT STYLE="letter-spacing: -0.05pt">if</FONT> the <FONT STYLE="letter-spacing: -0.05pt">payee</FONT> <FONT STYLE="letter-spacing: 0.05pt">is
</FONT>ultimately <FONT STYLE="letter-spacing: -0.05pt">determined not</FONT> be <FONT STYLE="letter-spacing: -0.05pt">entitled
to indemnification.</FONT> A determination of <FONT STYLE="letter-spacing: -0.05pt">entitlement must</FONT> be <FONT STYLE="letter-spacing: -0.05pt">made
within</FONT> sixty days of <FONT STYLE="letter-spacing: 0.05pt">an</FONT> <FONT STYLE="letter-spacing: -0.05pt">indemnification
request, and payment is to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">made within</FONT> ten days <FONT STYLE="letter-spacing: -0.05pt">after
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">favorable determination. (Otherwise</FONT> a determination <FONT STYLE="letter-spacing: -0.05pt">in
</FONT>favor of <FONT STYLE="letter-spacing: -0.05pt">the indemnified</FONT> party <FONT STYLE="letter-spacing: -0.05pt">is deemed
to have</FONT> been <FONT STYLE="letter-spacing: -0.05pt">made.)</FONT> If <FONT STYLE="letter-spacing: -0.05pt">there is</FONT>
a <FONT STYLE="letter-spacing: -0.05pt">change in</FONT> control of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> Company (as
<FONT STYLE="letter-spacing: -0.05pt">defined in</FONT> <FONT STYLE="letter-spacing: 0.05pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Indemnification
Agreement), the indemnified</FONT> party <FONT STYLE="letter-spacing: 0.05pt">is </FONT>presumed to be <FONT STYLE="letter-spacing: -0.05pt">entitled
to indemnification (although</FONT> the Company <FONT STYLE="letter-spacing: -0.05pt">may </FONT>overcome <FONT STYLE="letter-spacing: -0.05pt">this
presumption), and</FONT> the <FONT STYLE="letter-spacing: -0.05pt">indemnified </FONT>party may require <FONT STYLE="letter-spacing: -0.05pt">that
</FONT>independent <FONT STYLE="letter-spacing: -0.05pt">counsel </FONT>(as <FONT STYLE="letter-spacing: -0.05pt">defined in</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">Indemnification Agreement) make</FONT> the determination of <FONT STYLE="letter-spacing: -0.05pt">entitlement
and </FONT>may choose <FONT STYLE="letter-spacing: -0.05pt">such </FONT>counsel, subject <FONT STYLE="letter-spacing: -0.05pt">to
objection</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">us</FONT> <FONT STYLE="letter-spacing: 0.05pt">on
</FONT><FONT STYLE="letter-spacing: -0.05pt">limited grounds specified in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Indemnification
Agreement.</FONT> If a determination of <FONT STYLE="letter-spacing: -0.05pt">entitlement is made,</FONT> <FONT STYLE="letter-spacing: -0.1pt">we
</FONT>are <FONT STYLE="letter-spacing: -0.05pt">bound, but if</FONT> the <FONT STYLE="letter-spacing: -0.05pt">indemnified</FONT>
party <FONT STYLE="letter-spacing: -0.05pt">is denied </FONT>indemnification <FONT STYLE="letter-spacing: -0.05pt">pursuant to
the</FONT> terms <FONT STYLE="letter-spacing: 0.05pt">of </FONT><FONT STYLE="letter-spacing: -0.05pt">the Indemnification Agreement,
he </FONT>or <FONT STYLE="letter-spacing: -0.05pt">she is entitled to seek</FONT> a de novo <FONT STYLE="letter-spacing: -0.05pt">determination
</FONT>from a court. The <FONT STYLE="letter-spacing: -0.05pt">indemnified </FONT>party <FONT STYLE="letter-spacing: 0.05pt">is
</FONT>entitled <FONT STYLE="letter-spacing: -0.05pt">to enforce the Indemnification Agreement in court</FONT> and <FONT STYLE="letter-spacing: -0.1pt">we
</FONT>are <FONT STYLE="letter-spacing: -0.05pt">precluded from challenging the</FONT> validity <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the</FONT> procedures <FONT STYLE="letter-spacing: -0.05pt">and presumptions contained
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the Indemnification Agreement.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Item
16. <FONT STYLE="letter-spacing: -0.05pt">Exhibits</FONT></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; padding-top: 0.55pt; padding-right: 12.2pt; padding-left: 5.45pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>Exhibit
    Number</B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 82%; padding-top: 0.55pt; padding-left: 5.45pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt"><B>Exhibit
    Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1.05pt; padding-left: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.05pt; padding-left: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Opinion
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of Pierce <FONT STYLE="letter-spacing: -0.05pt">Atwood
    </FONT>LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 1.05pt; padding-left: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.05pt; padding-right: 11.25pt; padding-left: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Securities
    Purchase Agreement (incorporated</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by <FONT STYLE="letter-spacing: -0.05pt">reference
    to Exhibit</FONT> 10.1 of <FONT STYLE="letter-spacing: -0.05pt">the registrant&rsquo;s Current</FONT> Report <FONT STYLE="letter-spacing: 0.05pt">on
    </FONT>Form <FONT STYLE="letter-spacing: -0.05pt">8-K filed</FONT> on October 21, 2016 <FONT STYLE="letter-spacing: -0.05pt">(file
    no.</FONT> 1-12934))</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1.05pt; padding-left: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.05pt; padding-right: 11.7pt; padding-left: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Registration
    Rights Agreement (incorporated</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by <FONT STYLE="letter-spacing: -0.05pt">reference
    to Exhibit</FONT> 10.2 of <FONT STYLE="letter-spacing: -0.05pt">the registrant&rsquo;s Current</FONT> Report <FONT STYLE="letter-spacing: 0.05pt">on
    </FONT>Form <FONT STYLE="letter-spacing: -0.05pt">8-K filed</FONT> on October 21, 2016 <FONT STYLE="letter-spacing: -0.05pt">(file
    no.</FONT> 1-12934))</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 1.05pt; padding-left: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.05pt; padding-left: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Consent
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of Pierce <FONT STYLE="letter-spacing: -0.05pt">Atwood
    </FONT>LLP <FONT STYLE="letter-spacing: -0.05pt">(included in Exhibit</FONT> 5.1).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-top: 1.05pt; padding-left: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.05pt; padding-left: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Consent
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of Baker <FONT STYLE="letter-spacing: -0.05pt">Newman
    </FONT>&amp; <FONT STYLE="letter-spacing: -0.05pt">Noyes LLC.</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 1.05pt; padding-left: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 1.05pt; padding-left: 5.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Power
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of <FONT STYLE="letter-spacing: -0.05pt">Attorney
    (See signature page).</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-size: 10pt">Item
17. <FONT STYLE="letter-spacing: -0.05pt">Undertakings</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The <FONT STYLE="letter-spacing: -0.05pt">undersigned registrant</FONT> hereby <FONT STYLE="letter-spacing: -0.05pt">undertakes:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(1)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To <FONT STYLE="letter-spacing: -0.05pt">file, </FONT>during <FONT STYLE="letter-spacing: 0.05pt">any</FONT> period <FONT STYLE="letter-spacing: -0.05pt">in
which offers</FONT> or <FONT STYLE="letter-spacing: -0.05pt">sales</FONT> are <FONT STYLE="letter-spacing: -0.05pt">being made,
</FONT>a post-effective <FONT STYLE="letter-spacing: -0.05pt">amendment to this registration statement:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 80pt; text-align: justify"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="letter-spacing: 0.05pt">To</FONT> <FONT STYLE="letter-spacing: -0.05pt">include</FONT> any <FONT STYLE="letter-spacing: -0.05pt">prospectus
required</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> section 10(a)(3) of <FONT STYLE="letter-spacing: -0.05pt">the Securities
Act</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> 1933.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 80pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 80pt; text-align: justify"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To <FONT STYLE="letter-spacing: -0.05pt">reflect in the</FONT> prospectus <FONT STYLE="letter-spacing: 0.05pt">any</FONT>
facts or <FONT STYLE="letter-spacing: -0.05pt">events arising after</FONT> the <FONT STYLE="letter-spacing: -0.05pt">effective
</FONT>date of the <FONT STYLE="letter-spacing: -0.05pt">Registration Statement</FONT> (or <FONT STYLE="letter-spacing: -0.05pt">the
most recent post-effective amendment thereof) which, individually</FONT> or <FONT STYLE="letter-spacing: -0.05pt">in the</FONT>
aggregate, <FONT STYLE="letter-spacing: -0.05pt">represent</FONT> a <FONT STYLE="letter-spacing: -0.05pt">fundamental change in
the</FONT> information <FONT STYLE="letter-spacing: -0.05pt">set forth</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
Registration Statement.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">Notwithstanding
<FONT STYLE="letter-spacing: -0.05pt">the foregoing,</FONT> any <FONT STYLE="letter-spacing: -0.05pt">increase </FONT>or decrease
<FONT STYLE="letter-spacing: -0.05pt">in volume </FONT>of <FONT STYLE="letter-spacing: -0.05pt">securities offered</FONT> (if
<FONT STYLE="letter-spacing: -0.05pt">the total</FONT> dollar <FONT STYLE="letter-spacing: -0.05pt">value</FONT> of <FONT STYLE="letter-spacing: -0.05pt">securities
offered would not</FONT> exceed <FONT STYLE="letter-spacing: -0.05pt">that which was registered) and</FONT> any <FONT STYLE="letter-spacing: -0.05pt">deviation
</FONT>from the low or <FONT STYLE="letter-spacing: -0.05pt">high</FONT> end of <FONT STYLE="letter-spacing: -0.1pt">the</FONT>
<FONT STYLE="letter-spacing: -0.05pt">estimated maximum offering range</FONT> may be <FONT STYLE="letter-spacing: -0.05pt">reflected
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> form of <FONT STYLE="letter-spacing: -0.05pt">prospectus
filed with the</FONT> Commission <FONT STYLE="letter-spacing: -0.05pt">pursuant to Rule</FONT> 424(b) <FONT STYLE="letter-spacing: -0.05pt">if,
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">aggregate,</FONT> the changes
<FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">volume and</FONT> price <FONT STYLE="letter-spacing: -0.05pt">represent
no more</FONT> than a 20% <FONT STYLE="letter-spacing: -0.05pt">change</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
maximum aggregate offering</FONT> price <FONT STYLE="letter-spacing: -0.05pt">set forth in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">&ldquo;Calculation
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">Registration Fee&rdquo; table</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT>
<FONT STYLE="letter-spacing: -0.05pt">the effective registration statement.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 80pt; text-align: justify"><FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To <FONT STYLE="letter-spacing: -0.05pt">include</FONT> any <FONT STYLE="letter-spacing: -0.05pt">material information
with</FONT> respect <FONT STYLE="letter-spacing: -0.05pt">to the</FONT> plan of <FONT STYLE="letter-spacing: -0.05pt">distribution
not previously disclosed in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">registration statement</FONT> or any <FONT STYLE="letter-spacing: -0.05pt">material
change to such</FONT> information <FONT STYLE="letter-spacing: -0.05pt">in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">registration
statement.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">Provided,
<FONT STYLE="letter-spacing: -0.05pt">however,</FONT> that paragraphs (a)(1)(i), <FONT STYLE="letter-spacing: -0.05pt">(a)(1)(ii)
and (a)(1)(iii)</FONT> above do <FONT STYLE="letter-spacing: -0.05pt">not</FONT> apply <FONT STYLE="letter-spacing: -0.05pt">if
the</FONT> registration <FONT STYLE="letter-spacing: -0.05pt">statement is</FONT> on Form S-3 or Form F-3 <FONT STYLE="letter-spacing: -0.05pt">and
the information required to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">included</FONT> <FONT STYLE="letter-spacing: 0.05pt">in
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">post-effective amendment</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> those
<FONT STYLE="letter-spacing: -0.05pt">paragraphs is contained in</FONT> reports <FONT STYLE="letter-spacing: -0.05pt">filed with
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">furnished to the Commission</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT>
<FONT STYLE="letter-spacing: -0.05pt">the Registrant pursuant to Section</FONT> 13 <FONT STYLE="letter-spacing: -0.05pt">or</FONT>
15(d) of <FONT STYLE="letter-spacing: -0.05pt">the Securities</FONT> Exchange <FONT STYLE="letter-spacing: -0.05pt">Act</FONT>
of 1934 <FONT STYLE="letter-spacing: -0.05pt">that</FONT> are incorporated by <FONT STYLE="letter-spacing: -0.05pt">reference
in</FONT> the registration <FONT STYLE="letter-spacing: -0.05pt">statement,</FONT> or <FONT STYLE="letter-spacing: -0.05pt">is
</FONT>contained <FONT STYLE="letter-spacing: -0.05pt">in</FONT> a form <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">prospectus
filed pursuant to Rule</FONT> 424(b) <FONT STYLE="letter-spacing: -0.05pt">that is</FONT> part of <FONT STYLE="letter-spacing: -0.05pt">the
registration statement.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(2)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>That, <FONT STYLE="letter-spacing: -0.05pt">for the</FONT> purpose of <FONT STYLE="letter-spacing: -0.05pt">determining
</FONT><FONT STYLE="letter-spacing: 0.05pt">any</FONT> liability <FONT STYLE="letter-spacing: -0.05pt">under the Securities Act
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> 1933, each <FONT STYLE="letter-spacing: -0.05pt">such post-effective amendment
</FONT>shall be <FONT STYLE="letter-spacing: -0.05pt">deemed to</FONT> be a <FONT STYLE="letter-spacing: 0.05pt">new</FONT> <FONT STYLE="letter-spacing: -0.05pt">registration
statement</FONT> relating <FONT STYLE="letter-spacing: -0.05pt">to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">securities
offered therein, and the offering</FONT> of <FONT STYLE="letter-spacing: -0.05pt">such securities</FONT> at <FONT STYLE="letter-spacing: -0.05pt">that
time shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">deemed to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">the initial
</FONT>bona <FONT STYLE="letter-spacing: -0.05pt">fide offering thereof.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(3)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>To <FONT STYLE="letter-spacing: -0.05pt">remove</FONT> from <FONT STYLE="letter-spacing: -0.05pt">registration</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">means</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> a <FONT STYLE="letter-spacing: -0.05pt">post-effective
</FONT>amendment any of the <FONT STYLE="letter-spacing: -0.05pt">securities</FONT> being <FONT STYLE="letter-spacing: -0.05pt">registered
which remain</FONT> unsold at <FONT STYLE="letter-spacing: -0.05pt">the termination</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the offering.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(4)
That, <FONT STYLE="letter-spacing: -0.05pt">for the</FONT> purpose of <FONT STYLE="letter-spacing: -0.05pt">determining liability
under the Securities Act</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> 1933 <FONT STYLE="letter-spacing: -0.05pt">to any
purchaser:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 80pt; text-align: justify"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If <FONT STYLE="letter-spacing: -0.05pt">the registrant is</FONT> relying <FONT STYLE="letter-spacing: 0.05pt">on</FONT>
<FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 430B:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 100pt; text-align: justify"><FONT STYLE="font-size: 10pt">(A)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each <FONT STYLE="letter-spacing: -0.05pt">prospectus filed</FONT> by the <FONT STYLE="letter-spacing: -0.05pt">registrant
pursuant</FONT> <FONT STYLE="letter-spacing: 0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 424(b)(3) <FONT STYLE="letter-spacing: -0.05pt">shall
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">deemed to</FONT> be part of <FONT STYLE="letter-spacing: -0.05pt">the registration
statement</FONT> as of the date <FONT STYLE="letter-spacing: -0.05pt">the filed prospectus was</FONT> deemed part of <FONT STYLE="letter-spacing: -0.05pt">and
included in the registration statement; and</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 100pt; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="letter-spacing: -0.05pt"></FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 100pt; text-align: justify"><FONT STYLE="font-size: 10pt"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 100pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 100pt; text-align: justify"><FONT STYLE="font-size: 10pt">(B)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Each <FONT STYLE="letter-spacing: -0.05pt">prospectus required to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">filed
pursuant to</FONT> Rule 424(b)(2), <FONT STYLE="letter-spacing: -0.05pt">(b)(5)</FONT> or <FONT STYLE="letter-spacing: -0.05pt">(b)(7)
</FONT>as part of a <FONT STYLE="letter-spacing: -0.05pt">registration statement in reliance</FONT> on <FONT STYLE="letter-spacing: -0.05pt">Rule
</FONT>430B <FONT STYLE="letter-spacing: -0.05pt">relating to</FONT> an offering <FONT STYLE="letter-spacing: -0.05pt">made pursuant
to Rule</FONT> 415(a)(1)(i), <FONT STYLE="letter-spacing: -0.05pt">(vii)</FONT> or <FONT STYLE="letter-spacing: -0.05pt">(x) for
the</FONT> purpose of <FONT STYLE="letter-spacing: -0.05pt">providing</FONT> the information <FONT STYLE="letter-spacing: -0.05pt">required
</FONT>by section 10(a) of <FONT STYLE="letter-spacing: -0.05pt">the Securities Act</FONT> of 1933 <FONT STYLE="letter-spacing: -0.05pt">shall
</FONT>be <FONT STYLE="letter-spacing: -0.05pt">deemed to</FONT> be part of <FONT STYLE="letter-spacing: -0.05pt">and included
in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">registration statement</FONT> <FONT STYLE="letter-spacing: 0.05pt">as</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">the earlier </FONT>of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> date such <FONT STYLE="letter-spacing: 0.05pt">form
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">prospectus</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> <FONT STYLE="letter-spacing: -0.05pt">first
</FONT>used <FONT STYLE="letter-spacing: -0.05pt">after effectiveness</FONT> or the date of <FONT STYLE="letter-spacing: 0.05pt">the
</FONT><FONT STYLE="letter-spacing: -0.05pt">first contract</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">sale
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">securities </FONT><FONT STYLE="letter-spacing: 0.05pt">in
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">offering</FONT> described <FONT STYLE="letter-spacing: -0.05pt">in</FONT> the
<FONT STYLE="letter-spacing: -0.05pt">prospectus.</FONT> As provided <FONT STYLE="letter-spacing: -0.05pt">in Rule</FONT> 430B,
<FONT STYLE="letter-spacing: -0.05pt">for liability </FONT>purposes of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> issuer
<FONT STYLE="letter-spacing: -0.05pt">and</FONT> any person <FONT STYLE="letter-spacing: -0.05pt">that is</FONT> at that date
an <FONT STYLE="letter-spacing: -0.05pt">underwriter, such</FONT> date <FONT STYLE="letter-spacing: -0.05pt">shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">deemed
to</FONT> be a new <FONT STYLE="letter-spacing: -0.05pt">effective</FONT> date <FONT STYLE="letter-spacing: 0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.05pt">the registration statement relating to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">securities
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">registration statement to which
that prospectus relates, and the</FONT> offering <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">such
securities</FONT> at that <FONT STYLE="letter-spacing: -0.05pt">time shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">deemed
to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">the initial</FONT> bona <FONT STYLE="letter-spacing: -0.05pt">fide offering
thereof.</FONT> Provided, <FONT STYLE="letter-spacing: -0.05pt">however,</FONT> that <FONT STYLE="letter-spacing: -0.05pt">no
statement made</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">registration statement
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">prospectus that is</FONT> part of the <FONT STYLE="letter-spacing: -0.05pt">registration
statement</FONT> or <FONT STYLE="letter-spacing: -0.05pt">made in</FONT> a document incorporated <FONT STYLE="letter-spacing: -0.05pt">or
deemed incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference into the registration statement</FONT> or <FONT STYLE="letter-spacing: -0.05pt">prospectus
that is</FONT> part of the <FONT STYLE="letter-spacing: -0.05pt">registration statement</FONT> <FONT STYLE="letter-spacing: -0.1pt">will,
</FONT><FONT STYLE="letter-spacing: 0.05pt">as</FONT> <FONT STYLE="letter-spacing: -0.05pt">to</FONT> a <FONT STYLE="letter-spacing: -0.05pt">purchaser
with</FONT> a <FONT STYLE="letter-spacing: -0.05pt">time</FONT> of <FONT STYLE="letter-spacing: -0.05pt">contract</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">sale</FONT> prior <FONT STYLE="letter-spacing: -0.05pt">to such effective</FONT>
date, supersede or <FONT STYLE="letter-spacing: -0.05pt">modify</FONT> any <FONT STYLE="letter-spacing: -0.05pt">statement that
was made in the registration statement</FONT> or <FONT STYLE="letter-spacing: -0.05pt">prospectus that was</FONT> part <FONT STYLE="letter-spacing: 0.05pt">of
</FONT><FONT STYLE="letter-spacing: -0.05pt">the registration statement</FONT> or <FONT STYLE="letter-spacing: -0.05pt">made in
</FONT>any <FONT STYLE="letter-spacing: -0.05pt">such</FONT> document <FONT STYLE="letter-spacing: -0.05pt">immediately</FONT>
prior <FONT STYLE="letter-spacing: -0.05pt">to such effective</FONT> date; or</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 80pt; text-align: justify"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If <FONT STYLE="letter-spacing: -0.05pt">the registrant</FONT> <FONT STYLE="letter-spacing: 0.05pt">is</FONT> subject <FONT STYLE="letter-spacing: -0.05pt">to
Rule</FONT> 430C, each prospectus <FONT STYLE="letter-spacing: -0.05pt">filed pursuant to Rule</FONT> 424(b) as part of a <FONT STYLE="letter-spacing: -0.05pt">registration
statement relating to</FONT> an <FONT STYLE="letter-spacing: -0.05pt">offering, other than registration statements</FONT> relying
on <FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 430B or <FONT STYLE="letter-spacing: -0.05pt">other than prospectuses filed
in reliance </FONT>on <FONT STYLE="letter-spacing: -0.05pt">Rule </FONT>430A, <FONT STYLE="letter-spacing: -0.05pt">shall </FONT>be
<FONT STYLE="letter-spacing: -0.05pt">deemed to</FONT> be part of <FONT STYLE="letter-spacing: -0.05pt">and included in the registration
statement</FONT> as of <FONT STYLE="letter-spacing: -0.05pt">the</FONT> date <FONT STYLE="letter-spacing: -0.05pt">it is first
used after effectiveness.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">Provided,
<FONT STYLE="letter-spacing: -0.05pt">however, that no statement made in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">registration
statement</FONT> or <FONT STYLE="letter-spacing: -0.05pt">prospectus that is</FONT> part of <FONT STYLE="letter-spacing: -0.05pt">the
registration statement</FONT> or <FONT STYLE="letter-spacing: -0.05pt">made in</FONT> a <FONT STYLE="letter-spacing: -0.05pt">document
incorporated</FONT> or <FONT STYLE="letter-spacing: -0.05pt">deemed incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference
into</FONT> the <FONT STYLE="letter-spacing: -0.05pt">registration statement</FONT> or <FONT STYLE="letter-spacing: -0.05pt">prospectus
that is</FONT> part of the <FONT STYLE="letter-spacing: -0.05pt">registration statement will,</FONT> as <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">purchaser with</FONT> a <FONT STYLE="letter-spacing: -0.05pt">time</FONT> of <FONT STYLE="letter-spacing: -0.05pt">contract
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">sale</FONT> prior <FONT STYLE="letter-spacing: -0.05pt">to such first use, supersede
</FONT>or modify any <FONT STYLE="letter-spacing: -0.05pt">statement that was made in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">registration
</FONT>statement or <FONT STYLE="letter-spacing: -0.05pt">prospectus that was</FONT> part of <FONT STYLE="letter-spacing: -0.05pt">the
registration statement</FONT> or <FONT STYLE="letter-spacing: -0.05pt">made in</FONT> any such <FONT STYLE="letter-spacing: -0.05pt">document
</FONT>immediately prior <FONT STYLE="letter-spacing: -0.05pt">to such</FONT> date of <FONT STYLE="letter-spacing: -0.05pt">first
use.</FONT></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(5)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>That, <FONT STYLE="letter-spacing: -0.05pt">for the</FONT> purpose of <FONT STYLE="letter-spacing: -0.05pt">determining
liability </FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">the registrant</FONT> under
<FONT STYLE="letter-spacing: -0.05pt">the Securities Act</FONT> of 1933 <FONT STYLE="letter-spacing: -0.1pt">to</FONT> any <FONT STYLE="letter-spacing: -0.05pt">purchaser
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the</FONT> initial <FONT STYLE="letter-spacing: -0.05pt">distribution
</FONT>of the <FONT STYLE="letter-spacing: -0.05pt">securities.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt">The
<FONT STYLE="letter-spacing: -0.05pt">undersigned registrant undertakes that</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT>
a primary <FONT STYLE="letter-spacing: -0.05pt">offering</FONT> of <FONT STYLE="letter-spacing: -0.05pt">securities</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">undersigned registrant pursuant to this registration statement, regardless</FONT>
of the <FONT STYLE="letter-spacing: -0.05pt">underwriting method used to sell the securities to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">purchaser,
if the securities</FONT> are <FONT STYLE="letter-spacing: -0.05pt">offered</FONT> or <FONT STYLE="letter-spacing: -0.05pt">sold
to such purchaser</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">means</FONT> of any
of the <FONT STYLE="letter-spacing: -0.05pt">following communications, the</FONT> undersigned <FONT STYLE="letter-spacing: -0.05pt">registrant
</FONT>will be a <FONT STYLE="letter-spacing: -0.05pt">seller to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">purchaser and
</FONT>will be considered <FONT STYLE="letter-spacing: -0.05pt">to offer</FONT> or <FONT STYLE="letter-spacing: -0.05pt">sell
such securities to such purchaser:</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 80pt; text-align: justify"><FONT STYLE="font-size: 10pt">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="letter-spacing: -0.05pt">Any</FONT> preliminary prospectus or prospectus <FONT STYLE="letter-spacing: 0.05pt">of
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">undersigned registrant</FONT> relating <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">offering required to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">filed pursuant
to Rule</FONT> <FONT STYLE="letter-spacing: 0.05pt">424;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 80pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 80pt; text-align: justify"><FONT STYLE="font-size: 10pt">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="letter-spacing: -0.05pt">Any free writing prospectus relating to</FONT> the <FONT STYLE="letter-spacing: -0.05pt">offering
</FONT>prepared by or on behalf of <FONT STYLE="letter-spacing: -0.05pt">the undersigned registrant</FONT> or <FONT STYLE="letter-spacing: -0.05pt">used
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">referred</FONT> <FONT STYLE="letter-spacing: -0.1pt">to</FONT> by <FONT STYLE="letter-spacing: -0.05pt">the
undersigned registrant;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 80pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 80pt; text-align: justify"> <FONT STYLE="font-size: 10pt">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The portion of any <FONT STYLE="letter-spacing: -0.05pt">other free writing</FONT> prospectus <FONT STYLE="letter-spacing: -0.05pt">relating
to the offering containing material information</FONT> about the <FONT STYLE="letter-spacing: -0.05pt">undersigned registrant
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">its securities</FONT> provided by or on <FONT STYLE="letter-spacing: -0.05pt">behalf
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">the undersigned registrant; and </FONT>registrant to the purchaser.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 80pt; text-align: justify"><FONT STYLE="font-size: 10pt">(iv)
<FONT STYLE="letter-spacing: -0.1pt">Any</FONT> <FONT STYLE="letter-spacing: -0.05pt">other</FONT> communication that <FONT STYLE="letter-spacing: 0.05pt">is
an</FONT> <FONT STYLE="letter-spacing: -0.05pt">offer</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>offering <FONT STYLE="letter-spacing: -0.05pt">made</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
undersigned</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The <FONT STYLE="letter-spacing: -0.05pt">undersigned registrant</FONT> hereby <FONT STYLE="letter-spacing: -0.05pt">undertakes
that, for</FONT> purposes of <FONT STYLE="letter-spacing: -0.05pt">determining</FONT> any <FONT STYLE="letter-spacing: -0.05pt">liability
</FONT>under <FONT STYLE="letter-spacing: -0.05pt">the Securities Act</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> 1933,
each <FONT STYLE="letter-spacing: -0.05pt">filing</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">registrant&rsquo;s annual
</FONT>report <FONT STYLE="letter-spacing: -0.05pt">pursuant to</FONT> Section 13(a) or <FONT STYLE="letter-spacing: -0.05pt">Section
</FONT>15(d) of <FONT STYLE="letter-spacing: -0.05pt">the Securities Exchange Act</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT>1934 <FONT STYLE="letter-spacing: -0.05pt">(and, where</FONT> applicable, each <FONT STYLE="letter-spacing: -0.05pt">filing
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> an <FONT STYLE="letter-spacing: -0.05pt">employee</FONT> benefit <FONT STYLE="letter-spacing: -0.05pt">plan&rsquo;s
</FONT>annual report <FONT STYLE="letter-spacing: -0.05pt">pursuant to Section</FONT> 15(d) of <FONT STYLE="letter-spacing: -0.05pt">the
Securities Exchange Act</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> 1934) <FONT STYLE="letter-spacing: -0.05pt">that
is incorporated</FONT> by <FONT STYLE="letter-spacing: -0.05pt">reference</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">registration statement shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">deemed
to</FONT> be a new <FONT STYLE="letter-spacing: -0.05pt">registration statement</FONT> relating <FONT STYLE="letter-spacing: -0.05pt">to
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">securities</FONT> offered <FONT STYLE="letter-spacing: -0.05pt">therein,</FONT>
and the <FONT STYLE="letter-spacing: -0.05pt">offering</FONT> of <FONT STYLE="letter-spacing: -0.05pt">such securities</FONT>
at that <FONT STYLE="letter-spacing: -0.05pt">time shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">deemed to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">the
initial</FONT> bona <FONT STYLE="letter-spacing: -0.05pt">fide offering thereof.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The <FONT STYLE="letter-spacing: -0.05pt">undersigned registrant</FONT> hereby <FONT STYLE="letter-spacing: -0.05pt">undertakes
that, for</FONT> purposes of <FONT STYLE="letter-spacing: -0.05pt">determining</FONT> any <FONT STYLE="letter-spacing: -0.05pt">liability
</FONT>under <FONT STYLE="letter-spacing: -0.1pt">the</FONT> <FONT STYLE="letter-spacing: -0.05pt">Securities Act</FONT> of 1933,
<FONT STYLE="letter-spacing: -0.05pt">the information omitted</FONT> from <FONT STYLE="letter-spacing: -0.05pt">the</FONT> form
of prospectus <FONT STYLE="letter-spacing: -0.05pt">filed</FONT> as part of <FONT STYLE="letter-spacing: -0.05pt">this registration
statement in reliance</FONT> upon <FONT STYLE="letter-spacing: -0.05pt">Rule</FONT> 430A <FONT STYLE="letter-spacing: -0.05pt">and
contained in</FONT> a form of <FONT STYLE="letter-spacing: -0.05pt">prospectus filed</FONT> by the <FONT STYLE="letter-spacing: -0.05pt">registrant
pursuant to Rule</FONT> 424(b)(1) or <FONT STYLE="letter-spacing: -0.05pt">(4)</FONT> or 497(h) <FONT STYLE="letter-spacing: -0.05pt">under
the Securities Act</FONT> of 1933 <FONT STYLE="letter-spacing: -0.05pt">shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">deemed
to</FONT> be part of <FONT STYLE="letter-spacing: -0.05pt">this registration statement</FONT> as of the <FONT STYLE="letter-spacing: -0.05pt">time
it was</FONT> declared <FONT STYLE="letter-spacing: -0.05pt">effective.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 60pt; text-align: justify"><FONT STYLE="font-size: 10pt">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The <FONT STYLE="letter-spacing: -0.05pt">undersigned registrant</FONT> hereby <FONT STYLE="letter-spacing: -0.05pt">undertakes
that,</FONT> for <FONT STYLE="letter-spacing: -0.05pt">the</FONT> purpose of determining <FONT STYLE="letter-spacing: 0.05pt">any
</FONT>liability under the <FONT STYLE="letter-spacing: -0.05pt">Securities Act</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT>1933, each <FONT STYLE="letter-spacing: -0.05pt">post-effective amendment</FONT> that <FONT STYLE="letter-spacing: -0.05pt">contains
</FONT>a form of prospectus <FONT STYLE="letter-spacing: -0.05pt">shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">deemed
to</FONT> be a <FONT STYLE="letter-spacing: 0.05pt">new</FONT> <FONT STYLE="letter-spacing: -0.05pt">registration statement</FONT>
relating <FONT STYLE="letter-spacing: -0.05pt">to the securities offered</FONT> therein, and <FONT STYLE="letter-spacing: -0.05pt">the
</FONT>offering <FONT STYLE="letter-spacing: 0.05pt">of</FONT> <FONT STYLE="letter-spacing: -0.05pt">such securities</FONT> at
<FONT STYLE="letter-spacing: -0.05pt">that time shall</FONT> be <FONT STYLE="letter-spacing: -0.05pt">deemed to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">the
initial</FONT> bona fide <FONT STYLE="letter-spacing: -0.05pt">offering thereof.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Insofar
</FONT><FONT STYLE="font-size: 10pt">as <FONT STYLE="letter-spacing: -0.05pt">indemnification for liabilities</FONT> arising under
<FONT STYLE="letter-spacing: -0.05pt">the Securities Act</FONT> of 1933 <FONT STYLE="letter-spacing: -0.05pt">may</FONT> be <FONT STYLE="letter-spacing: -0.05pt">permitted
to directors, officers</FONT> and <FONT STYLE="letter-spacing: -0.05pt">controlling</FONT> persons of the <FONT STYLE="letter-spacing: -0.05pt">registrant
pursuant</FONT> <FONT STYLE="letter-spacing: 0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">the provisions</FONT> described
<FONT STYLE="letter-spacing: -0.05pt">in</FONT> Item 15 above, or <FONT STYLE="letter-spacing: -0.05pt">otherwise, the registrant
has</FONT> been <FONT STYLE="letter-spacing: -0.05pt">advised</FONT> that <FONT STYLE="letter-spacing: -0.05pt">in</FONT> the
opinion of <FONT STYLE="letter-spacing: -0.05pt">the Securities</FONT> and <FONT STYLE="letter-spacing: -0.05pt">Exchange</FONT>
Commission such <FONT STYLE="letter-spacing: -0.05pt">indemnification</FONT> <FONT STYLE="letter-spacing: 0.05pt">is </FONT><FONT STYLE="letter-spacing: -0.05pt">against
public</FONT> policy as <FONT STYLE="letter-spacing: -0.05pt">expressed in the Act and is, therefore, unenforceable.</FONT> In
<FONT STYLE="letter-spacing: -0.05pt">the event that</FONT> a claim <FONT STYLE="letter-spacing: -0.05pt">for indemnification
against such liabilities (other than the payment</FONT> <FONT STYLE="letter-spacing: 0.05pt">by</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
registrant</FONT> of <FONT STYLE="letter-spacing: -0.05pt">expenses incurred</FONT> or paid by a director, <FONT STYLE="letter-spacing: -0.05pt">officer
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">controlling</FONT> person of <FONT STYLE="letter-spacing: -0.05pt">the registrant
</FONT><FONT STYLE="letter-spacing: 0.05pt">in</FONT> the <FONT STYLE="letter-spacing: -0.05pt">successful</FONT> defense of any
action, <FONT STYLE="letter-spacing: -0.05pt">suit</FONT> or <FONT STYLE="letter-spacing: -0.05pt">proceeding) is asserted</FONT>
by <FONT STYLE="letter-spacing: -0.05pt">such</FONT> director, <FONT STYLE="letter-spacing: -0.05pt">officer or controlling</FONT>
person <FONT STYLE="letter-spacing: -0.05pt">in</FONT> connection <FONT STYLE="letter-spacing: -0.05pt">with the securities being
registered, the registrant</FONT> will, <FONT STYLE="letter-spacing: -0.05pt">unless in the</FONT> opinion of <FONT STYLE="letter-spacing: -0.05pt">its
</FONT>counsel <FONT STYLE="letter-spacing: -0.05pt">the matter</FONT> has been <FONT STYLE="letter-spacing: -0.05pt">settled
</FONT>by <FONT STYLE="letter-spacing: -0.05pt">controlling precedent, submit to</FONT> a <FONT STYLE="letter-spacing: -0.05pt">court
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">appropriate jurisdiction the question whether such indemnification</FONT> <FONT STYLE="letter-spacing: 0.05pt">by
</FONT><FONT STYLE="letter-spacing: -0.05pt">it is</FONT> against <FONT STYLE="letter-spacing: -0.05pt">public</FONT> policy <FONT STYLE="letter-spacing: 0.05pt">as
</FONT><FONT STYLE="letter-spacing: -0.05pt">expressed</FONT> <FONT STYLE="letter-spacing: 0.05pt">in</FONT> <FONT STYLE="letter-spacing: -0.05pt">the
Act and</FONT> will be <FONT STYLE="letter-spacing: -0.05pt">governed</FONT> by the <FONT STYLE="letter-spacing: -0.05pt">final
</FONT>adjudication of such <FONT STYLE="letter-spacing: -0.05pt">issue.</FONT></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.65pt 169.5pt 0 169.4pt; text-align: center"><FONT STYLE="font-size: 10pt">SIGNATURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"> <FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Pursuant
to the requirements</FONT> <FONT STYLE="font-size: 10pt">of <FONT STYLE="letter-spacing: -0.05pt">the Securities Act</FONT>
of 1933, as <FONT STYLE="letter-spacing: -0.05pt">amended, the registrant certifies</FONT> that <FONT STYLE="letter-spacing: -0.05pt">it
has reasonable grounds to believe that it meets all</FONT> <FONT STYLE="letter-spacing: 0.05pt">of</FONT> the <FONT STYLE="letter-spacing: -0.05pt">requirements
for filing</FONT> on Form S-3 <FONT STYLE="letter-spacing: -0.05pt">and has</FONT> <FONT STYLE="letter-spacing: 0.05pt">duly</FONT>
<FONT STYLE="letter-spacing: -0.05pt">caused </FONT>this Pre- <FONT STYLE="letter-spacing: -0.05pt">Effective Amendment</FONT>
No. 1 <FONT STYLE="letter-spacing: -0.05pt">to the Registration Statement to</FONT> be <FONT STYLE="letter-spacing: -0.05pt">signed
</FONT>on <FONT STYLE="letter-spacing: -0.05pt">its </FONT>behalf by the <FONT STYLE="letter-spacing: -0.05pt">undersigned, thereunto
</FONT>duly <FONT STYLE="letter-spacing: -0.05pt">authorized, in</FONT> the City <FONT STYLE="letter-spacing: 0.05pt">of</FONT>
<FONT STYLE="letter-spacing: -0.05pt">Portland, State</FONT> of Maine on December 5, 2016.</FONT> </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: justify"></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"> <FONT STYLE="font-size: 10pt">Dated: <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 5, 2016</FONT> </TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Michael F. Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">/s/ Michael F. Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">President, <FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.05pt">Chief
        Executive Officer,</FONT></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer <FONT STYLE="letter-spacing: -0.05pt">and
        Director</FONT></FONT></P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">(Principal <FONT STYLE="font-family: Times New Roman, Times, Serif; letter-spacing: -0.05pt">Executive
        Officer</FONT></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and <FONT STYLE="letter-spacing: -0.05pt">Principal
        Financial</FONT> and <FONT STYLE="letter-spacing: -0.05pt">Accounting Officer)</FONT></FONT></P>


</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD> <FONT STYLE="font-size: 10pt">Dated: <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 5, 2016</FONT> </TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Joseph H. Crabb, <FONT STYLE="letter-spacing: -0.05pt">Vice President and</FONT> Chief <FONT STYLE="letter-spacing: -0.05pt">Scientific
    Officer and Director</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD> <FONT STYLE="font-size: 10pt">Dated: <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 5, 2016</FONT> </TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">David S. Cunningham, <FONT STYLE="font-family: Times New Roman, Times, Serif">Director</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD> <FONT STYLE="font-size: 10pt">Dated: <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 5, 2016</FONT> </TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Linda Rhodes, Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD> <FONT STYLE="font-size: 10pt">Dated: <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 5, 2016</FONT> </TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; letter-spacing: -0.05pt">Jonathan</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E.
    <FONT STYLE="letter-spacing: -0.05pt">Rothschild,</FONT> Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD> <FONT STYLE="font-size: 10pt">Dated: <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 5, 2016</FONT> </TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">David S. Tomsche, Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD> <FONT STYLE="font-size: 10pt">Dated: <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 5, 2016</FONT> </TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Paul <FONT STYLE="letter-spacing: -0.05pt">R. Wainman, Director</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding: 0; text-indent: 0; text-align: left; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.15pt 0 0 11.5pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">*By:
                                         </FONT><FONT STYLE="font-size: 10pt"><U>/s/ <FONT STYLE="letter-spacing: -0.05pt">Michael
                                         F. Brigham</FONT></U></FONT></P>


</TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael
    F. Brigham, Attorney-in-Fact</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">ImmuCell
</FONT><FONT STYLE="font-size: 10pt">Corporation </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; text-align: center"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">EXHIBIT
</FONT><FONT STYLE="font-size: 10pt">INDEX</FONT></P>

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

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    <TD STYLE="width: 9%"><FONT STYLE="font-size: 10pt">Exhibit 5.1</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 84%"><FONT STYLE="font-size: 10pt">Opinion of Pierce Atwood LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Exhibit 23.1</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Pierce Atwood LLP (included in Exhibit 5.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">Exhibit 23.2&#9;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Consent of Baker Newman &amp; Noyes LLC</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93.55pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">&#9;</FONT></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>fs32016a1ex5i_immucellcorp.htm
<DESCRIPTION>OPINION OF PIERCE ATWOOD LLP
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin: 0 0 0 -20pt">&nbsp;</P>

<P STYLE="margin: 0 0 0 -20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0 -20pt">&nbsp;</P>

<P STYLE="font: 10pt/10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><IMG SRC="image_001.gif" ALT="PA_letterhead_header_final_02.png" STYLE="height: 43px; width: 739px"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0 -20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 380pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 380pt"><B>&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 -20pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.45pt; margin-bottom: 0; text-align: center"><FONT STYLE="letter-spacing: -0.05pt">December
</FONT>5, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0 -20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">ImmuCell
Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">56 <FONT STYLE="letter-spacing: -0.05pt">Evergreen</FONT> Drive</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Portland,
</FONT>ME 04103</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"><U>Pre-Effective
</U></FONT><U>Amendment <FONT STYLE="letter-spacing: -0.05pt">No.</FONT> 1 to <FONT STYLE="letter-spacing: -0.05pt">Registration
Statement</FONT> on <FONT STYLE="letter-spacing: -0.05pt">Form S-3</FONT> (File <FONT STYLE="letter-spacing: -0.05pt">No. 333-214641)</FONT></U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">This
</FONT>opinion is <FONT STYLE="letter-spacing: -0.05pt">furnished</FONT> to <FONT STYLE="letter-spacing: -0.05pt">ImmuCell Corporation,
</FONT>a <FONT STYLE="letter-spacing: -0.05pt">Delaware corporation (the &ldquo;Company&rdquo;),</FONT> in <FONT STYLE="letter-spacing: -0.05pt">connection
with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">resale under </FONT>the <FONT STYLE="letter-spacing: -0.05pt">Securities
Act</FONT> of 1933, <FONT STYLE="letter-spacing: -0.05pt">as amended (the &ldquo;Securities Act&rdquo;) </FONT><FONT STYLE="letter-spacing: 0.05pt">of
</FONT>659,880 <FONT STYLE="letter-spacing: -0.05pt">shares</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Company&rsquo;s
common stock, par value </FONT>$0.10 per share, <FONT STYLE="letter-spacing: -0.05pt">that are issued and outstanding (the &ldquo;Shares&rdquo;)
and rights (the &ldquo;Rights&rdquo;) issuable </FONT>in <FONT STYLE="letter-spacing: -0.05pt">respect</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Shares
</FONT>pursuant to the <FONT STYLE="letter-spacing: -0.05pt">Company&rsquo;s</FONT> Common <FONT STYLE="letter-spacing: -0.05pt">Stock
Rights Plan (the &ldquo;Plan&rdquo;), as amended,</FONT> pursuant to the <FONT STYLE="letter-spacing: -0.05pt">Registration Statement
</FONT>on <FONT STYLE="letter-spacing: -0.05pt">Form S-3 <U>(File No. 333-214641)</U> (as amended</FONT> from time to <FONT STYLE="letter-spacing: -0.05pt">time,
and including</FONT> the form of <FONT STYLE="letter-spacing: -0.05pt">prospectus contained therein,</FONT> the <FONT STYLE="letter-spacing: -0.05pt">&ldquo;Registration
Statement&rdquo;) </FONT>being <FONT STYLE="letter-spacing: -0.05pt">filed with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Securities
and Exchange </FONT>Commission <FONT STYLE="letter-spacing: -0.05pt">(the &ldquo;Commission&rdquo;) under</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Securities
Act.</FONT> (The <FONT STYLE="letter-spacing: -0.05pt">Shares and</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Rights</FONT>
are <FONT STYLE="letter-spacing: -0.05pt">hereinafter </FONT>collectively <FONT STYLE="letter-spacing: -0.05pt">referred</FONT>
to <FONT STYLE="letter-spacing: -0.05pt">as</FONT> the <FONT STYLE="letter-spacing: -0.05pt">&ldquo;Securities&rdquo;.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">The
Securities</FONT> <FONT STYLE="letter-spacing: 0.05pt">may</FONT> be issued <FONT STYLE="letter-spacing: -0.05pt">and</FONT> sold
or <FONT STYLE="letter-spacing: -0.05pt">delivered from</FONT> time to time <FONT STYLE="letter-spacing: -0.05pt">as set forth
</FONT>in the <FONT STYLE="letter-spacing: -0.05pt">Registration Statement,</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT>
<FONT STYLE="letter-spacing: -0.05pt">amendment thereto</FONT> and the <FONT STYLE="letter-spacing: -0.05pt">prospectus</FONT>
contained <FONT STYLE="letter-spacing: -0.05pt">therein (the &ldquo;Prospectus&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">As
counsel</FONT> to the <FONT STYLE="letter-spacing: -0.05pt">Company,</FONT> we are <FONT STYLE="letter-spacing: -0.05pt">familiar
with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">proceedings taken and proposed</FONT> to be <FONT STYLE="letter-spacing: -0.05pt">taken
</FONT><FONT STYLE="letter-spacing: 0.1pt">by</FONT> the Company in <FONT STYLE="letter-spacing: -0.05pt">connection with</FONT>
the <FONT STYLE="letter-spacing: -0.05pt">issuance and sale </FONT>of the <FONT STYLE="letter-spacing: -0.05pt">Securities.</FONT>
We <FONT STYLE="letter-spacing: -0.05pt">have examined</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Registration Statement,
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">Company&rsquo;s Certificate </FONT>of <FONT STYLE="letter-spacing: -0.05pt">Incorporation
(as amended),</FONT> the Company&rsquo;s <FONT STYLE="letter-spacing: -0.05pt">Bylaws</FONT> (as <FONT STYLE="letter-spacing: -0.05pt">amended),
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">Plan, certain resolutions</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Company&rsquo;s
</FONT>Board of <FONT STYLE="letter-spacing: -0.05pt">Directors, and other proceedings</FONT> <FONT STYLE="letter-spacing: 0.05pt">of
</FONT>the Company <FONT STYLE="letter-spacing: -0.05pt">related thereto.</FONT> We <FONT STYLE="letter-spacing: -0.05pt">have
also examined such records,</FONT> documents, <FONT STYLE="letter-spacing: -0.05pt">and certificates</FONT> of public <FONT STYLE="letter-spacing: -0.05pt">officials
and</FONT> of the Company, <FONT STYLE="letter-spacing: -0.05pt">made such inquiries</FONT> of <FONT STYLE="letter-spacing: -0.05pt">officers
</FONT><FONT STYLE="letter-spacing: 0.05pt">of</FONT> the Company <FONT STYLE="letter-spacing: -0.05pt">and</FONT> public <FONT STYLE="letter-spacing: -0.05pt">officials,
and considered</FONT> such <FONT STYLE="letter-spacing: -0.05pt">questions</FONT> of <FONT STYLE="letter-spacing: -0.05pt">law
as</FONT> we <FONT STYLE="letter-spacing: -0.05pt">have </FONT>deemed necessary for the <FONT STYLE="letter-spacing: -0.05pt">purpose
</FONT>of rendering the opinions <FONT STYLE="letter-spacing: -0.05pt">set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">In
</FONT>our <FONT STYLE="letter-spacing: -0.05pt">examination</FONT> of <FONT STYLE="letter-spacing: -0.05pt">such legal documents,
</FONT>we have <FONT STYLE="letter-spacing: -0.05pt">assumed</FONT> the <FONT STYLE="letter-spacing: -0.05pt">genuineness</FONT>
of <FONT STYLE="letter-spacing: -0.05pt">all signatures,</FONT> the <FONT STYLE="letter-spacing: -0.05pt">legal</FONT> capacity
of <FONT STYLE="letter-spacing: -0.05pt">all signatories</FONT> who <FONT STYLE="letter-spacing: -0.05pt">are natural persons,
</FONT>the <FONT STYLE="letter-spacing: -0.05pt">authenticity</FONT> of <FONT STYLE="letter-spacing: -0.05pt">all documents submitted
</FONT>to us <FONT STYLE="letter-spacing: -0.05pt">as originals,</FONT> the conformity to <FONT STYLE="letter-spacing: -0.05pt">original
</FONT>documents of <FONT STYLE="letter-spacing: -0.05pt">all documents submitted</FONT> to us <FONT STYLE="letter-spacing: -0.05pt">as
copies and</FONT> the authenticity of such <FONT STYLE="letter-spacing: -0.05pt">later </FONT>documents. <FONT STYLE="letter-spacing: -0.05pt">Insofar
as</FONT> this opinion <FONT STYLE="letter-spacing: -0.05pt">relates</FONT> to <FONT STYLE="letter-spacing: -0.05pt">factual matters,
</FONT>we have <FONT STYLE="letter-spacing: -0.05pt">assumed with</FONT> <FONT STYLE="letter-spacing: -0.1pt">your</FONT> permission
<FONT STYLE="letter-spacing: -0.05pt">and without independent investigation that</FONT> the <FONT STYLE="letter-spacing: -0.05pt">statements
</FONT>of the Company <FONT STYLE="letter-spacing: -0.05pt">contained</FONT> in the <FONT STYLE="letter-spacing: -0.05pt">Registration
Statement</FONT> are <FONT STYLE="letter-spacing: -0.05pt">true and correct as</FONT> to all <FONT STYLE="letter-spacing: -0.05pt">factual
matters</FONT> stated <FONT STYLE="letter-spacing: -0.05pt">therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify">We
<FONT STYLE="letter-spacing: -0.05pt">have relied as</FONT> to <FONT STYLE="letter-spacing: -0.05pt">certain matters</FONT> on
<FONT STYLE="letter-spacing: -0.05pt">information obtained from</FONT> public <FONT STYLE="letter-spacing: -0.05pt">officials,
officers</FONT> of the <FONT STYLE="letter-spacing: -0.05pt">Company, and</FONT> other <FONT STYLE="letter-spacing: -0.05pt">sources
believed</FONT> <FONT STYLE="letter-spacing: 0.1pt">by</FONT> us to be <FONT STYLE="letter-spacing: -0.05pt">reliable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">&nbsp;</FONT></P>

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</FONT>2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">December
</FONT>5, 2016</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt">Based
</FONT>upon the <FONT STYLE="letter-spacing: -0.05pt">foregoing,</FONT> we are of the opinion that:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: -0.05pt">The Shares</FONT> have been <FONT STYLE="letter-spacing: 0.05pt">duly</FONT> <FONT STYLE="letter-spacing: -0.05pt">authorized,
</FONT>validly <FONT STYLE="letter-spacing: -0.05pt">issued, and</FONT> are fully <FONT STYLE="letter-spacing: -0.05pt">paid</FONT>
and <FONT STYLE="letter-spacing: -0.05pt">nonassessable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With <FONT STYLE="letter-spacing: -0.05pt">respect</FONT> to the <FONT STYLE="letter-spacing: -0.05pt">Rights, assuming</FONT>
the (a) taking of <FONT STYLE="letter-spacing: -0.05pt">all</FONT> necessary corporate <FONT STYLE="letter-spacing: -0.05pt">action
</FONT>to <FONT STYLE="letter-spacing: -0.05pt">authorize and</FONT> approve the <FONT STYLE="letter-spacing: -0.05pt">issuance
</FONT>of <FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">Rights, and (b) execution,</FONT>
issuance <FONT STYLE="letter-spacing: -0.05pt">and</FONT> delivery of the <FONT STYLE="letter-spacing: -0.05pt">Rights</FONT>
in <FONT STYLE="letter-spacing: -0.05pt">accordance with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Plan, such Rights</FONT>
will be validly <FONT STYLE="letter-spacing: -0.05pt">issued and will entitle </FONT>the <FONT STYLE="letter-spacing: -0.05pt">holders
thereof </FONT>to the <FONT STYLE="letter-spacing: -0.05pt">rights specified</FONT> in the <FONT STYLE="letter-spacing: -0.05pt">Rights
and</FONT> the <FONT STYLE="letter-spacing: -0.05pt">Plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">It
</FONT>is understood <FONT STYLE="letter-spacing: -0.05pt">that</FONT> this opinion is to be <FONT STYLE="letter-spacing: -0.05pt">used
</FONT>only in <FONT STYLE="letter-spacing: -0.05pt">connection with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">offer and
sale </FONT>of the <FONT STYLE="letter-spacing: -0.05pt">Securities while </FONT>the <FONT STYLE="letter-spacing: -0.05pt">Registration
Statement</FONT> is in <FONT STYLE="letter-spacing: -0.05pt">effect and</FONT> <FONT STYLE="letter-spacing: 0.05pt">may</FONT>
not <FONT STYLE="letter-spacing: 0.05pt">be</FONT> <FONT STYLE="letter-spacing: -0.05pt">used, quoted</FONT> or <FONT STYLE="letter-spacing: -0.05pt">relied
</FONT>upon for any other purpose nor may this opinion be <FONT STYLE="letter-spacing: -0.05pt">furnished</FONT> to, <FONT STYLE="letter-spacing: -0.05pt">quoted
</FONT>or <FONT STYLE="letter-spacing: -0.05pt">relied</FONT> upon <FONT STYLE="letter-spacing: 0.05pt">by any</FONT> other person
or <FONT STYLE="letter-spacing: -0.05pt">entity, for</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">purpose,
without</FONT> our <FONT STYLE="letter-spacing: -0.05pt">prior written content. Please </FONT>note <FONT STYLE="letter-spacing: -0.05pt">that
we </FONT>are opining <FONT STYLE="letter-spacing: 0.05pt">only</FONT> <FONT STYLE="letter-spacing: -0.05pt">as</FONT> to the <FONT STYLE="letter-spacing: -0.05pt">matters
</FONT>expressly set <FONT STYLE="letter-spacing: -0.05pt">forth herein, and</FONT> no opinion should be <FONT STYLE="letter-spacing: -0.05pt">inferred
as</FONT> <FONT STYLE="letter-spacing: 0.05pt">to</FONT> any other <FONT STYLE="letter-spacing: -0.05pt">matters. This</FONT> opinion
is <FONT STYLE="letter-spacing: -0.05pt">based</FONT> upon currently existing <FONT STYLE="letter-spacing: -0.05pt">statutes,
</FONT>rules, <FONT STYLE="letter-spacing: -0.05pt">regulations and judicial decisions, and</FONT> we <FONT STYLE="letter-spacing: -0.05pt">disclaim
</FONT>any <FONT STYLE="letter-spacing: -0.05pt">obligation</FONT> <FONT STYLE="letter-spacing: 0.05pt">to</FONT> <FONT STYLE="letter-spacing: -0.05pt">advise
</FONT><FONT STYLE="letter-spacing: -0.1pt">you</FONT> of <FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">change
</FONT>in <FONT STYLE="letter-spacing: 0.05pt">any</FONT> of <FONT STYLE="letter-spacing: -0.05pt">these </FONT>sources of <FONT STYLE="letter-spacing: -0.05pt">law
</FONT>or subsequent <FONT STYLE="letter-spacing: -0.05pt">legal</FONT> or <FONT STYLE="letter-spacing: -0.05pt">factual developments
which might affect</FONT> <FONT STYLE="letter-spacing: 0.05pt">any</FONT> <FONT STYLE="letter-spacing: -0.05pt">matters</FONT> or
opinions <FONT STYLE="letter-spacing: -0.05pt">set</FONT> forth <FONT STYLE="letter-spacing: -0.05pt">herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 40pt; text-align: justify"><FONT STYLE="letter-spacing: -0.05pt"></FONT>We hereby
consent to the <FONT STYLE="letter-spacing: -0.05pt">filing</FONT> of this opinion <FONT STYLE="letter-spacing: -0.05pt">with
</FONT>the Commission <FONT STYLE="letter-spacing: -0.05pt">as an</FONT> exhibit to the <FONT STYLE="letter-spacing: -0.05pt">Registration
Statement</FONT> in <FONT STYLE="letter-spacing: -0.05pt">accordance with</FONT> the <FONT STYLE="letter-spacing: -0.05pt">requirements
</FONT>of <FONT STYLE="letter-spacing: -0.1pt">Item</FONT> 601(b)(5) of <FONT STYLE="letter-spacing: -0.05pt">Regulation S-K </FONT>under
the <FONT STYLE="letter-spacing: -0.05pt">Securities Act and</FONT> to <FONT STYLE="letter-spacing: -0.05pt">the </FONT>use of
this <FONT STYLE="letter-spacing: -0.05pt">firm&rsquo;s</FONT> name <FONT STYLE="letter-spacing: -0.05pt">therein and</FONT> in
the <FONT STYLE="letter-spacing: -0.05pt">related Prospectus under </FONT>the <FONT STYLE="letter-spacing: -0.05pt">caption &ldquo;Legal
Matters.&rdquo;</FONT> <FONT STYLE="letter-spacing: -0.15pt">In</FONT> <FONT STYLE="letter-spacing: -0.05pt">giving such consent,
we </FONT>do not hereby <FONT STYLE="letter-spacing: -0.05pt">admit that we </FONT>are in the <FONT STYLE="letter-spacing: -0.05pt">category
</FONT>of <FONT STYLE="letter-spacing: -0.05pt">persons whose </FONT>consent is <FONT STYLE="letter-spacing: -0.05pt">required
</FONT>under <FONT STYLE="letter-spacing: -0.05pt">Section</FONT> 7 of the <FONT STYLE="letter-spacing: -0.05pt">Securities Act
</FONT><FONT STYLE="letter-spacing: 0.05pt">or</FONT> the <FONT STYLE="letter-spacing: -0.05pt">rules and regulations</FONT> of
the Commission.</P>

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<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very truly <FONT STYLE="letter-spacing: -0.05pt">yours,</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIERCE ATWOOD <FONT STYLE="letter-spacing: -0.1pt">LLP</FONT></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    David <FONT STYLE="letter-spacing: 0.05pt">J. </FONT><FONT STYLE="letter-spacing: -0.05pt">Champoux</FONT></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    <FONT STYLE="letter-spacing: 0.05pt">J. </FONT><FONT STYLE="letter-spacing: -0.05pt">Champoux</FONT></FONT></TD></TR>
</TABLE>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>fs32016a1ex23ii_immucellcorp.htm
<DESCRIPTION>CONSENT OF BAKER NEWMAN & NOYES LLC
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>EXHIBIT 23.2</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3.55pt; text-align: center; margin-bottom: 0"><FONT STYLE="letter-spacing: -0.05pt"><B>CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</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: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">We
consent to the incorporation by <FONT STYLE="letter-spacing: -0.05pt">reference</FONT> in <FONT STYLE="letter-spacing: -0.05pt">this
</FONT>Registration Statement on <FONT STYLE="letter-spacing: -0.05pt">Form</FONT> S-3 of ImmuCell Corporation of <FONT STYLE="letter-spacing: -0.05pt">our
</FONT>report dated <FONT STYLE="letter-spacing: -0.05pt">March</FONT> 25, <FONT STYLE="letter-spacing: -0.05pt">2016 relating
to the financial</FONT> statements of <FONT STYLE="letter-spacing: -0.05pt">ImmuCell</FONT> Corporation appearing in the Annual
<FONT STYLE="letter-spacing: -0.05pt">Report</FONT> on <FONT STYLE="letter-spacing: -0.05pt">Form</FONT> 10-K of ImmuCell Corporation
for <FONT STYLE="letter-spacing: -0.05pt">the</FONT> year ended <FONT STYLE="letter-spacing: -0.05pt">December</FONT> 31, <FONT STYLE="letter-spacing: -0.05pt">2015.</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 0 0 0pt; text-align: justify; text-indent: 0pt">We also
consent to the reference of our <FONT STYLE="letter-spacing: -0.05pt">firm</FONT> under the heading &ldquo;Experts&rdquo; in
such prospectus.</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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"><B>&nbsp;<IMG SRC="image_002.jpg" ALT="" STYLE="height: 60px; width: 283px"></B></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;Portland,
<FONT STYLE="letter-spacing: -0.05pt">Maine</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 5, 2016</P>



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

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