<SEC-DOCUMENT>0001213900-16-012164.txt : 20160331
<SEC-HEADER>0001213900-16-012164.hdr.sgml : 20160331
<ACCEPTANCE-DATETIME>20160331170514
ACCESSION NUMBER:		0001213900-16-012164
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160328
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160331
DATE AS OF CHANGE:		20160331

FILER:

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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12934
		FILM NUMBER:		161543959

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

	MAIL ADDRESS:	
		STREET 1:		56 EVERGREEN DRIVE
		CITY:			PORTLAND
		STATE:			ME
		ZIP:			04103
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k032816_immucellcorp.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED
STATES</B></FONT><BR><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Washington, D.C. 20549</B></FONT></P>

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

<P STYLE="margin-top: 0pt; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0pt; text-align: center"><B>FORM 8-K<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
CURRENT
REPORT</FONT></B></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0; font: 10pt Times New Roman, Times, Serif">&nbsp;<BR> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <B>Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934 </B></FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
of Report: March 28, 2016</B></FONT><BR>
(Date of earliest event reported)</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ImmuCell
Corporation</B><BR> (Exact name of registrant as specified in its charter)</FONT></P>

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

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    <TD STYLE="width: 32%; padding-top: 0pt; padding-right: 0pt; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DE</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0pt 0pt 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 32%; padding-top: 0pt; padding-right: 0pt; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-12934</B></FONT></TD>
    <TD STYLE="width: 2%; padding: 0pt 0pt 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 32%; padding-top: 0pt; padding-right: 0pt; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>01-0382980</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or other jurisdiction <BR> of incorporation)</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission
    File Number) </FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS
    Employer <BR> Identification Number)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><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: 0pt; margin-bottom: 0pt; text-align: center"></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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 49%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>56
    Evergreen Drive Portland, Maine</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 49%; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>04103</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address of principal
    executive offices)</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<BR><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>207-878-2770</B></FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant's telephone number, including area code)</FONT></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Not
Applicable</B><BR> (Former Name or Former Address, if changed since last report)</FONT></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in">&#9744;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; text-indent: 0pt"><B>Item 1.01 &ndash; Entry into a Material
Definitive Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt"><B>Item 2.03 &ndash; Creation of a Direct
Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt">On March 28, 2016, ImmuCell Corporation
(the &quot;Company&quot;) entered into definitive agreements covering certain credit facilities with TD Bank N.A. in the amount
of up to $4.5 million. The first facility is a $2.0 million construction loan, drawable over a 12-month period at up to 75% of
the lesser of cost or appraised value of the to-be-constructed, commercial-scale production facility for <B>Mast Out</B><SUP>&reg;</SUP>,
during which interest only will be payable at a variable rate equal to the 30-day LIBOR plus 2.25%, which converts to a nine-year
term loan facility at the end of construction at the same interest rate with monthly principal and interest payments based on a
twenty-year amortization schedule, with a balloon payment of approximately $1,278,000 due in March 2026. The second facility is
a $2.5 million term loan, drawable over an 18-month period at up to 80% of the cost of equipment installed in the to-be-constructed,
commercial-scale production facility for <B>Mast Out</B><SUP>&reg;</SUP>, during which interest only will be payable at a variable
rate equal to the 30-day LIBOR plus 2.25%, which converts to a seven-year term loan facility at the end of construction at the
same interest rate with monthly principal and interest payments based on a seven-year amortization schedule. The Company must first
make an equity investment of at least $7 million in the equipment related to this project before proceeds from this second credit
facility can be drawn.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt">These credit facilities, as well as
the Company&rsquo;s pre-existing indebtedness to TD Bank N.A., are secured by mortgages and security interests with respect to
substantially all of the Company&rsquo;s assets. The Company must adhere to certain financial covenants set forth in the Second
Amended and Restated Loan Agreement related to its net worth and operating results relative to its levels of indebtedness and debt
service costs, respectively. The Company&rsquo;s failure to comply with these covenants, to make timely payments of principal and
interest, or otherwise to comply with the terms of its agreements with TD Bank N.A. would entitle the lender to accelerate the
maturity of such debt and demand repayment in full.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0pt">The two promissory notes and the Second
Amended and Restated Loan Agreement executed in connection with these credit facilities are attached as Exhibit 99.1, Exhibit 99.2
and Exhibit 99.3, respectively, to this Current Report on Form 8-K.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><B>Item 9.01 &ndash;
Financial Statements and Exhibits</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 9%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
    No.</B></FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 90%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Description</B></FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EX-99.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Construction
                                         Loan Note for $2,000,000 executed by ImmuCell Corporation in favor of TD Bank N.A. dated
                                         March 28, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EX-99.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Term
                                         Loan Note for $2,500,000 executed by ImmuCell Corporation in favor of TD Bank N.A. dated
                                         March 28, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EX-99.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second
                                         Amended and Restated Loan Agreement (covenants) between ImmuCell Corporation and TD Bank
                                         N.A. dated March 28, 2016</FONT></TD></TR></TABLE>

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


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

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: left; text-indent: 0.5in"></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; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    March 31, 2016</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IMMUCELL
    CORPORATION</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 4%; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 36%; padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Michael F Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    F. Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>President,
Chief Executive Officer and<BR>
Principal Financial Officer</I></FONT></P>


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

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    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 9%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    No.</B></FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; width: 90%; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EX-99.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Construction
                                         Loan Note for $2,000,000 executed by ImmuCell Corporation in favor of TD Bank N.A. dated
                                         March 28, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EX-99.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Term
                                         Loan Note for $2,500,000 executed by ImmuCell Corporation in favor of TD Bank N.A. dated
                                         March 28, 2016</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EX-99.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second
                                         Amended and Restated Loan Agreement (covenants) between ImmuCell Corporation and TD Bank
                                         N.A. dated March 28, 2016</FONT></TD></TR></TABLE>

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<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">4</FONT></P>

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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>f8k032816ex99i_immucell.htm
<DESCRIPTION>CONSTRUCTION LOAN NOTE FOR $2,000,000 EXECUTED BY IMMUCELL CORPORATION IN FAVOR OF TD BANK N.A. DATED MARCH 28, 2016
<TEXT>
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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
99.1</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: small-caps">LOAN
#__________</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: small-caps">&nbsp;</FONT>&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: italic 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 0pt; text-indent: 0pt; width: 22%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Date
    of Note: </I></B></FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>March
    28, 2016</I></FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Principal
    Amount: </I></B></FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>$2,000,000.00</I></FONT></TD></TR>

<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Maturity
    Date: </I></B></FONT></TD>
    <TD STYLE="text-align: left; padding-left: 0pt; text-indent: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>March
    28, 2026</I></FONT></TD></TR>
</TABLE>


<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: left">&nbsp;</P>

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

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify">Adjusted LIBOR Rate = &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
LIBOR Rate&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt/normal Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1
- LIBOR Reserve Percentage</P>



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

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; width: 78%"><P STYLE="margin-top: 0; margin-bottom: 0">For
purposes of this calculation LIBOR Reserve Percentage is defined as, for any day, that percentage (expressed as a decimal) which
is in effect from time to time under Regulation D, as such regulation may be amended from time to time or any successor regulation,
as the maximum reserve requirement (including, without limitation, any basic, supplemental, emergency, special, or marginal reserves)
applicable with respect to Eurocurrency liabilities as that term is defined in Regulation D (or against any other category of
liabilities that includes deposits by reference to which the interest rate of LIBOR Rate loans is determined), whether or not
Lender has any Eurocurrency liabilities subject to such reserve requirement at that time.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIBOR
    Interest Period:</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initially,
    the first (1st) LIBOR Interest Period hereunder shall be the period commencing on the date hereof and ending on (and including)
    April 27, 2016.&nbsp;&nbsp;Thereafter, each LIBOR Interest Period shall commence on the twenty eighth (28th) day of the calendar
    month immediately following the previous LIBOR Interest Period (the &ldquo;<B>Reset Date</B>&rdquo;) and shall end on the
    same day of the next consecutive month; provided however, (i) no LIBOR Interest Period shall extend beyond the Maturity Date
    of the Loan, and (ii) any LIBOR Interest Period that begins on the last Business Day of a calendar month (or on a day for
    which there is no numerically corresponding day in the calendar&nbsp;&nbsp;month at the end of such LIBOR Interest Period)
    shall end on the last Business Day of the relevant calendar month at the end of such LIBOR Interest Period.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Construction
    Loan Agreement:</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That
    certain agreement between Borrower and Lender bearing even date herewith pursuant to which Lender has agreed to advance the
    Principal Amount to the Borrower subject to the terms and conditions of such agreement.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business
    Day:</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    day on which domestic and international transactions are carried on in the London Interbank Market and commercial banks are
    open for business in London, England and are neither required nor authorized to close in the State.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>State:</B></FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shall
    mean the State of Maine.</FONT></TD></TR>
</TABLE>
<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR
VALUE RECEIVED</B>, ImmuCell Corporation, a Delaware corporation (the &ldquo;<B>Borrower</B>&rdquo;), having an address as indicated
below, <B>HEREBY PROMISES TO PAY ON THE MATURITY DATE</B> to the order of TD Bank, N.A., a national banking association, (hereinafter,
together with its successors and assigns, referred to as the &ldquo;<B>Lender</B>&rdquo;) at <B>One Portland Square,</B> <B>P.O.
Box 9540, Portland, Maine, 04112</B>, or at such other place as the holder hereof may from time to time designate in writing,
in immediately available federal funds, the Principal Amount or so much thereof as shall be advanced by Lender to Borrower pursuant
to the Construction Loan Agreement and then remaining unpaid, together with interest on the outstanding Principal Amount from
time to time at the Interest Rate. Interest only shall be due and payable monthly, commencing one month from the Date of Note
and on the same day of each successive month until March 28, 2017 (the &ldquo;<U>Payment Change Date</U>&rdquo;).</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning
with the payment next due after the Payment Change Date, principal payments shall be due and payable pursuant to a schedule of
principal payments based on a twenty year even amortization to be later attached to this Note as <B>Schedule A </B>to be then
provided by the Lender, plus accrued interest, in equal monthly installments, followed by a final installment of all unpaid principal
and interest due and payable on the Maturity Date. Borrower may elect an interest rate swap for all or any portion of the loan.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as the Interest Rate in effect is a variable rate of interest, the loan evidenced hereby may be prepaid in part or in
full at any time without premium. However, upon Borrower&rsquo;s execution of any ISDA interest rate swap or other hedging agreement
in connection with this Construction Loan Note synthetically converting the Interest Rate to an indicative fixed rate, any prepayment
shall be subject to the terms of such a swap or hedge agreement, including any provisions relating to termination fees.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, Borrower may elect to reduce the &ldquo;interest only&rdquo; time period set forth herein and begin amortizing
the Loan before the Payment Change Date, provided, however, that the total Loan amount has been fully advanced to the Borrower.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
hereby authorizes Lender to charge checking account number 029 06 9962 at TD Bank, N.A. (or such other account maintained by Borrower
at TD Bank, N.A. as Borrower shall designate by written notice to Lender) (the &ldquo;<B><U>Deposit Account</U></B>&rdquo;) to
satisfy the monthly payments of principal and/or interest due and payable to Lender hereunder on the twenty eighth (28th) day
of each month (each, a &ldquo;<B><U>Charge Date</U></B>&rdquo;) and Lender is hereby authorized to charge the Deposit Account
on each Charge Date or, if any Charge Date shall fall on a Saturday, Sunday or legal holiday, then the Lender reserves the right
to charge the Deposit Account on either the first (1<SUP>st</SUP>) Business Day immediately preceding or on the first (1<SUP>st</SUP>)
Business day immediately following any such Charge Date until the Note shall be paid in full.</FONT></P>

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

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

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

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Lender
may, at Lender&rsquo;s sole discretion, discontinue charging the Deposit Account at any time on not less than ten (10) days&rsquo;
written notice to the Borrower, in which event, Borrower shall thereafter be responsible for making all payments hereunder to
Lender at the address set forth in Lender&rsquo;s notice or if no such address is given, then to Lender at P.O. Box 5600, Lewiston,
Maine 04243-5600.</I></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
shall pay a late payment charge of six cents ($.06) for each dollar ($1.00) of each payment that is made more than fifteen (15)
days after the due date thereof, which charge shall be due and payable with each such late payment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULT
/ POST JUDGMENT INTEREST RATE. The Lender shall have the right to charge interest on the unpaid principal balance hereof at an
interest rate of four percent (4.0%) per annum in excess of the Interest Rate otherwise payable as provided herein (the &ldquo;<U>Default
Rate</U>&rdquo;) for any period during which the Borrower has failed to make a required payment hereunder within ten (10) days
of the due date therefor, or shall be in default under any material provision hereof or there shall be a default under any other
document guarantying, governing or securing this Note. The Default Rate shall apply following entry of any judgment hereon notwithstanding
any otherwise applicable statutory rate.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the term hereof, Borrower will deliver to Lender such financial information and reports as may be required by that certain Second
Amended and Restated Loan Agreement dated of or about even date herewith, as the same may be amended from time to time. Borrower&rsquo;s
failure to timely supply such information shall constitute an Event of Default hereunder.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Note is secured by, and the parties hereto are entitled to the benefits and security of, that certain Mortgage and Security Agreement
dated of or about even date herewith with respect to certain property owned by Borrower and improvements now or in the future
existing thereon, located at or about 33 Caddie Lane a/k/a Unit 11, Second Tee Business Park Condominium, Riverside Street, Portland,
Maine, as well as an existing Amended and Restated Mortgage and Security Agreement dated on or about September 21, 2015 with respect
to certain property with improvements thereon owned by Borrower and located at or about 56 Evergreen Drive, Portland, Maine (together,
the &ldquo;Mortgages&rdquo;), related collateral assignments of leases and rents and certain security agreements dated on or about
September 21, 2015 and of or about even date herewith (the &ldquo;Security Agreements&rdquo;) covering all business assets from
Borrower to Lender, all of the covenants, conditions and agreements of the Mortgages and Security Agreements being made a part
of this Note by this reference.</FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Borrower
waives demand, presentment for payment, notice of dishonor, protest and notice of protest of this Note.</I></FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
notice, demand or request relating to any matter set forth in this Note shall be given in the manner provided for in the Construction
Loan Agreement.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time
is of the essence as to all dates set forth herein; <U>provided</U>, <U>however</U>, that whenever any payment to be made under
this Note shall be stated to be due on a day that is not a Business Day, such payment may be made on the next succeeding Business
Day, and such extension of time shall in such case be included in the computations of payment of interest.</FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NO
FURTHER TEXT ON THIS PAGE]</FONT></P>




<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify; text-indent: 36pt"></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B>, the Borrower has executed and delivered this Note on the Date of Note as an instrument under seal.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify; text-indent: 36pt">&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>ATTESTING
WITNESS</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Borrower:</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>ImmuCell Corporation</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ David J. Champoux</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt"><I>By:</I></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><I>/s/ Michael F. Brigham</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><I>Name: Michael Brigham</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Title: &nbsp;Its President and CEO</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><I><U>Borrower&rsquo;s Address:</U></I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>56
                    Evergreen Drive</I></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Portland, Maine 04103</I></FONT></P>

</TD></TR>
</TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify; text-indent: 36pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: justify; text-indent: 36pt"></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SCHEDULE
A to CONSTRUCTION LOAN NOTE</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 5.4pt 0 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TO
BE LATER ATTACHED/PROVIDED BY LENDER</B></FONT></P>

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>f8k032816ex99ii_immucell.htm
<DESCRIPTION>TERM LOAN NOTE FOR $2,500,000 EXECUTED BY IMMUCELL CORPORATION IN FAVOR OF TD BANK N.A. DATED MARCH 28, 2016
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 99.2</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-weight: normal; font-variant: small-caps">LOAN
#__________</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: italic 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Note: </B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 28, 2016</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: italic 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Amount: </B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,500,000.00</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: italic 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maturity Date: </B></FONT></TD>
    <TD STYLE="text-align: left; padding: 0; text-indent: 0; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 28, 2024</FONT></TD></TR>
</TABLE>


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

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

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

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; text-indent: 0pt; width: 22%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt; width: 78%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    purposes of this calculation LIBOR Reserve Percentage is defined as, for any day, that percentage (expressed as a decimal)
    which is in effect from time to time under Regulation D, as such regulation may be amended from time to time or any successor
    regulation, as the maximum reserve requirement (including, without limitation, any basic, supplemental, emergency, special,
    or marginal reserves) applicable with respect to Eurocurrency liabilities as that term is defined in Regulation D (or against
    any other category of liabilities that includes deposits by reference to which the interest rate of LIBOR Rate loans is determined),
    whether or not Lender has any Eurocurrency liabilities subject to such reserve requirement at that time.<B> </B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LIBOR
    Interest Period:</B></FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initially,
    the first (1st) LIBOR Interest Period hereunder shall be the period commencing on the date hereof and ending on (and including)
    April 27, 2016.&nbsp;&nbsp;Thereafter, each LIBOR Interest Period shall commence on the twenty eighth (28th) day of the calendar
    month immediately following the previous LIBOR Interest Period (the &ldquo;<B>Reset Date</B>&rdquo;) and shall end on the
    same day of the next consecutive month; provided however, (i) no LIBOR Interest Period shall extend beyond the Maturity Date
    of the Loan, and (ii) any LIBOR Interest Period that begins on the last Business Day of a calendar month (or on a day for
    which there is no numerically corresponding day in the calendar&nbsp;&nbsp;month at the end of such LIBOR Interest Period)
    shall end on the last Business Day of the relevant calendar month at the end of such LIBOR Interest Period.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business
    Day:</B></FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    day on which domestic and international transactions are carried on in the London Interbank Market and commercial banks are
    open for business in London, England and are neither required nor authorized to close in the State.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0pt; text-align: left; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>State:</B></FONT></TD>
    <TD STYLE="padding: 0pt; text-align: justify; font: 10pt Times New Roman, Times, Serif; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shall
    mean the State of Maine.</FONT></TD></TR>
</TABLE>
<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR
VALUE RECEIVED</B>, ImmuCell Corporation, a Delaware corporation (the &ldquo;<B>Borrower</B>&rdquo;), having an address as indicated
below, <B>HEREBY PROMISES TO PAY ON THE MATURITY DATE</B> to the order of TD Bank, N.A., a national banking association, (hereinafter,
together with its successors and assigns, referred to as the &ldquo;<B>Lender</B>&rdquo;) at <B>One Portland Square,</B> <B>P.O.
Box 9540, Portland, Maine, 04112</B>, or at such other place as the holder hereof may from time to time designate in writing,
in immediately available federal funds, the Principal Amount or so much thereof as shall be advanced by Lender to Borrower pursuant
to the terms hereof and then remaining unpaid, together with interest on the outstanding Principal Amount from time to time at
the Interest Rate. Interest only shall be due and payable monthly, commencing one month from the Date of Note and on the same
day of each successive month until September 28, 2017 <U>or</U> the date on which the full Principal Amount hereof has been advanced
by Lender to Borrower, whichever is earlier (the &ldquo;<U>Advance Termination Date</U>&rdquo;).</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning
with the payment next due after the Advance Termination Date, principal payments shall be due and payable pursuant to a schedule
of principal payments based on a seven year even amortization to be later attached to this Note as <B>Schedule A </B>to be then
provided by the Lender, plus accrued interest, in equal monthly installments, followed by a final installment of all unpaid principal
and interest due and payable on the Maturity Date. Borrower may elect an interest rate swap for all or any portion of the loan.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
shall pay a late payment charge of six cents ($.06) for each dollar ($1.00) of each payment that is made more than fifteen (15)
days after the due date thereof, which charge shall be due and payable with each such late payment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as the Interest Rate in effect is a variable rate of interest, the loan evidenced hereby may be prepaid in part or in
full at any time without premium. However, upon Borrower&rsquo;s execution of any ISDA interest rate swap or other hedging agreement
in connection with this Term Loan Note synthetically converting the Interest Rate to an indicative fixed rate, any prepayment
shall be subject to the terms of such a swap or hedge agreement, including any provisions relating to termination fees.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
may request advances hereunder (each, an &ldquo;<U>Advance</U>&rdquo; and collectively, &ldquo;<U>Advances</U>&rdquo;) through,
to and including the Advance Termination Date, which Advances shall be utilized by Borrower solely for purposes of purchasing
machinery and equipment to be installed at the property owned by Borrower and located at or about 33 Caddie Lane a/k/a Unit 11,
Second Tee Business Park Condominium, Riverside Street, Portland, Maine (the &ldquo;<U>Project</U>&rdquo;) and shall not exceed
eighty percent (80%) of the invoiced cost of such machinery and equipment, exclusive of taxes and installation charges. Advances
shall be used for commercial purposes and not for any personal, family or household use or for the purpose of purchasing or carrying
any &ldquo;margin security&rdquo; or &ldquo;margin stock&rdquo; as such terms are used in Regulations U and X of the Board of
Governors of the Federal Reserve System, 12 C.F.R. &sect;&sect; 221 and 224. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
aggregate principal amount of all outstanding Advances shall not exceed the Principal Amount of this Note at any time. Lender
shall not be obligated to make Advances hereunder until such time as Borrower has provided Lender with evidence satisfactory to
Lender that Borrower has contributed equity in an amount of not less than Seven Million and 00/100 Dollars ($7,000,000.00), in
the form of machinery and equipment purchased with non-borrowed funds, to the Project. Lender shall not be obligated to make Advances
after the Advance Termination Date. Lender shall have the right to request periodic reports from Borrower as to the status of
the Project from time to time and Lender shall not be obligated to make Advances hereunder until such time as such reports are
received and are satisfactory to Lender, in its sole discretion. Lender will have no obligation to make Advances hereunder if:
(a) a Default (as hereinafter defined) has occurred and is continuing, (b) an event has occurred which with the passage of time
or giving of notice, if left uncured, would constitute a Default hereunder, (c) there occurs a material adverse change in Borrower&rsquo;s
financial condition or business or (d) Borrower has applied funds advanced pursuant to this Note for purposes other than those
authorized by Lender.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
Advances requested by Borrower hereunder are to be in writing pursuant to a written request (&ldquo;<U>Advance Request</U>&rdquo;)
executed by an Authorized Officer in form and content satisfactory to Lender, and shall include invoices from third party vendors
and other documentation satisfactory to Lender, in its sole discretion, establishing that the requested advance amount is equal
to a maximum of eighty percent (80%) of the invoiced cost of the equipment to be purchased, less taxes and installation charges.
For purposes hereof, the term &ldquo;Authorized Officer&rdquo; shall mean any officer (or comparable equivalent) of Borrower authorized
by specific resolution of Borrower to request Advances as set forth in an authorization certificate delivered to Lender in the
form set forth as <B>Schedule B</B> hereto. Lender shall be entitled to rely on each such authorization certificate received until
such time as Lender actually receives an amended authorization certificate amending the information set forth therein. Borrower
agrees to be liable for all sums advanced in accordance with the instructions of an Authorized Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 72pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 72pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 72pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
receiving a request for an Advance in accordance with this paragraph, and subject to the conditions set forth herein, Lender shall
make the requested Advance available to Borrower as soon as is reasonably practicable thereafter on the day the requested Advance
is to be made. Advances which may be made by Lender from time to time hereunder shall be made available by crediting such proceeds
to Borrower&rsquo;s operating account with Lender.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
hereby authorizes Lender to charge checking account number 029 06 9962 at TD Bank, N.A. (or such other account maintained by Borrower
at TD Bank, N.A. as Borrower shall designate by written notice to Lender) (the &ldquo;<B><U>Deposit Account</U></B>&rdquo;) to
satisfy the monthly payments of principal and/or interest due and payable to Lender hereunder on the twenty eighth (28th) day
of each month (each, a &ldquo;<B><U>Charge Date</U></B>&rdquo;) and Lender is hereby authorized to charge the Deposit Account
on each Charge Date or, if any Charge Date shall fall on a Saturday, Sunday or legal holiday, then the Lender reserves the right
to charge the Deposit Account on either the first (1<SUP>st</SUP>) Business Day immediately preceding or on the first (1<SUP>st</SUP>)
Business day immediately following any such Charge Date until the Note shall be paid in full.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
any other provision of this Note, if Lender shall reasonably determine (which determination shall be conclusive and binding absent
manifest error) that, (i) by reason of circumstances affecting the relevant market, reasonable and adequate means do not exist
for ascertaining the Adjusted LIBOR Rate, or (ii) it is unlawful for Lender to make or maintain the loan evidenced by the Note
as a LIBOR Rate based loan as contemplated by this Note, or to obtain in the interbank Eurodollar market the funds with which
to make such LIBOR Rate based loans, Lender shall give prompt written notice thereof to Borrower and after the giving of such
notice, until any such notice has been withdrawn by Lender, the Principal Amount shall bear interest at another rate then designated
by the Lender, in its sole discretion, for general commercial loan reference purposes.</FONT></P>

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the term hereof, Borrower will deliver to Lender such financial information and reports as may be required by that certain Second
Amended and Restated Loan Agreement dated of or about even date herewith, as the same may be amended from time to time. Borrower&rsquo;s
failure to timely supply such information shall constitute a Default hereunder.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Note is secured by, and the parties hereto are entitled to the benefits and security of, that certain security agreement dated
of or about even date herewith (the &ldquo;<U>2016 Security Agreement</U>&rdquo;) from Borrower to Lender and a certain Amended
and Restated Security Agreement dated on or about September 21, 2015 from Borrower to Lender (the &ldquo;<U>2015 Security Agreement
</U>or, together with the 2016 Security Agreement, the &ldquo;Security Agreements&rdquo;), each covering all business assets of
Borrower, as well as a certain Mortgage and Security Agreement with respect to certain property owned by Borrower and improvements
now or in the future existing thereon, located at or about 33 Caddie Lane a/k/a Unit 11, Second Tee Business Park Condominium,
Riverside Street, Portland, Maine, an existing Amended and Restated Mortgage and Security Agreement dated on or about September
21, 2015 with respect to certain property with improvements thereon owned by Borrower and located at or about 56 Evergreen Drive,
Portland, Maine (the two said Mortgage and Security Agreements, together, the &ldquo;Mortgages&rdquo;) and related collateral
assignments of leases and rents, all of the covenants, conditions and agreements of the said collateral security documents being
made a part of this Note by this reference.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is the intention of the parties that Lender shall have a first priority purchase money security interest in equipment purchased
by Borrower for which an Advance is made hereunder.</FONT></P>

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

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

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

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

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
agrees that if it fails to make any payment due under this Note, or upon the happening of any &ldquo;<B>Default</B>&rdquo; (as
defined in the 2016 Security Agreement) under the Security Agreements or an &ldquo;<B>Event of Default</B>&rdquo; under either
of the Mortgages, Lender shall have no obligation to make any further Advances and the outstanding Principal Amount, together
with accrued interest and all other expenses, including, without limitation, reasonable attorneys&rsquo; fees, shall immediately
become due and payable at the option of the holder of this Note, notwithstanding the Maturity Date. For purposes hereof, attorneys&rsquo;
fees shall include, without limitation, fees and disbursements for legal services incurred by the holder hereof in collecting
or enforcing payment hereof whether or not suit is brought, and if suit is brought, then through all appellate actions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DEFAULT
/ POST JUDGMENT INTEREST RATE. The Lender shall have the right to charge interest on the unpaid principal balance hereof at an
interest rate of four percent (4.0%) per annum in excess of the Interest Rate otherwise payable as provided herein (the &ldquo;<U>Default
Rate</U>&rdquo;) for any period during which the Borrower has failed to make a required payment hereunder within ten (10) days
of the due date therefor, or shall be in default under any material provision hereof or there shall be a default under any other
document guarantying, governing or securing this Note. The Default Rate shall apply following entry of any judgment hereon notwithstanding
any otherwise applicable statutory rate.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 36pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
no event shall the total of all charges payable under this Note and any other documents executed and delivered in connection herewith
and therewith that are or could be held to be in the nature of interest exceed the maximum rate permitted to be charged by applicable
law. Should the Lender receive any payment of interest that is or would be in excess of that permitted to be charged under any
such applicable law, such payment shall have been, and shall be deemed to have been, made in error and shall thereupon be applied
to reduce the principal balance outstanding on this Note.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Borrower
waives demand, presentment for payment, notice of dishonor, protest and notice of protest of this Note.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
notice, demand or request relating to any matter set forth in this Note shall be in writing and shall be deemed to have been sufficiently
given or served for all purposes when presented personally, three (3) days after mailing by registered or certified mail, postage
prepaid, or one (1) day after delivery to a nationally recognized overnight courier service providing evidence of the date of
delivery, if to Borrower at 56 Evergreen Drive, Portland, Maine 04103, to the attention of Michael Brigham, President and CEO,
and if to Lender, at its address first above written, to the attention of William R. Schad, or at such other address of which
a party shall have notified the party giving such notice in writing in accordance with the foregoing requirements.</FONT></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time
is of the essence as to all dates set forth herein; <U>provided</U>, <U>however</U>, that whenever any payment to be made under
this Note shall be stated to be due on a day that is not a Business Day, such payment may be made on the next succeeding Business
Day, and such extension of time shall in such case be included in the computations of payment of interest.</FONT></P>

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

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

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

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

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

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

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

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

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

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

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



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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ATTESTING
    WITNESS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Borrower:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>ImmuCell
    Corporation</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; layout-grid-mode: line; text-indent: 0pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    David J. Champoux</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: left; layout-grid-mode: line; text-indent: 0pt; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Michael F. Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></P>
        <P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
                                         Brigham&#9;</FONT></P>
        <P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its
        President and CEO</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Borrower&rsquo;s
    Address</U>:</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>56
    Evergreen Drive</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: italic 10pt Times New Roman, Times, Serif; padding: 0pt; text-align: justify; layout-grid-mode: line; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Portland,
    Maine 04103</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>




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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
A to TERM LOAN NOTE</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TO
BE LATER ATTACHED/PROVIDED BY LENDER</FONT></P>

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

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

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

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

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

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">8</P>

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

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>f8k032816ex99iii_immucell.htm
<DESCRIPTION>SECOND AMENDED AND RESTATED LOAN AGREEMENT (COVENANTS) BETWEEN IMMUCELL CORPORATION AND TD BANK N.A. DATED MARCH 28, 2016
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Second
Amended and Restated</B> <B>Loan Agreement</B></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"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Agreement is entered into this 28th day of March, 2016 by, between and among <B>ImmuCell Corporation</B> (the &ldquo;<U>Borrower</U>&rdquo;)
and <B>TD Bank, N.A</B>. (together with its successors and assigns, the &ldquo;<U>Lender</U>&rdquo;), for itself and as agent
for any Affiliate Counterparty (as that term is defined in a certain Mortgage and Security Agreement dated on or about September
21, 2015 (the &ldquo;<U>Mortgage</U>&rdquo;) with respect to property and improvements therein described and located at or about
56 Evergreen Drive, Portland, Maine (the &ldquo;<U>Evergreen Premises</U>&rdquo;) and 1039 Riverside, Portland, Maine (the &ldquo;<U>Riverside
Premises</U>&rdquo;), and amends and restates a certain Loan Agreement between Borrower and Lender originally dated on or about
August 13, 2010 and previously amended and restated on or about September 21, 2015.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and Lender previously entered into loan transactions in the amount of up to an aggregate of $4,600,000 with respect to term debt
and line of credit financing in said amount secured by a first mortgage on the Evergreen Premises and all business assets of the
Borrower, and Borrower and Lender are entering into loan transactions of or about even date in the original principal amount of
up to $4,500,000 to be secured by the same collateral as well as the Riverside Premises (all of the foregoing, together with all
modifications, extensions, renewals and replacements thereof, the &ldquo;<U>Loans</U>&rdquo;).</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><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">&#9;<B>AGREEMENT
</B></FONT></P>

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

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

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 0 0 0.5in; text-indent: 0.33in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terms
not otherwise defined herein shall have the meanings set forth in the Mortgage. For purposes of this Agreement, the following
terms shall have the respective meanings assigned to them below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 76.5pt"><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 0 0 0.5in; text-indent: 0.33in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;&ldquo;<U>CMLTD</U>&rdquo;
shall mean the current scheduled principal or capital lease &#9;payments required to be paid during the following four quarters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 0 0 0.5in; text-indent: 0.33in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Distributions</U>&rdquo;
shall mean all cash dividends to shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><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 0 0 0.5in; text-indent: 0.33in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Earnings</U>&rdquo;
shall mean earnings as defined under GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><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 0 0 0.5in; text-indent: 0.33in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>EBITDA</U>&rdquo;
means, for any period, Earnings from continuing operations before payment of federal, state and local income taxes, plus Interest
Expense, depreciation and amortization, in each case for such period, computed and calculated in accordance with GAAP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><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 0 0 0.5in; text-indent: 0.33in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>GAAP</U>&rdquo;
means Generally Accepted Accounting Principles in effect from time to time in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><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 0 0 0.5in; text-indent: 0.33in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Intangible
Assets</U>&rdquo; means, as of the date of determination thereof, assets that in accordance with GAAP are properly classifiable
as intangible assets, including, but not limited to, goodwill, franchises, licenses, patents, trademarks, trade names, deferred
assets and copyrights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><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 0 0 0.5in; text-indent: 0.33in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Interest
Expense</U>&rdquo; means, for any period, ordinary, regular, recurring and continuing expenses for interest on all borrowed money.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><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 0 0 0.5in; text-indent: 0.33in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Tangible
Stockholder Equity</U>&rdquo; means, as of the date of determination thereof, total assets, excluding all Intangible Assets, all
obligations owed from affiliates or any employee, shareholder, partner or member, any capitalized start-up or development expense,
and any write up or reappraisal of the Borrower&rsquo;s existing assets less total liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><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; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial
Covenants</U>. As long as any Indebtedness remains outstanding, unpaid and/or committed, Borrower shall remain in compliance with
the following covenants:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.8in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Debt
Service Coverage Ratio Covenant</U>. The Borrower covenants &#9;that beginning with its fiscal quarter end next following the
date of this Agreement &#9;and continuing with each fiscal quarter thereafter, it shall not permit the ratio of its &#9;EBITDA,
minus taxes paid in cash and Distributions to Interest Expense plus &#9;CMLTD to be less than 1.30 to 1.00.&nbsp; For purposes
of calculating this &#9;covenant, EBITDA shall not include any gains or losses from the sale of assets &#9;outside the normal
course of business or any other extraordinary accounting &#9;adjustments or non-recurring items of income or loss, all of the
foregoing as &#9;determined by the Lender.<B> &#9;</B>This covenant will be measured quarterly on a rolling &#9;four quarter basis.
&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><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; text-indent: 0.8in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Debt
to Tangible Stockholder Equity</U>. The Borrower covenants that from and after the date hereof, the Borrower shall not permit
its ratio of total liabilities to Tangible Stockholder Equity to be above 1.25 to 1.00. This covenant will be measured at and
as of the end of each fiscal quarter end following Borrower&rsquo;s submission of financial statements to Lender as required hereby
and by instruments evidencing the Loans dated on or about even date herewith. This covenant will be annually at the end of each
fiscal year of Borrower following submission of financial reports, as required hereby.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><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; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
default by Borrower under the terms of this Second Amended and Restated Loan Agreement shall constitute an Event of Default under
the Notes, and any and all documents securing the same, including, without limitation, under the Mortgage, under a Mortgage and
Security Agreement dated of or about even date relating to the Riverside Premises, under that certain Amended and Restated Security
Agreement dated on or about September 21, 2015 and under a certain Security Agreement dated of or about even date herewith.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
witness whereof the parties have set their hands and seals of the date above set forth.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ImmuCell
    Corporation&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    David J. Champoux</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Michael F. Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    Brigham</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><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">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Its
    duly authorized President and CEO</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><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">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><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">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TD
    Bank, N.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><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">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Joshua R. Dow</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    William R. Schad</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Witness</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William
    R. Schad</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><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">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Commercial Loan Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<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">&nbsp;3</FONT></P>

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

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