<SEC-DOCUMENT>0001213900-20-015079.txt : 20200616
<SEC-HEADER>0001213900-20-015079.hdr.sgml : 20200616
<ACCEPTANCE-DATETIME>20200616105325
ACCESSION NUMBER:		0001213900-20-015079
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20200612
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:		20200616
DATE AS OF CHANGE:		20200616

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:		20965388

	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>ea123091-8k_immucellcorp.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; 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: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
of Report: June 12, 2020</B><BR>
(Date of earliest event reported)</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-align: center; text-indent: 0; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>001-12934</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-align: center; text-indent: 0; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>01-0382980</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or other jurisdiction<BR>
of incorporation)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><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: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Commission
    File Number)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><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: 0; text-align: center; text-indent: 0"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Identification Number)</FONT></P></TD></TR>
</TABLE>



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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; width: 49%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>56
                                         Evergreen Drive</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Portland,
        Maine</B></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-align: center; text-indent: 0; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: center; text-indent: 0; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>04103</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
    of principal executive offices)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: center; text-indent: 0"><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: 0; text-align: center; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Zip
    Code)</FONT></TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>207-878-2770</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B>(Registrant's
telephone number, including area code)</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"><B>&nbsp;</B></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">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; 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; text-align: justify">&#9744;&nbsp;&nbsp;Written communications pursuant to Rule 425
under the Securities Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9744;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12
under the Exchange Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9744;&nbsp;&nbsp;Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#9744;&nbsp;&nbsp;Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered pursuant to Section 12(b) of the Exchange Act: NONE</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act or Rule 12b-2
of the Exchange Act:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
growth company &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT><FONT STYLE="font-style: normal; font-weight: 400; text-transform: none; background-color: rgb(255, 255, 255)">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&#9744;</FONT>&nbsp;</P>

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

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></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"><B>Item
1.01 &ndash; Entry into a Material Definitive Agreement</B></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"><B>&nbsp;</B></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"><B>Item
2.03 &ndash; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant</B></FONT></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"><B>&nbsp;</B></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">On
June 12, 2020, ImmuCell Corporation (the &quot;Company&quot;) executed definitive agreements covering a loan with the Maine Technology
Institute (MTI) in the aggregate principal amount of $500,000. No principal payments are due until December 2022, and the note
bears no interest until October 2022, at which time principal and interest payments are due quarterly at a fixed rate of 5% per
annum based on a five-year amortization schedule until September 2027.</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">&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">The
credit facility is subordinated to the Company&rsquo;s indebtedness to Gorham Savings Bank, which indebtedness is secured by mortgages
and security interests with respect to substantially all of the Company&rsquo;s assets. The Company&rsquo;s failure to make timely
payments of principal and interest, or otherwise to comply with the terms of its agreements with MTI, would entitle MTI to accelerate
the maturity of such debt and demand repayment in full.</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"><B>&nbsp;</B></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">The
Note Purchase Agreement and the Subordinated Promissory Note executed in connection with this credit facility are attached as
Exhibit 99.2 and Exhibit 99.3, respectively, to this Current Report on Form 8-K.</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"><B>Item
9.01. Financial Statements and Exhibits.&nbsp;</B></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"><B>&nbsp;</B></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"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    No.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-indent: 0; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD 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"><B>&nbsp;</B></FONT></TD>
    <TD 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">&nbsp;</FONT></TD>
    <TD 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">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><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; padding: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><A HREF="ea123091ex99-1_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release of the Company dated June 16, 2020.</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><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; padding: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><A HREF="ea123091ex99-2_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note Purchase Agreement executed by ImmuCell Corporation in favor of the Maine Technology Institute dated June 12, 2020.</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><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; padding: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><A HREF="ea123091ex99-3_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subordinated Promissory Note for $500,000 executed by ImmuCell Corporation in favor of the Maine Technology Institute dated June 12, 2020.</FONT></A></TD></TR>
</TABLE></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"><B>&nbsp;</B></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"><B></B></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"><B>&nbsp;</B></FONT>&nbsp;</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"><B>&nbsp;</B></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD 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">Dated:
    June 16, 2020</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>IMMUCELL CORPORATION</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0; width: 60%"><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: 0; text-indent: 0; width: 4%"><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: 0; text-indent: 0; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0 0 1.5pt; 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="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Michael F Brigham &nbsp; &nbsp; &nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD 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">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
                                         F. Brigham</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"><I>President,
        Chief Executive Officer and</I></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Principal Financial Officer</I></FONT></P></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 2.5in">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    No.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0 0 1.5pt; text-indent: 0; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-indent: 0; width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD 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"><B>&nbsp;</B></FONT></TD>
    <TD 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">&nbsp;</FONT></TD>
    <TD 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">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><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; padding: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><A HREF="ea123091ex99-1_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press release of the Company dated June 16, 2020.</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><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; padding: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><A HREF="ea123091ex99-2_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note Purchase Agreement executed by ImmuCell Corporation in favor of the Maine Technology Institute dated June 12, 2020.</FONT></A></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><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; padding: 0; text-align: justify; text-indent: 0"><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: 0; text-align: justify; text-indent: 0"><A HREF="ea123091ex99-3_immucell.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subordinated Promissory Note for $500,000 executed by ImmuCell Corporation in favor of the Maine Technology Institute dated June 12, 2020.</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; 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; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">3</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ea123091ex99-1_immucell.htm
<DESCRIPTION>PRESS RELEASE OF THE COMPANY DATED JUNE 16, 2020
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><IMG SRC="ex99-1_001.jpg" ALT=""></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"></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: 10pt"><B>&nbsp;</B></FONT></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: 10pt"><B>ImmuCell
Receives $500,000 Loan from </B></FONT></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: 10pt"><B>the
Maine Technology Institute </B></FONT></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: 10pt"><B><I>&nbsp;</I></B></FONT></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: 10pt"><B><I><U>For
Immediate Release</U></I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PORTLAND,
Maine&nbsp;&ndash;&nbsp;June 16, 2020 &ndash; ImmuCell Corporation (Nasdaq:&nbsp;ICCC) </B>(&ldquo;ImmuCell&rdquo; or the &ldquo;Company&rdquo;),
a growing animal health company that develops, manufactures and markets scientifically-proven and practical products that improve
the health and productivity of dairy and beef calves, today&nbsp;announced receipt of a $500,000 subordinated loan from the Maine
Technology Institute (MTI), whose mission is to support Maine&rsquo;s innovation economy.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
loan supports the Company&rsquo;s investments to increase the production capacity of <B>First Defense</B><SUP>&reg;</SUP>, to
complete the development of <B>Re-Tain</B>&trade; and to bring the formulation and aseptic filling services for <B>Re-Tain</B>&trade;
in-house after FDA approval and market launch.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
first two-plus years of the loan are interest-free with no required principal payments. Principal and interest payments at 5%
per annum are due quarterly over the five-year period beginning during the fourth quarter of 2022. The loan may be prepaid without
penalty at any time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;This
funding represents another building block in our financing strategy to pay for the expansion of our <B>First Defense</B><SUP>&reg;
</SUP>production capacity and the commercialization of <B>Re-Tain</B>&trade;,&rdquo; commented Michael F. Brigham, President and
CEO. &ldquo;The support from the State of Maine with this innovative financial instrument helps us move forward confidently with
our growth investments and employee hiring plans.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Having
recently received a Certificate of Occupancy for the 14,300 square feet of space that it has leased and renovated at 175 Industrial
Way in Portland, the Company has initiated the move-in and USDA site licensing processes. The leasehold improvements are necessary
to increase the Company&rsquo;s annual production capacity for the <B>First Defense</B><SUP>&reg; </SUP>product line from approximately
$18 million to approximately $27 million. Phase I of this expansion project (that being the relocation of the capsule assembly
functions to the new facility to create space for the installation of increased freeze-drying capacity) is most critical to filling
the current backlog of orders. This MTI funding helps the Company move straight ahead with Phase II of this expansion project
(that being the relocation of the gel assembly functions to the new facility to create space for the installation of increased
liquid processing capacity). A video tour of the new production space is available at https://youtu.be/bR4Dp8raAEc.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">MTI
is a publicly financed, private, nonprofit organization created by the Legislature in 1999 to stimulate research and development
activity leading to the commercialization of new products, processes and services in the state&rsquo;s seven targeted technology
sectors. MTI programs are either loans, equity investments, or grants designed to enhance the competitive position of those sectors
and increase the likelihood that one or more of these sectors will support clusters of industrial activity and create quality
jobs across Maine.&nbsp; For more information visit www.mainetechnology.org.</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>About
ImmuCell:</U><BR>
</B>ImmuCell Corporation&rsquo;s (<B>Nasdaq: ICCC</B>) purpose is to create scientifically-proven and practical products that improve
the health and productivity of dairy and beef calves.&nbsp;ImmuCell manufactures and markets <B>First Defense</B><SUP>&reg;</SUP>,
providing <B>Immediate Immunity</B>&trade; to newborn dairy and beef calves, and is in the late stages of developing <B>Re-Tain&trade;</B>,
a novel treatment for subclinical mastitis without a milk discard requirement that provides an alternative to traditional antibiotics.
Press releases and other information about the Company are available at: http://www.immucell.com. For up-to-date photos of the
Company&rsquo;s <B>First Defense<SUP>&reg;</SUP></B> manufacturing facility expansion, please visit https://immucell.com/construction/.</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; width: 10%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Contacts:</B></FONT></TD>
    <TD STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; width: 90%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    F. Brigham, President and CEO</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">ImmuCell
    Corporation</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">(207)
    878-2770</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">Joe
    Diaz, Robert Blum and Joe Dorame</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">Lytham
    Partners, LLC</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">(602)
    889-9700</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <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">iccc@lythampartners.com</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.95pt; 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: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Cautionary
Note Regarding Forward-Looking Statements (Safe Harbor Statement):</U></B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Press Release contains &ldquo;forward-looking statements&rdquo; within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating
to: our plans and strategies for our business; projections of future financial or operational performance; the timing and outcome
of pending or anticipated applications for regulatory approvals; factors that may affect the dairy and beef industries and future
demand for our products; the extent, nature and duration of the COVID-19 pandemic and its consequences, and their direct and indirect
impacts on the Company&rsquo;s production activities, operating results and financial condition and on the customers and markets
the Company serves; the scope and timing of ongoing and future product development work and commercialization of our products;
future costs of product development efforts; the estimated prevalence rate of subclinical mastitis and dairy producers&rsquo;
level of interest in treating subclinical mastitis given current economic and market conditions; the expected efficacy of new
products; estimates about the market size for our products; future market share of and revenue generated by current products and
products still in development; our ability to increase production output and reduce costs of goods sold associated with our new
product, <B>Tri-Shield First Defense</B><SUP>&reg;</SUP>; the future adequacy of our own manufacturing facilities or those of
third parties with which we have contractual relationships to meet demand for our products on a timely basis; the anticipated
costs of (or time to complete) planned expansions of our manufacturing facilities and the adequacy of our funds available for
these projects; the continuing availability to us on reasonable terms of third-party providers of critical products or services;
the robustness of our manufacturing processes and related technical issues; estimates about our production capacity, efficiency
and yield; the future adequacy of our working capital and the availability and cost of third-party financing; future regulatory
requirements relating to our products; future expense ratios and margins; future compliance with bank debt covenants; costs associated
with sustaining compliance with current Good Manufacturing Practice (cGMP) regulations in our current operations and attaining
such compliance for the facility to produce the Nisin Drug Substance; implementation of international trade tariffs that could
reduce the export of dairy products, which could in turn weaken the price received by our customers for their products; our effectiveness
in competing against competitors within both our existing and our anticipated product markets; the cost-effectiveness of additional
sales and marketing expenditures and resources; anticipated changes in our manufacturing capabilities and efficiencies; the value
of our net deferred tax assets; projections about depreciation expense and its impact on income for book and tax return purposes;
anticipated market conditions; and any other statements that are not historical facts. Forward-looking statements can be identified
by the use of words such as &ldquo;expects&rdquo;, &ldquo;may&rdquo;, &ldquo;anticipates&rdquo;, &ldquo;aims&rdquo;, &ldquo;intends&rdquo;,
&ldquo;would&rdquo;, &ldquo;could&rdquo;, &ldquo;should&rdquo;, &ldquo;will&rdquo;, &ldquo;plans&rdquo;, &ldquo;believes&rdquo;,
&ldquo;estimates&rdquo;, &ldquo;targets&rdquo;, &ldquo;projects&rdquo;, &ldquo;forecasts&rdquo;, &ldquo;seeks&rdquo; and similar
words and expressions. In addition, there can be no assurance that future developments affecting us will be those that we anticipate.
Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to difficulties
or delays in development, testing, regulatory approval, production and marketing of our products (including the <B>First Defense</B><SUP>&reg;
</SUP>product line and <B>Re-Tain&trade;</B>), competition within our anticipated product markets, customer acceptance of our
new and existing products, product performance, alignment between our manufacturing resources and product demand, our reliance
upon third parties for financial support, products and services, changes in laws and regulations, decision making and delays by
regulatory authorities, currency values and fluctuations and other risks detailed from time to time in filings we make with the
SEC, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K and our Current Reports on Form 8-K. Such statements
involve risks and uncertainties and are based on our current expectations, but actual results may differ materially due to various
factors, including the risk factors summarized above.</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ea123091ex99-2_immucell.htm
<DESCRIPTION>NOTE PURCHASE AGREEMENT EXECUTED BY IMMUCELL CORPORATION IN FAVOR OF THE MAINE TECHNOLOGY INSTITUTE DATED JUNE 12, 2020
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<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"><B>EXHIBIT
99.2</B></FONT></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"><B>&nbsp;</B></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">Amount:
$500,000.00</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">Match:
$2,566,697.00</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">Award
ID: 20190347</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></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: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 56pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>NOTE
PURCHASE AGREEMENT</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"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Note Purchase Agreement, (&ldquo;Agreement&rdquo;), is made as of <B>6/1<I>2</I>/2020, </B>by and between the Maine Technology
Institute, a non-profit corporation organized under the laws of the State of Maine (&ldquo;Holder&rdquo;), and <B>ImmuCell Corporation</B>,
a <B>Corporation </B>organized under the laws of the State of <B>Delaware</B>, Federal tax identification number <B>01-0382980
</B>(&ldquo;Company&rdquo;) (collectively referred to as the &ldquo;Parties&rdquo;).</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-indent: -36.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.0</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>INTRODUCTION</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 0.5in; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 0.5in; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.1</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>MTI</U>.
                                         Holder was established by the Maine Legislature to stimulate and support research and
                                         development activity leading to the commercialization of new products and services to
                                         enhance the competitive position of Maine&rsquo;s technology- intensive industrial sectors,
                                         and thereby promote economic development and job creation. Holder&rsquo;s goal is to
                                         contribute to the long-term development of a statewide research, development, and product
                                         deployment infrastructure, thereby enhancing the competitive position of Maine&rsquo;s
                                         technology intensive industries, while supporting clusters of industrial activity and
                                         creating jobs for Maine people.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.2</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Investment
                                         Program</U>. To achieve these goals, Holder makes loans to and equity investments in
                                         qualifying companies under the Maine Technology Institute Investment Program.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.3</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Project
                                         Application</U>. The Company has submitted a loan application (&ldquo;Application&rdquo;)
                                         to Holder to cost-share a project that will stimulate the commercialization of a new
                                         product or service, stimulate the formation and growth of technology businesses, increase
                                         Maine&rsquo;s capacity for technology-based companies and services, address gaps in the
                                         technology-related business infrastructure, or create and support an integrated targeted-industry
                                         cluster enhancing the competitive position of those industries in Maine (&ldquo;Project&rdquo;).</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.4</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Agreement
                                         Purpose</U>. The Parties, in reliance upon the representations, warranties and covenants
                                         contained in the Application and in this Agreement, enter into this Agreement in order
                                         to promote these mutual interests.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.0</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>CONSIDERATION</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 0.5in; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 0.5in; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.1</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Consideration</U>.
                                         For valuable and sufficient consideration received and to be received, including, but
                                         not limited to, performance of the Parties&rsquo; respective obligations under this Agreement,
                                         the Parties have entered into this Agreement.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.0</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>AGREEMENT
                                         TERM</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 0.5in; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 0.5in; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.1</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Effective
                                         and Termination Dates</U>. The term of this Agreement shall commence on the Effective
                                         Date, which is the same as the Effective Date of the Note and shall terminate on the
                                         earlier of the following events (&ldquo;Termination Date&rdquo;):</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full
                                         repayment of all outstanding Note balances under this Agreement by the Company; or</FONT></TD></TR>                                                                                                                                            <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0">&nbsp;</TD></TR>
</TABLE>


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<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 0.5in; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 0.5in; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1.2</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         declaration by Holder that all outstanding Obligations payable by Company must be repaid
                                         immediately following an Event of Default under Appendix B Note Section 4(ii), &ldquo;Rights
                                         of Holder Upon Default,&rdquo; and following the Holder&rsquo;s delivery of a final default
                                         letter to the Company.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.0</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>REPRESENTATIONS
                                         AND WARRANTIES OF THE COMPANY</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56pt; 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: 0 0 0 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company makes the following representations and warranties to Holder:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.1</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Continuing
                                         Representations</U>. All information in the Company&rsquo;s Application, including but
                                         not limited to the Scope of Work, Deliverables, Disbursement Schedule, and Project Budget
                                         set forth in Appendix A, remains true and correct in all material respects, and there
                                         has been no material adverse change in the business, assets, operations, or financial
                                         condition of the Company, or in the matters described in the Application or supplemental
                                         materials pertaining to the Project since submittal of the final Application.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.2</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Agreement</U>.
                                         Neither this Agreement, or any other documents, certificates or agreements required by
                                         Holder to be executed in connection with this Agreement for funding contains any untrue
                                         statement of a material fact or any omission of a material fact, the inclusion of which
                                         would be necessary to make the statements and information contained therein not materially
                                         misleading.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.3</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Authority</U>.
                                         The Company has all requisite power and authority to execute and deliver this Agreement
                                         and to consummate the transactions contemplated thereby.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.4</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Organization</U>.
                                         The Company is duly organized and validly existing as a Delaware corporation, and is
                                         registered with the Maine Secretary of State and in good standing to do business in Maine,
                                         and has all requisite power and authority to own, lease, and operate its property and
                                         conduct its business.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.5</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Compliance
                                         with Other Instruments, None Burdensome</U>. The execution, delivery and performance
                                         of and compliance with this Agreement and the Note will not result in nor constitute
                                         any breach, default or violation of (i) any material agreement, contract, lease, license,
                                         instrument or commitment (oral or written) to which the Company is a party or (ii) any
                                         law, rule, regulation, statute or order applicable to the Company, any of its subsidiaries
                                         or their respective properties, nor result in the creation of any mortgage, pledge, lien,
                                         encumbrance or charge upon any of the properties or assets of the Company or its subsidiaries.
                                         No person has any right to participate in the sale by the Company of the Note (other
                                         than rights that have been fully satisfied or waived).</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.6</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Required
                                         Consents</U>. No consent, approval, order or authorization of, or designation, registration,
                                         declaration or filing with, any federal, state, local or provincial or other governmental
                                         authority on the part of the Company is required in connection with the valid execution
                                         and delivery of this Agreement and the Note, other than, if required, filings or qualifications
                                         under the Maine Uniform Securities Act, as amended (the &ldquo;Maine Uniform Securities
                                         Act&rdquo;), or other applicable blue sky laws, which filings or qualifications, if required,
                                         will be timely filed or obtained by the Company.</FONT></TD></TR>                                                                                                          <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.7</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Offering</U>.
                                         The Company will issue the Note in compliance with all applicable federal and state securities
                                         laws, relying in part upon the representations and warranties of the Holder in Section
                                         6 below.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.8</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Conflicts
                                         of Interest</U>. The Company has disclosed any relationship, direct or indirect, between
                                         the Company, its Officers, Directors, members or employees, and Holder. The Company is
                                         in compliance with the conflict of interest provisions of 5 M.R.S.A. Chapter 407, Section
                                         15307.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.0</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>COMPANY&rsquo;S
                                         ADDITIONAL COVENANTS</U></B></FONT></TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company agrees to abide by the following additional covenants, effective as of the Effective Date and surviving until the Termination
Date or any specified later date:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 92.95pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.1</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Place
                                         of Business</U>. The Company will maintain a regular place of business in the State of
                                         Maine throughout the term of this Agreement. A regular place of business is defined for
                                         purposes of this Agreement as a facility where the Company carries on its business in
                                         a regular and systematic manner, that is continuously maintained, occupied, and used
                                         by employees of the Company, and that is managed by a senior employee who is authorized
                                         to make binding decisions on behalf of the Company on all matters pertaining to the Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.2</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Matching
                                         Funds</U>. The Company will contribute, or previously has contributed, all payments and
                                         services designated as Matching Funds on the schedule and from the funding sources set
                                         forth in the Company&rsquo;s Application as incorporated in Appendix A, or as revised
                                         with Holder&rsquo;s written approval.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.3</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Project
                                         Work</U>. The Company shall undertake all work described in Appendix A Scope of Work
                                         and Deliverables in good faith and with due diligence and shall expend loan funds disbursed
                                         under this Agreement only for the purposes detailed in Appendix A or by subsequent written
                                         approval of Holder. The Company shall notify Holder immediately of any event which reduces
                                         or is likely to reduce the Company&rsquo;s ability to undertake all work described in
                                         Appendix A.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.4</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Intellectual
                                         Property</U>. The Company has set forth in Appendix D a description of all patents, copyrights,
                                         trademarks, trade secrets and other intellectual property rights owned or controlled
                                         by Recipient or any third party (collectively, &ldquo;Background IP&rdquo;) that may
                                         be material to commercialization of the technology to be developed or commercialized
                                         in the Project funded by this Agreement (&ldquo;Technology&rdquo;), and Recipient owns
                                         or has secured all necessary rights in and to the Background IP to commercialize the
                                         Technology. Recipient will provide to MTI, at MTI&rsquo;s request, true and accurate
                                         copies of all license agreements, assignments and other agreements pertaining to such
                                         Background IP. The Company will promptly report any additional patents, copyrights, trademarks,
                                         trade secrets or other intellectual property rights developed by or acquired by the Company
                                         during the Agreement Term that may be material to commercialization of the Technology
                                         (&ldquo;Project Technology&rdquo;) and the Parties will amend Appendix D to include that
                                         Technology. Recipient shall not sell, license, or otherwise transfer its rights in and
                                         to the Background IP or Project Technology necessary to commercialize the Technology
                                         without compliance with Section 5.10 below.</FONT></TD></TR>                                                                                                     <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.5</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Partnership,
                                         Association or Joint Venture</U>. If the Company or its successor-in- interest is a partnership,
                                         association or joint venture, by the Company&rsquo;s execution of this Agreement each
                                         person comprising such partnership, association or joint venture shall be jointly and
                                         severally bound for all the obligations of such party under the Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 92.95pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.6</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Project
                                         Records</U>. The Company shall create and maintain records necessary to document the
                                         financial and other information to be reported to Holder pursuant to this Agreement.
                                         The Company shall provide such records, and any additional information reasonably requested
                                         by Holder, until the Termination Date of this Agreement, and for an additional five-year
                                         period following the Termination Date. This covenant shall survive the Termination Date
                                         of the Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.7</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Project
                                         Reports</U>. The Company shall submit all reports to Holder required by Appendix C in
                                         a timely manner, including all reports due during the five-year period following the
                                         Termination Date. This covenant shall survive the Termination Date of the Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 92.95pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.8</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Survey</U>.
                                         The Company shall complete an annual Impact Metrics Reporting Survey pertaining to the
                                         economic impacts of the Agreement required by Appendix C until the Termination Date of
                                         this Agreement, and for an additional five-year period following the Termination Date.
                                         The annual Survey will require information pertaining to project outcomes and impacts
                                         and may be amended from time to time. The Company&rsquo;s completion of the annual Survey
                                         is an important obligation under this Agreement, vital to Holder&rsquo;s ability to assess
                                         its program effectiveness, and the Company&rsquo;s obligation to complete the Survey
                                         shall survive for an additional five- year period following the Termination Date. This
                                         covenant shall survive the Termination Date of the Agreement.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.9</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Material
                                         Change Notification</U>. The Company shall notify Holder promptly of any material change
                                         in the Company&rsquo;s legal status, financial status, or compliance status with federal
                                         and state laws, or of any material change in the status of the Project that would have
                                         a significant adverse effect on the Company&rsquo;s ability to implement the Project
                                         as described in Appendix A.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.10</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice
                                         of Sale, License, or Transfer</U>. The Company shall notify Holder at least 60 days prior
                                         to any proposed sale, license, or other transfer by the Company that would result in
                                         the Company&rsquo;s non-compliance with the representations, warranties, or covenants
                                         in Section 4 or 5 of this Agreement. The Company&rsquo;s notice shall include a proposal
                                         for repayment of the Appendix B Note and all related Company Obligations under this Agreement
                                         prior to such a sale, license or transfer event.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.11</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Information
                                         Rights</U>. The books and records of the Company pertaining to this Agreement shall be
                                         maintained at the principal Maine office of the Company at all times and shall be open
                                         to the reasonable inspection and examination of the Holder, or its duly authorized representatives,
                                         during reasonable business hours for a period of five years following repayment of this
                                         Note. This covenant shall survive the Termination Date of the Agreement.</FONT></TD></TR>                                                                                                                                  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><BR></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.12</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Confidentiality</U>.
                                         The Holder agrees that the information provided by the Company pursuant to this Agreement
                                         shall be subject to the confidentiality agreement attached hereto as Appendix E.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.0</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>HOLDER
                                         REPRESENTATIONS AND WARRANTIES</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 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: 0 0 0 36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holder represents and warrants to the Company as of the time of issuance of the Note as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.1</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Investment
                                         Intent; Authority</U>. The Holder is acquiring the Note for investment for the Holder&rsquo;s
                                         own account, and not as nominee or agent for investment, and not with a view to, or for
                                         resale in connection with, any distribution or public offering thereof within the meaning
                                         of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) or the Maine
                                         Uniform Securities Act. The Holder has the full right, power, authority and capacity
                                         to enter into and perform this Agreement and the Agreement will constitute a valid and
                                         binding obligation upon Holder, except as the same may be limited by laws of general
                                         application affecting the enforcement of creditors&rsquo; rights.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.2</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Note
                                         Not Registered</U>. The Holder understands and acknowledges that the offering of the
                                         Note will not be registered under the Securities Act or qualified under the Maine Uniform
                                         Securities Act on the grounds that the offering and sale of the Note contemplated by
                                         this Agreement are exempt from registration under the Securities Act and exempt from
                                         qualification under the Maine Uniform Securities Act. The Holder acknowledges and understands
                                         that resale of a Note may be restricted indefinitely unless the Note is subsequently
                                         registered under the Securities Act and qualified under the Maine Uniform Securities
                                         Act or an exemption from such registration and such qualification is available.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.3</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>No
                                         Transfer</U>. The Holder covenants that in no event will it dispose of the Note (in whole
                                         or in part) other than: (i) in conjunction with an effective registration statement under
                                         the Securities Act or pursuant to an exemption therefrom; (ii) in compliance with Rule
                                         144 promulgated under the Securities Act and the securities laws of the State of Maine;
                                         or (iii) by transfer or assignment to a Holder affiliate or successor-in-interest, or
                                         to a State of Maine agency (including, but not limited to, the Finance Authority of Maine).</FONT></TD></TR>                                                                                                                                                     <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0">&nbsp;</TD></TR>
</TABLE>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.4</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Accredited
                                         Investor</U>. The Holder is an accredited investor as that term is defined in Regulation
                                         D promulgated by the Securities and Exchange Commission under the Securities Act.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.0</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>NOTE
                                         ISSUANCE</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.1</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Issuance
                                         of the Note</U>. At a closing (&ldquo;Closing&rdquo;) to be held simultaneously with
                                         the execution of this Agreement, the Company will issue, sell, and deliver to the Holder,
                                         and the Holder will purchase from the Company, a promissory note in the aggregate principal
                                         amount of <B>$500,000.00</B> (the &ldquo;Note&rdquo;). The purchase price for the Note
                                         shall be the principal amount thereof, payable in multiple advances as set forth in Appendix
                                         A hereto. Capitalized terms used in this Agreement but not otherwise defined herein shall
                                         have the meanings set forth in the Note.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.2</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Terms
                                         of the Note</U>. The terms and conditions of the Note are set forth in the form of Note
                                         attached as Appendix B hereto.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.3</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Delivery</U>.
                                         The Company will deliver the Note to the Holder at the Closing, against receipt by Company
                                         of the purchase price for the Note on the Disbursement Schedule set forth in Appendix
                                         A pursuant to terms and conditions of this Agreement.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.4</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Legal
                                         Fees</U>. The Holder may require the Company to pay for any of the Holder&rsquo;s legal
                                         fees associated with the negotiation and preparation of any Holder-requested revision
                                         to this Agreement or the related Note subsequent to closing.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.5</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Use
                                         of Note Proceeds</U>. The proceeds of the Note shall be used by the Company for the purposes
                                         set forth in the Company&rsquo;s Appendix A Scope of Work, Deliverables and Project Budget.
                                         The Company shall not use the proceeds of the Note for any purpose not described in Appendix
                                         A without the prior written approval of the Holder.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.0</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>MISCELLANEOUS</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify; text-indent: -36pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.1</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Governing
                                         Law</U>. This Agreement and all actions arising out of or in connection with this Agreement
                                         shall be governed by and construed in accordance with the laws of the State of Maine,
                                         without regard to the conflicts of law provisions of the State of Maine or of any other
                                         state.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.2</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Entire
                                         Agreement</U>. The Parties acknowledge that this Agreement together with the Note sets
                                         forth the entire agreement of the Parties as to the subject matter hereof and shall not
                                         be modified except by the execution of a written instrument signed by the Parties.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.3</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Validity</U>.
                                         The provisions of this Agreement are severable, and in the event that any provision of
                                         this Agreement shall be determined to be invalid or unenforceable under any controlling
                                         and applicable body of law, such invalidity or unenforceability shall not in any way
                                         affect the validity of the enforceability of the remaining provisions hereof, and if
                                         performance of the Agreement would transcend the limit of validity prescribed by any
                                         applicable law, the obligation to be fulfilled shall be reduced to the limit of such
                                         validity.</FONT></TD></TR>                                                                   <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; padding-left: 0">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 93pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.4</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Assignability.
                                         </U>Holder may assign this Agreement or transfer the related Appendix B Note to any affiliate
                                         or successor-in-interest, or any agency of the State of Maine (including, but not limited
                                         to, the Finance Authority of Maine), subject to the applicable federal and state securities
                                         laws. The Company may not assign this Agreement or transfer the related Appendix B Note,
                                         nor any of the rights, interests or obligations hereunder, in whole or in part without
                                         the Holder&rsquo;s prior written consent.</FONT></TD></TR></TABLE>

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

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<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0; width: 36pt; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.5</B></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; text-align: justify; padding-right: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notices</U>.
                                         All written notices anticipated by this Agreement shall be deemed to be successfully
                                         delivered if mailed to the signatory for the party by United States Postal Service registered
                                         or certified mail, or by overnight carrier at the address listed under the signatures
                                         below. The Company has the sole obligation to provide Holder with updated address information.</FONT></TD></TR></TABLE>

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

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                                         This Agreement may be executed in any number of counterparts, each of which shall be
                                         an original, but all of which together shall be deemed to constitute one instrument.</FONT></TD></TR></TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-indent: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and delivered by their proper and duly authorized
representatives as an instrument under seal for purposes of 14 MRS &sect;751 and 1 MRS &sect;72(26-B) as of the date and year
first written above.</FONT></P>

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

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<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPANY:</B></FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATTESTING WITNESS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ImmuCell
        Corporation</FONT></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56
        Evergreen Drive</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portland,
ME 04103</FONT></P>
</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Michael
    F. Brigham</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ Jennifer
    Turkewitz</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Michael  Brigham</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Jennifer Turkewitz</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">President and CEO</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">June 11, 2020</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: June 11, 2020</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>HOLDER:</B></FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ATTESTING WITNESS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="text-indent: 0; font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MAINE
        TECHNOLOGY INSTITUTE</FONT></P>

<P STYLE="text-indent: 0; font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8
Venture Avenue</FONT></P>

<P STYLE="text-indent: 0; font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brunswick,
Maine 04011</FONT></P>
</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; 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: 0; text-indent: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Brian Whitney</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Barb Ford</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brian Whitney</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><P STYLE="margin: 0; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barb
        Ford</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 12, 2020</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: June 12, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix
A &ndash; Scope of Work; Deliverables and Disbursement Schedule; and Project Budget</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><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 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix
B &ndash; Subordinated Promissory Note</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix
C &ndash; Reporting Requirements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix
D &ndash; Intellectual Property</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 20.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appendix
F &ndash; Subordination Agreement (Gorham Savings Bank)</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 139.25pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ea123091ex99-3_immucell.htm
<DESCRIPTION>SUBORDINATED PROMISSORY NOTE FOR $500,000 EXECUTED BY IMMUCELL CORPORATION IN FAVOR OF THE MAINE TECHNOLOGY INSTITUTE DATED JUNE 12, 2020
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.3</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>APPENDIX
B<BR>
SUBORDINATED PROMISSORY NOTE</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">THIS NOTE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED. IT MAY NOT BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT AS TO THE SECURITIES UNDER SAID ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT
REQUIRED.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold; font-size: 10pt">NOTE AMOUNT: $500,000.00</TD>
    <TD STYLE="width: 50%; font-weight: bold; text-align: right; font-size: 10pt">EFFECTIVE DATE: 6/1<I>2</I>/2020</TD></TR>
</TABLE>


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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">FOR VALUE RECEIVED, ImmuCell Corporation, a
Delaware Corporation (&ldquo;Company&rdquo;), promises to pay to the Maine Technology Institute (the &ldquo;Holder&rdquo;),
or its registered assigns, the principal sum of Five Hundred Thousand Dollars ($500,000.00), or such lesser amount as shall
then equal the outstanding principal amount hereof, together with simple interest on the unpaid principal balance at a rate
equal to five percent (5.0%) per annum (which interest shall accrue beginning on the date set forth in Schedule 1 to this
Note), computed on the basis of the actual number of days elapsed and a year of 365 days, commencing on the repayment date
established in Schedule 1 to this Note and continuing on the repayment schedule established therein. In the event of any
default under this Note, the Holder may, in its discretion, determine that all amounts owed to the Holder shall bear interest
at a rate equal to the interest rate otherwise applicable to this Note identified above plus four percent (4%) per annum. All
unpaid principal, together with the balance of unpaid and accrued interest and other amounts payable hereunder, shall be due
and payable on demand in one payment at any time after the earlier of (i) the &ldquo;Maturity Date&rdquo; or (ii) upon or
after the occurrence of an Event of Default (as defined below). This Note is issued pursuant to the Note Purchase Agreement
of even date herewith (as amended, modified or supplemented, the &ldquo;Note Purchase Agreement&rdquo;) between Company and
the Holder named therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify">The following is a statement of
the rights of the Holder and the conditions to which this Note is subject, and to which the Holder hereof, by the acceptance of
this Note, agrees:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B><U>Definitions</U>. </B>As used in this Note, the following capitalized terms have the following
meanings:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 0.25in">1.1</TD><TD STYLE="text-align: justify">&ldquo;Maturity Date&rdquo; is 9/30/2027.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 0.25in">1.2</TD><TD STYLE="text-align: justify">&ldquo;Obligations&rdquo; means all principal, accrued interest, and other reimbursement of costs
and expenses due under this Note or the Note Purchase Agreement.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 0.25in">1.3</TD><TD STYLE="text-align: justify">&ldquo;Senior Indebtedness&rdquo; means, unless expressly subordinated to or made on a parity with
the amounts due under this Note, the principal of (and premium, if any), unpaid interest on and amounts reimbursed, fees, expenses,
costs of enforcement and other amounts due in connection with, (i) indebtedness of Company, or with respect to which Company is
a guarantor, to banks, commercial finance lenders, insurance companies, leasing or equipment financing institutions or other lending
institutions regularly engaged in the business of lending money, which is for money borrowed, or purchase or leasing of
equipment in the case of lease or other equipment financing, by Company, whether or not secured, and (ii) any debentures,
note or other evidence of indebtedness issued in exchange for such Senior Indebtedness, or any indebtedness arising from the
satisfaction of such Senior Indebtedness by a guarantor.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.85pt">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD><TD STYLE="text-align: justify; width: 0.25in">1.4</TD><TD STYLE="text-align: justify">&ldquo;Transaction Documents&rdquo; means this Note, any Subsequent Note and the Note Purchase Agreement.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 41.85pt">&nbsp;</P>

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<TD STYLE="width: 0.25in">2</TD><TD STYLE="text-align: justify"><B><U>Advances</U>. </B>Upon satisfaction of the conditions set forth in the Transaction Documents,
the Company may obtain advances on this Note on the schedule set forth in <B>Appendix A </B>to the Note Purchase Agreement until
the Project Completion Date set forth in such Appendix A, after which date no further advances will be made under this Note except
in the sole discretion of the Holder. At the time of each advance requested by the Company under this Note, (i) the Company shall
have complied with all of the terms, conditions, and requirements of the Transaction Documents and the Company shall have completed
all work required to satisfy the applicable Scope of Work and Deliverables described in Appendix A to the Note Purchase Agreement,
and (ii) no default or event of default (even if any applicable cure period has not expired) shall be outstanding under any of
the Transaction Documents and any other obligations of the Company or of any Guarantor to the Holder, regardless of the circumstances
of prior advances by the Holder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">3</TD><TD STYLE="text-align: justify"><B><U>Events of Default</U>. </B>The occurrence of any of the following shall constitute an &ldquo;Event of Default&rdquo;
under this Note and the other Transaction Documents:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 0.25in">3.1</TD><TD STYLE="text-align: justify"><U>Failure to Pay</U>. Any Company failure to pay (i) when due any principal payment on the due date hereunder, (ii) any interest
or other payment required under the terms of this Note or any other Transaction Document on the date due; or (iii) when due any
payment obligation under any other grant or loan agreement between the Company and Holder; or</TD></TR></TABLE>

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

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    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 0.25in">3.2</TD><TD STYLE="text-align: justify"><U>Breaches of Other Covenants</U>. Any Company failure to observe or perform any other covenant, obligation, condition or
agreement contained in this Note or the other Transaction Documents, other than those specified in Section 3.1, and after the Company&rsquo;s
receipt of written notice by the Holder, such failure continues for ten (10) business days, or if such Company failure is not curable
within such ten (10) business day period, the Company fails to commence
a cure in a manner reasonably satisfactory to Holder within twenty (20) business days after the Company&rsquo;s receipt of the
written notice by the Holder. Such breaches of other Transaction Document covenants include, but are not limited to:</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 93pt">&nbsp;</P>

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<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.35in">3.2.1</TD><TD STYLE="text-align: justify"><U>Relocation of Company Operations</U>. The Company, without Holder&rsquo;s prior consent, fails
to maintain a place of business in the State of Maine as defined in the Note Purchase Agreement Section 5.1; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.35in">3.2.2</TD><TD STYLE="text-align: justify"><U>Transfer of Company Project Technology</U>. The Company, without Holder&rsquo;s prior consent,
(i) sells, licenses, transfers or otherwise authorizes a third party to carry out the business and manufacturing operations, supporting
product development, or process improvement activities resulting from the Technology funded by the proceeds of this Note, or (ii)
sells, licenses, transfers or otherwise authorizes a third party to use the Company&rsquo;s intellectual property rights in and
to the Background IP or Project Technology listed in Note
Purchase Agreement Appendix D, or fails to maintain the Company&rsquo;s rights to use the Appendix D intellectual property rights;
provided, however, that this Section 3.2.2 shall not require such consent for a license entered into by the Company with regard
to the use of Technology outside of North America; or</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 93pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">3.3</TD><TD STYLE="text-align: justify"><U>Breaches of Other Company-Holder Agreements</U>. Any Company failure to observe or perform any covenant, obligation, condition
or agreement contained in any other grant or loan agreement between the Company and Holder, and Holder has issued a final default
letter to the Company based on such failure; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">3.4</TD><TD STYLE="text-align: justify"><U>Voluntary Bankruptcy or Insolvency Proceedings</U>. Any Company action to (i) apply for or consent to the appointment of
a receiver, trustee, or custodian of itself or of all or a substantial part of its property, (ii) make a general assignment for
the benefit of its or any of its creditors, (iii) be dissolved or liquidated in full or in part, (iv) commence a voluntary case
or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession
of its property by any official in an involuntary case or other proceeding commenced against it, or (v) take any action for the
purpose of effecting any of the foregoing; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">3.5</TD><TD STYLE="text-align: justify"><U>Involuntary Bankruptcy or Insolvency Proceedings</U>. Proceedings for the appointment of a receiver, trustee, liquidator
or custodian of Company or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking
liquidation, reorganization or other relief with respect to Company or the debts thereof under any bankruptcy, insolvency or other
similar law or hereafter in effect shall be commenced and an order for relief entered or such proceeding shall not be dismissed
or discharged within sixty (60) days of commencement; or</TD></TR></TABLE>

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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">3.6</TD><TD STYLE="text-align: justify"><U>Failure to Pay Indebtedness</U>. Other than the failure to pay or breaches of the Company&rsquo;s other agreements with
Holder described in Sections 3.1 through 3.3 above, any Company failure to pay at final stated maturity (giving effect to any applicable
grace periods and any extensions thereof) any indebtedness for money borrowed, or any declared default of the Company under any
such indebtedness that gives the holder thereof the right to accelerate such indebtedness (and any such acceleration is not rescinded,
annulled or otherwise cured within fourteen (14) days after receipt by the Company of notice of such acceleration), except to the
extent such failure to pay or acceleration is the subject of a bona fide dispute that the Company is contesting in good faith and
for which funds sufficient to pay such indebtedness have been set aside and reserved for payment by the Company; or</TD></TR></TABLE>

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

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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">3.7</TD><TD STYLE="text-align: justify"><U>Material Change in the Company&rsquo;s Business</U>. There occurs a material adverse change in the business, as presently
conducted or proposed to be conducted, of the Company, as determined in good faith by the Holder; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">3.8</TD><TD STYLE="text-align: justify"><U>Cessation of Company Operations</U>. The Company&rsquo;s board of directors votes to cease substantially all the Company&rsquo;s
operations or wind up the Company&rsquo;s affairs; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">3.9</TD><TD STYLE="text-align: justify"><U>Use of Proceeds</U>. The use of Note proceeds by the Company for any purpose not described in
the Company&rsquo;s Scope of Work or Deliverables set forth in the Note Purchase Agreement Appendix A, without the prior written
approval of the Holder.</TD></TR></TABLE>


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

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<TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B><U>Rights of Holder Upon Default</U>. </B>Upon the occurrence or existence of any Event of Default
(other than an Event of Default referred to in Paragraph 3.4, &ldquo;Voluntary Bankruptcy or Insolvency Proceedings&rdquo; or Paragraph
3.5 &ldquo;Involuntary Bankruptcy or Insolvency Proceedings,&rdquo; and at any time thereafter during the continuance of such Event
of Default beyond any applicable cure periods, Holder may (i) cease advancing money or extending credit to or for the benefit of
the Company under any agreement; and (ii) declare all outstanding Obligations payable by Company hereunder to be immediately due
and payable without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, anything
contained herein or in the other Transaction Documents to the contrary notwithstanding. Upon the occurrence or existence of any
Event of Default described in Paragraphs 3.4 , &ldquo;Voluntary Bankruptcy or Insolvency Proceedings&rdquo; or Paragraph 3.5 &ldquo;Involuntary
Bankruptcy or Insolvency Proceedings,&rdquo; immediately and without notice, all outstanding Obligations payable by Company hereunder
shall automatically become immediately due and payable, without presentment, demand, protest or any other notice of any kind, all
of which are hereby expressly waived, anything contained herein or in the other Transaction Documents to the contrary notwithstanding.
In addition to the foregoing remedies, upon the occurrence or existence of any Event of Default, Holder may exercise any other
right, power or remedy granted to it by the Transaction Documents, or otherwise permitted to it by law, either by suit in equity
or by action at law, or both. In case of an Event of Default, the Company must pay to the Holder such further amount as is sufficient
to cover the cost and expenses of collection, including, without limitation, all Holder&rsquo;s reasonable costs, fees, expenses
or damages of any kind incurred by or imposed upon Holder in connection with or as a consequence of an Event of Default. Without
limiting the foregoing, the Company shall pay all Holder&rsquo;s actual reasonable costs of collection and attempted collection,
including, without limitation: (i) those reasonable expenses incurred or paid to protect, preserve, collect, lease, sell, repair,
improve, advertise, locate, take possession of, liquidate or otherwise deal with any collateral; (ii) reasonable expenses of dealing
with any person or entity in any bankruptcy proceeding; (iii) all reasonable out-of-pocket expenses incurred for the Holder&rsquo;s
attorney and paralegal fees, disbursements, and costs, all at such rates and with respect to such services as the Holder in its
sole discretion may elect to pay (as such rates may vary from time to time during the course of the performance of such services)
including the costs of attorneys who are employees of the Holder; and (iv) the reasonable costs of appraisers, engineers, investment
bankers, environmental consultants and other experts that may be retained by the Holder in connection with such collection efforts.
Such costs will be added to the unpaid balance of the Note. No course of dealing and no delay on the part of the Holder in exercising
any right will operate as a waiver of that right or otherwise prejudice the Holder&rsquo;s rights, powers or remedies. No right,
power or remedy conferred by this Note upon the Holder is exclusive of any other right, power or remedy referred to herein or now
or hereafter available at law, in equity, by statute or otherwise.</TD></TR></TABLE>

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<TD STYLE="text-align: justify; width: 0.25in">5.</TD><TD STYLE="text-align: justify"><B><U>Subordination and Subrogation</U></B>. The indebtedness evidenced by this Note is hereby
expressly subordinated, to the extent and in the manner hereinafter set forth, in right of payment to the prior payment in full
of all of Company&rsquo;s Senior Indebtedness.</TD></TR></TABLE>

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

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<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">5.1</TD><TD STYLE="text-align: justify"><U>Subrogation</U>. Subject to the payment in full of all Senior Indebtedness, the holder of this
Note shall be subrogated to the rights of the holder(s) of such Senior Indebtedness (to the extent of the payments or distributions
made to the holder(s) of such Senior Indebtedness pursuant to the provisions of this Section 5) to receive
payments and distributions of assets of Company applicable to the Senior Indebtedness. No such payments or distributions applicable
to the Senior Indebtedness shall, as between Company and its creditors, other than the holders of Senior Indebtedness and the Holder,
be deemed to be a payment by Company to or on account of this Note; and for purposes of such subrogation, no payments or distributions
to the holders of Senior Indebtedness to which the Holder would be entitled except for the provisions of this Section 5 shall,
as between Company and its creditors, other than the holders of Senior Indebtedness and the Holder, be deemed to be a payment by
Company to or on account of the Senior Indebtedness.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.2</TD><TD STYLE="text-align: justify"><U>No Impairment</U>. Nothing contained in this Section 5 shall impair, as between Company and
Holder, the obligation of Company, subject to the terms and conditions hereof, to pay to the Holder the principal hereof and interest
hereon as and when the same become due and payable, or shall prevent the Holder of this Note, upon default hereunder, from exercising
all rights, powers and remedies otherwise provided herein or by applicable law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">6.</TD><TD STYLE="text-align: justify"><B><U>Prepayment</U></B>. The principal amount of this Note and the accrued interest thereon may
be prepaid, in whole or in part, without the written consent of the Holder, and without penalty or premium. Any such permitted
prepayment will be applied first to the payment of costs or expenses due under this Note or the related Note Purchase Agreement,
second to interest accrued on this Note, if any, and third, if the amount of prepayment exceeds the amount of all such expenses
and accrued interest, to the payment of principal of this Note.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">7.</TD><TD STYLE="text-align: justify"><B><U>Successors and Assigns</U></B>. Subject to the restrictions on transfer described in Section
9 below, the rights and obligations of Company and the Holder of this Note shall be binding upon and benefit the successors, assigns,
heirs, administrators and transferees of the Parties.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">8.</TD><TD STYLE="text-align: justify"><B><U>Waiver and Amendment</U></B>. Any provision of this Note may be amended, waived or modified upon the written consent
of Company and the Holder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">9.</TD><TD STYLE="text-align: justify"><B><U>Transfer of this Note</U>.</B> Holder may transfer this Note to any affiliate or successor-in-
interest, or any agency of the State of Maine (including, but not limited to, the Finance Authority of Maine), subject to the applicable
federal and state securities laws. Neither this Note nor any of the rights, interests or obligations hereunder may be assigned
in whole or in part by Company without the prior written consent of the Holder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">10.</TD><TD STYLE="text-align: justify"><B><U>Indemnification by Company</U></B>. The Company agrees to indemnify, defend, save and hold
harmless the Holder, its Officers, Directors, employees, agents and representatives, at the Company&rsquo;s cost and expense, from
and against any and all actual and alleged demands, claims, lawsuits, obligations, liabilities, losses, fees, costs, expenses and
damages, including without limitation those listed in Sections 4 and 13 of this Note and other Transaction documents, incurred
or imposed upon the Holder in connection with or as a consequence of any claims (including but not limited to third party claims),
suits, actions, demands, or judgments arising out of or resulting from: (i) any actions or omissions of the Company, its officers,
directors, employees, representatives, independent contractors, subcontractors, licensees or consultants; or (ii) Company&rsquo;s
performance or non-performance of its obligations under the Transaction Documents.</TD></TR></TABLE>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify"><B><U>Notices</U></B>. Any notice, request or other communication required or permitted hereunder
shall be in writing and shall be deemed to have been duly given if made consistent with the provisions of the Note Purchase Agreement
of even date. Either Party hereto may by notice so given change its address for future notice hereunder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">12.</TD><TD STYLE="text-align: justify"><B><U>Payment</U></B>. Payment shall be made in lawful tender of the United States.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">13.</TD><TD STYLE="text-align: justify"><B><U>Expenses; Waivers</U></B>. If action is instituted to collect this Note, the Company shall
pay all costs and expenses, including, without limitation, reasonable attorneys&rsquo; fees and costs, incurred in connection with
such action. Company hereby waives notice of default, presentment or demand for payment, protest or notice of nonpayment or dishonor
and all other notices or demands relative to this instrument.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in">14.</TD><TD STYLE="text-align: justify"><B><U>Governing Law</U></B>. This Note and all actions arising out of or in connection with this
Note shall be governed by and construed in accordance with the laws of the State of Maine, without regard to the conflicts of law
provisions of the State of Maine or of any other state.</TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in">IN WITNESS WHEREOF, Company has caused this Note to
be duly executed and delivered by its proper and duly authorized representative as an instrument under seal for purposes of 14
MRS &sect;751 and 1 MRS &sect;72(26-B) as of the date and year first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; font-weight: bold; font-size: 10pt">COMPANY:</TD>
    <TD STYLE="width: 40%; font-weight: bold; font-size: 10pt">ATTESTING WITNESS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ImmuCell Corporation</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">56 Evergreen Drive</P></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Portland, ME 04103</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Michael F. Brigham</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jennifer Turkewitz</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael Brigham</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and CEO</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 11, 2020</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 11, 2020</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">APPENDIX B SUBORDINATED
PROMISSORY NOTE SCHEDULE 1 REPAYMENT SCHEDULE</P>

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intentionally left blank.]</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Schedule Prepared April 17, 2020</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">Annual Interest Rate:</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">5</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-style: normal; font-weight: normal">Number of Years:</FONT></TD><TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-style: normal; font-weight: normal">Payments Per Year:</FONT></TD><TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-style: normal; font-weight: normal">Amount:</FONT></TD><TD STYLE="font-style: italic"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">$</FONT></TD><TD STYLE="font-style: italic; text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">500,000.00</FONT></TD><TD STYLE="font-style: italic; text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">Project Completion Date:</FONT></TD><TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">7/31/2020</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">Commence Payment Date:</FONT></TD><TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">12/31/2022</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">Maturity Date:</FONT></TD><TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-style: normal; font-weight: normal">9/30/2027</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">Commencement of Interest Accrual:</FONT></TD><TD><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">10/1/2022</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-style: normal; font-weight: normal">&nbsp;</FONT></TD></TR>
</TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.53pt solid; text-align: center">Date Due</TD><TD STYLE="padding-bottom: 1.53pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.53pt solid; text-align: center">Payment</TD><TD STYLE="padding-bottom: 1.53pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.53pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.53pt solid; text-align: center">Principal</TD><TD STYLE="padding-bottom: 1.53pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.53pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.53pt solid; text-align: center">Interest</TD><TD STYLE="padding-bottom: 1.53pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.53pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.53pt solid; text-align: center">Balance</TD><TD STYLE="padding-bottom: 1.53pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: center">12/31/2022</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">(28,410.19</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">(22,160.19</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">(6,250.00</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">477,839.81</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">3/31/2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,437.20</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,973.00</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">455,402.61</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">6/30/2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,717.66</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,692.53</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">432,684.95</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">9/30/2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,001.63</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,408.56</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">409,683.31</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">12/31/2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,289.15</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,121.04</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386,394.16</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">3/31/2024</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,580.27</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,829.93</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">362,813.89</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">6/30/2024</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,875.02</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,535.17</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">338,938.87</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">9/30/2024</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,173.46</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,236.74</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">314,765.41</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">12/31/2024</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,475.63</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,934.57</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">290,289.78</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">3/31/2025</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,781.57</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,628.62</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">265,508.21</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">6/30/2025</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,091.34</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,318.85</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">240,416.87</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">9/30/2025</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,404.98</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,005.21</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">215,011.89</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">12/31/2025</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,722.55</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,687.65</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189,289.34</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">3/31/2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,044.08</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,366.12</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">163,245.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">6/30/2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,369.63</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,040.57</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136,875.63</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">9/30/2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,699.25</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,710.95</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,176.38</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">12/31/2026</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,032.99</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,377.20</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,143.39</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">3/31/2027</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,370.90</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,039.29</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,772.49</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center">6/30/2027</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,713.04</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(697.16</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,059.45</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center">9/30/2027</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,410.19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,059.45</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(350.74</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.00</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(500,000.00</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(68,203.90</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">7</P>

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

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

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<SEQUENCE>5
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
