Exhibit 10.1


 


THE COMPANY HAS FILED A REGISTRATION
STATEMENT (INCLUDING A PROSPECTUS) WITH THE COMMISSION FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES. BEFORE YOU INVEST, YOU SHOULD
READ THE PROSPECTUS IN THAT REGISTRATION STATEMENT AND OTHER DOCUMENTS THE COMPANY HAS FILED WITH THE COMMISSION FOR MORE COMPLETE INFORMATION
ABOUT THE COMPANY AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY VISITING EDGAR OR THE COMMISSION’S WEB SITE AT WWW.SEC.GOV.
ALTERNATIVELY, THE COMPANY WILL SEND YOU THE PROSPECTUS IF YOU REQUEST IT.


 


SECURITIES PURCHASE AGREEMENT


 


This Securities
Purchase Agreement (this “Agreement”) is dated as of April 14, 2021, between ImmuCell Corporation, a Delaware corporation
(the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns,
a “Purchaser” and collectively the “Purchasers”).


 


WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to an effective registration statement under the Securities Act of
1933, as amended (the “Securities Act”), the Company desires to issue and sell to each Purchaser, and each Purchaser, severally
and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.


 


NOW, THEREFORE,
IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy
of which are hereby acknowledged, the Company and each Purchaser agree as follows:


 


ARTICLE I.


DEFINITIONS


 


1.1 Definitions.
In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings
set forth in this Section 1.1:


 


“Accountants” shall have
the meaning assigned to such term in Section 3.1(o).


 


“Actions” shall have the meaning assigned to such term in Section 3.1(p).


 


“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control
with a Person as such terms are used in and construed under Rule 405 under the Securities Act.


 


“Board of Directors” means
the board of directors of the Company.


 


“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on
which banking institutions in the State of New York are authorized or required by law or other governmental action to close.


 


“Closing” means the closing of the purchase
and sale of the Securities pursuant to Section 2.1.


 


“Closing Date” means the Trading Day on which all of the Transaction
Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the
Purchasers’ obligations to pay the Subscription Amount and (ii) the Company’s obligations to deliver the Securities, in
each case, have been satisfied or waived.


 


“Code” shall have the meaning
assigned to such term in Section 3.1(ff).


 


“Commission” means the United States Securities and Exchange Commission.


 




     


     


    

 


“Common Stock”
means the common stock of the Company, par value $0.10 per share, and any other class of securities into which such securities may hereafter
be reclassified or changed.


 


“Common Stock
Equivalents” means any securities of the Company which would entitle the holder thereof to acquire at any time Common Stock, including,
without limitation, any debt, preferred stock, rights, options, warrants or other instrument that is at any time convertible into or exercisable
or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.


 


“Company
Counsel” means Pierce Atwood LLP, with offices located at 254 Commercial Street, Portland, Maine 04101.


 


“Environmental Laws” shall have the meaning assigned
to such term in Section 3.1(x).


 


“ERISA” shall have the meaning assigned to such term in Section 3.1(ff).


 


“Exchange” means the Nasdaq Capital Market.


 


“Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.


 


“Federal Reserve Board” shall have the meaning
assigned to such term in Section 3.1(gg).


 


“Intellectual Property” shall have the meaning assigned to such term in Section
3.1(w).


 


“Investment Company Act” shall have the meaning assigned to such term in Section 3.1(cc).


 


“Issuer Free
Writing Prospectus” means any “issuer free writing prospectus,” as defined in Rule 433 under the Securities Act (“Rule
433”), relating to the Securities in the form filed or required to be filed with the Commission or, if not required to be filed,
in the form retained in the Company’s records pursuant to Rule 433(g) under the Securities Act.


 


“Material Adverse Effect” shall have the meaning
assigned to such term in Section 3.1(f).


 


“Money Laundering Laws” shall have the meaning assigned to such term in Section 3.1(dd).


 


“Off Balance Sheet Transaction” shall have the
meaning assigned to such term in Section 3.1(ee).


 


“Per Share
Purchase Price” equals $8.25, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and
other similar transactions of the Common Stock that occur after the date of this Agreement.


 


“Permits” shall have the
meaning assigned to such term in Section 3.1(q).


 


“Person” shall have the meaning assigned to such term in Section 3.1(n).


 


“Prospectus”
means the final prospectus filed for the Registration Statement (including all documents incorporated therein by reference, and as such
Prospectus may be supplemented by the Prospectus Supplement). Any reference herein to the Registration Statement (as defined below), the
Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated by reference therein
which were filed under the Exchange Act on or before the date of this Agreement, and any reference herein to the terms “amend,”
“amendment” or “supplement” with respect to the Registration Statement or the Prospectus or any amendment or supplement
thereto shall be deemed to refer to and include the filing after the execution hereof of any document under the Exchange Act deemed to
be incorporated by reference therein (the “Incorporated Documents”).


 




    2


    


    

 


“Prospectus
Supplement” means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is filed with the Commission
and delivered by the Company to each Purchaser at the Closing.


 


“Registration
Statement” means the effective registration statement with Commission file No. 333- 228479 which registers the sale of the Shares
to the Purchasers.


 


“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar
rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.


 


“Rule 424”
means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.


 


“Sarbanes Oxley Act” shall have the meaning assigned
to such term in Section 3.1(o).


 


“SEC Reports”
means all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the
Exchange Act, including pursuant to Section 13(a) or 15( d) thereof, for the two years preceding the date hereof (or such shorter period
as the Company was required by law or regulation to file such material) (including the exhibits thereto and documents incorporated by
reference therein, together with the Prospectus and the Prospectus Supplement).


 


“Securities” means the Shares.


 


“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.


 


“Shares”
means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.


 


“Short Sales”
means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include
the location and/or reservation of borrowable shares of Common Stock).


 


“Subscription
Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as specified below such Purchaser’s
name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars and in
immediately available funds.


 


“Trading Day” means a day on which the Exchange
is open for trading.


 


“Transaction
Documents” means this Agreement, and any other documents or agreements executed in connection with the transactions contemplated
hereunder.


 


ARTICLE II.


PURCHASE AND SALE


 


2.1 Closing.
On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery
of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase,
up to an aggregate of 515,156 Shares. Each Purchaser shall deliver to the Company, via wire transfer of immediately available funds equal
to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser and the Company shall
deliver to each Purchaser its respective Shares as determined pursuant to Section 2.2(a), and the Company and each Purchaser shall deliver
the other items set forth in Section 2.2 deliverable at the Closing. Upon satisfaction of the covenants and conditions set forth in Sections
2.2 and 2.3, the Closing shall occur at the offices of Company Counsel or such other location as the parties shall mutually agree.


 







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 2.2 Deliveries.




 


 (a) On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:




 


 (i) this Agreement duly executed by the Company;




 


 (ii) a legal opinion of Company Counsel, substantially in the form of Exhibit A attached hereto;




 


(iii) a
copy of the irrevocable instructions to the Company’s transfer agent instructing the transfer agent to deliver, via the Depository
Trust Company Deposit Withdrawal Agent Commission System (“DWAC”) or otherwise, Shares equal to such Purchaser’s Subscription
Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser; and


 


 (iv) the Prospectus and Prospectus Supplement (which may be delivered in accordance with Rule 172 under the Securities Act).




 


(b) On
or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the following:


 


 (i) this Agreement duly executed by such Purchaser; and




 


(ii) such
Purchaser’s Subscription Amount by wire transfer to the account as specified in writing by the Company.


 


 2.3 Closing Conditions.




 


(a) The obligations of the Company hereunder in connection
with the Closing are subject to the following conditions being met:


 


(i) the
accuracy in all material respects on the Closing Date of the representations and warranties of the Purchasers contained herein (unless
as of a specific date therein);


 


(ii) all
obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed;
and


 


(iii) the
delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.


 


(b) The
respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:


 


(i) the
accuracy in all material respects on the Closing Date of the representations and warranties of the Company contained herein (unless as
of a specific date therein);


 


(ii) all
obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;


 


(iii) the
delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;


 


(iv) there
shall have been no Material Adverse Effect with respect to the Company since the date hereof; and


 







    4


    


    

 


(v) from
the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Exchange (except
for any suspension of trading of limited duration agreed to by the Company, which suspension shall be terminated prior to the Closing),
and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended
or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any trading
market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have
occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect
on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of each Purchaser, makes it
impracticable or inadvisable to purchase the Securities at the Closing.


 


ARTICLE III.


REPRESENTATIONS AND WARRANTIES


 


3.1 Representations
and Warranties of the Company. The Company represents and warrants to, and agrees with each of the Purchasers that as of the date
of this Agreement, unless such representation, warranty or agreement specifies a different time:


 


(a) Registration
Statement and Prospectus. The Company and, assuming no act or omission on the part of a Purchaser that would make such statement untrue,
the transactions contemplated by this Agreement meet the requirements for and comply with the conditions for the use of Form S-3 under
the Securities Act. The Registration Statement has been filed with the Commission and has been declared effective under the Securities
Act. No stop order of the Commission preventing or suspending any Prospectus, or the effectiveness of the Registration Statement, has
been issued, and, to the Company’s knowledge, no proceedings for such purpose have been instituted by the Commission. The Registration
Statement and, assuming no act or omission on the part of a Purchaser that would make such statement untrue, the offer and sale of Shares
as contemplated hereby meet the requirements of Rule 415 under the Securities Act and comply in all material respects with Rule 415. Any
statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus
or to be filed as exhibits to the Registration Statement have been so described or filed. Copies of the Registration Statement, the Prospectus,
and any such amendments or supplements and all documents incorporated by reference therein that were filed with the Commission on or prior
to the date of this Agreement have been delivered, or are available through EDGAR, to each Purchaser and its counsel. The Company has
not distributed and, prior to the Closing Date, will not distribute any offering material in connection with the offering or sale of the
Shares other than the Registration Statement and the Prospectus and any Issuer Free Writing Prospectus to which each Purchaser has consented,
any such consent not to be unreasonably withheld, conditioned or delayed. The Common Stock is currently listed on the Exchange under the
trading symbol “ICCC”. Except as disclosed in the Registration Statement, including the Incorporated Documents, the Company
has not, in the 12 months preceding the date hereof, received notice from the Exchange to the effect that the Company is not in compliance
with the listing or maintenance requirements. Except as disclosed in the Registration Statement, including the Incorporated Documents,
or the Prospectus, the Company has no reason to believe that it will not in the foreseeable future continue to be in compliance with all
such listing and maintenance requirements.


 


(b) No
Misstatement or Omission. The Registration Statement, when it became effective, and the Prospectus, and any amendment or
supplement thereto, on the date of such Prospectus or amendment or supplement, conformed and will conform in all material respects
with the requirements of the Securities Act. On the Closing Date, the Registration Statement and the Prospectus, as of such date,
will conform in all material respects with the requirements of the Securities Act. The Registration Statement, when it became
effective, did not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading. The Prospectus and any amendment and supplement thereto, on the date
thereof and on the Closing Date, did not or will not include an untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The documents
incorporated by reference in the Prospectus did not, and any further documents filed and incorporated by reference therein will not,
when filed with the Commission, contain an untrue statement of a material fact or omit to state a material fact required to be
stated in such document or necessary to make the statements in such document, in light of the circumstances under which they were
made, not misleading. The foregoing shall not apply to statements in, or omissions from, any such document made in reliance upon,
and in conformity with, information furnished to the Company by a Purchaser expressly for use therein.


 






    5


    


    

 


(c) Conformity
with Exchange Act. The documents incorporated by reference in the Registration Statement, the Prospectus or any amendment or supplement
thereto, when such documents were or are filed with the Commission under the Exchange Act, conformed or will conform in all material respects
with the requirements of the Exchange Act, as applicable.


 


(d) Financial
Information. The financial statements of the Company included or incorporated by reference in the Registration Statement and the Prospectus,
together with the related notes and schedules, complied as to form in all material respects with applicable accounting requirements and
the published rules and regulations of the Commission with respect thereto as in effect as of the time of filing. Such financial statements
have been prepared in accordance with generally accepted accounting principles, consistently applied, during the periods involved (except
(i) as may be otherwise indicated in such financial statements or the notes thereto, or (ii) in the case of unaudited interim statements,
to the extent they may exclude footnotes or may be condensed or summary statements) and fairly present in all material respects the financial
position of the Company as of the dates indicated and the results of operations and cash flows of the Company for the periods specified
(subject, in the case of unaudited statements, to normal year-end audit adjustments); the other financial data with respect to the Company
contained or incorporated by reference in the Registration Statement and the Prospectus are accurately and fairly presented and prepared
on a basis consistent with the financial statements and books and records of the Company; there are no financial statements (historical
or pro forma) that are required to be included or incorporated by reference in the Registration Statement or the Prospectus that are not
included or incorporated by reference as required; the Company does not have any material liabilities or obligations, direct or contingent
(including any off-balance sheet obligations), not described in the Registration Statement (including the exhibits thereto), and the Prospectus
which are required to be described in the Registration Statement or the Prospectus (including exhibits thereto and Incorporated Documents);
and all disclosures contained or incorporated by reference in the Registration Statement and the Prospectus regarding “non-GAAP
financial measures” (as such term is defined by the rules and regulations of the Commission) comply in all material respects with
Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable.


 


(e) Conformity
with EDGAR Filing. The Prospectus delivered to each Purchaser in connection with the sale of the Shares pursuant to this Agreement
will be identical to the versions of the Prospectus created to be transmitted to the Commission for filing via EDGAR, except to the extent
permitted by Regulation S-T.


 


(f) Organization.
The Company is, and will be, duly organized, validly existing as a corporation and in good standing under the laws of its jurisdiction
of organization. The Company is, and will be, duly qualified as a foreign corporation for transaction of business and in good standing
under the laws of each other jurisdiction in which its ownership or lease of property or the conduct of its businesses requires such qualification,
and has all corporate power and authority necessary to own or hold its properties and to conduct its businesses as described in the Registration
Statement and the Prospectus, except where the failure to be so qualified or in good standing or have such power or authority would not,
individually or in the aggregate, have or reasonably be expected to have, a material adverse effect on the business, operations, properties,
financial condition, prospects, stockholder’s equity or results of operations of the Company taken as a whole, or prevent or materially
interfere with consummation of the transactions contemplated hereby (a “Material Adverse Effect”).


 


(g) Subsidiaries.
The Company does not have any “significant subsidiaries” (as such term is defined in Rule 1-02 of Regulation S-X).
Except as set forth in the Registration Statement and in the Prospectus, the Company owns, directly or indirectly, all of the equity
interests of its subsidiaries free and clear of any lien, charge, security interest, encumbrance, right of first refusal or other
restriction, and all the equity interests of the subsidiaries are validly issued and are fully paid, nonassessable and free of
preemptive and similar rights.


 






    6


    


    

 


(h) No
Violation or Default. Except as set forth in the Registration Statement or the Prospectus, the Company is not (i) in violation of
its certificate of incorporation or by-laws; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would
constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage,
deed of trust, loan agreement or other agreement or instrument to which the Company is a party or by which the Company is bound or to
which any of the property or assets of the Company is subject; or (iii) in violation of any law or statute or any judgment, order, rule
or regulation of any court or arbitrator or governmental or regulatory authority having jurisdiction over the Company, except, in the
case of each of clauses (ii) and (iii) above, for any such violation or default that would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. The execution and delivery of this Agreement by the Company and the performance of its
obligations hereunder shall not cause a default under any agreement or instrument to which the Company is a party or by which the Company
is bound or to which any of the property or assets of the Company is subject, except for any such default that would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.


 


(i) No Material
Adverse Change. Subsequent to the respective dates as of which information is given in the Registration Statement and the
Prospectus, there has not been (i) any Material Adverse Effect, (ii) other than this Agreement, any transaction which is material to
the Company taken as a whole, (iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations),
incurred by the Company which is material to the Company taken as a whole, (iv) any material change in the capital stock (other than
(a) as a result of the sale of Shares, (b) as described in a proxy statement filed on Schedule 14A or otherwise publicly announced,
or (c) changes in the number of outstanding shares of Common Stock of the Company due to the issuance of shares upon the exercise or
conversion of securities exercisable for, or convertible into, shares of Common Stock outstanding on the date hereof, or the vesting
of restricted stock units outstanding on the date hereof) or outstanding long-term indebtedness of the Company, or (v) any dividend
or distribution of any kind declared, paid or made on the capital stock of the Company, other than in each case above (A) in the
ordinary course of business, (B) as otherwise disclosed in the Registration Statement or Prospectus (including any document deemed
incorporated by reference therein) or (C) where such matter, item, change, or development would not make the statements in the
Registration Statement or the Prospectus contain an untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading;


 


(j) Capitalization.
The issued and outstanding shares of capital stock of the Company have been validly issued, are fully paid and non-assessable. The Company
has an authorized, issued and outstanding capitalization as set forth in the Registration Statement and the Prospectus as of the dates
referred to therein (other than the grant of additional options or restricted stock units or stock awards under the Company’s existing
stock incentive plans, or changes in the number of outstanding Common Stock of the Company due to the issuance of shares upon the exercise
or conversion of securities exercisable for, or convertible into, Common Stock outstanding or as a result of the issuance of Shares) and
such authorized capital stock conforms in all material respects to the description thereof set forth in the Registration Statement and
the Prospectus. Except as disclosed in or contemplated by the Registration Statement or the Prospectus, as of the date referred to therein,
the Company did not have reserved or available for issuance any shares of Common Stock in respect of options, or any rights or warrants
to subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or
sell, any shares of capital stock or other securities.


 


(k) Authorization;
Enforceability. The Company has full legal right, power and authority to enter into this Agreement and perform the transactions
contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid and
binding agreement of the Company enforceable against the Company in accordance with its terms, except to the extent that (i)
enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’
rights generally and by general equitable principles and (ii) the indemnification and contribution provisions of Section 4.7 hereof
may be limited by federal or state securities laws and public policy considerations in respect thereof.


 






    7


    


    

 


(l) Authorization
of Shares. The Shares, when issued and delivered pursuant to the terms approved by the board of directors of the Company or a duly
authorized committee thereof, or a duly authorized executive committee, against payment therefor as provided herein, will be duly and
validly authorized and issued and fully paid and nonassessable, free and clear of any pledge, lien, encumbrance, security interest or
other claim (other than any pledge, lien, encumbrance, security interest or other claim arising from an act or omission of a Purchaser),
including any statutory or contractual preemptive rights, resale rights, rights of first refusal or other similar rights, and will be
registered pursuant to Section 12 of the Exchange Act. The Shares, when issued, will conform in all material respects to the description
thereof set forth in or incorporated into the Prospectus.


 


(m) No
Consents Required. No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or
any governmental or regulatory authority having jurisdiction over the Company is required for the execution, delivery and performance
by the Company of this Agreement, or the issuance and sale by the Company of the Shares as contemplated hereby, except for the registration
of the Shares under the Securities Act (other than such as have already been obtained), and such consents, approvals, authorizations,
orders and registrations or qualifications as may be required under the Exchange Act and applicable state securities laws or by the Exchange
in connection with the sale of the Shares.


 


(n) No
Preferential Rights. Except as set forth in the Registration Statement or the Prospectus, (i) no person, as such term is defined in
Rule 1-02 of Regulation S-X promulgated under the Securities Act (each, a “Person”), has the right, contractual or
otherwise, to cause the Company to issue or sell to such Person any Common Stock or shares of any other capital stock or other securities
of the Company (other than upon the exercise of options or warrants to purchase Common Stock, upon the vesting of restricted stock units,
or upon the exercise of options or vesting of restricted stock units that may be granted from time to time under the Company’s stock
incentive plans), (ii) no Person has any preemptive rights, rights of first refusal, or any other rights (whether pursuant to a “poison
pill” provision or otherwise) to purchase any Common Stock or shares of any other capital stock or other securities of the Company
from the Company which have not been duly waived with respect to the offering contemplated hereby, and (iii) no Person has the right,
contractual or otherwise, to require the Company to register under the Securities Act any Common Stock or shares of any other capital
stock or other securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering
contemplated thereby, whether as a result of the filing or effectiveness of the Registration Statement or the sale of the Shares as contemplated
thereby or otherwise, except for such rights as have been waived on or prior to the date hereof.


 


(o) Independent
Registered Public Accounting Firm. Wipfli LLP (the “Accountant”), whose report on the financial statements of the
Company is filed with the Commission as part of the Company’s most recent Annual Report on Form 10-K filed with the Commission and
incorporated into the Registration Statement, is and, during the periods covered by its reports, was an independent public registered
accounting firm within the meaning of the Securities Act and the Public Company Accounting Oversight Board (United States). To the Company’s
knowledge, Wipfli LLP is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley
Act”) with respect to the Company.


 


(p) No
Litigation. Except as set forth in the Registration Statement or the Prospectus, there are no legal, governmental or regulatory
actions, suits or proceedings pending, nor, to the Company’s knowledge, any legal, governmental or regulatory investigations,
to which the Company is a party or to which any property of the Company is the subject that, individually or in the aggregate, if
determined adversely to the Company, would reasonably be expected to have a Material Adverse Effect or materially and adversely
affect the ability of the Company to perform its obligations under this Agreement (collectively, the “Actions”);
to the Company’s knowledge, no such Actions are threatened by any governmental or regulatory authority or threatened by others
that, individually or in the aggregate, if determined adversely to the Company, would reasonably be expected to have a Material
Adverse Effect; and (i) there are no current or pending legal, governmental or regulatory actions, suits, proceedings or, to the
Company’s knowledge, investigations that are required under the Securities Act to be described in the Prospectus that are not
described in the Prospectus; and (ii) there are no contracts or other documents that are required under the Securities Act to be
filed as exhibits to the Registration Statement that are not so filed.


 






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(q) Licenses
and Permits. Except as set forth in the Registration Statement or the Prospectus, the Company possesses or has obtained, all governmental
licenses, certificates, consents, orders, approvals, permits and other authorizations necessary for the ownership or lease of its properties
or the conduct of its businesses as described in the Registration Statement and the Prospectus (the “Permits”), except
where the failure to possess, obtain or make the same would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. Except as disclosed in the Registration Statement or the Prospectus, the Company has not received written notice of any
proceeding relating to revocation or modification of any such Permit, except where such revocation or modification would not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.


 


(r) No
Material Defaults. The Company has not defaulted on any installment on indebtedness for borrowed money or on any rental or one or
more long-term leases, which defaults, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect.
The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on
Form 10-K, indicating that it (i) has failed to pay any dividend or sinking fund installment on preferred stock or (ii) has defaulted
on any installment on indebtedness for borrowed money or on any one or more long-term leases.


 


(s) Certain
Market Activities. Neither the Company, nor, to the Company’s knowledge, any of its directors, officers or controlling persons
has taken, directly or indirectly, any action designed, or that has constituted or might reasonably be expected to cause or result in,
under the Exchange Act or otherwise, the stabilization or manipulation of the price of any security of the Company to facilitate the sale
or resale of the Shares.


 


(t) Broker/Dealer
Relationships. Neither the Company nor any of its related entities (i) is required to register as a “broker” or
“dealer” in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through one or more
intermediaries, controls or is a “person associated with a member” or “associated person of a member”
(within the meaning set forth in the Financial Industry Regulatory Authority Manual).


 


(u) Taxes.
Except as disclosed in the Registration Statement or the Prospectus, the Company has filed all federal, state, local and foreign tax returns
which have been required to be filed and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become
due and are not being contested in good faith, except where the failure to do so would not reasonably be expected to have a Material Adverse
Effect. Except as otherwise disclosed in or contemplated by the Registration Statement or the Prospectus, no tax deficiency has been determined
adversely to the Company which has had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect. The Company has no knowledge of any federal, state or other governmental tax deficiency, penalty or assessment which has been
asserted or threatened against it which would have a Material Adverse Effect.


 


(v) Title
to Property. Except as set forth in the Registration Statement or the Prospectus, the Company has good and valid title in fee simple
to all items of real property and good and marketable title to all personal property (excluding Intellectual Property, which is addressed
below) described in the Registration Statement or Prospectus as being owned by it that are material to the business of the Company, in
each case free and clear of all liens, encumbrances and claims, except for any failure to have good and valid title for any liens, encumbrances
and claims that (i) do not materially interfere with the use made of such property by the Company or (ii) would not reasonably be expected,
individually or in the aggregate, to have a Material Adverse Effect.


 




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(w) Intellectual
Property. Except as set forth in the Registration Statement or the Prospectus, to the Company’s knowledge, excluding patents
that cover industry standards supported by any of the Company’s products, the Company owns or possesses adequate enforceable rights
to use all patents, patent applications, trademarks (both registered and unregistered), service marks, trade names, trademark registrations,
service mark registrations, copyrights, licenses and know-how (including trade secrets and other unpatented and/or unpatentable proprietary
information, systems or procedures) (collectively, the “Intellectual Property”), necessary for the conduct of its business
as conducted as of the date hereof, except to the extent that the failure to own or possess adequate rights to use such Intellectual Property
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; the Company has not received any
written notice of any claim of infringement or conflict which asserted Intellectual Property rights of others, which infringement or conflict
would reasonably be expected to result in a Material Adverse Effect; there are no pending, or to the Company’s knowledge, threatened
judicial proceedings or interference proceedings against the Company challenging the Company’s rights in or to or the validity of
the scope of any of the Company’s material patents, patent applications or proprietary information, except such proceedings that
would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; to the Company’s knowledge,
no other entity or individual has any right or claim in any of the Company’s owned, material patents, patent applications or any
patent to be issued therefrom by virtue of any contract, license or other agreement entered into between such entity or individual and
the Company or by any non-contractual obligation of the Company, other than by written licenses granted by the Company, except for such
right or claim that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; the Company
has not received any written notice of any claim challenging the rights of the Company in or to any Intellectual Property owned, licensed
or optioned by the Company which claim would reasonably be expected to result in a Material Adverse Effect.


 


(x) Environmental
Laws. Except as set forth in the Registration Statement or the Prospectus, the Company (i) is in compliance with any and all
applicable federal, state, local and foreign laws, rules, regulations, decisions and orders relating to the protection of human
health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively,
“Environmental Laws”); (ii) has received and is in compliance with all permits, licenses or other approvals
required of it under applicable Environmental Laws to conduct its businesses as described in the Registration Statement and the
Prospectus; and (iii) has not received notice of any actual or potential liability for the investigation or remediation of any
disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case of any of clauses
(i), (ii) or (iii) above, for any such failure to comply or failure to receive required permits, licenses, other approvals or
liability as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.


 


(y) Disclosure
Controls. The Company maintains systems of internal accounting controls designed to provide reasonable assurance that (i) transactions
are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to
permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability;
(iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded
accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to
any differences. Since the date of the latest audited financial statements of the Company included in the Prospectus, there has been no
change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially
affect, the Company’s internal control over financial reporting (other than as set forth in the Prospectus). Except as set forth
in the Registration Statement or the Prospectus, since the end of the Company’s most recent audited fiscal year, there has been
(A) no material weakness in the Company’s internal control over financial reporting (whether or not remediated) and (B) no change
in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect,
the Company’s internal control over financial reporting.


 







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(z) Sarbanes-Oxley.
Except as set forth in the Registration Statement or Prospectus, there is and has been no failure on the part of the Company or, to
the knowledge of the Company, any of the Company’s directors or officers, in their capacities as such, to comply with any
applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder. The principal
executive officer and principal financial officer of the Company (or each former principal executive officer of the Company and each
former principal financial officer of the Company as applicable) has made all certifications required by Sections 302 and 906 of the
Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or
furnished by it to the Commission. For purposes of the preceding sentence, “principal executive officer” and
“principal financial officer” shall have the meanings given to such terms in the Sarbanes-Oxley Act.


 


(aa) Finder’s
Fees. The Company has not incurred any liability for any finder’s fees, brokerage commissions or similar payments in connection
with the transactions herein contemplated.


 


(bb) Labor Disputes.
Except as set forth in the Registration Statement or the Prospectus, no labor disturbance by or dispute with employees of the Company
exists or, to the knowledge of the Company, is threatened which would reasonably be expected to result in a Material Adverse Effect.


 


(cc) Investment
Company Act. The Company is not, and after giving effect to the offering and sale of the Shares, will not be an “investment
company” or an entity “controlled” by an “investment company,” as such terms are defined in the Investment
Company Act of 1940, as amended (the “Investment Company Act”).


 


(dd) Operations.
The operations of the Company are and have been conducted at all times in compliance with applicable financial record keeping and reporting
requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions
to which the Company is subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued,
administered or enforced by any governmental agency having jurisdiction over the Company (collectively, the “Money Laundering
Laws”), except as would not reasonably be expected to result in a Material Adverse Effect; and no action, suit or proceeding
by or before any court or governmental agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering
Laws is pending or, to the knowledge of the Company, threatened.


 


(ee) Off-Balance
Sheet Arrangements. There are no transactions, arrangements and other relationships between and/or among the Company, and/or, to the
knowledge of the Company, any of its affiliates and any unconsolidated entity, including, but not limited to, any structural finance,
special purpose or limited purpose entity (each, an “Off Balance Sheet Transaction”) that would reasonably be expected
to affect materially the Company’s liquidity or the availability of or requirements for its capital resources, including those Off
Balance Sheet Transactions described in the Commission’s Statement about Management’s Discussion and Analysis of Financial
Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), in each case that are required to be described in the Prospectus
which have not been described as required.


 


(ff) ERISA.
Except as set forth in the Registration Statement or the Prospectus, to the knowledge of the Company, (i) each material employee benefit
plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
that is maintained, administered or contributed to by the Company (other than a Multiemployer Plan, within the meaning of Section 3(37)
of ERISA) for employees or former employees of the Company has been maintained in compliance with its terms and the requirements of any
applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as amended
(the “Code”); (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code,
has occurred with respect to any such plan (excluding transactions effected pursuant to a statutory or administrative exemption); and
(iii) for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated
funding deficiency” as defined in Section 412 of the Code has been incurred, whether or not waived, and the fair market value of
the assets of each such plan (excluding for these purposes accrued but unpaid contributions) equals or exceeds the present value of all
benefits accrued under such plan determined using reasonable actuarial assumptions, other than, in the case of (i), (ii) and (iii) above,
as would not reasonably be expected to have a Material Adverse Effect.


 




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(gg) Margin Rules.
The Company does not own any “margin securities” as that term is defined in Regulation U of the Board of Governors of the
Federal Reserve System (the “Federal Reserve Board”), and none of the proceeds of the sale of the Shares will be used,
directly or indirectly, for the purpose of purchasing or carrying any margin security, for the purpose of reducing or retiring any indebtedness
which was originally incurred to purchase or carry any margin security or for any other purpose which might cause any of the Shares to
be considered a “purpose credit” within the meanings of Regulation T, U or X of the Federal Reserve Board.


 


(hh) Insurance.
Except as set forth in the Registration Statement or the Prospectus, the Company maintains insurance in such amounts and covering such
risks as the Company reasonably believes are adequate for its business and customary for companies of similar size engaged in similar
businesses in similar industries.


 


(ii) No Improper
Practices. Except as set forth in the Registration Statement or the Prospectus or as contemplated by this Agreement, (i) no relationship,
direct or indirect, exists between or among the Company or, to the Company’s knowledge, any affiliate, on the one hand, and the
directors, officers and stockholders of the Company on the other hand, that is required by the Securities Act to be described in the Registration
Statement and the Prospectus that is not so described; (ii) except as described in the Prospectus, there are no material outstanding loans
or advances or material guarantees of indebtedness by the Company to or for the benefit of any of its officers or directors or any of
the members of the families of any of them; (iii) the Company has not offered, or caused any placement agent to offer, Common Stock to
any person with the intent to influence unlawfully (A) a customer or supplier of the Company to alter the customer’s or supplier’s
level or type of business with the Company or (B) a trade journalist or publication to write or publish favorable information about the
Company or any of its products or services, and (iv) neither the Company nor, to the Company’s knowledge, any employee or agent
of the Company has made any payment of funds of the Company or received or retained any funds in violation of any law, rule or regulation
(including, without limitation, the Foreign Corrupt Practices Act of 1977), which payment, receipt or retention of funds is of a character
required to be disclosed in the Registration Statement or the Prospectus.


 


(jj) Status Under
the Securities Act. The Company was not and is not an ineligible issuer as defined in Rule 405 under the Securities Act at the times
specified in Rules 164 and 433 under the Securities Act in connection with the offering of the Shares.


 


(kk) No Conflict
in an Issuer Free Writing Prospectus. Any Issuer Free Writing Prospectus, as of its issue date through the completion of any sale
of Shares for which such Issuer Free Writing Prospectus is used or deemed used, will not include any information that conflicted, conflicts
or will conflict with the information contained in the Registration Statement or the Prospectus, including any incorporated document deemed
to be a part thereof that has not been superseded or modified.


 


(ll) No Conflicts.
Neither the execution of this Agreement by the Company, nor the issuance, offering or sale of the Shares, nor the consummation by the
Company of any of the transactions contemplated herein and therein, nor the compliance by the Company with the terms and provisions hereof
and thereof will conflict with, or will result in a breach of, any of the terms and provisions of, or has constituted or will constitute
a default under, or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance upon any property
or assets of the Company pursuant to the terms of any contract or other agreement to which the Company is a party or to which any of the
property or assets of the Company is subject, except (i) such conflicts, breaches or defaults as may have been waived and (ii) such conflicts,
breaches, defaults and liens, charges and encumbrances that would not reasonably be expected to have a Material Adverse Effect; nor will
such action result (x) in any violation of the provisions of the certificate of incorporation or bylaws of the Company, or (y) in any
material violation of the provisions of any statute or any order, rule or regulation applicable to the Company or of any court or of any
federal, state or other regulatory authority or other government body having jurisdiction over the Company, except where such violation
would not reasonably be expected to have a Material Adverse Effect.


 




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(mm) Stock
Transfer Taxes. On the Closing Date, all stock transfer or other taxes (other than income taxes) which are required to be paid by
the Company in connection with the sale and transfer of the Shares to be sold hereunder will be, or will have been, fully paid or provided
for by the Company and all laws imposing such taxes will be or will have been fully complied with by the Company in all material respects.


 


ARTICLE IV.


OTHER AGREEMENTS OF THE PARTIES


 


4.1 Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate any transaction in respect of any security
(as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities for purposes of the
rules and regulations of the Exchange such that it would require shareholder approval prior to the closing of such other transaction unless
shareholder approval is obtained before the closing of such subsequent transaction.


 


4.2 Securities
Laws Disclosure; Publicity. The Company shall, by 4:30 p.m. (New York City time) on the Trading Day immediately following the date
hereof, issue a press release disclosing the material terms of the transactions contemplated hereby, and within the time required by such
form issue a Current Report on Form 8-K including the Transaction Documents as exhibits thereto. From and after the issuance of such Current
Report on Form 8-K, the Company shall have publicly disclosed all material, non-public information delivered to any of the Purchasers
by the Company, or any of their respective officers or directors, in connection with the transactions contemplated by the Transaction
Documents. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions
contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor otherwise make any such public statement
without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of each Purchaser,
with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure
is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement
or communication. Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name
of any Purchaser in any filing with the Commission or any regulatory agency or the Exchange, without the prior written consent of such
Purchaser, except (a) as required by federal securities law in connection with the filing of final Transaction Documents (including signature
pages thereto) with the Commission and (b) to the extent such disclosure is required by law or Exchange regulations, in which case the
Company shall provide the Purchasers with prior notice of such disclosure permitted hereunder.


 


4.3 Non-Public
Information. Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents,
the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or
counsel with any information that the Company believes constitutes material nonpublic information, unless prior thereto such Purchaser
shall have executed a written agreement with the Company regarding the confidentiality and use of such information. The Company understands
and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.


 


4.4 Reservation
of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all
times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares
pursuant to this Agreement.


 


4.5 Listing of Common
Stock. The Company hereby agrees to use best efforts to maintain the listing or quotation of the Common Stock on the Exchange, and
concurrently with the Closing, the Company shall apply to list or quote all of the Shares on the Exchange and promptly secure the listing
of all of the Shares on the Exchange. The Company further agrees, if the Company applies to have the Common Stock traded on any other
trading market, it will include in such application all of the Shares, and will take such other action as is necessary to cause all of
the Shares to be listed or quoted on such other trading market as promptly as possible. The Company will then take all action reasonably
necessary to continue the listing and trading of its Common Stock on a trading market and will comply in all respects with the Company’s
reporting, filing and other obligations under the bylaws or rules of such trading market.


 




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4.6 Equal
Treatment of Purchasers. No consideration (including any modification of any Transaction Document) shall be offered or paid to any
Person to amend or consent to a waiver or modification of any provision of any of the Transaction Documents unless the same consideration
is also offered to all of the parties to the Transaction Documents. For clarification purposes, this provision constitutes a separate
right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the
Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase,
disposition or voting of Securities or otherwise.


 


4.7 Certain
Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it nor
any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales
of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at such time that the
transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section
4.2. Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated
by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.2, such Purchaser
will maintain the confidentiality of the existence and terms of this transaction and all information provided in connection therewith.
Notwithstanding the foregoing and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges
and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions
in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant
to the initial press release as described in Section 4.2, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions
in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated
by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.2 and (iii) no Purchaser
shall have any duty of confidentiality to the Company after the issuance of the initial press release as described in Section 4.2. Notwithstanding
the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate
portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio
managers managing other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion
of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.


 


ARTICLE V.


MISCELLANEOUS


 


5.1 Termination.
This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever
on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been
consummated on or before May     , 2021; provided, however, that no such termination will affect the right of any
party to sue for any breach by the other party (or parties).


 


5.2 Fees
and Expenses. Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses
of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation,
preparation, execution, delivery and performance of this Agreement. The Company shall pay all transfer agent fees, stamp taxes and other
taxes and duties levied in connection with the delivery of any Securities to the Purchasers.


 


5.3 Entire
Agreement. The Transaction Documents, together with the exhibits and schedules thereto, and the Prospectus, contain the entire understanding
of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with
respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.


 




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5.4 Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered
via email at the email address set forth on the signature pages attached hereto prior to 5:30 p.m. (New York City time) on a Trading
Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via email at the email
address set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City
time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such
notices and communications shall be as set forth on the signature pages attached hereto.


 


5.5 Amendments;
Waivers. No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in
the case of an amendment, by the Company and the Purchasers holding at least 67% in interest of the Shares then outstanding or, in the
case of a waiver, by the party against whom enforcement of any such waived provision is sought. No waiver of any default with respect
to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any
subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to
exercise any right hereunder in any manner impair the exercise of any such right.


 


5.6 Headings.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any
of the provisions hereof.


 


5.7 Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.
The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other
than by merger). Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or
transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by
the provisions of the Transaction Documents that apply to the “Purchasers.”


 


5.8 No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.


 


5.9 Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed
by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the
City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City
of New York, borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated
hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives,
and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such
court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party
shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of
the Company under Section 4.7, the prevailing party in such action or proceeding shall be reimbursed by the other party for its reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.


 


5.10 Survival.
The representations and warranties contained herein shall survive the Closing and the delivery of the Securities for the applicable statute
of limitations.


 




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5.11 Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile
transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such
facsimile or “.pdf” signature page were an original thereof.


 


5.12 Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force
and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts
to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.


 


5.13 Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall
issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of
and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of
such loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable
third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.


 


5.14 Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers
and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may
not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby
agree to waive and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would
be adequate.


 


5.15 Payment
Set Aside. To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser
enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part
thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required
to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person under any law (including, without
limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration
the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such
payment had not been made or such enforcement or setoff had not occurred.


 


5.16 Independent
Nature of Purchasers’ Obligations and Rights. The obligations of each Purchaser under any Transaction Document are several and not
joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance
of the obligations of any other Purchaser under any Transaction Document. Nothing contained herein or in any other Transaction Document,
and no action taken by any Purchaser pursuant thereto, shall be deemed to constitute the Purchasers as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Purchaser shall be entitled to independently
protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction
Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding for such purpose.
Each Purchaser has been represented by its own separate legal counsel in their review and negotiation of the Transaction Documents. The
Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not
because it was required or requested to do so by any of the Purchasers.


 


5.17 Saturdays, Sundays,
Holidays. etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein
shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.


 




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5.18 Construction.
The parties agree that each of them and/or their respective counsel has reviewed and had an opportunity to revise the Transaction Documents
and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall
not be employed in the interpretation of the Transaction Documents or any amendments hereto. In addition, each and every reference to
share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits,
stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.


 


5.19 WAIVER
OF JURY TRIAL. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH
KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY
WAIVES FOREVER TRIAL BY JURY.


 


(Signature Pages Follow)


 




    17


    


    

 


IN WITNESS WHEREOF, the parties hereto
have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated
above.


 


	IMMUCELL
    CORPORATION	 	Address
    for notice:
	 	 	 
	By:	/s/
    Michael Brigham	 	ImmuCell Corporation
	Name:	Michael
    F. Brigham 	 	56 Evergreen Drive
	Title:
    	President
    and CEO	 	Portland, ME 04103
	 	 	 	Attention: Michael F. Brigham, President and CEO 
	 	 	 	Telephone:
(207) 878-2770
	 	 	 	Email: mbrigham@immucell.com 
	 	 	 	 
	 	 	 	With a copy to:
	 	 	 	 
	 	 	 	Pierce Atwood LLP 






	 	 	 	254 Commercial Street
	 	 	 	Portland, ME 04101
	 	 	 	Attention: David J. Champoux, Esq. 
	 	 	 	Telephone:(207) 791-1364
	 	 	 	Email: dchampoux@pierceatwood.com



 

















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