Document:

EX-10.5

 Exhibit 10.5 

FOURTH AMENDMENT TO PURCHASE AGREEMENT 

This Fourth Amendment to Purchase Agreement (this “Amendment”) is dated March 23, 2022 (the “Effective
Date”), by and between KEWAUNEE SCIENTIFIC CORPORATION, a Delaware corporation (“Seller”) and CAI INVESTMENTS SUB SERIES 100, LLC, a Nevada limited liability company, and/or its permitted assignee
(“Buyer”). 
 RECITALS 

WHEREAS, Buyer and Seller entered into that certain Agreement for Purchase and Sale of Real Property dated as of December 22, 2022 (as
amended by that First Amendment to Purchase Agreement dated January 21, 2021, that Second Amendment to Purchase Agreement dated January 24, 2022, and that Third Amendment to Purchase Agreement dated January 26, 2022 (the
“Third Amendment”; collectively, the “Agreement”), for that certain property located at 2700 West Front Street, Statesville, North Carolina as further described in the Agreement; and 

WHEREAS, Buyer and Seller desire to amend the Agreement as set forth below. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants contained herein, Buyer and Seller hereby agree to amend the Agreement as follows: 

1. Recitals. The recitals set forth above are true and correct and are hereby incorporated in their entirety. Capitalized terms not
otherwise defined herein shall have the meaning ascribed to them in the Agreement. 
 2. Lease. 

(a) Exhibit C to the Agreement (i.e., the form of Lease) is hereby deleted and replaced with Exhibit C
attached hereto. 
 (b) At Closing, Seller and Buyer agree to cause the execution of (i) that Memorandum of Lease in the form of
Exhibit C-1 attached hereto and (ii) Subordination, Non-Disturbance and Attornment Agreement in the form of Exhibit
C-2 attached hereto. 
 3. Letter Agreement. At Closing, Seller and Buyer agree to
execute that Letter Agreement in the form of Exhibit D attached hereto. 
 4. Preferred Equity Documents. 

(a) At Closing, Seller and Buyer (or its assign) agree to execute and deliver the Limited Liability Company Agreement of CAI Investments
Medical Products I Parent, LLC in the form of Exhibit E attached hereto. 
 (b) At Closing, Buyer shall cause the Guaranty to be
executed and delivered in the form of Exhibit F attached hereto. 
 (c) At Closing, Buyer shall cause the Trust Agreement of CAI
Investments Medical Products I, DST to be executed and delivered in the form of Exhibit G attached hereto. 

  
 1 

 (d) At Closing, Buyer shall cause the Loan Agreement with Bank of Montreal as
“Lender” to be executed and delivered in the form of Exhibit H attached hereto. 
 5. Property. 

(a) Section 1(e) of the Agreement is hereby deleted and replaced with the following: “Property”
shall mean: (a) that certain property located at 2700 West Front Street in Statesville, North Carolina, being also known as Iredell County Tax Parcel 4724791244.000, together with all improvements therein (including, without limitation, that
+/- 416,299 square foot building thereon); and (b) all right, title and interest of Seller in and to all easements, licenses, rights and appurtenances relating to any of the foregoing.” 

(b) Exhibit A to the Agreement and Exhibit A to the Lease attached as Exhibit C of the Agreement are hereby deleted and
shall be replaced with the legal description of the Property as described in the Deed being simultaneously delivered from Seller to Buyer in connection with Closing and included in Buyer’s approved title proforma. 

(c) The second and third sentences of Section 10(a) of the Agreement are hereby deleted and replaced with the following: “The
legal description to be used in the Deed shall be derived from the Survey. Buyer shall cause the Survey to be certified to Buyer, Seller and such other parties as Buyer may request.” 

6. Ratifications. Except as specifically modified and amended herein, all terms, provisions, conditions, and exhibits contained in the
Agreement are hereby reinstated, confirmed, ratified, and shall remain unmodified and in full force and effect. In the event that any provision of this Amendment shall conflict with the terms of the Agreement, the terms of this Amendment shall
govern and control. Seller hereby certifies to Buyer that Buyer is not in default of the Agreement as of the Effective Date, and Seller hereby agrees that Seller is estopped from claiming any breach of the Agreement due to circumstances that
occurred prior to the Effective Date or facts that were known to Seller prior to the Effective Date. Buyer hereby certifies to Seller that Seller is not in default of the Agreement as of the Effective Date, and Buyer hereby agrees that Buyer is
estopped from claiming any breach of the Agreement due to circumstances that occurred prior to the Effective Date or facts that were known to Buyer prior to the Effective Date. 

7. Counterparts; Signatures. This Amendment may be executed in any number of counterparts. Signatures to this Amendment transmitted by
email or other electronic means shall be treated as originals in all respects for purposes of this Amendment.     
 8.
Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. 

9. Time of the Essence. Time is of the essence with respect to this Amendment and the Agreement. 

[The remainder of this page is intentionally left blank – signature page follows] 

  
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 IN WITNESS WHEREOF, this Amendment is executed as of the Effective Date. 

SELLER: 
 KEWAUNEE SCIENTIFIC CORPORATION,
a Delaware corporation 
  

			
	By:	 	
                     

	Name:	 	  

	Title:	 	  

 BUYER: 
 CAI
INVESTMENTS SUB SERIES 100, LLC, a Nevada limited liability company 
  

			
	By:	 	 /s/ Christopher Beavor

	Name:	 	Christopher Beavor
	Title:	 	Manager

 IN WITNESS WHEREOF, this Amendment is executed as of the Effective Date. 

SELLER: 
 KEWAUNEE SCIENTIFIC CORPORATION,
a Delaware corporation 
  

			
	By:	 	 /s/ Donald T Gardner III

	Name:	 	Donald T Gardner III
	Title:	 	CFO

 BUYER: 
 CAI
INVESTMENTS SUB SERIES 100, LLC, a Nevada limited liability company 
  

			
	By:	 	
                     

	Name:	 	  

	Title:Exhibit 10.8

 

SECOND AMENDED AND RESTATED INCENTIVE COMPENSATION
AGREEMENT

 

This Second Amended and Restated
Incentive Compensation Agreement, dated as of March 28, 2022, is by and between ImmuCell Corporation, a Delaware corporation (the “Company”)
and Elizabeth L. Williams (the “Executive”), and replaces and supersedes in its entirety the Amended and Restated Incentive
Compensation Agreement, dated as of March 21, 2019, between the Company and the Executive.

 

WITNESSETH:

 

WHEREAS, the Company wishes
to provide to the Executive additional incentive compensation opportunities in order to induce the Executive to remain in the Company’s
employ and to further incentivize her to continue her leadership efforts toward the successful commercialization of Re-Tain®;
and

 

WHEREAS, the Executive, in
partial consideration of such potential additional compensation, is willing to agree to certain restrictions relating to the solicitation
of Company employees, consultants and independent contractors;

 

NOW, THEREFORE, in consideration
of the mutual promises of the parties contained herein and other good and valuable considerations, the receipt and sufficiency of which
are hereby acknowledged, the parties hereby agree as follows:

 

1. Incentive
Compensation. The Company agrees to pay to the Executive (a) $100,000 when the Company receives all FDA approvals needed for the commencement
of sales of Re-Tain® in the United States, and (b) $100,000 when the Company receives all FDA approvals of the Company’s
license application for in-house Drug Product manufacture with respect to Re-Tain®, provided, however, that any
such payment shall be due and payable only if the Executive is employed by the Company at the time of receipt of the applicable FDA approval(s).
The applicable payment shall be made within thirty (30) days of receipt of such FDA approvals, and shall be subject to all required tax
withholdings. This supersedes paragraph 2 of the letter from the Company to the Executive dated March 2, 2016.

 

In addition, if the Company
undergoes a Change of Control or sells or licenses all or substantially all of the rights to manufacture and sell Re-Tain®,
and at the time of such Change of Control, sale or license the Executive is an employee of the Company, the Company will make the payments
to the Executive described in the first paragraph of this Section 1. For purposes hereof, “Change of Control” means (a) the
sale of all or substantially all of the Company’s assets, or (b) the sale or issuance of capital stock of the Company, in a single
transaction or series of related transactions, or a merger, consolidation or similar transaction to which the Company is party, the result
of which is one or more persons or entities acting together directly or indirectly acquiring a majority of the outstanding capital stock
of the Company or of the surviving or resulting entity in such transaction. For purposes hereof, a license of all or substantially all
of the rights to manufacture and sell Re-Tain® shall not include a transaction in which the Company continues to
perform manufacturing services to or for the benefit of the licensee.

 

2. Non-Solicitation.
The Executive agrees, during the period in which she is employed by the Company and for one (1) year thereafter, not to solicit, or assist
or induce any other person or entity in soliciting, any person who at that time is (or within the preceding ninety (90) days was) an employee
of, or a consultant or independent contractor to, the Company to leave his or her employment, consultancy or independent contractor status
with the Company.

 

	 	IMMUCELL CORPORATION
	 	 	 
	 	By: 	/s/ Michael F. Brigham
	 	 	Michael F. Brigham, its President
	 	 	 
	 	 	/s/ Elizabeth L. Williams
	 	 	Elizabeth L. Williams

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