Document:

EXHIBIT
10.16

 

IMMUCELL CORPORATION

 

Amended
and Restated Promissory Note ($2,560,000) given

by
the Company in favor of TD Bank N.A. dated March 1, 2017.

 

LOAN
#__________

 

AMENDED
AND RESTATED CONSTRUCTION LOAN NOTE

 

(Amends
and Restates Construction Loan Note dated March 28, 2016 in the original 

principal amount of $2,000,000.00)

 

	Date
                                         of Note:

                                                                                                                           

                                                                                
	March
                                         1, 2017

                                                                                                      

                                                                                                      

                                                                                

	 	 
	Principal
    Amount: 	$2,560,000.00
	 	 
	Maturity
    Date:  	March
    1, 2027

 

	Interest
    Rate:	An
                                         interest rate equal at all times to Two and One Quarter percent (2.25%) per annum in
                                         excess of the rate of interest per annum (rounded upwards, if necessary, to the nearest
                                         1/100 of 1%) of the one (1) month LIBOR (as hereinafter defined). The Lender shall not
                                         be required to notify Borrower of adjustments in said interest rate.

                                                                                                  

        “LIBOR”
(i.e., the London Interbank Offered Rate) means the rate of interest in U.S. Dollars (rounded upwards, at the Lender's option,
to the next 1/8th of one percent) equal to the Intercontinental Exchange Benchmark Administration Ltd. (“ICE, ”or
the successor thereto if ICE is no longer making a London Interbank Offered Rate available) (“ICE LIBOR”) rate for
the equivalent Interest Period as published by Bloomberg (or such other commercially available source providing quotations of
ICE LIBOR as designated by Lender from time to time) at approximately 11:00 A.M. (London time) two (2) London Business Days prior
to the Reset Date; provided however, if more than one ICE LIBOR is specified, the applicable rate shall be the arithmetic mean
of all such rates. If, for any reason, such rate is not available, the term LIBOR Rate shall mean, for the LIBOR Interest Period
applicable thereto, the rate of interest per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) determined by Lender
to be the average rates per annum at which deposits in dollars are offered for such LIBOR Interest Period to major banks in the
London Interbank market in London, England at approximately 11:00 A.M. (London time) two (2) Business Days prior to the Reset
Date. The Interest Rate shall be computed on an actual/360 day basis (i.e., interest for each day during which the Principal Amount,
or any part thereof, is outstanding shall be computed at the Interest Rate, divided by 360).

	 	 
	 	

Notwithstanding the foregoing, LIBOR Rate loans shall
be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject to reserve requirements without benefits of
credits for proration, exceptions or offsets that may be available from time to time to Lender. The LIBOR Rate shall be adjusted
automatically on and as of the effective date of any change in the LIBOR Reserve Percentage or the LIBOR Interest Period for each
LIBOR Rate loan comprising part of the same borrowing (including conversions, extensions and renewals), to a per annum interest
rate determined pursuant to the following formula:

 

Adjusted LIBOR Rate = LIBOR Rate                             

1 - LIBOR Reserve Percentage

 

For purposes of this calculation LIBOR Reserve Percentage
is defined as, for any day, that percentage (expressed as a decimal) which is in effect from time to time under Regulation D, as
such regulation may be amended from time to time or any successor regulation, as the maximum reserve requirement (including, without
limitation, any basic, supplemental, emergency, special, or marginal reserves) applicable with respect to Eurocurrency liabilities
as that term is defined in Regulation D (or against any other category of liabilities that includes deposits by reference to which
the interest rate of LIBOR Rate loans is determined), whether or not Lender has any Eurocurrency liabilities subject to such reserve
requirement at that time.

 

    	 	1	 

     

    

 

	LIBOR
    Interest Period:	Initially,
    the first (1st) LIBOR Interest Period hereunder shall be the period commencing on the date hereof and ending on (and including)
    March 31, 2017.  Thereafter, each LIBOR Interest Period shall commence on the first (1st) day of the calendar month
    immediately following the previous LIBOR Interest Period (the “Reset Date”) and shall end on the last day
    of such month; provided however, (i) no LIBOR Interest Period shall extend beyond the Maturity Date of the Loan, and (ii)
    any LIBOR Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
    corresponding day in the calendar  month at the end of such LIBOR Interest Period) shall end on the last Business
    Day of the relevant calendar month at the end of such LIBOR Interest Period.  
	 	 
	Construction
    Loan Agreement:	That
                                                                                         certain agreement between Borrower and Lender dated on or about March 28, 2016, as modified and/or amended from time to time
                                                                                         including, without limitation, by Amendment bearing even date herewith pursuant to which Lender has agreed to advance the
                                                                                         Principal Amount to the Borrower subject to the terms and conditions of such agreement.

 

	Business
    Day:	Any
    day on which domestic and international transactions are carried on in the London Interbank Market and commercial banks are
    open for business in London, England and are neither required nor authorized to close in the State.
	 	 
	State:	Shall
    mean the State of Maine.

 

FOR
VALUE RECEIVED, ImmuCell Corporation, a Delaware corporation (the “Borrower”), having an address as indicated
below, HEREBY PROMISES TO PAY ON THE MATURITY DATE to the order of TD Bank, N.A., a national banking association, (hereinafter,
together with its successors and assigns, referred to as the “Lender”) at One Portland Square, P.O. Box
9540, Portland, Maine, 04112, or at such other place as the holder hereof may from time to time designate in writing, in immediately
available federal funds, the Principal Amount or so much thereof as shall be advanced by Lender to Borrower pursuant to the Construction
Loan Agreement and then remaining unpaid, together with interest on the outstanding Principal Amount from time to time at the
Interest Rate. Interest only shall be due and payable monthly, commencing April 1, 2017 and on the same day of each successive
month until March 1, 2018 (the “Payment Change Date”).

 

Beginning
with the payment next due after the Payment Change Date, principal payments shall be due and payable pursuant to a schedule of
principal payments based on a twenty year even amortization to be later attached to this Note as Schedule A to be then
provided by the Lender, plus accrued interest, in equal monthly installments, followed by a final installment of all unpaid principal
and interest due and payable on the Maturity Date. Borrower may elect an interest rate swap for all or any portion of the loan.

 

For
so long as the Interest Rate in effect is a variable rate of interest, the loan evidenced hereby may be prepaid in part or in
full at any time without premium. However, upon Borrower’s execution of any ISDA interest rate swap or other hedging agreement
in connection with this Construction Loan Note synthetically converting the Interest Rate to an indicative fixed rate, any prepayment
shall be subject to the terms of such a swap or hedge agreement, including any provisions relating to termination fees.

 

Notwithstanding
the foregoing, Borrower may elect to reduce the “interest only” time period set forth herein and begin amortizing
the Loan before the Payment Change Date, provided, however, that the total Loan amount has been fully advanced to the Borrower.

 

    	 	2	 

     

    

 

Borrower
hereby authorizes Lender to charge checking account number _____________ at TD Bank, N.A. (or such other account maintained by
Borrower at TD Bank, N.A. as Borrower shall designate by written notice to Lender) (the “Deposit Account”)
to satisfy the monthly payments of principal and/or interest due and payable to Lender hereunder on the first (1st) day of each
month (each, a “Charge Date”) and Lender is hereby authorized to charge the Deposit Account on each
Charge Date or, if any Charge Date shall fall on a Saturday, Sunday or legal holiday, then the Lender reserves the right to charge
the Deposit Account on either the first (1st) Business Day immediately preceding or on the first (1st) Business
day immediately following any such Charge Date until the Note shall be paid in full.

 

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

 

Lender
may, at Lender’s sole discretion, discontinue charging the Deposit Account at any time on not less than ten (10) days’
written notice to the Borrower, in which event, Borrower shall thereafter be responsible for making all payments hereunder to
Lender at the address set forth in Lender’s notice or if no such address is given, then to Lender at P.O. Box 5600, Lewiston,
Maine 04243-5600.

 

The
Borrower and each endorser and guarantor hereof grant to the Bank a continuing lien on and security interest in any and all deposits
or other sums at any time credited by or due from Lender or any Affiliate (as defined in the Construction Loan Agreement) of Lender
to the Borrower and/or each endorser or guarantor hereof and any cash, securities, instruments or other property of the Borrower
and each endorser and guarantor hereof in the possession of the Lender or any Lender Affiliate, whether for safekeeping or otherwise,
or in transit to or from the Lender or any Lender Affiliate (regardless of the reason the Lender or Lender Affiliate had received
the same or whether the Lender or Lender Affiliate has conditionally released the same) as security for the full and punctual
payment and performance of all of the liabilities and obligations of the Borrower and/or any endorser or guarantor hereof to the
Lender or any Lender Affiliate and such deposits and other sums may be applied or set off against such liabilities and obligations
of the Borrower or any endorser or guarantor hereof to the Lender or any Lender Affiliate at any time, whether or not such are
then due, whether or not demand has been made and whether or not other collateral is then available to the Lender or any Lender
Affiliate.

 

    	 	3	 

     

    

 

Borrower
shall pay a late payment charge of six cents ($.06) for each dollar ($1.00) of each payment that is made more than fifteen (15)
days after the due date thereof, which charge shall be due and payable with each such late payment.

 

DEFAULT
/ POST JUDGMENT INTEREST RATE. The Lender shall have the right to charge interest on the unpaid principal balance hereof at an
interest rate of four percent (4.0%) per annum in excess of the Interest Rate otherwise payable as provided herein (the “Default
Rate”) for any period during which the Borrower has failed to make a required payment hereunder within ten (10) days
of the due date therefor, or shall be in default under any material provision hereof or there shall be a default under any other
document guarantying, governing or securing this Note. The Default Rate shall apply following entry of any judgment hereon notwithstanding
any otherwise applicable statutory rate.

 

Notwithstanding
any other provision of this Note, if Lender shall reasonably determine (which determination shall be conclusive and binding absent
manifest error) that, (i) by reason of circumstances affecting the relevant market, reasonable and adequate means do not exist
for ascertaining the Adjusted LIBOR Rate, or (ii) it is unlawful for Lender to make or maintain the loan evidenced by the Note
as a LIBOR Rate based loan as contemplated by this Note, or to obtain in the interbank Eurodollar market the funds with which
to make such LIBOR Rate based loans, Lender shall give prompt written notice thereof to Borrower and after the giving of such
notice, until any such notice has been withdrawn by Lender, the Principal Amount shall bear interest at another rate then designated
by the Lender, in its sole discretion, for general commercial loan reference purposes.

 

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

 

    	 	4	 

     

    

 

During
the term hereof, Borrower will deliver to Lender such financial information and reports as may be required by that certain Second
Amended and Restated Loan Agreement dated on or about March 28, 2016, as the same may be amended from time to time. Borrower’s
failure to timely supply such information shall constitute an Event of Default hereunder.

 

This
Note is secured by, and the parties hereto are entitled to the benefits and security of, that certain Mortgage and Security Agreement
dated on or about March 28, 2016 recorded in the Cumberland County Registry of Deeds in Book 33003, Page 114, as the same may
have been, or may be, modified or amended from time to time including, without limitation by Modification dated of or about even
date herewith with respect to certain property owned by Borrower and improvements now or in the future existing thereon, located
at or about 33 Caddie Lane a/k/a Unit 11, Second Tee Business Park Condominium, Riverside Street, Portland, Maine, as well as
an existing Amended and Restated Mortgage and Security Agreement dated on or about September 21, 2015 with respect to certain
property with improvements thereon owned by Borrower and located at or about 56 Evergreen Drive, Portland, Maine (together, the
“Mortgages”), related collateral assignments of leases and rents and certain security agreements dated on or
about September 21, 2015 and on or about March 28, 2016 (the “Security Agreements”) covering all business assets
from Borrower to Lender, and a certain Assignment of Contracts, Leases and Permits dated on or about March 28, 2016, all of the
covenants, conditions and agreements of the Mortgages and Security Agreements being made a part of this Note by this reference,
and by any other mortgage or security instrument executed and delivered by Borrower to Lender from time to time that secures all
obligations or indebtedness of Borrower to Lender.

 

Except
as may be otherwise provided in the Construction Loan Agreement or the Mortgages securing Borrower’s obligations hereunder,
all monthly payments received by Lender hereunder shall be applied first, to the payment of accrued interest on the Principal
Amount, second, to the reduction of the Principal Amount of this Note, and finally, the balance, if any, to the
payment of any fees, costs, expenses or charges then payable by Borrower to Lender hereunder, under the Mortgages or under any
other document executed and delivered by Borrower in connection with the loan evidenced by this Note.

 

Borrower
agrees that if it fails to make any payment due under this Note, or upon the happening of any “Event of Default”
(as defined in the Construction Loan Agreement) under the Construction Loan Agreement or either of the Mortgages, the outstanding
Principal Amount, together with accrued interest and all other expenses, including, without limitation, reasonable attorneys’
fees, shall immediately become due and payable at the option of the holder of this Note, notwithstanding the Maturity Date. For
purposes hereof, attorneys’ fees shall include, without limitation, fees and disbursements for legal services incurred by
the holder hereof in collecting or enforcing payment hereof whether or not suit is brought, and if suit is brought, then through
all appellate actions. From and after any “Event of Default” under the Construction Loan Agreement, the interest
rate of this Note shall be the “Default Rate” (as defined herein).

 

In
no event shall the total of all charges payable under this Note, the Construction Loan Agreement and any other documents executed
and delivered in connection herewith and therewith that are or could be held to be in the nature of interest exceed the maximum
rate permitted to be charged by applicable law. Should the Lender receive any payment of interest that is or would be in excess
of that permitted to be charged under any such applicable law, such payment shall have been, and shall be deemed to have been,
made in error and shall thereupon be applied to reduce the principal balance outstanding on this Note.

 

Borrower
waives demand, presentment for payment, notice of dishonor, protest and notice of protest of this Note.

 

Any
notice, demand or request relating to any matter set forth in this Note shall be given in the manner provided for in the Construction
Loan Agreement.

 

Time
is of the essence as to all dates set forth herein; provided, however, that whenever any payment to be made under
this Note shall be stated to be due on a day that is not a Business Day, such payment may be made on the next succeeding Business
Day, and such extension of time shall in such case be included in the computations of payment of interest.

 

This
Note may not be waived, changed, modified, terminated or discharged orally, but only by an agreement in writing signed by the
party against whom enforcement of any such waiver, change, modification, termination or discharge is sought.

 

BORROWER,
AND BY ITS ACCEPTANCE HEREOF, LENDER, EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND
WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS NOTE,
OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY
AND VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE
RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. BORROWER AND LENDER ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH
IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER.

 

    	 	5	 

     

    

 

This
Note and the rights and obligations of the parties hereunder shall in all respects be governed by, and construed and enforced
in accordance with, the laws of the State (without giving effect to the State’s principles of conflicts of law). Borrower
hereby irrevocably submits to the nonexclusive jurisdiction of any state or federal court in the State sitting in the City of
Portland, County of Cumberland, over any suit, action or proceeding arising out of or relating to this Note, and Borrower hereby
agrees and consents that, in addition to any methods of service of process provided for under applicable law, all service of process
in any such suit, action or proceeding in any state or federal court in the State sitting in the City of Portland, County of Cumberland,
may be made by certified or registered mail, return receipt requested, directed to the Borrower at the address indicated below,
and service so made shall be complete five (5) days after the same shall have been so mailed.

 

By
signing below, Borrower agrees and acknowledges that, under Maine law, no promise, contract, or agreement to lend money, extend
credit, forbear from collection of debt or make any other accommodation for the repayment of a debt for more than $250,000 may
be enforced against Lender unless the promise, contract, or agreement (or some memorandum or note thereof) is in writing and signed
by Lender.

  

[NO
FURTHER TEXT ON THIS PAGE]

 

    	 	6	 

     

    

 

IN
WITNESS WHEREOF, the Borrower has executed and delivered this Note on the Date of Note as an instrument under seal.

 

	ATTESTING
    WITNESS	Borrower:
	 	 	 
	 	ImmuCell
    Corporation
	 	 	
	/s/
    David S. Champoux	By:	/s/
                                         Michael F. Brigham

	 	Name:	Michael
    Brigham
	 	Title:	Its
    President and CEO
	 	 	 
	 	Borrower’s
    Address:
	 	 
	 	56
                                         Evergreen Drive 
 Portland, Maine 04103

  

    	 	7	 

     

    

 

SCHEDULE
A to CONSTRUCTION LOAN NOTE

 

 

TO
BE LATER ATTACHED/PROVIDED BY LENDEREXHIBIT
10.17

 

IMMUCELL
CORPORATION

 

Amended
and Restated Promissory Note

($3,940,000)
given by the Company in favor of TD Bank N.A. 

dated
March 1, 2017.

 

LOAN
#__________

 

AMENDED
AND RESTATED TERM LOAN NOTE

 

(Amends
and Restates Term Loan Note dated March 28, 2016 in the original 

principal amount of $2,500,000.00)

 

	Date
                                         of Note:

                                                                                                                           

                                                                                
	March
                                         1, 2017

	 	 
	Principal
Amount:	$3,940,000.00
	 	 
	Maturity
Date: 	September
    1, 2025
	 	 
	Interest
    Rate:	An
                                         interest rate equal at all times to Two and One Quarter percent (2.25%) per annum in
                                         excess of the rate of interest per annum (rounded upwards, if necessary, to the nearest
                                         1/100 of 1%) of the one (1) month LIBOR (as hereinafter defined). The Lender shall not
                                         be required to notify Borrower of adjustments in said interest rate.

         

        “LIBOR”
        (i.e., the London Interbank Offered Rate) means the rate of interest in U.S. Dollars (rounded upwards, at the Lender's
        option, to the next 1/8th of one percent) equal to the Intercontinental Exchange Benchmark Administration Ltd. (“ICE,
        ”or the successor thereto if ICE is no longer making a London Interbank Offered Rate available) (“ICE LIBOR”)
        rate for the equivalent Interest Period as published by Bloomberg (or such other commercially available source providing
        quotations of ICE LIBOR as designated by Lender from time to time) at approximately 11:00 A.M. (London time) two (2) London
        Business Days prior to the Reset Date; provided however, if more than one ICE LIBOR is specified, the applicable rate
        shall be the arithmetic mean of all such rates. If, for any reason, such rate is not available, the term LIBOR Rate shall
        mean, for the LIBOR Interest Period applicable thereto, the rate of interest per annum (rounded upwards, if necessary,
        to the nearest 1/100 of 1%) determined by Lender to be the average rates per annum at which deposits in dollars are offered
        for such LIBOR Interest Period to major banks in the London Interbank market in London, England at approximately 11:00
        A.M. (London time) two (2) Business Days prior to the Reset Date. The Interest Rate shall be computed on an actual/360
        day basis (i.e., interest for each day during which the Principal Amount, or any part thereof, is outstanding shall be
        computed at the Interest Rate, divided by 360).

         

        Notwithstanding
        the foregoing, LIBOR Rate loans shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject
        to reserve requirements without benefits of credits for proration, exceptions or offsets that may be available from time
        to time to Lender. The LIBOR Rate shall be adjusted automatically on and as of the effective date of any change in the
        LIBOR Reserve Percentage or the LIBOR Interest Period for each LIBOR Rate loan comprising part of the same borrowing (including
        conversions, extensions and renewals), to a per annum interest rate determined pursuant to the following formula:

         

        Adjusted
        LIBOR Rate =                     LIBOR Rate___________ 

        1
        - LIBOR Reserve Percentage

         

        For
        purposes of this calculation LIBOR Reserve Percentage is defined as, for any day, that percentage (expressed as a decimal)
        which is in effect from time to time under Regulation D, as such regulation may be amended from time to time or any successor
        regulation, as the maximum reserve requirement (including, without limitation, any basic, supplemental, emergency, special,
        or marginal reserves) applicable with respect to Eurocurrency liabilities as that term is defined in Regulation D (or
        against any other category of liabilities that includes deposits by reference to which the interest rate of LIBOR Rate
        loans is determined), whether or not Lender has any Eurocurrency liabilities subject to such reserve requirement at that
        time.

	 	 
	LIBOR
    Interest Period:	Initially,
    the first (1st) LIBOR Interest Period hereunder shall be the period commencing on the date hereof and ending on (and including)
    March 31, 2017.  Thereafter, each LIBOR Interest Period shall commence on the first (1st) day of the calendar month
    immediately following the previous LIBOR Interest Period (the “Reset Date”) and shall end on the  last
    day of such month; provided however, (i) no LIBOR Interest Period shall extend beyond the Maturity Date of the Loan, and (ii)
    any LIBOR Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically
    corresponding day in the calendar  month at the end of such LIBOR Interest Period) shall end on the last Business
    Day of the relevant calendar month at the end of such LIBOR Interest Period.  
	 	 
	Business
    Day:	Any
    day on which domestic and international transactions are carried on in the London Interbank Market and commercial banks are
    open for business in London, England and are neither required nor authorized to close in the State.
	 	 
	State:	Shall
    mean the State of Maine.

 

    	 	1	 

     

    

 

FOR
VALUE RECEIVED, ImmuCell Corporation, a Delaware corporation (the “Borrower”), having an address as indicated
below, HEREBY PROMISES TO PAY ON THE MATURITY DATE to the order of TD Bank, N.A., a national banking association, (hereinafter,
together with its successors and assigns, referred to as the “Lender”) at One Portland Square, P.O. Box
9540, Portland, Maine, 04112, or at such other place as the holder hereof may from time to time designate in writing, in immediately
available federal funds, the Principal Amount or so much thereof as shall be advanced by Lender to Borrower pursuant to the terms
hereof and then remaining unpaid, together with interest on the outstanding Principal Amount from time to time at the Interest
Rate. Interest only shall be due and payable monthly, commencing April 1, 2017 and on the same day of each successive month until
September 1, 2018 or the date on which the full Principal Amount hereof has been advanced by Lender to Borrower, whichever
is earlier (the “Advance Termination Date”).

 

Beginning
with the payment next due after the Advance Termination Date, principal payments shall be due and payable pursuant to a schedule
of principal payments based on a seven year even amortization to be later attached to this Note as Schedule A to be then
provided by the Lender, plus accrued interest, in equal monthly installments, followed by a final installment of all unpaid principal
and interest due and payable on the Maturity Date. Borrower may elect an interest rate swap for all or any portion of the loan.

 

Borrower
shall pay a late payment charge of six cents ($.06) for each dollar ($1.00) of each payment that is made more than fifteen (15)
days after the due date thereof, which charge shall be due and payable with each such late payment.

 

For
so long as the Interest Rate in effect is a variable rate of interest, the loan evidenced hereby may be prepaid in part or in
full at any time without premium. However, upon Borrower’s execution of any ISDA interest rate swap or other hedging agreement
in connection with this Term Loan Note synthetically converting the Interest Rate to an indicative fixed rate, any prepayment
shall be subject to the terms of such a swap or hedge agreement, including any provisions relating to termination fees.

 

Borrower
may request advances hereunder (each, an “Advance” and collectively, “Advances”) through,
to and including the Advance Termination Date, which Advances shall be utilized by Borrower solely for purposes of purchasing
machinery and equipment to be installed at the property owned by Borrower and located at or about 33 Caddie Lane a/k/a Unit 11,
Second Tee Business Park Condominium, Riverside Street, Portland, Maine (the “Project”) and shall not exceed
the invoiced cost of such machinery and equipment, exclusive of taxes, freight and installation charges so long as the total of
all requested and outstanding Advances does not exceed eighty percent (80%) of the total invoiced cost of machinery and equipment
(exclusive of taxes, freight and installation charges) purchased or ordered with respect to the Project at the time of such request.
Advances shall be used for commercial purposes and not for any personal, family or household use or for the purpose of purchasing
or carrying any “margin security” or “margin stock” as such terms are used in Regulations U and X of the
Board of Governors of the Federal Reserve System, 12 C.F.R. §§ 221 and 224. 

 

    	 	2	 

     

    

 

The
aggregate principal amount of all outstanding Advances shall not exceed the Principal Amount of this Note at any time. Lender
shall not be obligated to make Advances hereunder until such time as Borrower has provided Lender with evidence satisfactory to
Lender that Borrower has contributed equity in the form of machinery and equipment purchased with non-borrowed funds, to the Project
in the amounts set forth on Schedule B hereto.

 

Lender
shall not be obligated to make Advances after the Advance Termination Date. Lender shall have the right to request periodic reports
from Borrower as to the status of the Project from time to time and Lender shall not be obligated to make Advances hereunder until
such time as such reports are received and are satisfactory to Lender, in its sole discretion. Lender will have no obligation
to make Advances hereunder if: (a) a Default (as hereinafter defined) has occurred and is continuing, (b) an event has occurred
which with the passage of time or giving of notice, if left uncured, would constitute a Default hereunder, (c) there occurs a
material adverse change in Borrower’s financial condition or business or (d) Borrower has applied funds advanced pursuant
to this Note for purposes other than those authorized by Lender.

 

All
Advances requested by Borrower hereunder are to be in writing pursuant to a written request (“Advance Request”)
executed by an Authorized Officer in form and content satisfactory to Lender, and shall include invoices from third party vendors
and other documentation satisfactory to Lender, in its sole discretion, establishing that the requested advance amount is equal
to a maximum of the invoiced cost of the equipment to be purchased, less taxes, freight and installation charges and that the
total of all requested and outstanding Advances at the time of such Advance Request does not exceed eighty percent (80%) of the
total invoiced cost of machinery and equipment (exclusive of taxes, freight and installation charges) purchased or ordered for
the Project at the time of such Advance Request. For purposes hereof, the term “Authorized Officer” shall mean any
officer (or comparable equivalent) of Borrower authorized by specific resolution of Borrower to request Advances as set forth
in an authorization certificate delivered to Lender in the form set forth as Schedule C hereto. Lender shall be entitled
to rely on each such authorization certificate received until such time as Lender actually receives an amended authorization certificate
amending the information set forth therein. Borrower agrees to be liable for all sums advanced in accordance with the instructions
of an Authorized Person.

 

Upon
receiving a request for an Advance in accordance with this paragraph, and subject to the conditions set forth herein, Lender shall
make the requested Advance available to Borrower as soon as is reasonably practicable thereafter on the day the requested Advance
is to be made. Advances which may be made by Lender from time to time hereunder shall be made available by crediting such proceeds
to Borrower’s operating account with Lender.

 

    	 	3	 

     

    

 

Borrower
hereby authorizes Lender to charge checking account number _______________ at TD Bank, N.A. (or such other account maintained
by Borrower at TD Bank, N.A. as Borrower shall designate by written notice to Lender) (the “Deposit Account”)
to satisfy the monthly payments of principal and/or interest due and payable to Lender hereunder on the first (1st) day of each
month (each, a “Charge Date”) and Lender is hereby authorized to charge the Deposit Account on each
Charge Date or, if any Charge Date shall fall on a Saturday, Sunday or legal holiday, then the Lender reserves the right to charge
the Deposit Account on either the first (1st) Business Day immediately preceding or on the first (1st) Business
day immediately following any such Charge Date until the Note shall be paid in full.

 

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

 

Lender
may, at Lender’s sole discretion, discontinue charging the Deposit Account at any time on not less than ten (10) days’
written notice to the Borrower, in which event, Borrower shall thereafter be responsible for making all payments hereunder to
Lender at the address set forth in Lender’s notice or if no such address is given, then to Lender at P.O. Box 5600, Lewiston,
Maine 04243-5600.

 

The
Borrower and each endorser and guarantor hereof grant to the Bank a continuing lien on and security interest in any and all deposits
or other sums at any time credited by or due from Lender or any Affiliate (as defined in the Security Agreements) of Lender to
the Borrower and/or each endorser or guarantor hereof and any cash, securities, instruments or other property of the Borrower
and each endorser and guarantor hereof in the possession of the Lender or any Lender Affiliate, whether for safekeeping or otherwise,
or in transit to or from the Lender or any Lender Affiliate (regardless of the reason the Lender or Lender Affiliate had received
the same or whether the Lender or Lender Affiliate has conditionally released the same) as security for the full and punctual
payment and performance of all of the liabilities and obligations of the Borrower and/or any endorser or guarantor hereof to the
Lender or any Lender Affiliate and such deposits and other sums may be applied or set off against such liabilities and obligations
of the Borrower or any endorser or guarantor hereof to the Lender or any Lender Affiliate at any time, whether or not such are
then due, whether or not demand has been made and whether or not other collateral is then available to the Lender or any Lender
Affiliate.

 

    	 	4	 

     

    

 

Notwithstanding
any other provision of this Note, if Lender shall reasonably determine (which determination shall be conclusive and binding absent
manifest error) that, (i) by reason of circumstances affecting the relevant market, reasonable and adequate means do not exist
for ascertaining the Adjusted LIBOR Rate, or (ii) it is unlawful for Lender to make or maintain the loan evidenced by the Note
as a LIBOR Rate based loan as contemplated by this Note, or to obtain in the interbank Eurodollar market the funds with which
to make such LIBOR Rate based loans, Lender shall give prompt written notice thereof to Borrower and after the giving of such
notice, until any such notice has been withdrawn by Lender, the Principal Amount shall bear interest at another rate then designated
by the Lender, in its sole discretion, for general commercial loan reference purposes.

  

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

 

During
the term hereof, Borrower will deliver to Lender such financial information and reports as may be required by that certain Second
Amended and Restated Loan Agreement dated of or about even date herewith, as the same may be amended from time to time. Borrower’s
failure to timely supply such information shall constitute a Default hereunder.

 

    	 	5	 

     

    

 

This
Note is secured by, and the parties hereto are entitled to the benefits and security of, that certain security agreement dated
on or about March 28, 2016 (the “2016 Security Agreement”) from Borrower to Lender and a certain Amended and
Restated Security Agreement dated on or about September 21, 2015 from Borrower to Lender (the “2015 Security Agreement 
or, together with the 2016 Security Agreement, the “Security Agreements”), each covering all business assets
of Borrower, as well as a certain Mortgage and Security Agreement with respect to certain property owned by Borrower and improvements
now or in the future existing thereon, located at or about 33 Caddie Lane a/k/a Unit 11, Second Tee Business Park Condominium,
Riverside Street, Portland, Maine, an existing Amended and Restated Mortgage and Security Agreement dated on or about September
21, 2015 with respect to certain property with improvements thereon owned by Borrower and located at or about 56 Evergreen Drive,
Portland, Maine (the two said Mortgage and Security Agreements, together, the “Mortgages”) and related collateral
assignments of leases and rents, all of the covenants, conditions and agreements of the said collateral security documents being
made a part of this Note by this reference, and by any other mortgage or security instrument executed and delivered by Borrower
to Lender from time to time that secures all obligations or indebtedness of Borrower to Lender.

 

It
is the intention of the parties that Lender shall have a first priority purchase money security interest in equipment purchased
by Borrower for which an Advance is made hereunder.

 

Except
as may be otherwise provided in the Security Agreements or the Mortgages securing Borrower’s obligations hereunder, all
monthly payments received by Lender hereunder shall be applied first, to the payment of accrued interest on the Principal
Amount, second, to the reduction of the Principal Amount of this Note, and finally, the balance, if any, to the
payment of any fees, costs, expenses or charges then payable by Borrower to Lender hereunder, under the Mortgages or under any
other document executed and delivered by Borrower in connection with the loan evidenced by this Note.

 

Borrower
agrees that if it fails to make any payment due under this Note, or upon the happening of any “Default” (as
defined in the 2016 Security Agreement) under the Security Agreements or an “Event of Default” under either
of the Mortgages, Lender shall have no obligation to make any further Advances and the outstanding Principal Amount, together
with accrued interest and all other expenses, including, without limitation, reasonable attorneys’ fees, shall immediately
become due and payable at the option of the holder of this Note, notwithstanding the Maturity Date. For purposes hereof, attorneys’
fees shall include, without limitation, fees and disbursements for legal services incurred by the holder hereof in collecting
or enforcing payment hereof whether or not suit is brought, and if suit is brought, then through all appellate actions.

 

DEFAULT
/ POST JUDGMENT INTEREST RATE. The Lender shall have the right to charge interest on the unpaid principal balance hereof at an
interest rate of four percent (4.0%) per annum in excess of the Interest Rate otherwise payable as provided herein (the “Default
Rate”) for any period during which the Borrower has failed to make a required payment hereunder within ten (10) days
of the due date therefor, or shall be in default under any material provision hereof or there shall be a default under any other
document guarantying, governing or securing this Note. The Default Rate shall apply following entry of any judgment hereon notwithstanding
any otherwise applicable statutory rate.

 

    	 	6	 

     

    

 

In
no event shall the total of all charges payable under this Note and any other documents executed and delivered in connection herewith
and therewith that are or could be held to be in the nature of interest exceed the maximum rate permitted to be charged by applicable
law. Should the Lender receive any payment of interest that is or would be in excess of that permitted to be charged under any
such applicable law, such payment shall have been, and shall be deemed to have been, made in error and shall thereupon be applied
to reduce the principal balance outstanding on this Note.

 

Borrower
waives demand, presentment for payment, notice of dishonor, protest and notice of protest of this Note.

 

Any
notice, demand or request relating to any matter set forth in this Note shall be in writing and shall be deemed to have been sufficiently
given or served for all purposes when presented personally, three (3) days after mailing by registered or certified mail, postage
prepaid, or one (1) day after delivery to a nationally recognized overnight courier service providing evidence of the date of
delivery, if to Borrower at 56 Evergreen Drive, Portland, Maine 04103, to the attention of Michael Brigham, President and CEO,
and if to Lender, at its address first above written, to the attention of Nicholas Weightman, or at such other address of which
a party shall have notified the party giving such notice in writing in accordance with the foregoing requirements.

 

Time
is of the essence as to all dates set forth herein; provided, however, that whenever any payment to be made under
this Note shall be stated to be due on a day that is not a Business Day, such payment may be made on the next succeeding Business
Day, and such extension of time shall in such case be included in the computations of payment of interest.

 

This
Note may not be waived, changed, modified, terminated or discharged orally, but only by an agreement in writing signed by the
party against whom enforcement of any such waiver, change, modification, termination or discharge is sought.

 

BORROWER,
AND BY ITS ACCEPTANCE HEREOF, LENDER, EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND
WAIVE ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS NOTE,
OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY
AND VOLUNTARILY BY BORROWER AND LENDER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE
RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. BORROWER AND LENDER ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH
IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER.

 

This
Note and the rights and obligations of the parties hereunder shall in all respects be governed by, and construed and enforced
in accordance with, the laws of the State (without giving effect to the State’s principles of conflicts of law). Borrower
hereby irrevocably submits to the nonexclusive jurisdiction of any state or federal court in the State sitting in the City of
Portland, County of Cumberland, over any suit, action or proceeding arising out of or relating to this Note, and Borrower hereby
agrees and consents that, in addition to any methods of service of process provided for under applicable law, all service of process
in any such suit, action or proceeding in any state or federal court in the State sitting in the City of Portland, County of Cumberland,
may be made by certified or registered mail, return receipt requested, directed to the Borrower at the address indicated below,
and service so made shall be complete five (5) days after the same shall have been so mailed.

 

By
signing below, Borrower agrees and acknowledges that, under Maine law, no promise, contract, or agreement to lend money, extend
credit, forbear from collection of debt or make any other accommodation for the repayment of a debt for more than $250,000 may
be enforced against Lender unless the promise, contract, or agreement (or some memorandum or note thereof) is in writing and signed
by Lender.

 

REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK

 

    	 	7	 

     

    

 

IN
WITNESS WHEREOF, the Borrower has executed and delivered this Note on the Date of Note as an instrument under seal.

 

	ATTESTING WITNESS	Borrower:
	 	 	 
	 	ImmuCell Corporation
	 	 	
	/s/ David S. Champoux	By:	/s/
                                         Michael F. Brigham

	 	Name:	Michael Brigham
	 	Title:	Its President and CEO
	 	 	 
	 	Borrower’s Address:
	 	 
	 	56
                    Evergreen Drive 
 Portland, Maine 04103

 

A&R
Term Note

 

    	 	8	 

     

    

  

SCHEDULE A to TERM LOAN NOTE

TO BE LATER ATTACHED/PROVIDED BY LENDER

 

    	 	9	 

     

    

 

SCHEDULE B to TERM LOAN NOTE

 

EQUITY CONTRIBUTION AND ADVANCE SCHEDULE

 

	Borrower’s
    Minimum Required Equity	Amount
    of Loan Funds Available
	(cumulative
    amount)	(subject
    to the terms hereof)
	 	 
	$2,500,000.00	Up
    to $500,000
		 
	$4,000,000.00	Up
    to an additional $2,000,000.00
	 	
		
	$4,800,000.00
    (see Note 1, below)	Remaining
    Balance of Principal Amount of Note
		

 

Note
1: Borrower’s Minimum Required Equity to be contributed prior to Lender advancing any portion of the Remaining Balance of
Principal Amount of Note, as described above, shall be equal to the total cost of all equipment purchased, or to be purchased,
in connection with the Project, less (a) the amount of loan proceeds evidenced by this Note previously advanced by Lender, and
(b) the then-Remaining Balance of Principal Amount of Note. The amount of Borrower’s Equity shall not be less than $4,800,000.00
unless Borrower provides Lender with evidence satisfactory to Lender, in its sole discretion, that the total cost for all equipment
purchased, or to be purchased, for the Project has been reduced, in which case the amount of Borrower’s Minimum Required
Equity to be contributed before Lender shall advance the Remaining Balance of Principal Amount of Note shall be reduced in an
amount equal to such reduction in cost.

 

Borrower:___________                                          Lender:
____________________

 

 

    	 	10	 

     

    

 

SCHEDULE
C TO TERM LOAN NOTE

 

FORM
OF AUTHORIZATION CERTIFICATE

(Borrower
Letterhead)

 

 

Date:
_______________

 

TD
Bank, N.A.

_______________

_______________

Attention:

 

Dear
_____________:

 

The
following individuals are authorized to request loan Advances under that certain Amended and Restated Term Loan Note dated
on or about March 1, 2017 executed and delivered by ImmuCell Corporation (“Borrower”):

 

	Authorized
    Person	 	Title	 	Signature
	 	 	 	 	 	 
	1.	          	 	                          	 	 
	2.		 	                        	 	 
	3.		 	                 	 	 

 

	Acknowledged
    and approved:	 
	 	 	 
	By:	                     	 
	Name:	 	 
	Title:

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