Document:

Document

Exhibit 10.2
AMENDMENT TO EMPLOYMENT AGREEMENT

This AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”) dated as of December 16, 2020 (the “Effective Date”) is entered into by and between Eric Bauer (“Employee”) and Nuverra Environmental Solutions, Inc. (the “Company”) (each of the Employee and the Company, a “Party,” and collectively, the “Parties”).
WHEREAS, the Company and Employee have previously entered into that certain Employment Agreement dated as April 3, 2020 (the “Existing Agreement”) pursuant to which the Company employs Employee in the capacity of Executive Vice President and Interim Chief Financial Officer of the Company on the terms and conditions set forth therein; and

WHEREAS, the Company and Employee mutually desire to amend the terms of the Existing Agreement as set forth in this Amendment;
NOW, THEREFORE, in consideration of the Parties’ mutual desire to continue the employment relationship between Employee and the Company as well as the mutual covenants herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1.Amendment to Section 3

Section 3 of the Existing Agreement is hereby amended and restated in its entirety to read as follows:
“3.    Payments and Benefits Upon Termination Without Cause or Resignation for Good Reason.  If during the Term of Employment (as defined below), either (x) the Employee’s employment is terminated by the Company or its successor for any reason other than for Cause, or (y) the Employee resigns for Good Reason (the effective date of any such termination of employment being referred to herein as the “Termination Date”), then the Employee shall be entitled to severance pay and benefits, all of which shall be paid by the Company less applicable withholdings for taxes and other deductions required by law, consisting of:

(a) if the Termination Date is prior to January 1, 2021, the sum of twelve (12) months of Base Salary in effect immediately prior to the Termination Date, plus, provided the Employee timely elects continuation coverage in the Company’s group health and dental plan continuation coverage under Section 4980B(f) of the Internal Revenue Code of 1986, as amended (the “Code”) and Part 6 of Subtitle B of Title I of the Employee Retirement Income security Act of 1974, as amended (“COBRA”), twelve (12) months of COBRA premiums (based on Employee’s coverage status under the Company’s group health plan on the Termination Date);

    -1-

(b) if the Termination Date is on or after January 1, 2021 but prior to December 31, 2021, the sum of a number of months of the Base Salary in effect immediately prior to the Termination Date equal to twelve (12) months plus one-half of one additional month for each calendar month of 2021 (including the month in which the Termination Date occurs if the Termination Date is on or after the 15th day of such month) elapsed through and including the Termination Date, plus provided the Employee timely elects COBRA continuation coverage, a number of months of COBRA premiums (based on Employee’s coverage status under the Company’s group health plan on the Termination Date) equal to twelve (12) months plus one-half of one additional month for each calendar month of 2021 (including the month in which the Termination Date occurs if the Termination Date is on or after the 15th day of such month) elapsed through and including the Termination Date; or 
(c) if the Termination Date is on or after December 31, 2021, the sum of twenty eighteen (18) months of the Base Salary in effect immediately prior to the Termination Date, plus provided the Employee timely elects COBRA continuation coverage, eighteen (18) months of COBRA premiums (based on Employee’s coverage status under the Company’s group health plan on the Termination Date).
All payments under this Section 3 are conditioned upon the Employee’s execution of a separation agreement substantially in the form attached as Exhibit A hereto.  The payments described in this Section 3 shall be provided to the Employee within sixty (60) days after the Employee’s termination of employment date, in each case provided the Employee has executed the separation agreement described herein and such agreement has become and, at the time of payment, remains enforceable. ”
 
2.Amendment to Section 6(a)(i)

Section 6(a)(i) of the Existing Agreement is hereby amended and restated in its entirety to read as follows:
“(i)    Non-Competition.  During Employee’s employment and until twelve (12) months after the date on which Employee’s employment terminates (the “Non-Compete Period”) (which shall not be reduced by (a) any period of violation of this Agreement by Employee or (b) if the Company is the prevailing party in any litigation to enforce its rights under this section, the period which is required for such litigation), without the express written approval of a majority of the Board, Employee will not directly or indirectly, Compete (as defined below) against Company anywhere in the Market (as defined below).”

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3.No Other Amendments  

Other than the amendments expressly set forth in Section 1 and Section 2 of this Amendment, no other provisions of the Existing Agreement are amended, modified or waived by this Amendment, and the Parties hereby ratify and confirm the Existing Agreement (as amended hereby) in all respects.

4.Headings 

The headings in this Amendment are inserted for convenience of reference only and shall not in any way affect the meaning or interpretation of this Amendment.

5.Counterparts

This Amendment may be executed in one (1) or more identical counterparts, each of which shall be deemed an original but all of which together shall constitute one (1) and the same instrument, and the Parties shall be entitled to sign and transmit an electronic signature of this Amendment (whether by facsimile, PDF or other email transmission).

6.Governing Law

This Amendment shall be interpreted in accordance with and governed by the laws of the State of Delaware, without regard for any conflict/choice of law principles.
[Signatures appear on following page.]

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IN WITNESS WHEREOF, Employee and the Company have executed this Amendment as of the day and year first above written.

									
	NUVERRA ENVIRONMENTAL SOLUTIONS, INC.

			
			
	By: 	/s/ Charles K. Thompson	
	Name:	Charles K. Thompson	
	Its:	Chairman and Chief Executive Officer
	

						
	EMPLOYEE:
	
		
		
	/s/ Eric Bauer	
	Eric Bauer	

-4-Exhibit 10.1

 

 

TERM
NOTE

 

	$1,500,000	December
15, 2020

 

FOR
VALUE RECEIVED, IMMUCELL CORPORATION,
a Delaware corporation with a place of business at 56 Evergreen Drive, Portland, Maine 04103 (the “Borrower”), promises
to pay to the order of GORHAM SAVINGS BANK (“Lender”), the principal sum of
One Million Five Hundred Thousand and 00/100 Dollars ($1,500,000) or so much thereof as may be advanced and outstanding from time
to time) together with interest thereon at a rate per annum (“Interest Rate”) equal to 3.50 percent per annum.

 

The
Borrower shall repay this note in equal consecutive monthly payments of principal and interest in the amount of Twenty
Thousand One Hundred Fifty-Nine Dollars and 78/100 ($20,159.78) (the “Payment Amount”)
each, beginning one (1) month from the date hereof and continuing on the same day of each month thereafter, with all remaining
principal and interest due and payable Seven (7) years from the date hereof (the “Maturity Date”). 

 

If
the Payment Amount stated above is insufficient to pay the accrued interest on any payment due date, the payment shall increase
to an amount sufficient to pay such accrued interest. Interest shall be calculated on the basis of a three hundred sixty (360)
day year counting the actual number of days elapsed. Payments when received shall be first applied to interest, late charges,
fees and costs, and then the balance if any to principal.

 

DEFINITIONS.
As used herein the following terms shall have the meanings assigned:

 

a)
“Amounts Owing Hereunder” shall mean the entire outstanding principal balance of this Note; all accrued, unpaid interest;
and all charges and expenses payable by Borrower to Lender under the Loan Documents, including, without limitation, all unpaid
late payment fees and default interest, if any.

 

b)
“Lender” shall mean GORHAM SAVINGS BANK, its successors and assigns, including any subsequent holder hereof.

 

c)
“Loan Document(s)” shall mean this Note, the commitment letter dated November 19, 2020, any other debt instrument of
Borrower held by Lender, the Security Agreement of even or recent date, and all other agreements, documents or writings evidencing,
governing or securing the indebtedness and obligations of Borrower to Lender, including, without limitation, all guaranties and
any security therefor.

 

d)
“Parties Liable Herefor” shall mean Borrower, and any guarantor, endorser, accommodation party or other surety, now
existing or hereafter arising. All undertakings and obligations of Parties Liable Herefor shall be joint and several.

 

PREPAYMENT.
If the Borrower refinances this Loan with another Bank and the Borrower pays principal in excess of the scheduled amortization
of principal under this the Note prior to the maturity, such excess payment of principal shall be subject to a prepayment premium
to the Bank in an amount equal to the excess principal payment amount times Five (5) Percent during the first year after the date
hereof, Four (4) Percent during the second year after the date hereof; Three (3) Percent during the third year after the date
hereof; and One (1) Percent for the remaining term.

 

     

     

    

 

LATE
PAYMENT. If any payment is received ten (10) or more days after date due, then all Parties Liable Herefor shall be liable to Lender
for a late payment fee of Six Percent (6.0%) of the total amount of such delinquent payment, to be assessed at the option of Lender
at any time while any balance remains outstanding hereunder. Failure to collect a late payment fee on any one or more occasions
shall not be deemed to waive the right of Lender to subsequently collect such late payment fees. Acceptance of late payment fees
shall not waive or impair Lender’s rights to require timely payment of all amounts due hereunder.

 

DEFAULT
INTEREST RATE. Lender shall have the right to charge interest on the unpaid principal balance hereof at an interest rate Five
Percent (5.0%) per annum in excess of the rate of interest otherwise payable as provided herein, for any period during which any
Party Liable Herefor shall be in default under any Loan Document, including without limitation any monetary or payment default,
subject to notice, if required, and expiration of any applicable cure period, if any. In the event of default under this Note
or under any Loan Document followed by collection and enforcement activity by Lender, the Default Interest Rate shall accrue and
be payable until actual payment and satisfaction of all Amounts Owing Hereunder. Failure to collect default interest rates on
any one or more occasions shall not be deemed to waive the right of Lender to subsequently collect such rates. Acceptance of default
interest rates shall not waive or impair Lender’s rights to require timely payment of all amounts due hereunder.

 

The
Bank, in its sole discretion, may adjust the monthly payment to an amount which will approximately amortize the remaining principal
balance, at the default interest rate, based on the note amortization schedule; however this will not change the Maturity Date.
Borrower agrees, however, to pay at least the interest portion of any payment should it exceed the regularly scheduled payment
each month, regardless of whether notice is sent of changes in the monthly installment amount. Any unpaid principal plus accrued
interest shall be due and payable at maturity. Monthly payments when received at the option of the lender hereof shall be first
applied to interest, late charges, fees and costs, and then the balance if any to principal.

 

All
payments due hereunder shall be payable to GORHAM SAVINGS BANK at any of its offices, or to such other parties or addresses as
Lender may from time to time designate in writing. After the date of this Note, if future advances are made to the Borrower under
this Note, such advances shall be added to the principal balance due hereunder, shall bear interest as provided in this Note,
and shall be governed by all of the terms of this Note.

 

The
Borrower will, at all times (upon reasonable prior notice and during normal business hours) make its books and records available,
in its offices, for inspection, examination, and copying by the Lender and its representatives and will, at all times (upon reasonable
prior notice and during normal business hours), permit inspection of its properties by the Lender and its representatives.

 

The
Borrower will promptly advise Lender of any notice in respect of any order, claim or proceeding received by the Borrower as to
material violations or alleged material violations of any statutes, orders, rules or regulations requiring any material work,
repair or capital expenditures, or which may result in any material money penalties or costs to Borrower.

 

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The
Borrower will pay or reimburse the Lender, on demand, for all expenses (including, without limitation, attorney’s and paralegal
fees and expenses) reasonably incurred or paid by the Lender in connection with the preparation, analysis, amendment or rearrangement
of the Loan Documents and any instrument, agreement or document executed and delivered pursuant thereto or in connection therewith,
or with the successful enforcement by the Lender of its rights as against the Borrower or any other person primarily or secondary
liable to the Lender in respect of any obligations by the Borrower or such person to the Lender, or with the administration, supervision,
protection or realization of any security held by the Lender for any of such obligations, and in the successful defense, settlement
or satisfaction of any action, claim or demand asserted against the Lender with respect to the Lender’s rights or liabilities
in respect of any such obligations, all of which shall be included in the obligations secured hereunder. At its option, and without
limiting any rights or remedies, the Lender may pay or discharge taxes, liens, security interests and other encumbrances at any
time levied against or placed on any of the Collateral and may procure and pay any premiums on any insurance to be carried by
the Borrower or provide for the maintenance and preservation of the collateral and add the expense thereof to the obligations
secured hereby.

 

From
time to time hereafter, the Borrower will execute and deliver, or will cause to be executed and delivered, such additional instruments,
certificates or documents, and will take all such actions, as the Lender may reasonably request, for the purpose of implementing
or effectuating the provisions of the Loan Documents, or for more fully perfecting or renewing the Lender’s rights with respect
to the collateral pursuant hereto or thereto.

 

Borrower
agrees that the Amounts Owing Hereunder may be demanded by Lender upon the occurrence of any one or more of the following events
of default (“Events of Default”):

 

(a)
Failure by Borrower to pay as and when due and payable any interest on or principal of or other sum payable under this Note, and
continuation of such failure for a period of ten (10) days after such due date; or

 

(b)
Failure by Borrower and/or any Parties Liable Herefor to pay as and when due and payable any sums to be paid by Borrower or Parties
Liable Herefor under any Loan Documents (including, but not limited to, any payments required for taxes, insurance premiums and
water and sewer charges) and continuance of such failure for a period of ten (10) days after written notice thereof from Lender;
or

 

(c)
Failure by Borrower or any Parties Liable Herefor to duly observe or perform any other term, covenant, condition or agreement
contained in any note from Borrower and/or any Parties Liable Herefor to Lender, or the Loan Documents, and the continuance of
such failure for a period of thirty (30) days after written notice thereof from Lender except as otherwise provided herein or
in such Loan Document; or 

 

(d)
Any material representation or warranty of Borrower or any Parties Liable Herefor in any Loan Document shall prove to have been
false or incorrect in any material respect; or

 

(e)
The merger, dissolution, liquidation, termination of existence, sale of substantially all the assets of or insolvency of, or commencement
of any kind of insolvency or bankruptcy proceeding by or against, or any assignment for the benefit of its creditors by, the Borrower
or any Parties Liable Herefor, provided that upon the filing of any involuntary insolvency or bankruptcy proceeding, Borrower
and any Parties Liable Herefor shall have ninety (90) days in which to contest and procure a dismissal of such proceeding during
which Lender may suspend any further advances hereunder; or

 

(f)
Any other event of default under any Loan Document, or any guaranty, security agreement, mortgage or other agreement (whether
or not such other agreement relates to or secures this Note) entered into between Lender and Borrower or any Parties Liable Herefor,
which is not cured within any applicable cure period; or

 

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(g)
Any other default by Borrower with respect to its indebtedness or obligations to any other creditors, except as are being actively
contested in good faith and by appropriate proceedings with adequate reserves established therefore or except for claims amounting
to less than $25,000 in the aggregate.

 

Upon
the occurrence of any Events of Default, Lender may make demand for Amount Owing Hereunder; cease making advances hereunder; and
exercise any rights and remedies of a secured party under the Delaware Uniform Commercial Code and/or of any of the Loan Documents.

 

All
notices, requests and other communications to any party hereunder shall be in writing (including bank wire, telex, telecopy or
similar writing), except for any telephone notices as specifically provided for herein, may be personally served or sent by telex,
telecopier, mail or the express mail service of the United States Postal Service, FedEx or other equivalent overnight or expedited
delivery service, and (a) if given by personal service, telex (confirmed by telephone) or telecopier (confirmed by telephone),
it shall be deemed to have been given upon receipt; (b) if sent by telex or telecopier without telephone confirmation, it shall
be deemed to have been given twenty-four (24) hours after being given; (c) if sent by mail, it shall be deemed to have been given
upon the earlier of (i) actual receipt, or (ii) three (3) Business Days after deposit in a depository of the United States Postal
Service, first class mail, postage prepaid, or actual receipt; (d) if sent by Federal Express, the express mail service of the
United States Postal Service or other equivalent overnight or expedited delivery service, it shall be deemed given upon the earlier
of (i) actual receipt or (ii) twenty-four (24) hours after delivery to such overnight or expedited delivery service, delivery
charges prepaid, and properly addressed to Borrower or the Lender, as applicable. For purposes hereof, the address of the parties
to this Agreement shall be as follows:

 

		To
                              Lender:	GORHAM
SAVINGS BANK

10
Wentworth Drive

Gorham,
Maine 04038

Attn:
Nick Weightman, SVP 

 

		To
                              Borrower:	IMMUCELL
CORPORATION

Attn:
Michael F. Brigham

56
Evergreen Drive

Portland,
ME 04103

Attn:
President & CEO

 

Lender
is hereby authorized at any time and from time to time, to the fullest extent permitted by law, at its option, without notice
or demand and without liability, following and during the continuation of any Event of Default, to set-off and apply any and all
deposits (general or special, time or demand, provisional or final, excepting, however, any fiduciary or escrow accounts established
by Borrower into which only funds of unrelated third-parties are deposited, and provided that Borrower has informed Lender and
the applicable financial institution of the nature of such accounts) at any time held, and other indebtedness at any time owing,
by such Lender to or for the credit or the account of Borrower against any and all of the Amounts Owing Hereunder now or hereafter
existing under this Note and the other Loan Documents, in such order and manner as such Lender may determine in its sole discretion.

 

No
failure to exercise and no delay in exercising, on the part of Lender, any right, power or privilege hereunder, shall operate
as a waiver thereof, nor shall any single or partial exercise of any right, power, or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided are cumulative
and not exclusive of any rights of remedies provided by law.

 

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The
Borrower and all Parties Liable Herefor, whether principal, guarantor, endorser or otherwise, hereby waive demand, notice and
protest, and waive all recourse to suretyship and guarantorship defenses generally, including but not limited to, any extension
of time for payment or performance which may be granted to Borrower or to any other liable party, any modifications or amendments
to this Agreement or any documents securing payment and performance hereof, any act or omission to act by or behalf of Lender,
any invalidity or unenforceability of security given herefor, any suretyship defenses or impairment of collateral, any release,
whether intentional, unintentional, or by operation of law, of security, any release, whether intentional, unintentional or by
operation of law, of a liable party or parties, and all other indulgences of any type which may be granted by Lender to the Borrower
or any party liable herefor, and to also agree to pay all costs of collection of the indebtedness evidenced hereby, including,
without limitation, reasonable attorneys’ fees which may be incurred in connection therewith, The Borrower hereby submits to the
jurisdiction of the Courts of the State of Maine, and the United States District Courts therein, and to the jurisdiction of all
courts to which an appeal may be taken, for the purpose of any action or other proceeding arising out of any obligation under
this Agreement, and expressly waives any objections as to venue in any of such courts. 

 

This
Note shall be binding upon and inure to the benefit of the Borrower, Lender and their respective successors and assigns.

 

This
Note and the rights and obligations of the parties hereunder shall be governed by and construed and interpreted in accordance
with the laws of the State of Maine.

 

If
more than one person or entity executes this Note in favor of Lender, all obligations shall be joint and several with respect
to each.

 

The
singular form of any word used herein shall include the plural and vice versa. The use herein of a word of any gender shall include
each of the masculine, feminine and neuter genders. The headings or titles of the several sections and paragraphs of this Agreement
shall be solely for convenience of reference and shall not affect the meaning, construction or effect of the provisions hereof.

 

If
any term or provision of this Agreement shall be held invalid or unenforceable under any applicable laws, such invalidity or unenforceability
shall not affect the validity or enforceability of any other terms or provisions of this Agreement.

 

It
is intended, and Borrower and Lender hereby agree, that (i) a default under or in respect of any obligation of Borrower issued
pursuant hereto or any Loan Documents or other security securing such obligation shall constitute a default in respect of the
other obligations of Borrower to Lender and (ii) each obligation of Borrower to Lender is secured by the collateral of Borrower
and the Loan Documents or any other security therefor. Borrower agrees that any and all collateral that the Lender has or may
have or may in the future acquire from the Borrower for any current or future obligations of any of the foregoing to Lender shall
be security for all obligations that the Borrower now has or may in the future incur to the Lender. Borrower shall execute and
deliver to the Lender such mortgages, security agreements and other security documents satisfactory to the Lender to reflect and
assure such cross-collateralization.

 

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LENDER
AND BORROWER AGREE THAT NEITHER OF THEM NOR ANY ASSIGNEE OR SUCCESSOR SHALL (A)
SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM OR ANY RELATED INSTRUMENTS, OR THE DEALINGS OR THE RELATIONSHIP BETWEEN
OR AMONG ANY OF THEM, OR (B) SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS
NOT BEEN WAIVED. THE PROVISIONS OF THIS PARAGRAPH HAVE BEEN FULLY DISCUSSED BY LENDER AND BORROWER, AND THESE PROVISIONS SHALL
BE SUBJECT TO NO EXCEPTIONS. NEITHER LENDER NOR BORROWER HAS AGREED WITH OR REPRESENTED TO THE OTHER THAT THE PROVISIONS OF THIS
PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

 

THE
PARTIES AGREE THAT NO PROMISE, CONTRACT OR AGREEMENT TO LEND MONEY, EXTEND CREDIT, FOREBEAR FROM COLLECTION OF A DEBT OR MAKE
ANY OTHER ACCOMMODATION FOR THE REPAYMENT OF A DEBT MAY BE ENFORCED AGAINST LENDER UNLESS THE PROMISE, CONTRACT OR AGREEMENT IS
IN WRITING AND SIGNED BY THE LENDER. ACCORDINGLY, BORROWER CANNOT ENFORCE ANY ORAL PROMISE UNLESS IT IS CONTAINED IN LOAN DOCUMENTS
SIGNED BY THE LENDER, NOR CAN ANY CHANGE, FORBEARANCE, OR OTHER ACCOMMODATION RELATING TO THE OBLIGATIONS, THE NOTE OR ANY OTHER
OF THE LOAN DOCUMENTS BE ENFORCED, UNLESS IT IS IN WRITING AND SIGNED BY THE LENDER. BORROWER ALSO UNDERSTANDS AND AGREES THAT
ALL FUTURE PROMISES, CONTRACTS OR AGREEMENTS OF THE LENDER RELATING TO ANY OTHER TRANSACTION BETWEEN IT AND THE LENDER CANNOT
BE ENFORCED IN COURT UNLESS THEY ARE IN WRITING AND SIGNED BY THE LENDER. BY EXECUTION OF THIS AGREEMENT, BORROWER HEREBY ACKNOWLEDGES
AND AGREES THAT THE REQUIREMENT OF A WRITING DESCRIBED IN THIS PARAGRAPH SHALL APPLY TO THIS NOTE, THE OBLIGATIONS, THE LOAN DOCUMENTS,
ANY EXTENSION, MODIFICATION, RENEWAL, FORBEARANCE OR OTHER ACCOMMODATION RELATING HERETO OR THERETO AND TO ANY OTHER CREDIT RELATIONSHIP
BETWEEN BORROWER AND LENDER (WHETHER NOW EXISTING OR CREATED IN THE FUTURE), WHETHER OR NOT THE AMOUNT INVOLVED EXCEEDS $250,000.

 

Borrower
submits to the jurisdiction of any state or federal court located within the State of Maine in connection with any suits or proceedings
arising from or under this Note, and Borrower hereby waives personal service of any and all process upon Borrower, and consents
that all such service of process be made by registered mail, or certified mail, return receipt requested, directed to Borrower
at the address stated at this Note (or such other address as Borrower may have given Lender notice of under the terms of this
Note) and service so made shall be deemed to be completed five (5) days after the same shall have been mailed to Borrower’s address.

 

Borrower
hereby consents to the release and disclosure from time to time by Lender to any institution now or hereafter acquiring a participation
interest in any of the Loan Documents, to any guarantor now or hereafter existing as to any of the Loan Documents and to Lender’s
parent and affiliated financial institutions of any of the following items or matters: (i) copies or originals of any and all
“financial records” (as defined at 9-B M.R.S. §161, as amended) of Borrower now or hereafter in the possession
or under the control of Lender, and (ii) any and all notices, financial and operating reports, balance sheets, financial statements,
consultants’ reports, and any and all documentation and information of or regarding Borrower heretofore or hereafter provided
to or generated by or for the benefit of Lender in connection with this Agreement or any of the obligations now or hereafter existing.

 

This
Note and any extensions, renewals, refinances hereof and substitutions herefor shall be deemed to be secured by the terms of any
mortgages or other security documents now held by, or in the future to be granted to, Lender, whether from the Borrower or any
other Parties Liable Herefor, and whether or not such security is described therein. Lender shall have the right, without notice,
upon and during the continuation of any Event of Default to reduce to possession and to set-off against any and all obligations
and liabilities of Borrower any account, deposit or other property of the Borrower coming into Lender’s possession, or any other
claim of Borrower against Lender.

 

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Delay
or failure on the part of Lender in exercising any rights herein shall not operate as a waiver of these or any other rights under
this Note. After the due date, or acceleration or demand of all Amounts Owing Hereunder, the acceptance by Lender of any payment
representing less than the total balance of all Amounts Owing Hereunder shall not constitute a waiver or relinquishment of Lender’s
right to full and immediate payment of all remaining Amounts Owing Hereunder.

 

All
Parties Liable Herefor hereby waive demand, presentment, notice of dishonor and protest. This Note shall take effect as an instrument
under seal. This Note evidences a loan for business and/or commercial purposes.

 

All
Parties Liable Herefor assent to its terms and consent to any and all extensions of time and all other indulgences, to any substitution,
exchange or release of collateral, if any, and/or to the addition or release of any other party or person primarily or secondarily
liable, all without notice, and generally waive all suretyship rights and defenses while any sums remain outstanding hereunder.

 

This
Note constitutes the entire and integrated agreement and understanding between the Borrower and Lender, and it supercedes any
prior negotiations, representations or agreements, either written or oral. Borrower agree that any representation, promise, condition
or inducement, express or implied, not included in writing in this agreement shall not be binding upon any party. This agreement
may be amended or modified only by a written modification signed by all parties.

 

Reference
is made to a certain commitment letter dated November 19, 2020, the terms of which shall survive the closing. This Note is secured
by:

 

A
valid perfected security interest from Borrower in all business assets including, but not limited to, machinery, equipment, accounts
receivable and inventory, machinery and equipment, motor vehicles, furniture and fixtures, all located at but not limited to 56
Evergreen Drive, Portland, Maine;

 

WITNESS
its hand and seal. 

 

	Witness	 	IMMUCELL
    CORPORATION
	 	 	 
	/s/
    Bayleigh Canonico	 	/s/
    Michael F. Brigham
	 	 	Michael
    F. Brigham
	 	 	Its
    President & CEO

 

 

Page 7 of 7

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