Document:

Loan Agreement between the Company and TD Bank, N.A.

 EXHIBIT 10.5 

ImmuCell Corporation 
  

 Loan Agreement between the Company and TD Bank, N.A. dated August 13, 2010.

 Confidential Treatment as to certain portions has been requested, which portions have been omitted and filed separately with
the Securities and Exchange Commission 

 ImmuCell Corporation 

 

 Loan Agreement 

This Agreement is entered into this
13th day of August, 2010 by, between and among ImmuCell
Corporation (the “Borrower”) and TD Bank, N.A. (together with its successors and assigns, the “Lender”). 

RECITALS 

1.    The parties have entered into loan transactions of or about even date herewith in the amount of up to an
aggregate of $2,100,000 with respect to term debt and line of credit financing in said amount secured by real property and improvements and all business assets of the Borrower (together with all modifications, extensions, renewals and replacements
thereof the “Loans”). 
 2.    Under the documents evidencing the Loans (the “Loan
Documents”), Borrower is required to maintain, remain in compliance with and otherwise adhere to certain financial covenants (the “Covenants”) so long as any of the Loans are outstanding. 

3.    The parties intend to memorialize the Covenants in a single document that will remain in full force and effect
until the Loans and any other existing and / or future loans governed hereby are paid in full. In the event of additional, future loans between the parties, they too will be governed hereby unless expressly stated otherwise in writing. 

4.    This agreement is intended by the parties, to set forth financial Covenants governing the Loans and all
existing and future loans to the Borrower from the Lender with respect to the specific types of covenants set forth herein. Certain of the Loan Documents may impose or require compliance with other financial covenants, none of which are affected
hereby. 
 AGREEMENT 

In consideration of the mutual covenants and conditions herein contained, and intending to be legally bound, the parties hereto agree as
follows: 
 1.    Application of Covenants Generally. The Covenants set forth herein shall apply to
the Borrower while any of the Loans and any and all notes, liabilities, advances, loans, obligations or indebtedness of any kind or description from Borrower to Lender remain outstanding, whether now existing or hereafter owing or arising, howsoever
evidenced, created, incurred, acquired or owing, whether primary or secondary, joint and/or several, direct or indirect, absolute or contingent, or otherwise, remain outstanding (all of the above hereinafter referred to as the
“Obligations”). The Covenants may be modified by the parties at any time, but only by a written document signed by the parties. 

 ImmuCell Corporation 

 

 2.        Definitions.

 For purposes of this Agreement, the following terms shall have the respective meanings
assigned to them below: 
 “CMLTD” shall mean the principal and capital lease
payments paid during the preceding four quarters of each fiscal year end of Borrower. 

“Distributions” shall mean all cash dividends to shareholders. 

“Earnings” shall mean earnings as defined under GAAP. 

“EBITDA” means, for any period, Earnings from continuing operations before payment of
federal, state and local income taxes, plus Interest Expense, depreciation and amortization, in each case for such period, computed and calculated in accordance with GAAP. 

“GAAP” means Generally Accepted Accounting Principles in effect from time to time in the
United States. 
 “Intangible Assets” means, as of the date of determination
thereof, assets that in accordance with GAAP are properly classifiable as intangible assets, including, but not limited to, goodwill, franchises, licenses, patents, trademarks, trade names, deferred assets and copyrights. 

“Interest Expense” means, for any period, ordinary, regular, recurring and continuing
expenses for interest on all borrowed money. 
 “Marketable Securities” means
stocks, bonds, and mutual fund shares that can be readily sold for cash on stock exchanges or over-the-counter markets, or bank certificates of deposit. 

“Tangible Net Worth” means, as of the date of determination thereof, total assets,
excluding all Intangible Assets, all obligations owed from affiliates or any employee, shareholder, partner or member, any capitalized start-up or development expense, and any write up or reappraisal of the Borrower’s existing assets less total
liabilities. 
 3.        Financial Covenants. As long as any
Obligations, including any of the Loans, of Lender to Borrower remain outstanding, unpaid and/or committed, Borrower shall remain in compliance with the following covenants: 

A.        Debt Service Coverage Ratio Covenant. The Borrower covenants
that beginning with its fiscal year end next following the date of this Agreement and continuing with each fiscal year thereafter, it shall not permit the ratio of its EBITDA, minus taxes paid in cash and Distributions divided by Interest Expense
plus CMLTD to be less than 1.30 to 1.00 for any fiscal year. For purposes of calculating this covenant, EBITDA shall not include any gains or losses from the sale of assets outside the normal course of business or any other extraordinary
accounting adjustments or non- recurring items of income or loss, all of the foregoing as determined by the Lender. Product development payments to Lonza Sales, Ltd shall be added back to EBITDA up to $xxxxxxxxx in 2010 and $xxxxxxxxx for
2011. This covenant will be measured at and as of the end of each fiscal 

 ImmuCell Corporation 

 

 
year end following Borrower’s submission of financial statements to Lender as required hereby and by instruments evidencing the Loans dated on or about even date herewith. 

B.        Liquidity.    The Borrower
covenants that from and after the date hereof, the Borrower shall not permit its unrestricted cash accounts, plus the value of Borrower’s Marketable Securities to be less than $1,000,000. This covenant will be measured at and as of the end of
each fiscal quarter following Borrower’s submission of financial statements to Lender as required hereby and by instruments evidencing the Loans dated on or about even date herewith. 

C.        Debt to Tangible Net
Worth.    The Borrower covenants that from and after the date hereof, the Borrower shall not permit its ratio of total liabilities to Tangible Net Worth to be above 1.25 to 1.00. This covenant will be measured at and as of
the end of each fiscal quarter end following Borrower’s submission of financial statements to Lender as required hereby and by instruments evidencing the Loans dated on or about even date herewith. This covenant will be measured quarterly on a
rolling four quarter basis. 
 4.        Financial
Reporting.  As a material covenant hereof, Borrower agrees to provide Lender (i) within ninety (90) days after the close of Borrower’s fiscal year, complete audited financial statements for Borrower prepared in
accordance with GAAP together with any management letter that shall have been issued, and (ii) within forty five (45) days after the close of each of the first three quarters of Borrower’s fiscal year management prepared financial
statements including a detailed balance sheet and profit and loss statement, and aging of accounts receivable and accounts payable; and (iii) such other documents and things evidencing Borrower’s net worth and financial condition as Lender
may reasonably request from time to time. 
 5.    Covenant calculation. All year end
calculations shall be based upon the audited financial statements provided by Borrower to Lender at year end, and all quarterly calculations shall be based upon internally prepared financial statements submitted by the Borrower to the Bank that are
acceptable to the Bank; provided, however, that if Borrower’s financial statements as reported by Borrower do not in Lender’s view accurately reflect Borrower’s operations, and Lender makes an independent, good faith determination of
Borrower’s Net Income, assets or liabilities, Lender’s determination will be conclusive. 

6.    Title Insurance Commitment. Within thirty (30) days of the date hereof, Borrower
shall provide Lender with a clean commitment for a title insurance policy with respect to that certain mortgage on property located at or about 56 Evergreen Drive, Portland, Maine being executed and delivered by Borrower to Lender of or about even
date, which title commitment shall (a) not contain a survey exception; and (b) otherwise be in form and content satisfactory to Lender and its counsel. 

 ImmuCell Corporation 

 

 In witness whereof the parties have set their hands and seals of the date above set
forth. 
  

					
		  	 ImmuCell Corporation

			
	 /s/ David J. Champoux
	  	 By:
	    	 /s/ Michael F. Brigham

			
	 Witness
	  		    	 Michael Brigham

			
		  		    	 Its duly authorized President and CEO

		
		  	 TD Bank, N.A.

			
	 /s/ Josh Dow
	  	 By:
	    	 /s/ Benjamin C. Geci

			
	 Witness
	  		    	 Benjamin C. Geci,

			
		  		    	 Senior Vice PresidentAmendment to Employee Payroll Stock Purchase Plan

 Exhibit 10.2 

AMENDMENT TO THE PBSJ CORPORATION 

2008 EMPLOYEE PAYROLL STOCK PURCHASE PLAN 

WHEREAS, The PBSJ Corporation (the “Company”) adopted The PBSJ Corporation 2008 Employee Payroll
Stock Purchase Plan (the “Plan”), effective January 19, 2008; and 
 WHEREAS, the
Company entered into a Merger Agreement (as defined below); and 
 WHEREAS, as required by the Company
under the Merger Agreement, and pursuant to Section 18 of the Plan, the Company wishes to amend the Plan as necessary to provide that: (i) with respect to the Offering Period (as defined in the Plan) in effect as of August 1, 2010, no
employee who is not a participant in the Plan as of August 1, 2010 may become a participant in the Plan on or after August 1, 2010 and no participant in the Plan may increase the amount of his or her payroll deduction election from that in
effect on or after August 1, 2010 for such Offering Period; (ii) participants in the Plan shall not be permitted to make additional contributions to the Plan after the second payroll period ending after August 1, 2010; (iii) the
Exercise Date (as defined in the Plan) with respect to the Offering Period in effect as of August 1, 2010, shall occur immediately prior to the Effective Time (as defined in the Merger Agreement), unless the Merger Agreement is terminated prior
thereto; and (iv) no further Offering Periods will begin after the Exercise Date with respect to the Offering Period in effect as of August 1, 2010 and the Plan will terminate at the Effective Time. 

NOW THEREFORE, the Plan is hereby amended as follows (the “Amendment”), effective August 1,
2010: 
 1. Section 2(k) of the Plan is hereby amended and restated, in its entirety, to read as follows: 

“(k) “Exercise Date” means the last business day of the applicable Stock Window; provided, however,
that with respect to the Offering Period in effect as of August 1, 2010, the Exercise Date means the earlier of (i) the last business day of the applicable Stock Window for that Offering Period, or (ii) immediately prior to the
Effective Time, as defined in the Agreement and Plan of Merger (the “Merger Agreement”), dated as of August 1, 2010, by and among WS ATKINS plc, a public limited company organized under the laws of England and Wales and
registered in England No. 1885586, FALDO MAS, INC., a Florida corporation, and the Company, provided that the Merger Agreement is not terminated prior thereto.” 

2. Section 5 of the Plan is hereby amended by adding a new Section 5(d) to the end thereof: 

“(d) Notwithstanding any provision of the Plan to the contrary, an eligible Employee who is not a Participant as of
August 1, 2010, may not elect to participate in the Plan in accordance with Section 5(a) at any time on or after August 1, 2010.” 

 3. Section 6 of the Plan is hereby amended by adding new Sections 6(d) and 6(e) to the
end thereof: 
 “(d) Notwithstanding any provision of the Plan to the contrary, no Participant may increase
the amount of authorized payroll contributions to be made to the Plan on each payroll date that occurs on or after August 1, 2010, from the amount of authorized payroll contributions that was previously elected by the Participant and in effect
on or before August 1, 2010.” 
 “(e) Notwithstanding any provision of the Plan to the contrary,
no Plan Contributions shall be made to the Plan with respect to any and all Participants after the second payroll period that ends after August 1, 2010.” 

4. A new Section 27 is hereby added to the Plan, as follows: 

“Notwithstanding any provision of the Plan to the contrary, no further Offering Periods shall begin following the
Exercise Date with respect to the Offering Period in effect as of August 1, 2010, unless the Merger Agreement is terminated prior to the occurrence of the Effective Time, and the Plan shall automatically terminate at the Effective Time, as
defined in the Merger Agreement.” 
 5. In all other respects, the Plan shall remain unchanged by this Amendment.

 IN WITNESS WHEREOF, the foregoing Amendment is adopted as of August 1, 2010. 

 

			
	 The PBSJ Corporation

		
	 By:
	 	 /s/ Donald J. Vrana

	 Name:
	 	 Donald J. Vrana

	 Title:
	 	 SVP & CFO

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