Amended and Restated Loan Agreement This Agreement is entered into this 21 st day of September, 2015 by, between and among ImmuCell Corporation (the " Borrower ") and TD Bank, N.A . (together with its successors and assi

and Restated Loan Agreement

Agreement is entered into this 21st day of September, 2015 by, between and among ImmuCell Corporation (the "Borrower")

and TD Bank, N.A. (together with its successors and assigns, the "Lender"), for itself and as agent

for any Affiliate Counterparty (as that term is defined in a certain Mortgage and Security Agreement dated of or about even date

herewith (the "Mortgage") with respect to property therein described and located at or about 56 Evergreen Drive,

Portland, Maine (the "Premises"), and amends and restates a certain Loan Agreement between Borrower and Lender

dated on or about August 13, 2010.

and Lender entered into loan transactions dated on or about August 13, 2010 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 a first mortgage on the Premises and all business

assets of the Borrower, and Borrower and Lender are entering into a loan transaction of or about even date in the original principal

amount of $2,500,000 to be secured by the same collateral (all of the foregoing, together with all modifications, extensions,

renewals and replacements thereof, the "Loans").

has entered, or may enter, into one or more Hedging Contracts with an Affiliate Counterparty of Lender (all Hedging Obligations

under any such Hedging Contracts, together with the Loans, the "Indebtedness").

the documents evidencing, securing or relating to the Indebtedness (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 Indebtedness is outstanding.

parties intend to memorialize the Covenants in a single document that will remain in full force and effect until the Indebtedness

governed hereby is paid in full.

agreement is intended by the parties to set forth financial Covenants governing the Indebtedness 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.

consideration of the mutual covenants and conditions herein contained, and intending to be legally bound, the parties hereto agree

of Covenants Generally. The Covenants set forth herein shall apply to the Borrower while any of the Indebtedness remains

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. The

Covenants may be modified by the parties at any time, but only by a written document signed by the parties.

not otherwise defined herein shall have the meanings set forth in the Mortgage. For purposes of this Agreement, the following

terms shall have the respective meanings assigned to them below:

shall mean the current scheduled principal or capital lease payments required to be paid during the following four quarters.

shall mean all cash dividends to shareholders.

shall mean earnings as defined under GAAP.

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.

means Generally Accepted Accounting Principles in effect from time to time in the United States.

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.

Expense" means, for any period, ordinary, regular, recurring and continuing expenses for interest on all borrowed money.

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.

Covenants. As long as any Indebtedness remains outstanding, unpaid and/or committed, Borrower shall remain in compliance with

the following covenants:

Service Coverage Ratio Covenant. The Borrower covenants that beginning with its fiscal quarter end next following the

date of this Agreement and continuing with each fiscal quarter thereafter, it shall not permit the ratio of its EBITDA,

minus taxes paid in cash and Distributions to Interest Expense plus CMLTD to be less than 1.30 to 1.00. 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. This covenant will be measured quarterly on a rolling four quarter basis.

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 annually at the end of each fiscal year of Borrower

following submission of financial reports, as required hereby.

Reporting. As a material covenant hereof, Borrower agrees to provide Lender and Affiliate Counterparty (i) within one hundred

and fifty (150) 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 quarter 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 and Affiliate Counterparty may reasonably request

Covenant calculation. All calculations shall be based upon the financial statements submitted by the Borrower that

are acceptable to Lender and Affiliate Counterparty; provided, however, that if Borrower's financial statements as reported

by Borrower do not, in the view of Lender and/or Affiliate Counterparty, accurately reflect Borrower's operations, and Lender

and Affiliate Counterparty make an independent, good faith determination of Borrower's Net Income, assets or liabilities,

such determination will be conclusive.

default by Borrower under the terms of this Amended and Restated Loan Agreement shall constitute an Event of Default under the

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