On August 15, 2022, ImmuCell Corporation entered into a second amendment to its lease from TVP, LLC of Falmouth, Maine for property at 175 Industrial Way in Portland, Maine that was originally entered into on September 12, 2019. The original lease covers 14,300 square feet of space that is being used by the Company primarily for its formulating, filling and assembly operations related to the First Defense® product line. The Amended Lease expands the building on the leased premises by an additional 15,400 square feet for a total of 29,700 square feet.

The new space is intended to be used by the Company for additional freeze-drying capacity, cold storage and warehousing for the First Defense® product line. Construction of the new building shell has been initiated by the landlord. The original term of the lease that was set to expire on February 28, 2030 has been extended.

The Amended Lease now expires on January 31, 2043. Under the Amended Lease, increased monthly lease payments are set to commence on the date that is four months after the landlord receives a certificate of occupancy from the City of Portland for the building shell, which is anticipated to be on or about February 1, 2023. For the first 24 months of the extended term, total lease payments shall be $28,105 per month (of which $17,774 is attributable to the added lease space), which amounts to $11.30 per square foot per year.

Lease payments are subject to a 2% increase per year for each of the third through twentieth years of the term. The Amended Lease includes a ten-year renewal option that is exercisable at the Company's option, with lease payments increased during the renewal term by 2.5% per year over the preceding lease year. The Amended Lease also provides the Company with the right of first refusal to purchase the property during the term of the Amended Lease.