the approval of the holders of a majority of the shares of the Company’s common stock represented at the meeting, abstentions, broker non-votes (see below) and votes against will have the effect of a negative vote.

With respect to Proposal Five, the Company is providing you with the opportunity to vote to approve, on a non-binding, advisory basis, an amendment to the Company’s Common Stock Rights Plan extending its expiration date by one year from September 19, 2022 to September 19, 2023. The affirmative vote of the holders of a majority of the shares of the Company’s common stock represented at the meeting is required to approve Proposal Five. Abstentions and votes against may be specified on this proposal. Since the approval of Proposal Five requires the approval of the holders of a majority of the shares of the Company’s common stock represented at the meeting, abstentions, broker non-votesnon-votes (see below) and votes against will have the effect of a negative vote. However, recognizing that there may be a substantial number of broker non-votes,non-votes, the Company’s Board of Directors, which has the authority to amend the Common Stock Rights Plan, intends to be guided by the votes actually cast on this proposal in deciding whether to extend the expiration date of such plan by one year.

A plurality of votes cast will be used to determine the results of the non-binding, advisory votes on Proposal One and Proposal Three. Brokers cannot vote on their customers’ behalf on “non-routine”“non-routine” proposals (Proposals One, Two Three, Four and Five)Three) without voting instructions from their customers. Because brokers require their customers’ direction to vote on such non-routinenon-routine matters, it is critical that stockholders provide their brokers with voting instructions. If you hold your shares in street name and do not provide voting instructions to your bank, broker or other custodian, your shares will not be voted on Proposals One, Two Three, Four and FiveThree (a “broker non-vote”non-vote”). Because a plurality of votes cast will be used to determine the results of the election of directors (Proposal One) and the non-binding, advisory vote on the frequency of the advisory vote to approve executive compensation (Proposal Three), abstentions and broker non-votesnon-votes will have no effect on the outcome of the votes on Proposals One and Three.Proposal One. Abstentions, however, are counted towards establishing a quorum for the Annual Meeting.

With respect to Proposal Six,Four, the Company is providing you with the opportunity to ratify the appointment of our Independent Registered Public Accounting Firm. The affirmative vote of the holders of a majority of the shares of the Company’s common stock represented at the meeting is required to ratify Proposal Six.Four. Abstentions and votes against may be specified on this proposal. Brokers and other record holders have discretion to vote on this proposal in the absence of written instructions from the beneficial holder of shares. Since the ratification of Proposal SixFour requires the approval of the holders of a majority of the shares of the Company’s common stock represented at the meeting, abstentions and votes against will have the effect of a negative vote.

Approximately 830751 of our stockholders hold their shares through a stockbroker, bank, trustee, or other nominee (Beneficial Owner), and approximately 671658 of our stockholders hold their shares directly in their own name (Stockholder of Record). As summarized below, there are some distinctions between shares held beneficially and those owned of record.

Beneficial Owner: Owner:    If your shares are held in a stock brokerage account or by a bank, broker, trustee, or other nominee, you are considered the beneficial owner of shares held in “street name” and these proxy materials are being made available to you through your bank, broker, trustee, or nominee, which is considered the stockholder of record of those shares. As the beneficial owner, you have the right to direct your bank, broker, trustee, or nominee on how to vote the shares you own beneficially, and you are also invited to attend the meeting via the live audio webcast and/or the telephone conference call. Your bank, broker, trustee, or nominee is obligated to provide you with voting instructions for use in instructing the bank, broker, trustee, or nominee how to vote these shares. However, since you are not the stockholder of record, you may not vote these shares unless you have a proxy from the bank, broker, trustee or nominee that is the holder of record of the shares giving you the right as beneficial owner to vote the shares during the live audio webcast meeting via the telephone conference call link. If you do not give instructions to your bank, brokerage firm, trustee or other nominee, they will not be allowed to vote your shares with respect to certain “non-discretionary”“non-discretionary” proposals, but will be able to vote your shares with respect to certain “discretionary” proposals. The election of directors (Proposal One), the advisory vote to approve executive compensation (Proposal Two), the advisory vote on the frequency of the advisory vote to approve executive compensation (Proposal Three), the vote to amend the 2017 Stock Option and Incentive Plan (Proposal Four) and the vote to extend the term of the Common Stock Rights Plan (Proposal Five)Three) are considered to be “non-discretionary”“non-discretionary” proposals on which banks and brokerage firms may not vote without instructions from the beneficial owner. “Broker non-votes”non-votes” for “non-discretionary”“non-discretionary” proposals are votes with respect to shares that are held in “street name” by a bank, brokerage firm, trustee or other nominee that indicates on its proxy that it does not have discretionary authority to vote on a particular matter. The ratification of the appointment of our Independent Registered Public Accounting Firm (Proposal Six)Four) is considered to be a “discretionary” proposal on which banks, brokerage firms, trustees or other nominees may vote in the absence of instructions from the beneficial owner.

Stockholder of Record: Record:    If your shares are registered directly in your name with ImmuCell’s transfer agent, American Stock Transfer & Trust Company, you are considered the stockholder of record of those shares and these proxy materials are being made available directly to you by the Company. As the stockholder of record, you have the right to grant your voting proxy directly to the Company or to vote in person at the live audio webcast meeting via the telephone conference call link.

Voting Results:    The preliminary voting results will be announced at the meeting. The final voting results will be tallied by the voting inspector and reported in a Current Report on Form 8-K,8-K, which will be filed with the SEC within four business days after the meeting.

EXPENSES AND SOLICITATION

The cost of preparing, assembling, and mailing the proxy material and of reimbursing banks, brokers, nominees and fiduciaries for the out-of-pocketout-of-pocket and clerical expenses of transmitting copies of the proxy material to the beneficial owners of shares held of record by such persons will be borne by the Company. Although the Company reserves the right to do so, the Company does not currently intend to solicit proxies otherwise than by use of the mail, but certain officers, employees and advisors of the Company, without additional compensation, may use their personal efforts, by telephone or otherwise, to obtain proxies.

STOCKHOLDER PROPOSALS, DIRECTOR NOMINATIONS AND COMMUNICATIONS

Proposals (other than director nominations, which are addressed in the following paragraph) of stockholders of the Company intended to be presented at the 20232024 Annual Meeting of Stockholders must be received by the Company at its principal place of business no later than December 30, 202231, 2023 (which date is 120 days prior to the first anniversary of on or about when the 20222023 Proxy Statement was first mailed to stockholders) to be eligible for possible inclusion in the Company’s Proxy Statement and form of proxy relating to the 20232024 meeting. Certified mail addressed to the Secretary of the Company is advised. No such proposals were received by the Company by December 30, 20212022 for inclusion in the Company’s Proxy Statement and form of proxy relating to the 20222023 Annual Meeting of Stockholders.

The Nominating Committee of the Board of Directors will consider nominees for director recommended by stockholders, applying the same evaluation standards as it would apply to candidates identified by management, other members of the Board of Directors or the Nominating Committee. Recommendations for director nominees may be sent to the Nominating Committee through the Secretary of the Company. Under the advance notice provisions in the Company’s By-laws,By-laws, stockholders intending to formally nominate a person for election as a director at the Annual Meeting, as distinguished from recommending a candidate to the Nominating Committee, must notify the Nominating Committee through the Secretary of the Company in writing of this intent not less than 60 nor more than 90 days prior to the first anniversary of the preceding year’s Annual Meeting and meet other requirements set forth in the By-laws.By-laws. If the date of the Annual Meeting is changed by more than 30 days from such anniversary date, the notice from the stockholder must be received not later than the close of business on the tenth day following the day on which notice of the date of such Annual Meeting was mailed to stockholders. Such notice must comply with the provisions set forth in the By-laws.By-laws. No such nomination by stockholders was received by the Secretary of the Company for consideration in connection with the 20222023 Annual Meeting of Stockholders. A copy of the relevant provisions of the By-lawsBy-laws will be sent to any stockholder who requests these in writing. Such requests should be addressed to the Secretary of the Company.

Stockholders that wish to send communications to the Board of Directors for any reason may do so by mail sent to ImmuCell Corporation, 56 Evergreen Drive, Portland, Maine 04103, Attention: Secretary. The Secretary is responsible for bringing any such communications to the attention of the full Board of Directors at its next regularly scheduled meeting, which is generally quarterly. Additionally, after adjournment of the formal business matters at each year’s Annual Meeting, there is an opportunity for stockholders to communicate directly with the Company’s management and directors. Normally, the Company encourages its directors to attend the Annual Meeting of Stockholders in person. However, due to the COVID-19 pandemic, allAll directors attended the 20212022 Annual Meeting of Stockholders virtually and plan to attend the 20222023 Annual Meeting of Stockholders either virtually or in person.

virtually.

All shares represented by proxies in the form enclosed herewith will be voted at the meeting and adjournments thereof in accordance with the terms of such proxies and the pertinent statements included herein relative to the exercise of the power granted by said proxies, provided such proxies appear to be valid and executed by stockholders of record entitled to vote thereat and have not previously been revoked. A proxy may be revoked at any time prior to its exercise by the filing with the Secretary of the Company of an instrument revoking such proxy or a duly executed proxy bearing a later date. A stockholder’s proxy will not be voted if the stockholder attends the virtual meeting and elects to vote in person (during the live audio webcast via the telephone conference link). Where the person solicited specifies in his, her or its proxy a choice with respect to any matter to be acted upon, the shares will be voted in accordance with the specification so made. If a stockholder fails to so specify with respect to such proposals, the proxy will be voted FOR the election of the nominees listed in Proposal One, FOR the advisory vote to approve executive compensation outlined in Proposal Two, FOR the advisory vote to approve an annual “say-on-pay” vote outlined in Proposal Three, FOR the vote to amend the 2017 Stock Option and Incentive Plan outlined in Proposal Four, FOR the advisory vote to extend the Common Stock Rights Plan by one year outlined in Proposal FiveThree and FOR the ratification of the appointment of the Independent Registered Public Accounting Firm described in Proposal Six.Four.

LEADERSHIP STRUCTURE OF THE BOARD OF DIRECTORS

With approval from the Board of Directors, the Compensation and Stock Option Committee determined that the title of President and CEO should be given to an individual not being the same person holding the title of Chair. The objective of this policy is to avoid a concentration of authority in any one person. Mr. Michael F. Brigham has served as President and CEO since February 2000. He also serves as the Company’s Principal Financial Officer. Mr. Brigham is responsible for the day-to-day operations of the Company and for managing the actions of the two other executive officers, as well as those of several senior managers. Since February 2013, Dr. David S. Tomsche has served as Chair of the Board of Directors.Directors, leading the Company as its independent non-executive board chair. Dr. Tomsche works with the CEO in preparing the agenda for each board meeting and presides over all board meetings and meetings of the non-employee directors. He provides advice to the CEO and serves as principal liaison between the board and the CEO. Ms. Bobbi Jo Brockmann has served as Vice President of Sales and Marketing since February 2015. Ms. Elizabeth L. Williams has served as Vice President of Manufacturing Operations since April 2016. Dr. Joseph H. Crabb served as Vice President and Chief Scientific Officer from December 1998 to February 2022, and he also served as Chair of the Board of Directors from June 2009 to February 2013. It is the policy of the Board of Directors to have a portion of the meeting without the presence of the executive officers each time that the board or any of its committees meets to assure that candid discussions of business matters are conducted with and without the influence of the executive officers. The board delegates certain authority and responsibility to its committees, as described below.

THE BOARD OF DIRECTORS AND ITS COMMITTEES

During the year ended December 31, 2021,2022, the Board of Directors of the Company held four regular meetings and fourone special meetingsmeeting and took action by unanimous written consent twice.four times. The committees of the Board of Directors are the Audit Committee, the Compensation and Stock Option Committee and the Nominating Committee. During the year ended December 31, 2021,2022, each director attended at least 75 percent of the aggregate of (i) the total number of meetings of the Board of Directors and (ii) the total number of meetings held by all committees of the board on which he or she served (during the periods that he or she served). The board has not set a formal policy for required meeting attendance. A high level of attendance and participation is expected, and to date directors have fulfilled this expectation. At the first meeting of the board following this year’s Annual Meeting, executive officers will be appointed and, effective upon the election of directors at this year’s Annual Meeting, directors will be appointed to serve on the various board committees until the next Annual Meeting and until their successors are elected.

The Board of Directors has established an Audit Committee for the purpose of overseeing the accounting and financial reporting processes of the Company and the audits and reviews of its financial statements. The Audit Committee engages the Company’s Independent Registered Public Accounting Firm, consults with such auditors with regard to audit plans, reviews the annual reports of the independent auditors, oversees the adequacy of the Company’s internal operating procedures and controls, meets with management and the auditors to review quarterly and annual financial results, authorizes the public release of press releases covering financial results, reviews and authorizes quarterly and annual reports filed with the SEC and otherwise oversees compliance with certain legal, ethical and regulatory matters. The development and manufacture of efficacious products with and without regulatory approval is subject to considerable risk. The Audit Committee takes the lead on oversight of credit, liquidity and operational risk, but the entire board, in conjunction with the executive officers, is very involved with reviewing Audit Committee recommendations and making independent assessments of risks in all areas of the Company’s business. The Company does not have a specific risk management department, but the Company’s Director of Finance and Administration and its President and CEO manage and contract for the Company’s insurance coverages in consultation with outside experts, in addition to identifying, managing and monitoring risk in areas not specifically covered by insurance. The Director of Finance and Administration reports to the President and CEO, who reports to the board. The Committee’s current members are Mr. Rosgen, Dr. Tomsche and Mr. Wainman. Mr. Wainman serves as Chair of the Audit Committee. All members of the Audit Committee meet the heightened independence and expertise requirements for audit committees under applicable SEC and NASDAQ Stock Market rules. The Audit Committee held eighteleven meetings and took action by unanimous written consent once during the year ended December 31, 2021.2022. The Audit Committee Report can be found later in this Proxy Statement, and the “Charter and Powers of the Audit Committee” has been posted on the Company’s web-site (http:website (http://immucell.com/wp-content/wp-content/uploads/2017/05/charter.pdf)charter.pdf). Information on the Company’s website does not constitute part of this Proxy Statement.

The Board of Directors has established a Compensation and Stock Option Committee (Compensation Committee) for the purpose of reviewing and recommending salary, bonus and other benefits for executive officers and directors of the Company. The Compensation Committee is responsible for administering the Company’s 2010 Stock Option and Incentive Plan and the 2017 Stock Option and Incentive Plan. The Compensation Committee’s current members are Ms. Basse, Mr. Cunningham and Mr. Rosgen, each of whom are independent directors. Mr. Cunningham serves as Chair of the Compensation Committee. The Compensation Committee held seveneight meetings and took action by unanimous written consent once during the year ended December 31, 2021.2022. The Compensation Committee does not have a charter but instead operates within the authority provided by the Company’s By-lawsBy-laws and authorizing resolutions adopted by the board. Its recommendations on executive and director compensation are subject to review and final approval by the Board of Directors, a majority of whose members are independent directors. The Compensation Committee considers recommendations from Mr. Brigham, the Company’s President and CEO, provides the Compensation Committee with recommendations relevant to a determination of executive and director compensation, but neither he nor Ms. Brockmann participates in votes of the Compensation Committee or the board in this regard. In recent years, the Compensation Committee has not retained or relied upon outside consultants to assist in its determination of executive or director compensation but does consider available compensation data. During the end of 2021 and beginning of 2022, the Compensation Committee did consider certain information provided by a consultant.

The Board of Directors has established a Nominating Committee for the purpose of recommending to the full board the number of directors to serve on the board, criteria for board membership and nominees for election to the board. In doing so, the Nominating Committee considers the integrity and relevant business experience of each nominee. All nominees included on this year’s proxy card were recommended by the Nominating Committee and then approved by a vote of the board. The Nominating Committee values diversity, believing that the Company benefits from decision making that includes a range of opinions, points of view and experience. For instance, the Nominating Committee would not want a board comprised only of directors having principally financial expertise or only of directors whose principal experience is in the dairy and beef industries. Likewise, the Nominating Committee believes that a board consisting of all men or all women would not be as strong as a gender-diversegender-diverse board. While there is always room for improvement, the Nominating Committee believes that it has made substantial progress towards achieving these board diversity goals. To be considered for nomination to the board, a candidate must meet the following minimum criteria: 1) reputation for integrity and high ethical standards, 2) willingness and ability to contribute positively to the Company’s decision-making process, 3) absence of any conflict of interest, or appearance of conflict of interest and 4) commitment to understanding the Company’s business and associated business risks and to devoting adequate time and effort to create value for the Company and its stockholders. All nominees included on this year’s proxy card were recommended by the Nominating Committee and then approved by a vote of the board. The Committee’s current members are Ms. Basse, Mr. Cunningham and Mr. Wainman, each of whom are independent directors. Mr. Cunningham serves as Chair of the Nominating Committee. The Nominating Committee held one meetingtook action once by unanimous written consent during the year ended December 31, 2021.2022. Provisions for stockholders to nominate candidates for election as directors are described above under the caption, “STOCKHOLDER PROPOSALS, DIRECTOR NOMINATIONS AND COMMUNICATIONS”. Upon recommendation of the Nominating Committee, the Board of Directors adopted a charter for the Nominating Committee in December 2012. This charter sets forth the policy to be utilized by the Nominating Committee in considering nominees identified by management to serve as directors for the Company. The Charter of the Nominating Committee has been posted to the Company’s web-site (http:website (http://immucell.com/wp-content/wp-content/uploads/2019/04/Nominating-Committee-Charter.pdf)Nominating-Committee-Charter.pdf). The Nominating Committee applies the same evaluation standards in considering nominees for director recommended by stockholders.

5

EXECUTIVE COMPENSATION

Under the By-laws,By-laws, executive officers are elected by the Board of Directors at its first meeting following each Annual Meeting of Stockholders of the Company, and each serves for a one-yearone-year term and until his or her successor is chosen and qualified, but all officers are employees of the Company “at will”, and their service may be terminated at any time without payment of severance or similar benefits, except as described below under “EMPLOYMENT AGREEMENTS”. As of the date of this Proxy Statement, the Company has three executive officers, as follows:

MICHAEL F. BRIGHAM: Information concerning the background and experience of Mr. Brigham and the period during which he has served in his current capacity is set forth below under the caption “ELECTION OF THE BOARD OF DIRECTORS (Proposal One)”.

BOBBI JO BROCKMANN:Information concerning the background and experience of Ms. Brockmann and the period during which she has served in her current capacity is set forth below under the caption “ELECTION OF THE BOARD OF DIRECTORS (Proposal One)”.

ELIZABETH L. WILLIAMS: Ms. Williams (Age: 66)67) joined the Company during the second quarter of 2016 as Vice President of Manufacturing Operations. Previously, she led the U.S. Region for Zoetis as Vice President, Global Manufacturing and Supply. Prior to that, she held multiple Site Leader positions at Pfizer Animal Health facilities in Lincoln, Nebraska (2008-2011)(2008-2011), Conshohocken, Pennsylvania (2006-2008)(2006-2008) and Lee’s Summit, Missouri (2003-2006)(2003-2006). She led the manufacturing organization (1999-2003)(1999-2003) and the Process and Product Development group (1995-1999)(1995-1999), achieving registration, approval and successful scale-upscale-up of five new products at the Lee’s Summit facility. She earned her Masters of Business Administration from Rockhurst University in Kansas City, Missouri and her Bachelor’s degree in Biology from the University of Missouri.

SUMMARY COMPENSATION TABLE

The following table contains information as to the total compensation paid by the Company to its named executive officers for services rendered during the years ended December 31, 20212022 and 2020:2021:

____________

(1)      Bonus (or variable compensation) is reported in the year earned, even if paid in the beginning of the next year.

(2)      This amount represents the total non-cash compensation expense related to stock option awards granted during the year that they were earned, which is being expensed over the three-year vesting period from grant date.

Generally during the first quarter of each year, annual salaries and bonuses for these named executive officers are determined at the discretion of the Compensation and Stock Option Committee. Effective February 2, 2019, the annual salary for Mr. Brigham was increased by 2% to $316,212. Effective February 1, 2020, the annual salary for Mr. Brigham was increased by 3% to $325,698. Effective January 30, 2021, the annual salary for Mr. Brigham was increased by 2% to $332,212. Effective February 26, 2022, the annual salary for Mr. Brigham was increased by 4% to $345,500. Effective February 2, 2019,25, 2023, the annual salary for Ms. BrockmannMr. Brigham was increased by 2%3.5% to $239,292. Effective February 1, 2020, the annual salary for Ms. Brockmann was increased by 3% to $246,471, and she was paid $15,000 in variable compensation related to her 2019 performance.$357,592. Effective January 30, 2021, the annual salary for Ms. Brockmann was increased by 2% to $251,400, and she was paid $12,645 in variable compensation related to her 2020 performance. Effective February 26, 2022, the annual salary for Ms. Brockmann was increased by 4% to $261,456, and she was paid $22,500

$22,500 and awarded 18,000 stock options with an exercise price of $8.15 per share in variable compensation related to her 2021 performance. Effective February 2, 2019, the annual salary for Dr. Crabb was increased by 3% to $51,500. Effective February 1, 2020, the annual salary for Dr. Crabb was increased by 3% to $53,045. Effective January 30, 2021, the annual salary for Dr. Crabb was increased by 32% to $70,000. Dr. Crabb resigned as an executive officer of the Company effective February 11, 2022 and retains a consulting relationship with the Company as an independent contractor. This independent contractor agreement provides for the potential for Dr. Crabb to earn $70,000 if certain regulatory objectives are achieved. Effective February 2, 2019,25, 2023, the annual salary for Ms. WilliamsBrockmann was increased by 3%3.5% to $228,094. Effective February 1, 2020, the annual salary for Ms. Williams was increased by 4% to $237,218,$270,606, and she was paid $5,000 in variable compensation related to her 2019 performance.a discretionary bonus of $25,000 on March 1, 2023. Effective January 30, 2021, the annual salary for Ms. Williams was increased by 4% to $246,707. Effective February 26, 2022, the annual salary for Ms. Williams was increased by 4% to $256,575.

Effective February 25, 2023, the annual salary for Ms. Williams was increased by 3.5% to $265,555.

Effective December 1, 2021 through November 30, 2022, the Company expects to contributecontributed approximately $17,450 per year towards the cost of family health insurance coverage for each full-timefull-time employee electing this coverage. Effective December 1, 2022 through November 30, 2023, this annual contribution is $18,400. Mr. Brigham and Ms. Brockmann elected this coverage. Effective December 1, 2021 through November 30, 2022, the Company expects to contributecontributed approximately $11,672 per year towards the cost of employee and spouse health insurance coverage for each full-timefull-time employee electing this coverage. Effective December 1, 2022 through November 30, 2023, this annual contribution is $12,600. Ms. Williams elected this coverage. Dr. Crabb pays for his own health insurance.

EMPLOYMENT AGREEMENTS

Effective March 26, 2010, Mr. Brigham entered into an amendment to his employment agreement that superseded and replaced in theirits entirety his previous employment agreements. By waiving rightsagreement, and pursuant to contractual employment, this named executive officerwhich Mr. Brigham agreed to serve the Company in an “at will” capacity on such terms as the Board of Directors may from time to time determine, subject to termination by the Board of Directors at any time with or without cause and without a contractual right to severance compensation. Effective March 25, 2020, the Company entered into a Severance Agreement with Mr. Brigham, under which the Company agreed to pay this executive (or his estate) 75% of his then current salary plus any accrued and unused paid time off in the event of the involuntary termination of his employment by the Company (except for cause) or in the event of termination by him for good reason. Effectivecause. In addition, effective March 28, 2022, the Company entered into an amendedAmended and restatedRestated Separation and Deferred Compensation Agreement (the “Deferred Compensation Agreement”) with Mr. Brigham that superseded and replaced in its entirely theentirety a March 2020 contract discussed above, andseverance agreement between the Company entered into an Incentive Compensation Agreement (the “Incentive Agreement”) withand Mr. Brigham. Mr. Brigham’s March 2022Upon separation from the Company for any reason, the Deferred Compensation Agreement allows Mr. Brigham to be paid, among other amounts, all earned and unused paid time off and to receive up to an additional $300,000 in deferred compensation and to be paid all earned and unused paid time off upon separation from the Company for any reason.compensation. This deferred compensation payment vestsvested as to $100,000 on January 1, 2023, and will vest as to an additional $100,000 on each of January 1, 2024 and as to the final $100,000 on January 1, 2025.2025, provided that Mr. Brigham is employed by the Company on these future vesting dates. The vested amounts would be paid upon the earlier of January 31, 2025 or within thirty (30) days following his separation from the Company. In addition, upon termination of Mr. Brigham’s employment (a) by the Company other than for cause, (b) due to death or disability or (c) by Mr. Brigham for good reason, in each case as described and defined in the Deferred Compensation Agreement, the Company agrees to pay Mr. Brigham 100% of his then current annual base salary.salary and a lump sum payment equal to the employer portion of the costs of continued health benefits for Mr. Brigham’sBrigham and his covered dependents for a twelve-month period following termination, and certain equity incentive awards granted to Mr. Brigham would continue to vest following such termination in accordance with the terms of the Deferred Compensation Agreement.

Effective March 28, 2022, the Company entered into an Incentive Compensation Agreement with Mr. Brigham (the “2022 Brigham Incentive Agreement”). The 2022 Brigham Incentive Agreement provided, among other things, for the potential for Mr. Brigham to earn up to an additional $150,000 if certain regulatory and financial objectives were achieved during 2022. These objectives were not achieved during 2022, and so the additional $150,000 amount was not earned pursuant to the 2022 Brigham Incentive Agreement. Effective March 28, 2023, the Company entered into an Amended and Restated Incentive Agreement (the “2023 Brigham Incentive Agreement”) that replaces and supersedes the 2022 Brigham Incentive Agreement in its entirety. The 2023 Brigham Incentive Agreement provides, among other things, for the potential for Mr Brigham to earn up to an additional $150,000 if certain regulatory and financial objectives are achieved during 2022. Under these contract amendments, Mr. Brigham continues to serve the Company as President and CEO. 2023.

Effective March 28, 2022, the Company entered into an amended and restated incentive compensation agreement with Ms. Brockmann (the “2022 Brockmann Incentive Agreement”) that superseded and replaced in its entirety a previous contract. The 2022 Brockmann Incentive Agreement, among other things, (i) extended the potential set forth in the previous contract for Ms. Brockmann’s agreement providesBrockmann to earn an additional $50,000 within one year after regulatory approval for the Re-Tain® product offering if she is still an employee of the Company at that time and an additional $50,000 two years after regulatory approval of Re-Tain® if she is still an employee of the Company at that time (subject to acceleration in the event of a Change of Control (as defined in the 2022 Brockmann Incentive Agreement) or the sale or license by the Company of all or substantially all of the rights to manufacture and sell Re-Tain®) and (ii) provided for the potential for Ms. Brockmann to earn up to an additional $80,000 if certain

financial performance objectives are achieved during 2022. The incentive compensation related to Re-Tain® was not earned during 2022, and the financial objectives described in the 2022 Brockmann Incentive Agreement were not achieved during 2022, and so the additional $80,000 amount was not earned pursuant to the 2022 Brockmann Incentive Agreement. Effective March 28, 2023 the Company entered into a Third Amended and Restated Incentive Compensation Agreement with Ms. Brockmann (the “2023 Brockmann Incentive Agreement”) that replaces and supersedes the 2022 Brockmann Incentive Agreement in its entirety. The 2023 Brockmann Incentive Agreement, among other things, (i) extended the potential set forth in the 2022 Brockmann Incentive Agreement for Ms. Brockmann to earn an additional $50,000 within one year after regulatory approval of Re-Tain® if she is still an employee of the Company at that time and an additional $50,000 two years after regulatory approval of Re-Tain® if she is still an employee of the Company at that time, subject to acceleration in the event of a Change of Control (as defined in the 2023 Brockmann Incentive Agreement) or the sale or license by the Company of all or substantially all of the rights to manufacture and sell Re-Tain® if Ms. Brockmann is an employee of the Company at the time of such Change of Control, sale or license and (ii) provided for the potential for Ms. Brockmann to earn up to an additional $80,000 if certain financial performance objectives are achieved during 2022. Ms. Brockmann’s March2023.

Effective November 11, 2022, agreement extends the potential to earn an additional $50,000 one year after regulatory approval of Re-Tain^® if she is still a full-time employee at that time and an additional $50,000 two years after regulatory approval of Re-Tain^® if she is still a full-time employee at that time, an arrangement that was first agreed to in her March 2017 agreement. Effective March 21, 2019, the Company entered into an amended and restated incentive compensation agreement with Ms. Williams (the “2022 Williams Incentive Agreement”) that superseded and replaced in its entirety a previous contract. This agreementThe 2022 Williams Incentive Agreement provided, among other things, for the potential for Ms. Williams to earn up to an additional $100,000$150,000 if certain regulatory approval of Re-Tain^{milestones with respect to Re-Tain®} is were achieved while she is still an employee of the Company, subject to acceleration in the event of a full-time employee.Change of Control (as defined in the 2022 Williams Incentive Agreement) or the sale or license by the Company of all or substantially all of the rights to manufacture and sell Re-Tain®. This incentive compensation was not earned during 2022. Effective March 28, 2022,2023, the Company entered into an amendeda Fourth Amended and restatedRestated Incentive Agreement with Ms. Williams superseding(the “2023 Williams Incentive Agreement”) that replaces and supersedes the 2019 agreement, that maintained2022 Williams Incentive Agreement in its entirety. The 2023 Williams Incentive Agreement extended the potential set forth in the 2022 Williams Incentive Agreement for Ms. Williams to earn up to an additional $100,000 upon$150,000 if certain regulatory approval of Re-Tain^® and added the potentialmilestones with respect to earn an additional $100,000 if regulatory approval of the Company’s in-house aseptic fill operation isRe-Tain® are achieved in each case while she is still an employee of the Company, subject to acceleration in the event of a full-time employee.Change of Control (as defined in the 2023 Williams Incentive Agreement) or the sale or license by the Company of all or substantially all of the rights to manufacture and sell Re-Tain® if Ms. Williams is an employee of the Company at the time of such Change of Control, sale or license.

OUTSTANDING EQUITY AWARDS

Stock options are the only outstanding form of equity awards to the Company’s employees and directors. The following table contains information on stock options held by the Company’s named executive officers that were outstanding as of December 31, 2021:2022:

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(1)      These stock options become exercisable three years after the date of grant.

9PAY VERSUS PERFORMANCE

The following tables and related disclosures provide certain information regarding the relationship between the compensation actually paid to Mr. Brigham, the Company’s President and CEO (CEO), and its other named executive officers (the Other NEOs) and the Company’s financial performance, as required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K. This disclosure does not necessarily reflect value actually realized by the executives or how the Compensation Committee evaluates compensation decisions in light of Company or individual performance.

The following table sets forth the following for each of the last two completed fiscal years: (i) the total compensation of the CEO and the average of the total compensation paid to the Other NEOs, as presented in the Summary Compensation Table above, (ii) the compensation “actually paid” to the CEO and the average compensation “actually paid” to the Other NEOs, calculated pursuant to Regulation S-K, (iii) our Total Shareholder Return (TSR), illustrating the value, as of the last day of the indicated fiscal year, of an investment of $100 in the Company’s common stock as of December 31, 2020 (approximately 16.81 shares valued at $5.95 per share) and (iv) our net (loss) as reflected in our audited financial statements for the applicable year.

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(1)      The CEO during 2022 and 2021 was Michael F. Brigham. The Other NEOs for whom the average compensation is presented in this table during 2022 and 2021 were Bobbi Jo Brockmann and Elizabeth L. Williams.

(2)      The amounts shown as Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually realized or received by the Company’s CEO and Other NEOs. These amounts reflect total compensation as set forth in the Summary Compensation Table for each year, adjusted as described in the table below. Equity values are calculated in accordance with ASC Topic 718.

Description of Relationship Between CEO and Other NEO Compensation Actually Paid and Company Total Stockholder Return (TSR)

The following chart sets forth the relationship between Compensation Actually Paid to our CEO, the average of Compensation Actually Paid to Other NEOs, and the Company’s TSR during the two-year period ended December 31, 2022.

Description of Relationship Between CEO and Other NEO Compensation Actually Paid and Net (Loss) of the Company

The following chart sets forth the relationship between Compensation Actually Paid to our CEO, and the average of Compensation Actually Paid to Other NEOs, and the Company’s Net (Loss) during the two-year period ended December 31, 2022.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

AND RELATED STOCKHOLDER MATTERS

The following table sets forth certain information known to the Company regarding beneficial ownership of the Company’s common stock as of April 14, 20222023 of (i) each person known to the Company to be the beneficial owner of more than five percent of the Company’s common stock, (ii) each of the Company’s directors, (iii) each of the Company’s executive officers named in the “SUMMARY COMPENSATION TABLE” above, (iv) the five largest stockholders listed in this table as a group and (v) all directors and named executive officers of the Company as a group:

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(1)      The persons named in the table have sole voting and investment power with respect to all shares of common stock shown to be beneficially owned by them, subject to the information contained in the footnotes to this table. The figures in the table include shares of common stock covered by stock options which are currently exercisable or will become exercisable within 60 days of the date of this Proxy Statement.

(2)      The address for the Pessins is 400 East 51st Street, PH31, New York, NY 10022. The Pessins have indicated that each of them has sole voting and dispositive/investment power with respect to the shares of common stock owned by them individually: Norman H. Pessin–644,019 shares (8.3%), Sandra F. Pessin–401,819 shares (5.2%) and Brian L. Pessin–136,882 shares (1.8%).

(3)      The address for Mr. Rothschild is c/o Arterio, Inc., 1061-B Shary Circle, Concord, CA 94518. This figure includes 226,416 shares of common stock held by Arterio Inc., a corporation owned solely by Mr. Rothschild.

The Company does not permit employees or directors to engage in hedging transactions with respect to the Company’s stock.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Dr. David S. Tomsche (Chair of our Board of Directors) is a controlling owner of Leedstone Inc., a domestic distributor of ImmuCell products (the First DefenseÒ ®product line and CMT), and of J-tJ-t Enterprises of Melrose, Inc., an exporter. His affiliated companies purchased $651,424$587,677 and $668,308$651,424 of products from us during the yearyears ended December 31, 20212022 and 2020,2021, respectively, on terms consistent with those offered to other distributors of similar status. We made marketing-related payments of $0 and $975 to these affiliated companies during the years ended December 31, 2021 and 2020, respectively, which represent amounts similar to those offered to other distributors of similar status. Our accounts receivable (subject to standard and customary payment terms) due from these affiliated companies aggregated $55,490$46,426 and $51,286$55,490 as of December 31, 2022 and 2021, and 2020, respectively.

The President and CEO of the Company is responsible for reviewing related party transactions. To assist with this process, each director is asked to complete an annual questionnaire covering transactions of this nature and other related matters. Regardless of dollar value, all related party transactions are reviewed with the relevant director and with the entire Board of Directors, if necessary.

ELECTION OF THE BOARD OF DIRECTORS (Proposal One)

Each of the sevensix persons listed below has been nominated to serve as a director until the next Annual Meeting of Stockholders and until his or her successor is chosen and qualified. Proxies in the enclosed form which are executed and returned will be voted (unless otherwise directed) FOR election as directors of the nominees listed below:

Each of these individuals brings distinct skills, perspectives and attributes to the Board of Directors. Ms. Basse has extensive animal health marketing experience. Mr. Brigham is an executive officer who has been employed by the Company since 1989 and has a financial and accounting background. Ms. Brockmann is an executive officer who has been employed by the Company since 2010 and has extensive experience in the sales and marketing of products to the dairy and beef industries. Mr. Cunningham is the Chief Commercial Officer of a global animal health company and brings to the board substantial expertise in our industry. Mr. Rosgen has a depth of experience in sales and marketing and product branding. Dr. Tomsche is a veterinarian and owner of a distribution outlet of products and services for animals, as well as an investor in and owner of dairy farms, and brings to the board substantial expertise in our industry. Mr. Wainman has extensive managerial and financial training and expertise.

There is no family relationship between any executive officer, director, or person nominated or chosen by the Company to become a director. Except for Mr. Brigham and Ms. Brockmann (both of whom are Company employees), each of the Company’s existing directors or nominees qualifies as an “independent director” as defined under applicable NASDAQ Stock Market rules. In evaluating the independence of directors, the board did consider the matters described above under the caption “CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS”. If any of the individuals named above should not be available for election as contemplated, it is the intention of the persons named in the proxy to vote for such other person or persons as management may recommend. Management has no reason to believe any nominees will be unavailable. Any vacancies that may occur during the year may be filled by the Board of Directors to serve until the next Annual Meeting.

Mr. David S. Cunningham has decided not to stand for re-election to the Board of Directors. He was thanked for his service to the Company since 2011.

Under Nasdaq’s Board Diversity Rule, all operating companies listed on Nasdaq’s U.S. exchange are required to publicly disclose diversity statistics regarding their Board of Directors using the Board Diversity Matrix table below:Matrix. The following chart describes the diversity characteristics of the seven directors serving the Company as of the filing date of this Proxy Statement:

At various times over the years, the Company’s Board of Directors has voted to authorize amendments of the Rights Agreement to extend the Final Expiration Date, which is currently September 19, 2022.2023. The Company’s Board of Directors also has voted to authorize amendments to increase the ownership threshold for determining “Acquiring Person” status to 20%. During the second quarter of 2015, the Company’s Board of Directors also voted to authorize an amendment to remove a provision that prevented a new group of directors elected following the emergence of an Acquiring Person (an owner of more than 20% of the Company’s stock) from controlling the Rights Plan by maintaining exclusive authority over the Rights Plan with pre-existingpre-existing directors. The Board did this because such provisions have come to be viewed with disfavor by Delaware courts. Each time that the Rights Plan was amended the Company entered into amendments to the Rights Agreement with the Rights Agent reflecting such extensions, threshold increases or provision changes. No other changes have been made to the terms of the Rights or the Rights Agreement.

Shareholder rights plans such as the Rights Plan have come under increased scrutiny and criticism in recent years. Despite that, the Company’s Board of Directors has continued the Rights Plan in effect due to ongoing concerns that the market price of the Company’s stock did not fairly reflect the potential value of the Company’s existing product lines and its products that are in advanced stages of development, and that the relatively small market capitalization of the Company rendered the Company and its shareholders particularly vulnerable to unsolicited and inadequately priced acquisition efforts. More recently the trading range of the Company’s stock has risen, and theThe Board has decided that, rather than unilaterally extend the Rights Plan, it would seek an advisory vote of the stockholders to gauge stockholder support for continuing the Rights Plan before taking further action or, alternatively, allowing the Rights Plan to expire.

The Board of Directors does believe that current market prices still do not reflect the full value of the Company and, on that basis, recommends that you vote FOR the approval of the advisory vote to extend the Rights Plan by one year.

RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM (Proposal Six)

Four)

The Audit Committee has appointed Wipfli LLP to serve as our Independent Registered Public Accounting Firm for the year ending December 31, 2022.2023. The Audit Committee’s engagement of this firm was made in accordance with procedures contemplated in that committee’s charter. This decision was ratified by the Board of Directors.

Although stockholder approval of the Audit Committee’s selection of Wipfli LLP is not required by law, the Board of Directors believes that it is advisable to give stockholders an opportunity to ratify this selection. A representative of Wipfli LLP is expected to be present (virtually) at the Annual Meeting with an opportunity to make a statement if he or she desires to do so and is expected to be available to respond to appropriate questions during the live audio webcast via the telephone conference call link. If this proposal is not approved at the Annual Meeting, the Audit Committee will reconsider its selection of Wipfli LLP. Even if the appointment is ratified, the Audit Committee, in its discretion, can direct the appointment of a different firm at any time during the year if the Audit Committee determines that such a change would be in the Company’s and the stockholders’ best interests.

Principal Accounting Fees and Services

On April 12, 2019, the Company engaged Wipfli LLP for the first time as its Independent Registered Public Accounting Firm (IRPAF) for the year ended December 31, 2019 beginning with a customary review of the Company’s financial statements as of and for the quarter ended March 31, 2019. On March 20, 2020, the Company engaged Wipfli LLP as its IRPAF for the year ended December 31, 2020. On March 23, 2021, the Company engaged Wipfli as its IRPAF for the year ended December 31, 2021. On March 23, 2022, the Company engaged Wipfli as its IRPAF for the year ended December 31, 2022. On March 22, 2022,2023, the Company engaged Wipfli as its IRPAF for the year ending December 31, 2022.2023.

Set forth below is a summary of the fees incurred for services rendered by the Company’s Independent Registered Public Accounting Firm, Wipfli LLP, for the years ended December 31, 2022 and 2021:

In accordance with the procedures set forth in its charter, the Audit Committee pre-approvespre-approves all auditing services and permitted non-auditnon-audit services (including the fees and other terms of those services) to be performed for the Company by its Independent Registered Public Accounting Firm. Such approval may be accomplished by approving the terms of the engagement prior to the engagement of the Independent Registered Public Accounting Firm with respect to such services or by establishing detailed pre-approvalpre-approval policies and procedures to govern such engagement. The Audit Committee authorizes management to spend up to $5,000 per year for services that are not anticipated at the time of the engagement, provided that the Audit Committee is promptly informed of such services.

Audit Committee Financial Expert

Mr. Paul R. Wainman, who joined our Board of Directors on March 31, 2014 and currently serves as Chair of the Audit Committee, meets the SEC’s definition of a financial expert. It is the opinion of the Company’s Board of Directors that the Company addresses its audit functions with a depth of penetration and rigor that meets the intent of the requirements of the Sarbanes-OxleySarbanes-Oxley Act for the following reasons:

•        The three members of the Audit Committee have knowledge of accounting for both their own businesses as well as for the Company. The three members of the Audit Committee have considerable experience operating his own marketing consulting firm, his own animal health company and a for-profit, privately-held commercial enterprise, respectively.

•        Internal audit work of the Company is performed by its Director of Finance and Administration, Finance and Administrative Associate II, Finance and Administrative Associate I and Manager of Administrative Operations.

•        The Company also continuously reviews, at its own initiative, the expertise of the members of its Board of Directors and its Audit Committee.

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