Certain Common Stock of CEL Corporation are subject to a Lock-Up Agreement Ending on 6-SEP-2022. These Common Stock will be under lockup for 179 days starting from 11-MAR-2022 to 6-SEP-2022.

Details:
In connection with this offer and the sale by the underwriter's purchase transaction, Masatsugu Shinno, the seller, J Corporation, a shareholder and lender of the Company, Makitec Co., Ltd., a shareholder of the Company, Sele Corporation Employee Stockholding Association, Hanwa Kogyo Co., Ltd., Chiyoko Kaimoto, Tomiya Kaimoto, Takaya Kaimoto, Takanori Yamaguchi, Masayoshi Nishimoto, Makoto Okuda, Tokyo Joint Accounting Office, Kenichi Suzuki, Toshimi Watase, Masami Tsuchiya and Masashi Oshima are lead managers. For the company, the lead underwriter during the period from the date of conclusion of the principal underwriting contract to September 6, 2022 (hereinafter referred to as the "lock-up period"), which is the 180th day after the listing (starting of trading) date (including the day). The common stock will not be sold without the prior written consent of the company (excluding selling by underwriter's purchase transaction, lending common stock for sale by over-allotment, etc.). It is agreed to that effect.

In addition, during the lockup period, the Company will issue the Company's shares, issue securities that will be converted or exchanged for the Company's shares or acquire the Company's shares without the prior written consent of the lead underwriter. Alternatively, the Board of Directors of the Company held on February 4, 2022, in connection with the issuance of securities granted the right to receive (however, in connection with the offering, share split, issuance of stock acquisition rights as stock options, and sale by over-allotment). It is agreed not to carry out the third-party allotment of shares, etc. to the lead managing underwriter resolved in.

In any of the above cases, the lead managing underwriter has the authority to cancel part or all the contents of the agreement at its discretion even during the lockup period.