Document:

VIA
ELECTRONIC MAIL

 

	 	Re:	Agreement
    to Convert – May 2017 Promissory Note Obligation

 

Dear
Investor:

 

Reference
is made to that certain May 19, 2017 Promissory Note, in the Principal Amount of $630,000 (the “Promissory Note”),
issued by the Company to you (the “May 2017 Promissory Note Documents”).

 

You
are being sent this letter as you are currently the holder of the May 2017 Promissory Note pursuant to which you are owed principal
along with accrued interest and origination fee (the “May 2017 Promissory Note Obligation”).

 

What
We Need From You

 

By
executing and delivering this letter, you hereby agree:

 

	 	I.	Upon
    execution of this Letter Agreement, to automatically convert (the “Conversion”) the May 2017 Promissory Note Obligation
    ($750,000: comprised of $630,000 principal plus $120,000 interest) into shares of Series AA Preferred at a conversion price
    equal to $2.50 per common share. The Series AA Preferred Certificate of Designation is attached hereto as Exhibit A.
    
	 	 	 
	 	II.	You
    will receive a new warrant to purchase such number of shares of Common Stock as equal 100% of the number of shares of Common
    Stock issuable upon conversion of the Series AA Preferred shares you receive as a result of the Conversion of your May 2017
    Promissory Note Obligation, with a $3.50 exercise price, in the form attached hereto as Exhibit C. 

 

Upon
the triggering of Conversion, the Company shall, within ten (10) business days, send you: (i) written notice specifying the number
of shares of Series AA Preferred Stock to be issued to you, and the number of Warrants to be issued to you; (ii) a stock certificate
for the Series AA Preferred Stock shares; and (iii) the Warrants.

 

    	 

    	 

    

 

By
your agreement and acknowledgment below, this Letter Agreement shall serve as written confirmation that:

 

	 	1.	You
    agree to the terms of the Conversion and the Warrants.
	 	 	 
	 	2.	Upon
    the date of the Conversion, the Warrants shall be deemed issued as described herein irrespective of your physical receipt
    of same. 
	 	 	 
	 	3.	You
    acknowledge and agree that upon the execution of this Letter Agreement, the May 2017 Promissory Note Documents shall be cancelled
     and no longer in full force or effect. 

 

By
signing below, this Letter Agreement shall serve as written confirmation that you have reviewed this Letter Agreement (and consulted
with your legal and tax advisors to the extent you deemed necessary) and agree to the terms and conditions of the Conversion and
the Warrants as described herein. By signing below, you understand that you will be releasing and discharging the Company and
its affiliates from any and all obligations and duties that such persons may have to you with respect to the May 2017 Promissory
Note Obligation.

 

This
Letter Agreement contains the entire understanding between and among the parties and supersedes any prior understandings and agreements
among them respecting the subject matter of this Letter Agreement. In addition, you hereby represent that you meet the requirements
of at least one of the suitability standards for an “accredited investor” as that term is defined in Regulation D
promulgated under the Securities Act of 1933, as amended and that you have had the opportunity to obtain any additional information,
to the extent the Company has such information in its possession or could acquire it without unreasonable effort or expense, necessary
in connection with the matters set forth in this Letter Agreement including, without limitation, information concerning the financial
condition, results of operations, capitalization and business of the Company deemed relevant by you or your advisors, if any,
and all such requested information, to the extent the Company had such information in its possession or could acquire it without
unreasonable effort or expense, has been provided to your full satisfaction. This Letter Agreement shall be governed by and construed
in accordance with the laws of the Commonwealth of Massachusetts without regard to the choice of law principles. This Letter Agreement
may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one
and the same instrument. In case any provision of this Letter Agreement shall be held to be invalid, illegal or unenforceable,
such provision shall be severable from the rest of this Letter Agreement, and the validity legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

This
letter evidences waiver by the undersigned with respect to any and all defaults or events of default by the Company with respect
to any failure by the Company to comply with any covenants contained in the May 2017 Promissory Note Documents.

 

The
parties hereby consent and agree that if this Letter Agreement shall at any time be deemed by the parties for any reason insufficient,
in whole or in part, to carry out the true intent and spirit hereof or thereof, the parties will execute or cause to be executed
such other and further assurances and documents as in the reasonable opinion of the parties may be reasonably required in order
more effectively to accomplish the purposes of this Letter Agreement.

 

***REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK***

 

    	 

    	 

    

 

Please
indicate confirmation of the terms provided herein by executing and returning this letter in the space provided below.

 

	 	Very
    truly yours,
	 	 
	 	PRESSURE
    BIOSCIENCES, INC.
	 	 	 
	 	By:	 
	 	Name:	Richard
    T. Schumacher
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Date:
    ____________, 2018

 

	 	 
	ACCEPTED
    AND AGREED:	 
	 	 
	 	 
	Date:
    ____________, 2018VIA
ELECTRONIC MAIL

 

	 	Re:	Agreement
    to Convert Debentures;
	 	 	Agreement
    to Amend Debenture Warrants;
	 	 	Agreement
    to Receive New Warrants

 

Dear
Investor:

 

Reference
is made to that certain Subscription Agreement (the “Subscription Agreement”), entered into between July 22, 2015
and March 31, 2016 by and among Pressure BioSciences, Inc. (the “Company”) and the holders of the Company’s
Senior Secured Convertible Debentures (the “Debenture Holders”); and those certain Senior Secured Convertible Debentures
(each a “Debenture” and, together, the “Debentures”) and Common Stock Purchase Warrants issued in connection
therewith (the “Debenture Warrants” and, together with the Subscription Agreement and Debentures, the “Debenture
Documents”). You are being sent this letter as you are currently the holder of: (i) a Debenture pursuant to which you are
owed principal along with accrued interest (the “Debenture Obligation”); and (ii) Debenture Warrants.

 

What
We Need From You

 

By
executing and delivering this letter, you hereby agree:

 

	 	I.	Upon
    execution of this Letter Agreement, to automatically convert (the “Conversion”) the principal of the Debenture
    Obligation (any accrued interest earned and unpaid through the date of the signing of this Letter Agreement shall be paid
    in the form of Common Stock pursuant to the Debenture Documents) into shares of Series AA Preferred at a conversion price
    equal to $2.50. The Series AA Preferred shares are convertible cashlessly enabling you, upon conversion into shares of Common
    Stock, to tack back to the holding period of the Debentures as you are receiving these Series AA Preferred shares as part
    of the consideration of the Conversion of the Debentures.
	 	 	 
	 	II.	Your
    Debenture Warrants will be amended via an amendment in the form attached hereto as Exhibit B (the “Amended Warrants”)
    to reflect the adjustment in exercise price pursuant to the anti-dilution provisions in your Warrants. The Amended Warrants
    shall have a $3.50 exercise price.
	 	 	 
	 	III.	You
    will receive a new warrant to purchase such number of shares of the Common Stock as equal 100% of the number of shares of
    Common Stock issuable upon conversion of the Series AA Preferred shares you receive as a result of the Conversion of your
    Debenture, with a $3.50 exercise price, in the form attached hereto as Exhibit C. The Warrants will have a cashless
    exercise provision enabling you, upon cashless exercise into shares of Common Stock, to tack back to the holding period of
    the Debentures as you are receiving these Warrants as part of the consideration of the Conversion of the Debentures.

 

    	 

    	 

    

 

Upon
the triggering of Conversion, the Company shall, within ten (10) business days, send you: (i) written notice specifying the number
of shares of Series AA Preferred Stock to be issued to you, and the number of Warrants to be issued to you; (ii) a stock certificate
for the Series AA Preferred Stock shares; (iii) the Amended Warrant; and (iv) the Warrants.

 

By
your agreement and acknowledgment below, this Letter Agreement shall serve as written confirmation that:

 

	 	1.	You
    agree to the terms of the Conversion, the Amended Warrants, and the Warrants.
	 	 	 
	 	2.	Upon
    the date of the Conversion, the Amended Warrants shall be deemed issued as described herein irrespective of your physical
    receipt of same.
	 	 	 
	 	3.	Upon
    the date of the Conversion, the Warrants shall be deemed issued as described herein irrespective of your physical receipt
    of same.
	 	 	 
	 	4.	You
    acknowledge and agree that upon the execution of this Letter Agreement, the Debentures shall be cancelled and no longer in
    full force or effect and the next issuance of Common Stock as payment of accrued interest shall be the last such payment of
    accrued interest.

 

By
signing below, this Letter Agreement shall serve as written confirmation that you have reviewed this Letter Agreement (and consulted
with your legal and tax advisors to the extent you deemed necessary) and agree to the terms and conditions of the Conversion,
the Amended Warrants, and the Warrants as described herein. By signing below, you understand that you will be releasing and discharging
the Company and its affiliates from any and all obligations and duties that such persons may have to you with respect to the Debenture
Documents.

 

This
Letter Agreement contains the entire understanding between and among the parties and supersedes any prior understandings and agreements
among them respecting the subject matter of this Letter Agreement. In addition, you hereby represent that you meet the requirements
of at least one of the suitability standards for an “accredited investor” as that term is defined in Regulation D
promulgated under the Securities Act of 1933, as amended and that you have had the opportunity to obtain any additional information,
to the extent the Company has such information in its possession or could acquire it without unreasonable effort or expense, necessary
in connection with the matters set forth in this Letter Agreement including, without limitation, information concerning the financial
condition, results of operations, capitalization and business of the Company deemed relevant by you or your advisors, if any,
and all such requested information, to the extent the Company had such information in its possession or could acquire it without
unreasonable effort or expense, has been provided to your full satisfaction. This Letter Agreement shall be governed by and construed
in accordance with the laws of the Commonwealth of Massachusetts without regard to the choice of law principles. This Letter Agreement
may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one
and the same instrument. In case any provision of this Letter Agreement shall be held to be invalid, illegal or unenforceable,
such provision shall be severable from the rest of this Letter Agreement, and the validity legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

This
letter evidences waiver by the undersigned with respect to any and all defaults or events of default by the Company with respect
to any failure by the Company to comply with any covenants contained in the Debenture Documents.

 

The
parties hereby consent and agree that if this Letter Agreement shall at any time be deemed by the parties for any reason insufficient,
in whole or in part, to carry out the true intent and spirit hereof or thereof, the parties will execute or cause to be executed
such other and further assurances and documents as in the reasonable opinion of the parties may be reasonably required in order
more effectively to accomplish the purposes of this Letter Agreement.

 

***REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK***

 

    	 

    	 

    

 

Please
indicate confirmation of the terms provided herein by executing and returning this letter in the space provided below.

 

	 	Very
    truly yours,
	 	 	 
	 	PRESSURE
    BIOSCIENCES, INC.
	 	 	 
	 	By:	 
	 	Name:	Richard
    T. Schumacher
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Date:	____________,
    2018

 

	ACCEPTED
    AND AGREED:	 
	(signature
    below)	 
		 
	 	 	 
	Print
    Name:	 
	 	 
	Date:
    ___________,
    2018

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