Document:

SECURITY AGREEMENT

 

This SECURITY AGREEMENT,
dated as of July 21, 2015 (this “Agreement”), is among Pressure BioSciences, Inc., a Massachusetts corporation
(the “Company”), and [PLACEMENT AGENT] as collateral agent (the “Agent”) for the holders of the
Company’s Secured Convertible Debentures in the original aggregate principal amount of $1,672,000 (collectively, the “Debentures”),
their endorsees, transferees and assigns as set forth on Schedule H, as amended from time to time (collectively, the “Secured
Parties”).

 

W I T N E S S E T H:

 

WHEREAS, the Company
has issued or is issuing the Debentures to the Secured Parties in a private placement offering for up to $6,875,000 (including
the over-subscription amount) principal amount (“Offering”) as described in the Private Placement Memorandum dated
as of May 11, 2015 (“Memorandum”);

 

WHEREAS, pursuant to
the Purchase Agreement (as defined in the Debentures), the Secured Parties have severally agreed to extend the loans to the Company
evidenced by the Debentures;

 

WHEREAS, in order to
induce the Secured Parties to extend the loans evidenced by the Debentures, the Debtor has agreed to execute and deliver to the
Secured Parties this Agreement and to grant the to the Agent, for the benefit of the Secured Parties, a security interest in certain
property of the Debtor to secure the prompt payment, performance and discharge in full of all of the Company’s obligations
under the Debentures.

 

NOW, THEREFORE, in consideration
of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

 

1. Certain Definitions.
As used in this Agreement, the following terms shall have the meanings set forth in this Section 1. Terms used but not otherwise
defined in this Agreement that are defined in Article 9 of the UCC (such as “account”, “chattel paper”,
“commercial tort claim”, “deposit account”, “document”, “equipment”, “fixtures”,
“general intangibles”, “goods”, “instruments”, “inventory”, “investment
property”, “letter-of-credit rights”, “proceeds” and “supporting obligations”) shall
have the respective meanings given such terms in Article 9 of the UCC.

 

(a) “CFC”
means a controlled foreign corporation (as that term is defined in the U.S. Internal Revenue Code).

 

(b) “Collateral”
means the following personal property of the Debtors, whether presently owned or existing or hereafter acquired or coming
into existence, wherever situated, and all additions and accessions thereto and all substitutions and replacements thereof, and
all proceeds, products and accounts thereof, including, without limitation, all proceeds from the sale or transfer of the Collateral
and of insurance covering the same and of any tort claims in connection therewith, and all dividends, interest, cash, notes, securities,
equity interest or other property at any time and from time to time acquired, receivable or otherwise distributed in respect of,
or in exchange for, any or:

 

(i) All goods,
including, without limitation, (A) all equipment and fixtures of every kind and nature and wherever situated, together with all
documents representing the same, all additions and accessions thereto, replacements therefor, all parts therefor, and all substitutes
for any of the foregoing and all other items used and useful in connection with any Debtor’s businesses and all improvements
thereto; and (B) all inventory;

 

(ii) All general
intangibles, including, without limitation, all partnership interests, membership interests, stock or other securities, rights
under any of the Organizational Documents, agreements related to the Pledged Securities, licenses, distribution and other agreements,
computer software (whether “off-the-shelf”, licensed from any third party or developed by any Debtor), computer software
development rights, leases, franchises, customer lists, quality control procedures, grants and rights, goodwill, Intellectual
Property and income tax refunds;

 

(iii) All
accounts;

 

(iv) All documents,
letter-of-credit rights, instruments and chattel paper;

 

(v) All commercial
tort claims;

 

(vi) All deposit accounts
and all cash (whether or not deposited in such deposit accounts);

 

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(vii) All
investment property;

 

(viii) All
supporting obligations; and

 

(ix) All
files, records, books of account, business papers, and computer programs;

 

(xi) All
Intellectual Property (as defined in this Agreement)

 

(xii) All
equipment; and

 

(xiii) The
products and proceeds of all of the foregoing Collateral set forth in clauses (i)-(xii) above.

 

Without limiting the generality
of the foregoing, the “Collateral” shall include all and any other shares of capital stock and/or other equity
interests of any other direct or indirect subsidiary of Debtor obtained in the future, and, in each case, all certificates representing
such shares and/or equity interests and, in each case, all rights, options, warrants, stock, other securities and/or equity interests
that may hereafter be received, receivable or distributed in respect of, or exchanged for, any of the foregoing and all rights
arising under or in connection with the Pledged Securities, including, but not limited to, all dividends, interest and cash.

 

Notwithstanding the foregoing:
(i) nothing herein shall be deemed to constitute an assignment of or grant of a security interest in any asset which, in the event
of an assignment or grant of a security interest, becomes void by operation of applicable law or the assignment of which or grant
of a security in is otherwise prohibited by the terms of any contract, lease, permit or licenses or applicable law (in each case
to the extent that any such term or applicable law is not overridden by Sections 9-406, 9-407 and/or 9-408 of the UCC or other
similar applicable law); provided, however, that to the extent permitted by applicable law, this Agreement shall
create a valid security interest in such asset and, to the extent permitted by applicable law, this Agreement shall create a valid
security interest in the proceeds of such asset; and (ii) the Collateral shall not include any United States intent-to-use trademark
applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair
the validity or enforceability of such intent-to-use trademark applications under applicable federal law, provided that upon submission
and acceptance by the United States Patent and Trademark Office of an amendment to allege use pursuant to 15 U.S.C. Section 1060(a)
(or any successor provision), such intent-to-use trademark application shall be considered Collateral.

 

(c) “Debtor”
or “Debtors” means the Company and any direct and indirect entity of whatever legal form of which the Company
owns 50.1% or more of the equity voting securities or economic interests which may be in existence from time to time while this
Agreement is in effect.

 

(d) “Intellectual
Property” means the collective reference to all rights, priorities and privileges relating to intellectual property,
whether arising under United States, multinational or foreign laws or otherwise, including, without limitation: (i) all copyrights
arising under the laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered
and whether published or unpublished, all registrations and recordings thereof, and all applications in connection therewith,
including, without limitation, all registrations, recordings and applications in the United States Copyright Office; (ii) all
letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions thereof,
and all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part
thereof, (iii) all trademarks, trade names, corporate names, company names, business names, fictitious business names, trade dress,
service marks, logos, domain names and other source or business identifiers, and all goodwill associated therewith, now existing
or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in connection therewith, whether
in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or
any other country or any political subdivision thereof, or otherwise, and all common law rights related thereto, (iv) all trade
secrets arising under the laws of the United States, any other country or any political subdivision thereof, (v) all rights to
obtain any reissues, renewals or extensions of the foregoing, (vi) all licenses for any of the foregoing, and (vii) all causes
of action for infringement of the foregoing.

 

(e) “Majority
in Interest” means, at any time of determination, 67% of the outstanding principal amount of Debentures then outstanding
(based on then-outstanding principal amounts of Debentures at the time of such determination) of the Secured Parties.

 

(f) “Necessary
Endorsement” means undated stock powers endorsed in blank or other proper instruments of assignment duly executed and
such other instruments or documents as the Agent (as that term is defined below) may reasonably request.

 

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(g) “Obligations”
means all of the liabilities and obligations (primary, secondary, direct, contingent, sole, joint or several) due or to become
due, or that are now or may be hereafter contracted or acquired, or owing to, of the Debtor to the Secured Parties, including,
without limitation, all obligations under this Agreement, the Debentures, and any other instruments, agreements or other documents
executed and/or delivered in connection herewith or therewith, in each case, whether now or hereafter existing, voluntary or involuntary,
direct or indirect, absolute or contingent, liquidated or unliquidated, whether or not jointly owed with others, and whether or
not from time to time decreased or extinguished and later increased, created or incurred, and all or any portion of such obligations
or liabilities that are paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from
any of the Secured Parties as a preference, fraudulent transfer or otherwise as such obligations may be amended, supplemented,
converted, extended or modified from time to time. Without limiting the generality of the foregoing, the term “Obligations”
shall include, without limitation: (i) principal of, and interest on the Debentures and the loans extended pursuant thereto; (ii)
any and all other fees, indemnities, costs, obligations and liabilities of the Debtor from time to time under or in connection
with this Agreement, the Debentures, and any other instruments, agreements or other documents executed and/or delivered in connection
herewith or therewith; and (iii) all amounts (including but not limited to post-petition interest) in respect of the foregoing
that would be payable but for the fact that the obligations to pay such amounts are unenforceable or not allowable due to the
existence of a bankruptcy, reorganization or similar proceeding involving the Debtor.

 

(h) “Organizational
Documents” means with respect to any Debtor, the documents by which such Debtor was organized (such as a certificate
of incorporation, certificate of limited partnership or articles of organization, and including, without limitation, any certificates
of designation for preferred stock or other forms of preferred equity) and which relate to the internal governance of such Debtor
(such as bylaws, a partnership agreement or an operating, limited liability or members agreement).

 

(i) “Pledged
Interests” shall have the meaning ascribed to such term in Section 4(i).

 

(j) “Pledged
Securities” shall have the meaning ascribed to such term in Section 4(h).

 

(k) “Subordination
Agreements” means the Subordination Agreements dated on or about the date hereof among ______, the Agent, each Secured
Party and the Company.

 

(l) “UCC”
means the Uniform Commercial Code of the State of New York and or any other applicable law of any state or states which has
jurisdiction with respect to all, or any portion of, the Collateral or this Agreement, from time to time. It is the intent of
the parties that defined terms in the UCC should be construed in their broadest sense so that the term “Collateral”
will be construed in its broadest sense. Accordingly if there are, from time to time, changes to defined terms in the UCC that
broaden the definitions, they are incorporated herein and if existing definitions in the UCC are broader than the amended definitions,
the existing ones shall be controlling.

 

2. Grant of Security
Interest in Collateral. As an inducement for the Secured Parties to extend the loans as evidenced by the Debentures and to
secure the complete and timely payment, performance and discharge in full, as the case may be, of all of the Obligations, each
Debtor hereby unconditionally and irrevocably pledges, grants and hypothecates to the Agent, for the benefit of the Secured Parties,
a security interest in and to, a lien upon and a right of set-off against all of their respective right, title and interest of
whatsoever kind and nature in and to, the Collateral (a “Security Interest” and, collectively, the “Security
Interests”).

 

3. Delivery of Certain
Collateral. Contemporaneously or prior to the execution of this Agreement, each Debtor shall deliver or cause to be delivered
to the Agent (a) any and all certificates and other instruments representing or evidencing the Pledged Securities, and (b) any
and all certificates and other instruments or documents representing any of the other Collateral, in each case, together with
all Necessary Endorsements. The Debtors are, contemporaneously with the execution hereof, delivering to Agent, or have previously
delivered to Agent, a true and correct copy of each Organizational Document governing any of the Pledged Securities.

 

4. Representations
and Warranties of the Debtors. Except as set forth under the corresponding section of the disclosure schedules delivered to
the Secured Parties concurrently herewith (the “Disclosure Schedules”), which Disclosure Schedules shall be
deemed a part hereof, each Debtor represents and warrants to the Secured Parties as follows:

 

(a) Each Debtor has the
requisite corporate, partnership, limited liability company or other power and authority to enter into this Agreement and otherwise
to carry out its obligations hereunder. The execution, delivery and performance by each Debtor of this Agreement and the filings
contemplated therein have been duly authorized by all necessary action on the part of such Debtor and no further action is required
by such Debtor. This Agreement has been duly executed by each Debtor. This Agreement constitutes the legal, valid and binding
obligation of each Debtor, enforceable against each Debtor in accordance with its terms except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization and similar laws of general application relating to or affecting the rights
and remedies of creditors and by general principles of equity.

 

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(b) The Debtors have
no place of business or offices where their respective books of account and records are kept (other than temporarily at the offices
of its attorneys or accountants) or places where Collateral is stored or located, except as set forth on Schedule A attached
hereto. Except as specifically set forth on Schedule A, each Debtor is the record owner of the real property where such
Collateral is located, and there exist no mortgages or other liens on any such real property except for Permitted Liens (as defined
in the Debentures). Except as disclosed on Schedule A, none of such Collateral is in the possession of any consignee, bailee,
warehouseman, agent or processor.

 

(c) Except for Permitted
Liens (as defined in the Debentures) and except as set forth on Schedule B attached hereto, the Debtors are the sole owner
of the Collateral (except for non-exclusive licenses granted by any Debtor in the ordinary course of business), free and clear
of any liens, security interests, encumbrances, rights or claims, and are fully authorized to grant the Security Interests. Except
as set forth on Schedule C attached hereto, there is not on file in any governmental or regulatory authority, agency or
recording office an effective financing statement, security agreement, license or transfer or any notice of any of the foregoing
(other than those that will be filed in favor of the Agent pursuant to this Agreement) covering or affecting any of the Collateral.
Except as set forth on Schedule C attached hereto and except pursuant to this Agreement, as long as this Agreement shall
be in effect, the Debtors shall not execute and shall not knowingly permit to be on file in any such office or agency any other
financing statement or other document or instrument (except to the extent filed or recorded in favor of the Agent pursuant to
the terms of this Agreement).

 

(d) No written claim
has been received that any Collateral or any Debtor’s use of any Collateral violates the rights of any third party. There
has been no adverse decision to any Debtor’s claim of ownership rights in or exclusive rights to use the Collateral in any
jurisdiction or to any Debtor’s right to keep and maintain such Collateral in full force and effect, and there is no proceeding
involving said rights pending or, to the best knowledge of any Debtor, threatened before any court, judicial body, administrative
or regulatory agency, arbitrator or other governmental authority.

 

(e) This Agreement creates
in favor of the Agent, for the benefit of the Secured Parties, a valid first priority security interest in the Collateral, subject
only to Permitted Liens (as defined in the Debentures) securing the payment and performance of the Obligations. Upon making the
filings described in the immediately following paragraph, all security interests created hereunder in any Collateral which may
be perfected by filing Uniform Commercial Code financing statements shall have been duly perfected.

 

(f) Each Debtor hereby
authorizes the Agent to file one or more financing statements under the UCC, with respect to the Security Interests, with the
proper filing and recording agencies in any jurisdiction deemed proper by it.

 

(g) The execution, delivery
and performance of this Agreement by the Debtors does not: (i) violate any of the provisions of any Organizational Documents of
any Debtor or any judgment, decree, order or award of any court, governmental body or arbitrator or any applicable law, rule or
regulation applicable to any Debtor; or (ii) subject to the Agent’s each Secured Party’s performance of its respective
obligations under the Subordination Agreements, conflict with, or constitute a default (or an event that with notice or lapse
of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation
(with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing any Debtor’s
debt or otherwise) or other understanding to which any Debtor is a party or by which any property or asset of any Debtor is bound
or affected. If any, all required consents (including, without limitation, from stockholders or creditors of any Debtor) necessary
for any Debtor to enter into and perform its obligations hereunder have been obtained.

 

(h) The capital stock
and other equity interests listed on Schedule H hereto (the “Pledged Securities”) represent: (i) all
of the capital stock and other equity interests of the Guarantors that are domestic subsidiaries, and represent all capital stock
and other equity interests owned, directly or indirectly, of such Guarantors by the Company; and (ii) 65% of the
capital stock of the subsidiaries of the Company that are not U.S. subsidiaries. All of the Pledged Securities are validly issued,
fully paid and nonassessable, and the Company is the legal and beneficial owner of the Pledged Securities, free and clear of any
lien, security interest or other encumbrance except for the security interests created by this Agreement and other Permitted Liens
(as defined in the Debentures).

 

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(i) The ownership and
other equity interests in partnerships and limited liability companies (if any) included in the Collateral (the “Pledged
Interests”) by their express terms do not provide that they are securities governed by Article 8 of the UCC and are
not held in a securities account or by any financial intermediary.

 

(j) All information heretofore,
herein or hereafter supplied to the Secured Parties by or on behalf of any Debtor with respect to the Collateral is accurate and
complete in all material respects as of the date furnished.

 

(k) Each Debtor was organized
and remains organized solely under the laws of the state set forth next to such Debtor’s name in Schedule D attached
hereto, which Schedule D sets forth each Debtor’s organizational identification number or, if any Debtor does not
have one, states that one does not exist.

 

(l) (i) The actual name
of each Debtor is the name set forth in Schedule D attached hereto; (ii) no Debtor has any trade names except as set forth
on Schedule E attached hereto; (iii) no Debtor has used any name other than that stated in the preamble hereto or as set
forth on Schedule E for the preceding five years; and (iv) no entity has merged into any Debtor or been acquired by any
Debtor within the past five years except as set forth on Schedule E.

 

(m) Schedule F
attached hereto lists all of the United States patents, patent applications, trademarks, trademark applications, registered copyrights,
and domain names owned by any of the Debtors as of the date hereof. Schedule F lists all material licenses in favor of
any Debtor for the use of any patents, trademarks, copyrights and domain names as of the date hereof. All material patents and
trademarks of the Debtors have been duly recorded at the United States Patent and Trademark Office and all material copyrights
of the Debtors have been duly recorded at the United States Copyright Office.

 

(n) Except as set forth
on Schedule G attached hereto, none of the account debtors or other persons or entities obligated on any of the Collateral
is a governmental authority covered by the Federal Assignment of Claims Act or any similar federal, state or local statute or
rule in respect of such Collateral.

 

5. Covenants and Agreements
of the Debtors. Each Debtor covenants and agrees with the Secured Parties as follows:

 

(a) Each Debtor shall
at all times maintain its books of account and records relating to the Collateral at its principal place of business and its Collateral
at the locations set forth on Schedule A attached hereto and may not relocate such books of account and records or tangible
Collateral unless it delivers to the Agent at least 30 days prior to such relocation (i) written notice of such relocation and
the new location thereof (which must be within the United States) and (ii) evidence that appropriate financing statements under
the UCC and other necessary documents have been filed and recorded and other steps have been taken to perfect the Security Interests
to create in favor of the Agent a valid, perfected and continuing perfected first priority (subject to Permitted Liens) lien in
the Collateral. (b) Except for Permitted Liens (as defined in the Debentures), each Debtor shall at all times maintain the liens
and Security Interests provided for hereunder as valid and perfected first priority (subject to Permitted Liens) liens and security
interests in the Collateral in favor of the Agent until this Agreement and the Security Interest hereunder shall be terminated
pursuant to Section 15 hereof. Each Debtor hereby agrees to defend the same against the claims of any and all persons and entities.
Each Debtor shall safeguard and protect all Collateral for the account of the Secured Parties. At the reasonable request of the
Agent, each Debtor will sign and deliver to the Agent on behalf of the Secured Parties at any time or from time to time one or
more financing statements pursuant to the UCC in form reasonably satisfactory to the Agent and will pay the cost of filing the
same in all public offices wherever filing is, or is deemed by the Agent to be, necessary or desirable to effect the rights and
obligations provided for herein. Without limiting the generality of the foregoing, each Debtor shall pay all fees, taxes and other
amounts necessary to maintain the Collateral and the Security Interests hereunder, and each Debtor shall obtain and furnish to
the Agent from time to time, upon demand, such releases and/or subordinations of claims and liens which may be required to maintain
the priority of the Security Interests hereunder.

 

(b) No Debtor will transfer,
pledge, hypothecate, encumber, license, sell or otherwise dispose of any of the Collateral (except for non-exclusive licenses
granted by a Debtor in its ordinary course of business and sales of inventory or obsolete capital equipment by a Debtor in its
ordinary course of business) without the prior written consent of a Majority in Interest.

 

(c) Each Debtor shall
keep and preserve its equipment, inventory and other tangible Collateral in good condition, repair and order (ordinary wear and
tear excepted) and shall not operate or locate any such Collateral (or cause to be operated or located) in any area excluded from
insurance coverage.

 

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(d) Each Debtor shall
maintain with financially sound and reputable insurers, insurance with respect to the Collateral, including Collateral hereafter
acquired, against loss or damage of the kinds and in the amounts customarily insured against by entities of established reputation
having similar properties similarly situated and in such amounts as are customarily carried under similar circumstances by other
such entities and otherwise as is prudent for entities engaged in similar businesses but in any event sufficient to cover the
full replacement cost thereof. Each Debtor shall cause each insurance policy issued in connection herewith to provide, and the
insurer issuing such policy to certify to the Agent, that (a) the Agent will be named as lender loss payee and additional insured
under each such insurance policy; (b) if such insurance be proposed to be cancelled or materially changed for any reason whatsoever,
such insurer will promptly notify the Agent and such cancellation or change shall not be effective as to the Agent for at least
thirty (30) days after receipt by the Agent of such notice, unless the effect of such change is to extend or increase coverage
under the policy; and (c) the Agent will have the right (but no obligation) at its election to remedy any default in the payment
of premiums within thirty (30) days of notice from the insurer of such default. If no Event of Default (as defined in the Debentures)
exists and if the proceeds arising out of any claim or series of related claims do not exceed $100,000, loss payments in each
instance will be applied by the applicable Debtor to the repair and/or replacement of property with respect to which the loss
was incurred to the extent reasonably feasible, and any loss payments or the balance thereof remaining, to the extent not so applied,
shall be payable to the applicable Debtor; provided, however, that payments received by any Debtor after an Event
of Default occurs and is continuing or in excess of $50,000 for any occurrence or series of related occurrences shall be paid
to the Agent on behalf of the Secured Parties and, if received by such Debtor, shall be held in trust for the Secured Parties
and immediately paid over to the Agent unless otherwise directed in writing by the Agent. Copies of such policies or the related
certificates, in each case, naming the Agent as lender loss payee and additional insured shall be delivered to the Agent at least
annually and at the time any new policy of insurance is issued.

 

(e) Each Debtor shall,
within ten (10) days of obtaining knowledge thereof, advise the Secured Parties promptly, in sufficient detail, of any material
adverse change in the Collateral, and of the occurrence of any event which would have a material adverse effect on the value of
the Collateral or on the Secured Parties’ security interest, through the Agent, therein.

 

(f) Each Debtor shall
promptly execute and deliver to the Agent such further deeds, mortgages, assignments, security agreements, financing statements
or other instruments, documents, certificates and assurances and take such further action as the Agent may from time to time reasonably
request to perfect, protect or enforce the Agent’s security interest in the Collateral including, without limitation, if
applicable, the execution and delivery of a separate security agreement with respect to each Debtor’s Intellectual Property
(“Intellectual Property Security Agreement”) in which the Agent has been granted a security interest hereunder,
substantially in a form reasonably acceptable to the Agent, which Intellectual Property Security Agreement, other than as stated
therein, shall be subject to all of the terms and conditions hereof.

 

(g) Each Debtor shall
permit the Agent and its representatives and agents to inspect the Collateral during normal business hours and upon reasonable
prior notice, and to make copies of records pertaining to the Collateral as may be reasonably requested by the Agent from time
to time.

 

(h) Each Debtor shall
take all steps reasonably necessary to diligently pursue and seek to preserve, enforce and collect any rights, claims, causes
of action and accounts receivable in respect of the Collateral.

 

(i) Each Debtor shall
promptly notify the Agent in sufficient detail upon becoming aware of any attachment, garnishment, execution or other legal process
levied against any Collateral and of any other information received by such Debtor that may materially affect the value of the
Collateral, the Security Interest or the rights and remedies of the Agent hereunder.

 

(j) The Debtors shall
at all times preserve and keep in full force and effect their respective valid existence and good standing and any rights and
franchises material to their business.

 

(k) No Debtor will change
its name, type of organization, jurisdiction of organization, organizational identification number (if it has one), legal or corporate
structure, or identity, or add any new fictitious name unless it provides at least 30 days prior written notice to the Agent of
such change and, at the time of such written notification, such Debtor provides any financing statements or fixture filings necessary
to perfect and continue the perfection of the Security Interests granted and evidenced by this Agreement.

 

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(l) Except in the ordinary
course of business, no Debtor may consign any of its inventory or sell any of its inventory on bill and hold, sale or return,
sale on approval, or other conditional terms of sale without the consent of the Agent which shall not be unreasonably withheld.

 

(m) No Debtor may relocate
its chief executive office to a new location without providing 30 days prior written notification thereof to the Agent and so
long as, at the time of such written notification, such Debtor provides any financing statements or fixture filings necessary
to perfect and continue the perfection of the Security Interests granted and evidenced by this Agreement.

 

(n) At any time and from
time to time that any Collateral consists of instruments, certificated securities or other items that require or permit possession
by the secured party to perfect the security interest created hereby, the applicable Debtor shall deliver such Collateral to the
Agent.

 

(o) Each Debtor, in its
capacity as issuer, hereby agrees to comply with any and all orders and instructions of Agent regarding the Pledged Interests
consistent with the terms of this Agreement without the further consent of any Debtor as contemplated by Section 8-106 (or any
successor section) of the UCC. Further, each Debtor agrees that it shall not enter into a similar agreement (or one that would
confer “control” within the meaning of Article 8 of the UCC) with any other person or entity.

 

(p) Subject to the Subordination
Agreements, each Debtor shall cause all tangible chattel paper constituting Collateral to be delivered to the Agent, or, if such
delivery is not possible, then to cause such tangible chattel paper to contain a legend noting that it is subject to the security
interest created by this Agreement. Subject to the Subordination Agreements, to the extent that any Collateral consists of electronic
chattel paper, the applicable Debtor shall cause the underlying chattel paper to be “marked” within the meaning of
Section 9-105 of the UCC (or successor section thereto).

 

(q) Subject to the Subordination
Agreements, to the extent that any Collateral consists of letter-of-credit rights, the applicable Debtor shall cause the issuer
of each underlying letter of credit to consent to an assignment of the proceeds thereof to the Agent.

 

(r) To the extent that
any Collateral is in the possession of any third party other than [other creditors], the applicable Debtor shall join with the
Agent in notifying such third party of the Agent’s security interest in such Collateral and shall use its best efforts to
obtain an acknowledgement and agreement from such third party with respect to the Collateral, in form and substance reasonably
satisfactory to the Agent.

 

(s) If any Debtor shall
at any time hold or acquire a commercial tort claim, such Debtor shall promptly notify the Agent in a writing signed by such Debtor
of the particulars thereof and grant to the Agent in such writing a security interest therein and in the proceeds thereof, all
upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Agent.

 

(t) Each Debtor shall
immediately provide written notice to the Agent of any and all accounts which arise out of contracts with any governmental authority
and, to the extent necessary to perfect or continue the perfected status of the Security Interests in such accounts and proceeds
thereof, shall execute and deliver to the Agent an assignment of claims for such accounts and cooperate with the Agent in taking
any other steps required, in its judgment, under the Federal Assignment of Claims Act or any similar federal, state or local statute
or rule to perfect or continue the perfected status of the Security Interests in such accounts and proceeds thereof.

 

(u) Each Debtor shall
vote the Pledged Securities to comply with the covenants and agreements set forth herein and in the Debentures.

 

(v) Each Debtor shall
register the pledge of the applicable Pledged Securities, if any, on the books of such Debtor.

 

(w) In the event that,
upon an occurrence of an Event of Default, Agent shall sell all or any of the Pledged Securities to another party or parties (herein
called the “Transferee”) or shall purchase or retain all or any of the Pledged Securities, each Debtor shall,
to the extent applicable: (i) deliver to Agent or the Transferee, as the case may be, the articles of incorporation, bylaws, minute
books, stock certificate books, corporate seals, deeds, leases, indentures, agreements, evidences of indebtedness, books of account,
financial records and all other Organizational Documents and records of the Debtors and their direct and indirect subsidiaries;
(ii) use its best efforts to obtain resignations of the persons then serving as officers and directors of the Debtors and their
direct and indirect subsidiaries, if so requested; and (iii) use its best efforts to obtain any approvals that are required by
any governmental or regulatory body in order to permit the sale of the Pledged Securities to the Transferee or the purchase
or retention of the Pledged Securities by Agent and allow the Transferee or Agent to continue the business of the Debtors and
their direct and indirect subsidiaries.

 

    	7

    	 

    

 

(x) Without limiting
the generality of the other obligations of the Debtors hereunder, each Debtor shall promptly: (i) cause to be registered at the
United States Copyright Office all of its material copyrights; (ii) cause the security interest contemplated hereby with respect
to all Intellectual Property registered at the United States Copyright Office or United States Patent and Trademark Office to
be duly recorded at the applicable office, and (iii) give the Agent notice whenever it acquires (whether absolutely or by license)
or creates any additional material Intellectual Property.

 

(y) Each Debtor will from
time to time, at the joint and several expense of the Debtors, promptly execute and deliver all such further instruments and documents,
and take all such further action as may be necessary or desirable, or as the Agent may reasonably request, in order to perfect
and protect any security interest granted or purported to be granted hereby or to enable the Secured Parties to exercise and enforce
their rights and remedies hereunder and with respect to any Collateral or to otherwise carry out the purposes of this Agreement.

 

6. Effect of Pledge
on Certain Rights. If any of the Collateral subject to this Agreement consists of nonvoting equity or ownership interests
(regardless of class, designation, preference or rights) that may be converted into voting equity or ownership interests upon
the occurrence of certain events (including, without limitation, upon the transfer of all or any of the other stock or assets
of the issuer), it is agreed that the pledge of such equity or ownership interests pursuant to this Agreement or the enforcement
of any of Agent’s rights hereunder shall not be deemed to be the type of event which would trigger such conversion rights
notwithstanding any provisions in the Organizational Documents or agreements to which any Debtor is subject or to which any Debtor
is party.

 

7. Defaults. The following
events shall be “Events of Default”:

 

(a) The occurrence of
an Event of Default (as defined in the Debentures) under the Debentures or a breach by the Company of any covenant under the Purchase
Agreement which is not cured within ten business days unless such default is capable of cure but cannot be cured within such time
frame and such Debtor is using best efforts to cure same in a timely fashion;

 

(b) Any representation
or warranty of any Debtor in this Agreement shall prove to have been incorrect in any material respect when made;

 

(c) The failure by any
Debtor to observe or perform any of its obligations hereunder for ten business days after delivery to such Debtor of notice of
such failure by or on behalf of a Secured Party unless such default is capable of cure but cannot be cured within such time frame
and such Debtor is using best efforts to cure same in a timely fashion; or

 

(d) If any provision
of this Agreement shall at any time for any reason be declared to be null and void by a court of competent jurisdiction, or the
validity or enforceability thereof shall be contested by any Debtor, or a proceeding shall be commenced by any Debtor, or by any
governmental authority having jurisdiction over any Debtor, seeking to establish the invalidity or unenforceability thereof, or
any Debtor shall deny that any Debtor has any liability or obligation purported to be created under this Agreement.

 

8. Duty To Hold In Trust.

 

(a) Upon the occurrence
and during the continuance of any Event of Default, upon the request of the Agent and subject to the Subordination Agreements,
each Debtor shall, upon receipt of any revenue, income, dividend, interest or other sums subject to the Security Interests, whether
payable pursuant to the Debentures or otherwise, or of any check, draft, note, trade acceptance or other instrument evidencing
an obligation to pay any such sum, hold the same in trust for the Secured Parties and shall forthwith endorse and transfer any
such sums or instruments, or both, to the Secured Parties, pro-rata in proportion to their respective then-currently outstanding
principal amount of Debentures for application to the satisfaction of the Obligations (and if any Debenture is not outstanding,
pro-rata in proportion to the initial purchases of the remaining Debentures).

 

(b) If any Debtor shall
become entitled to receive or shall receive any securities or other property (including, without limitation, shares of Pledged
Securities or instruments representing Pledged Securities acquired after the date hereof, or any options, warrants, rights or
other similar property or certificates representing a dividend, or any distribution in connection with any recapitalization, reclassification
or increase or reduction of capital, or issued in connection with any reorganization of such Debtor or any of its direct or indirect
subsidiaries) in respect of the Pledged Securities (whether as an addition to, in substitution of, or in exchange for, such Pledged
Securities or otherwise), such Debtor agrees to: (i) accept the same as the agent of the Secured Parties; (ii) hold the same in
trust on behalf of and for the benefit of the Secured Parties; and (iii) subject to the Subordination Agreements, to deliver any
and all certificates or instruments evidencing the same to Agent on or before the close of business on the fifth business day
following the receipt thereof by such Debtor, in the exact form received together with the Necessary Endorsements, to be held
by Agent subject to the terms of this Agreement as Collateral.

 

    	8

    	 

    

 

9. Rights and Remedies Upon Default.

 

(a) Subject to the Subordination
Agreements, upon the occurrence of any Event of Default and at any time thereafter while such Event of Default is continuing,
the Secured Parties, acting through the Agent, shall have the right to exercise all of the remedies conferred hereunder and under
the Debentures, and the Secured Parties shall have all the rights and remedies of a secured party under the UCC. Without limitation,
the Agent, for the benefit of the Secured Parties, shall have the following rights and powers:

 

(i) The Agent
shall have the right to take possession of the Collateral and, for that purpose, enter, with the aid and assistance of any person,
any premises where the Collateral, or any part thereof, is or may be placed and remove the same, and each Debtor shall assemble
the Collateral and make it available to the Agent at places which the Agent shall reasonably select, whether at such Debtor’s
premises or elsewhere, and make available to the Agent, without rent, all of such Debtor’s respective premises and facilities
for the purpose of the Agent taking possession of, removing or putting the Collateral in saleable or disposable form.

 

(ii) Upon notice
to the Debtors by Agent, all rights of each Debtor to exercise the voting and other consensual rights which it would otherwise
be entitled to exercise and all rights of each Debtor to receive the dividends and interest which it would otherwise be authorized
to receive and retain, shall cease. Upon such notice, Agent shall have the right to receive, for the benefit of the Secured Parties,
any interest, cash dividends or other payments on the Collateral and, at the option of Agent, to exercise in such Agent’s
discretion all voting rights pertaining thereto. Without limiting the generality of the foregoing, Agent shall have the right
(but not the obligation) to exercise all rights with respect to the Collateral as it were the sole and absolute owner thereof,
including, without limitation, to vote and/or to exchange, at its sole discretion, any or all of the Collateral in connection
with a merger, reorganization, consolidation, recapitalization or other readjustment concerning or involving the Collateral or
any Debtor or any of its direct or indirect subsidiaries.

 

(iii) The Agent
shall have the right to operate the business of each Debtor using the Collateral and shall have the right to assign, sell, lease
or otherwise dispose of and deliver all or any part of the Collateral, at public or private sale or otherwise, either with or
without special conditions or stipulations, for cash or on credit or for future delivery, in such parcel or parcels and at such
time or times and at such place or places, and upon such terms and conditions as the Agent may deem commercially reasonable, all
without (except as shall be required by applicable statute and cannot be waived) advertisement or demand upon or notice to any
Debtor or right of redemption of a Debtor, which are hereby expressly waived. Upon each such sale, lease, assignment or other
transfer of Collateral, the Agent, for the benefit of the Secured Parties, may, unless prohibited by applicable law which cannot
be waived, purchase all or any part of the Collateral being sold, free from and discharged of all trusts, claims, right of redemption
and equities of any Debtor, which are hereby waived and released.

 

(iv) The Agent
shall have the right (but not the obligation) to notify any account debtors and any obligors under instruments or accounts to
make payments directly to the Agent, on behalf of the Secured Parties, and to enforce the Debtors’ rights against such account
debtors and obligors.

 

(v) The Agent,
for the benefit of the Secured Parties, may (but is not obligated to) direct any financial intermediary or any other person or
entity holding any investment property to transfer the same to the Agent, on behalf of the Secured Parties, or its designee.

 

(vi) The Agent
may (but is not obligated to) transfer any or all Intellectual Property registered in the name of any Debtor at the United States
Patent and Trademark Office and/or Copyright Office into the name of the Secured Parties or any designee or any purchaser of any
Collateral.

 

(b) The Agent shall comply
with any applicable law in connection with a disposition of Collateral and such compliance will not be considered adversely to
affect the commercial reasonableness of any sale of the Collateral. The Agent may sell the Collateral without giving any warranties
and may specifically disclaim such warranties. If the Agent sells any of the Collateral on credit, the Debtors will only be credited
with payments actually made by the purchaser. In addition, each Debtor waives any and all rights that it may have to a judicial
hearing in advance of the enforcement of any of the Agent’s rights and remedies hereunder, including, without limitation,
its right following an Event of Default that is continuing to take immediate possession of the Collateral and to exercise its
rights and remedies with respect thereto.

 

    	9

    	 

    

 

(c) For the purpose of
enabling the Agent to further exercise rights and remedies under this Section 9 or elsewhere provided by agreement or applicable
law, each Debtor hereby grants to the Agent, for the benefit of the Agent and the Secured Parties, an irrevocable, nonexclusive
license (exercisable without payment of royalty or other compensation to such Debtor) to use, license or sublicense following
an Event of Default, any Intellectual Property now owned or hereafter acquired by such Debtor (subject, in the case of trademarks,
to sufficient rights to quality control and inspection in favor of such Debtor to avoid the risk of invalidation of such trademarks),
and wherever the same may be located, and including in such license access to all media in which any of the licensed items may
be recorded or stored and to all computer software and programs used for the compilation or printout thereof.

 

10. Applications of
Proceeds. The proceeds of any such sale, lease or other disposition of the Collateral hereunder or from payments made on account
of any insurance policy insuring any portion of the Collateral shall be applied first, to the expenses of retaking, holding, storing,
processing and preparing for sale, selling, and the like (including, without limitation, any taxes, fees and other costs incurred
in connection therewith) of the Collateral, to the reasonable attorneys’ fees and expenses incurred by the Agent in enforcing
the Secured Parties’ rights hereunder and in connection with collecting, storing and disposing of the Collateral, and then
to satisfaction of the Obligations pro rata among the Secured Parties (based on then-outstanding principal amounts of Debentures
at the time of any such determination), and to the payment of any other amounts required by applicable law, after which the Secured
Parties shall pay to the applicable Debtor any surplus proceeds. If, upon the sale, license or other disposition of the Collateral,
the proceeds thereof are insufficient to pay all amounts to which the Secured Parties are legally entitled, the Debtors will be
liable for the deficiency, together with interest thereon, at the rate of 15% per annum or the lesser amount permitted by applicable
law (the “Default Rate”), and the reasonable fees of any attorneys employed by the Secured Parties to collect
such deficiency. To the extent permitted by applicable law, each Debtor waives all claims, damages and demands against the Secured
Parties arising out of the repossession, removal, retention or sale of the Collateral, unless due solely to the gross negligence
or willful misconduct of the Secured Parties as determined by a final judgment (not subject to further appeal) of a court of competent
jurisdiction.

 

11. Securities Law
Provision. Each Debtor recognizes that Agent may be limited in its ability to effect a sale to the public of all or part of
the Pledged Securities by reason of certain prohibitions in the Securities Act of 1933, as amended, or other federal or state
securities laws (collectively, the “Securities Laws”), and may be compelled to resort to one or more sales
to a restricted group of purchasers who may be required to agree to acquire the Pledged Securities for their own account, for
investment and not with a view to the distribution or resale thereof. Each Debtor agrees that sales so made may be at prices and
on terms less favorable than if the Pledged Securities were sold to the public, and that Agent has no obligation to delay the
sale of any Pledged Securities for the period of time necessary to register the Pledged Securities for sale to the public under
the Securities Laws.

 

12. Costs and Expenses.
Each Debtor agrees to pay all reasonable and documented out-of-pocket fees, costs and expenses incurred in connection with any
filing required hereunder, including without limitation, any financing statements pursuant to the UCC, continuation statements,
partial releases and/or termination statements related thereto or any expenses of any searches reasonably required by the
Agent. The Debtors shall also pay all other claims and charges which in the reasonable opinion of the Agent is reasonably likely
to prejudice, imperil or otherwise affect the Collateral or the Security Interests therein. The Debtors will also, upon demand,
pay to the Agent the amount of any and all reasonable expenses, including the reasonable fees and expenses of its counsel and
of any experts and agents, which the Agent, for the benefit of the Secured Parties, may incur in connection with the creation,
perfection, protection, satisfaction, foreclosure, collection or enforcement of the Security Interest and the preparation, administration,
continuance, amendment or enforcement of this Agreement and pay to the Agent the amount of any and all reasonable expenses, including
the reasonable fees and expenses of its counsel and of any experts and agents, which the Agent, for the benefit of the Secured
Parties, and the Secured Parties may incur in connection with (i) the enforcement of this Agreement, (ii) the custody or preservation
of, or the sale of, collection from, or other realization upon, any of the Collateral, or (iii) the exercise or enforcement
of any of the rights of the Secured Parties under the Debentures. Until so paid, any fees payable hereunder shall be added
to the principal amount of the Debentures and shall bear interest at the Default Rate.

 

    	10

    	 

    

 

13. Responsibility
for Collateral. The Debtors assume all liabilities and responsibility in connection with all Collateral, and the Obligations
shall in no way be affected or diminished by reason of the loss, destruction, damage or theft of any of the Collateral or its
unavailability for any reason. Without limiting the generality of the foregoing, (a) neither the Agent nor any Secured Party (i)
has any duty (either before or after an Event of Default) to collect any amounts in respect of the Collateral or to preserve any
rights relating to the Collateral, or (ii) has any obligation to clean-up or otherwise prepare the Collateral for sale, and (b)
each Debtor shall remain obligated and liable under each contract or agreement included in the Collateral to be observed or performed
by such Debtor thereunder. Neither the Agent nor any Secured Party shall have any obligation or liability under any such contract
or agreement by reason of or arising out of this Agreement or the receipt by the Agent or any Secured Party of any payment relating
to any of the Collateral, nor shall the Agent or any Secured Party be obligated in any manner to perform any of the obligations
of any Debtor under or pursuant to any such contract or agreement, to make inquiry as to the nature or sufficiency of any payment
received by the Agent or any Secured Party in respect of the Collateral or as to the sufficiency of any performance by any party
under any such contract or agreement, to present or file any claim, to take any action to enforce any performance or to collect
the payment of any amounts which may have been assigned to the Agent or to which the Agent or any Secured Party may be entitled
at any time or times.

 

14. Security Interests
Absolute. Each Debtor waives all right to require the Secured Parties to marshal assets. Each Debtor waives any defense arising
by reason of the application of the statute of limitations to any obligation secured hereby.

 

15. Term of Agreement.
This Agreement and the Security Interests shall terminate on the date on which all payments under the Debentures have been indefeasibly
paid in full and all other Obligations (other than contingent indemnification obligations for which no claim has been made) have
been paid or discharged; provided, however, that all indemnities of the Debtors contained in this Agreement (including, without
limitation, Annex A hereto) shall survive and remain operative and in full force and effect regardless of the termination of this
Agreement.

 

16. Power of Attorney;
Further Assurances.

 

(a) Each Debtor authorizes
the Agent, and does hereby make, constitute and appoint the Agent and its officers, agents, successors or assigns with full power
of substitution, as such Debtor’s true and lawful attorney-infact, with power, in the name of the Agent or such Debtor,
to, after the occurrence and during the continuance of an Event of Default, (i) endorse any note, checks, drafts, money orders
or other instruments of payment (including payments payable under or in respect of any policy of insurance) in respect of the
Collateral that may come into possession of the Agent; (ii) to sign and endorse any financing statement pursuant to the UCC or
any invoice, freight or express bill, bill of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications
and notices in connection with accounts, and other documents relating to the Collateral; (iii) to pay or discharge taxes, liens,
security interests or other encumbrances at any time levied or placed on or threatened against the Collateral; (iv) to demand,
collect, receipt for, compromise, settle and sue for monies due in respect of the Collateral; (v) to transfer any Intellectual
Property or provide licenses respecting any Intellectual Property; and (vi) generally, at the option of the Agent, and at the
expense of the Debtors, at any time, or from time to time, to execute and deliver any and all documents and instruments and to
do all acts and things which the Agent deems necessary to protect, preserve and realize upon the Collateral and the Security Interests
granted therein in order to effect the intent of this Agreement and the Debentures all as fully and effectually as the Debtors
might or could do; and each Debtor hereby ratifies all that said attorney shall lawfully do or cause to be done by virtue hereof.
This power of attorney is coupled with an interest and shall be irrevocable for the term of this Agreement and thereafter as long
as any of the Obligations shall be outstanding. The designation set forth herein shall be deemed to amend and supersede any inconsistent
provision in the Organizational Documents or other documents or agreements to which any Debtor is subject or to which any Debtor
is a party. Without limiting the generality of the foregoing, after the occurrence and during the continuance of an Event of Default,
each Secured Party is specifically authorized to execute and file any applications for or instruments of transfer and assignment
of any patents, trademarks, copyrights or other Intellectual Property with the United States Patent and Trademark Office and the
United States Copyright Office.

 

(b) On a continuing basis,
each Debtor will make, execute, acknowledge, deliver, file and record, as the case may be, with the proper filing and recording
agencies in any jurisdiction, including, without limitation, the jurisdictions indicated on Schedule C attached hereto,
all such instruments, and take all such action as may reasonably be deemed necessary or advisable, or as reasonably requested
by the Agent, to perfect the Security Interests granted hereunder and otherwise to carry out the intent and purposes of this Agreement,
or for assuring and confirming to the Agent the grant or perfection of a perfected security interest in all the Collateral under
the UCC.

 

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(c) Each Debtor hereby
irrevocably appoints the Agent as such Debtor’s attorney-in-fact, with full authority in the place and instead of such Debtor
and in the name of such Debtor, from time to time in the Agent’s discretion, to take any action and to execute any instrument
which the Agent may deem necessary or advisable to accomplish the purposes of this Agreement, including the filing, in its sole
discretion, of one or more financing or continuation statements and amendments thereto, relative to any of the Collateral without
the signature of such Debtor where permitted by law, which financing statements may (but need not) describe the Collateral as
“all assets” or “all personal property” or words of like import, and ratifies all such actions taken by
the Agent. This power of attorney is coupled with an interest and shall be irrevocable for the term of this Agreement and thereafter
as long as any of the Obligations shall be outstanding.

 

17. Notices. All
notices, requests, demands and other communications hereunder shall be subject to the notice provision of the Purchase Agreement
(as such term is defined in the Debentures).

 

18. Other Security.
To the extent that the Obligations are now or hereafter secured by property other than the Collateral or by the guarantee, endorsement
or property of any other person, firm, corporation or other entity, then the Agent shall have the right, in its sole discretion,
to pursue, relinquish, subordinate, modify or take any other action with respect thereto, without in any way modifying or affecting
any of the Secured Parties’ rights and remedies hereunder.

 

19. Appointment of
Agent. Each of the Secured Parties hereby appoint [PLACEMENT AGENT] to act as Agent for purposes of exercising any and all
rights and remedies of the Secured Parties hereunder. Such appointment shall continue until revoked in writing by a Majority in
Interest, at which time a Majority in Interest shall appoint a new Agent. The Agent shall have the rights, responsibilities and
immunities set forth in the Collateral Agent Rights, Responsibilities and Duties attached as Annex A hereto which are incorporated
herein and will be binding upon the parties hereto.

 

20. Miscellaneous.

 

(a) No course of dealing
between the Debtors and the Secured Parties, nor any failure to exercise, nor any delay in exercising, on the part of the Secured
Parties, any right, power or privilege hereunder or under the Debentures shall operate as a waiver thereof; nor shall any single
or partial exercise of any right, power or privilege hereunder or thereunder preclude any other or further exercise thereof or
the exercise of any other right, power or privilege.

 

(b) All of the rights
and remedies of the Secured Parties with respect to the Collateral, whether established hereby or by the Debentures or by any
other agreements, instruments or documents or by law shall be cumulative and may be exercised singly or concurrently.

 

(c) This Agreement, together
with the exhibits and schedules hereto, contain the entire understanding of the parties with respect to the subject matter hereof
and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge
have been merged into this Agreement and the exhibits and schedules hereto. No provision of this Agreement may be waived, modified,
supplemented or amended except in a written instrument signed, in the case of an amendment, by the Debtors and the Secured Parties
holding a Majority-In-Interest, or, in the case of a waiver, by the party against whom enforcement of any such waived provision
is sought.

 

(d) If any term, provision,
covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable,
the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and
shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to
find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed
the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid,
illegal, void or unenforceable.

 

(e) No waiver of any
default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in
the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall
any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right.

 

    	12

    	 

    

 

(f) This Agreement shall
be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company and the Guarantors
may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Secured Party (other
than by merger). Any Secured Party may assign any or all of its rights under this Agreement to any Person (as defined in the Purchase
Agreement) to whom such Secured Party assigns or transfers any Obligations, provided such transferee agrees in writing to be bound,
with respect to the transferred Obligations, by the provisions of this Agreement that apply to the “Secured Parties.”

 

(g) Each party shall
take such further action and execute and deliver such further documents as may be necessary or appropriate in order to carry out
the provisions and purposes of this Agreement.

 

(h) Except to the extent
mandatorily governed by the jurisdiction or situs where the Collateral is located, all questions concerning the construction,
validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with
the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Except to the extent
mandatorily governed by the jurisdiction or situs where the Collateral is located, each Debtor agrees that all proceedings concerning
the interpretations, enforcement and defense of the transactions contemplated by this Agreement and the Debentures (whether brought
against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents)
shall be commenced exclusively in the state and federal courts sitting in the City of New York, Borough of Manhattan. Except to
the extent mandatorily governed by the jurisdiction or situs where the Collateral is located, each Debtor hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such proceeding is improper. Each party hereto hereby irrevocably waives personal service of process and
consents to process being served in any such proceeding by mailing a copy thereof via registered or certified mail or overnight
delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees
that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be
deemed to limit in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives,
to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or
relating to this Agreement or the transactions contemplated hereby.

 

(i) This Agreement may
be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and, all of which
taken together shall constitute one and the same Agreement. In the event that any signature is delivered by facsimile transmission
or other electronic transmission, such signature shall create a valid binding obligation of the party executing (or on whose behalf
such signature is executed) the same with the same force and effect as if such facsimile signature or electronic transmission
were the original thereof.

 

(j) All Debtors shall
jointly and severally be liable for the obligations of each Debtor to the Secured Parties hereunder.

 

(k) Each Debtor shall
indemnify, reimburse and hold harmless the Agent and the Secured Parties and their respective partners, members, shareholders,
officers, directors, employees and agents (and any other persons with other titles that have similar functions) (collectively,
“Indemnitees”) from and against any and all losses, claims, liabilities, damages, penalties, suits, costs and
expenses, of any kind or nature, (including fees relating to the cost of investigating and defending any of the foregoing)
imposed on, incurred by or asserted against such Indemnitee in any way related to or arising from or alleged to arise from this
Agreement or the Collateral, except any such losses, claims, liabilities, damages, penalties, suits, costs and expenses which
result from the gross negligence or willful misconduct of the Indemnitee as determined by a final, nonappealable decision of a
court of competent jurisdiction. This indemnification provision is in addition to, and not in limitation of, any other indemnification
provision in the Debentures, the Purchase Agreement (as such term is defined in the Debentures) or any other agreement, instrument
or other document executed or delivered in connection herewith or therewith.

 

(l) Nothing in this Agreement
shall be construed to subject Agent or any Secured Party to liability as a partner in any Debtor or any if its direct or
indirect subsidiaries that is a partnership or as a member in any Debtor or any of its direct or indirect subsidiaries that is
a limited liability company, nor shall Agent or any Secured Party be deemed to have assumed any obligations under any partnership
agreement or limited liability company agreement, as applicable, of any such Debtor or any of its direct or indirect subsidiaries
or otherwise, unless and until any such Secured Party exercises its right to be substituted for such Debtor as a partner or member,
as applicable, pursuant hereto.

 

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(m) To the extent that
the grant of the security interest in the Collateral and the enforcement of the terms hereof require the consent, approval or
action of any partner or member, as applicable, of any Debtor or any direct or indirect subsidiary of any Debtor or compliance
with any provisions of any of the Organizational Documents, the Debtors hereby grant such consent and approval and waive any such
noncompliance with the terms of said documents.

 

(n) Upon any disposition
of property permitted by the Debentures, the Security Interest granted herein shall be deemed to be automatically released as
to such property and such property shall automatically revert to the applicable Debtor with no further action on the part of any
person or entity. The Agent shall, at the applicable Debtor’s expense, execute and deliver or otherwise authorize the filing
of such documents as such Debtor shall reasonably request, in form and substance reasonably satisfactory to the Agent, including
financing statement amendments to evidence such release.

 

(o) Each holder of Debentures,
as may be issued from time to time as contemplated under the Memorandum shall be deemed a Secured Party, it being understood and
agreed by the Secured Parties and the Debtors that the principal amount of Debentures and number of Secured Parties shall be increased
as additional Debentures are sold in accordance with the terms as set forth in the Memorandum up to the maximum amount of $6,125,000
principal amount.

 

[SIGNATURE PAGES FOLLOW]

 

    	14

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Security Agreement to be duly executed on the day and year first above written.

 

	 	COMPANY:
	 	 
	 	PRESSURE BIOSCIENCES, INC.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	Address:
	 	 
	 	Facsimile:

 

[SIGNATURE PAGE OF HOLDERS FOLLOWS]

 

[SIGNATURE PAGE OF HOLDERS OF DEBENTURES TO
PRESSURE BIOSCIENCES, INC.]

 

	Name of Investing Entity or
    Person:	 	 	 
	 	 	 	 
	Signature of Authorized Signatory of
    Investing entity or Person:	 	 	 
	 	 	 	 
	Name of Authorized Signatory:	 	 	 
	 	 	 	 
	Title of Authorized Signatory:	 	 	 

 

Accepted and Agreed as Collateral Agent:

 

[PLACEMENT AGENT]

as Collateral Agent

 

	By: 	 	 
	Name: 	 	 
	Title: 	 	 

 

    	15

    	 

    

 

SCHEDULES ATTACHED

 

    	16

    	 

    

 

SCHEDULE A

 

Principal
Place of Business of Debtors: 14

Norfolk Avenue

South Easton, Massachusetts

 

Locations
Where Collateral is Located or Stored: 14

Norfolk Avenue

South Easton, Massachusetts

 

200 Boston Avenue Medford,

Massachusetts

 

Locations
where the Debtors own, lease, or occupy any real property: 14

Norfolk Avenue

South Easton, Massachusetts

 

200 Boston Avenue Medford,

Massachusetts

 

Location of warehousemen, bailees, or other
third parties who have possession of any of the Debtors’ inventory or equipment:

Constant Systems

975 Cobb Place Blvd

Suite 202

Kennesaw, Georgia

 

    	17

    	 

    

 

SCHEDULE B

EXISTING LIENS

 

The following chart is what shows
up with we conducted a UCC Search Results for Pressure Biosciences, Inc. in the Commonwealth of Massachusetts.

 

	Name	 	Name
    

    Type	 	City	 	State	 	Filing
    

    Type	 	Filing
    

    Number	 	Original
    

    Filing 

    Number	 	Filing
    Date
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201301238130	 	201301238130	 	01/14/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-3
    

    Termination	 	201302379760	 	201301238130	 	03/07/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201302573960	 	201302573960	 	03/18/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-3
    

    Termination	 	201303248290	 	201302573960	 	04/12/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201306555700	 	201306555700	 	09/10/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201306734240	 	201306734240	 	09/18/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201306734240	 	201306734240	 	09/18/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-3
    

    Termination	 	201412407810	 	201306734240	 	06/05/2014
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-3
    

    Termination	 	201412407810	 	201306734240	 	06/05/2014
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201412577450	 	201412577450	 	06/12/2014
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201413756430	 	201413756430	 	08/06/2014
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201413756430	 	201413756430	 	08/06/2014
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201517465120	 	201517465120	 	0/28/2015

 

    	18

    	 

    

 

SCHEDULE C

 

EXISTING FILINGS

 

The following chart is what shows up with
we conducted a UCC Search Results for Pressure Biosciences, Inc. in the Commonwealth of Massachusetts.

 

	Name	 	Name
    

    Type	 	City	 	State	 	Filing
    

    Type	 	Filing
    

    Number	 	Original
    

    Filing 

    Number	 	Filing
    Date
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201301238130	 	201301238130	 	01/14/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-3
    

    Termination	 	201302379760	 	201301238130	 	03/07/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201302573960	 	201302573960	 	03/18/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-3
    

    Termination	 	201303248290	 	201302573960	 	04/12/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201306555700	 	201306555700	 	09/10/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201306734240	 	201306734240	 	09/18/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201306734240	 	201306734240	 	09/18/2013
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-3
    

    Termination	 	201412407810	 	201306734240	 	06/05/2014
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-3
    

    Termination	 	201412407810	 	201306734240	 	06/05/2014
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201412577450	 	201412577450	 	06/12/2014
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201413756430	 	201413756430	 	08/06/2014
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201413756430	 	201413756430	 	08/06/2014
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Pressure
    

    Biosciences, 

    Inc.	 	Debtor	 	South Easton	 	MA	 	UCC-1	 	201517465120	 	201517465120	 	0/28/2015

 

    	19

    	 

    

 

SCHEDULE D

LEGAL NAMES AND ORGANIZATIONAL IDENTIFICATION
NUMBERS

 

	 	 	Entity	 	Jurisdiction
    of Organization 

    (and form)	 	Organizational
    Identification 

    Number
	1.	 	Bioseq, Inc.	 	Massachusetts corporation	 	04-3253991
	 	 	 	 	 	 	 
	2.	 	Pressure BioSciences, Inc.	 	Massachusetts corporation	 	04-2652826

 

    	20

    	 

    

 

SCHEDULE E

INTELLECTUAL PROPERTY

 

Patents: 

 

US Patents

 

Pressure cycling reactor and methods of
controlling reactions using pressure 

 

Authors: Laugharn, J., G. Dreier, E. Rudd,
and David Green

 

Date Awarded: 3/14/00

 

Patent Number: US 6,036,923

 

Abstract: Methods and apparatus in which pressure
provides precise control over the timing and preferably synchronization of chemical reactions, particularly enzymatic reactions.

 

Nucleic acid isolation and purification

 

Authors: Laugharn, J., R. Hess, and Feng Tao

 

Date Awarded: 08/29/2000

 

Patent Number: US 6,111,096

 

Abstract: The invention is based on the discovery
that hyperbaric, hydrostatic pressure reversibly alters the partitioning of nucleic acids between certain adsorbed and solvated
phases relative to partitioning at ambient pressure. The new methods and devices disclosed herein make use of this discovery for
highly selective and efficient, low salt isolation and purification of nucleic acids from a broad range of sample types, including
forensic samples, blood and other body fluids, and cultured cells.

 

Pressure-enhanced extraction and purification

 

Authors: Laugharn, J., R. Hess, and Feng Tao

 

Date Awarded: 9/19/00

 

Patent Number: US 6,120,985

 

Abstract: Methods for cell lysis and purification
of biological materials, involving subjecting a sample maintained at a subzero temperature to high pressure, are disclosed. Apparatus
for practicing the methods are also disclosed. The cell or cells that are lysed may be in suspension or part of a tissue. They
are lysed by a method that includes: (i) providing a frozen cell or cells under atmospheric pressure; (ii) while maintaining the
cell or cells at a subzero temperature, exposing the cell or cells to an elevated pressure in a pressure chamber, the elevated
pressure being sufficient to thaw the frozen cell or cells at the subzero temperature; (iii) depressurizing the pressure chamber
to freeze the cell or cells at the subzero temperature; and (iv) repeating the exposing and depressurizing steps until the cell
or cells are lysed. This method can lyse a cell or cells with or without cell walls; such cells include, but are not limited to,
bacteria, viruses, fungal cells (e.g, yeast cells), plant cells (e.g, corn leaf tissue), animal cells, insect cells, and protozoan
cells.

 

Pressure modulated ion activity 

 

Authors: Hess, R., and J. Laugharn

 

Date Awarded: 10/03/2000

 

Patent Number: US 6,127,534

 

Abstract: The invention is based on the discovery
that pressure-induced changes in the free ion activity of a solution can be used to reversibly modulate the rate or the equilibrium
position of chemical reactions, including catalytic reactions and associating/dissociating reactions. Pressure induced changes
in free-ion activity can also be used to improve separation processes.

 

    	21

    	 

    

 

Pressure-enhanced extraction and purification

 

Authors: Laugharn, Jr., James A., Hess, Robert
A., and Tao, Feng

 

Date Awarded: 8/14/2001

 

Patent Number: US 6,274,762

 

Abstract: The invention is based on the discovery
that hyperbaric, hydrostatic pressure reversibly alters the partitioning of biomolecules between certain adsorbed and solvated
phases relative to partitioning at ambient pressure. The new methods and devices disclosed herein make use of this discovery for
highly selective and efficient, low salt isolation and purification of nucleic acids from a broad range of sample types, including
forensic samples, blood and other body fluids, and cultured cells. In one embodiment, the invention features a pressure-modulation
apparatus. The apparatus includes an electrode array system having at least two (i.e., two, three, four, or more) electrodes;
and a conduit interconnecting the electrodes. The conduit contains an electrically conductive fluid in contact with a phase positioned
in a pressure chamber. The phase can be, for example, a binding medium or stationary phase.

 

Integrated sequencing device 

 

Authors: Laugharn, J, and R. Hess

 

Date Awarded: 06/12/2001 Patent

 

Number: US 6,245,506

 

Abstract: The invention is based on the discovery
that the sequence of monomers in a polymeric biomolecule can be determined in a self-contained, high pressure reaction and detection
apparatus, without the need for fluid flow into or out from the apparatus. The pressure is used to control the activity of enzymes
that digest the polymeric biomolecule to yield the individual monomers in the sequence in which they existed in the polymer. High
pressures modulate enzyme kinetics by reversibly inhibiting those enzymatic processes which result in a higher average activation
volume, when compared to the ground state, and reversibly accelerating those processes which have lower activation volumes than
the ground state. Modulating the pressure allows the experimenter to precisely control the activity of the enzyme. Conditions
can be found, for example, where the enzyme removes only one monomer (e.g., a nucleotide or amino acid) from the biomolecule before
the pressure is again raised to a prohibitive level. The identity of the single released nucleotide or amino acid can be determined
using a detector that is in communication with a probe in the detection zone within the reaction vessel.

 

Pressure-controlled nucleic acid hybridization

 

Authors: Laugharn, J., D. Green and R. Hess
Date Awarded: 7/10/2001

 

Patent Number: US 6,258,534

 

Abstract: A method of hybridizing a first
nucleic acid to a second nucleic acid at least partially complementary to the first nucleic acid by (1) providing a sample vessel
and pressure controller for the vessel; and (2) contacting the first and second nucleic acids within the vessel at a pressure
above ambient pressure that is effective to enhance hybridization of the first and second nucleic acids.

 

Rapid cryobaric sterilization and vaccine
preparation

 

Authors: Laugharn, J., D. Bradley, and R.
Hess

 

Date Awarded: 08/07/2001

 

Patent Number: US 6,270,723

 

Abstract: The invention is based on the discovery
that biological and non-biological materials can be sterilized, decontaminated, or disinfected by repeatedly cycling between relatively
high and low pressures. Pressure cycling can be carried out at low, ambient, or elevated temperatures (e.g., from about -20.degree.
C. to about 95.degree. C.). New methods based on this discovery can have applications in, for example, the preparation of vaccines,
the sterilization of blood plasma or serum, the decontamination of military devices, and the disinfection of medical equipment.
The new methods can also be incorporated into production processes or research procedures.

 

    	22

    	 

    

 

Integrated sequencing device

 

Authors: Laugharn, J, and R. Hess.

 

Date Awarded: 09/10/2002

 

Patent Number: US 6,448,065

 

Abstract: The invention is based on the discovery
that the sequence of monomers in a polymeric biomolecule can be determined in a self-contained, high pressure reaction and detection
apparatus, without the need for fluid flow into or out from the apparatus. The pressure is used to control the activity of enzymes
that digest the polymeric biomolecule to yield the individual monomers in the sequence in which they existed in the polymer. High
pressures modulate enzyme kinetics by reversibly inhibiting those enzymatic processes which result in a higher average activation
volume, when compared to the ground state, and reversibly accelerating those processes which have lower activation volumes than
the ground state. Modulating the pressure allows the experimenter to precisely control the activity of the enzyme. Conditions
can be found, for example, where the enzyme removes only one monomer (e.g., a nucleotide or amino acid) from the biomolecule before
the pressure is again raised to a prohibitive level. The identity of the single released nucleotide or amino acid can be determined
using a detector that is in communication with a probe in the detection zone within the reaction vessel.

 

Pressure cycling reactor

 

Authors: Laugharn, J.A., G.H. Dreier, E.A.
Rudd, and D.J. Green

 

Date Awarded: 05/27/2003

 

Patent Number: US 6,569,672

 

Abstract: Methods and apparatus in which pressure
provides precise control over the timing and preferably synchronization of chemical reactions, particularly enzymatic reactions.

 

Pressure-mediated binding of biomolecular
complexes

 

Authors: Litt, G.J., J.A. Laugharn, D.J. Green

 

Date Awarded: 10/21/2003

 

Patent Number: US 6,635,469

 

Abstract: The invention relates to (1) pressure-mediated
dissociation of an analyte complexed with an endogenous binding partner to enable detection of a complex formed from the analyte
and an exogenous binding factor, (2) pressure-mediated association of an analyte and an exogenous binding partner to enable more
rapid and/or more sensitive detection of an analyte, and (3) pressure-mediated association and dissociation of biomolecular complexes
to enable separation of one biomolecule from a complex mixture. Pressure can be used to improve assays by dissociating endogenous
analyte complexes and improving assay speed and sensitivity by associating the analyte molecules with exogenously supplied binding
partners. Pressure can also be used to improve the separation of compounds from contaminated mixtures. Methods of assaying an
analyte in a sample having an endogenous complex between the analyte and an endogenous sample component include dissociating the
analyte from the endogenous component using pressure and reacting the analyte with an exogenously supplied specific binding reagent
to determine complexation between the analyte and the binding reagent.

 

Rapid cryobaric sterilization and vaccine
preparation

 

Authors: Laugharn, J.A., D.W. Bradley, R.A.
Hess

 

Date Awarded: 2/24/2004

 

Patent Number: US 6,696,019

 

Abstract: The invention is based on the discovery
that biological and non-biological materials can be sterilized, decontaminated, or disinfected by repeatedly cycling between relatively
high and low pressures. Pressure cycling can be carried out at low, ambient, or elevated temperatures (e.g., from about -40.degree.
C. to about 95.degree. C., or intermediate ranges). New methods based on this discovery can have applications in, for example,
the preparation of vaccines, the sterilization of blood plasma or serum, plant, animal, and human tissue, sputum, urine, feces,
water, and ascites, the decontamination of military devices, food and beverage production, and the disinfection of medical equipment.
The new methods can also be incorporated into production processes or research procedures.

 

    	23

    	 

    

 

Pressure-controlled nucleic acid hybridization

 

Authors: Laugharn, J., D. Green and R. Hess

 

Date Awarded: 6/22/2004

 

Patent Number: US 6,753,169

 

Abstract: A method of hybridizing a first
nucleic acid to a second nucleic acid at least partially complementary to the first nucleic acid by (1) providing a sample vessel
and pressure controller for the vessel; and (2) contacting the first and second nucleic acids within the vessel at a pressure
above ambient pressure that is effective to enhance hybridization of the first and second nucleic acids.

 

Pressure-enhanced extraction and purification

 

Authors: James A. Laugharn, Robert Hess, and
Feng Tao

 

Date Awarded: 12/01/2009

 

Patent Number: US 7,626,017 B2

 

Abstract: Methods for cell lysis and purification
of biological materials, involving subjecting a sample to high pressure. Also featured is an apparatus for practicing the methods.

 

Japanese Patents

 

Pressure-mediated binding of biomolecular
complexes

 

Authors: Litt, G.J., J.A. Laugharn, D.J. Green

 

Date Awarded: 03/17/2006

 

Patent Number: JP 3781780

 

Abstract: The invention relates to (1) pressure-mediated
dissociation of an analyte complexed with an endogenous binding partner to enable detection of a complex formed from the analyte
and an exogenous binding factor, (2) pressure-mediated association of an analyte and an exogenous binding partner to enable more
rapid and/or more sensitive detection of an analyte, and (3) pressure-mediated association and dissociation of biomolecular complexes
to enable separation of one biomolecule from a complex mixture. Pressure can be used to improve assays by dissociating endogenous
analyte complexes and improving assay speed and sensitivity by associating the analyte molecules with exogenously supplied binding
partners. Pressure can also be used to improve the separation of compounds from contaminated mixtures.

 

Pressure cycling reactor and methods of
controlling reactions using pressure

 

Authors: Laugharn, J., G. Dreier, E. Rudd,
and David Green

 

Date Awarded: 05/15/2009 Patent Number: JP
4308320

 

Abstract: Methods and apparatus in which pressure
provides precise control over the timing and preferably synchronization of chemical reactions, particularly enzymatic reactions.

 

    	24

    	 

    

 

European Patent

 

Pressure cycling reactor

 

Authors: Laugharn, J., G. Dreier, E. Rudd,
and David Green

 

Date Awarded: 09/12/2001

 

Patent Number: EP 0814900 Same name (U.S.
Patent No. 6,036,923) to European Patent Convent, Germany, France, the United Kingdom, Italy, Sweden and Switzerland.

 

Abstract: Methods and apparatus in which pressure
provides precise control over the timing and preferably synchronization of chemical reactions, particularly enzymatic reactions.

 

Pressure-mediated binding of biomolecular
complexes

 

Authors: Litt, Gerald, Laugharn, J., Green,
D., Hess, R., and Paulus, H.,

 

Date Awarded: 10/04/2001

 

Patent Number: EP 0924991

 

Issued in European Patent Convention, Austria,
Belgium, Switzerland, Germany, Denmark, Spain, Finland, France, United Kingdom, Greece, Ireland, Italy, Luxemburg, Monaco, Netherlands,
Portugal, and Sweden.

 

Abstract: The invention relates to (1) pressure-mediated
dissociation of an analyte complexed with an endogenous binding partner to enable detection of a complex formed from the analyte
and an exogenous binding factor, (2) pressure-mediated association of an analyte and an exogenous binding partner to enable more
rapid and/or more sensitive detection of an analyte, and (3) pressure-mediated association and dissociation of biomolecular complexes
to enable separation of one biomolecule from a complex mixture. Pressure can be used to improve assays by dissociating endogenous
analyte complexes and improving assay speed and sensitivity by associating the analyte molecules with exogenously supplied binding
partners. Pressure can also be used to improve the separation of compounds from contaminated mixtures.

 

Rapid cryobaric sterilization and vaccine
preparation

 

Authors: Laugharn, J., D.W. Bradley, and R.A.
Hess

 

Date Awarded 09/17/2003

 

Patent Number: EP 1112091

 

Abstract: The invention is based on the discovery
that biological and non-biological materials can be sterilized, decontaminated, or disinfected by repeatedly cycling between relatively
high and low pressures. Pressure cycling can be carried out at low, ambient, or elevated temperatures (e.g., from about -20 DEG
C to about 95 DEG C). New methods based on this discovery can have applications in, for example, the preparation of vaccines,
the sterilization of blood plasma or serum, the decontamination of military devices, and the disinfection of medical equipment.
The new methods can also be incorporated into production processes or research procedures.

 

Australian Patents

 

Pressure-enhanced extraction and purification

 

Authors: Laugharn, J., R. Hess, and Feng Tao

 

Date Awarded: 07/25/2002

 

Patent Number: AU 745925

 

Abstracts: Methods for cell lysis and purification
of biological materials, involving subjecting a sample to high pressure. Also featured is an apparatus for practicing the methods.

 

Multichamber device and uses thereof for
processing of biological samples

 

Authors: Laugharn James A Jr; Tao Feng; Manak
Mark M; Lawrence Nathan P; Kakita Allan; Schumacher Richard T.

 

Date Awarded: 11/29/2007

 

Patent Number: AU 2002259017

 

Abstract: Devices and methods are described
for homogenization, processing, detection, and analysis of biological samples such as insects, fungi, bacteria, and plant and
animal tissues. Multiple chambers in these devices permit different processing functions to be carried out at each stage, such
that the resulting homogenized product can be further processed, purified, analyzed, and/or biomolecules such as metabolites,
proteins and nucleic acids, or pharmaceutical products can be detected. The device can be used in a hydrostatic pressure apparatus,
in which different activities, i.e. incubations, addition or renewal of reagent, and generation and detection of signal can be
carried out in the appropriate chamber. The method improves the preservation of biomolecules from chemical and enzymatic degradation
relative to conventional means. Additionally, this method enables automated sample preparation and analytical processes.

 

    	25

    	 

    

 

Rapid sterilization and vaccine preparation

 

Authors: Bradley David W; Laugharn James A
Jr; Hess Robert A

 

Date Awarded: 01/17/2008

 

Patent Number: AU 2002367749

 

Abstract: The invention is based on the discovery
that biological and non-biological materials can be sterilized, decontaminated, or disinfected by repeatedly cycling between relatively
high and low pressures. Pressure cycling can be carried out at low, ambient, or elevated temperatures (e.g., from about -40 DEG
C to about 95 DEG C, or intermediate ranges). New methods based on this discovery can have applications in, for example, the preparation
of vaccines, the sterilization of blood plasma or serum, plant, animal, and human tissue, sputum, urine, feces, water, and ascites,
the decontamination of military devices, food and beverage production, and the disinfection of medical equipment. The new methods
can also be incorporated into production processes or research procedures.

 

Canadian Patents

 

Pressure-mediated binding of biomolecular
complexes

 

Authors: Hess, R., Paulus, H., Laugharn, J.,
Green, D., Litt. G,

 

Date Awarded: 06/26/2007

 

Patent Number: CA 2259318

 

Abstract: The invention relates to (1) pressure-mediated
dissociation of an analyte complexed with an endogenous binding partner to enable detection of a complex formed from the analyte
and an exogenous binding factor, (2) pressure-mediated association of an analyte and an exogenous binding partner to enable more
rapid and/or more sensitive detection of an analyte, and (3) pressure-mediated association and dissociation of biomolecular complexes
to enable separation of one biomolecule from a complex mixture. Pressure can be used to improve assays by dissociating endogenous
analyte complexes and improving assay speed and sensitivity by associating the analyte molecules with exogenously supplied binding
partners. Pressure can also be used to improve the separation of compounds from contaminated mixtures.

 

Rapid cryobaric sterilization and vaccine
preparation

 

Authors: Laugharn, J.A., D.W. Bradley, R.A.
Hess

 

Date Awarded: 09/02/2008

 

Patent Number: CA 2301067

 

Summary: The invention is based on the discovery
that biological and non-biological materials can be sterilized, decontaminated, or disinfected by repeatedly cycling between relatively
high and low pressures. Pressure cycling can be carried out at low, ambient, or elevated temperatures (e. g., from about -20.degree.C
to about 95.degree.C). New methods based on this discovery can have applications in, for example, the preparation of vaccines,
the sterilization of blood plasma or serum, the decontamination of military devices, and the disinfection of medical equipment.
The new methods can also be incorporated into production processes or research procedures.

 

    	26

    	 

    

 

Patent Applications: 

 

We have a number of
patents pending but as a company policy we do not disclose the applications that are patent pending.

 

Trademarks: 

 

	Case
    Number	 	Mark	 	Country	 	Application

    Number	 	Filing
    Date	 	Registration

    Number	 	Registration

    Date	 	Status
	P2028-2004	 	BAROCYCLER	 	US	 	76/352002	 	20-Dec-2001	 	2798648	 	23-Dec-2003	 	Registered
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P2028-2004	 	BAROCYCLER	 	Canada	 	1270711	 	01-Sep-2005	 	TMA668512	 	24-Jul-2006	 	Registered
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P2028-2003	 	BAROCYCLER	 	European
    

    Community	 	001014570	 	11-Dec-1998	 	001014570	 	01-Mar-2000	 	Registered
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P2028-2004	 	BAROCYCLER	 	European
    

    Community	 	002783983	 	19-Jul-2002	 	002783983	 	17-Dec-2003	 	Registered
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P2028-2003	 	BAROCYCLER	 	Japan	 	H10-106249	 	14-Dec-1998	 	4359274	 	04-Feb-2000	 	Registered
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P2028-2004	 	BAROCYCLER	 	Japan	 	2002-060636	 	19-Jul-2002	 	4720951	 	24-Oct-2003	 	Registered
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P2028-2005	 	PULSE	 	Canada	 	1152320	 	11-Sep-2002	 	TMA649503	 	03-Oct-2005	 	Registered
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P2028-2005	 	PULSE	 	European
    

    Community	 	002698702	 	15-May-2002	 	002698702	 	18-Mar-2004	 	Registered
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P2028-2005	 	PULSE	 	US	 	76/338783	 	16-Nov-2001	 	2821558	 	09-Mar-2004	 	Registered
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P2028-2005	 	XSTREAMPCT	 	European
    

    Community	 	10488971	 	13-Dec-2011	 	10488971	 	09-Jan-2013	 	Registered
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	P2028-2008	 	XSTREAMPCT	 	US	 	85/346049	 	14-Jun-2011	 	 	 	 	 	Published

 

Domain Names:

 

www.pressurebiosciences.com

 

    	27

    	 

    

 

SCHEDULE F

ACCOUNT DEBTORS

 

NONE

 

    	28

    	 

    

 

SCHEDULE G

PLEDGED SECURITIES

 

	Current
    Legal Entities Owned	 	Record
    Owner	 	No.
    Shares Authorized	 	No.
    Shares Owned	 	No.
    Shares Pledged	 	Certificate
    Nos.
	NONE	 	 	 	 	 	 	 	 	 	 

 

    	29

    	 

    

 

ANNEX A

 

COLLATERAL AGENT RIGHTS, RESPONSIBILITIES
AND DUTIES

 

The terms and conditions
of this Exhibit A Rights, Responsibilities and Duties of the Collateral Agent are hereby incorporated into the Security Agreement
dated as of July 21, 2015; amended from time to time, between the holders (each, individually a “Lender” and collectively
the “Lenders”) of Senior Secured Convertible Debentures issued or to be issued by Pressure BioSciences, Inc. (“Borrower”),
at or about the date of the Security Agreement referred to in Section 1(a) below (collectively herein the “Debentures”).

 

WHEREAS, the Lenders
have made, are making and will be making loans to Borrower to be secured by certain collateral; and

 

WHEREAS, it is desirable
to provide for the orderly administration of such collateral by requiring each Lender to appoint the Collateral Agent, and the
Collateral Agent has agreed to accept such appointment and to receive, hold and deliver such collateral, all upon the terms and
subject to the conditions hereinafter set forth; and

 

WHEREAS, it is desirable
to allocate the enforcement of certain rights of the Lenders under the Debentures for the orderly administration thereof.

 

NOW, THEREFORE, in consideration
of the premises set forth herein and for other good and valuable consideration, the parties hereto agree as follows:

 

1. Collateral.

 

(a) Contemporaneously
with the execution and delivery of this Agreement by the Collateral Agent and the Lenders: (i) the Collateral Agent has or will
have entered into a Security Agreement (“Security Agreement”) among the Collateral Agent, Borrower and Lenders,
regarding the grant of a security interest in the Collateral to the Collateral Agent, for the benefit of the Lenders; and (ii)
Borrower is issuing the Debentures to the Lenders pursuant to a “Securities Purchase Agreement” dated at or about
the date of this Agreement. Collectively, the Security Agreement, the Intellectual Property Security Agreement, the Debentures
and Securities Purchase Agreement, and other agreements referred to therein are referred to herein as “Borrower Documents.”

 

(b) The Collateral Agent
hereby acknowledges that any Collateral held by the Collateral Agent is held for the benefit of the Lenders in accordance with
this Agreement and the Borrower Documents. No reference to the Borrower Documents or any other instrument or document shall be
deemed to incorporate any term or provision thereof into this Agreement unless expressly so provided.

 

(c) The Collateral Agent
is to distribute in accordance with the Borrower Documents any proceeds received from the Collateral which are distributable to
the Lenders in proportion to their respective interests in the Obligations as defined in the Security Agreement.

 

2. Appointment of the Collateral
Agent.

 

The Lenders hereby appoint
the Collateral Agent (and the Collateral Agent hereby accepts such appointment) to take any action including, without limitation,
the registration of any Collateral in the name of the Collateral Agent or its nominees prior to or during the continuance of an
Event of Default (as defined in the Borrower Documents), the exercise of voting rights upon the occurrence and during the continuance
of an Event of Default, the application of any cash collateral received by the Collateral Agent to the payment of the Obligations,
the making of any demand under the Borrower Documents, the exercise of any remedies given to the Collateral Agent pursuant to
the Borrower Documents and the exercise of any authority pursuant to the appointment of the Collateral Agent as an attorney-in-fact
pursuant to the Security Agreement that the Collateral Agent deems necessary or proper for the administration of the Collateral
pursuant to the Security Agreement. Upon disposition of the Collateral in accordance with the Borrower Documents, the Collateral
Agent shall promptly distribute any cash or Collateral in accordance with Section 10 of the Security Agreement. Borrower and Lenders
must notify Collateral Agent in writing of the issuance of Debentures to Lenders by Borrower. The Collateral Agent will not be
required to act hereunder in connection with Debentures the issuance of which was not disclosed in writing to the CollateralAgent
nor will the Collateral Agent be required to act on behalf of any assignee of Debentures without the written consent of Collateral
Agent.

 

    	30

    	 

    

 

3. Action by the Majority in
Interest.

 

(a) Certain Actions.
Each of the Lenders covenants and agrees that only a Majority in Interest shall have the right, but not the obligation, to
undertake the following actions (it being expressly understood that less than a Majority in Interest hereby expressly waive the
following rights that they may otherwise have under the Borrower Documents):

 

(i) Acceleration. If
an Event of Default occurs, after the applicable cure period, if any, a Majority in Interest may, on behalf of all the Lenders,
instruct the Collateral Agent to provide to Borrower notice to cure such default and/or declare the unpaid principal amount of
the Debentures to be due and payable, together with any and all accrued interest thereon and all costs payable pursuant to such
Debentures;

 

(ii) Enforcement. Upon
the occurrence of any Event of Default after the applicable cure period, if any, a Majority in Interest may instruct the Collateral
Agent to proceed to protect, exercise and enforce, on behalf of all the Lenders, their rights and remedies under the Borrower
Documents against Borrower, and such other rights and remedies as are provided by law or equity; and

 

(iii) Waiver of Past
Defaults. A Majority in Interest may instruct the Collateral Agent to waive any Event of Default by written notice to Borrower,
and the other Lenders, but not waive damages accrued or accruing until the effective date of such waiver.

 

(b) Permitted Subordination
and Release. A Majority in Interest may instruct the Collateral Agent to agree to release in whole or in part or to subordinate
any Collateral to any claim or other actual or proposed security interest and may enter into any agreement with Borrower to evidence
such subordination; provided, however, that subsequent to any such release or subordination, each Note shall remain pari
passu with the other Debentures held by the Lenders.

 

(c) Further Actions.
A Majority in Interest may instruct the Collateral Agent to take any action that it may take under this Agreement by instructing
the Collateral Agent in writing to take such action on behalf of all the Lenders.

 

(d) Majority in Interest.
For so long as any obligations remain outstanding on the Debentures, Majority in Interest for the purposes of this Agreement
and the Borrower Documents shall mean Lenders who hold not less than a majority of the outstanding principal amount of the Debentures.

 

4. Power of Attorney.

 

(a) To effectuate the
terms and provisions hereof, the Lenders hereby appoint the Collateral Agent as their attorney-in-fact (and the Collateral Agent
hereby accepts such appointment) for the purpose of carrying out the provisions of this Agreement including, without limitation,
taking any action on behalf of, or at the instruction of, the Majority in Interest at the written direction of the Majority in
Interest and executing any consent authorized pursuant to this Agreement and taking any action and executing any instrument that
the Collateral Agent may deem necessary or advisable (and lawful) to accomplish the purposes hereof.

 

(b) All acts done under
the foregoing authorization are hereby ratified and approved and neither the Collateral Agent nor any designee nor agent thereof
shall be liable for any acts of commission or omission, for any error of judgment, for any mistake of fact or law except for acts
of gross negligence or willful misconduct.

 

(c) This power of attorney,
being coupled with an interest, is irrevocable while this Agreement remains in effect.

 

5. Expenses of the
Collateral Agent. The Company shall pay any and all reasonable costs and expenses incurred by the Collateral Agent, including,
without limitation, reasonable costs and expenses relating to all waivers, releases, discharges, satisfactions, modifications
and amendments of this Agreement, the administration and holding of the Collateral, insurance expenses, and the enforcement, protection
and adjudication of the parties’ rights hereunder by the Collateral Agent, including, without limitation, the reasonable
disbursements, expenses and fees of the attorneys the Collateral Agent may retain, if any, each of the foregoing in proportion
to their holdings of the Debentures. The expenses and costs herein shall be subject to a maximum amount of $3,000 in the aggregate
prior to an Event of Default while the Debentures are outstanding. Following an Event of Default, there shall be no maximum limitation
on costs and expenses.

 

    	31

    	 

    

 

6. Reliance on Documents
and Experts. The Collateral Agent shall be entitled to rely upon any notice, consent, certificate, affidavit, statement, paper,
document, writing or communication (which may be by telegram, cable, telex, telecopier, or telephone) reasonably believed by it
to be genuine and to have been signed, sent or made by the proper person or persons, and upon opinions and advice of its own legal
counsel, independent public accountants and other experts selected by the Collateral Agent.

 

7. Duties of the Collateral
Agent; Standard of Care.

 

(a) The Collateral Agent’s
only duties are those expressly set forth in this Agreement, and the Collateral Agent hereby is authorized to perform those duties
in accordance with commercially reasonable practices. The Collateral Agent may exercise or otherwise enforce any of its rights,
powers, privileges, remedies and interests under this Agreement and applicable law or perform any of its duties under this Agreement
by or through its officers, employees, attorneys, or agents. Independently and without reliance upon the Collateral Agent, each
Lender, to the extent it deems appropriate, has made and shall continue to make: (i) its own independent investigation of the
financial condition and affairs of the Borrower and its subsidiaries in connection with such Lender’s investment in the
Borrower, the creation and continuance of the Obligations, the transactions contemplated by the Borrower Documents, and the taking
or not taking of any action in connection therewith; and (ii) its own appraisal of the creditworthiness of the Borrower and its
subsidiaries, and of the value of the Collateral from time to time, and the Collateral Agent shall have no duty or responsibility,
either initially or on a continuing basis, to provide any Lender with any credit, market or other information with respect thereto,
whether coming into its possession before any Obligations are incurred or at any time or times thereafter. The Collateral Agent
shall not be responsible to the Borrower or any Lender for any recitals, statements, information, representations or warranties
herein or in any document, certificate or other writing delivered in connection herewith, or for the execution, effectiveness,
genuineness, validity, enforceability, perfection, collectibility, priority or sufficiency of the Agreement or any other Borrower
Document, or for the financial condition of the Borrower or the value of any of the Collateral, or be required to make any inquiry
concerning either the performance or observance of any of the terms, provisions or conditions of the Agreement or any other Borrower
Document, or the financial condition of the Borrower, or the value of any of the Collateral, or the existence or possible existence
of any default or Event of Default under the Agreement, the Debentures or any of the other Borrower Documents. Without limiting
the foregoing, (a) no Lender shall have any right of action whatsoever against the Agent as a result of the Collateral Agent acting
or refraining from acting hereunder in accordance with the terms of the Agreement or any other Borrower Document, and the Borrower
shall have no right to question or challenge the authority of, or the instructions given to, the Collateral Agent pursuant to
the foregoing and (b) the Collateral Agent shall not be required to take any action which the Collateral Agent believes: (i) could
reasonably be expected to expose it to personal liability; or (ii) is contrary to this Agreement, the Borrower Documents or applicable
law. Anything to the contrary notwithstanding, the Agent shall have no obligation whatsoever to any Lender to assure that the
Collateral exists or is owned by the Borrower or is cared for, protected or insured or that the liens granted pursuant to the
Agreement have been properly or sufficiently or lawfully created, perfected, or enforced or are entitled to any particular priority.

 

(b) The Collateral Agent
shall act in good faith and with that degree of care that an ordinarily prudent person in a like position would use under similar
circumstances.

 

(c) Any funds held by
the Collateral Agent hereunder need not be segregated from other funds except to the extent required by law. The Collateral Agent
shall be under no liability for interest on any funds received by it hereunder.

 

(d) Collateral Agent may
generally engage in any kind of business with any of the parties hereto or any subsidiary or affiliate thereof as if it had not
entered into this Agreement. Collateral Agent and its affiliates and their officers, directors, employees, and agents (including
legal counsel) may now or hereafter be engaged in one or more transactions with any party hereto or may act as trustee, agent
or representative of any party hereto, or otherwise be engaged in other transactions with such parties (collectively, the “Other
Activities”). Without limiting the forgoing, Collateral Agent and its affiliates and their officers, directors, employees,
and agents (including legal counsel) shall not be responsible to account to any party hereto for such other activities.

 

    	32

    	 

    

 

8. Resignation. The
Collateral Agent may resign and be discharged of its duties hereunder at any time by giving written notice of such resignation
to the other parties hereto, stating the date such resignation is to take effect. Within five (5) days of the giving of such notice,
a successor collateral agent shall be appointed by the Majority in Interest; provided, however, that if the Lenders are
unable so to agree upon a successor within such time period, and notify the Collateral Agent during such period of the identity
of the successor collateral agent, the successor collateral agent may be a person designated by the Collateral Agent, and any
and all fees of such successor collateral agent shall be the joint and several obligation of the Lenders. The Collateral Agent
shall continue to serve until the effective date of the resignation or until its successor accepts the appointment and receives
the Collateral held by the Collateral Agent but shall not be obligated to take any action hereunder. The Collateral Agent may
deposit any Collateral with the Supreme Court of the State of New York for New York County or any such other court in New York
State that accepts such Collateral.

 

9. Exculpation. The
Collateral Agent and its members, officers, employees, attorneys and agents, shall not incur any liability whatsoever for the
holding or delivery of documents or the taking of any other action in accordance with the terms and provisions of this Agreement,
for any mistake or error in judgment, for compliance with any applicable law or any attachment, order or other directive of any
court or other authority (irrespective of any conflicting term or provision of this Agreement), or for any act or omission of
any other person engaged by the Collateral Agent in connection with this Agreement, unless occasioned by the exculpated person’s
own gross negligence or willful misconduct as determined by a final judgment (not subject to further appeal) of a court of competent
jurisdiction.; and each party hereto hereby waives any and all claims and actions whatsoever against the Collateral Agent and
its officers, employees, attorneys and agents, arising out of or related directly or indirectly to any or all of the foregoing
acts, omissions and circumstances. The duties of the Collateral Agent shall be mechanical and administrative in nature; the Collateral
Agent shall not have by reason of the Agreement or any other Borrower Document a fiduciary relationship in respect of any Borrower
or any Lender; and nothing in the Agreement or any other Borrower Document, expressed or implied, is intended to or shall be so
construed as to impose upon the Collateral Agent any obligations in respect of the Agreement or any other Borrower Document except
as expressly set forth herein and therein.

 

10. Indemnification.
The Lenders hereby agree to indemnify, reimburse and hold harmless the Collateral Agent and its directors, officers, employees,
attorneys and agents, jointly and severally, from and against any and all claims, liabilities, losses and expenses that may be
imposed upon, incurred by, or asserted against any of them, arising out of or related directly or indirectly to this Agreement
or the Collateral, except such as are occasioned by the indemnified person’s own gross negligence or willful misconduct.

 

11. Miscellaneous.

 

(a) Rights and Remedies
Not Waived. No act, omission or delay by the Collateral Agent shall constitute a waiver of the Collateral Agent’s rights
and remedies hereunder or otherwise. No single or partial waiver by the Collateral Agent of any default hereunder or right or
remedy that it may have shall operate as a waiver of any other default, right or remedy or of the same default, right or remedy
on a future occasion.

 

(b) Governing Law.
This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York without regard to
conflicts of laws that would result in the application of the substantive laws of another jurisdiction.

 

(c) Waiver of Jury
Trial and Setoff; Consent to Jurisdiction; Etc. 

 

(i) In any litigation
in any court with respect to, in connection with, or arising out of this Agreement or any instrument or document delivered pursuant
to this Agreement, or the validity, protection, interpretation, collection or enforcement hereof or thereof, or any other claim
or dispute howsoever arising, between the Collateral Agent and the Lenders or any Lender, then each Lender, to the fullest extent
it may legally do so, (A) waives the right to interpose any setoff, recoupment, counterclaim or cross-claim in connection with
any such litigation, irrespective of the nature of such setoff, recoupment, counterclaim or cross-claim, unless such setoff, recoupment,
counterclaim or cross-claim could not, by reason of any applicable federal or state procedural laws, be interposed, pleaded or
alleged in any other action; and (B) WAIVES TRIAL BY JURY IN CONNECTION WITH ANY SUCH LITIGATION AND ANY RIGHT IT MAY HAVE
TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN,
OR IN ADDITION TO, ACTUAL DAMAGES. EACH LENDER AGREES THAT THIS SECTION 11(c) IS A SPECIFIC AND MATERIAL ASPECT OF THIS AGREEMENT
AND ACKNOWLEDGE THAT THE COLLATERAL AGENT WOULD NOT ENTER THIS AGREEMENT IF THIS SECTION 11(c) WERE NOT PART OF THIS AGREEMENT.

 

    	33

    	 

    

 

(ii) Each Lender irrevocably
consents to the exclusive jurisdiction of any State or Federal Court located within the County of New York, State of New York,
in connection with any action or proceeding arising out of or relating to this Agreement or any document or instrument delivered
pursuant to this Agreement or otherwise. In any such litigation, each Lender waives, to the fullest extent it may effectively
do so, personal service of any summons, complaint or other process and agree that the service thereof may be made by certified
or registered mail directed to such Lender at its address for notice determined in accordance with Section 11(e) hereof. Each
Lender hereby waives, to the fullest extent it may effectively do so, the defenses of forum non conveniens and improper venue.

 

(d) Admissibility of
this Agreement. Each of the Lenders agrees that any copy of this Agreement signed by it and transmitted by telecopier for
delivery to the Collateral Agent shall be admissible in evidence as the original itself in any judicial or administrative proceeding,
whether or not the original is in existence.

 

(e) Address for Notices.
Any notice or other communication under the provisions of this Agreement shall be given in writing and delivered in person,
by reputable overnight courier or delivery service, by facsimile machine (receipt confirmed) with a copy sent by first class mail
on the date of transmissions, or by registered or certified mail, return receipt requested, directed to such party’s addresses
set forth below (or to any new address of which any party hereto shall have informed the others by the giving of notice in the
manner provided herein):

 

In the case of the Collateral Agent,
to:

 

[PLACEMENT AGENT]

 

In the case of the Lenders, to:

 

To the address and telecopier number
set forth on Schedule A hereto

 

In the case of Borrower, to:

 

Pressure BioSciences, Inc.

14 Norfolk Avenue

South Easton, MA 02375

Attn.: Chief Financial Officer

 

With a copy by telecopier only
to:

 

(f) Amendments and
Modification; Additional Lender. No provision hereof shall be modified, altered, waived or limited except by written instrument
expressly referring to this Agreement and to such provision, and executed by the parties hereto. Any transferee of a Note who
acquires a Note after the date hereof will become a party hereto by signing the signature page and sending an executed copy of
this Agreement to the Collateral Agent and receiving a signed acknowledgement from the Collateral Agent.

 

(g) Fees of Collateral
Agent. Upon the occurrence of an Event of Default, if the Lenders instruct the Collateral Agent to act, the Lenders shall
collectively shall pay the Collateral Agent the sum of up to $10,000 on account, to apply against an hourly fee of $250 to be
paid to the Collateral Agent by the Lenders for services rendered pursuant to this Agreement which fees and costs shall be deemed
obligation of the Borrower and for which the Lender shall be entitled to reimbursement from the Borrower. All payments due to
the Collateral Agent under this Agreement including reimbursements must be paid when billed. The Collateral Agent may refuse to
act on behalf of or make a distribution to any Lender who is not current in payments to the Collateral Agent. Payments required
pursuant to this Agreement shall be pari passu to the Lender’s interests in the Debentures. The Collateral Agent
is hereby authorized to deduct any sums due the Collateral Agent from Collateral in the Collateral Agent’s possession.

 

    	34

    	 

    

 

(h) Captions: Certain
Definitions. The captions of the various sections and paragraphs of this Agreement have been inserted only for the purposes
of convenience; such captions are not a part of this Agreement and shall not be deemed in any manner to modify, explain, enlarge
or restrict any of the provisions of this Agreement. As used in this Agreement the term “person” shall mean
and include an individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated
organization and a government or any department or agency thereof.

 

(i) Severability.
In the event that any term or provision of this Agreement shall be finally determined to be superseded, invalid, illegal or
otherwise unenforceable pursuant to applicable law by an authority having jurisdiction and venue, that determination shall not
impair or otherwise affect the validity, legality or enforceability (i) by or before that authority of the remaining terms and
provisions of this Agreement, which shall be enforced as if the unenforceable term or provision were deleted, or (ii) by or before
any other authority of any of the terms and provisions of this Agreement.

 

(j) Schedules. The
Collateral Agent is authorized to annex hereto any schedules referred to herein.

 

[THIS SPACE
INTENTIONALLY LEFT BLANK]

 

    	35

    	 

    

 

SCHEDULE H TO COLLATERAL
AGENT AGREEMENT

 

LIST OF DEBENTURE HOLDERS

 

	 	 	 
	 	 	 
	 	 	 

 

    	36FSS-2015.6.30-10Q Ex-10.1

    

EXHIBIT 10.1
Federal Signal Corporation 
2015 Executive Incentive Compensation Plan 
Nonqualified Stock Option Award Agreement
You have been selected to be a Participant in the Federal Signal Corporation 2015 Executive Incentive Compensation Plan (the “Plan”), as specified below:
	
			
	Participant:
	_______________________________________________________
	 

	
			
	Date of Grant:
	_______________________________________________________
	 

	
			
	Date of Expiration:
	_______________________________________________________
	 

	
			
	Number of Options:
	_______________________________________________________
	 

	
			
	Exercise Price:
	_______________________________________________________
	 

	
			
	Vesting Schedule:
	_______________________________________________________
	 

	
			
	 
	_______________________________________________________
	 

	
			
	 
	_______________________________________________________
	 

This document constitutes part of the prospectus covering 
securities that have been registered under the Securities Act of 1933.

THIS AWARD AGREEMENT, effective as of the Date of Grant set forth above, represents the grant of nonqualified stock options (the “Options”) by Federal Signal Corporation, a Delaware corporation (the “Company”), to the Participant named above, pursuant to the provisions of the Plan.
The Plan provides a complete description of the terms and conditions governing the Options.  If there is any inconsistency between the terms of this Award Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Award Agreement.  All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein.  The parties hereto agree as follows:
1.Grant of Stock Options.  The Company hereby grants to the Participant the number of Options set forth above to purchase the number of shares of Company common stock (“Shares”) set forth above, at the stated Exercise Price, which is one hundred percent (100%) of the closing market value of a Share on the Date of Grant, in the manner and subject to the terms and conditions of the Plan and this Award Agreement.  Subject to Section 11 herein, each Option shall be exercisable into one Share.
2.    Exercise of Stock Options.  Except as hereinafter provided, the Participant may exercise these Options at any time after the Date of Grant, and according to the vesting schedule set forth above, provided that no exercise may occur subsequent to the close of business on the Date of Expiration.
These Options may be exercised in whole or in part, but not for less than one hundred (100) Shares at any one time, unless fewer than one hundred (100) Shares then remain subject to the Options, and the Options are then being exercised as to all such remaining Shares.

1
NQSO US
2015 Plan 

    

3.    Option Period/ Limitations on Exercise.  Except as set otherwise set forth in this Award Agreement, the Participant must exercise all rights under this Award Agreement prior to the tenth anniversary of the Date of Grant (i.e., the Options will expire upon the tenth anniversary).  The Participant may sell the Shares acquired via these Options at any time, subject to Company policy on insider trading and stockholding requirements.
4.    Termination of Employment by Death.  In the event the employment of the Participant is terminated by reason of death, all outstanding Options not yet vested shall become immediately fully vested and, along with all previously vested Options, shall remain exercisable at any time prior to their expiration date, or for one (1) year after the date of death, whichever period is shorter, by such person or persons as shall have been named as the Participant’s beneficiary, or by such persons that have acquired the Participant’s rights under the Options by will or by the laws of descent and distribution.
5.    Termination of Employment by Disability.  In the event the employment of the Participant is terminated by reason of Disability, all outstanding Options not yet vested shall become immediately fully vested and, along with all previously vested Options, shall remain exercisable at any time prior to their expiration date, or for one (1) year after the date that the Committee determines the definition of Disability to have been satisfied, whichever period is shorter.  For purposes of this Award Agreement, Disability shall have the meaning ascribed to such term in the Participant’s governing long-term disability plan, or if no such plan exists, at the discretion of the Committee.
6.    Termination of Employment by Retirement.  In the event the employment of the Participant is terminated by reason of Participant’s retirement on terms and conditions authorized in writing by the Committee, the Committee may exercise its discretion at or near the Participant’s retirement date to provide that some or all outstanding Options not yet vested are immediately fully vested and, along with all previously vested Options, remain exercisable at any time prior to their expiration date, or for five (5) years after the date of retirement, whichever period is shorter. In exercising its discretion under this Section 6, the Committee shall consider whether the Participant:  (1) remained employed in good standing with the Company through the Participant’s retirement date; (2) provided reasonable written notice to the Company of the Participant’s intention to retire of no less than twelve weeks; (3) materially breached any statutory, contractual, or common law duties owed to Company or any material Company Policy, including but not limited to post-employment non-competition, non-solicitation and confidentiality obligations; and (4) failed in good faith to provide to and perform for Company all reasonably requested duties and responsibilities in connection with the transition of the Participant’s duties and responsibilities.  In exercising its discretion, the Committee shall also consider: (1) the financial status of the Company; (2) Company performance: (3) Company stock performance; and (4) where appropriate, input from Company management.  In the event the Committee does not so exercise its discretion, the Participant’s termination from employment shall be considered a termination of employment for other reasons and vesting and exercising shall be governed by Section 7 of this Award Agreement.  
7.    Termination of Employment for Other Reasons.  If the employment of the Participant shall terminate for any reason other than the reasons set forth in Sections 4, 5 or 6 herein, all previously vested Options shall remain exercisable for a period of three months from the effective date of termination. For the avoidance of doubt, termination of employment on account of a Divestiture of a Business Segment shall result in the Options remaining exercisable for a period of three months from the Divestiture Date.  The portion of the Options not yet vested as of the date of termination (after first taking into account the accelerated vesting provisions of Sections 4, 5, 6, and 9) shall be forfeited.  The transfer of employment of the Participant between the Company and any affiliate or subsidiary (or between affiliates and/or subsidiaries) shall not be deemed a termination of employment for purposes of this Award Agreement.  
For the avoidance of doubt, in instances involving the termination of the Participant’s employment, the reason for the termination of the Participant’s employment (i.e., death, disability, retirement, for other reasons, or divestiture of business segment) shall control the vesting and exercising implications.  For example, the Participant’s death or Disability following the Participant’s termination of employment by reason of retirement shall not impact the vesting or exercising of Options which shall continue to be governed by Section 6.    

2
NQSO US
2015 Plan 

    

8.    Change-in-Control.  In the event the Participant is employed by the Company or its subsidiaries on a Change-in-Control, the Participant’s right to exercise these Options shall become immediately fully vested as of the first date that the definition of Change-in-Control has been fulfilled, and shall remain as such for the remaining term of the Options, subject to the terms of the Plan.  
9.    Acceleration of Vesting of Options in the Event of Divestiture of Business Segment.  In the event that the “Business Segment” (as that term is defined in this Section below) in which the Participant is primarily employed as of the “Divestiture Date” (as that term is defined in this Section below) is the subject of a “Divestiture of a Business Segment” (as that term is defined in this Section below), and such divestiture results in the termination of the Participant’s employment with the Company and its subsidiaries for any reason, the Participant’s right to exercise the Options subject to this Award Agreement shall immediately vest and the Options shall become immediately exercisable as of the Divestiture Date as to that portion of these Options that are not vested and exercisable as of such date. 
For purposes of this Award Agreement, the term “Business Segment” shall mean a business line which the Company treats as a separate operating segment under the segment reporting rules under generally accepted accounting principles as used in the United States, which currently includes the following: Safety and Security Systems Group, Fire Rescue Group, and Environmental Solutions Group.  Likewise, the term “Divestiture Date” shall mean the date that a transaction constituting a Divestiture of a Business Segment is finally consummated.

 For purposes of this Award Agreement, the term “Divestiture of a Business Segment” means the following:

		
	(a)
	When used with reference to the sale of stock or other securities of a Business Segment that is or becomes a separate corporation, limited liability company, partnership or other separate business entity, the sale, exchange, transfer, distribution or other disposition of the ownership, either beneficially or of record or both, by the Company or one of its subsidiaries to “Nonaffiliated Persons” (as that term is defined in this Section below) of 100% of either (a) the then-outstanding common stock (or the equivalent equity interests) of the Business Segment or (b) the combined voting power of the then-outstanding voting securities of the Business Segment entitled to vote generally in the election of the board of directors or the equivalent governing body of the Business Segment;

		
	(b)
	When used with reference to the merger or consolidation of a Business Segment that is or becomes a separate corporation, limited liability company, partnership or other separate business entity, any such transaction that results in Nonaffiliated Persons owning, either beneficially or of record or both, 100% of either (a) the then-outstanding common stock (or the equivalent equity interests) of the Business Segment or (b) the combined voting power of the then-outstanding voting securities of the Business Segment entitled to vote generally in the election of the board of directors or the equivalent governing body of the Business Segment; or

		
	(c)
	When used with reference to the sale of the assets of the Business Segment, the sale, exchange, transfer, liquidation, distribution or other disposition of all or substantially all of the assets of the Business Segment necessary or required to operate the Business Segment in the manner that the Business Segment had been operated prior to the Divestiture Date.

For purposes of this Award Agreement, the term “Nonaffiliated Persons” shall mean any persons or business entities which do not control, or which are not controlled by or under common control with, the Company.  

10.    Restrictions on Transfer.  Unless determined otherwise by the Committee pursuant to the terms of the Plan, these Options may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.  Further, these Options shall be exercisable during the Participant’s lifetime only by the Participant or the Participant’s legal representative.

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11.    Recapitalization.  In the event there is any change in the Company’s Shares through the declaration of stock dividends or through recapitalization resulting in stock split-ups or through merger, consolidation, exchange of Shares, or otherwise, the Committee may, in its sole discretion, make such adjustments to these Options that it deems necessary in order to prevent dilution or enlargement of the Participant’s rights.
12.    Method of Exercise and Form of Payment.  Options that have become exercisable may be exercised by delivery of timely written notice to the Company at its executive offices, addressed to the attention of the Company’s Corporate Secretary.  Such notice: (a) shall be signed by the Participant or his or her legal representative; (b) shall specify the number of Options being exercised and thus the number of full Shares then elected to be purchased with respect to the Options; and (c) shall be accompanied by payment in full of the Exercise Price of the Shares to be purchased (along with an amount equal to any federal, state, local, and non-U.S. income and employment taxes required to be withheld) and the Participant’s copy of this Award Agreement.
The Exercise Price shall be payable (i) in cash, check, cash equivalent and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual delivery of such shares to the Company); or (ii) by such other method as the Committee may permit in its sole discretion, including without limitation: (A) in other property having a fair market value on the date of exercise equal to the Exercise Price, (B) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted “cashless exercise” pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise deliverable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price, or (C) by a “net exercise” method whereby the Company withholds from the delivery of the shares of Common Stock for which the Option was exercised that number of shares of Common Stock having a Fair Market Value equal to the aggregate Exercise Price for the shares of Common Stock for which the Option was exercised.  Any fractional shares of Common Stock shall be settled in cash. 
The Company shall deliver to the Participant evidence of book entry Shares, or upon the Participant’s request, Share certificates in an appropriate amount based upon the number of shares purchased under the Option.  The Company shall maintain a record of all information pertaining to the Participant’s rights under this Award Agreement, including the number of Shares for which the Options are exercisable.  If all of the Options granted pursuant to this Award Agreement have been exercised, this Award Agreement shall be returned to the Company and canceled.
13.    Beneficiary Designation.  The Participant may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under this Award Agreement is to be paid in case of his or her death before he or she receives any or all of such benefit.  Each such designation shall revoke all prior designations by the Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Corporate Secretary of the Company during the Participant’s lifetime.  In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.
Beneficiary Designation (name, address, and relationship):
____________________________
____________________________
____________________________

14.    Rights as a Stockholder.  The Participant shall have no rights as a stockholder of the Company with respect to the Shares subject to this Award Agreement until such time as the option exercise price has been paid, and the Shares have been issued and delivered to him or her.

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15.    Section 409A.  This Award Agreement shall be construed consistent with the intention that it be exempt from Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section 409A”) as a stock right. 
16.    Continuation of Employment.  This Award Agreement shall not confer upon the Participant any right to continuation of employment by the Company or its subsidiaries, nor shall this Award Agreement interfere in any way with the Company’s or its subsidiaries’ right to terminate the Participant’s employment at any time.
17.    Entire Award; Modification. This Award Agreement and the Plan constitutes the entire agreement between the parties with respect to the terms and supersede all prior or written or oral negotiations, commitments, representations and agreements with respect thereto.  The terms and conditions set forth in this Award Agreement may only be modified or amended in writing, signed by both parties. 
18.    Severability. In the event any one or more of the provisions of this Award Agreement shall be held invalid, illegal or unenforceable in any respect in any jurisdiction, such provision or provisions shall be automatically deemed amended, but only to the extent necessary to render such provision or provisions valid, legal and enforceable in such jurisdiction, and the validity, legality and enforceability of the remaining provisions of this Award Agreement shall not in any way be affected or impaired thereby.
19.    Miscellaneous
		
	(a)
	This Award Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan.  The Committee shall have the right to impose such restrictions on any Shares acquired pursuant to these Options, as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under applicable federal and state tax law, under the requirements of any stock exchange or market upon which such Shares are then listed and/or traded, and under any blue sky or state securities laws applicable to such Shares.

It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Award Agreement, all of which shall be binding upon the Participant.
		
	(b)
	The Committee may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any material way adversely affect the Participant’s vested rights under this Award Agreement, without the written consent of the Participant.

		
	(c)
	The Company shall have the power and the right to deduct or withhold, or require the Participant to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation), domestic or foreign, required by law to be withheld with respect to any exercise of the Participant’s rights under this Award Agreement.

The Participant may elect, subject to any procedural rules adopted by the Committee, to satisfy the minimum statutory withholding requirement, in whole or in part, by having the Company withhold Shares having an aggregate fair market value on the date the tax is to be determined, equal to such minimum statutory withholding tax.

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	(d)
	The Participant agrees to take all steps necessary to comply with all applicable provisions of federal and state securities and tax laws in exercising his or her rights under this Award Agreement.

		
	(e)
	This Award Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

		
	(f)
	All obligations of the Company under the Plan and this Award Agreement, with respect to these Options, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

		
	(g)
	The Participant agrees to execute this Award Agreement and return it to the address below within 45 days of receipt of this Award Agreement or forfeit the awarded stock options.        

Federal Signal Corporation
1415 W. 22nd Street
Oak Brook, Illinois  60523
Attention: Corporate Secretary    

		
	(h)
	To the extent not preempted by federal law, this Award Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to principles of conflict of law.

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IN WITNESS WHEREOF, the parties have caused this Award Agreement to be executed as of the Date of Grant.
Federal Signal Corporation
	
		
	By:
	___________________________________________

	 
	___________________________________________

	 
	___________________________________________

	 
	___________________________________________

ATTEST:
By:                      

Participant:  _______________________________

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