Document:

Exhibit 4.3

 

 

NEITHER THIS SECURITY NOR THE SECURITIES
AS TO WHICH THIS SECURITY MAY BE EXERCISED HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE
UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

PRECISION THERAPEUTICS INC.

 

Warrant Shares: 53,589

Date of Issuance: October 1, 2018

 

This COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, the Holder (as defined below), Dawson James Securities,
Inc., a Florida corporation (including any permitted and registered assigns, the “Holder”), is entitled,
upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after October
1, 2018 (“Issuance Date”), to purchase from Precision Therapeutics Inc., a Delaware corporation (the “Company”),
up to 53,589 shares of Common Stock (as defined below) (the “Warrant Shares”) at the Exercise Price (defined
below) per share then in effect.

 

For purposes of this
Warrant, the term “Exercise Price” per share shall mean $1.3125, subject to adjustment as provided herein (including
but not limited to cashless exercise), and the term “Exercise Period” shall mean the period commencing
on the six month anniversary of the Issuance Date and ending on 5:00 p.m. eastern standard time on the five-year anniversary thereof.

 

1.                  
EXERCISE OF WARRANT.

 

(a)                
Mechanics of Exercise. Subject to the terms and conditions hereof, the rights represented by this Warrant may be
exercised in whole or in part at any time or times during the Exercise Period by delivery of a written notice, in the form attached
hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this
Warrant. The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder. Partial exercises
of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect
of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant
Shares purchased. On or before the third Trading Day (the “Warrant Share Delivery Date”) following the date
on which the Company shall have received the Exercise Notice, and upon receipt by the Company of payment to the Company of an amount
equal to the applicable Exercise Price multiplied by the number of Warrant Shares as to which all or a portion of this Warrant
is being exercised (the “Aggregate Exercise Price” and together with the Exercise Notice, the “Exercise
Delivery Documents”) in cash or by wire transfer of immediately available funds (or by cashless exercise if permitted
under the terms of this Warrant, in which case there shall be no Aggregate Exercise Price provided), the Company shall (or direct
its transfer agent to) issue and dispatch by overnight courier to the address as specified in the Exercise Notice, a certificate,
registered in the Company’s share register in the name of the Holder or its designee, for the number of shares of Common
Stock to which the Holder is entitled pursuant to such exercise. Upon delivery of the Exercise Delivery Documents, the Holder shall
be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant
has been exercised, irrespective of the date of delivery of the certificates evidencing such Warrant Shares. If this Warrant is
submitted in connection with any exercise and the number of Warrant Shares represented by this Warrant submitted for exercise is
greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall as soon as practicable and in
no event later than three business days after any exercise and at its own expense, issue a new Warrant (in accordance with Section
6) representing the right to purchase the number of Warrant Shares purchasable immediately prior to such exercise under this
Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised.

 

    1

     

    

If the Company fails
to cause its transfer agent to transmit to the Holder the respective shares of Common Stock by the respective Warrant Share Delivery
Date, then the Holder will have the right to rescind such exercise in Holder’s sole discretion.

 

If, at any time during
the Exercise Period, there is no effective registration statement of the Company covering the Holder’s immediate resale of
the Warrant Shares without any limitations, then the Holder may elect to receive Warrant Shares pursuant to a cashless exercise,
in lieu of a cash exercise, equal to the value of this Warrant determined in the manner described below (or of any portion thereof
remaining unexercised) by surrender of this Warrant and a Notice of Exercise, in which event the Company shall issue to Holder
a number of Common Stock computed using the following formula:

 

X = Y (A-B)

A

 

	Where	X =	the number of shares to be issued to Holder.
	 	 	 
	 	Y =	the number of Warrant Shares that the Holder elects to purchase under this Warrant (at the date of such calculation).
	 	 	 
	 	A =	the Market Price (at the date of such calculation).
	 	 	 
	 	B =	Exercise Price (as adjusted to the date of such calculation).

 

(b)               
No Fractional Shares. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of
any adjustment pursuant hereto. All Warrant Shares (including fractions) issuable upon exercise of this Warrant may be aggregated
for purposes of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the
exercise would result in the issuance of a fractional share, the Company shall, in lieu of issuance of any fractional share, pay
to the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the then-current
fair market value of a Warrant Share by such fraction.

 

(c)                
Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall
not have the right to exercise any portion of this Warrant, to the extent that after giving effect to issuance of Warrant Shares
upon exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s affiliates, and any
other persons acting as a group together with the Holder or any of the Holder’s affiliates), would beneficially own in excess
of the Beneficial Ownership Limitation, as defined below. For purposes of the foregoing sentence, the number of shares of Common
Stock beneficially owned by the Holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise
of this Warrant with respect to which such determination is being made, but shall exclude the number of shares of Common Stock
which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder
or any of its affiliates and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of
the Company (including without limitation any other Common Stock Equivalents) subject to a limitation on conversion or exercise
analogous to the limitation contained herein beneficially owned by the Holder or any of its affiliates. Except as set forth in
the preceding sentence, for purposes of this paragraph (d), beneficial ownership shall be calculated in accordance with Section
13(d) of the Exchange Act of 1934, as amended (the “Exchange Act”), it being acknowledged by the Holder that
the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and
the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation
contained in this paragraph applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any affiliates) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any affiliates) and of which portion
of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation
to verify or confirm the accuracy of such determination.

 

    2

     

    

For purposes of this
paragraph, in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares
of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Securities Exchange
Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the
Company or its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the request of a Holder, the
Company shall within two Trading Days confirm to the Holder the number of shares of Common Stock then outstanding. In any case,
the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities
of the Company, including this Warrant, by the Holder or its affiliates since the date as of which such number of outstanding shares
of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of
the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of
this Warrant. The limitations contained in this paragraph shall apply to a successor Holder of this Warrant.

 

2.                  
ADJUSTMENTS. The Exercise Price and the number of Warrant Shares shall be adjusted from time to time as follows:

 

(a)                
Distribution of Assets. If the Company shall declare or make any dividend or other distribution of its assets (or
rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including without
limitation any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement or other similar transaction) (a “Distribution”), at any time after the issuance of
this Warrant, then, in each such case:

 

(i)                 
any Exercise Price in effect immediately prior to the close of business on the record date fixed for the determination of
holders of shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business
on such record date, to a price determined by multiplying such Exercise Price by a fraction (i) the numerator of which shall be
the Closing Sale Price of the shares of Common Stock on the Trading Day immediately preceding such record date minus the value
of the Distribution (as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock,
and (ii) the denominator of which shall be the Closing Sale Price of the shares of Common Stock on the Trading Day immediately
preceding such record date; and

 

(ii)               
the number of Warrant Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable
immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock
entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding clause
(i); provided, however, that in the event that the Distribution is of shares of common stock of a company (other than the Company)
whose common stock is traded on a national securities exchange or a national automated quotation system (“Other Shares
of Common Stock”), then the Holder may elect to receive a warrant to purchase Other Shares of Common Stock in lieu of
an increase in the number of Warrant Shares, the terms of which shall be identical to those of this Warrant, except that such warrant
shall be exercisable into the number of shares of Other Shares of Common Stock that would have been payable to the Holder pursuant
to the Distribution had the Holder exercised this Warrant immediately prior to such record date and with an aggregate exercise
price equal to the product of the amount by which the exercise price of this Warrant was decreased with respect to the Distribution
pursuant to the terms of the immediately preceding clause (i) and the number of Warrant Shares calculated in accordance with the
first part of this clause (ii).

 

3.                  
FUNDAMENTAL TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of
the Company with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor
Entity”), (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions,
(iii) any tender offer or exchange offer (whether by the Company or by another individual or entity, and approved by the Company)
is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common Stock for other
securities, cash or property and the holders of at least 50% of the Common Stock accept such offer, or (iv) the Company effects
any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common
Stock) (in any such case, a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant,
the Holder shall have the right to receive the number of shares of Common Stock of the Successor Entity or of the Company and any
additional consideration (the “Alternate Consideration”) receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which
this Warrant is exercisable immediately prior to such event (disregarding any limitation on exercise contained herein solely for
the purpose of such determination). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately
adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share
of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration
in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of
Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following
such Fundamental Transaction. To the extent necessary to effectuate the foregoing provisions, any Successor Entity in such Fundamental
Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s
right to exercise such warrant into Alternate Consideration.

 

    3

     

    

4.                  
NON-CIRCUMVENTION. The Company covenants and agrees that it will not, by amendment of its certificate of incorporation,
bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale
of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required
to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par
value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii)
shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid
and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant is outstanding,
have authorized and reserved, free from preemptive rights, three times the number of shares of Common Stock issuable under the
Warrant to provide for the exercise of the rights represented by this Warrant (without regard to any limitations on exercise).

 

5.                  
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of
itself, shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing
contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise
of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company.

 

6.                  
REISSUANCE.

 

(a)                
Lost, Stolen or Mutilated Warrant. If this Warrant is lost, stolen, mutilated or destroyed, the Company will, on
such terms as to indemnity or otherwise as it may reasonably impose (which shall, in the case of a mutilated Warrant, include the
surrender thereof), issue a new Warrant of like denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.

 

(b)               
Issuance of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant,
such new Warrant shall be of like tenor with this Warrant, and shall have an issuance date, as indicated on the face of such new
Warrant which is the same as the Issuance Date.

 

7.                  
TRANSFER.

 

(a)                
Notice of Transfer. The Holder agrees to give written notice to the Company before transferring this Warrant or transferring
any Warrant Shares of such Holder’s intention to do so, describing briefly the manner of any proposed transfer. Promptly
upon receiving such written notice, the Company shall present copies thereof to the Company’s counsel. If the proposed transfer
may be effected without registration or qualification (under any federal or state securities laws), the Company, as promptly as
practicable, shall notify the Holder thereof, whereupon the Holder shall be entitled to transfer this Warrant or to dispose of
Warrant Shares received upon the previous exercise of this Warrant, all in accordance with the terms of the notice delivered by
the Holder to the Company; provided, however, that an appropriate legend may be endorsed on this Warrant or the certificates for
such Warrant Shares respecting restrictions upon transfer thereof necessary or advisable in the opinion of counsel and satisfactory
to the Company to prevent further transfers which would be in violation of Section 5 of the Securities Act and applicable state
securities laws; and provided further that the prospective transferee or purchaser shall execute the Assignment of Warrant attached
hereto as Exhibit B and such other documents and make such representations, warranties, and agreements as may
be required solely to comply with the exemptions relied upon by the Company for the transfer or disposition of the Warrant or Warrant
Shares.

 

    4

     

    

(b)               
If the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant
to this Section 7 may not be effected without registration or qualification of this Warrant or such Warrant Shares, the
Holder will limit its activities in respect to such transfer or disposition as are permitted by law.

 

8.                  
NOTICES.

 

(a)                
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in
writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or
certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or
(iv) transmitted by hand delivery, telegram, or e-mail as a PDF, addressed as set forth below or to such other address as such
party shall have specified most recently by written notice given in accordance herewith. Any notice or other communication required
or permitted to be given hereunder shall be deemed effective (A) upon hand delivery or delivery by e-mail at the address designated
below (if delivered on a business day during normal business hours where such notice is to be received), or the first business
day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be
received) or (B) on the second business day following the date of mailing by express courier service or on the fifth business day
after deposited in the mail, in each case, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever
shall first occur.

 

If to the Company,
to:

 

PRECISION THERAPEUTICS
INC.

2915 Commers Drive, Suite
900

Eagan, Minnesota 55121

Attention: Bob Myers,
CFO

E-mail: bmyers@skylinemedical.com>

Phone: 651.389.4800

 

With a copy (which shall
not constitute notice) to:

 

Maslon LLP

3300 Wells Fargo Center,
90 S. Seventh Street

Minneapolis, MN 55402

E-mail: martin.rosenbaum@maslon.com

 

If to the Holder, to:

 

DAWSON JAMES SECURITIES,
INC.

1 N. Federal Highway

5th Floor

Boca Raton, Florida 33432

Attn: David Weinstein

E-mail: dweinstein@dawsonjames.com

Phone: 561.391.5555

 

(b)               
The Company shall provide the Holder with prompt written notice (i) immediately upon any adjustment of the Exercise
Price, setting forth in reasonable detail, the calculation of such adjustment and (ii) at least 20 days prior to the date on which
the Company closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common Stock,
(B) with respect to any grants, issuances or sales of any stock or other securities directly or indirectly convertible into or
exercisable or exchangeable for shares of Common Stock or other property, pro rata to the holders of shares of Common Stock or
(C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each case
that such information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder.

 

    5

     

    

9.                  
AMENDMENT AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance
and either retroactively or prospectively) only with the written consent of the Company and the Holder.

 

10.               
Governing Law. This Warrant shall be governed by and interpreted in accordance with the laws of the State of Florida
without regard to the principles of conflicts of law (whether of the State of Florida or any other jurisdiction).

 

11.               
Arbitration. Any disputes, claims, or controversies arising out of or relating to this Warrant, or the transactions,
contemplated thereby, or the breach, termination, enforcement, interpretation or validity thereof, including the determination
of the scope or applicability of this Warrant to arbitrate, shall be referred to and resolved solely and exclusively by binding
arbitration to be conducted before the Judicial Arbitration and Mediation Service (“JAMS”), or its successor
pursuant the expedited procedures set forth in the JAMS Comprehensive Arbitration Rules and Procedures (the “Rules”),
including Rules 16.1 and 16.2 of those Rules. The arbitration shall be held in New York, New York, before a tribunal consisting
of three (3) arbitrators each of whom will be selected in accordance with the “strike and rank” methodology set forth
in Rule 15. Either party to this Warrant may, without waiving any remedy under this Warrant, seek from any federal or state court
sitting in the State of Florida any interim or provisional relief that is necessary to protect the rights or property of that party,
pending the establishment of the arbitral tribunal. The costs and expenses of such arbitration shall be paid by and be the sole
responsibility of the Company, including but not limited to the Holder’s attorneys’ fees and each arbitrator’s
fees. The arbitrators’ decision must set forth a reasoned basis for any award of damages or finding of liability. The arbitrators’
decision and award will be made and delivered as soon as reasonably possible and in any case within sixty (60) days’ following
the conclusion of the arbitration hearing and shall be final and binding on the parties and may be entered by any court having
jurisdiction thereof.

 

12.               
JURY TRIAL WAIVER. THE COMPANY AND THE HOLDER HEREBY WAIVE A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS WARRANT.

 

13.               
ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms
and conditions contained herein.

 

14.               
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)                
“Nasdaq” means www.Nasdaq.com.

 

(b)               
“Closing Sale Price” means, for any security as of any date, (i) the last closing trade price for such
security on the Principal Market, as reported by Nasdaq, or, if the Principal Market begins to operate on an extended hours basis
and does not designate the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as
reported by Nasdaq, or (ii) if the foregoing does not apply, the last trade price of such security in the over-the-counter
market for such security as reported by Nasdaq, or (iii) if no last trade price is reported for such security by Nasdaq, the average
of the bid and ask prices of any market makers for such security as reported by the OTC Markets. If the Closing Sale Price cannot
be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such
date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation
period.

 

(c)                
“Common Stock” means the Company’s common stock, par value $0.01 per share, and any other class
of securities into which such securities may hereafter be reclassified or changed.

 

    6

     

    

(d)               
“Common Stock Equivalents” means any securities of the Company that would entitle the holder thereof
to acquire at any time Common Stock, including without limitation any debt, preferred stock, rights, options, warrants or other
instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to
receive, Common Stock.

 

(e)                
“Principal Market” means the primary national securities exchange or marketplace on which the Common
Stock is then traded.

 

(f)                 
“Market Price” means the highest traded price of the Common Stock during the thirty (30) Trading Days
prior to the date of the respective Exercise Notice.

 

(g)               
“Trading Day” means (i) any day on which the Common Stock is listed or quoted and traded on its Principal
Market, (ii) if the Common Stock is not then listed or quoted and traded on any national securities exchange, then a day on which
trading occurs on any over-the-counter markets, or (iii) if trading does not occur on the over-the-counter markets, any business
day.

 

 

* * * * * * *

 

 

 

    7

     

    

IN WITNESS WHEREOF, the Company has caused this
Warrant to be duly executed as of the Issuance Date set forth above.

 

 

PRECISION THERAPEUTICS INC.

 

By: ________________________ 

Name: Bob Myers

Title: Chief Financial Officer

 

Agreed & Accepted:

 

Dawson James Securities, Inc.

 

By:  ________________________

Name:  ______________________

Title:  _______________________

 

 

 

 

 

 

    8

     

    

EXHIBIT A

 

EXERCISE NOTICE

 

(To be executed by the registered holder
to exercise this Common Stock Purchase Warrant)

 

The
Undersigned holder hereby exercises the right to purchase _________________ of the shares of Common Stock (“Warrant
Shares”) of Precision Therapeutics Inc., a Delaware corporation (the “Company”), evidenced by the attached copy
of the Common Stock Purchase Warrant (the “Warrant”). Capitalized terms used herein and not otherwise defined
shall have the respective meanings set forth in the Warrant.

 

	 	1.	Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be made as (check one):

 

	 	☐	a cash exercise with respect to _________________ Warrant Shares; or
	 	☐	by cashless exercise pursuant to the Warrant.

 

	 	2.	Payment of Exercise Price. If cash exercise is selected above, the holder shall pay the applicable Aggregate Exercise Price in the sum of $___________________ to the Company in accordance with the terms of the Warrant.

 

	 	3.	Delivery of Warrant Shares. The Company shall deliver to the holder __________________ Warrant Shares in accordance with the terms of the Warrant.

 

 

Date: 

 

 

 

(Print Name of Registered Holder)

 

By: _________________________________________

Name:
______________________________________

Title: ________________________________________

 

 

 

 

 

 

 

 

    9

     

    

EXHIBIT B

 

ASSIGNMENT OF WARRANT

 

(To be signed only upon authorized transfer
of the Warrant)

 

For
Value Received , the undersigned hereby sells, assigns, and transfers unto ____________________ the right to purchase
_______________ shares of common stock of Precision Therapeutics Inc., to which the within Common Stock Purchase Warrant relates
and appoints ____________________, as attorney-in-fact, to transfer said right on the books of Precision Therapeutics Inc. with
full power of substitution and re-substitution in the premises. By accepting such transfer, the transferee has agreed to be bound
in all respects by the terms and conditions of the within Warrant.

 

 

Date: 

 

 

____________________________________

(Signature) *

 

____________________________________

(Name)

 

____________________________________

(Address)

 

____________________________________

(Social Security or Tax Identification
No.)

 

* The signature on this Assignment of Warrant
must correspond to the name as written upon the face of the Common Stock Purchase Warrant in every particular without alteration
or enlargement or any change whatsoever. When signing on behalf of a corporation, partnership, trust or other entity, please indicate
your position(s) and title(s) with such entity.

 

 

 

 

 

 

 

10Exhibit 10.1

 

SECOND AMENDMENT TO
LOAN AGREEMENT

 

This
SECOND AMENDMENT TO LOAN AGREEMENT (this “Amendment”), dated as of December 13, 2018 (the “Effective
Date”), is made by and among FUELCELL ENERGY FINANCE, LLC, a Connecticut limited liability company having its principal
office located at 3 Great Pasture Road, Danbury, Connecticut 06810 (hereinafter referred to as the “Parent”),
and NRG ENERGY, INC., a Delaware corporation having an office address located at 804 Carnegie Center Drive, Princeton, New Jersey
08540, its permitted successors and/or assigns (hereinafter referred to as the “Lender”). Each capitalized
term used and not otherwise defined herein shall have the meaning assigned thereto in Article I of the Loan Agreement (as defined
below).

 

WHEREAS,
Parent and Lender entered into that certain Loan Agreement dated as of July 30, 2014, as amended by that certain First Amendment
to Loan Agreement dated as of April 18, 2016 (the “Loan Agreement”), pursuant to which the Lender agreed to
make certain Project Debt available to Co-Borrowers pursuant to the terms thereof; and

 

WHEREAS,
Parent has requested that Lender agree to amend the Loan Agreement as more particularly set forth herein; and

 

WHEREAS,
the Lender is willing to agree to certain amendments specified below, in each case subject to the terms and conditions set forth
herein.

 

NOW,
THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt, sufficiency
and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1. Amendments to the Loan Agreement.
Subject to the terms and conditions of this Amendment, the Lender agrees to amend the Loan Agreement as of the Effective Date
as follows:

 

(a)   The
definition of “Maturity Date” is hereby deleted in its entirety and replaced with the following:

 

“Maturity Date”
shall mean, with respect to each Note, the date that is the earlier of (a) March 31, 2019 and (b) COD with respect to the Project
owned by the Co- Borrower that executed such Note.

 

(b)   The
definition of “Project Draw Period” is hereby deleted in its entirety and replaced with the following:

 

“Project
Draw Period” shall mean the period commencing on the Agreement Date and ending on December 31, 2018.

 

(c)   Section
7.3 is hereby amended as follows:

 

i.      The
phrase “but in no event after the expiration of the Project Draw Period,” is inserted after the words “Construction
Period,” in the first sentence of the preamble.

 

ii.     The following proviso
is inserted at the end of clause (a): “provided, however, that in no event shall a Project Advance be made
after the expiration of the Project Draw Period;”

 

    1

     

    

 

(d)
  The first sentence of Section 13.11 is hereby deleted in its entirety and replaced with the following:

 

“At such time as all
of the Obligations (other than obligations which survive as provided in the following sentence) have been repaid and satisfied
in full, including the repayment of all Project Debt upon the Maturity Date(s) of any outstanding Notes evidencing such Project
Debt, this Agreement shall terminate.”

 

Section
2. Reservation of Rights. The Lender reserves any and all rights which it has, or may now or in the future have,
to exercise any and all powers, rights, remedies and privileges under the Loan Agreement and any other Loan Documents with no
impairment or prejudice of such power, right, remedy or privilege. No single or partial exercise of any such power, right, remedy
or privilege shall preclude any other or further exercise thereof or of any other right, power, remedy or privilege, and all of
such rights, powers, remedies and privileges are and shall continue to be cumulative. No failure of the Lender to immediately
exercise any such power, right, remedy or privilege shall constitute or be deemed to constitute a waiver thereof or the acquiescence
by the Lender with respect to any Default or Event of Default.

 

Section
3. No Course of Dealing or Performance. The Parent acknowledges and agrees that the execution, delivery and performance
of this Amendment by the Lender does not and shall not create (nor shall the Parent rely upon the existence of or claim or assert
that there exists) any obligation of the Lender to consider or agree to any other amendment of or waiver or consent with respect
to the Loan Agreement or any other Loan Document, or any other instrument or agreement to which Lender is a party (collectively,
an “Amendment or Consent”), and in the event that the Lender subsequently agrees to consider any requested
Amendment or Consent, neither the existence of this Amendment nor any other conduct of the Lender related hereto, shall be of
any force or effect on the Lender’s consideration or decision with respect to any such requested Amendment or Consent, and
the Lender shall not have any obligation whatsoever to consider or agree to any such Amendment or Consent.

 

Section 4. Representations
and Warranties. To induce the Lender to enter into this Amendment, the Parent does hereby represent and warrant that as
of the Effective Date, after giving effect to the amendments contained herein:

 

(a)   each representation and
warranty of the Parent under the Loan Agreement and the other Loan Documents is true and correct in all material respects on and
as of the Effective Date as if made on and as of such date, except to the extent such representation or warranty relates to an
earlier date in which case it was true and correct as of such earlier date;

 

(b)
 the Parent has the power and authority, and has taken all the necessary actions, to authorize the execution, delivery and
performance of this Amendment;

 

(c)   this Amendment has been
duly executed and delivered by a duly authorized officer of the Parent, and this Amendment, the Loan Agreement as amended hereby
(the “Amended Agreement”) and the other Loan Documents, are the legal, valid and binding obligation of the Parent
enforceable against the Parent in accordance with their terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization or other similar laws affecting creditors’ rights generally and by principles of equity relating
to enforceability; and

 

(d)   the execution and delivery
of this Amendment and performance of this Amendment and the Amended Agreement in accordance with their respective terms do not
and will not, with the passage of time, the giving of notice or otherwise: (A) require any consent, approval, authorization, permit
or license, governmental or otherwise that has not already been obtained or is not in full force and effect or violate any applicable
law relating to the Parent; (B) conflict with, result in a breach of or constitute a default under (1) the articles or certificate
of incorporation or formation or bylaws, operating agreement or the partnership agreement, as the case may be, of the Parent, or
(2) any material agreements of the Parent or by which any of its properties may be bound; or (C) result in or require the creation
or imposition of any Lien upon or with respect to any property now owned or hereafter acquired by the Parent other than Permitted
Liens.

 

    2

     

    

 

Section
5. Fees and Expenses. Parent agrees to pay all reasonable attorneys’ fees of Lender to the extent accrued on
or prior to the date hereof and related to the preparation and finalization of this Amendment. Lender shall provide to Parent an
invoice or other evidence of such accrued amounts not later than two (2) business days after the Effective Date, and Parent will
pay such amount no later than ten (10) business days after receipt of such invoice or other evidence.

 

Section
6. Loan Agreement; Other Loan Documents. The Amended Agreement and the other Loan Documents remain in full force
and effect in accordance with their respective terms and are hereby ratified and affirmed in all respects. Except for the amendments
set forth in Section 1, nothing herein shall be construed to limit, affect, modify or alter the Parent’s obligations under
the Loan Agreement or elsewhere under the Loan Documents. This Amendment shall not be construed to: (i) impair the validity, perfection
or priority of any lien or security interests securing the Obligations; (ii) waive or impair any rights, powers or remedies of
the Lender under the Loan Agreement and the other Loan Documents; (iii) constitute an agreement by the Lender or require the Lender
to extend the time for payment of any of the Obligations; or (iv) constitute a waiver of any right of the Lender to insist on strict
compliance by the Parent with each and every term, condition and covenant of this Amendment, the Amended Agreement and the other
Loan Documents to which it is a party in accordance therewith.

 

Section
7. General.  This Amendment (a) shall be deemed to be a Loan Document and (b) embodies the entire understanding and
agreement among the parties hereto and thereto with respect to the subject matter hereof and thereof and supersedes all prior agreements,
understandings and inducements, whether express or implied, oral or written.

 

Section
8. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the successors and permitted
assigns of the parties hereto.

 

Section
9. Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties
hereto in separate 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. Delivery of an executed counterpart by facsimile shall be equally effective as delivery
of a manually executed counterpart to this Amendment.

 

Section
10. GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

[signatures appear on the following pages]

 

    3

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be executed by their respective duly authorized representatives as of the date first written
above.

 

	 	FUELCELL ENERGY FINANCE, LLC
	 	 
	 	By:  	/s/ Michael S. Bishop

	 
	 	 	Name: 	Michael S. Bishop
	 	 	Title: 	SVP and CFO of FuelCell Energy, Inc.,
	 	 	 	sole member
	 	 	 	 
	 	 	 	 
	 	NRG ENERGY, INC.
	 	 
	 	By: 	/s/ Bruce Chung

	 
	 	 	Name:  	Bruce Chung
	 	 	Title: 	SVP

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