Document:

EX-10.1

 Exhibit 10.1 
  

 
 EXECUTION VERSION 

Project Monty – Amending Agreement No.1 (Syndicated Facility Agreement) 

Dated 29 December 2019 
 National Australia Bank Limited (ABN 12
004 044 937) (“Agent”) 
 GWI Acquisitions Pty Ltd (ACN 615 317 130) (“Borrower”) 

Each person listed as an Obligor in schedule 1 (each an “Obligor” and together, the “Obligors”) 

King & Wood Mallesons 
 Level 61 

Governor Phillip Tower 
 1 Farrer Place 

Sydney NSW 2000 
 Australia 

T +61 2 9296 2000 
 F +61 2 9296 3999 

DX 113 Sydney 
 www.kwm.com 

REF: AM:BJS: 602-0046412 

 Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement) 

Contents 
  

							
	 Details
	 		  	 	1	
		
	 General terms
	  	 	2	
			
	 1
	 	 Definitions and interpretation
	  	 	2	
			
	 1.1
	 	 Defined terms
	  	 	2	
	 1.2
	 	 Interpretation
	  	 	2	
	 1.3
	 	 Capacity of the Agent
	  	 	3	
			
	 2
	 	 Amendments
	  	 	3	
			
	 3
	 	 Confirmation and acknowledgement
	  	 	4	
			
	 3.1
	 	 Confirmation
	  	 	4	
	 3.2
	 	 Conflict
	  	 	4	
	 3.3
	 	 Finance Document
	  	 	4	
	 3.4
	 	 Secured Money
	  	 	4	
			
	 4
	 	 Representations and warranties
	  	 	4	
			
	 5
	 	 Undertakings
	  	 	5	
			
	 6
	 	 Costs
	  	 	5	
			
	 7
	 	 Termination of this agreement
	  	 	5	
			
	 8
	 	 Counterparts
	  	 	6	
			
	 9
	 	 General
	  	 	6	
			
	 10
	 	 Governing law
	  	 	6	
		
	 Schedule 1 – Obligors
	  	 	7	
		
	 Schedule 2 – Form of GWA Transaction Completion Notice
	  	 	11	
		
	 Signing page
	  	 	13	

  

					
	 	 	 
	 © King & Wood Mallesons

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 Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement) 

Details 
 Date 29 December 2019 

 
  

					
	Parties	  	Agent, Borrower and each Obligor
			
	Agent	  	Name	  	National Australia Bank Limited
	  	  
 ABN
	  	  
 12 004 044 937

			
		  	Address	  	Level 25, 255 George Street, Sydney NSW 2000
			
		  	Fax	  	+61 2 9237 1634
			
		  	Email	  	jessica.bui@nab.com.au / christina.choy@nab.com.au
			
	 	  	Attention	  	Jessica Bui, Associate Director, Agency & Trustee Services / Christina Choy, Associate Director, Agency & Trustee Services
			
	Borrower	  	Name	  	GWI Acquisitions Pty Ltd
			
		  	ACN	  	615 317 130
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Attention	  	Chief Financial Officer, GWA
			
	 	  	Email	  	mmorris@gwrr.com
		
	Obligor	  	Each person named in schedule 1 (“Obligors”). Their details are as set out in schedule 1
(“Obligors”).

					
			
	Recitals	  	A	  	Each of the Borrower, the Obligors and the Agent, among others, are party to the Original Document.
			
		  	B	  	Each of the Borrower, the Obligors and the Agent wish to amend the Original Document as set out in this agreement.
			
		  	C	  	The Agent is party to this agreement for itself and in its capacity as agent for and on behalf of the Finance Parties.

  

					
	 	 	 
	 © King & Wood Mallesons

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 Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement) 

General terms 
  

 

	1	 Definitions and interpretation 

 

	1.1	 Defined terms 

These meanings apply unless the contrary intention appears: 

Consent Request Letter means the letter entitled “Project Monty – Syndicated Facility Agreement” dated
31 October 2019 from the Borrower addressed to National Australia Bank Limited as the Agent (and confirmed by the Agent for itself and for and on behalf of the Lenders on 27 December 2019). 

Effective Date means the date on which completion of the GWA Transaction occurs, as notified by the Borrower to the Agent in writing in
the form set out in schedule 2 and provided that, prior to completion of the GWA Transaction, the Required Glencore Confirmation has been delivered to the Agent. 

GWA Transaction has the meaning given in the Consent Request Letter. 

GWI Transaction has the meaning given in the Consent Request Letter. 

Original Document means the document entitled “Project Monty – Syndicated Facility Agreement” dated 28 November 2016
between, among others, the Agent, the Borrower and each Obligor. 
 Required Glencore Confirmation means a copy of either: 

 

	 	(a)	 the letter entitled “Rail Haulage Agreement – Notice of Change of Control” from GRail to
Glencore Coal dated 18 October 2019 duly counter-signed by or on behalf of Glencore Coal; or 

  

	 	(b)	 any other written notice from (and duly signed by or on behalf of) Glencore Coal to GRail confirming that
neither the GWI Transaction nor the GWA Transaction would create any grounds to terminate the Rail Haulage Agreement or for Glencore Coal to exercise its other rights under clauses 34.2 and 35.2(iii) of the Rail Haulage Agreement with respect to the
GWA Transaction or the GWI Transaction (as the case may be) (such notice to be in form and substance satisfactory to the Agent acting on the instructions of all the Lenders). 

Security Trust Deed means the deed entitled “Project Monty – Security Trust Deed” dated 28 November 2016 between,
among others, the Security Trustee and each Obligor. 
  

	1.2	 Interpretation 

 

	 	(a)	 Unless otherwise defined in this agreement, terms defined in the Original Document or the Security Trust Deed
have the same meaning in this agreement. 

  

	 	(b)	 Unless the context requires or this agreement expressly provides otherwise, clause 1.2
(“Interpretation”) and clause 1.3 (“Incorporation of defined terms”) of the Original Document apply to this agreement as if set out in full and references in those clause to “this agreement” will be taken to be
reference to this document. 

  

					
	 	 	 
	 © King & Wood Mallesons

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	1.3	 Capacity of the Agent 

 

	 	(a)	 The Agent enters into this agreement for itself and as agent for the Finance Parties. 

 

	 	(b)	 In accordance with the terms of the Original Document, the Agent has been instructed and is authorised to enter
into this agreement on behalf of the Finance Parties and the amendment of the Original Document pursuant to this agreement will be binding on all the Finance Parties. 

 

	 	(c)	 Clause 1.5 (“Capacity of Agent”) of the Security Trust Deed applies to this agreement as if it was
set out in full herein. 

  
  

	2	 Amendments 

As from (and including) the Effective Date, the Agent, the Borrower and each Obligor agree that clause 25.1 (“Review Event”) of the
Original Document is amended as set out in the marked-up text below: 

“25.1    Review Event 

A Review Event will occur if: 
  

	 	(a)	 a person (other than GWI or the Investor) obtains beneficial
ownership (directly or indirectly) of 50.1% or more of the issued ordinary shares in Hold Co; or 

  

	 	(b)	 the Investor does not have or ceases to have beneficial ownership (directly or
indirectly) of 50.1% or more of the issued ordinary shares in Hold Co; or 

  

	 	(bc)	 GWI the Investor ceases to have
the right to appoint at least half of the number of representatives directors to the management committee board of directors of the general partner of G&W Australia Holdings LP (ABN 30 124 868
215),; or 

 (c)
    GWI ceases to hold (directly or indirectly) at least a 40% interest in G&W Australia Holdings LP (ABN
30 124 868 215), 
 (each of the events in paragraphs (a),
(b) and (c) above being a “Change of Control Review Event”); or 
  

	 	(d)	 the Rail Haulage Agreement is terminated (other than on expiry of its terms and satisfaction of all of the
obligations under the Rail Haulage Agreement) as a result of GRail exercising its termination rights under clause 35.1 (“GRail’s right to terminate”) of the Rail Haulage Agreement (a “RHA Review Event”).”

  

					
	 	 	 
	 © King & Wood Mallesons

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	3	 Confirmation and acknowledgement 

 

	3.1	 Confirmation 

  

	 	(a)	 Each of the Agent, the Borrower and each Obligor confirms that, except as provided for in clause 2
(“Amendments”), no other amendments are to be made to the Original Document. 

  

	 	(b)	 Each of the Agent, the Borrower and each Obligor acknowledges and agrees that nothing in this agreement is
intended to have the effect of creating a new agreement to replace the Original Document and the Original Document (as amended by this agreement) will continue in full force and effect. 

 

	3.2	 Conflict 

If there is a conflict between the Original Document and this agreement, the terms of this agreement prevail. 

 

	3.3	 Finance Document 

The parties acknowledge that this agreement is a Finance Document. 
  

	3.4	 Secured Money 

The Borrower and each Obligor acknowledges that the definition of “Secured Money” in the Security Trust Deed includes any amount
payable under the Original Document as amended by this agreement. 
  
  

	4	 Representations and warranties 

 

	 	(a)	 Subject to clause 4(b), each Repeating Representation is deemed to be made by the Borrower and each other
Obligor (by reference to the facts and circumstances then existing) on: 

  

	 	(i)	 the date of this agreement; and 

 

	 	(ii)	 the Effective Date. 

  

	 	(b)	 For the purposes of the clause 4(a): 

 

	 	(i)	 each reference in a Repeating Representation to the “Finance Documents”, any “Finance
Document”, the Transaction Documents” or any “Transaction Document” (as applicable) will be construed as also including: 

  

	 	(A)	 a reference to this agreement; and 

 

	 	(B)	 on the Effective Date, the Original Document as amended by this agreement; and 

 

	 	(ii)	 all written factual information contained in the Consent Request Letter or subsequently provided by (or on
behalf of) the Borrower or any other Obligor to the Agent in connection with the Consent Request Letter will be subject to the Repeating Representation under clause 22.1(o)(i) (“Accuracy of information”) of the Original Document.

  

					
	 	 	 
	 © King & Wood Mallesons

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	5	 Undertakings 

  

	 	(a)	 The Borrower and each other Obligor agrees to provide to the Agent the following (and if so requested by the
Agent, in sufficient copies for each Lender): 

  

	 	(i)	 promptly upon request, any document or other information that the Agent requests (either for itself or on
behalf of another Finance Party) to enable the Agent or another Finance Party to do any “know your customer” checks in relation to the GWI Transaction and/or the GWA Transaction; 

 

	 	(ii)	 to the extent that the most recent Group Structure Diagram or any corporate structure diagram in relation to
the GWI Transaction and/or the GWA Transaction which has been provided to the Agent in connection with the Consent Request Letter by (or on behalf of) an Obligor is no longer correct, a copy of such updated Group Structure Diagram or other corporate
structure diagram (as applicable), promptly upon becoming aware that it is no longer correct; and 

  

	 	(iii)	 promptly after it becomes available to an Obligor (and subject to any confidentiality restriction applicable to
its disclosure), a copy of any approval issued by FIRB and/or the ACCC in relation to the completion of the GWI Transaction and/or the GWA Transaction (to the extent not otherwise provided to the Agent prior to the date of this agreement).

  

	 	(b)	 The Borrower must promptly notify the Agent upon completion of the GWI Transaction occurring.

  

	 	(c)	 The Borrower must issue a notice to the Agent (in the form set out in schedule 2) on the same day that
completion of the GWA Transaction occurs. 

  

	 	(d)	 The undertakings in this clause 5 remain in force from the date of this agreement for so long as any Secured
Money is outstanding to the Finance Parties under the Finance Documents or any Commitment is in force. 

  

 

	6	 Costs 

The Borrower agrees to pay or reimburse the Agent (for itself and for and on behalf of the Finance Parties) its reasonable costs in connection
with the preparation and execution of this agreement. 
  
  

	7	 Termination of this agreement 

If the Borrower delivers written notice to the Agent confirming that completion will not occur in relation to either the GWI Transaction or the
GWA Transaction (or both transactions), this agreement will automatically terminate and will have no further force or effect from (and including) the date of such notice (except for clause 6 (“Costs”) which will survive and continue to
apply after termination of this agreement). 

  

					
	 	 	 
	 © King & Wood Mallesons

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	8	 Counterparts 

This agreement may be executed in any number of counterparts and each signed counterpart taken together will constitute one instrument. 

 
  

	9	 General 

  

	 	(a)	 Subject to clause 9(b), each of the Agent, the Borrower and each Obligor acknowledges and agrees that Part 11
(“General”) of the Original Document applies to this agreement mutatis mutandis. 

  

	 	(b)	 Notwithstanding clause 38 (“Notices and communications”) of the Original Document, the notice of
completion of the GWA Transaction (in the form set out in schedule 2) will be effective on the date and at the time which that notice (signed by an Authorised Officer of the Borrower) is sent by email by the Borrower to the Agent.

  
  

	10	 Governing law 

This document is governed by the law in force in New South Wales and each party submits to the exclusive jurisdiction of the courts of that
place. 
 EXECUTED as an agreement 

  

					
	 	 	 
	 © King & Wood Mallesons

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 Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement) 

Schedule 1 – Obligors 
  

					
	Name	  	Address and notice details
			
	GWI Acquisitions Pty Ltd	  	ACN	  	615 317 130
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
	 	  	Attention	  	Chief Financial Officer & Company Secretary
			
	Genesee & Wyoming Australia Pty Ltd	  	ABN	  	17 079 444 296
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
	 	  	Attention	  	Chief Financial Officer & Company Secretary
			
	GWI Holdings No.2 Pty Ltd	  	ABN	  	53 132 989 998
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
		  	Attention	  	Chief Financial Officer & Company Secretary

  

					
	 	 	 
	 © King & Wood Mallesons

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	GWI Holdings Pty Ltd	  	ABN	  	37 094 819 806
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
	 	  	Attention	  	Chief Financial Officer & Company Secretary
			
	Genesee & Wyoming Australia Eastern Pty Ltd	  	 ABN
  
	  	 68 142 367 280
  

	  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
	 	  	Attention	  	Chief Financial Officer & Company Secretary
			
	GWA (North) Pty Ltd	  	ABN	  	92 144 081 774
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
	 	  	Attention	  	Chief Financial Officer & Company Secretary
			
	SA Rail Pty Ltd	  	ABN	  	55 077 946 340
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
		  	Attention	  	Chief Financial Officer & Company Secretary

  

					
	 	 	 
	 © King & Wood Mallesons

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	Viper Line Pty Limited	  	ABN	  	63 092 437 691
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
	 	  	Attention	  	Chief Financial Officer & Company Secretary
			
	Freightliner Australia Pty Ltd	  	ABN	  	51 122 522 123
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
	 	  	Attention	  	Chief Financial Officer & Company Secretary
			
	FLA Coal Services Pty Ltd	  	ABN	  	38 137 483 240
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
	 	  	Attention	  	Chief Financial Officer & Company Secretary
			
	Freightliner Australia Coal Haulage Pty Ltd	  	ABN	  	46 137 483 713
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
		  	Attention	  	Chief Financial Officer & Company Secretary

  

					
	 	 	 
	 © King & Wood Mallesons

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	ARG Sell Down No1 Pty. Limited	  	ABN	  	65 096 337 861
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
	 	  	Attention	  	Chief Financial Officer & Company Secretary
			
	GWA Northern Pty Ltd	  	ABN	  	49 092 437 628
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
	 	  	Attention	  	Chief Financial Officer & Company Secretary
			
	GRail (NSW) Pty Limited	  	ABN	  	11 079 546 777
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
	 	  	Attention	  	Chief Financial Officer & Company Secretary
			
	GWA (Queensland) Pty Ltd	  	ACN	  	634 345 627
			
		  	Address	  	Level 3, 33 Richmond Road, Keswick SA 5035
			
		  	Fax	  	+61 8 8343 5454
			
		  	Telephone	  	+61 8 8343 5455
			
		  	Email	  	gwacompanysecretary@gwrr.com
			
		  	Attention	  	Chief Financial Officer & Company Secretary

  

					
	 	 	 
	 © King & Wood Mallesons

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 Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement) 

Schedule 2 – Form of GWA Transaction Completion Notice 
  

			
	To:	  	National Australia Bank Limited (ABN 12 004 044 937)
		  	Level 25, 255 George Street
		  	Sydney NSW 2000
		  	Attention: Jessica Bui, Associate Director, Agency & Trustee Services / Christina Choy, Associate Director, Agency & Trustee Services
		  	By email: jessica.bui@nab.com.au / christina.choy@nab.com.au
		
		  	“Agent” for itself and for and on behalf of each person listed in Annexure 1 (being a Lender under the Syndicated Facility Agreement
		
	From:	  	GWI Acquisitions Pty Ltd (ACN 615 317 130)
		  	Level 3, 33 Richmond Road
		  	Keswick SA 5035
		  	(“Borrower”)
		
	And from:	  	Each person listed in Annexure 2 (together with the Borrower, being an Obligor under the Syndicated Facility Agreement) (each an “Obligor”)

 Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement) dated
             (“Amending Agreement”): Notice of completion of the GWA Transaction 

Dated [insert] 
 I refer to the Amending Agreement and to
the document entitled “Project Monty – Syndicated Facility Agreement” dated 28 November 2016 between, among others, the Borrower and the Agent (“Syndicated Facility Agreement”). 

Terms not otherwise defined in this document have the meaning given in the Amending Agreement or the Syndicated Facility Agreement. 

In accordance with Amending Agreement: 
  

	 	•	 	 for the purposes of clause 5(c) (“Undertakings”) of the Amending Agreement, the Borrower notifies and
confirms to the Agent that completion of the GWA Transaction has occurred on the date of this notice; 

  

	 	•	 	 prior to completion of the GWA Transaction, the Required Glencore Confirmation has been delivered to the Agent;
and 

  

	 	•	 	 the “Effective Date” under the Amending Agreement is the date of this notice. 

  

					
	 	 	 
	 © King & Wood Mallesons

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 [For the purposes of clause 5(b) (“Undertakings”) of the Amending Agreement, the Borrower also
notifies and confirms to the Agent that completion of the GWI Transaction occurred on the date of this notice.] [Note: Only to be included if the GWI Transaction and the GWA transaction occur on the same day; otherwise separate notice of
completion of the GWI Transaction is required to be provided under clause 5(b) of the Amending Agreement] 
  

	
	Yours sincerely,
	
	  

	
	[insert name]

 Authorised Officer of the Borrower and each other Obligor 

Annexure 1 
 [Name each Lender to be inserted] 

Annexure 2 – Obligors 
 GWA (North) Pty Ltd
(ABN 92 144 081 774) 
 Genesee & Wyoming Australia Pty Ltd (ABN 17 079 444 296) 

GWI Holdings No.2 Pty Ltd (ABN 53 132 989 998) 
 GWI Holdings
Pty Ltd (ABN 37 094 819 806) 
 Genesee & Wyoming Australia Eastern Pty Ltd (ABN 68 142 367 280) 

SA Rail Pty Ltd (ABN 55 077 946 340) 
 Viper Line Pty Limited
(ABN 63 092 437 691) 
 Freightliner Australia Pty Ltd (ABN 51 122 522 123) 

FLA Coal Services Pty Ltd (ABN 38 137 483 240) 
 Freightliner
Australia Coal Haulage Pty Ltd (ABN 46 137 483 713) 
 ARG Sell Down No1 Pty. Limited (ABN 65 096 337 861) 

GWA Northern Pty Ltd (ABN 49 092 437 628) 
 GRail (NSW) Pty
Limited (ABN 11 079 546 777) 
 GWA (Queensland) Pty Ltd (ACN 634 345 627) 

  

					
	 	 	 
	 © King & Wood Mallesons

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 Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement) 

Signing page 
 Date 29 December 2019 

BORROWER AND OBLIGOR 
  

					
	EXECUTED by GWI ACQUISITIONS	  	)	    	
	PTY LTD in accordance with section 127(1)	  	)	    	
	of the Corporations Act 2001	  	)	    	
	(Cth) by authority of its directors:	  	)	    	
		  	)	    	
		  	)	    	
	 /s/ Kieran Zubrinich
	  	)	    	 /s/ Jodie Sparrow

	Signature of director	  	)	    	Signature of director/company
		  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
	 Kieran Zubrinich
	  	)	    	
	Name of director (block letters)	  	)	    	 Jodie Sparrow

		  		    	Name of director/company secretary*
		  		    	(block letters)
		  		    	*  delete whichever is not applicable

  

					
	OBLIGORS	  		    	
			
	EXECUTED by GENESEE &	  	)	    	
	WYOMING AUSTRALIA PTY LTD in	  	)	    	
	accordance with section 127(1) of the	  	)	    	
	Corporations Act 2001 (Cth) by	  	)	    	
	authority of its directors:	  	)	    	
		  	)	    	
		  	)	    	 /s/ Jodie Sparrow

	 /s/ Kieran Zubrinich
	  	)	    	Signature of director/company
	Signature of director	  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
		  	)	    	 Jodie Sparrow

	 Kieran Zubrinich
	  	)	    	Name of director/company secretary*
	Name of director (block letters)	  		    	(block letters)
		  		    	*  delete whichever is not applicable

  

					
	 	 	 
	 © King & Wood Mallesons

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	EXECUTED by GWI HOLDINGS NO.2	  	)	    	
	PTY LTD in accordance with section 127(1)	  	)	    	
	of the Corporations Act 2001	  	)	    	
	 (Cth) by authority of its directors:
	  	)	    	
		  	)	    	
		  	)	    	
	 /s/ Kieran Zubrinich
	  	)	    	 /s/ Jodie Sparrow

	 Signature of director
	  	)	    	Signature of director/company
		  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
	 Kieran Zubrinich
	  	)	    	
	 Name of director (block letters)
	  	)	    	 Jodie Sparrow

		  		    	Name of director/company secretary*
		  		    	(block letters)
		  		    	*  delete whichever is not applicable

  

					
	EXECUTED by GWI HOLDINGS PTY	  	)	    	
	LTD in accordance with section 127(1)	  	)	    	
	of the Corporations Act 2001 (Cth) by	  	)	    	
	 authority of its directors:
	  	)	    	
		  	)	    	
		  	)	    	
	 /s/ Kieran Zubrinich
	  	)	    	 /s/ Jodie Sparrow

	 Signature of director
	  	)	    	Signature of director/company
		  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
	 Kieran Zubrinich
	  	)	    	
	 Name of director (block letters)
	  	)	    	 Jodie Sparrow

		  		    	Name of director/company secretary*
		  		    	(block letters)
		  		    	*  delete whichever is not applicable

  

					
	 EXECUTED by GENESEE &

WYOMING AUSTRALIA EASTERN
	  	 )
 )
	    	
	PTY LTD in accordance with section 127(1)	  	)	    	
	of the Corporations Act 2001	  	)	    	
	 (Cth) by authority of its directors:
	  	)	    	
		  	)	    	 /s/ Jodie Sparrow

	 /s/ Kieran Zubrinich
	  	)	    	Signature of director/company
	 Signature of director
	  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
		  	)	    	
		  	)	    	 Jodie Sparrow

	 Kieran Zubrinich
	  	)	    	Name of director/company secretary*
	 Name of director (block letters)
	  		    	 (block letters)

		  		    	 *  delete whichever is not applicable

		  		    	

  

					
	 	 	 
	 © King & Wood Mallesons

44551826
	  	  Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement)	  	14

					
	EXECUTED by GWA (NORTH) PTY	  	)	    	
	LTD in accordance with section 127(1)	  	)	    	
	of the Corporations Act 2001 (Cth) by	  	)	    	
	 authority of its directors:
	  	)	    	
		  	)	    	
		  	)	    	
	 /s/ Kieran Zubrinich
	  	)	    	 /s/ Jodie Sparrow

	 Signature of director
	  	)	    	Signature of director/company
		  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
	 Kieran Zubrinich
	  	)	    	
	 Name of director (block letters)
	  	)	    	 Jodie Sparrow

		  		    	Name of director/company secretary*
		  		    	(block letters)
		  		    	*  delete whichever is not applicable

  

					
	EXECUTED by SA RAIL PTY LTD in	  	)	    	
	accordance with section 127(1) of the	  	)	    	
	Corporations Act 2001 (Cth) by	  	)	    	
	 authority of its directors:
	  	)	    	
		  	)	    	
		  	)	    	
	 /s/ Kieran Zubrinich
	  	)	    	 /s/ Jodie Sparrow

	 Signature of director
	  	)	    	Signature of director/company
		  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
	 Kieran Zubrinich
	  	)	    	
	 Name of director (block letters)
	  	)	    	 Jodie Sparrow

		  		    	Name of director/company secretary*
		  		    	(block letters)
		  		    	*  delete whichever is not applicable

  

					
	EXECUTED by VIPER LINE PTY	  	)	    	
	LIMITED in accordance with section 127(1)	  	)	    	
	of the Corporations Act 2001	  	)	    	
	 (Cth) by authority of its directors:
	  	)	    	
		  	)	    	
		  	)	    	
	 /s/ Kieran Zubrinich
	  	)	    	 /s/ Jodie Sparrow

	 Signature of director
	  	)	    	Signature of director/company
		  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
	 Kieran Zubrinich
	  	)	    	
	 Name of director (block letters)
	  	)	    	 Jodie Sparrow

		  		    	Name of director/company secretary*
		  		    	(block letters)
		  		    	*  delete whichever is not applicable

  

					
	 	 	 
	 © King & Wood Mallesons

44551826
	  	  Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement)	  	15

					
	EXECUTED by FREIGHTLINER	  	)	    	
	AUSTRALIA PTY LTD in accordance	  	)	    	
	with section 127(1) of the Corporations	  	)	    	
	Act 2001 (Cth) by authority of its	  	)	    	
	directors:	  	)	    	
		  	)	    	
		  	)	    	 /s/ Jodie Sparrow

	 /s/ Kieran Zubrinich
	  	)	    	Signature of director/company
	Signature of director	  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
		  	)	    	
	 Kieran Zubrinich
	  	)	    	 Jodie Sparrow

	Name of director (block letters)	  		    	Name of director/company secretary*
		  		    	(block letters)
		  		    	*  delete whichever is not applicable
			
	EXECUTED by FLA COAL SERVICES	  	)	    	
	PTY LTD in accordance with section	  	)	    	
	127(1) of the Corporations Act 2001	  	)	    	
	(Cth) by authority of its directors:	  	)	    	
		  	)	    	
	 /s/ Kieran Zubrinich
	  	)	    	 /s/ Jodie Sparrow

	Signature of director	  	)	    	Signature of director/company
		  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
		  	)	    	
	 Kieran Zubrinich
	  	)	    	 Jodie Sparrow

	Name of director (block letters)	  	)	    	Name of director/company secretary*
		  		    	(block letters)
		  		    	*  delete whichever is not applicable
			
	EXECUTED by FREIGHTLINER	  	)	    	
	AUSTRALIA COAL HAULAGE PTY	  	)	    	
	LTD in accordance with section 127(1)	  	)	    	
	of the Corporations Act 2001 (Cth) by	  	)	    	
	authority of its directors:	  	)	    	
		  	)	    	 /s/ Jodie Sparrow

	 /s/ Kieran Zubrinich
	  	)	    	Signature of director/company
	Signature of director	  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
		  	)	    	
		  	)	    	 Jodie Sparrow

	 Kieran Zubrinich
	  	)	    	Name of director/company secretary*
	Name of director (block letters)	  		    	(block letters)
		  		    	*  delete whichever is not applicable
		  		    	

  

					
	 	 	 
	 © King & Wood Mallesons

44551826
	  	  Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement)	  	16

					
	EXECUTED by ARG SELL DOWN	  	)	    	
	NO1 PTY. LIMITED in accordance with	  	)	    	
	section 127(1) of the Corporations Act 	  	)	    	
	2001 (Cth) by authority of its directors:	  	)	    	
		  	)	    	
		  	)	    	
	 /s/ Luke Anderson
	  	)	    	 /s/ Jodie Sparrow

	Signature of director	  	)	    	Signature of director/company
		  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
	 Luke Anderson
	  	)	    	
	Name of director (block letters)	  	)	    	 Jodie Sparrow

		  		    	Name of director/company secretary*
		  		    	(block letters)
		  		    	*  delete whichever is not applicable
			
	EXECUTED by GWA NORTHERN	  	)	    	
	PTY LTD in accordance with section	  	)	    	
	127(1) of the Corporations Act 2001	  	)	    	
	(Cth) by authority of its directors:	  	)	    	
		  	)	    	
		  	)	    	
	 /s/ Luke Anderson
	  	)	    	 /s/ Jodie Sparrow

	Signature of director	  	)	    	Signature of director/company
		  	)	    	secretary*
		  	)	    	*  delete whichever is not applicable
	 Luke Anderson
	  	)	    	
	Name of director (block letters)	  	)	    	 Jodie Sparrow

		  		    	Name of director/company secretary*
		  		    	(block letters)
		  		    	*  delete whichever is not applicable

  

					
	 	 	 
	 © King & Wood Mallesons

44551826
	  	  Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement)	  	17

					
	EXECUTED by GRAIL (NSW) PTY	  	)	    	
	LIMITED in accordance with section	  	)	    	
	127(1) of the Corporations Act 2001	  	)	    	
	(Cth) by authority of its directors:	  	)	    	
		  	)	    	
		  	)	    	
	 /s/ Kieran Zubrinich
	  	)	    	 /s/ Jodie Sparrow

	Signature of director	  	)	    	 Signature of director/company secretary*

*  delete whichever is not applicable

		  	)
		  	)
	 Kieran Zubrinich
	  	)	    	
	Name of director (block letters)	  	)	    	 Jodie Sparrow

		  		    	Name of director/company secretary*
		  		    	(block letters)
		  		    	*  delete whichever is not applicable

  

					
	EXECUTED by GWA (QUEENSLAND)	  	)	    	
	PTY LTD in accordance with section	  	)	    	
	127(1) of the Corporations Act 2001	  	)	    	
	(Cth) by authority of its directors:	  	)	    	
		  	)	    	
		  	)	    	
	 /s/ Kieran Zubrinich
	  	)	    	 /s/ Jodie Sparrow

	Signature of director	  	)	    	 Signature of director/company secretary*

*  delete whichever is not applicable

		  	)
		  	)
	 Kieran Zubrinich
	  	)	    	
	Name of director (block letters)	  	)	    	 Jodie Sparrow

		  		    	Name of director/company secretary*
		  		    	(block letters)
		  		    	*  delete whichever is not applicable

  

					
	 	 	 
	 © King & Wood Mallesons

44551826
	  	  Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement)	  	18

					
	AGENT	  		    	
		  		    	
	SIGNED by	  	)	    	
	Jessica Bui	  	)	    	
		  	)	    	
	as attorney for NATIONAL	  	)	    	
	AUSTRALIA BANK LIMITED under	  	)	    	
	power of attorney dated 1 March 2007	  	)	    	
		  	)	    	
		  	)	    	 /s/ Jessica Bui

	in the presence of:	  	)	    	 By executing this document the attorney states that the attorney has received no notice of revocation of the

power of attorney

		  	)
		  	)
	 /s/ Antonia Waddy
	  	)
	Signature of witness	  	)	    	
		  		    	
	 Antonia Waddy
	  		    	
	Name of witness (block letters)	  		    	

  

					
	 	 	 
	 © King & Wood Mallesons

44551826
	  	  Project Monty - Amending Agreement No.1 (Syndicated Facility Agreement)	  	19Exhibit
10.1

 

SECURITIES
PURCHASE AGREEMENT

 

This
SECURITIES PURCHASE AGREEMENT (the “Agreement”), dated as of the date listed on the signature pages hereto, is by
and among Pressure BioSciences, Inc., a Massachusetts corporation with offices located at 14 Norfolk Avenue, South Easton, Massachusetts
02375 (the “Company”), and the investor signatory hereto (the “Purchaser”).

 

RECITALS

 

A.
The Company and the Purchaser are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Regulation
D (“Regulation D”), as promulgated by the United States Securities and Exchange Commission (the “SEC”)
under the Securities Act.

 

B.
The Purchaser wishes to purchase, and the Company wishes to sell, upon the terms and conditions stated in this Agreement, a Unit
consisting of: (i) a $275,000 principal amount 10% Senior Secured Convertible Promissory Note (the “Note”), which
is convertible into shares of common stock of the Company, par value $.01 par value per share (“Common Stock”) (the
“Note Shares”), and (ii) a Common Stock purchase warrant to purchase 55,000 shares of Common Stock, in the form attached
hereto as Exhibit A (the “Warrants”) (as exercised, collectively, the “Warrant Shares”).

 

C.
The Note, Note Shares, Warrants and the Warrant Shares are collectively referred to herein as the “Securities.” The
Units shall be delivered in the form of one Note and one Warrant, with a restrictive legend, representing the aggregate number
of Warrant Shares to be purchased.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants contained herein and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company and the Purchaser hereby agree as follows:

 

	1.	PURCHASE
    AND SALE OF UNITS.

 

(a)
Note Shares and Warrants. Subject to the satisfaction (or waiver) of the conditions set forth herein, the Company shall
issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, the Note and the Warrant. From time to time
the Purchaser may purchase additional Notes and Warrants which may be deemed to be purchased pursuant to the terms and conditions
of this Agreement.

 

(b)
Purchase Price. The purchase price for the Note shall be $2.50 per share (the “Purchase Price”) and the exercise
price for the Warrant shall be $3.50 per share (the “Exercise Price”).

 

    	 	1	 

    	 

    

 

(c)
Form of Payment. On the Closing Date, (i) the Purchaser shall pay the Purchase Price to the Company by wire transfer of
immediately available funds in accordance with the Company’s written wire instructions set forth below, and (ii) the Company
shall deliver to the Purchaser (A) one Note in the amount of the principal amount of the Purchase Price and, (B) one Warrant,
in all cases, duly executed on behalf of the Company and registered in the name of the Purchaser or its designee.

 

Payment
in the amount of subscription, by wire transfer of funds or check. All checks should be made payable to “Pressure BioSciences,
Inc., Signature Bank as Escrow Agent”

 

Wire
Transfer Instructions:

 

Beneficiary:

 

	2.	PURCHASER’S
    REPRESENTATIONS AND WARRANTIES.

 

The
Purchaser represents and warrants to the Company that, as of the date hereof:

 

(a)
Organization; Authority. The Purchaser, if an entity, is duly organized, validly existing and in good standing under the
laws of the jurisdiction of its organization with the requisite power and authority to enter into and to consummate the transactions
contemplated by this Agreement, the Registration Right Agreement, and Warrant and each of the other agreements and instruments
entered into or delivered by any of the parties hereto in connection with the transactions contemplated hereby and thereby, as
may be amended from time to time (collectively, the “Transaction Documents”) to which it is a party and otherwise
to carry out its obligations hereunder and thereunder.

 

(b)
No Public Sale or Distribution. The Purchaser is acquiring (i) the Unit, and (ii) the Note Shares and Warrant Shares issuable
thereunder, in each case, for its own account and not with a view towards, or for resale in connection with, the public sale or
distribution thereof in violation of applicable securities laws, except pursuant to sales registered or exempted under the Securities
Act; provided, however, by making the representations herein, the Purchaser does not agree, or make any representation or warranty,
to hold any of the Securities for any minimum or other specific term and reserves the right to dispose of the Securities at any
time in accordance with or pursuant to a registration statement or an exemption under the Securities Act. The Purchaser is acquiring
the Securities hereunder in the ordinary course of its business. The Purchaser does not presently have any agreement or understanding,
directly or indirectly, with any entity or individual (each such entity or individual, a “Person”) to distribute any
of the Securities in violation of applicable securities laws.

 

    	 	2	 

    	 

    

 

(c)
Investor Status. At the time the Purchaser was offered the Securities it was, and as of the date hereof and as of the Closing
Date it is, and on each date on which it converts any portion of the Note or exercises any portion of the Warrant it will be,
an “accredited investor” as that term is defined in Rule 501(a) of Regulation D.

 

(d)
Experience of Purchaser. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication
and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment
in the Securities, and has so evaluated the merits and risks of such investment. The Purchaser is able to bear the economic risk
of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)
Reliance on Exemptions. The Purchaser understands that the Securities are being offered and sold to it in reliance on specific
exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying
in part upon the truth and accuracy of, and the Purchaser’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of the Purchaser set forth herein in order to determine the availability of such exemptions
and the eligibility of the Purchaser to acquire the Securities.

 

(f)
Information. The Purchaser and its advisors, if any, have been furnished with all materials relating to the business, finances
and operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the
Purchaser. The Purchaser and its advisors, if any, have been afforded the opportunity to ask questions of the Company. The Purchaser
understands that its investment in the Securities involves a high degree of risk. The Purchaser has sought such accounting, legal
and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Securities.

 

(g)
No Governmental Review. The Purchaser understands that no United States federal or state agency or any other government
or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability
of the investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

 

(h)
Transfer or Resale. The Purchaser understands that: (i) the Securities have not been and are not being registered under
the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently
registered thereunder, (B) the Purchaser shall have delivered to the Company (if requested by the Company) an opinion of counsel
to the Purchaser, in a form reasonably acceptable to the Company, to the effect that such Securities to be sold, assigned or transferred
may be sold, assigned or transferred pursuant to an exemption from such registration, or (C) the Purchaser provides the Company
with reasonable assurance that such Securities can be sold, assigned or transferred pursuant to Rule 144 or Rule 144A promulgated
under the Securities Act (or a successor rule thereto) (collectively, “Rule 144”); (ii) any sale of the Securities
made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144, and further, if Rule 144 is not applicable,
any resale of the Securities under circumstances in which the seller (or the Person through whom the sale is made) may be deemed
to be an underwriter (as that term is defined in the Securities Act) may require compliance with some other exemption under the
Securities Act or the rules and regulations of the SEC promulgated thereunder; and (iii) neither the Company nor any other Person
is under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the
terms and conditions of any exemption thereunder.

 

    	 	3	 

    	 

    

 

(i)
Validity; Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of the Purchaser
and constitute the legal, valid and binding obligations of the Purchaser enforceable against the Purchaser in accordance with
their respective terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement
of applicable creditors’ rights and remedies.

 

(j)
No Conflicts. The execution, delivery and performance by the Purchaser of this Agreement and the consummation by the Purchaser
of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents of the
Purchaser, (ii) conflict with, or constitute a default (or an event which 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 of, any agreement, indenture
or instrument to which the Purchaser is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities laws) applicable to the Purchaser, except in the case of clauses (ii) and (iii)
above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected
to have a material adverse effect on the ability of the Purchaser to perform its obligations hereunder.

 

(k)
Residency. The Purchaser is a resident of the jurisdiction specified below its address on the Schedule of Purchasers.

 

(l)
Certain Trading Activities. The Purchaser has not directly or indirectly, nor has any person acting on behalf of or pursuant
to any understanding with the Purchaser, engaged in any transactions in the securities of the Company (including, without limitation,
Short Sales involving the Company’s securities) since the time that the Purchaser was first contacted by the Company or
the Placement Agent regarding the investment in the Company contemplated herein. “Short Sales” include, without limitation,
all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act (“Regulation
SHO”) and all types of direct and indirect stock pledges, forward sales contracts, options, puts, calls, swaps and similar
arrangements (including on a total return basis), and sales and other transactions through non-U.S. broker dealers or foreign
regulated brokers.

 

    	 	4	 

    	 

    

 

	3.	REPRESENTATIONS
    AND WARRANTIES OF THE COMPANY.

 

The
Company represents and warrants to each of the Purchaser that, as of the date hereof and as of the Closing Date:

 

(a)
Organization and Qualification. Each of the Company and its Subsidiary are entities duly organized and validly existing
and in good standing under the laws of the jurisdiction in which they are formed, and have the requisite power and authorization
to own their properties and to carry on their business as now being conducted and as presently proposed to be conducted. Each
of the Company and each of its Subsidiaries is duly qualified as a foreign entity to do business and is in good standing in every
jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification necessary,
except to the extent that the failure to be so qualified or be in good standing would not have a Material Adverse Effect. As used
in this Agreement, “Material Adverse Effect” means any material adverse effect on (i) the business, properties, assets,
liabilities, operations (including results thereof), condition (financial or otherwise) or prospects of the Company or any Subsidiary,
individually or taken as a whole, (ii) the transactions contemplated hereby or in any of the other Transaction Documents or (iii)
the authority or ability of the Company or any of its Subsidiaries to perform any of their respective obligations under any of
the Transaction Documents. Other than the Persons set forth on Schedule 3(a), the Company has no Subsidiaries. “Subsidiaries”
means any Person in which the Company, directly or indirectly, (I) owns any of the outstanding capital stock or holds any equity
or similar interest of such Person or (II) controls or operates all or any part of the business, operations or administration
of such Person, and each of the foregoing, is individually referred to herein as a “Subsidiary.”

 

(b)
Authorization; Enforcement; Validity. The Company has the requisite power and authority to enter into and perform its obligations
under this Agreement and the other Transaction Documents and to issue the Securities in accordance with the terms hereof and thereof.
The execution and delivery of this Agreement and the other Transaction Documents by the Company, and the consummation by the Company
of the transactions contemplated hereby and thereby (including, without limitation, the issuance of the Note Shares and the issuance
of the Warrants and the reservation for issuance and issuance of the Warrant Shares issuable upon exercise of the Warrants) have
been duly authorized by the Company’s board of directors or other governing body and no further filing, consent or authorization
is required by the Company, its board of directors or its stockholders or other governing body. This Agreement has been, and the
other Transaction Documents will be prior to the Closing Date, duly executed and delivered by the Company or its agent, and each
constitutes the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with its respective
terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights
and remedies and except as rights to indemnification and to contribution may be limited by federal or state securities law. The
execution, delivery and performance of the Transaction Documents and the transactions contemplated thereby by the Company do not
and shall not contravene or conflict with any provision of, or require any consents (except such consents as have already been
received) under (1) any law, rule, regulation or ordinance, (2) the Company’s organizational documents; and/or (3) any agreement
binding upon the Company or any of the Company’s properties, except in the case of (1) and (3) as would not reasonably be
expected to have a Material Adverse Effect.

 

    	 	5	 

    	 

    

 

(c)
Issuance of Securities. The Note, when issued, will be validly issued, fully paid and nonassessable and free from all taxes,
liens, charges and other encumbrances with respect to the issue thereof, with the holders being entitled to all rights accorded
to a holder of such Note. The Warrants are duly authorized and upon issuance in accordance with the terms of the Transaction Documents
shall be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, taxes, liens, charges and
other encumbrances with respect to the issue thereof. Upon conversion in accordance with the terms of the Note, the Note Shares,
when issued, will be validly issued, fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens,
charges and other encumbrances with respect to the issue thereof, with the holders being entitled to all rights accorded to a
holder of Common Stock. Upon exercise in accordance with the Warrants, the Warrant Shares, when issued, will be validly issued,
fully paid and nonassessable and free from all preemptive or similar rights, taxes, liens, charges and other encumbrances with
respect to the issue thereof, with the holders being entitled to all rights accorded to a holder of Common Stock. Subject to the
accuracy of the representations and warranties of the Purchaser in this Agreement, the offer and issuance by the Company of the
Securities is exempt from registration under the Securities Act.

 

(d)
Acknowledgment Regarding Purchaser’s Purchase of Securities. The Company acknowledges and agrees that to its actual
knowledge the Purchaser is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents
and the transactions contemplated hereby and thereby. The Company further represents to the Purchaser that the Company’s
decision to enter into the Transaction Documents to which it is a party has been based solely on the independent evaluation by
the Company and its representatives.

 

(e)
Dilutive Effect. The Company understands and acknowledges that the number of Note Shares and Warrant Shares will increase
in certain circumstances. The Company further acknowledges that its obligation to issue the Note Shares and the Warrant Shares
in accordance with this Agreement, the Note and the Warrant is, absolute and unconditional regardless of the dilutive effect that
such issuance may have on the ownership interests of other stockholders of the Company.

 

(f)
SEC Reports. The Company is subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act
of 1934 (the “Exchange Act”), and the Company is current in its filing obligations under the Exchange Act, including,
without limitation, its filings of Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K
(collectively, the “SEC Reports”). The SEC Reports, at the time filed with the SEC, did not contain any untrue statement
of a material fact or omit to state any fact necessary to make any statement therein not misleading. The Company is an issuer
subject to Rule 144(i) under the Securities Act. All financial statements included in the SEC Reports (the “Financial Statements”)
have been prepared, if so required, in accordance with GAAP applied on a consistent basis throughout the periods indicated and
with each other, except that unaudited Financial Statements may not contain all footnotes required by generally accepted accounting
principles. The Financial Statements fairly present, in all material respects, the financial condition and operating results of
the Company as of the dates, and for the periods, indicated therein, subject in the case of unaudited Financial Statements to
normal year-end audit adjustments.

 

    	 	6	 

    	 

    

 

(g)
Sarbanes-Oxley Act. Other than as disclosed in the SEC Reports filed with the SEC prior to the date hereof, the Company
is in compliance in all respects with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective
as of the date hereof, and any and all applicable rules and regulations promulgated by the SEC thereunder that are effective as
of the date hereof.

 

(h)
Absence of Litigation. Other than as disclosed in the SEC Reports, there is no action, suit, proceeding, inquiry or investigation
before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of
the Company, threatened against or affecting the Company, the Common Stock or any of the Company’s officers or directors
or 5% or greater stockholders in their capacities as such, that would need to be disclosed on the Company’s next Quarterly
Report on Form 10-Q or Annual Report on Form 10-K. Neither the Company nor any Subsidiary, nor any director or officer thereof,
is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws
or a claim of breach of fiduciary duty. There has not been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the Commission involving the Company or any current or former director or officer of the Company. The Commission
has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or
any Subsidiary under the Exchange Act or the Securities Act.

 

(i)
Material Changes; Undisclosed Events, Liabilities or Developments. Since the date of the latest audited financial statements
included in the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed with the SEC prior to the date
hereof or in Schedule 3(i) hereof: (i) there has been no event, occurrence or development that has had or that could reasonably
be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise)
other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and
(B) liabilities not required to be reflected in the Company’s Financial Statements pursuant to GAAP or disclosed in SEC
Reports pursuant to SEC rules and/or regulations, (iii) the Company has not altered its method of accounting, (iv) the Company
has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or
made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities
to any officer, director or affiliate, except pursuant to existing Company stock option plans. The Company does not have pending
before the Commission any request for confidential treatment of information. Except for the issuance of the Securities contemplated
by this Agreement, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably
expected to occur or exist with respect to the Company or its business, properties, operations, assets or financial condition
that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made
or deemed made that has not been publicly disclosed at least one trading day prior to the date that this representation is made.

 

    	 	7	 

    	 

    

 

(j)
No Violations of Laws. The Company is not in violation of any law, ordinance, rule, regulation, judgment, decree or order
of any federal, state or local governmental body or court and/or regulatory or self-regulatory body except as would not reasonably
be expected to have a Material Adverse Effect.

 

(k)
Taxes. All federal, and material state and local tax returns required to be filed by the Company have been filed with the
appropriate governmental agencies and all taxes due and payable by the Company have been timely paid. There are no unpaid taxes
in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any
Subsidiary know of no basis for any such claim.

 

(l)
Intellectual Property. The Company has, or has rights to use, all patents, patent applications, trademarks, trademark applications,
service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar
rights as described in the SEC Reports as necessary or required for use in connection with its business and which the failure
to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”). None of, and the
Company has not received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated
or been abandoned, or is expected to expire or terminate or be abandoned which would cause a Material Adverse Effect. The Company
has not received, since the date of the latest audited financial statements included within the SEC Reports, a written notice
of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person,
except as could not have or reasonably be expected to not have a Material Adverse Effect. To the knowledge of the Company, all
such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual
Property Rights. The Company has taken reasonable security measures to protect the secrecy, confidentiality and value of all of
its intellectual property, except where failure to do so could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. All material Intellectual Property Rights of the Company are set forth in the SEC Reports.

 

(m)
Violations or Conflicts. The Company is not in violation of or default under, nor will the execution and delivery of this
Securities Purchase Agreement or the issuance of the Common Stock, or the consummation of the transactions herein contemplated,
result in a violation of, or constitute a default under, the Company’s Certificate of Incorporation or By-laws, any material
obligations, agreements, covenants or conditions contained in any bond, debenture, note or other evidence of indebtedness or in
any material contract, indenture, mortgage, loan agreement, lease, joint venture or other agreement or instrument to which the
Company is a party or by which it or any of its properties may be bound or any material order, rule, regulation, writ, injunction,
or decree of any government, governmental instrumentality or court, domestic or foreign.

 

    	 	8	 

    	 

    

 

(n)
144 Cooperation. The Company shall provide for the transfer, upon request of the Purchaser, or removal of any legends upon
the Securities, all as may be allowed in accordance with SEC Rule 144, and provide any required opinions of counsel to the Company’s
transfer agents, at no cost to the Purchaser. The Company shall make generally available such information as may be necessary
under SEC Rule 144 to allow for the resale of Securities by the Purchaser for at least three (3) years after the final Closing
of the Offering.

 

(o)
Accuracy of Information, etc. No statement or information contained in this Agreement, the SEC Reports, any other Transaction
Document or any other document, certificate or statement furnished to the Purchaser by or on behalf of the Company in writing
for use in connection with the transactions contemplated by this Agreement and/or the other Transaction Documents contained, as
of the date such statement, information, document or certificate was made or furnished, as the case may be, any untrue statement
of a material fact or omitted to state a material fact necessary to make the statements contained herein or therein, taken as
a whole, not materially misleading. There is no fact known to the Company that could have a Material Adverse Effect that has not
been expressly disclosed herein, in the other Transaction Documents, in the SEC Reports or in any other documents, certificates
and statements furnished to the Purchaser for use in connection with the transactions contemplated hereby and by the other Documents.

 

(p)
Conduct of Business; Regulatory Permits. Neither the Company nor any of its Subsidiaries is in violation of any term of
or in default under its Certificate of Incorporation, Bylaws, any certificate of designation, preferences or rights of any other
outstanding series of preferred stock of the Company or any of its Subsidiaries or their organizational charter, certificate of
formation or certificate of incorporation or bylaws, respectively. Neither the Company nor any of its Subsidiaries is in violation
of any judgment, decree or order or any statute, ordinance, rule or regulation applicable to the Company or any of its Subsidiaries.
The Company has obtained, or is in the process of obtaining, all licenses, permits and other governmental authorizations necessary
for the conduct of its business, except where the failure to so obtain such licenses, permits and authorizations would not have
a material adverse effect on the Company. Such licenses, permits and other governmental authorizations which have been obtained
are in full force and effect, except where the failure to be so would not have a material adverse effect on the Company, and the
Company is in all material respects complying therewith.

 

(q)
Investment Company Status. The Company is not, and upon consummation of the sale of the Securities will not be, an “investment
company,” an affiliate of an “investment company,” a company controlled by an “investment company”
or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment
company” as such terms are defined in the Investment Company Act of 1940, as amended.

 

(r)
Management. During the past five year period, no current officer or director or, to the knowledge of the Company, no current
ten percent (10%) or greater stockholder of the Company or any of its Subsidiaries has been the subject of:

 

(i)
a petition under bankruptcy laws or any other insolvency or moratorium law or the appointment by a court of a receiver, fiscal
agent or similar officer for such Person, or any partnership in which such person was a general partner at or within two years
before the filing of such petition or such appointment, or any corporation or business association of which such person was an
executive officer at or within two years before the time of the filing of such petition or such appointment;

 

    	 	9	 

    	 

    

 

(ii)
a conviction in a criminal proceeding or a named subject of a pending criminal proceeding (excluding traffic violations that do
not relate to driving while intoxicated or driving under the influence);

 

(iii)
any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently
or temporarily enjoining any such person from, or otherwise limiting, the following activities:

 

(1)
Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker,
leverage transaction merchant, any other person regulated by the United States Commodity Futures Trading Commission or an associated
person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated
person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in
or continuing any conduct or practice in connection with such activity;

 

(2)
Engaging in any particular type of business practice; or

 

(3)
Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation
of securities laws or commodities laws;

 

(iv)
any order, judgment or decree, not subsequently reversed, suspended or vacated, of any authority barring, suspending or otherwise
limiting for more than sixty (60) days the right of any such person to engage in any activity described in the preceding sub paragraph,
or to be associated with persons engaged in any such activity;

 

(v)
a finding by a court of competent jurisdiction in a civil action or by the SEC or other authority to have violated any securities
law, regulation or decree and the judgment in such civil action or finding by the SEC or any other authority has not been subsequently
reversed, suspended or vacated; or

 

(vi)
a finding by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated
any federal commodities law, and the judgment in such civil action or finding has not been subsequently reversed, suspended or
vacated.

 

    	 	10	 

    	 

    

 

(s)
Disclosure. The Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchaser
or their agents or counsel with any information that constitutes or could reasonably be expected to constitute material, non-public
information concerning the Company or any of its Subsidiaries, other than the existence of the transactions contemplated by this
Agreement, the other Transaction Documents. The Company understands and confirms that each of the Purchaser will rely on the foregoing
representations in effecting transactions in securities of the Company. All disclosure provided to the Purchaser regarding the
Company and its Subsidiaries, their businesses and the transactions contemplated hereby, including the schedules to this Agreement,
furnished by or on behalf of the Company, the Placement Agent or the Company’s Subsidiaries is true and correct and does
not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
made therein, in the light of the circumstances under which they were made, not misleading. No event or circumstance has occurred
or information exists with respect to the Company or any of its Subsidiaries or its or their business, properties, liabilities,
prospects, operations (including results thereof) or conditions (financial or otherwise), which, under applicable law, rule or
regulation, requires public disclosure at or before the date hereof or announcement by the Company but which has not been so publicly
disclosed. The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect
to the transactions contemplated hereby other than those specifically set forth in Section 2.

 

	4.	COVENANTS.

 

(a)
Form D and Blue Sky. The Company shall file a Form D with respect to the Securities as required under Regulation D and
to provide a copy thereof to the Purchaser promptly after such filing. The Company shall, on or before the Closing Date, take
such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to, qualify the Securities
for sale to the Purchaser on the Closing Date pursuant to this Agreement under applicable securities or “Blue Sky”
laws of the states of the United States (or to obtain an exemption from such qualification), and shall provide evidence of any
such action so taken to the Purchaser on or prior to the Closing Date. Without limiting any other obligation of the Company under
this Agreement, the Company shall timely make all filings and reports relating to the offer and sale of the Securities required
under all applicable securities laws (including, without limitation, all applicable federal securities laws and all applicable
“Blue Sky” laws), and the Company shall comply with all applicable federal, state and local laws, statutes, rules,
regulations and the like relating to the offering and sale of the Securities to the Purchaser.

 

(b)
Use of Proceeds. The Company will use the proceeds of this offering for working capital and will not use any of the proceeds
to redeem convertible notes, except for two convertible notes totaling no more than $250,000.

 

(c)
Reservation of Shares. Until such time as the Note and Warrant are no longer outstanding, the Company will reserve from
its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Note Shares and Warrant
Shares upon the conversion or exercise of such Securities, respectively.

 

    	 	11	 

    	 

    

 

	5.	TRANSFER
    AGENT INSTRUCTIONS; LEGEND.

 

(a)
Transfer Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent and any subsequent
transfer agent in a form acceptable to the Purchaser (the “Irrevocable Transfer Agent Instructions”) to issue certificates,
registered in the name of the Purchaser or its respective nominee(s), for the Note Shares and Warrant Shares in such amounts as
specified from time to time by the Purchaser to the Company upon the conversion of the Note or exercise of the Warrants (as the
case may be). The Company represents and warrants that no instruction other than the Irrevocable Transfer Agent Instructions referred
to in this Section 5(a), and stop transfer instructions to give effect to Section 2(g) hereof, will be given by the Company to
its transfer agent with respect to the Securities, and that the Securities shall otherwise be freely transferable on the books
and records of the Company, as applicable, to the extent provided in this Agreement and the other Transaction Documents. If the
Purchaser effects a sale, assignment or transfer of the Securities in accordance with Section 2(g), the Company shall permit the
transfer and shall promptly instruct its transfer agent to issue one or more certificates in such name and in such denominations
as specified by the Purchaser to effect such sale, transfer or assignment. In the event that such sale, assignment or transfer
involves Note Shares or Warrant Shares sold, assigned or transferred pursuant to an effective registration statement or in compliance
with Rule 144 (assuming the transferor is not an affiliate of the Company), the transfer agent shall issue such shares to the
Purchaser, assignee or transferee (as the case may be) without any restrictive legend in accordance with Section 5(c) below. The
Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Purchaser. Accordingly,
the Company acknowledges that the remedy at law for a breach of its obligations under this Section 5(a) will be inadequate and
agrees, in the event of a breach or threatened breach by the Company of the provisions of this Section 5(a), that the Purchaser
shall be entitled, in addition to all other available remedies, to seek an order and/or injunction restraining any breach and
requiring immediate issuance and transfer, without the necessity of showing economic loss and without any bond or other security
being required.

 

(b)
Legends. The Purchaser understands that the Securities have been issued (or will be issued in the case of the Note Shares
or Warrant Shares) pursuant to an exemption from registration or qualification under the Securities Act and applicable state securities
laws, and except as set forth below, the Securities shall bear any legend as required by the “blue sky” laws of any
state and a restrictive legend in substantially the following form (and a stop-transfer order may be placed against transfer of
such stock certificates):

 

[NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE [EXERCISABLE]
HAVE BEEN][THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN] REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE
OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION
OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.

 

    	 	12	 

    	 

    

 

(c)
Removal of Legends. Certificates evidencing Securities shall not be required to contain the legend set forth in Section
5(b) above or any other legend (i) while a registration statement covering the resale of such Securities is effective under the
1933 Act, (ii) following any sale of such Securities pursuant to Rule 144 (assuming the transferor is not an affiliate of the
Company), (iii) if such Securities are eligible to be sold, assigned or transferred under Rule 144 (provided that the Purchaser
provides the Company with reasonable assurances that such Securities are eligible for sale, assignment or transfer under Rule
144 which shall not include an opinion of counsel), (iv) in connection with a sale, assignment or other transfer (other than under
Rule 144), provided that the Purchaser provides the Company with an opinion of counsel to the Purchaser, in a generally acceptable
form, to the effect that such sale, assignment or transfer of the Securities may be made without registration under the applicable
requirements of the Securities Act or (v) if such legend is not required under applicable requirements of the Securities Act (including,
without limitation, controlling judicial interpretations and pronouncements issued by the SEC). If a legend is not required pursuant
to the foregoing, the Company shall no later than two (2) Trading Days following the delivery by the Purchaser to the Company
or the transfer agent (with notice to the Company) of a legended certificate representing such Securities (endorsed or with stock
powers attached, signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or transfer, if applicable),
together with any other deliveries from the Purchaser as may be required above in this Section 5(c), as directed by the Purchaser,
either: (A) provided that the Company’s transfer agent is participating in the DTC Fast Automated Securities Transfer Program
and such Securities are Common Shares, credit the aggregate number of shares of Common Stock to which the Purchaser shall be entitled
to the Purchaser’s or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system or
(B) if the Company’s transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and
deliver (via reputable overnight courier) to the Purchaser, a certificate representing such Securities that is free from all restrictive
and other legends, registered in the name of the Purchaser or its designee (the date by which such credit is so required to be
made to the balance account of the Purchaser’s or the Purchaser’s nominee with DTC or such certificate is required
to be delivered to the Purchaser pursuant to the foregoing is referred to herein as the “Required Delivery Date”).
The Company shall be responsible for any transfer agent fees or DTC fees with respect to any issuance of Securities or the removal
of any legends with respect to any Securities in accordance herewith.

 

    	 	13	 

    	 

    

 

	6.	CLOSING
    CONDITIONS.

 

The
Purchaser’s obligation to purchase the Units at the Closing is subject to the fulfillment of each and every one of the following
conditions prior to or contemporaneously with such Closing (unless waived by the Purchaser in writing in its sole and absolute
discretion):

 

(a)
Delivery of Documents. The Purchaser shall have received from the Company each of the following (together with all Exhibits,
Schedules, and annexes to each of the following), in form and substance reasonably satisfactory to the Purchaser and its counsel
and, where applicable, duly executed and recorded (to the extent required):

 

(i)
this Agreement;

 

(ii)
the Note, in the Purchaser’s name;

 

(iii)
the Warrant;

 

(iv)
the Irrevocable Transfer Agent Instructions, executed by the Company and the transfer agent;

 

(v)
the Registration Rights Agreement;

 

(vi)
the Security Agreement;

 

(vii)
a certificate evidencing the formation and good standing of the Company in such entity’s jurisdiction of formation issued
by the Secretary of State (or comparable office) of such jurisdiction of formation as of a date within ten (10) days of the Closing
Date; and

 

(viii)
a certificate, executed by the Secretary of the Company and dated as of the Closing Date, as to (i) the resolutions as adopted
by the Company’s board of directors in a form reasonably acceptable to the Purchaser, (ii) the Articles of Incorporation
of the Company, and (iii) the Bylaws of the Company, each as in effect at the Closing.

 

(b)
Approvals. The receipt by the Purchaser of all governmental and third-party approvals necessary in connection with the
execution and performance of the Documents and the transactions contemplated thereby, all of which consents/approvals shall be
in full force and effect.

 

(c)
Additional Conditions. The fulfillment of each and every one of the following conditions prior to or contemporaneously
with the Closing:

 

(i)
Representations and Warranties. Each of the representations and warranties made by Company in or pursuant to the Transaction
Documents and all Schedules and/or Exhibits to this Agreement and/or any of the other Transaction Documents shall be true and
correct in all material respects on and as of the Closing Date as if made (or given) on and as of such date (except where such
representation and warranty speaks of a specific date, in which case such representation and warranty shall be true and correct
as of such date).

 

    	 	14	 

    	 

    

 

(ii)
Compliance with Laws. The Company shall have complied with all applicable federal, state and local governmental laws, rules,
regulations and ordinances in connection with the execution, delivery and performance of this Agreement and the other Transaction
Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, including, without
limitation, the Company shall have obtained all permits and qualifications required by any applicable state securities or “Blue
Sky” laws for the offer and sale of the Securities by the Company to the Purchaser.

 

(iii)
No Injunction. No statute, regulation, order, decree, writ, ruling or injunction shall have been enacted, entered, promulgated,
threatened in writing or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation
of or which would materially modify or delay the execution and performance of the Transaction Documents and/or any of the transactions
contemplated by the Transaction Documents.

 

(iv)
No Proceedings or Litigation. No action, suit or proceeding before any arbitrator or any court or governmental authority
shall have been commenced or threatened in writing, and no inquiry or investigation by any governmental authority shall have been
commenced or threatened in writing, against the Company, or any of the officers, directors or affiliates of the Company, seeking
to restrain, prevent or change the Transaction Documents and/or any of the transactions contemplated by the Transaction Documents,
or seeking material damages in connection with such Transaction Documents and/or transactions.

 

(v)
No Material Adverse Effect. No condition, occurrence, state of facts or event constituting a Material Adverse Effect shall
have occurred and be continuing.

 

(vi)
No Suspension of Trading in or Notice of Delisting of Common Stock. Trading in the Common Stock shall not have been suspended
and/or halted by the SEC, the principal trading market or FINRA. Trading in securities generally as reported on the principal
trading market shall not have been suspended or limited, nor shall a banking moratorium have been declared either by the U.S.
or New York State authorities; there shall not have been imposed any suspension of electronic trading or settlement services by
the Depository Trust Company (“DTC”) with respect to the Common Stock that is continuing; the Company shall
not have received any notice from DTC to the effect that a suspension of electronic trading or settlement services by DTC with
respect to the Common Stock is being imposed or is contemplated (unless, prior to such suspension, DTC shall have notified the
Company in writing that DTC has determined not to impose any such suspension); nor shall there have occurred any material outbreak
or escalation of hostilities or other national or international calamity or crisis that has had or would reasonably be expected
to have a material adverse change in any U.S. financial, credit or securities market that is continuing.

 

    	 	15	 

    	 

    

 

	7.	EXCHANGE
    AGREEMENT

 

As
additional consideration for the Purchaser entering into this Agreement, at any time while the Purchaser shall be the owner of
any shares of the Company’s Series AA Convertible Preferred Stock (the “Preferred Stock”), the Purchaser shall
have the right in his sole discretion from time to time to exchange any or all of his shares of Preferred Stock for a promissory
note in the same form as the Note purchased hereunder, provided that the principal amount of such note shall equal the aggregate
stated value of the shares of Preferred Stock being so exchanged. Such exchange shall be completed within ten (10) days of written
notice to the Company from the Purchaser electing to make such exchange.

 

	8.	MISCELLANEOUS

 

(a)
Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation
of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law
or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application
of the laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in The City of New York, New York County, 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 suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any
such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or
proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such 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 HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION
WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

    	 	16	 

    	 

    

 

(b)
Indemnity, Etc. The Company agrees to indemnify, pay and hold the Purchaser, and the Purchaser’s affiliates and their
respective officers, directors, employees, agents, consultants, auditors, and attorneys of any of them (collectively called the
“Indemnitees”) harmless from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including the reasonable
fees and disbursements of counsel for such Indemnitees in connection with any investigative, administrative or judicial proceeding
commenced or threatened, whether or not such Indemnitee shall be designated a party thereto) that may be imposed on, incurred
by, or asserted against that Indemnitee, in any manner relating to or arising out of this Agreement and/or the other Transaction
Documents or the consummation of the transactions contemplated by this Agreement and/or the other Documents (the “Indemnified
Liabilities”); provided that Company shall have no obligation to an Indemnitee hereunder with respect to: (i)
Indemnified Liabilities above that Indemnitee’s Purchase Price; or (ii) Indemnified Liabilities directly resulting from
the gross negligence or willful misconduct of that Indemnitee, as determined by a court of competent jurisdiction by a final and
nonappealable judgment. In no event shall the Purchaser and/or any of its employees, agents, partners, affiliates, members, equity
and/or debt holders, managers, officers, directors and/or other related or similar type of Person, have any liability to the Company
and/or any of its officers, directors, employees, agent, attorneys, affiliates, consultants, equity and/or debt holders except
for any actions or lack of actions of such persons that are found by a court of competent jurisdiction after the time for all
appeals has passed to have resulted directly from such Person’s willful misconduct or gross negligence.

 

(c)
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party. In the event that any signature is delivered by facsimile transmission or by an e-mail which contains a portable document
format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page were an original
thereof.

 

(d)
Headings; Gender. The headings of this Agreement are for convenience of reference and shall not form part of, or affect
the interpretation of, this Agreement. Unless the context clearly indicates otherwise, each pronoun herein shall be deemed to
include the masculine, feminine, neuter, singular and plural forms thereof. The terms “including,” “includes,”
“include” and words of like import shall be construed broadly as if followed by the words “without limitation.”
The terms “herein,” “hereunder,” “hereof” and words of like import refer to this entire Agreement
instead of just the provision in which they are found.

 

(e)
Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the
prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred
upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

    	 	17	 

    	 

    

 

(f)
Entire Agreement; Amendments. This Agreement, the other Transaction Documents and the schedules and exhibits attached hereto
and thereto and the instruments referenced herein and therein supersede all other prior oral or written agreements between the
Purchaser, the Company, its Subsidiaries, their affiliates and Persons acting on their behalf solely with respect to the matters
contained herein and therein, and this Agreement, the other Transaction Documents, the schedules and exhibits attached hereto
and thereto and the instruments referenced herein and therein contain the entire understanding of the parties solely with respect
to the matters covered herein and therein.

 

(g)
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon
receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on
file by the sending party); or (iii) one (1) business day after deposit with an overnight courier service with next day delivery
specified, in each case, properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications
shall be:

 

If
to the Company:

 

Pressure
BioSciences, Inc.

14
Norfolk Avenue

South
Easton, Massachusetts 02375

Telephone:

Attention:

 

If
to the Placement Agent:

 

If
to the Purchaser, to its address and facsimile number set forth on the signature page hereof, or to such other address and/or
facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given to
each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile
machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided
by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight
courier service in accordance with clause (i), (ii) or (iii) above, respectively.

 

(h)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of any of the Securities. The Company shall not assign this Agreement or any
rights or obligations hereunder without the prior written consent of the Purchaser, including, without limitation, by way of a
Fundamental Transaction (as defined in the Warrant) (unless the Company is in compliance with the applicable provisions governing
Fundamental Transactions set forth in the Warrants). The Purchaser may assign some or all of its rights hereunder in connection
with any transfer of any of its Securities without the consent of the Company, in which event such assignee shall be deemed to
be the Purchaser hereunder with respect to such assigned rights.

 

    	 	18	 

    	 

    

 

(i)
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

(j)
Survival. The representations, warranties, agreements and covenants shall survive the Closing Date. The Purchaser shall
be responsible only for its own representations, warranties, agreements and covenants hereunder.

 

(k)
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

(l)
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party. No specific representation or warranty shall
limit the generality or applicability of a more general representation or warranty. Each and every reference to share prices,
shares of Common Stock and any other numbers in this Agreement that relate to the Common Stock shall be automatically adjusted
for stock splits, stock combinations and other similar transactions that occur with respect to the Common Stock after the date
of this Agreement.

 

(m)
Remedies. The Purchaser and each holder of any Securities shall have all rights and remedies set forth in the Transaction
Documents and all rights and remedies which such holders have been granted at any time under any other agreement or contract and
all of the rights which such holders have under any law. Any Person having any rights under any provision of this Agreement shall
be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any
breach of any provision of this Agreement and to exercise all other rights granted by law. Furthermore, the Company recognizes
that in the event that it or any Subsidiary fails to perform, observe, or discharge any or all of its or such Subsidiary’s
(as the case may be) obligations under the Transaction Documents, any remedy at law may prove to be inadequate relief to the Purchaser.
The Company therefore agrees that the Purchaser shall be entitled to seek specific performance and/or temporary, preliminary and
permanent injunctive or other equitable relief from any court of competent jurisdiction in any such case without the necessity
of proving actual damages and without posting a bond or other security.

 

(n)
Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of)
the Transaction Documents, whenever any Purchaser exercises a right, election, demand or option under a Transaction Document and
the Company or any Subsidiary does not timely perform its related obligations within the periods therein provided, then the Purchaser
may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company or such Subsidiary (as the
case may be), any relevant notice, demand or election in whole or in part without prejudice to its future actions and rights

 

(o)
Fees and Expenses. The Company shall be directly responsible for the payment any fees or commissions payable to the placement
agent for the offering, Garden State Securities, Inc. in the amount of a cash fee of 10% of the total Purchase Price and warrants
to purchase 10% of the Securities sold in the Offering.

 

[signature
pages follow]

 

    	 	19	 

    	 

    

 

IN
WITNESS WHEREOF, the Purchaser and the Company have caused their respective signature page to this Agreement to be duly executed
as of December 20, 2019.

 

	 	COMPANY:
	 	 
	 	PRESSURE
    BIOSCIENCES, INC.
	 	 	 
	 	By:	 
	 	 	Richard
    T. Schumacher
	 	 	President
    and CEO

 

    	 	20	 

    	 

    

 

PURCHASER
SIGNATURE PAGES TO SECURITIES PURCHASE AGREEMENT

 

IN
WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized
signatories as of December 3, 2019.

 

Name
of Purchaser: ________________________________________________________

 

Signature
of Authorized Signatory of Purchaser: __________________________________

 

Name
of Authorized Signatory: ____________________________________________________

 

Title
of Authorized Signatory: _____________________________________________________

 

Email
Address of Authorized Signatory: _____________________________________________

 

Facsimile
Number of Authorized Signatory: __________________________________________

 

Address
for Notice to Purchaser:

 

Address
for Delivery of Securities to Purchaser (if not same as address for notice):

 

EIN
Number:

 

    	 	21

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