Document:

EX-10.22

 Exhibit 10.22 

DELL TECHNOLOGIES INC. 

Amended and Restated 

Compensation Program for Independent Non-Employee Directors 

Each independent non-employee member of the Board of Directors (“Board”) of Dell Technologies Inc.
(the “Company”) shall be entitled to the payments described below while serving as a director on the Board. Other directors of the Board shall receive no compensation for their Board service. Any director compensation policies
enacted from time to time hereafter are deemed to be incorporated herein upon their effective date, except as otherwise provided therein. 
 EFFECTIVE
DATE: [                    ], 2018 

ANNUAL COMPENSATION: 
  

	 	•	 	 Annual Board Retainer: $300,000, payable as follows: 

 

	 	•	 	 $75,000 in cash (the “Annual Cash Retainer”), unless the independent non-employee director (hereafter, a “director”) makes a timely election to receive all or a portion of the Annual Cash Retainer in the form of deferred stock units over Class C common stock of
the Company (“Class C Shares,” and such units, “DSUs”) (subject to the limitations described below), and 

  

	 	•	 	 $225,000 (the “Annual Stock Retainer”), as follows: 

 

	 	•	 	 50% in options to purchase Class C Shares (“Options”); and 

 

	 	•	 	 50% in restricted stock units that settle in Class C Shares (“DTAs”);

 unless the director makes a timely election to receive all or a portion of the DTAs as DSUs (subject to the
limitations described below), in which case the director shall receive DSUs in lieu of such DTAs. 
  

	 	•	 	 Committee Chair Retainers: $25,000, all payable in cash unless the director makes a timely election
to receive such payment in DSUs (subject to the limitations described below), in which case the director shall receive DSUs in lieu of such cash payment. 

  

	 	•	 	 Sign-On Equity Grant: $1,000,000, paid in Options.

  

	 	•	 	 All of the foregoing equity-based awards will be granted under the Dell Technologies Inc. 2013 Stock Incentive
Plan, as amended and restated from time to time (the “Plan”), with the Sign-On Equity Grant being made as soon as practicable after the director becomes a board member, and with all other
awards being granted annually. The Sign-On Equity Grant vests annually in equal installments over four years from the date of grant with full acceleration of outstanding Options subject thereto in the event of
death, permanent disability, termination without Cause, or a Change in Control, as Cause and Change in Control are defined in the Plan. The other equity awards are subject to vesting as described below. 

 TIMING OF ELECTIONS: 
  

	 	•	 	 Generally: An election must be made prior to the beginning of the calendar year to which it relates.

  

	 	•	 	 New directors: Each new director may make an election within 30 days after becoming a director, but this
election will only apply to the portion of the Annual Board Retainer, Committee Chair Retainer (if applicable) or DTA grant earned after the date of the election. 

 

	 	•	 	 Once the calendar year to which an election relates commences, the election is irrevocable with respect to
that year. A director may submit a new election for each subsequent calendar year prior to the beginning of that calendar year (and, if no new election is submitted, the current election will remain in effect for subsequent years as provided in
the election form). 

 INDIVIDUAL COMPENSATION ELECTIONS: 

 

	 	•	 	 Directors may elect the form of payment of their compensation on an individual basis. 

 

	 	•	 	 Elections must be made in multiples as follows: 

 

	 	•	 	 Allocation of the Annual Cash Retainer between DSUs and cash must be made in multiples of 25%.

  

	 	•	 	 Allocation of the DTA portion of the Annual Stock Retainer to DSUs must be made in multiples of 25%.

  

	 	•	 	 Election to receive DSUs (in lieu of cash) for a Committee Chair Retainer must be made in multiples of 25%.

 ANNUAL BOARD RETAINER SUMMARY 
  

									
	 Payment
 Form
	  	Maximum
Allocation	  	Payment Timing /Transfer Restrictions	  	Vesting+	  	Default Form of
Payment?
					
	Cash	  	$75,000	  	Lump sum following annual shareholders meeting. A director appointed other than pursuant to election at the annual meeting shall be entitled to pro-rated payment of the annual retainer fee for
the partial year of service, payable in a lump sum upon his or her commencement of service on the Board.	  	Not applicable	  	 Yes
 (for $75,000 of the $300,000
retainer)

  
 - 2 - 

									
	DTAs	  	$112,500*	  	 Granted on or after the date of the Company’s annual shareholders meeting and settling in Class C Shares following vesting. A
director appointed other than pursuant to election at the annual meeting shall be entitled to the pro-rated portion of the annual DTA grant for the partial year of service, payable on or after his or her
commencement of service on the Board.
  
 The Class C Shares received in settlement
of the DTAs are subject to certain transfer restrictions as set forth in the Company’s Amended and Restated Management Stockholders Agreement (the “MSA”).
	  	Cliff vesting after one year	  	 Yes
 (for $112,500 of the $300,000
retainer)

					
	Options	  	$112,500*	  	 Granted on or after the date of the Company’s annual shareholders meeting and exercisable for the underlying Class C Shares when
vested. A director appointed other than pursuant to election at the annual meeting shall be entitled to the pro-rated portion of the annual Option grant for the partial year of service, payable on or after his
or her commencement of service on the Board.
  
 The Class C Shares acquired upon
exercise are subject to certain transfer restrictions as set forth in the MSA.
	  	Cliff vesting after one year	  	 Yes
 (for $112,500 of the $300,000
retainer)

  
 - 3 - 

									
	DSUs	  	$187,500*	  	Granted on or after the date of the Company’s annual shareholders meeting (or, if a director is appointed other than pursuant to election at the annual meeting, at a time following such appointment determined by the Board that
is compliant with Internal Revenue Code Section 409A) and settled in Class C Shares on the earlier of (i) the termination of service as a director for any reason and (ii) a Change in Control (as defined in the Plan) that also
constitutes a “change in control event” under Internal Revenue Code Section 409A regulations.	  	Cliff vesting after one year.	  	 No
 (Director may elect to receive all or a
portion of the Annual Cash Retainer and the DTAs as DSUs)

  

	*	 The actual number of DTAs, Options and DSUs that will be granted will be determined by dividing the portion of
the Annual Board Retainer allocated to such award by the fair market value of Class C Shares (or, for Options, by the “fair value” of Class C Shares determined using a Black-Scholes or binominal valuation model or such other
valuation methodology as the Board may approve). 

 + Upon the director’s termination from the Board: 

 

	 	•	 	 Vesting of unvested awards is fully accelerated in event of death, permanent disability or a termination without
Cause (as defined in the Plan). 

  

	 	•	 	 All unvested equity awards are forfeited upon termination for Cause (as defined in the Plan).

  

	 	•	 	 Vested Options will remain exercisable until the earliest of (i) the nine-month anniversary of the date of
termination, (ii) the expiration of the Option’s 10-year term and (iii) the date on which the director is terminated for Cause (as defined in the Plan). 

+ All outstanding DTAs, Options and DSUs will vest on a Change in Control (as defined in the Plan). 

COMMITTEE CHAIR RETAINER SUMMARY 
  

									
	 Payment
 Form
	  	Maximum
Allocation	 	Payment Timing	  	Vesting+	  	Default Form of
Payment?
					
	Cash	  	100%	 	Lump sum following annual meeting.	  	Not applicable	  	Yes

  
 - 4 - 

									
					
	DSUs	  	100%	 	Settled in Class C Shares on the earlier of (i) the termination of service as a director for any reason and (ii) a Change in Control (as defined in the Plan) that also constitutes a “change in control event”
under Internal Revenue Code Section 409A regulations.	  	Cliff vesting after one year*	  	 No
 (Director may elect to receive all or a
portion of the Committee Chair Retainer as DSUs)

  

	*	 See Annual Board Retainer Summary for how the number of DSUs granted is determined. 

	+	 See Annual Board Retainer Summary for vesting of DSUs upon termination and Change in Control (as defined in the
Plan). 

 The Company does not pay any Board retainers or fees or provide any Board equity grants not set forth above. These retainers,
fees, or grants may be modified or adjusted from time to time as determined by the Board. 
 This Amended and Restated Compensation Program for Independent Non-Employee Directors supersedes all prior agreements or policies concerning director compensation. 

  
 - 5 -Exhibit 4.1

 

Execution Version

 

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

 

COMMON STOCK PURCHASE
WARRANT

PRECISION THERAPEUTICS INC.

 

Warrant Shares: 939,261

Date of Issuance: September 28, 2018

 

THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”)
certifies that, for value received (in connection with the funding of the purchase price of $1,400,000.00, with respect to the
first tranche of $1,615,908.70 under that certain convertible promissory note in the original principal amount of $2,013,635.75
on September 28, 2018 by the Company (as defined below) to the Holder (as defined below)) (the “Note”), L2 Capital,
LLC, a Kansas limited liability company (including any permitted and registered assigns, the “Holder”), is entitled,
upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the
date of issuance hereof, to purchase from Precision Therapeutics Inc., a Delaware corporation (the “Company”),
up to 939,261 shares of Common Stock (as defined below) (the “Warrant Shares”) (whereby such number may be adjusted
from time to time pursuant to the terms and conditions of this Warrant) (with the understanding that the Holder shall only be entitled
to the prorated number of Warrant Shares based upon each tranche funded, which number is 753,741 shares upon the funding of the
first tranche) at the Exercise Price per share then in effect. This Warrant is issued by the Company as of the date hereof in connection
with that certain securities purchase agreement dated September 28, 2018, by and among the Company and the Holder (the “Purchase
Agreement”). At the time that the subsequent tranche under the Note is funded by the Holder in cash, then on such funding
date, the Warrant Shares shall immediately and automatically be increased by 185,520 to a total of 939,261 shares.

 

Capitalized terms used in this Warrant shall
have the meanings set forth in the Purchase Agreement unless otherwise defined in the body of this Warrant or in Section 14
below. For purposes of this Warrant, the term “Exercise Price” shall mean $1.155 per share, subject to adjustment as
provided herein (including but not limited to cashless exercise), and the term “Exercise Period” shall mean
the period commencing on the six month anniversary of the Issuance Date and ending on 5:00 p.m. eastern standard time on the five-year
anniversary thereof.

 

     

    

    

 

1.                 
EXERCISE OF WARRANT.

 

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

 

If the Company fails to cause its transfer agent
to transmit to the Holder the respective shares of Common Stock by the respective Warrant Share Delivery Date, then the Holder
will have the right to rescind such exercise in Holder’s sole discretion, and such failure shall be deemed an event of default
under the Note.

 

    2

    

    

 

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

 

X = Y (A-B)

A

 

WhereX =the number of Shares to be issued to Holder.

 

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

 

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

 

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

 

    3

    

    

 

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

 

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

 

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

 

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

 

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

 

    4

    

    

 

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

 

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

 

    5

    

    

 

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

 

6.                 
REISSUANCE.

 

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

 

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

 

7.                 
TRANSFER.

 

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

 

    6

    

    

 

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

 

(c)               
Any transferee of all or a portion of this Warrant shall succeed to the rights and benefits of the initial Holder of this
Warrant under the Purchase Agreement (registration rights, expenses, and indemnity).

 

8.                 
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice
shall be given in accordance with the notice provisions contained in the Purchase Agreement. The Company shall provide the Holder
with prompt written notice (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the calculation
of such adjustment and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with
respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of
any stock or other securities directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock
or other property, pro rata to the holders of shares of Common Stock or (C) for determining rights to vote with respect to any
Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public
prior to or in conjunction with such notice being provided to the Holder.

 

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

 

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

 

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

 

    7

    

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    8

    

    

 

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

 

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

 

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

 

 

 

* * * * * * *

 

    9

    

    

 

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

 

	 	PRECISION THERAPEUTICS, INC.	 
	 	 	 	 
	 	By:	/s/ Bob Myers	 
	 	Name: 	Bob Myers	 
	 	Title: 	Chief Financial Officer	 

 

	 	Agreed & Accepted:	 
	 	 	 
	 	L2 Capital, LLC	 
	 	 	 	 
	 	By:	 	 
	 	Name: 	Adam Long	 
	 	Title: 	Managing Partner	 

 

 

 

    

    

    

 

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

 

	 	PRECISION THERAPEUTICS, INC.	 
	 	 	 	 
	 	By:		 
	 	Name: 	Bob Myers	 
	 	Title: 	Chief Financial Officer	 

 

	 	Agreed & Accepted:	 
	 	 	 
	 	L2 Capital, LLC	 
	 	 	 	 
	 	By:	/s/ Adam Long	 
	 	Name: 	Adam Long	 
	 	Title: 	Managing Partner	 

 

 

 

    

    

    

 

EXHIBIT A

 

EXERCISE NOTICE

 

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

 

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

 

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

 

☐ a cash exercise with respect to _______________
Warrant Shares; or

☐ by cashless exercise pursuant to the
Warrant.

 

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

 

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

 

 

 

Date: ____________________________

 

 

 

(Print Name of Registered Holder)

 

By: ____________________________

Name: ____________________________

Title: ____________________________

 

    

    

    

 

EXHIBIT B

 

ASSIGNMENT OF WARRANT

 

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

 

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

 

 

 

Date: ______________

 

 

 

__________________________________________

(Signature) *

 

 

__________________________________________

(Name)

 

 

__________________________________________

(Address)

 

 

 

(Social Security or Tax Identification No.)

 

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

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