Document:

3rd Amended and Restated Investor Rights Agreement

 Exhibit 4.3 
 THIRD AMENDED AND RESTATED INVESTORS RIGHTS AGREEMENT 
 THIS THIRD AMENDED AND RESTATED INVESTORS
RIGHTS AGREEMENT (“Agreement”) is made and entered into as of the 16th day of February, 2006, by and among Precision Therapeutics, Inc., a Delaware corporation (the “Company”), the persons listed on Schedule
I as the Purchasers (collectively, the “Purchasers” and each individually, a “Purchaser”) and the parties to that certain Second Amended and Restated Investors Rights Agreement, dated as of August 22, 2003
(the “Former Agreement”). 
 BACKGROUND 
 WHEREAS, the Company, those persons set forth on Schedule II (the “Series A Holders,” and, together with the Purchasers, the “Preferred Investors”) and those persons set forth
on Schedule III (the “Common Holders,” and, together with the Series A Holders, the “Former Holders”) are parties to the Former Agreement; 
 WHEREAS, the Former Holders desire to amend the Former Agreement to terminate their rights and obligations thereunder and to set forth any new rights and
obligations of the Former Holders and any Purchaser under this Agreement; 
 WHEREAS, in accordance with Section 4.2 of the Former
Agreement, the required percentage of Former Holders (including the necessary subclasses of such Former Holders) have agreed to amend and restate the Former Agreement in the form of this Agreement (including renaming the agreement the “Third
Amendment and Restated Investors Right Agreement”) and, therefore, all Holders (whether or not signing this Agreement) shall become bound by this Agreement; 
 WHEREAS, the Purchasers are acquiring shares of the Company’s Series B Preferred Stock (the “Series B Preferred Stock”) pursuant to a Series B Preferred Stock Purchase Agreement of even date
herewith (the “Purchase Agreement”); 
 WHEREAS, it is a condition of the Purchase Agreement that the Company, the Former
Holders and the Purchasers execute and deliver this Agreement, and the Company, the Former Holders and the Purchasers are agreeable thereto; and 
 WHEREAS, the Company, the Former Holders and the Purchasers intend that this Agreement supersede, amend and restate the Former Agreement. 

 TERMS 
 NOW, THEREFORE, in consideration of the mutual promises herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, intending to be legally bound, the parties hereto
agree as follows: 
 ARTICLE 1 
 COVENANTS AND AGREEMENTS 
 The Company covenants and agrees with the Preferred Investors as follows: 
 1.1. Financial Statements; Business Plan; Periodic Reports. The Company shall furnish to each Preferred Investor: 
 (a) Monthly Reports. Within 30 days after the end of each calendar month, (i) an unaudited balance sheet of the Company as at
the end of such month and unaudited statements of income and cash flow of the Company for such month and for the current fiscal year to the end of such month setting forth in comparative form the Company’s financial statements for the
corresponding periods for the prior fiscal year, all in reasonable detail and certified by an authorized financial officer of the Company stating that such statements are in accordance with the books and records of the Company and fairly present the
financial condition of the Company at the date thereof and for the periods covered thereby, subject to changes resulting from year-end adjustments and accruals; and 
 (b) Quarterly Reports. Within 45 days after the end of each fiscal quarter, an unaudited balance sheet of the Company as at the end
of such quarter and unaudited statements of income and cash flow of the Company for such fiscal quarter and for the current fiscal year to the end of such fiscal quarter setting forth in comparative form the Company’s financial statements for
the corresponding periods for the prior fiscal year, all in reasonable detail and certified by an authorized financial officer of the Company stating that such statements have been prepared in accordance with generally accepted accounting principles
(“GAAP”) applied on a consistent basis (except as noted and on the accompanying notes) and fairly present the financial condition of the Company at the date thereof and for the periods covered thereby, subject to changes resulting
from year-end adjustments and accruals; and 
 (c) Annual Financial Statements. Within 180 days after the end of each
fiscal year, an audited balance sheet of the Company as at the end of such year, and audited statements of income and cash flow of the Company for such year, including comparisons to the corresponding periods in prior years, prepared in accordance
with GAAP applied on a consistent basis (except as noted on the accompanying notes) and certified by independent certified public accountants of recognized regional standing selected by the Company and approved by the Company’s Board of
Directors (the “Board of Directors”), or another firm of certified public accountants that is reasonably acceptable to the holders of a majority of the then outstanding shares of Series B Preferred Stock and approved by the Board of
Directors; and 
 (d) Annual Business Plan. Prior to the start of each new fiscal year, a complete annual business plan
for the Company approved by the Board of Directors, which business plan shall include projected monthly financial statements for such fiscal year and operating goals for each functional unit of the Company; and 
 (e) Annual Budget. At least 30 days prior to the end of each fiscal year, an annual budget for the next fiscal year (approval for
which must be received from the Board of Directors no later than ten (10) days before the start of such fiscal year), including 

  

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a projected statement of income and cash flow and balance sheet of the Company for each ensuing quarter of such fiscal year; provided that the budget for
fiscal 2006 shall be provided on or prior to March 31, 2006. 
 1.2. Availability of Rule 144 and Rule 144A. At such time as the
Company becomes subject to the reporting requirements of Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether as a result of the Company’s initial public offering or any other
public offering of the Company’s capital stock, or because the Company meets the criteria of Section 12 of the Exchange Act, the Company shall use its best efforts to file with the Securities and Exchange Commission (the
“Commission”) all reports required to be filed by it pursuant to Section 13 or Section 15(d) of the Exchange Act and applicable rules and regulations thereunder, and shall maintain full compliance with the current public
information requirements of Rule 144 and Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”) or any similar successor to such rule. 
 1.3. Inspection. The Company shall permit each Preferred Investor and any authorized representative thereof, at such Preferred Investor’s
expense, to visit and inspect the properties of the Company, including its corporate and financial records, to examine its records and make copies thereof and to discuss its affairs, finances and accounts with its officers, all at such reasonable
times and upon reasonable notice. The rights set forth in Section 1.1 and this Section 1.3 shall be exercised solely in furtherance of the proper interests of such Preferred Investor as an investor in the Company, and each Preferred
Investor, and its agents and representatives, agrees to maintain the confidentiality of all financial and other confidential information of the Company acquired by them except as may be required by law. If requested by the Company, each Preferred
Investor exercising its rights hereunder shall execute a confidentiality agreement with the Company in a form reasonably satisfactory to the Company. 
 1.4. Proprietary Information and Inventions Agreements. The Company shall require all current and future officers, directors, key employees and consultants of the Company, upon their employment by or service to
the Company, to enter into a Confidential Information and Inventions Assignment Agreement in a form acceptable to the Board of Directors. 
 1.5. Initial Public Offering. For purposes of this Agreement, the capitalized term “Initial Public Offering” or “IPO” means an initial firm commitment underwritten offering to the public of the
Company’s Common Stock pursuant to an effective registration statement under the Securities Act where the aggregate gross sales price of such securities is greater than $30,000,000, and the price per share is at least $3.30, subject to
adjustment to reflect stock splits, reverse stock splits or combinations. 
 1.6. Qualified Small Business. The Company will use
reasonable efforts to qualify as a qualified small business within the meaning of Section 1202(d) of the Internal Revenue Code of 1986, as amended (the “Code”), and will use reasonable efforts to meet the active business
requirements of Section 1202(e) of the Code. 
 1.7. Section 280G. Upon the occurrence of an event that could trigger the
applicability of Section 280G of the Code to any “parachute payment” that is made by the Company to a “disqualified individual” within the meaning of Section 280G, the Company shall use all reasonable efforts to ensure
that a vote of the stockholders of the Company is held and taken in accordance with the provisions of Section 280G(b)(5)(B) of the Code. 
  

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 1.8. Stock Option Plan. The Compensation Committee of the Board of Directors shall determine the
price and terms of all stock options granted under the Company’s stock option plan at the time of their award. All stock options granted after the date of this Agreement shall generally be subject to vesting as follows: 25% to vest at the end
of the first year with the remaining to vest monthly thereafter over the following 3 year period, unless otherwise approved by the Board of Directors. 
 1.9. Key Manager Life Insurance. The Company currently maintains and shall hereafter maintain a key manager life insurance policy on the life of Sean McDonald, in the amount of at least $2,000,000, for the
benefit of and with the proceeds payable to the Company. 
 1.10. Dealings with Affiliates. All dealings between the Company and any
affiliates of the Company shall be in the ordinary course of business and any transaction between the Company and an affiliate shall be an arms-length transaction with terms no less favorable to the Company than would be obtained between unrelated
parties. 
 1.11. Directors and Officers Indemnity Insurance. On the date of this Agreement, the Company shall have obtained, and will
retain, directors and officers liability insurance in the minimum amount of $5,000,000, which coverage shall remain in place for so long as any representative(s) of the Purchasers serve on the Company’s Board of Directors; provided, that, upon
the consummation of the Company’s initial public offering, the Company shall increase such minimum coverage to $10,000,000, or such greater amount as is approved by the Board of Directors at such time. 
 ARTICLE 2 
 RIGHT OF FIRST OFFER 
 2.1. Right of First Offer. Subject to the terms and conditions set forth below, each Preferred Investor (hereinafter referred to in this Article 2
collectively as the “Holders” and individually as a “Holder”) shall have the right of first refusal to purchase, on a pro rata basis, any New Securities (as hereinafter defined) which the Company may, from time to
time, propose to issue and sell. Each Holder’s pro rata share (the “Right of First Refusal Pro Rata Share”), for purposes of this right of first refusal, shall be determined by dividing (x) the total number of shares of
Common Stock which are owned by such Holder, or obtainable by such Holder upon conversion, exercise or exchange of any right or security then owned by such Holder, by (y) the total number of shares of Common Stock On A Fully-Diluted Basis. For
purposes of this Agreement, “On A Fully Diluted Basis” means the total number of shares of Common Stock which are then issued and outstanding and held by the Holders, plus the additional number of shares of Common Stock which would
be then issued and outstanding and held by the Holders as a result of the exercise of all outstanding options and warrants by the Holders and the conversion of all then issued and outstanding convertible securities by the Holders, including the
Series A Preferred Stock (the “Series A Preferred Stock,”) and the Series B Preferred Stock (together with the Series A Preferred Stock, the “Series Preferred Stock”). 
  

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 2.2. “New Securities”. The term “New Securities” as used herein shall mean any
capital stock or convertible debt of the Company whether now or hereafter authorized, and rights, options or warrants to purchase capital stock or convertible debt, and securities of any type whatsoever which directly or indirectly are, or may
become, convertible into or exercisable or exchangeable for capital stock; provided, however, that the term “New Securities” shall not include (i) shares of Common Stock issued upon conversion of the Series Preferred Stock or upon
exercise of any warrants outstanding on the date of this Agreement, including those warrants previously issued in connection with the conversion of certain convertible debt by certain Series A Holders; (ii) shares of Common Stock, and options
therefor, issued to directors or employees of, or consultants to, the Company in a manner determined by the Board of Directors or issued pursuant to a plan or arrangement approved by the Board of Directors; (iii) securities issued as a result
of any stock split, stock dividend or reclassification of Common Stock, distributable on a pro rata basis to all holders of Common Stock; (iv) securities issued as a result of any stock split, stock dividend or distribution on or
reclassification of Series Preferred Stock; (v) securities issued for the acquisition of another corporation or other entity by the Company, or of the Company by another corporation or entity, by merger, purchase of all or substantially all of
the assets approved by the Board of Directors; (vi) securities offered to the Commission for a public offering and sale of securities of the Company; (vii) up to 136,364 shares of capital stock issued or issuable upon exercise of warrants
issued in connection with debt financing arrangements entered into by the Company; and (viii) securities issued upon the exercise, conversion or exchange (in accordance with the terms thereof) of any securities described in clauses
(i) through (vi) of this Section 2.2. 
 2.3. Right of First Refusal Procedure. In the event the Company intends to
issue New Securities, it shall give each Holder written notice of such intention, describing the type of New Securities to be issued, the price thereof and the general terms upon which the Company proposes to effect such issuance. Each Holder shall
have fifteen (15) days (the “Right of First Refusal Notice Period”) from the date of any such notice to agree to purchase such New Securities for the purchase price and upon the general terms and conditions specified in the
Company’s notice by giving written notice to the Company stating the quantity of New Securities to be so purchased (which quantity may not exceed such Holder’s Right of First Refusal Pro Rata Share, adjusted pursuant to Section 2.4).
The failure of a Holder to purchase such Holder’s Right of First Refusal Pro Rata Share of New Securities shall not preclude such Holder from participating in any future offering by the Company of New Securities. 
 2.4. Over-Allotment. If a Holder (the “Electing Holder”) elects to purchase its full Right of First Refusal Pro Rata Share
pursuant to Section 2.3, then such Electing Holder shall have a right of over-allotment such that if any other Holder (the “Non-electing Holder”) fails to purchase its Right of First Refusal Pro Rata Share pursuant to
Section 2.3, such Electing Holder may purchase, on a pro rata basis with other Electing Holders, the Non-electing Holders’ Right of First Refusal Pro Rata Share (the “Right of First Refusal Over-Allotment”). In the event
of a Right of First Refusal Over-Allotment, the Company shall have five (5) days (the “Over-Allotment Notice Period”) following the expiration of the Right of First Refusal Notice Period to give each Electing Holder notice of
such Right of First Refusal Over Allotment. Each Electing Holder shall indicate its agreement to purchase such Electing Holder’s share of the Right of First Refusal Over-Allotment, if any, by giving written notice to the Company and stating
therein the quantity of New Securities to be purchased within ten (10) days following the expiration of the Over-Allotment Notice Period. 
  

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 2.5. Right of Company. If all New Securities that Holders are entitled to obtain pursuant to
Section 2.3 or 2.4 are not elected to be obtained as provided in Section 2.3 or 2.4 hereof, the Company may, during the one hundred twenty (120) day period following the expiration of the period provided in Section 2.3 or
2.4 hereof, offer the remaining unsubscribed portion of such New Securities to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those specified in the notice described in Section 2.3 or 2.4.
If the Company does not enter into an agreement for the sale of the New Securities within such period, or if such agreement is not consummated within 30 days of the execution thereof, the right provided hereunder shall be deemed to be revived and
such New Securities shall not be offered unless first reoffered to the Purchasers in accordance herewith. 
 2.6. “Holder”.
For purposes of this Article 2, the term “Holder” shall include the partners (if such Holder is a partnership) or affiliates of a Holder, with the effect that a Holder may apportion its pro rata share among itself and such partners and
affiliates in such proportion as it deems appropriate; provided, however that any such transferee of a Holder shall become a party to this Agreement and the Third Amended and Restated Stockholders Agreement of even date herewith among the Company
and the persons named therein agreeing to be bound hereby and thereby to the same extent as the Holder in question. The failure of a Holder to exercise its right of first refusal option as set forth herein in connection with any issuance of New
Securities shall not preclude such Holder from exercising such right of first refusal option in any subsequent issuances of New Securities. 
 ARTICLE 3 
 REGISTRATION RIGHTS. 
 3.1. Certain Definitions. As used in this Article 3, the following terms shall have the following respective meanings: 
 (a) “Securities Act” means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and
regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 
 (b)
“Commission” means the Securities and Exchange Commission, or any other federal agency at the time administering the Securities Act and Exchange Act. 
 (c) “Exchange Act” means the Exchange Act of 1934, as amended, or any similar federal statute, and the rules and
regulations of the Commission issued under such Act, as they each may, from time to time, be in effect. 
 (d)
“Holder” for the purpose of this Article 3 means any person who holds Registrable Shares, including any person to whom the rights granted under this Article 3 are transferred pursuant to Section 3.2 hereof, and
“Holders” means all of them. 
 (e) “Registration Statement” means a registration statement
filed by the Company with the Commission for a public offering and sale of securities of the Company (other than a registration statement on Form S-8 or Form S-4, or their successors, or any other form for a limited purpose, or any registration
statement covering only securities proposed to be issued in exchange for securities or assets of another corporation). 
  

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 (f) “Registrable Shares” means all shares of Common Stock held by the
Preferred Investors, the shares of Common Stock issuable or issued upon conversion of the Company’s Series Preferred Stock, and any other shares of Common Stock of the Company issued in respect of such shares (because of stock splits, stock
dividends, reclassifications, recapitalizations, or similar events); provided, however, that shares of Common Stock which are Registrable Shares shall cease to be Registrable Shares upon (A) any sale pursuant to a Registration Statement or
(B) any sale in any manner to a person or entity which, by virtue of Section 3.2 of this Agreement, is not entitled to the rights provided by Article 3. Wherever reference is made in this Article 3 to a request or consent of Holders of a
certain percentage of Registrable Shares, the determination of such percentage shall include shares of Common Stock issued or issuable upon conversion of the Series Preferred Stock, even if such conversion has not yet been effected. 
 3.2. Assignment of Registration Rights. The rights to cause the Company to register Registrable Shares pursuant to this Article 3 may be assigned
(but only with all related obligations) by a Holder in a Qualified Assignment (as hereinafter defined); provided that the Company is, not less than ten (10) days prior to such transfer, furnished with written notice of the name and address of
such transferee and the securities with respect to which such registration rights are being assigned; provided that such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions of this Agreement, including
without limitation the provision of Section 3.10 below; provided that such assignment shall be effective only if immediately following such transfer the further disposition of such securities by transferee or assignee is restricted under the
Securities Act; and provided, further, that such assignment shall be effective only if immediately following such transfer such Registrable Shares continue to be Registrable Shares. For purposes of this Section 3.2, “Qualified
Assignment” shall mean any of the following: (a) an assignment to a transferee (which or who is not a current competitor of the Company or otherwise engaging in the Company’s line of business or similar business) acquiring at
least 5% of the Registrable Shares (subject to adjustment for stock splits, stock dividends, recapitalizations and similar events); or (b) an assignment to a Holder or a partner (if such Holder is a partnership) or affiliate of a Holder; or
(c) an assignment by will or intestacy to a Holder’s siblings, ancestors, descendants or spouse, or any custodian or trustee for the account of a Holder or such Holder’s siblings, ancestors, descendants or spouse. 
 3.3. Required Registration. 
 (a) If, at any time after the earlier of (i) six months following the Company’s IPO, or (ii) the fourth anniversary of the date of this Agreement, the Purchasers holding at least a majority of the number of shares of the
Series B Preferred Stock then outstanding request, in writing, that the Company effect the registration on Form S-1 or another appropriate form (or any successor form) of Registrable Shares owned by such Purchasers, the Company, upon receipt of any
such request, shall promptly give written notice of such proposed registration to all Holders. Such Holders shall have the right, by giving written notice to the Company within 20 days after the Company provides its notice, to elect to have included
in such registration such 

  

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of their Registrable Shares as such Holders may request in such notice of election. Thereupon, the Company shall, as soon as reasonably practicable, use its
reasonable best efforts to effect the registration, on Form S-1 or another appropriate form (or any successor form), of all Registrable Shares which the Company has been requested to so register. The Company shall be entitled to include in such
registration, for its own account or for the account of others at the Company’s discretion, such amount of its stock as may be requested by other stockholders or the Company subject to the right of the participating Holders to have all
Registrable Shares registered. The Company shall not be required to effect more than one registration pursuant to this Section 3.3(a) in any event. 
 (b) If, at any time after the earlier of (i) six months following the Company’s IPO, or (ii) the fourth anniversary of the date of this Agreement, the Series A Holders holding at least a majority of the
number of shares of Series A Preferred Stock then outstanding, request, in writing, that the Company effect the registration on Form S-1 or another appropriate form (or any successor form) of Registrable Shares owned by such Series A Holders, the
Company, upon receipt of any such request, shall promptly give written notice of such proposed registration to all Holders. Such Holders shall have the right, by giving written notice to the Company within 20 days after the Company provides its
notice, to elect to have included in such registration such of their Registrable Shares as such Holders may request in such notice of election. Thereupon, the Company shall, as soon as reasonably practicable, use its reasonable best efforts to
effect the registration, on Form S-1 or another appropriate form (or any successor form), of all Registrable Shares which the Company has been requested to so register. The Company shall be entitled to include in such registration, for its own
account or for the account of others at the Company’s discretion, such amount of its stock as may be requested by other stockholders or the Company subject to the right of the participating Holders to have all Registrable Shares registered. The
Company shall not be required to effect more than one registration pursuant to this Section 3.3(b) in any event. 
 (c)
If, at any time after the Company becomes eligible to file a Registration Statement on Form S-3 (or any successor form relating to secondary offerings), the Holders of a majority of the then outstanding shares of Registrable Shares (on an as
converted basis) request the Company, in writing, to effect the registration on Form S-3 (or any successor form) of Registrable Shares owned by such Holders having an aggregate gross offering price of at least $2,000,000 (based upon the then current
market price or fair value), the Company, upon receipt of such request, shall promptly give written notice of such proposed registration to all Holders. Such Holders shall have the right, by giving written notice to the Company within 20 days after
the Company provides its notice, to elect to have included in such registration such of their Registrable Shares as such Holders may request in such notice of election. Thereupon, the Company shall, as soon as reasonably practicable, use its
reasonable best efforts to effect the registration on Form S-3, or such successor form, of all Registrable Shares which the Company has been requested to register. The Company shall not be required to effect more than one registration pursuant to
this Section 3.3(c) in any 360 day period. 
 (d) The Company shall not be required to effect any registration pursuant
to this Article 3 (i) within six (6) months of the effective date of any other Registration Statement, or (ii) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process in
effecting such registration, except as may be required by the Securities Act. 
  

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 (e) If at any time of any request to register Registrable Shares pursuant to this
Section 3.3, the Company is engaged or has fixed plans to engage within one hundred twenty (120) days of the time of the request, in a registered public offering as to which the Holders may include Registrable Shares pursuant to
Section 3.4, or is engaged in any other activity which, in the good faith determination of the Board of Directors, would be adversely affected by the requested registration to the material detriment of the Company, then the Company may at its
option direct that such request be delayed for a period not in excess of one hundred twenty (120) days from the effective date of such offering or the date of commencement of such other material activity, as the case may be, such right to delay
a request to be exercised by the Company not more than once in any 12 month period. 
 (f) The Company shall select the lead
underwriter for the public offering in any registration pursuant to this Section 3.3, subject to the right of approval by the Holders of a majority of the Registrable Shares requested to be included in the registration, which approval shall not
be unreasonably withheld, conditioned or delayed. 
 (g) In connection with any offering under this Section 3.3 involving
an underwriting, the Company shall not be required to include any Registrable Shares in such underwriting unless the Holder thereof accepts the terms of the underwriting as agreed upon between the Holders of a majority of the Registrable Shares to
be included and the underwriters of such offering. If in the written opinion of the managing underwriter the registration of all, or part of, the Registrable Shares which the Holders have requested to be included in any Registration Statement filed
pursuant to this Section 3.3 would adversely affect such public offering, then the Company shall be required to include in the underwriting only that number of Registrable Shares (which shall be allocated pro rata among the Holders requesting
registration based upon the respective quantities they have requested to include in such registration) which the managing underwriter believes may be sold without causing such adverse effect, provided, however, that the number of Registrable Shares
included in such underwriting shall not be reduced unless all securities held by officers, directors, founders and employees of the Company are first excluded from the underwriting and offering. All Holders of Registrable Shares proposing to
distribute their securities in an offering under this Section 3.3 involving an underwriting shall (together with the Company and other stockholders of securities distributing their shares through such underwriting) enter into the underwriting
agreement, as agreed upon as provided in the first sentence of this Section 3.3(g), with the underwriter selected for the underwriting. 
 3.4. Incidental Registration. 
 (a) Whenever the Company proposes to file a Registration Statement (other
than a registration relating solely to the sale of securities to participants in a Company stock or equity compensation plan, a registration relating to a corporate reorganization or other transaction under Rule 145 of the Securities Act, a
registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Shares, a registration in which the only Common Stock being
registered is Common Stock issuable upon conversion of debt securities that 

  

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are also being registered, or pursuant to Section 3.3) at any time and from time to time, it will, prior to such filing, give written notice to all
Holders of its intention to do so and, upon the written request of a Holder or Holders given within twenty (20) days after the Company provides such notice, the Company shall use its reasonable efforts to cause all Registrable Shares which the
Company has been requested by such Holder or Holders to register to be registered under the Securities Act; provided that the Company shall have the right to postpone or withdraw any registration effected pursuant to this Section 3.4 without
obligation to any Holder other than pursuant to Section 3.6. 
 (b) In connection with any offering under this
Section 3.4 involving an underwriting, the Company shall not be required to include any Registrable Shares in such underwriting unless the Holders thereof accept the terms of the underwriting as agreed upon between the Company and the
underwriters selected by it, and then only in such quantity, subject to the restrictions set forth below, as will not, in the written opinion of the underwriters, jeopardize the success of the offering by the Company. If in the written opinion of
the managing underwriter the registration of all, or part of, the Registrable Shares that the Holders have requested to be included pursuant to this Section 3.4 would adversely affect such public offering, then the Company shall be required to
include in the underwriting only that number of Registrable Shares that the managing underwriter believes may be sold without causing such adverse effect; provided, however, that the number of shares included in such underwriting shall include at
least 25% of the Registrable Shares then outstanding that the Holders have requested to be registered (except in the initial public offering). If the number of Registrable Shares to be included in the underwriting in accordance with the foregoing is
less than the total number of shares which the Holders of Registrable Shares have requested to be included, then the Company may include all securities proposed to be registered by the Company to be sold for its own account (or such number of
securities so that the registration can include at least 25% of the number of Registrable Shares that the Holders have requested to be registered) and the Holders of Registrable Shares who have requested registration shall participate in the
underwriting pro rata based upon their total ownership of shares of Common Stock of the Company (including shares of Common Stock issuable upon conversion of the Series Preferred Stock, on an as-converted basis). If any Holder would thus be entitled
to include more shares than such Holder requested to be registered, the excess shall be allocated among other requesting Holders pro rata based upon their total ownership of Registrable Shares. 
 (c) All Holders of Registrable Shares proposing to distribute their securities in an offering under this Section 3.4 involving an
underwriting shall (together with the Company and other stockholders, if any, of securities distributing their shares through such underwriting) enter into an underwriting agreement in customary form with the underwriter or underwriters selected for
the underwriting. 
 3.5. Registration Procedures. If and whenever the Company is required by the provisions of this Agreement to use
its reasonable efforts to effect the registration of any of the Registrable Shares under the Securities Act, the Company shall use its reasonable best efforts to: 
 (a) file with the Commission a Registration Statement with respect to such Registrable Shares and use its reasonable efforts to cause that
Registration Statement to become and remain effective for at least one hundred twenty (120) days or until the distribution described in the Registration Statement has been completed; 
  

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 (b) as soon as reasonably practicable prepare and file with the Commission any amendments
and supplements to the Registration Statement and the prospectus included in the Registration Statement as may be necessary to keep the Registration Statement effective until the earliest of (i) the period of time required by the Commission,
(ii) if requested by the Holders of a majority of the Registrable Securities covered thereby, one hundred twenty (120) days from the effective date, or until such earlier time at which the Holders have informed the Company that the
distribution of their securities has been completed, or (iii) the sale of all Registrable Shares covered thereby; provided, that the Company may discontinue any registration of its securities that are not Registrable Shares (and, under the
circumstances specified in Section (b), its securities that are Registrable Shares) at any time prior to the effective date of such Registration Statement; 
 (c) as soon as reasonably practicable furnish to each selling Holder such reasonable numbers of copies of the prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act,
and such other documents as the selling Holder may reasonably request in order to facilitate the public sale or other disposition of the Registrable Shares owned by the selling Holder; 
 (d) as soon as reasonably practicable use its reasonable best efforts to register or qualify the Registrable Shares covered by the
Registration Statement under the securities or Blue Sky laws of such states as the selling Holders shall reasonably request, and do any and all other acts and things that may be necessary or desirable to enable the selling Holders to consummate the
public sale or other disposition in such states of the Registrable Shares owned by the selling Holder; provided, however, that the Company shall not be required in connection with this Section 3.5(d) to qualify as a foreign corporation, subject
itself to taxation or execute a general consent to service of process in any such states or other jurisdiction; 
 (e) notify
each Holder of Registrable Shares covered by the registration statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in
such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing; and 
 (f) if the Company has delivered a preliminary or final prospectus to the selling Holders
and after having done so the prospectus is amended to comply with the requirements of the Securities Act, the Company shall promptly notify the selling Holders and, if requested, the selling Holders shall immediately cease making offers of
Registrable Shares and return all prospectuses to the Company. The Company shall promptly provide the selling Holders with revised prospectuses and, following receipt of the revised prospectuses, the selling Holders shall be free to resume making
offers of the Registrable Shares. 
  

 -11- 

 3.6. Allocation of Expenses. The Company will pay all Registration Expenses (as hereinafter
defined) of all registrations under this Agreement; provided, however, that if a registration filed pursuant to Section 3.3(a) or 3.3(b) is withdrawn, in the case of a registration filed pursuant to Section 3.3(a), at the request of the
Purchasers holding at least a majority of the number of shares of the Series B Preferred Stock then outstanding, and in the case of a registration filed pursuant to 3.3(b), at the request of the Series A Holders holding at least a majority of the
number of shares of Series A Preferred Stock then outstanding (other than as a result of material and adverse information concerning the business or financial condition of the Company which is made known to the Holders initially requesting such
registration after the date on which such registration was requested, or if the registration is delayed pursuant to Section 3.3(d)), and if the requesting Holders elect not to have such registration counted as a registration requested under
Section 3.3(a) or 3.3(b), the requesting Holders shall pay the Registration Expenses of such registration pro rata in accordance with the number of their Registrable Shares requested to be included in such registration. For purposes of this
Article 3, the term “Registration Expenses” shall mean all expenses incurred by the Company in complying with this Article 3, including without limitation, all registration and filing fees, exchange listing fees, printing expenses,
the fees and disbursements of counsel for the Company, the fees and disbursements of the Company’s accountants, state Blue Sky fees and expenses, and the expense of any special audits incident to or required by any such registration, but
excluding underwriting discounts, transfer taxes, selling commissions and the fees and expenses of the selling Holders’ own counsel (other than the one counsel selected by Holders pursuant to the next sentence). Additionally, the reasonable
fees and disbursements of one counsel of the Holder shall be paid by the Company. Such counsel shall be selected as follows: (i) in the case of a registration filed pursuant to Section 3.3(a), the Purchasers holding at least a majority of
the number of shares of the Series B Preferred Stock requested to be included in the registration shall choose such counsel, (ii) in the case of a registration filed pursuant to Section 3.3(b), the Series A Holders holding at least a
majority of the number of shares of Series A Preferred Stock requested to be included in such registration shall choose such counsel and (iii) in the case of a registration filed pursuant to Section 3.3(c) or 3.4, the Holders holding at
least a majority of the number of Registrable Shares requested to be included in such registration shall choose such counsel. 
 3.7.
Indemnification. 
 (a) In the event of any registration of any of the Registrable Shares under the Securities Act
pursuant to this Agreement, to the extent permitted by law, the Company will indemnify and hold harmless the seller of such Registrable Shares, each of its directors, officers or partners, each underwriter (if any) within the meaning of the Exchange
Act (an “Underwriter”) and each other person, if any, who controls such seller or Underwriter within the meaning of the Securities Act or the Exchange Act (a “Controlling Person”) against any losses, claims, damages
or liabilities, joint or several, to which such seller or Underwriter or Controlling Person may become subject under the Securities Act, the Exchange Act, Blue Sky laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions
in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement under which such Registrable Shares were registered under the Securities Act,
any preliminary prospectus or final prospectus contained in the Registration Statement, or any amendment or supplement to such Registration Statement, or (ii) the omission or alleged omission to state a material fact required to be stated
therein or necessary to make the statements therein, in light of the circumstances in which they were made, 

  

 -12- 

 
not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any federal securities or state Blue
Sky law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any federal securities or Blue Sky law in connection with the offering covered by such registration statement; and the Company will reimburse such seller or
Underwriter and each such Controlling Person for any legal or any other expenses reasonably incurred by such seller or Underwriter or Controlling Person in connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Company will not be liable in any such case (1) to the extent that any such loss, claim, damage or liability arises out of or is based upon any untrue statement or omission made in such Registration Statement,
preliminary prospectus or prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company, in writing, by or on behalf of such seller or Controlling Person specifically for use in the
preparation thereof, or (2) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld),
provided further, however, that the foregoing indemnity agreement with respect to any preliminary prospectus shall not inure to the benefit of any seller or Underwriter, or any person controlling such seller or Underwriter, from whom the person
asserting any such losses, claims, damages or liabilities purchased shares in the offering, if a copy of the prospectus (as then amended or supplemented if the Company shall have furnished any amendment or supplements thereto) was not sent or given
by or on behalf of such seller or Underwriter to such person, if required by law so to have been delivered, at or prior to the written confirmation of the sale of the shares to such person, and if the prospectus (as so amended or supplement) would
have cured the defect giving rise to such loss, claim, damage or liability. 
 (b) In the event of any registration of any of
the Registrable Shares under the Securities Act pursuant to this Agreement, to the extent permitted by law, each seller of Registrable Shares, severally and not jointly, will indemnify and hold harmless the Company, each of its directors and
officers, each Underwriter (if any) and each Controlling Person, if any, of the Company or Underwriter against any losses, claims, damages or liabilities, (or actions in respect thereof), joint or several, to which the Company, such directors and
officers, any Underwriter or Controlling Persons or other such Holder or partner, director, officer or Controlling Person of such other Holder may become subject under the Securities Act, Exchange Act, Blue Sky laws or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable
Shares were registered under the Securities Act, any preliminary prospectus or final prospectus contained in the Registration Statement, any amendment or supplement to the Registration Statement or any offering circular or other document, or
(ii) any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances in which they were made, not misleading, if the statement, omission or
violation was made or occurred in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of such seller, specifically for use in connection with the preparation of such Registration Statement,
prospectus, amendment or supplement or if such misstatement or omission was corrected in any amendment or supplement provided to a selling Holder pursuant to Section 3.5(b) and 3.5(c) and the selling Holder failed to deliver such amendment or
supplement, or (iii) any violation or alleged violation by the Holder of the Securities Act, the Exchange Act, any federal securities or state Blue Sky 

  

 -13- 

 
law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any federal securities or Blue Sky law in connection with the
offering covered by such registration statement; and each such selling Holder will reimburse any person intended to be indemnified pursuant to this Section 3.7(b), for any legal or other expenses reasonably incurred by such person in connection
with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the indemnity agreement contained in this Section 3.7(b) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the Holder, and provided, however, that the obligations of each Holder hereunder shall be limited to an amount equal to the gross proceeds to such Holder of Registrable Shares
sold as contemplated herein. 
 (c) Each party entitled to indemnification under this Section 3.7 (the
“Indemnified Party”) shall give notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be
sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom with counsel mutually satisfactory to the parties; and, provided, that the failure of any Indemnified Party to deliver
notice to the Indemnifying Party as provided herein, if materially prejudicial to the ability of the Indemnifying Party to defend such action, shall relieve such Indemnifying Party of any liability to the Indemnified Party under this
Section 3.7 to the extent of such prejudice, but the omission so to deliver notice to the Indemnifying Party will not relieve it of any liability that it may have to any Indemnified Patty otherwise than under this Section 3.7. The
Indemnified Party may participate in such defense at such party’s expense; provided, however, that the Indemnifying Party shall pay such expense if representation of such Indemnified Party by the counsel retained by the Indemnifying Party would
be inappropriate due to actual or potential differing interests between the Indemnified Party and any other party represented by such counsel in such proceeding. No Indemnifying Party, in the defense of any such claim or litigation shall, except
with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all
liability in respect of such claim or litigation, and no further obligation to indemnify an Indemnified Party shall exist in connection with either of the following without the prior written consent of the Indemnifying Party, which consent shall not
be unreasonably withheld: (i) judgment entered with the consent of the Indemnified Person; or (ii) settlement of such claim or litigation. 
 (d) If the indemnification provided for in this Section 3.7 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any losses, claims, damages or liabilities
referred to therein, the Indemnifying Party, in lieu of indemnifying such Indemnified Party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such Indemnified Party as a result of such loss,
claim, damage, expense, or liability in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the violation(s) that resulted in such
loss, claim, damages, expense or liability, as well as any other relevant equitable considerations; provided however that in any such case, no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) will be entitled to contribution from any person or entity who was not 

  

 -14- 

 
guilty of such fraudulent misrepresentation. The relative fault of the Indemnifying Party and the Indemnified Party shall be determined by a court of law by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact related to information supplied by the Indemnifying Party by the Indemnified Party and the parties’
relative intent, knowledge, access to information or omission. The obligations of the Company and the sellers and Holders under this Section 3.7 shall survive completion of any offering of Registrable Shares and termination of this Agreement.

 3.8. Indemnification with Respect to Underwritten Offering. In the event that Registrable Shares are sold pursuant to a
Registration Statement in an underwritten offering pursuant to Section 3.3(a) or Section 3.3(b), the Company agrees to enter into an underwriting agreement containing customary representations and warranties with respect to the business
and operations of an issuer of the securities being registered and customary covenants and agreements to be performed by such issuer, including without limitation customary provisions with respect to indemnification by the Company of the
underwriters of such offering and their Controlling Persons. 
 3.9. Information by Holder. 
 (a) Each Holder of Registrable Shares included in any registration shall furnish to the Company such information regarding such Holder and
the distribution proposed by such Holder as the Company and/or underwriters may request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this Article 3. 
 (b) Each Holder of Registrable Shares shall report to the Company sales made pursuant to any registration of such Registrable Shares.

 3.10. “Stand-Off” Agreement. Each Preferred Investor and Common Holder owning at least 1% of the currently issued and
outstanding shares of Common Stock, if requested by the Company or an underwriter, agrees not to sell, make any short sale of, loan, grant any option for purchase of, or otherwise transfer or dispose of any Registrable Shares or other securities of
the Company held by such Holder (other than securities registered in such offering, securities purchased in the initial public offering and securities purchased in the open market after the initial public offering) for a specified period of time
(not to exceed 180 days) following the effective date of a Registration Statement, provided, however, that such restriction shall apply only (i) to the registration statement relating to the Company’s initial public offering, and shall not
extend to any securities included in such Registration Statement, and (ii) if all officers and directors of the Company enter into similar agreements. Such agreement shall be in writing in a form satisfactory to the Company and such
underwriter. The Company may impose stop transfer instructions with respect to the Registrable Shares or other securities subject to the foregoing restriction until the end of the stand-off period. 
 3.11. Limitations on Subsequent Registration Rights. The Company shall not, without the prior written consent of the Holders holding at least a
majority of the Registrable Shares (including the holders of not less than a majority of the then outstanding shares of Series B Preferred Stock), enter into any agreement with any holder or prospective holder of any securities of the Company

  

 -15- 

 
which would allow such holder or prospective holder to (i) receive registration rights on a parity with or on terms more favorable than those granted
herein, or (ii) make a demand registration which could result in such registration statement being declared effective prior to the Company’s initial public offering. 
 3.12. Termination of Rights. The rights of any holder of Series Preferred Shares under this Article 3 shall terminate at such time as such holder
is entitled to sell all of its shares in any 90 day period pursuant to Rule 144 of the Securities Act of 1933, as amended, or comparable regulation under the federal securities laws. 
 ARTICLE 4 
 MISCELLANEOUS. 
 4.1. Notices. All notices, requests, consents and other communications hereunder shall be in writing and shall be personally delivered or
delivered by overnight courier or mailed by first-class registered or certified mail, postage prepaid, return receipt requested, or by fax transmission, or by electronic mail, return receipt requested. 
 (a) If to a Purchaser, at its address as set forth on Schedule I to the Purchase Agreement, or at such other address as may have
been furnished to the Company by it in writing, with a copy to: 
 Pepper Hamilton LLP 
 400 Berwyn Park 
 899 Cassatt Road

 Berwyn, PA 19312 
 Attn:
Christopher Miller, Esq. 
 Fax: 610-640-7835 
 Email: millerc@pepperlaw.com 
 Jane E. Hepner 
 Klett Rooney Lieber & Schorling 
 One Oxford Centre, 40th Floor 
 Pittsburgh, PA 15219 
 Fax: 412-392-2128 
 Email: jehepner@klettrooney.com 
  

	 	(b)	If to the Company at: 

 Precision Therapeutics, Inc.

 2516 Jane Street 
 Pittsburgh, PA 15203 
 Attn: Sean McDonald 
 Fax: 412-481-1597 
 Email: smcdonald@ptilabs.com 
  

 -16- 

 With a copy to: 
 Brian Novosel 
 Buchanan Ingersoll PC 
 One Oxford Centre, 20th Floor 
 Pittsburgh,
PA 15219 
 Fax: 412-562-1041 
 Email: novoselbs@bipc.com 
 4.2. Integration; Amendments and Waiver. This Agreement, embodies the entire agreement and
understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. Except as otherwise provided herein, the provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given unless consented to in writing by (i) the Company and (ii) the holders of at least 67% of the aggregate number of shares of Common Stock issued
or issuable upon conversion of the Series Preferred Stock owned by all of the holders (including the holders of at least 60% of the outstanding shares of Series B Preferred Stock); provided, however, that if any such amendment, modification,
supplement, waiver or consent would adversely change a specifically enumerated right or obligation hereunder of one or more parties hereto (the “Adversely Affected Parties”) in a way that is adverse to the Adversely Affected Parties
and in a manner different from the manner in which such specifically enumerated right or obligation is changed with respect to other parties hereto, such amendment or waiver shall also require the written consent of each such Adversely Affected
Party. Any such written consent shall be binding upon the Company, the Purchasers, the Series A Holders and Common Holders. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more instances, shall be
deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 
 4.3. Severability. The
invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provisions of this Agreement. 
 4.4. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Delaware regardless of laws that might otherwise govern under applicable principles of conflicts of
laws and choice of laws thereof. 
 4.5. Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this
Agreement shall be binding upon, and inure to the benefit of, the respective representatives, transferees, successors and assigns of the parties hereto. 
 4.6. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 4.7. Survival of Covenants of the Company. The obligations of the Company and the other parties set forth in this Agreement (except
Section 1.2, Article 3 and Article 4) shall survive until terminated upon the closing of the Company’s Initial Public Offering. The obligations of the Company set forth in Section 1.2, Article 3 and Article 4 above are continuing
covenants and shall survive the closing of the Company’s Initial Public Offering. 
  

 -17- 

 4.8. Aggregation. For purposes of this Agreement, the percentages of Common Stock On a Fully
Diluted Basis held by a Purchaser shall be aggregated together with all other Purchasers who are Affiliates of such Purchaser. “Affiliate” shall mean (i) any person directly or indirectly controlling, controlled by or under
common control with another person, (ii) any person owning or controlling 50% or more of the outstanding voting securities of such other person, (iii) any officer, director or partner of such person, (iv) if such other person is an
officer, director or partner, any company for which such person acts in such capacity, (v) the spouse, sibling, ancestor or lineal descendants of such person or of any of the parties referred to in the foregoing clauses of this definition, and
(vi) a trust for the benefit of such person or any of the parties referred to in the foregoing clauses of this definition. 
 [Remainder of Page Intentionally Left Blank; Signature Page to Follow] 
  

 -18- 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year written above.

  

			
	PRECISION THERAPEUTICS, INC.
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

	
	PURCHASERS, SERIES A HOLDERS AND COMMON HOLDERS
	
	  
	[Printed Name if an Entity]

  

			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

 [Signature page to Third Amended and Restated Investors Rights Agreement] 

 Schedule I 
 Series B – Purchasers 
 2001 Irrevocable Trust for William C. Hulley, William C. Hulley, Trustee 
 Adams Capital 
 Alvin J. Catz 
 Ann K. Newlin 
 Birchmere Ventures II LP 
 BoldCap Ventures LLC 
 CK Capital, LP 
 CEO Venture Fund III 
 Draper Triangle Ventures, LP 
 G. Richard Patton 
 Gary G. Glausser and Mary Frances Glausser 
 Harold Mendlowitz 
 Helen P. Glausser 
 HOWNIM Limited Partnership 
 James Colker & Janice S. Colker Held as
Tenants by the Entireties 
 Janney Montgomery Scott LLC 
 John P.
Krolikowski 
 Lizabeth H. Zlatkus 
 Mary Beth Duffy 

Melissa A Kelley 
 Nicholas Kornblith 
 Paul B. Glausser 
 Paul L. Kornblith 
 Pennsylvania Growth Fund 
 Quaker BioVentures LP 
 Richard W. Thorne 
 Sanford S. Berman 
 Sean D.S. Sebastian 
 Sheila C. Catz 
 Sheldon & Co FBO William R. Newlin Tax ID #34-6510658 
 Stephen G.
Robinson 
 The Future Fund, Inc 
 Timothy E. Parks 
 TVM V Life Science Ventures GmbH & Co. KG 
 William R. Newlin

 Schedule II 
 Series A Holders 
 2001 Irrevocable Trust for William C. Hulley, William C. Hulley, Trustee 
 A & J Boyle 
 Adams Capital 
 Alvin J. Catz 
 Ann K. Newlin 
 Arthur J Boyle IRA 
 Birchmere Ventures II LP 
 BoldCap Ventures LLC 
 Bomoseen Associates, LP 
 Bruce W. Miller 
 Draper Triangle Ventures, LP 
 G. Richard Patton 
 Gary G. Glausser and Mary Frances Glausser 
 Harold Mendlowitz 
 Helen P. Glausser 
 HOWNIM Limited Partnership 
 James Colker & Janice S. Colker Held as
Tenants by the Entireties 
 Janney Montgomery Scott LLC 
 Jo Anne
Boyle IRA 
 John P. Krolikowski 
 John R. Thorne 
 Lizabeth H. Zlatkus 
 Mary Beth Duffy 
 Melissa A Kelley and Carl J Brotsker 
 Ned Renzi 
 Nicholas Kornblith 
 Paul B. Glausser 
 Paul L. Kornblith 
 Pennsylvania Growth Fund 
 Richard W. Thorne 
 Robert H. McDonald Jr 
 Route 88 Development Inc. 
 Roy T. Ruzika and Joan R. Ruzika 
 Sanford S. Berman 
 Sean D.S. Sebastian 
 Sean McDonald 
 Sheila C. Catz 
 Sheldon & Co FBO William R. Newlin Tax ID #34-6510658 
 Stanley N.
Lapidus 
 Stephen G. Robinson 
 Stephens - Precision
Therapeutics, LLC 
 The Future Fund, Inc 
 Timothy E. Parks

 TVM V Life Science Ventures GmbH & Co. KG 
 William R.
Newlin 

 Schedule III 
 Common Holders 
 2001 Irrevocable Trust for William C. Hulley, William C. Hulley, Trustee 
 A.G.D.N. Partnership 
 Alfred Weis 
 Alvin J. Catz 
 Ann K. Newlin 
 Anuja Chattopadhyay 
 Appleduck, LP 
 Arlene A. Hendrickson 
 Arthur J Boyle IRA 
 B. Gordon Nelson III 
 Bank One Trust Company, N.A, as Trustee U/A with
Lauranne T. Freyhof (Lauren Freyof Trust) dated April 26, 1982 
 Barry R. Sullivan 
 Birchmere Investments LP 
 Birchmere Ventures II LP 
 BoldCap Ventures LLC 
 Bomoseen Associates, LP 
 Bret Gustafson 
 Bruce W. Miller 
 Bryan A. Loy 
 Carl A. Cohen 
 CEO Venture Fund III

 Charles C. Cohen 
 Charles C. Cohen and Amy W. Cohen JTWROS

 Charles C. Cohen SEP Account 
 Charles Clark Jordan 

Chester G. Fisher 
 Christine LoBianco 
 CK Capital, LP 
 Cousin Family Investment Association 
 Daniel L. Reynolds and Joan H. Reynolds 
 David Burstin 
 David Robinson 
 David S. Shapira 
 Deborah Devers 
 Dennis Burholt 
 Donald and Sylvia Robinson Family Foundation 
 Donald H. Jones 
 Douglas F. Schofield 
 Dr. Bettina Weis Killion 
 Dr. Robert E. Lee 
 Draper Triangle Ventures, LP 
 E.L.H. Co., Inc. 
 Eugene R. Yost 
 F Gordon Kraft and Suzanne H Kraft 
 Farrell Rubenstein 
 G. Richard Patton 
 Gary G. Glausser and Mary Frances Glausser 

 George M. Egan and Anne T. Egan 
 Glen F. Chatfield 
 Griffin Group Partners. LP 
 Hans J.
Werner 
 Harold Mendlowitz 
 Heather Piwowar 
 Helen P. Glausser 
 Hillcrest Family Partnership, L.P. 
 HOWNIM Limited Partnership 
 ITM Holdings, Ltd 
 James Colker & Janice S. Colker Held as Tenants by the Entireties 
 James H. Wolf 
 James S. Whitcomb, Jr. 
 Janney
Montgomery Scott LLC 
 Jim Ferree 
 Jo Anne Boyle IRA 

John Freund 
 John J. Inserra and Diane W. Inserra 
 John L. Laubach, Jr. 
 John M Wolf, Jr. 
 John P. Krolikowski 
 John Piwowar 
 John R. Thorne 
 John S. Isherwood 
 John T. Freyhof 
 Jonathan Shmerling 
 Joseph C. and Molly E. Walton as Tenants by the Entireties 
 Judy Holleran

 JW Associates 
 Konrad M. Weis and Gisela Weis 
 Laura Adamson 
 Lauren Smith 
 Lawrence J. Fiori 
 Lisa Dawn George 
 Lizabeth H. Zlatkus 
 Margot Kornblith 
 Mark D. Myslinski 
 Mark M. Blatter, MD and Jamie L. Blatter 
 Marlin S. Heilman 
 Mary Beth Duffy 
 Mary O. McCanney 
 Maryann Donovan 
 Matthew Teplitz and Sue Challinor 
 Melissa A Kelley and Carl J Brotsker

 Michael N. Berger and Eileen S.J. Berger 
 Ned Renzi

 Nicholas Kornblith 
 Patricia A Keys 
 Patricia J. Burns 
 Paul B. Glausser 
 Paul L. Kornblith 

 Pennsylvania Growth Fund 
 Pericles Dimas 
 Perspective Holdings, LLC 
 Philip J.
Samson and Iris M. Samson 
 Philip Keys 
 Richard Fincher

 Richard W. Thorne 
 Robert B. Egan and Ann M. Egan 

Robert Bratton 
 Robert H. McDonald Jr 
 Robert J. Huemmrich 
 Robert J. Schuler & Rosemarie Schuler Joint
Tenants with Rights of Survivorship 
 Rosalyn Silverman 
 Samuel
L. Armfield III TTEE, FBO Penn Vascular Lab Profit Sharing Plan 
 Sanford S. Berman 
 Saul J. Silver 
 Scott A. Lesnett 
 Sean McDonald 
 Sean McDonald 
 Sheila C. Catz

 Sheldon & Co (Abigail Leah Robinson) 
 Smith Barney
CDN for the IRA of Charles Clark Jordan IRA 
 Stacy Herb 
 Stanley N. Lapidus 
 Stephen G. Robinson 
 Stephen M.
Grimshaw 
 Stephens - Precision Therapeutics, LLC 
 The Future
Fund, Inc 
 Theresa M. Miles 
 Thomas H. Reynolds 
 Thomas N. Canfield 
 Timothy E. Parks 
 TVM V Life Science Ventures GmbH & Co. KG 
 Walton Strategic
Investment Co., L.P. 
 Western Pennsylvania Adventure Capital Fund 
 William H. Portman 
 Wolfgang V. Briggs 

 Amendment to Third Amended and Restated Investors Rights Agreement, dated as 
 of August 23, 2007 
 1.
Section 3.1(f) of the Third Amended and Restated Investors Rights Agreement, dated as of February 16, 2006 (the “IRA”) shall be deleted in its entirety and replaced with the following new Section 3.1(f):

 (f) “Registrable Shares” means all shares of Common Stock held by the Preferred Investors, the shares of
Common Stock issuable or issued upon conversion of the Company’s Series Preferred Stock, the shares of Common Stock issuable or issued upon conversion of the Convertible Notes in the event of an IPO, and any other shares of Common Stock of the
Company issued in respect of such shares (because of stock splits, stock dividends, reclassifications, recapitalizations, or similar events); provided, however, that shares of Common Stock which are Registrable Shares shall cease to be Registrable
Shares upon (A) any sale pursuant to a Registration Statement or (B) any sale in any manner to a person or entity which, by virtue of Section 3.1 of this Agreement, is not entitled to the rights provided by Article 3. Wherever
reference is made in this Article 3 to a request or consent of Holders of a certain percentage of Registrable Shares, the determination of such percentage shall include shares of Common Stock issued or issuable upon conversion of the Series
Preferred Stock, even if such conversion has not yet been effected. 
 2. The following shall be added as a new Section 3.1(g) to the
IRA: 
 (g) “Convertible Note Holder” means a purchaser of Convertible Notes under the terms of the Note
Purchase Agreement. 
 3. The following shall be added as a new Section 3.1(h) to the IRA: 
 (h) “Convertible Notes” means those certain Convertible Promissory Notes issued by the Company pursuant to the terms of
the Note Purchase Agreement. 
 4. The following shall be added as a new Section 3.1(i) to the IRA: 
 (i) “Note Purchase Agreement” means that certain Note Purchase Agreement dated as of August 23, 2007, by and between the
Company and the Purchasers named therein. 
 5. The following shall be added as a new Section 3.3(h) to the IRA: 
 (h) If, at any time after six months following the Company’s IPO, the Holders holding at least a majority of the number of
Registrable Shares issued upon conversion of the Convertible Notes request, in writing, that the Company effect the registration on Form S-1 

 
or another appropriate form (or any successor form) of Registrable Shares owned by such Convertible Note Holders, the Company, upon receipt of any such
request, shall promptly give written notice of such proposed registration to all Holders. Such Holders shall have the right, by giving written notice to the Company within 20 days after the Company provides its notice, to elect to have included in
such registration such of their Registrable Shares as such Holders may request in such notice of election. Thereupon, the Company shall, as soon as reasonably practicable, use its reasonable best efforts to effect the registration, on Form S-1 or
another appropriate form (or any successor form), of all Registrable Shares which the Company has been requested to so register. The Company shall be entitled to include in such registration, for its own account or for the account of others at the
Company’s discretion, such amount of its stock as may be requested by other stockholders or the Company subject to the right of the participating Holders to have all Registrable Shares registered. The Company shall not be required to effect
more than one registration pursuant to this Section 3.3(h) in any event. 
 6. Section 3.6 of the IRA shall be deleted in its
entirety and replaced with the following new Section 3.6: 
 3.6 Allocation of Expenses. The Company will pay all
Registration Expenses (as hereinafter defined) of all registrations under this Agreement; provided, however, that (i) if a registration filed pursuant to Section 3.3(a) is withdrawn at the request of the Purchasers holding at least a
majority of the number of Registrable Shares issued or issuable upon conversion of the of the Series B Preferred Stock, (ii) if a registration filed pursuant to Section 3.3(b) is withdrawn at the request of the Series A Holders holding at
least a majority of the number of Registrable Shares issued or issuable upon conversion of the of the shares of Series A Preferred Stock, or (iii) if a registration filed pursuant to Section 3.3(h) is withdrawn at the request of the
Holders holding at least a majority of the number of Registrable Shares issued upon conversion of the Convertible Notes, and in each such case such withdrawal is other than as a result of (i) material and adverse information concerning the
business or financial condition of the Company which is made known to the Holders initially requesting such registration after the date on which such registration was requested or (ii) a delay of the registration pursuant to
Section 3.3(d), then the requesting Holders shall pay the Registration Expenses of such registration pro rata in accordance with the number of their Registrable Shares requested to be included in such registration, unless the requesting Holders
elect to have such registration counted as a registration requested under Section 3.3(a), 3.3(b) or 3.3(h) as applicable, in which case the Company will pay the Registration Expenses associated with such withdrawn registration. For purposes of
this Article 3, the term “Registration Expenses” shall mean all expenses incurred by the Company in complying with this Article 3, including without limitation, 

 
all registration and filing fees, exchange listing fees, printing expenses, the fees and disbursements of counsel for the Company, the fees and disbursements
of the Company’s accountants, state Blue Sky fees and expenses, and the expense of any special audits incident to or required by any such registration, but excluding underwriting discounts, transfer taxes, selling commissions and the fees and
expenses of the selling Holders’ own counsel (other than the one counsel selected by Holders pursuant to the next sentence). Additionally, the reasonable fees and disbursements of one counsel of the Holder shall be paid by the Company. Such
counsel shall be selected as follows: (i) in the case of a registration filed pursuant to Section 3.3(a), the Purchasers holding at least a majority of the number of Registrable Shares issued or issuable upon conversion of the Series B
Preferred Stock requested to be included in the registration shall choose such counsel, (ii) in the case of a registration filed pursuant to Section 3.3(a), the Series A Holders holding at least a majority of the number of Registrable
Shares issued or issuable upon conversion of the Series A Preferred Stock requested to be included in such registration shall choose such counsel, (iii) in the case of a registration filed pursuant to Section 3.3(h), the Convertible Note
Holders holding at least a majority of the number of shares of Registrable Shares issued or issuable upon conversion of the Convertible Notes requested to be included in such registration shall choose such counsel and (iv) in the case of a
registration filed pursuant to Section 3.3(c) or 3.4, the Holders holding at least a majority of the number of Registrable Shares requested to be included in such registration shall choose such counsel. 
 7. Section 3.8 of the IRA shall be deleted in its entirety and replaced with the following new Section 3.8: 
 3.8 Indemnification with Respect to Underwritten Offering. In the event that Registrable Shares are sold pursuant to a Registration
Statement in an underwritten offering pursuant to Section 3.3(a), Section 3.3(b) or Section 3.3(h), the Company agrees to enter into an underwriting agreement containing customary representations and warranties with respect to the
business and operations of an issuer of the securities being registered and customary covenants and agreements to be performed by such issuer, including without limitation customary provisions with respect to indemnification by the Company of the
underwriters of such offering and their Controlling Persons. 
 8. Section 3.10 of the IRA shall be deleted in its entirety and replaced
with the following new Section 3.10: 
 3.10 “Stand-Off” Agreement. Each Preferred Investor, Common
Holder and Convertible Note Holder owning at least 1% of the currently issued and outstanding shares of Common Stock, if requested by the Company or an underwriter, agrees not to sell, make any short sale of, 

 
loan, grant any option for purchase of, or otherwise transfer or dispose of any Registrable Shares or other securities of the Company held by such Holder
(other than securities registered in such offering, securities purchased in the initial public offering and securities purchased in the open market after the initial public offering) for a specified period of time (not to exceed 180 days) following
the effective date of a Registration Statement, provided, however, that such restriction shall apply only (i) to the registration statement relating to the Company’s initial public offering, and shall not extend to any securities included
in such Registration Statement, and (ii) if all officers and directors of the Company enter into similar agreements. Such agreement shall be in writing in a form satisfactory to the Company and such underwriter. The Company may impose stop
transfer instructions with respect to the Registrable Shares or other securities subject to the foregoing restriction until the end of the stand-off period. 
 9. Section 3.12 of the IRA shall be deleted in its entirety and replaced with the following new Section 3.12: 
 3.12 Termination of Rights. The rights of any holder of Registrable Shares under this Article 3 shall terminate at such time as such holder is entitled to sell all of its shares in any 90 day period pursuant to
Rule 144 of the Securities Act of 1933, as amended, or comparable regulation under the federal securities laws. 
 10. Section 4.2 of
the IRA shall be deleted in its entirety and replaced with the following new Section 4.2: 
 4.2 Integration;
Amendments and Waiver. This Agreement, embodies the entire agreement and understanding between the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. Except as otherwise provided herein,
the provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless consented to in writing by (i) the Company and (ii) the holders of at
least 67% of the aggregate number of shares of Common Stock issued or issuable upon conversion of the Series Preferred Stock owned by all of the holders (including the holders of at least 60% of the outstanding shares of Series B Preferred Stock);
provided, however, that (i) any amendment, modification or waiver of the provisions of Article 3 shall also require the consent of the Convertible Note Holders holding a majority of the principal under the Convertible Notes and (ii) if any
amendment, modification, supplement, waiver or consent would adversely change a specifically enumerated right or obligation hereunder of one or more parties hereto (the “Adversely Affected Parties”) in a way that is adverse to the
Adversely Affected Parties and in a manner different from the manner in which such specifically enumerated right or obligation 

 
is changed with respect to other parties hereto, such amendment or waiver shall also require the written consent of each such Adversely Affected Party. Any
such written consent shall be binding upon the Company, the Purchasers, the Series A Holders, the Convertible Note Holders and the Common Holders. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.Master Security Agreement

 Exhibit 4.6 
 MASTER SECURITY AGREEMENT 
 dated as of December 29, 2006 (“Agreement”) 
 THIS AGREEMENT is between General Electric Capital Corporation (together with its successors and assigns, if any, “Secured Party”) and
Precision Therapeutics, Inc. (“Debtor”). Secured Party has an office at 83 Wooster Heights Road, Danbury, CT 06810. Debtor is a corporation organized and existing under the laws of the state of Delaware (“the State”).
Debtor’s mailing address and chief place of business is 2516 Jane Street, Pittsburgh, Allegheny County, PA 15203. 
  

	1.	CREATION OF SECURITY INTEREST. 

 Debtor grants to
Secured Party, its successors and assigns, a security interest in and against all property listed on any collateral schedule now or in the future annexed to or made a part of this Agreement (“Collateral Schedule”), and in and against all
additions, attachments, accessories and accessions to such property, all substitutions, replacements or exchanges therefor, and all insurance and/or other proceeds thereof (all such property is individually and collectively called the
“Collateral”). This security interest is given to secure the payment and performance of all debts, obligations and liabilities of any kind whatsoever of Debtor to Secured Party, now existing or arising in the future, including but not
limited to the payment and performance of certain Promissory Notes from time to time identified on any Collateral Schedule (collectively “Notes” and each a “Note”), and any renewals, extensions and modifications of such debts,
obligations and liabilities (such Notes, debts, obligations and liabilities are called the “Indebtedness”). 
  

	2.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF DEBTOR 

 Debtor represents, warrants and covenants as of the date of this Agreement and as of the date of each Collateral Schedule that: 
 (a) Debtor’s exact legal name is as set forth in the preamble of this Agreement and Debtor is, and will remain, duly organized, existing and in good standing under the laws of the State set forth in the preamble of this Agreement, has
its chief executive offices at the location specified in the preamble, and is, and will remain, duly qualified and licensed in every jurisdiction wherever necessary to carry on its business and operations; 
 (b) Debtor has adequate power and capacity to enter into, and to perform its obligations under this Agreement, each Note and any other documents
evidencing, or given in connection with, any of the Indebtedness (all of the foregoing are called the “Debt Documents”); 
 (c)
This Agreement and the other Debt Documents have been duly authorized, executed and delivered by Debtor and constitute legal, valid and binding agreements enforceable in accordance with their terms, except to the extent that the enforcement of
remedies may be limited under applicable bankruptcy and insolvency laws; 
 (d) No approval, consent or withholding of objections is required
from any governmental authority or instrumentality with respect to the entry into, or performance by Debtor of any of the Debt Documents, except any already obtained; 
 (e) The entry into, and performance by, Debtor of the Debt Documents will not (i) violate any of the organizational documents of Debtor or any judgment, order, law or regulation applicable to Debtor, or
(ii) result in any breach of or constitute a default under any contract to which Debtor is a party, or result in the creation of any lien, claim or encumbrance on any of Debtor’s property (except for liens in favor of Secured Party)
pursuant to any indenture, mortgage, deed of trust, bank loan, credit agreement, or other material agreement or instrument to which Debtor is a party; 
 (f) There are no suits or proceedings pending in court or before any commission, board or other administrative agency against or affecting Debtor which could, in the aggregate, have a material adverse effect on
Debtor, its business or operations, or its ability to perform its obligations under the Debt Documents, nor does Debtor have reason to believe that any such suits or proceedings are threatened; 
 (g) All financial statements delivered to Secured Party in connection with the Indebtedness have been prepared in accordance with generally accepted
accounting principles, and since the date of the most recent financial statement, there has been no material adverse change in Debtors financial condition; 
 (h) The Collateral is not, and will not be, used by Debtor for personal, family or household purposes; 
 (i)
The Collateral is, and will remain, in good condition and repair, ordinary wear and tear excepted and Debtor will not be negligent in its care and use; 
 (j) Debtor is, and will remain, the sole and lawful owner, and in possession of, the Collateral, and has the sole right and lawful authority to grant the security interest described in this Agreement; 
 (k) The Collateral is, and will remain, free and clear of all liens, claims and encumbrances of any kind whatsoever, except for (i) liens in favor
of Secured Party, (ii) liens for taxes not yet due or for taxes being contested in good faith and which do not involve, in the judgment of Secured Party, any risk of the sale, forfeiture or loss of any of the Collateral and with respect to
which adequate 

 
reserves have been set aside for the payment thereof in accordance with GAAP, and (iii) inchoate materialmen’s, mechanic’s, repairmen’s
and similar liens arising by operation of law in the normal course of business for amounts which are not delinquent; (iv) liens set forth on Schedule 2(k); (v) Liens not to exceed $250,000 in the aggregate in any fiscal year (A) upon or in
any equipment acquired or held by Debtor to secure the purchase price of such equipment (or other equipment secured by the same creditor) or additional Debt incurred solely for the purpose of financing the acquisition or lease of such equipment, or
(B) existing on such equipment at the time of its acquisition provided that the Lien is confined solely to the equipment so acquired and improvements thereon (and other equipment to which such creditor has a security interest) and the proceeds
of such equipment; and (vi) the sale, license or other disposition of any of Debtor’s assets in the ordinary course of business (all of such liens are called “Permitted Liens”); 
 (l) Debtor is and will remain in full compliance with all laws and regulations applicable to it including, without limitation, (i) ensuring that no
person who owns a controlling interest in or otherwise controls Debtor is or shall be (Y) listed on the Specially Designated Nationals and Blocked Person List maintained by the Office of Foreign Assets Control (“OFAC”), Department of
the Treasury, and/or any other similar lists maintained by OFAC pursuant to any authorizing statute, Executive Order or regulation or (Z) a person designated under Section 1(b), (c) or (d) of Executive Order No. 13224
(September 23, 2001), any related enabling legislation or any other similar Executive Orders, and (ii) compliance with all applicable Bank Secrecy Act (“BSA”) laws, regulations and government guidance on BSA compliance and on the
prevention and detection of money laundering violations; 
 (m) Debtor’s Intellectual Property, as defined in Section 7 below, is
and will remain free and clear of all liens, claims and encumbrances of any kind whatsoever, except for Permitted Liens as defined in subsection (k) of this Section; 
 (n) Debtor has not and will not enter into any other agreement or financing arrangement in which it granted a negative pledge in Debtor’s Intellectual Property to any other party; 
 (o) Debtor agrees that it shall not, and shall not allow any of its subsidiaries to, directly or indirectly, create, incur, assume, permit to exist,
guarantee or otherwise become or remain directly or indirectly liable with respect to, any Debt (as hereinafter defined), except for (i) Debt of Debtor to Secured Party, (ii) Debt existing on the date hereof and set forth on Schedule A to
this Agreement, and (iii) Debt not to exceed $250,000 in the aggregate in any fiscal year of Debtor secured by liens described in clause (v) of the definition of Permitted Liens and provided such Debt does not exceed the lesser of cost or
fair market value of the equipment financed with such Debt; and (iv) unsecured Debt in an aggregate amount not to exceed $100,000 that is subordinated to the Indebtedness on terms and conditions acceptable to Secured Party in its reasonable
discretion (“Subordinated Debt”). The term “Debt” shall mean, with respect to any person, at any date, without duplication, (a) all obligations of such person for borrowed money, (b) all obligations of
such person evidenced by bonds, debentures, notes or other similar instruments, or upon which interest payments are customarily made, (c) all obligations of such person to pay the deferred purchase price of property or services incurred in the
ordinary course of business if the purchase price is due more than six (6) months from the date the obligation is incurred, (d) all capital lease obligations of such person, (e) the principal balance outstanding under any synthetic
lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product, (f) all obligations of such person to purchase securities (or other property) which arise out of or in connection with the issuance or
sale of the same or substantially similar securities (or property), (g) all contingent or non-contingent obligations of such person to reimburse any bank or other person in respect of amounts paid under a letter of credit or similar instrument,
(h) all Indebtedness secured by a lien on any asset of such person, whether or not such Debt is otherwise an obligation of such person, (i) all obligations of such person under any foreign exchange contract, currency swap agreement;
interest rate swap, cap or collar agreement or other similar agreement or arrangement designed to alter the risks of that person arising from fluctuations in currency values or interest rates, in each case whether contingent or matured, and
(j) all obligations or liabilities of other guaranteed by such person; and (m) all obligations of such person to trade creditors incurred in the ordinary course of business and more than one hundred twenty (120) days past due;

 (p) Debtor agrees that it shall not, and shall not allow any of its subsidiaries to, (i) make any payment in respect of any
Subordinated Debt, except in accordance with the subordination terms thereof or (ii) amend, supplement, modify or waive any of the terms of any document governing any Subordinated Debt; and 
 (q) Debtor (i) shall, within 30 days after the initial funding of the Indebtedness secured hereby, cause each securities, depository or disbursement
account of Debtor or any of its subsidiaries (other than any tax or payroll account) to be subject to a control agreement satisfactory to Secured Party in its reasonable discretion and (ii) shall not and shall not allow any of its subsidiaries
to open or maintain any securities, depository or disbursement accounts except upon thirty (30) days’ prior written notice to Secured Party and Debtor shall not, and shall not allow any Subsidiary to, use any such accounts until such time as
the applicable securities intermediary or depository institution, as the case may be, Debtor or such Subsidiary of Debtor, as the case may be, and Secured Party have entered into a control agreement satisfactory to Secured Party and in any event
sufficient to perfect a first priority lien and security interest in such account in favor of Secured Party. In the event Secured Party chooses not to request a control agreement over each securities, depository, or disbursement account of Debtor or
any of its subsidiaries, Debtor agrees that such account or accounts in aggregate shall not and shall not be allowed to contain individually or in aggregate more than four million dollars ($4,000,000) and that Debtor’s account(s) subject to a
control agreement shall contain all of Debtor’s remaining deposits and securities. 
  

	3.	COLLATERAL. 

 (a) Until the declaration of any
default, Debtor shall remain in possession of the Collateral, including the collateral covered by any control agreement described in section 2(q) above; except that Secured Party shall have the right to possess (i) any chattel paper or
instrument that constitutes a part of the Collateral, and (ii) any other Collateral in which Secured Party’s security interest may be perfected only by possession. Secured Party may inspect any of the Collateral during normal business
hours after giving Debtor reasonable prior notice. If Secured Party asks, Debtor will promptly notify Secured Party in writing of the location of any Collateral. 

 (b) Debtor shall (i) use the Collateral only in its trade or business, (ii) maintain all of the
Collateral in good operating order and repair, normal wear and tear excepted, (iii) use and maintain the Collateral only in compliance with manufacturers recommendations and all applicable laws, and (iv) keep all of the Collateral free and
clear of all liens, claims and encumbrances (except for Permitted Liens). 
 (c) Secured Party does not authorize and Debtor agrees it shall
not (i) part with possession of any of the Collateral (except to Secured Party or for maintenance and repair), (ii) remove any of the Collateral from the continental United States, or (iii) sell, rent, lease, mortgage, license, grant a
security interest in or otherwise transfer or encumber (except for Permitted Liens) any of the Collateral except in the ordinary course of business. 
 (d) Debtor shall pay promptly when due all taxes, license fees, assessments and public and private charges levied or assessed on any of the Collateral, on its use, or on this Agreement or any of the other Debt
Documents. At its option, Secured Party may discharge taxes, liens, security interests or other encumbrances at any time levied or placed on the Collateral and may pay for the maintenance, insurance and preservation of the Collateral and effect
compliance with the terms of this Agreement or any of the other Debt Documents. Debtor agrees to reimburse Secured Party, on demand, all costs and expenses incurred by Secured Party in connection with such payment or performance and agrees that such
reimbursement obligation shall constitute Indebtedness. 
 (e) Debtor shall, at all times, keep accurate and complete records of the
Collateral, and Secured Party shall have the right to inspect and make copies of all of Debtor’s books and records relating to the Collateral during normal business hours, after giving Debtor reasonable prior notice. 
 (f) Debtor agrees and acknowledges that any third person who may at any time possess all or any portion of the Collateral shall be deemed to hold, and
shall hold, the Collateral as the agent of, and as pledge holder for, Secured Party. Secured Party may at any time give notice to any third person described in the preceding sentence that such third person is holding the Collateral as the agent of,
and as pledge holder for, the Secured Party. 
  

	4.	INSURANCE. 

 (a) Debtor shall at all times bear the
entire risk of any loss, theft, damage to, or destruction of, any of the Collateral from any cause whatsoever. 
 (b) Debtor agrees to keep
the Collateral insured against loss or damage by fire and extended coverage perils, theft, burglary, and for any or all Collateral which are vehicles, for risk of loss by collision, and if requested by Secured Party, against such other risks as
Secured Party may reasonably require. The insurance coverage shall be in an amount no less than the full replacement value of the Collateral, and deductible amounts, insurers and policies shall be acceptable to Secured Party. Debtor shall deliver to
Secured Party policies or certificates of insurance evidencing such coverage. Each policy shall name Secured Party as additional insured and lender’s loss payee, shall provide for coverage to Secured Party regardless of the breach by Debtor of
any warranty or representation made therein, shall not be subject to co-insurance, and shall provide that coverage may not be canceled or altered by the insurer except upon thirty (30) days prior written notice to Secured Party. Debtor appoints
Secured Party as its attorney-in-fact to make proof of loss, claim for insurance and adjustments with insurers, and to receive payment of and execute or endorse all documents, checks or drafts in connection with insurance payments. Secured Party
shall not act as Debtor’s attorney-in-fact unless Debtor is in default. Proceeds of insurance shall be applied, at the option of Secured Party, to repair or replace the Collateral or to reduce any of the Indebtedness. 
  

	5.	REPORTS. 

 (a) Debtor shall promptly notify Secured
Party of (i) any change in the name of Debtor, (ii) any change in the state of its incorporation, organization or registration, (iii) any relocation of its chief executive offices, (iv) any relocation of any of the Collateral,
(v) any of the Collateral being lost, stolen, missing, destroyed, materially damaged or worn out, or (vi) any lien, claim or encumbrance other than Permitted Liens attaching to or being made against any of the Collateral. 
 (b) Debtor will deliver to Secured Party financial statements as follows. If Debtor is a privately held company, then Debtor agrees to provide monthly
financial statements, certified by Debtor’s president or chief financial officer including a balance sheet, statement of operations and cash flow statement within 45 days of the end of each fiscal quarter and its complete audited annual
financial statements, certified by a recognized firm of certified public accountants, within 180 days of fiscal year end or at such time as Debtor’s Board of Directors receives the audit. If Debtor is a publicly held company, then Debtor agrees
to provide quarterly unaudited statements and annual audited statements, certified by a recognized firm of certified public accountants, within 10 days after the statements are provided to the Securities and Exchange Commission (“SEC”).
All such statements are to be prepared using generally accepted accounting principles (“GAAP”) and, if Debtor is a publicly held company, are to be in compliance with SEC requirements. 

	6.	FURTHER ASSURANCES. 

 (a) Debtor shall, upon request
of Secured Party, furnish to Secured Party such further information, execute and deliver to Secured Party such documents and instruments (including, without limitation, Uniform Commercial Code financing statements) and shall do such other acts and
things as Secured Party may at any time reasonably request relating to the perfection or protection of the security interest created by this Agreement or for the purpose of carrying out the intent of this Agreement. Without limiting the foregoing,
Debtor shall cooperate and do all acts deemed necessary or advisable by Secured Party to continue in Secured Party a perfected first security interest in the Collateral, and shall obtain and furnish to Secured Party any subordinations, releases,
landlord waivers, lessor waivers, mortgagee waivers, or control agreements, and similar documents as may be from time to time requested by, and in form and substance satisfactory to, Secured Party. 
 (b) Debtor authorizes Secured Party to file a financing statement and amendments thereto describing the Collateral and containing any other information
required by the applicable Uniform Commercial Code. Debtor irrevocably grants to Secured Party the power to sign Debtor’s name and generally to act on behalf of Debtor to execute and file applications for title, transfers of title, financing
statements, notices of lien and other documents pertaining to any or all of the Collateral; this power is coupled with Secured Party’s interest in the Collateral. Debtor shall, if any certificate of title be required or permitted by law for any
of the Collateral, obtain and promptly deliver to Secured Party such certificate showing the lien of this Agreement with respect to the Collateral. Debtor ratifies its prior authorization for Secured Party to file financing statements and amendments
thereto describing the Collateral and containing any other information required by the Uniform Commercial Code if filed prior to the date hereof. 
 (c) Debtor shall indemnify and defend the Secured Party, its successors and assigns, and their respective directors, officers and employees, from and against all claims, actions and suits (including, without limitation, related
attorneys’ fees) of any kind whatsoever arising, directly or indirectly, in connection with any of the Collateral. 
  

	7.	DEFAULT AND REMEDIES. 

 (a) Debtor shall be in
default under this Agreement and each of the other Debt Documents if: 
 (i) Debtor breaches its obligation to pay when due
any installment or other amount due or coming due under any of the Debt Documents and fails to cure the breach within ten (10) days; 
 (ii) Debtor, without the prior written consent of Secured Party, (A) attempts to or does sell, rent, lease, license, mortgage, grant a security interest in, or otherwise transfer or encumber (except for Permitted Liens) any of the
Collateral; or (B) breaches any of its obligations under Section 2(o) or 2(p) and fails to cure the breach within ten (10) days; 
 (iii) Debtor breaches any of its insurance obligations under Section 4 and such breach is not cured within 7 days of its occurrence; 
 (iv) Debtor breaches any of its other obligations under any of the Debt Documents and fails to cure that breach within thirty
(30) days after written notice from Secured Party; 
 (v) Any warranty, representation or statement made by Debtor in any
of the Debt Documents or otherwise in connection with any of the Indebtedness shall be false or misleading in any material respect; 
 (vi) Any of the Collateral is subjected to attachment, execution, levy, seizure or confiscation in any legal proceeding or otherwise, or if any legal or administrative proceeding is commenced against Debtor or any of the Collateral, which
in the good faith judgment of Secured Party subjects any of the Collateral to a material risk of attachment, execution, levy, seizure or confiscation and no bond is posted or protective order obtained to negate such risk; 
 (vii) Debtor or any guarantor or other obligor for any of the Indebtedness (collectively “Guarantor”) dissolves, terminates its
existence, becomes insolvent or ceases to do business as a going concern; 
 (viii) If Debtor or any Guarantor is a natural
person, Debtor or any such Guarantor dies or becomes incompetent; 
 (ix) A receiver is appointed for all or of any part of
the property of Debtor or any Guarantor, or Debtor or any Guarantor makes any assignment for the benefit of creditors; 
 (x)
Debtor or any Guarantor files a petition under any bankruptcy, insolvency or similar law, or any such petition is filed against Debtor or any Guarantor and is not dismissed within forty-five (45) days; 
 (xi) Debtor’s improper filing of an amendment or termination statement relating to a filed financing statement describing the
Collateral; 
 (xii) There is a material adverse change in the Debtor’s financial condition as determined in good faith
by Secured Party; 
 (xiii) Any Guarantor revokes or attempts to revoke its guaranty of any of the Indebtedness or fails to
observe or perform any material covenant, condition or agreement to be performed under any guaranty or other related document to which it is a party; or 
 (xiv) Debtor defaults under any other material obligation for (A) borrowed money, (B) the deferred purchase price of property or (C) payments due under any lease agreement and such default is not cured
within ten (10) days of Debtor receiving notice of such default; 
 (xv) At any time during the term of this Agreement
less than 25% of Debtor’s voting capital stock, or effective control of Debtor’s voting capital stock, issued and outstanding from time to time, is held by the holders of such stock on the date of this Agreement (other than due to the sale
of Debtor’s equity securities in a public offering or to venture capital investors) or Debtor sells all or substantially all of its assets, in each case without Secured Party’s prior written consent; or 

 (xvi) Debtor or any guarantor or other obligor for any of the Indebtedness sells,
licenses, sublicenses, transfers, assigns, mortgages, pledges, leases, grants a security interest in or encumbers any or all of Debtor’s Intellectual Property now existing or hereafter acquired, except for permitted liens or as otherwise set
forth below. Intellectual Property shall consist of but not be limited to any and all owned or licensed patents, trademarks and copyrights. For purposes of this paragraph xvi, licenses or sublicenses by the Debtor of its Intellectual Property as
part of a research and development or licenses or sublicenses granted by Debtor of its Intellectual Property in the ordinary course of Debtor’s business or similar arrangements permitted by this Agreement shall be excluded. Debtor shall provide
Secured Party with a listing of licenses and sublicenses granted to third parties within ten (10) days of receipt of written request. 
 (b) If Debtor is in default, the Secured Party, at its option, may declare any or all of the Indebtedness to be immediately due and payable, without demand or notice to Debtor or any Guarantor. The accelerated obligations and liabilities
shall bear interest (both before and after any judgment) until paid in full at the lower of eighteen percent (18%) per annum or the maximum rate not prohibited by applicable law. 
 (c) After default, Secured Party shall have all of the rights and remedies of a Secured Party under the Uniform Commercial Code, and under any other
applicable law. Without limiting the foregoing, Secured Party shall have the right to (i) notify any account debtor of Debtor or any obligor on any instrument which constitutes part of the Collateral to make payment to the Secured Party,
(ii) with or without legal process, enter any premises where the Collateral may be and take possession of and remove the Collateral from the premises or store it on the premises, (iii) sell the Collateral at public or private sale, in whole or
in part, and have the right to bid and purchase at said sale, or (iv) lease or otherwise dispose of all or part of the Collateral, applying proceeds from such disposition to the obligations then in default. If requested by Secured Party, Debtor
shall promptly assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Secured Party may also render any or all of the Collateral unusable at the
Debtor’s premises and may dispose of such Collateral on such premises without liability for rent or costs. Any notice that Secured Party is required to give to Debtor under the Uniform Commercial Code of the time and place of any public sale or
the time after which any private sale or other intended disposition of the Collateral is to be made shall be deemed to constitute reasonable notice if such notice is given to the last known address of Debtor at least five (5) days prior to such
action. As a clarification, Secured Party may not exercise any rights under the control agreements described in Section 2(q) unless a default has occurred and is continuing. 
 (d) Proceeds from any sale or lease or other disposition shall be applied: first, to all costs of repossession, storage, and disposition including
without limitation attorneys, appraisers’, and auctioneers’ fees; second, to discharge the obligations then in default, third, to discharge any other Indebtedness of Debtor to Secured Party, whether as obligor, endorser, guarantor, surety
or indemnitor; fourth, to expenses incurred in paying or settling liens and claims against the Collateral; and lastly, to Debtor, if there exists any surplus. Debtor shall remain fully liable for any deficiency. 
 (e) Debtor agrees to pay all reasonable attorneys’ fees and other fees, costs and expenses incurred by Secured Party (including, without limitation,
the allocated cost of in-house legal counsel) in connection with the enforcement, assertion, defense or preservation of Secured Party’s rights and remedies under this Agreement, or if prohibited by law, such lesser sum as may be permitted.
Debtor further agrees that such fees and costs shall constitute Indebtedness. 
 (f) Secured Party’s rights and remedies under this
Agreement or otherwise arising are cumulative and may be exercised singularly or concurrently. Neither the failure nor any delay on the part of the Secured Party to exercise any right, power or privilege under this Agreement shall operate as a
waiver, nor shall any single or partial exercise of any right. power or privilege preclude any other or further exercise of that or any other right, power or privilege. SECURED PARTY SHALL NOT BE DEEMED TO HAVE WAIVED ANY OF ITS RIGHTS UNDER THIS
AGREEMENT OR UNDER ANY OTHER AGREEMENT, INSTRUMENT OR PAPER SIGNED BY DEBTOR UNLESS SUCH WAIVER IS EXPRESSED IN WRITING AND SIGNED BY SECURED PARTY. A waiver on any one occasion shall not be construed as a bar to or waiver of any right or remedy on
any future occasion. 
 (g) DEBTOR AND SECURED PARTY UNCONDITIONALLY WAIVE THEIR RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED
UPON OR ARISING OUT OF THIS AGREEMENT, ANY OF THE OTHER DEBT DOCUMENTS, ANY OF THE INDEBTEDNESS SECURED HEREBY, ANY DEALINGS BETWEEN DEBTOR AND SECURED PARTY RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE
RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN DEBTOR AND SECURED PARTY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT. THIS WAIVER IS IRREVOCABLE. THIS WAIVER MAY NOT BE MODIFIED
EITHER ORALLY OR IN WRITING. THE WAIVER ALSO SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT, ANY OTHER DEBT DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY
RELATED TRANSACTION. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
  

	8.	MISCELLANEOUS. 

 (a) This Agreement, any Note and/or
any of the other Debt Documents may be assigned, in whole or in part, by Secured Party without notice to Debtor, and Debtor agrees not to assert against any such assignee, or assignee’s assigns, any defense, set-off, recoupment claim or
counterclaim which Debtor has or may at any time have against Secured Party for any reason whatsoever. Debtor agrees that if Debtor receives written notice of an assignment from Secured Party, Debtor will pay all amounts payable under any assigned
Debt Documents to such assignee or as instructed by Secured Party. Debtor also agrees to confirm in writing receipt of the notice of assignment as may be reasonably requested by Secured Party or assignee. 
 (b) All notices to be given in connection with this Agreement shall be in writing, shall be addressed to the parties at their respective addresses set
forth in this Agreement (unless and until a different address may be specified in a written notice to the other party), and shall be deemed given (i) on the date of receipt if delivered in hand or by facsimile transmission, (ii) on the next
business day after being sent by express mail, and (iii) on the fourth business day after being sent by regular, registered or certified mail. As used herein, the term ‘business day” shall mean and include any day other than Saturdays,
Sundays, or other days on which commercial banks in New York, New York are required or authorized to be closed. 

 (c) Debtor agrees to pay all reasonable attorneys’ fees and all other fees, costs and expenses
incurred by Secured Party (including, without limitation, the allocated cost of in-house legal counsel) in connection with the preparation, negotiation and closing of the transactions contemplated in this Agreement and all related documents and
schedules and in connection with the continued administration thereof, including, without limitation, any amendments, modifications, consents or waivers thereof and in connection with the protection, monitoring or preservation of the Collateral.
Debtor further agrees that such fees and costs shall constitute Indebtedness. 
 (d) Secured Party may correct patent errors and fill in all
blanks in this Agreement or in any Collateral Schedule consistent with the agreement of the parties. 
 (e) Time is of the essence of this
Agreement. This Agreement shall be binding, jointly and severally, upon all parties described as the “Debtor” and their respective heirs, executors, representatives, successors and assigns, and shall inure to the benefit of Secured Party,
its successors and assigns. 
 (f) This Agreement and its Collateral Schedules constitute the entire agreement between the parties with
respect to the subject matter of this Agreement and supersede all prior understandings (whether written, verbal or implied) with respect to such subject matter. THIS AGREEMENT AND ITS COLLATERAL SCHEDULES SHALL NOT BE CHANGED OR TERMINATED ORALLY OR
BY COURSE OF CONDUCT, BUT ONLY BY A WRITING SIGNED BY BOTH PARTIES. Section headings contained in this Agreement have been included for convenience only, and shall not affect the construction or interpretation of this Agreement. 
 (g) This Agreement shall continue in full force and effect until all of the Indebtedness has been indefeasibly paid in full to Secured Party or its
assignee. The surrender, upon payment or otherwise, of any Note or any of the other documents evidencing any of the Indebtedness shall not affect the right of Secured Party to retain the Collateral for such other Indebtedness as may then exist or as
it may be reasonably contemplated will exist in the future. This Agreement shall automatically be reinstated if Secured Party is ever required to return or restore the payment of all or any portion of the Indebtedness (all as though such payment had
never been made). 
 (h) Debtor authorizes Secured Party to use its name, logo and/or trademark without notice to or consent by Debtor, in
connection with certain promotional materials that Secured Party may disseminate to the public. The promotional materials may include, but are not limited to, brochures, video tape, internet website, press releases, advertising in newspaper and/or
other periodicals, lucites, and any other materials relating the fact that Secured Party has a financing relationship with Debtor and such materials may be developed, disseminated and used without Debtor’s review. Nothing herein obligates
Secured Party to use Debtor’s name, logo and/or trademark, in any promotional materials of Secured Party. 
 (i) THIS AGREEMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CONNECTICUT (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH STATE), INCLUDING ALL
MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE COLLATERAL. 
 IN WITNESS WHEREOF, Debtor and
Secured Party, intending to be legally bound hereby, have duly executed this Agreement in one or more counterparts, each of which shall be deemed to be an original, as of the day and year first aforesaid. 
  

									
	SECURED PARTY:	 		 	DEBTOR:
			
	General Electric Capital Corporation	 		 	Precision Therapeutics, Inc.
					
	By:	 	/s/ John Edel	 		 	By:	 	/s/ Sharon Kim
	Name:	 	John Edel	 		 	Name:	 	Sharon Kim
	Title:	 	SVP	 		 	Title:	 	VP, BUS DEV & FINANCE

 COLLATERAL SCHEDULE NO. 001 
 Part of Master Security Agreement dated as of December 29, 2006 as amended, restated, supplemented or otherwise modified from time to time (the “Contract”) between GENERAL ELECTRIC CAPITAL
CORPORATION (the “Secured Party”) and PRECISION THERAPEUTICS, INC. (the “Debtor”). 
 As security for the full and
faithful payment of all Indebtedness (as defined in the Contract) owing by Debtor to Secured party and performance by the Debtor of all of the terms and conditions upon the Debtor’s part to be performed under the Contract and any other
obligation of the Debtor to the Secured Party now or hereafter in existence, the Debtor does hereby grant to the Secured Party a security interest in the property listed below (all hereinafter collectively called the “Collateral”):

 All of the Debtor’s personal property of every kind and nature, including, without limitation, all accounts, chattel paper, commercial
tort claims, deposit accounts, documents, goods, equipment, fixtures, instruments, investment property, inventory, letter-of-credit rights, letters of credit, supporting obligations, any other contract rights or rights to the payment of money, and
general intangibles (excluding all of Debtor’s Intellectual Property (as hereafter defined), whether now owned or hereafter arising or acquired by the Debtor, together with all accessions and additions thereto, proceeds and products thereof
(including, without limitation, any proceeds resulting under insurance policies), and substitutions and replacements therefor (with each of the foregoing terms that are defined in the UCC having the meaning set forth in the UCC). The Collateral
shall not include any of Debtor’s intellectual property, which shall be defined as any and all copyright, trademark, servicemark, patent, design right, software, license, trade secret and intangible rights of Debtor and any applications,
registrations, claims, licenses, products, proceeds, awards, judgments, amendments, renewals, extensions, improvements and insurance claims related thereto (collectively, “Intellectual Property”) now owned or hereafter acquired, or
any claims for damages by way of any past, present or future infringement of any of the foregoing; provided however that the Collateral shall include all accounts and general intangibles that consist of rights of payment and proceeds from the
sale, licensing or disposition of all or any part, or rights in, the foregoing (“Rights to Payment”). Notwithstanding the foregoing, if a judicial authority (including a U.S. Bankruptcy Court) holds that a security interest in the
underlying Intellectual Property is necessary to have a security interest in the Rights to Payment, then the Collateral shall automatically, and effective as of the date hereof, include the Intellectual Property to the extent necessary to permit
perfection of the Lender’s security interest in the Rights of Payment. 
 In the event of a default by the Debtor with respect to any of the conditions,
terms, covenants and provisions under the Contract or other agreement, Secured Party shall have the rights and remedies provided under the Contract and/or of a secured party under the Uniform Commercial Code with respect to the Collateral. The
Debtor shall have the same obligations with respect to the Collateral as it has under the Contract with respect to the Collateral financed. 
 This Agreement shall run to the benefit of the Secured Party’s successors and assigns. 
 Dated: December 29, 2006 
  

									
	GENERAL ELECTRIC CAPITAL CORPORATION	 		 	PRECISION THERAPEUTICS, INC.
					
	BY:	 	 /s/ John Edel	 		 	BY:	 	/s/ Sharon Kim
	TITLE: 	 	SVP	 		 	TITLE: 	 	VP, BUS DEV & FINANCE

  

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