Document:

Exhibit
10.1

 

 

	 	U.S.
        Small Business

        Administration

 

NOTE

 

	SBA
    Loan Name	Pressure
    Biosciences, Inc.
	Date	April
    18, 2020
	Loan
    Amount	$367,039.00
	Interest
    Rate	1.00%
	Borrower	Pressure
    Biosciences, Inc.
	Operating
    Company	N/A

	Lender	North
    Easton Savings Bank, 20 Eastman Street, South Easton, MA 02375

 

	1.	PROMISE
    TO PAY:
	 	 
	 	In
    return for the Loan, Borrower promises to pay to the order of Lender the amount of Three Hundred Sixty-Seven Thousand Thirty
    Nine and 00/100 dollars*************** Dollars, interest on the unpaid principal balance, and all other amounts required
    by this Note.

 

	2.	DEFINITIONS;
	 	 
	 	“Deferral
    Period” means the period beginning on the date of this Note and ending on October 18, 2020. {Six months from date
    or Note}
	 	 
	 	“Loan”
    means the loan evidenced by this Note.
	 	 
	 	“Loan
    Documents” means the documents related to this Loan signed by Borrower.
	 	 
	 	“Program
    Rules” means all statutes applicable to the Paycheck Protection Program of the Small Business Act (15 U.S.C. §
    636), as amended by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (P.L. 116-136) and all regulations,
    rules and guidance applicable to the Paycheck Protection Program at any time issued by the United States Department of the
    Treasury or the SBA.
	 	 
	 	“SBA”
    means the Small Business Administration, an Agency of the United States of America.

 

    	 		 

     

    

 

 

	 	U.S.
        Small Business

        Administration

 

	3.	PAYMENT
        TERMS:

         

        Borrower
        must make all payments at the place Lender designates. The payment terms for this Note are:

         

        Compliance
        with Program Rules: This Note and the Loan evidenced hereby is subject to the Program Rules. If the terms of this
        Note conflict in any way with the Program Rules or fail to include any term required under the Program Rules, this Note
        shall be deemed automatically amended to eliminate any such conflict and/or to include such term. Promptly following request
        by Lender, Borrower shall execute and deliver to Lender any documentation deemed necessary by Lender to ensure that this
        Note and the Loan evidenced hereby comply in all respect with the Program Rules.

         

        Forgiveness.
        Borrower may apply to Lender for forgiveness of the amount due on the Loan in an amount equal to the sum of the following
        costs incurred by Borrower during the 8-week period beginning on the date of first disbursement of the Loan:

 

	 	(a)	Payroll
    costs
	 	(b)	Any
    payment of interest on a covered mortgage obligation (which shall not include any prepayment of or payment of principal on
    a covered mortgage obligation)
	 	(c)	Any
    payment on a covered rent obligation 
	 	(d)	Any
    covered utility payment

 

	 	The
        amount of loan forgiveness shall be calculated (and may be reduced) in accordance with the requirements of the Paycheck
        Protection Program, including the provisions of Section 1106 of the CARES ACT. Not more than 25% of the amount forgiven
        can be attributable to non-payroll costs. If Borrower has received an advance under the SBA’s Economic Injury Disaster
        Loan Program, the amount of the advance shall be subtracted from the loan forgiveness amount.

         

        Upon
        application of the Borrower, and provision by Borrower of the documentation required under the Program Rules, Lender will
        make a determination of the principal and interest amounts to be forgiven.

         

        Maturity:
        Any remaining balance of this Note that Lender determines cannot be forgiven under the Program Rules shall be due
        and payable in full on April 18, 2022. (2 years from the date of Note}

         

        Interest:
        Interest on this Note shall begin to accrue on the date hereof at the interest rate set forth above. The interest
        rate is fixed and will not change during the term of this Note. Interest shall be computed on an actual /365 simple interest
        basis; that is by multiplying the interest rate by the outstanding principal balance, multiplying the resulting product
        by the actual number of days the principal balance is outstanding and dividing the resulting product by 365.

         

        Deferral
        Period: No payments will be due during the Deferral Period, provided that interest will continue to accrue during
        the Deferral Period. Such accrued interest shall be paid in 18 consecutive monthly installments along with the principal
        installments described below.

         

        Payment
        Terms: Borrower shall repay the principal balance of this Note in 18 consecutive equal monthly installments, with
        the first such installment due on the day immediately following the expiration of the Deferral Period and the remaining
        payments due on the same day of each month thereafter. Borrower shall pay all accrued interest on each day that a principal
        installment is due. Lender will apply each payment first to pay applicable late charges, then to pay interest accrued
        to the day Lender received the payment, then to interest accrued during the Deferral Period, then to bring principal current
        and will apply any remaining balance to reduce principal.

 

    	 		 

     

    

 

 

	 	U.S.
        Small Business

        Administration

 

	 	Payment
    Schedule: Lender will provide Borrower with a schedule of payments once the amounts to be forgiven have been determined
    and the principal balance to be repaid becomes known.
	 	 
	 	Prepayment:
    Borrower may prepay this Note at any time without penalty. Borrower may prepay 20 percent or less of the unpaid principal
    balance of this Note at any time without notice. If Borrower prepays more than 20 percent and the Loan has been sold on the
    secondary market, Borrower must:

 

	 	(a)	Give
    Lender prior written notice;
	 	(b)	Pay
    all accrued interest; and
	 	(c)	If
    the prepayment is received less than 21 days from the date Lender received the notice, pay an amount equal to 21 days’
    interest from the date Lender received the notice, less any interest accrued during the 21 days and paid under clause (b)
    of this paragraph.

 

	 	If
        Borrower does not prepay within 30 days from the date Lender received the notice, Borrower must give Lender a new notice.
        All prepayments will be applied to principal installments in inverse order of maturity.

         

        Late
        Charges: If any payment due on this Note is not paid within fifteen days of its due date, Borrower will pay to Lender
        a late charge equal to the greater of $15.00 and 5% of the late payment. To the extent any late fee otherwise payable
        under this Note is prohibited or exceeds any limit provided by applicable law, including the Program Rules, such late
        fee shall be reduced to the

        maximum
        amount allowed.

         

        Non-Recourse.
        Lender and SBA shall have no recourse against any individual shareholder, member or partner of Borrower for non-payment
        of the Loan, except to the extent that such shareholder, member or partner uses the Loan proceeds for an unauthorized
        purpose.

         

        Business
        Day: If any installment of principal and interest is due on a day other than a day on which Lender is open for the
        conduct of normal banking activities, such installment shall be due on the next day for which Lender is open for the conduct
        of normal banking activities.

         

        Electronic
        Signatures; Counterparts. This Note and all documents delivered in connection herewith (including Borrower’s
        application for the Loan) may be executed and/or transmitted electronically or digitally (including, without limitation,
        via facsimile, electronic mail in .pdf, DocuSign or similar platform) and shall be considered originals and shall have
        the same legal effect, validity and enforceability as manually-executed paper originals. This Note and all such other
        documents may be executed in as many counterparts as necessary or convenient, including both paper and electronic or digital
        counterparts, but all such counterparts are one and the same document. For the avoidance of doubt, the authorization under
        this paragraph includes, without limitation, use or acceptance by the parties of a manually-exec ted counterpart which
        has been converted into electronic form (such as scanned into a .pelf file), or an electronically or digitally signed
        document converted into another format, for transmission, delivery and/or retention. Upon request from Lender, and to
        the extent required by the Program Rules, Borrower shall execute and deliver manually executed originals of this Note
        and such other documents.

        

 

    	 		 

     

    

 

 

		U.S.
        Small Business

        Administration

 

	 	Other
        Debt Owed to Lender: No collateral granted to Lender by Borrower to secure other debt owed to Lender by Borrower shall
        secure this Note, notwithstanding any cross-collateralization provision or similar provision in the documentation applicable
        to such other debt.

         

        Right
of Setoff: To the extent permitted by applicable law, at any time following a default on this Note, Lender may setoff any
amounts owed by Lender to Borrower with respect to any account maintained by Borrower with Lender against any amounts owed by
Borrower under this Note. 

	 	 
	4.	DEFAULT:
	 	 
	 	Borrower is in default under this Note if Borrower does not make
a payment when due under this Note, or if Borrower or Operating Company:

 

	 	A.	Fails
    to do anything required by this Note and other Loan Documents;
	 	B.	Defaults
    on any other loan with Lender;
	 	C.	Does
    not disclose, or anyone acting on their behalf does not disclose, any material fact to Lender or SBA;
	 	D.	Makes,
    or anyone acting on their behalf makes, a materially false or misleading representation to Lender or SBA;
	 	E.	Defaults
    on any loan or agreement with another creditor, if Lender believes the default may materially affect Borrower’s ability
    to pay this Note;
	 	F.	Fails
    to pay any taxes when due;
	 	G.	Becomes
    the subject of a proceeding under any bankruptcy or insolvency law;
	 	H.	Has
    a receiver or liquidator appointed for any part of their business or property;
	 	I.	Makes
    an assignment for the benefit of creditors;
	 	J.	Has
    any adverse change in financial condition or business operation that Lender believes may materially affect Borrower’s
    ability to pay this Note;
	 	K.	Reorganizes,
    merges, consolidates, or otherwise changes ownership or business structure without Lender’s prior written consent; or
	 	L.	Becomes
    the subject of a civil or criminal action that Lender believes may materially affect Borrower’s ability to pay this
    Note.

 

	5.	LENDER’S
        RIGHTS IF THERE IS A DEFAULT:

         

        Without
        notice or demand and without giving up any of its rights, Lender may:

 

	 	A.	Require
    immediate payment of all amounts owing under this Note;
	 	B.	Collect
    all amounts owing from Borrower; or
	 	C.	File
    suit and obtain judgment.

 

    	 		 

     

    

 

 

		U.S.
        Small Business

        Administration

 

	6.	LENDER’S
        GENERAL POWERS:

         

        Without
        notice and without Borrower’s consent, Lender may:

 

	 	A.	Incur
    expenses to collect amounts due under this Note or to enforce the terms of this Note or any other Loan Document. Among other
    things, the expenses may include payments for reasonable attorney’s fees and costs. If Lender incurs such expenses,
    it may demand immediate repayment from Borrower or add the expenses to the principal balance;
	 	B.	Release
    anyone obligated to pay this Note; and
	 	C.	Take
    any action necessary collect amounts owing on this Note.

 

	7.	WHEN
        FEDERAL I.AW APPUES:

         

        When
        SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or
        SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other
        purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax,
        or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation,
        defeat any claim of SBA, or preempt federal law.

 

	8.	SUCCESSORS
        AND ASSIGNS:

         

        Under
        this Note, Borrower and Operating Company include the successors of each, and Lender includes its successors and assigns.

 

	9.	GENERAL
    PROVISIONS:

 

	 	A.	All
    individuals and entities signing this Note are jointly and severally liable.
	 	B.	Borrower
    waives all suretyship defenses.
	 	C.	Borrower
    must sign all documents necessary at any time to comply with the Loan Documents.
	 	D.	Lender
    may exercise any of its rights separately or together, as many times and in any order it chooses. Lender may delay or forgo
    enforcing any of its rights without giving up any of them.
	 	E.	Borrower
    may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.
	 	F.	If
    any part of this Note is unenforceable, all other parts remain in effect.
	 	G.	To
    the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including presentment, demand,
    protest, and notice of dishonor.

 

	10.	STATE-SPEOFIC
        PROVISIONS: 

         

        Not
        applicable.

 

    	 		 

     

    

 

 

		U.S.
        Small Business

        Administration

 

	11.	BORROWER’S
        NAME(S) AND SIGNATURE(S):

         

        By
        signing below, each individual or entity becomes obligated under this Note as Borrower.

         

        By
        signing below, Borrower additionally certifies to Lender that:

 

	 	A.	Borrower
    acknowledges that if Borrower defaults on the Loan, SBA may be required to pay Lender under the SBA guarantee, and SBA may
    then seek recovery on the Loan (to the extent any balance remains after forgiveness of the loan, as described in Paragraph
    3 above);
	 	 	 
	 	B.	Borrower
    will keep books and records in a manner satisfactory to Lender, furnish financial statements as requested by Lender, and allow
    Lender and SBA to inspect and audit books, records and papers relating to Borrower’s financial or business condition;
    and
	 	 	 
	 	C.	Borrower
    will not, without Lender’s consent, change its ownership structure, make any distribution of company assets that would
    adversely affect its financial condition or transfer (including by pledge) or dispose of any assets, except in the ordinary
    course of business.
	 	 	 
	 	Pressure BioSciences, Inc. (Borrower Name)

Name: Richard T. Schumacher

Title: PresidentExhibit
10.2

 

STANDSTILL
AND FORBEARANCE AGREEMENT

 

THIS
STANDSTILL AND FORBEARANCE AGREEMENT (the “Agreement”) is made and executed as of December xx, 2019,
by and among (i) PRESSURE BIOSCIENCES, INC., a corporation incorporated
under the laws of the State of Massachusetts (the “Company”), and (ii) XXXXXXXXX, a corporation
incorporated under the laws of the State of XXXXX (the “Creditor”).

 

W
I T N E S S E T H:

 

WHEREAS,
the Creditor has previously made a loan and has existing obligations outstanding and owed by the Company (together with any and
all obligations existing as of the date hereof or following the date hereof, the “Obligations”), which
obligations are evidenced by, among other things, certain variable rate convertible promissory notes dated XXXXX (the “Notes”);
and

 

WHEREAS,
the Company is presently engaged in negotiations with certain third parties, pursuant to which the Company may ultimately conclude
one or more transactions which, upon the closing thereof, it is anticipated will benefit the Company; and

 

WHEREAS,
the Creditor acknowledges and agrees that the aforementioned transactions, if closed, will benefit the Creditor, and, as such,
in consideration of such benefit, the Creditor has agreed to enter into this Agreement; and

 

WHEREAS,
from the date the Company files its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2019 with the Securities
and Exchange Commission (the “Filing Date”) through and including the sixtieth (60th) calendar day after
the Filing Date (the “Expiration Date”), the Creditor has agreed to standstill and forebear from exercising
any rights with respect to the Notes or any of the indebtedness or obligations owing by the Company to the Creditor, including,
but not limited to the Obligations, whether presently existing or arising in the future, as amended, restated, renewed or supplemented
from time to time, except such rights permitted by the Company and consented to in writing by the Company following the Filing
Date on a case by case basis (the “Debt”). However, for the purposes of clarity, in no case will the
60-day standstill and forbearance period extend beyond January 31, 2020; and

 

WHEREAS,
in exchange for the Creditor’s forbearance, the Company has agreed to issue the Creditor shares of the Company’s common
stock, par value $0.01 per share (the “Common Stock”).

 

NOW,
THEREFORE, IN CONSIDERATION OF THE PROMISES, ACTS, RELEASES AND OTHER GOOD AND VALUABLE CONSIDERATION HEREINAFTER RECITED, THE
SUFFICIENCY AND RECEIPT OF WHICH IS HEREBY ACKNOWLEDGED, THE PARTIES HERETO, INTENDING TO BE LEGALLY BOUND, AGREE AS FOLLOWS:

 

1.
Recitals; Definitions. The recitals set forth above are true and correct and are incorporated herein by reference.

 

    	1

     

    

 

2.
Share Issuance. Within five (5) business days of the Filing Date, the Company shall issue the Creditor (i) (Cash) or (ii)
XXXX shares of the Company’s common stock with such securities bearing a Securities Act restrictive legend.

 

3.
Standstill and Forbearance. From the Filing Date through and including the Expiration Date, the Creditor does hereby agree
to standstill and forebear from exercising any rights with respect to the Debt, including, but not limited to: (i) any right to
payment or distribution by or on behalf of the Company, directly or indirectly, of assets of the Company of any kind or character
for or on account of the Debt; (ii) any right to enforce or collect upon the Debt prior to or following an event of default under
or pursuant to the Notes or otherwise; and (iii) any and all security interests, liens, charges, encumbrances or other interests
that the Creditor may have or obtain at any time in any assets of the Company to secure the Debt (if any, the “Existing
Liens”),

 

4.
No Enforcement. From the Filing Date through and including the Expiration Date, the Creditor will not demand all or any
part of the Debt, by way of payment, prepayment, setoff, lawsuit or otherwise, nor will the Creditor exercise any remedy available
with respect to the Notes or with respect to any of the Existing Liens against any assets or property of the Company, nor will
the Creditor commence, or cause to commence, prosecute or participate in any administrative, legal or equitable action against
the Company.

 

5.
Payment at Discretion of Company. From the Filing Date through and including the Expiration Date, the Company, at its sole
discretion, has the right, but not the obligation, to pay to the Creditor all or any part of the Debt by wire transfer of immediately
available funds. Upon such written notice, the Creditor will have a period of 48 hours to convert part or all of the Debt into
fully paid and non-assessable shares of Common Stock at a fixed conversion price of $2.50 per share.

 

6.
Waiver. The Creditor hereby waives any and all defaults known or unknown with respect to the Company’s compliance
with any covenant or agreement contained in the Notes or the transaction documents related to the Obligations, the Debt, and,
if any, the Existing Liens, from and including November 14, 2019 through and including the Expiration Date (the foregoing, the
“Waiver”). For the avoidance of doubt, this Waiver includes, but is not limited to, waiving all defaults
with respect to any failure by the Company make any payments to the Creditor, waiving all cross-defaults, and waiving all defaults
with respect to any failure by the Company to comply with the reporting requirements of the Securities Exchange Act of 1934, as
amended.

 

7.
Conversion Rights. The Creditor and the Company agree that the Creditor shall have the right, from the Filing Date through
and including the Expiration Date, to convert all or any part of the outstanding and unpaid principal amount and accrued and unpaid
interest (subject to a beneficial ownership limitation following conversion of 4.99% of the outstanding shares of Common Stock)
of the Notes into fully paid and non-assessable shares of Common Stock at a fixed conversion price of $2.50 per share. If, however,
from the Filing Date through and including the Expiration Date, any holder of any convertible promissory note issued by the Company
converts such note into shares of Common Stock at a variable rate conversion price, the Creditor shall also have the right to
convert the Notes into shares of Common Stock at a variable rate conversion price as governed by the Notes.

 

    	2

     

    

 

8.
Restrictions on Transferability of Debt. The Creditor agrees that it shall not transfer, assign, encumber, hypothecate
or subordinate, at any time prior to the Expiration Date, the Notes or any right, claim or interest of any kind in or to any of
the Debt, either principal or interest or otherwise.

 

9.
Miscellaneous.

 

(a)
Continuing Agreement. This Agreement is a continuing agreement and shall continue in effect and be binding upon the Company
and the Creditor. The agreements set forth herein shall remain in full force and effect regardless of whether any party hereto
in the future seeks to rescind, amend, terminate, or reform, by litigation or otherwise, its respective agreements with the Company.

 

(b)
Obligations of the Company Not Affected. The provisions of this Agreement are intended solely for the purpose of temporarily
defining the rights of the Creditor with respect to the obligations of the Company to the Creditor. Nothing contained in this
Agreement shall impair, as between the Creditor and the Company, the obligation of the Company to pay its respective obligations
with respect to the Debt as and when the same shall become due and payable (subject, however, to the terms of this Agreement).

 

(c)
Further Assurances. The parties shall execute, acknowledge, deliver, file, notarize, and register all such further agreements,
instruments, certificates, financing statements, documents, and assurances, and perform such acts reasonably necessary to effectuate
the purposes of this Agreement.

 

(d)
Entire Agreement. This Agreement: (i) is valid, binding and enforceable against the Creditor and Company in accordance
with its terms and provisions and no conditions exist as to its legal effectiveness; and (ii) constitutes the entire agreement
between the parties with respect to the subject matter hereof. No promises, either expressed or implied, exist between the Creditor
and the Company, unless contained herein. This Agreement is the result of negotiations between the Creditor and the Company and
has been reviewed (or have had the opportunity to be reviewed) by counsel to all such parties and is the product of all parties.

 

(e)
Amendments. No amendment, modification or waiver of, or consent with respect to, any provision of this Agreement shall
in any event be effective unless the same shall be in writing and acknowledged by both parties, and then any such amendment, modification,
waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

(f)
MANDATORY FORUM SELECTION. THE CREDITOR AND THE COMPANY EACH IRREVOCABLY AGREE THAT ANY DISPUTE ARISING UNDER, RELATING
TO, OR IN CONNECTION WITH, DIRECTLY OR INDIRECTLY, THIS AGREEMENT OR RELATED TO ANY MATTER WHICH IS THE SUBJECT OF OR INCIDENTAL
TO THIS AGREEMENT (WHETHER OR NOT SUCH CLAIM IS BASED UPON BREACH OF CONTRACT OR TORT) SHALL BE SUBJECT TO THE EXCLUSIVE JURISDICTION
AND VENUE OF THE STATE AND/OR FEDERAL COURTS LOCATED IN THE STATE OF NEW YORK. THE CREDITOR AND THE COMPANY HEREBY CONSENT TO
THE EXCLUSIVE JURISDICTION AND VENUE OF ANY STATE OR FEDERAL COURT HAVING ITS SITUS IN SAID STATE, AND EACH WAIVES ANY OBJECTION
BASED ON FORUM NON CONVENIENS.

 

    	3

     

    

 

(g)
Governing Law. This Agreement shall be delivered and accepted in and shall be deemed to be a contract made under and governed
by the internal laws of the State of New York is set to be governed, and for all purposes shall be construed in accordance with
the laws of such State, without giving effect to the choice of law provisions of such State.

 

(h)
WAIVER OF JURY TRIAL. THE CREDITOR AND THE COMPANY, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL,
EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES IRREVOCABLY, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO
ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY
IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION
WITH ANY OF THE FOREGOING, OR ANY COURSE OF CONDUCT OR COURSE OF DEALING IN WHICH THE CREDITOR AND THE COMPANY ARE ADVERSE PARTIES,
AND EACH AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

 

(i)
Notices. All notices of request, demand and other communications hereunder shall be addressed to the parties as follows:

 

	 	If
    to the Company:	Pressure
    BioSciences, Inc.
	 	 	14
    Norfolk Avenue
	 	 	South
    Easton, MA 02375
	 	 	Attn:
    Richard T. Schumacher
	 	 	 
	 	With
    a copy to:	Lucosky
    Brookman LLP
	 	 	101
    Wood Avenue South, 5th Floor
	 	 	Woodbridge,
    NJ 08830 
	 	 	Attn:
    Joseph Lucosky, Esq.
	 	 	 
	 	If
    to Creditor:	 
	 	 	Attn:
	 	 	E-Mail:
	 	 	 
	 	With
    a copy to:	 
	 	 	Attn:
	 	 	E-Mail:

 

    	4

     

    

 

unless
the address is changed by the party by like notice given to the other parties. Notice shall be in writing and shall be deemed
delivered: (i) if mailed by certified mail, return receipt requested, postage prepaid and properly addressed to the address below,
then three (3) business days after deposit of same in a regularly maintained U.S. Mail receptacle; or (ii) if mailed by Federal
Express, UPS or other nationally recognized overnight courier service, next business morning delivery, then one (1) business day
after deposit of same in a regularly maintained receptacle of such overnight courier; or (iii) if hand delivered, then upon hand
delivery thereof to the address indicated on or prior to 5:00 p.m., EST, on a business day. Any notice hand delivered after 5:00
p.m., EST, shall be deemed delivered on the following business day. Notwithstanding the foregoing, notice, consents, waivers or
other communications referred to in this Agreement may be sent by facsimile, e-mail, or other method of delivery, but shall be
deemed to have been delivered only when the sending party has confirmed (by reply e-mail or some other form of written confirmation
from the receiving party) that the notice has been received by the other party.

 

(j)
Binding Effect. This Agreement shall become effective upon the Filing Date and shall be binding on the parties hereto and
their respective successors and assigns.

 

(k)
Enforceability. Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be prohibited by, unenforceable or invalid under
any jurisdiction, such provision shall as to such jurisdiction, be severable and be ineffective to the extent of such prohibition
or invalidity, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of
such provision in any other jurisdiction.

 

(l)
Counterparts; Electronic Signatures. This Agreement may be executed in any number of counterparts and by the different
parties hereto on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same Agreement. Receipt of an executed signature page to this Agreement by facsimile
or other electronic transmission shall constitute effective delivery thereof.

 

(m)
Costs, Fees and Expenses. Each party agrees that it shall pay its own costs, fees and expenses in connection with the preparation
and execution of this Agreement.

 

(n)
Authority. Each party hereby represents and warrants to the others that each party has the requisite power and authority
to enter into this Agreement and otherwise to carry out its respective obligations hereunder, and that the execution, delivery
and performance by each party of this Agreement have been duly authorized by all necessary action on the part of each party, respectively
and as applicable, and that the person executing this Agreement on behalf of each party has been fully authorized to do so in
accordance with applicable law and the governing documents of each party.

 

[signature
page follows]

 

    	5

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Standstill and Forbearance Agreement as of the date first written above.

 

	PRESSURE
    BIOSCIENCES, INC.	 
	 	 	 
	By:
    		 
	Name:
    	Richard
    T. Schumacher	 
	Title:
    	Chief
    Executive Officer	 
	 	 	 
	LENDER	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	6

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