Document:

Exhibit 4.1

 

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

 

SECOND AMENDED AND RESTATED
COMMON STOCK PURCHASE WARRANT

PRECISION THERAPEUTICS INC.

 

Warrant Shares: See attached Schedule 1

 

Restated as of: February 6, 2019

 

THIS SECOND AMENDED AND RESTATED COMMON STOCK
PURCHASE WARRANT (the “Warrant”) certifies that, for value received in connection with the funding of all or
a portion of the purchase price of that certain second amended and restated promissory note in the principal amount of $1,620,000.00
on February 6, 2019 issued by Precision Therapeutics Inc., a Delaware corporation (the “Company”), to the Holder
(as defined below) (the “Note”), Carl Schwartz (including any permitted and registered assigns, the “Holder”),
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after the date of issuance hereof, to purchase from the Company during the Exercise Period (as defined below) such numbers of
shares of Common Stock (as defined below) as are set forth herein and in the attached Schedule 1, as it may be amended from time
to time (the “Warrant Shares”) (whereby such number may be adjusted from time to time pursuant to the terms
and conditions of this Warrant) at the Exercise Price (as defined below) per share then in effect. This Warrant amends and restates
in its entirety that certain Common Stock Purchase Warrant dated November 30, 2018 issued by the Company to the Holder.

 

The Warrant Shares include (a) 221,292 Warrant
Shares (the “First Tranche”) relating to the original Note dated November 30, 2018 in the original principal
amount of $370,000, (b) an additional 742,188 Warrant Shares (the “Second Tranche”) (subject to increase as
described in the following paragraph) relating to the additional advance by Holder of $950,000 pursuant to the amended and restated
Note on January 8, 2019, (c) an additional 6,227 Warrant Shares that were added to the Second Tranche on February 1, 2019 pursuant
to the provision in the following paragraph, and (d) an additional 138,889 Warrant Shares (the “Third Tranche”)
(subject to increase as described in the following paragraph) relating to the additional advance by Holder of $300,000 pursuant
to the second amended and restated Note on the date hereof.

 

The Second Tranche and/or the Third Tranche,
as the case may be, will be periodically increased as follows. On February 1, 2019 and the first day of each calendar month thereafter
while the Note and this Warrant remain outstanding, a number of additional shares will be added to the Warrant Shares as follows:
(A) a number of additional shares will be added to the Second Tranche equal to (1) one-half percent (1/2%) of the outstanding principal
balance of the Note on such date up to $1,300,000, divided by (2) the closing price of Common Stock on that date; and (B) a number
of additional shares will be added to the Third Tranche equal to (1) one-half percent (1/2%) of the amount, if any, by which the
outstanding principal balance of the Note on such date exceeds $1,300,000, divided by (2) the closing price of Common Stock on
that date; provided, that the number of Warrant Shares will be subject to the share limit (the “Share Limit”)
described in the following paragraph. For example, if the principal balance of the Note on any such date is $1,500,000 and the
closing price of Common Stock is $0.75, then 8,667 Warrant Shares shall be added to the Second Tranche and 1,333 Warrant Shares
shall be added to the Third Tranche. From time to time, the Company will amend Schedule 1 to reflect the increases in the Second
Tranche and the Third Tranche.

 

    1

     

    

The Share Limit will operate as follows. The
total of (a) the 78,128 shares of Common Stock purchased by Holder on the date of the first amended and restated Warrant, and (b)
the number of Warrant Shares (1,108,596 Warrant Shares on the date of this second amended and restated Warrant) may not exceed
2,818,350 shares (equal to 19.9% of the outstanding shares of Common Stock on the date of the first amended and restated Warrant,
January 8, 2019). If the Second Tranche and/or the Third Tranche cannot be increased as required herein due to the Share Limit,
then in lieu of any such increase, the Company shall pay to Holder a cash amount equal to one-half percent (1/2%) of the principal
balance of the note in lieu of such increase.

 

For purposes of this Warrant, the term “Exercise
Price” shall mean $0.836 per share for the First Tranche, $0.704 per share for the Second Tranche and $1.188
per share for the Third Tranche, subject to appropriate adjustment in the event of any stock split, combination, capital reorganization
or similar transaction affecting the Common Stock (but not upon the issuance of additional shares of Common Stock (or securities
convertible or exchangeable into shares of Common Stock) at a price less than the Exercise Price then in effect). For purposes
of this Warrant, the term “Exercise Period” shall mean (a) for the First Tranche, the period commencing on April
30, 2019 and ending at 5:00 p.m. eastern standard time on November 30, 2023, (b) for the Second Tranche, the period commencing
on July 8, 2019 and ending at 5:00 p.m. eastern standard time on January 8, 2024, and (c) for the Third Tranche, the period commencing
on August 6, 2019 and ending at 5:00 p.m. eastern standard time on February 6, 2024.

  

1.                 
EXERCISE OF WARRANT.

 

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

 

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

 

    2

     

    

(c)        Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, to the extent that after giving effect to issuance of Warrant Shares upon exercise as set forth on
the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other persons acting as a group
together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess of the Beneficial Ownership
Limitation, as defined below. For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by
the Holder and its Affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect
to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon
(i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates
and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company (including without
limitation any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained
herein beneficially owned by the Holder or any of its Affiliates. Except as set forth in the preceding sentence, for purposes of
this paragraph (d), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act, it being acknowledged
by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the
Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent
that the limitation contained in this paragraph applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any affiliates) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and of
which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall
have no obligation to verify or confirm the accuracy of such determination. For purposes of this paragraph, in determining the
number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected
in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent
public announcement by the Company or (C) a more recent written notice by the Company or its transfer agent setting forth the number
of shares of Common Stock outstanding. Upon the request of a Holder, the Company shall within two Trading Days confirm to the Holder
the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its affiliates
since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation”
shall be 19.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon exercise of this Warrant. The limitations contained in this paragraph shall apply to a successor
Holder of this Warrant.

 

2.                 
FUNDAMENTAL TRANSACTIONS. If, at any time while this Warrant is outstanding, (i) the Company effects any merger of the Company
with or into another entity and the Company is not the surviving entity (such surviving entity, the “Successor Entity”),
(ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any
tender offer or exchange offer (whether by the Company or by another individual or entity, and approved by the Company) is completed
pursuant to which holders of Common Stock are permitted to tender or exchange their shares of Common Stock for other securities,
cash or property and the holders of at least 50% of the Common Stock accept such offer, or (iv) the Company effects any reclassification
of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock) (in any
such case, a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall
have the right to receive the number of shares of Common Stock of the Successor Entity or of the Company and any additional consideration
(the “Alternate Consideration”) receivable upon or as a result of such reorganization, reclassification, merger,
consolidation or disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event (disregarding any limitation on exercise contained herein solely for the purpose of such determination).
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice
as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice
as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. To the
extent necessary to effectuate the foregoing provisions, any Successor Entity in such Fundamental Transaction shall issue to the
Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise such warrant
into Alternate Consideration.

 

    3

     

    

3.                 
NON-CIRCUMVENTION. The Company covenants and agrees that it will not, by amendment of its certificate of incorporation,
bylaws or through any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale
of securities, or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, and will at all times in good faith carry out all the provisions of this Warrant and take all action as may be required
to protect the rights of the Holder. Without limiting the generality of the foregoing, the Company (i) shall not increase the par
value of any shares of Common Stock receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii)
shall take all such actions as may be necessary or appropriate in order that the Company may validly and legally issue fully paid
and non-assessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, for so long as this Warrant is outstanding,
have authorized and reserved, free from preemptive rights, three times the number of shares of Common Stock issuable under the
Warrant, or as otherwise required under the Purchase Agreement, to provide for the exercise of the rights represented by this Warrant
(without regard to any limitations on exercise). 

 

4.                 
WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided herein, this Warrant, in and of itself,
shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company. In addition, nothing contained
in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this
Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company.

 

5.                 
REISSUANCE.

 

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

 

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

 

6.                 
TRANSFER.

 

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

  

(b)              
If the proposed transfer or disposition of this Warrant or such Warrant Shares described in the written notice given pursuant to
this Section 6 may not be effected without registration or qualification of this Warrant or such Warrant Shares, the Holder
will limit its activities in respect to such transfer or disposition as are permitted by law.

 

    4

     

    

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

 

7.                 
NOTICES. Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice shall
be given in accordance with the notice provisions contained in the Purchase Agreement. The Company shall provide the Holder with
prompt written notice (i) immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, the calculation
of such adjustment and (ii) at least 20 days prior to the date on which the Company closes its books or takes a record (A) with
respect to any dividend or distribution upon the shares of Common Stock, (B) with respect to any grants, issuances or sales of
any stock or other securities directly or indirectly convertible into or exercisable or exchangeable for shares of Common Stock
or other property, pro rata to the holders of shares of Common Stock or (C) for determining rights to vote with respect to any
Fundamental Transaction, dissolution or liquidation, provided in each case that such information shall be made known to the public
prior to or in conjunction with such notice being provided to the Holder.

 

8.                 
AMENDMENT AND WAIVER. The terms of this Warrant may be amended or waived (either generally or in a particular instance and
either retroactively or prospectively) only with the written consent of the Company and the Holder.

 

9.             
GOVERNING LAW. This Warrant shall be governed by and interpreted in accordance with the laws of the State of Delaware without
regard to the principles of conflicts of law (whether of the State of Delaware or any other jurisdiction).

 

10.             
VENUE; SEVERABILITY; ATTORNEY’S FEES. Any action brought by either party against the other concerning the transactions
contemplated by this Warrant shall be brought only in the state or federal courts of Dakota County, Minnesota. The parties to this
Warrant hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert
any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The costs and expenses of such action shall
be paid by and be the sole responsibility of the Borrower, including but not limited to the Holder’s attorneys’ fees
and court fees. In the event that any provision of this Warrant or any other agreement delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.
Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Warrant by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by law.

  

11.             
JURY TRIAL WAIVER. THE COMPANY AND THE HOLDER HEREBY WAIVE A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT
BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS WARRANT.

 

12.             
ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions
contained herein.

 

13.             
CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

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

 

 

    5

     

    

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

 

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

 

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

 

 

[Signature Page Follows]

 

 

 

 

 

 

 

 

    6

     

    

[Signature Page to Second Amended and Restated Warrant]

 

 

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

 

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

 

	 	Agreed & Accepted:	 
	 	 	 
	 	 	 
	 	 	 	 
	 	 /s/ Carl Schwartz                           	 
	 	Carl Schwartz	 
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

    7

     

    

SCHEDULE 1

 

NUMBER OF WARRANT SHARES

 

Date: February 6, 2019

 

The number of Warrant Shares is 1,108,596, consisting of:

 

221,292 Warrant Shares in the First Tranche and

 

742,188 Warrant Shares in the Second Tranche, subject to increase as provided herein;

 

an additional 6,227 Warrant Shares that were added to the Second Tranche on February
1, 2019 pursuant to the provision of the Warrant described below; and

 

138,889 Warrant Shares in the Third Tranche, subject to increase as provided herein.

 

Commencing February 1, 2019 and on the first day of each calendar month thereafter during
the term of the Warrant and the Note, the number of Warrant Shares in the Second Tranche and/or the Third Tranche will be increased
as provided in the third full paragraph of this Second Amended and Restated Note, subject to the Share Limit, and this Schedule
1 will be amended from time to time to reflect such increases.

 

 

 

 

 

 

    8

     

    

EXHIBIT A

 

EXERCISE NOTICE

 

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

 

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

 

1.       Payment of Exercise
Price. The holder shall pay the applicable Aggregate Exercise Price in the sum of $_______________ to the Company in accordance
with the terms of the Warrant.

 

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

 

 

 

Date: ____________________________

 

 

_________________________________

(Print Name of Registered Holder)

 

By: ____________________________

Name: __________________________

Title: ___________________________

 

 

 

 

 

 

 

 

 

 

    9

     

    

EXHIBIT B

 

ASSIGNMENT OF WARRANT

 

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

 

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

 

 

 

Date: ______________

 

 

 

__________________________________________

(Signature) *

 

 

__________________________________________

(Name)

 

 

__________________________________________

(Address)

 

 

__________________________________________ 

(Social Security or Tax Identification No.)

 

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

 

 

 

10Exhibit 10.1

 

NEITHER THE ISSUANCE NOR SALE OF THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES
MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE
SECURITIES FILED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED
BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO
RULE 144 OR RULE 144A UNDER SAID ACT. 

 

	Principal Amount: $1,620,000.00	 	Restated: February 6, 2019

 

SECOND AMENDED AND RESTATED PROMISSORY NOTE

 

FOR VALUE RECEIVED, PRECISION THERAPEUTICS
INC., a Delaware corporation (hereinafter called the “Borrower”), as of February 6, 2019 (the “Issue
Date”), hereby promises to pay to the order of Carl Schwartz, or his registered assigns (the “Holder”)
the principal sum of $1,620,000.00 (the “Principal Amount”), together with interest at the rate of eight percent
(8%) per annum on the Principal Amount accruing from the date of each advance as described herein, at maturity or upon acceleration
or otherwise, as set forth in this Amended and Restated Promissory Note (the “Note”). The first advance of $370,000.00
was made on November 30, 2018. The second advance of $950,000.00 was made on January 8, 2019. The third advance of $300,000.00
was made on February 6, 2019. The maturity date for the Note shall be February 6, 2020 (the “Maturity Date”),
and is the date upon which the principal sum, as well as any accrued and unpaid interest and other fees, shall be due and payable.
This Note has been executed not in payment or satisfaction of, but as a complete amendment and restatement of that certain Promissory
Note dated November 30, 2018 and made payable by the Company to the order of the Holder in the original principal amount of up
to $500,000.00 (the consideration for which was $370,000.00 to the Company), as such Promissory Note was originally amended and
restated on January 8, 2019.

 

If the Company (a) receives cash proceeds from
any sale of securities after February 6, 2019, and (b) is not required to apply a portion of such proceeds to the repayment of
any other promissory note, then the Company agrees to apply 50% of such proceeds to repay all or any portion of the outstanding
amounts owed under this Note. In addition, this Note may be prepaid in whole or in part at any time and from time to time without
premium or penalty. All payments on account of this Note, when paid, shall be applied first to the payment of all interest then
due on the unpaid balance of this Note and the balance, if any, shall be applied to reduction of the unpaid balance of the Principal
Amount.

 

On the date of this Second Amended and Restated
Note, the Company is issuing to Holder a Second Amended and Restated Warrant (the “Warrant”), providing, among
other things, that (i) the Second Tranche (as defined in the Warrant) shall be increased on a monthly basis in relation to the
outstanding principal balance of this Note up to $1,320,000, (ii) the Third Tranche (as defined in the Warrant) shall be increased
on a monthly basis in relation to any amount of the outstanding balance of this Note that exceeds $1,320,000, and (iii) the Company
must pay certain amounts in cash if the Second Tranche or the Third Tranche, as the case may be cannot be increased as a result
of the Share Limit (as defined in the Warrant).

 

Any amount of principal or interest on this
Note which is not paid by the Maturity Date shall bear interest at the rate of the lesser of (i) eighteen percent (18%) per annum
on the Principal Amount or (ii) the maximum amount allowed by law, from the due date thereof until the same is paid (“Default
Interest”). Interest shall commence accruing on the Principal Amount on the date that this Note is issued and shall be
computed on the basis of a 365-day year and the actual number of days elapsed. All payments due hereunder shall be made in lawful
money of the United States of America. All payments shall be made at such address as the Holder shall hereafter give to the Borrower
by written notice made in accordance with the provisions of this Note. Whenever any amount expressed to be due by the terms of
this Note is due on any day which is not a business day, the same shall instead be due on the next succeeding day which is a business
day and, in the case of any interest payment date which is not the date on which this Note is paid in full, the extension of the
due date thereof shall not be taken into account for purposes of determining the amount of interest due on such date. As used in
this Note, the term “business day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks
in the city of New York, New York are authorized or required by law or executive order to remain closed.

 

    1

    

    

 

This Note is free from all taxes, liens, claims
and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other similar rights of shareholders
of the Borrower and will not impose personal liability upon the holder thereof.

 

This Note shall be an unsecured obligation of
the Borrower.

 

The following additional terms shall also apply to this Note:

 

ARTICLE I. EVENTS OF DEFAULT

 

The occurrence of each of the following events
of default shall each be an “Event of Default”, with no right to notice or cure except as specifically stated:

 

1.1 Failure to Pay Principal or Interest. The Borrower fails
to pay the principal hereof or interest thereon when due on this Note.

 

1.2 Breach of Covenants. The Borrower breaches any material
covenant or other material term or condition contained in this Note or the Warrant and such breach continues for a period of three
(3) days after written notice thereof to the Borrower from the Holder or after five (5) days after the Borrower should have been
aware of the breach.

 

1.3 Receiver or Trustee. The Borrower or any Subsidiary of
the Borrower shall make an assignment for the benefit of creditors, or apply for or consent to the appointment of a receiver or
trustee for it or for a substantial part of its property or business, or such a receiver or trustee shall otherwise be appointed. 

 

1.4 Bankruptcy. Bankruptcy, insolvency, reorganization or
liquidation proceedings or other proceedings, voluntary or involuntary, for relief under any bankruptcy law or any law for the
relief of debtors shall be instituted by or against the Borrower or any subsidiary of the Borrower and, in the case of involuntary
proceedings, have not been dismissed within 61 days.

 

1.5 Liquidation. The Borrower commences any dissolution,
liquidation, or winding up of Borrower or any substantial portion of its business.

 

1.6 Cessation of Operations. The Borrower ceases operations
or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure
of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot
pay its debts as they become due.

 

Upon the occurrence of any Event of Default, this Note shall become
immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount
equal to the then outstanding entire balance of this Note (including principal and accrued and unpaid interest) plus Default
Interest from the date of the Event of Default, if any (collectively, in the aggregate of all of the above, the “Default
Amount”), and all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment
or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and expenses,
of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

 

    2

    

    

 

ARTICLE II. MISCELLANEOUS

 

2.1 Failure or Indulgence Not Waiver. No failure or delay
on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other
right, power or privileges. All rights and remedies existing hereunder are cumulative to, and not exclusive of, any rights or remedies
otherwise available.

 

2.2 Notices. All notices, demands, requests, consents, approvals,
and other communications required or permitted hereunder shall be in writing and, unless otherwise specified herein, shall be (i)
personally served, (ii) deposited in the mail, registered or certified, return receipt requested, postage prepaid, (iii) delivered
by reputable air courier service with charges prepaid, or (iv) transmitted by hand delivery, telegram, facsimile, or electronic
mail addressed as set forth below or to such other address as such party shall have specified most recently by written notice.
Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a) upon hand delivery,
upon electronic mail delivery, or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine,
at the address or number designated below (if delivered on a business day during normal business hours where such notice is to
be received), or the first business day following such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier service,
fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be:

 

If to the Borrower, to:

 

PRECISION THERAPEUTICS INC. 

2915 Commers Drive, Suite 900

Eagan, Minnesota 55121

Attention: Bob Myers, CFO

E-mail: bmyers@skylinemedical.com

Phone: 651.389.4800

 

If to the Holder:

 

Carl Schwartz

2915 Commers Drive, Suite 900

Eagan, Minnesota 55121

E-mail: cschwartz@ skylinemedical.com

Phone:

 

2.3 Amendments. This Note and any provision hereof may only
be amended by an instrument in writing signed by the Borrower and the Holder. The term “Note” and all reference thereto,
as used throughout this instrument, shall mean this instrument as originally executed, or if later amended or supplemented, then
as so amended or supplemented.

 

2.4 Assignability. This Note shall be binding upon the Borrower
and its successors and assigns, and shall inure to be the benefit of the Holder and its successors and assigns. Notwithstanding
anything to the contrary herein, the rights, interests or obligations of the Borrower hereunder may not be assigned, by operation
of law or otherwise, in whole or in part, by the Borrower without the prior signed written consent of the Holder, which consent
may be withheld at the sole discretion of the Holder (any such assignment or transfer shall be null and void if the Borrower does
not obtain the prior signed written consent of the Holder). This Note or any of the severable rights and obligations inuring to
the benefit of or to be performed by Holder hereunder may be assigned by Holder to a third party, in whole or in part, without
the need to obtain the Borrower’s consent thereto. Each transferee of this Note must be an “accredited investor”
(as defined in Rule 501(a) of the Securities Act). Notwithstanding anything in this Note to the contrary, this Note may be pledged
as collateral in connection with a bona fide margin account or other lending arrangement.

 

    3

    

    

 

2.5 Cost of Collection. If default is made in the payment
of this Note, the Borrower shall pay the Holder hereof costs of collection, including reasonable attorneys’ fees.

 

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

 

2.7 Venue; Severability; Attorney’s Fees. Any action
brought by either party against the other concerning the transactions contemplated by this Note shall be brought only in the state
or federal courts of Dakota County, Minnesota. The parties to this Note hereby irrevocably waive any objection to jurisdiction
and venue of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon
forum non conveniens. The costs and expenses of such action shall be paid by and be the sole responsibility of the Borrower,
including but not limited to the Holder’s attorneys’ fees and court fees. In the event that any provision of this Note
or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law,
then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect the
validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service of process
and consents to process being served in any suit, action or proceeding in connection with this Note by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice thereof.
Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

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

 

2.9 Remedies. The Borrower acknowledges that a breach by
it of its obligations hereunder may cause irreparable harm to the Holder, by vitiating the intent and purpose of the transaction
contemplated hereby. Accordingly, the Borrower acknowledges that the remedy at law for a breach of its obligations under this Note
may be inadequate and agrees, in the event of a breach or threatened breach by the Borrower of the provisions of this Note, that
the Holder shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties
assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Note and to enforce specifically
the terms and provisions thereof, without the necessity of showing economic loss and without any bond or other security being required.

 

    4

    

    

 

2.10 Usury. If it shall be found that any interest or other
amount deemed interest due hereunder violates the applicable law governing usury, the applicable rate of interest due hereunder
shall automatically be lowered to equal the maximum rate of interest permitted under applicable law. The Borrower covenants (to
the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Borrower from paying
all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted, now or at any time hereafter
in force, or which may affect the covenants or the performance of this Note, and the Borrower (to the extent it may lawfully do
so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law,
hinder, delay or impede the execution of any power herein granted to the Holder, but will suffer and permit the execution of every
such as though no such law has been enacted.

 

** signature page to follow **

 

 

 

 

 

    5

    

    

 

** signature page to Second Amended and Restated Promissory Note**

 

 

IN WITNESS WHEREOF, Borrower has caused this Second
Amended and Restated Note to be signed in its name by its duly authorized officer on the Issue Date.

 

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

 

 

 

 

 

 

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]