Document:

Exhibit
10.38

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE 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 IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT.

 

	Principal
Amount: $57,750.00 	Issue
    Date: June 24, 2022

Purchase
Price: $57,750.00

 

CONVERTIBLE
PROMISSORY NOTE

 

FOR
VALUE RECEIVED, VERUS INTERNATIONAL, INC., a Delaware corporation (hereinafter called the “Borrower”), hereby
promises to pay to the order of [___], or registered assigns (the “Holder”) the sum of $57,750.00 together with any interest
as set forth herein, on June 24, 2023 (the “Maturity Date”), and to pay interest on the unpaid principal balance hereof at
the rate of nine percent (9%)(the “Interest Rate”) per annum from the date hereof (the “Issue Date”) until the
same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. This Note may not be prepaid in
whole or in part except as otherwise explicitly set forth herein. Any amount of principal or interest on this Note which is not paid
when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date thereof until the same is paid (“Default
Interest”). Interest shall commence accruing on the date that the Note is fully paid and shall be computed on the basis of a 365-day
year and the actual number of days elapsed. All payments due hereunder (to the extent not converted into common stock, $0.000001 par
value per share (the “Common Stock”) in accordance with the terms hereof) 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. Each capitalized term used herein, and not otherwise defined, shall have the meaning ascribed thereto
in that certain Securities Purchase Agreement dated the date hereof, pursuant to which this Note was originally issued (the “Purchase
Agreement”).

 

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.

 

The
following terms shall apply to this Note:

 

ARTICLE
I. CONVERSION RIGHTS

 

1.1
Conversion Right. The Holder shall have the right from time to time, and at any time during the period beginning on the date which
is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity Date and (ii) the date
of payment of the Default Amount (as defined in Article III), each in respect of the remaining outstanding amount of this Note to convert
all or any part of the outstanding and unpaid amount of this Note into fully paid and non- assessable shares of Common Stock, as such
Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common Stock
shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided herein
(a “Conversion”); provided, however, that in no event shall the Holder be entitled to convert any portion of
this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially
owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership
of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a
limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable
upon the conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result in
beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes of the
proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in
clause (1) of such proviso. The beneficial ownership limitations on conversion as set forth in the section may NOT be waived by the
Holder. The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion
Amount (as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the
form attached hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with
Section 1.4 below; provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably
expected to result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date (the “Conversion
Date”); however, if the Notice of Conversion is sent after 6:00pm, New York, New York time the Conversion Date shall be the next
business day. The term “Conversion Amount” means, with respect to any conversion of this Note, the sum of (1) the principal
amount of this Note to be converted in such conversion plus (2) at the Holder’s option, accrued and unpaid interest, if
any, on such principal amount at the interest rates provided in this Note to the Conversion Date, plus (3) at the Holder’s
option, Default Interest, if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2) plus (4) at the
Holder’s option, any amounts owed to the Holder pursuant to Sections 1.4 hereof.

 

    	 

    	 

    

 

1.2
Conversion Price. The Conversion Price shall be equal to the lesser of: (i) the Variable Conversion Price (as defined herein)
and (ii) the Fixed Conversion Price (as defined herein); (subject, in each case, to equitable adjustments for stock splits, stock dividends
or rights offerings by the Borrower relating to the Borrower’s securities or the securities of any subsidiary of the Borrower,
combinations, recapitalization, reclassifications, extraordinary distributions and similar events). The “Variable Conversion Price”
shall mean 63% multiplied by the Market Price (as defined herein) (representing a discount rate of 37%). “Market Price” means
the average of the lowest VWAP (as defined below) for the Common Stock during the twenty (20) Trading Day period ending on the latest
complete Trading Day prior to the Conversion Date. “VWAP” shall mean the daily dollar volume-weighted average sale price
for the Common Stock on the Principal Market on any particular Trading Day during the period beginning at 9:30 a.m., New York City Time
(or such other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00 p.m., New York City
Time (or such other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg through
its “Volume at Price” functions or, if the foregoing does not apply, the dollar volume-weighted average price of such security
in the over-the-counter market on the electronic bulletin board for such security during the period beginning at 9:30 a.m., New York
City Time (or such other time as the Principal Market publicly announces is the official open of trading), and ending at 4:00 p.m., New
York City Time (or such other time as the Principal Market publicly announces is the official close of trading), as reported by Bloomberg,
or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the average of the highest
closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the OTCBB or by the OTC
Markets Group. If the VWAP cannot be calculated for such security on such date on any of the foregoing bases, the VWAP of such security
on such date shall be the fair market value as mutually determined by the Company and the holder of the Note. All such determinations
of VWAP shall be appropriately and equitably adjusted in accordance with the provisions set forth herein for any stock dividend, stock
split, stock combination or other similar transaction occurring during any period used to determine the Market Price (or other period
utilizing VWAPs). “Trading Day” shall mean a day on which there is trading on the Principal Market. “Principal Market”
shall mean the OTCBB or such other principal market, exchange or electronic quotation system on which the Common Stock is then listed
for trading. “Fixed Conversion Price” shall be $0.00005.

 

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1.3
Authorized Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve from its
authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of Common
Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all times to have
authorized and reserved six times the number of shares that would be issuable upon full conversion of the Note (assuming that the 4.99%
limitation set forth in Section 1.1 is not in effect)(based on the respective Conversion Price of the Note (as defined in Section 1.2)
in effect from time to time, initially 916,666,666 shares)(the “Reserved Amount”). The Reserved Amount shall be increased
(or decreased with the written consent of the Holder) from time to time in accordance with the Borrower’s obligations hereunder.
The Borrower represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. In addition,
if the Borrower shall issue any securities or make any change to its capital structure which would change the number of shares of Common
Stock into which the Notes shall be convertible at the then current Conversion Price, the Borrower shall at the same time make proper
provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive
rights, for conversion of the outstanding Note. The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to
issue certificates for the Common Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute
full authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary
certificates for shares of Common Stock in accordance with the terms and conditions of this Note.

 

If,
at any time the Borrower does not maintain the Reserved Amount it will be considered an Event of Default under Section 3.2 of the Note.

 

1.4
Method of Conversion.

 

(a)
Mechanics of Conversion. As set forth in Section 1.1 hereof, from time to time, and at any time during the period beginning on
the date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity Date and
(ii) the date of payment of the Default Amount, this Note may be converted by the Holder in whole or in part at any time from time to
time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of
communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject to Section 1.4(b), surrendering
this Note at the principal office of the Borrower (upon payment in full of any amounts owed hereunder).

 

If
at any time the Conversion Price as determined hereunder for any conversion would be less than the par value of the Common Stock, then
at the sole discretion of the Holder, the Conversion Price hereunder may equal such par value for such conversion and the Conversion
Amount for such conversion may be increased to include Additional Principal, where “Additional Principal” means such additional
amount to be added to the Conversion Amount to the extent necessary to cause the number of conversion shares issuable upon such conversion
to equal the same number of conversion shares as would have been issued had the Conversion Price not been adjusted by the Holder to the
par value price.

 

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(b)
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note in
accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire
unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount
so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower,
so as not to require physical surrender of this Note upon each such conversion.

 

(c)
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or
other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section
1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the
Common Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”) (and, solely
in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the terms hereof and
the Purchase Agreement. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to be the holder of record
of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest on
this Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations hereunder, all rights with
respect to the portion of this Note being so converted shall forthwith terminate except the right to receive the Common Stock or other
securities, cash or other assets, as herein provided, on such conversion. If the Holder shall have given a Notice of Conversion as provided
herein, the Borrower’s obligation to issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective
of the absence of any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery
of any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation
of the Borrower to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by the Holder of any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation
of the Borrower to the Holder in connection with such conversion.

 

(d)
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock issuable
upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated Securities
Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions set forth herein, the Borrower
shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to the Holder
by crediting the account of Holder’s Prime Broker with DTC through its Deposit Withdrawal Agent Commission (“DWAC”)
system.

 

(e)
Failure to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other remedies,
including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion of
this Note is not delivered by the Deadline due to action and/or inaction of the Borrower, the Borrower shall pay to the Holder $2,000
per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock (the “Fail to Deliver Fee”);
provided; however that the Fail to Deliver Fee shall not be due if the failure is a result of a third party (i.e., transfer agent; and
not the result of any failure to pay such transfer agent) despite the best efforts of the Borrower to effect delivery of such Common
Stock. Such cash amount shall be paid to Holder by the fifth day of the month following the month in which it has accrued or, at the
option of the Holder (by written notice to the Borrower by the first day of the month following the month in which it has accrued), shall
be added to the principal amount of this Note, in which event interest shall accrue thereon in accordance with the terms of this Note
and such additional principal amount shall be convertible into Common Stock in accordance with the terms of this Note. The Borrower agrees
that the right to convert is a valuable right to the Holder. The damages resulting from a failure, attempt to frustrate, interference
with such conversion right are difficult if not impossible to qualify. Accordingly, the parties acknowledge that the liquidated damages
provision contained in this Section 1.4(e) are justified.

 

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1.5
Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless:
(i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer agent shall
have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel
in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption
from such registration (such as Rule 144 or a successor rule) (“Rule 144”); or (iii) such shares are transferred to an “affiliate”
(as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5
and who is an Accredited Investor (as defined in the Purchase Agreement).

 

Any
restrictive legend on certificates representing shares of Common Stock issuable upon conversion of this Note shall be removed and the
Borrower shall issue to the Holder a new certificate therefore free of any transfer legend if the Borrower or its transfer agent shall
have received an opinion of counsel from Holder’s counsel, in form, substance and scope customary for opinions of counsel in comparable
transactions, to the effect that (i) a public sale or transfer of such Common Stock may be made without registration under the Act, which
opinion shall be accepted by the Company so that the sale or transfer is effected; or (ii) in the case of the Common Stock issuable upon
conversion of this Note, such security is registered for sale by the Holder under an effective registration statement filed under the
Act; or otherwise may be sold pursuant to an exemption from registration. In the event that the Company does not reasonably accept the
opinion of counsel provided by the Holder with respect to the transfer of Securities pursuant to an exemption from registration (such
as Rule 144), at the Deadline, it will be considered an Event of Default pursuant to Section 3.2 of the Note.

 

1.6
Effect of Certain Events.

 

(a)
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially
all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more
than 50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the Borrower
with or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed to be an Event of Default
(as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon the consummation of and as a condition
to such transaction an amount equal to the Default Amount (as defined in Article III). “Person” shall mean any individual,
corporation, limited liability company, partnership, association, trust or other entity or organization.

 

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(b)
Adjustment Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion
of all of the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar
event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of
another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or substantially
all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then the Holder of this
Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms and conditions specified
herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities or assets which
the Holder would have been entitled to receive in such transaction had this Note been converted in full immediately prior to such transaction
(without regard to any limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect
to the rights and interests of the Holder of this Note to the end that the provisions hereof (including, without limitation, provisions
for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Note) shall thereafter be applicable,
as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof. The Borrower
shall not affect any transaction described in this Section 1.6(b) unless (a) it first gives, to the extent practicable, ten (10) days
prior written notice (but in any event at least five (5) days prior written notice) of the record date of the special meeting of shareholders
to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization,
reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to convert this Note) and (b)
the resulting successor or acquiring entity (if not the Borrower) assumes by written instrument the obligations of this Note. The above
provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

(c)
Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire its
assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend
or distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary
(i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion of this Note
after the date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets which would
have been payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the holder
of such shares of Common Stock on the record date for the determination of shareholders entitled to such Distribution.

 

1.7
Prepayment. Notwithstanding anything to the contrary contained in this Note, at any time during the periods set forth on the table
immediately following this paragraph (the “Prepayment Periods”), the Borrower shall have the right, exercisable on not more
than three (3) Trading Days prior written notice to the Holder of the Note to prepay the outstanding Note (principal and accrued interest),
in full, in accordance with this Section 1.7. Any notice of prepayment hereunder (an “Optional Prepayment Notice”) shall
be delivered to the Holder of the Note at its registered addresses and shall state: (1) that the Borrower is exercising its right to
prepay the Note, and (2) the date of prepayment which shall be not more than three (3) Trading Days from the date of the Optional Prepayment
Notice. On the date fixed for prepayment (the “Optional Prepayment Date”), the Borrower shall make payment of the Optional
Prepayment Amount (as defined below) to Holder, or upon the direction of the Holder as specified by the Holder in a writing to the Borrower
(which shall direction to be sent to Borrower by the Holder at least one (1) business day prior to the Optional Prepayment Date). If
the Borrower exercises its right to prepay the Note, the Borrower shall make payment to the Holder of an amount in cash equal to the
percentage (“Prepayment Percentage”) as set forth in the table immediately following this paragraph opposite the applicable
Prepayment Period, multiplied by the sum of: (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid
interest on the unpaid principal amount of this Note to the Optional Prepayment Date plus (y) Default Interest, if any, on the
amounts referred to in clauses (w) and (x) plus (z) any amounts owed to the Holder pursuant to Section 1.4 hereof (the “Optional
Prepayment Amount”). If the Borrower delivers an Optional Prepayment Notice and fails to pay the Optional Prepayment Amount due
to the Holder of the Note within two (2) business days following the Optional Prepayment Date, the Borrower shall forever forfeit its
right to prepay the Note pursuant to this Section 1.7.

 

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	Prepayment
    Period	Prepayment
    Percentage
	1.
    The period beginning on the Issue Date and ending on the date which is ninety (90) days following the Issue Date.	122%
	2.
                                            The period beginning on the date that is ninety-one (91)
                                            day from the Issue Date and ending one hundred twenty (120) days following the Issue Date.
	132%
	3.
                                            The period beginning on the date that is one hundred twenty-one (121) day from the Issue
                                            Date and ending one hundred eighty
                                            (180) days following the Issue Date.
	139%

 

After
the expiration of one hundred eighty (180) days following the Issue Date, the Borrower shall have no right of prepayment.

 

ARTICLE
II. CERTAIN COVENANTS

 

2.1
Sale of Assets. So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s
written consent, sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business. Any
consent to the disposition of any assets may be conditioned on a specified use of the proceeds of disposition.

 

ARTICLE
III. EVENTS OF DEFAULT

 

If
any of the following events of default (each, an “Event of Default”) shall occur:

 

3.1
Failure to Pay Principal and Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this Note,
whether at maturity or upon acceleration and such breach continues for a period of five (5) days after written notice from the Holder.

 

3.2
Conversion and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in writing
that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance with
the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form) any
certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required
by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring
(or issuing) (electronically or in certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion
of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove
or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions
in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to
this Note as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor
the obligations described in this paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat
not to honor its obligations shall not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice
of Conversion. It is an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of
default of this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer
agent. If at the option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion,
such advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

 

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3.3
Breach of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this Note and
any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of twenty (20) days
after written notice thereof to the Borrower from the Holder.

 

3.4
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement, statement
or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement), shall
be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material
adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.5
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.

 

3.6
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.

 

3.7
Delisting of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC (which
specifically includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange, the Nasdaq
National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.

 

3.8
Failure to Comply with the Exchange Act. The Borrower shall fail to comply with the reporting requirements of the Exchange Act;
and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

3.9
Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.10
Cessation of Operations. Any cessation of operations by Borrower 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.

 

3.11
Financial Statement Restatement. The restatement of any financial statements filed by the Borrower with the SEC at any time after
180 days after the Issuance Date for any date or period until this Note is no longer outstanding, if the result of such restatement would,
by comparison to the un-restated financial statement, have constituted a material adverse effect on the rights of the Holder with respect
to this Note or the Purchase Agreement.

 

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3.12
Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails to provide,
prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially delivered
pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock in the Reserved
Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.13
Cross-Default. Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a
breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after the passage
of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Note and the
Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies of the Holder
under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement or hereunder. “Other Agreements”
means, collectively, all agreements and instruments between, among or by: (1) the Borrower, and, or for the benefit of, (2) the Holder
and any affiliate of the Holder, including, without limitation, promissory notes; provided, however, the term “Other Agreements”
shall not include the related or companion documents to this Note. Each of the loan transactions will be cross-defaulted with each other
loan transaction and with all other existing and future debt of Borrower to the Holder.

 

Upon
the occurrence and during the continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to pay the
principal hereof or interest thereon when due at the Maturity Date), the 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 Default Sum (as defined herein). UPON
THE OCCURRENCE AND DURING THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE 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: (Y) THE DEFAULT
SUM (AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation of any Event of Default specified
in Sections 3.1 (solely with respect to failure to pay the principal hereof or interest thereon when due on this Note upon a Trading
Market Prepayment Event pursuant to Section 1.7 or upon acceleration), 3.3, 3.4, 3.7, 3.8, 3.10, 3.11, 3.12, 3.13, and/or 3.14 exercisable
through the delivery of written notice to the Borrower by such Holders (the “Default Notice”), and upon the occurrence of
an Event of Default specified the remaining sections of Articles III (other than failure to pay the principal hereof or interest thereon
at the Maturity Date specified in Section 3,1 hereof), the 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 greater of (i) 150% times the sum
of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount
of this Note to the date of payment (the “Mandatory Prepayment Date”) plus (y) Default Interest, if any, on the amounts
referred to in clauses (w) and/or (x) plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof (the
then outstanding principal amount of this Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z)
shall collectively be known as the “Default Sum”) or (ii) the “parity value” of the Default Sum to be prepaid,
where parity value means (a) the highest number of shares of Common Stock issuable upon conversion of or otherwise pursuant to such Default
Sum in accordance with Article I, treating the Trading Day immediately preceding the Mandatory Prepayment Date as the “Conversion
Date” for purposes of determining the lowest applicable Conversion Price, unless the Default Event arises as a result of a breach
in respect of a specific Conversion Date in which case such Conversion Date shall be the Conversion Date), multiplied by (b) the
highest Closing Price for the Common Stock during the period beginning on the date of first occurrence of the Event of Default and ending
one day prior to the Mandatory Prepayment Date (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.

 

    	9

    	 

    

 

If
the Borrower fails to pay the Default Amount within five (5) business days of written notice that such amount is due and payable, then
the Holder shall have the right at any time, so long as the Borrower remains in default (and so long and to the extent that there are
sufficient authorized shares), to require the Borrower, upon written notice, to immediately issue, in lieu of the Default Amount, the
number of shares of Common Stock of the Borrower equal to the Default Amount divided by the Conversion Price then in effect.

 

ARTICLE
IV. MISCELLANEOUS

 

4.1
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.

 

4.2
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, or facsimile, 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 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:

 

VERUS
INTERNATIONAL, INC.

4300
Greenbriar Drive

Stafford,
TX 77477

Attn:
Apurva Dhruv, Chief Executive Officer

Fax:

Email:
andy@verusfoods.com

 

If
to the Holder:

 

[___]

[___]

Email:
[___]

 

    	10

    	 

    

 

4.3
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 (and the
other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then as so amended
or supplemented.

 

4.4
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. Each transferee of this Note must be an “accredited investor” (as defined in
Rule 501(a) of the Securities and Exchange Commission). 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; and may be assigned by the Holder without
the consent of the Borrower.

 

4.5
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.

 

4.6
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Virginia without regard
to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated by
this Note shall be brought only in the state courts of Virginia or in the federal courts located in the state and city of Alexandria,
Virginia. 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 Borrower and Holder
waive trial by jury. The Holder shall be entitled to recover from the Borrower its reasonable attorney’s fees and costs. 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, any agreement or any
other document delivered 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.

 

4.7
Purchase Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the Purchase Agreement.

 

4.8
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will 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 will 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.

 

    	11

    	 

    

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer this on June 24, 2022

 

VERUS
INTERNATIONAL, INC.

 

	By:		 
	 	Apurva Dhruv	 
	 	Chief
    Executive Officer	 

 

    	12

    	 

    

 

EXHIBIT
A — NOTICE OF CONVERSION

 

The
undersigned hereby elects to convert $_________________ principal amount of the Note (defined below) into that number of shares of Common Stock to be
issued pursuant to the conversion of the Note (“Common Stock”) as set forth below, of VERUS INTERNATIONAL, INC., a Delaware
corporation (the “Borrower”) according to the conditions of the convertible note of the Borrower dated as of June 24, 2022
(the “Note”), as of the date written below. No fee will be charged to the Holder for any conversion, except for transfer
taxes, if any.

 

Box
Checked as to applicable instructions:

 

		[
                                            ]	The
                                            Borrower shall electronically transmit the Common Stock issuable pursuant to this Notice
                                            of Conversion to the account of the undersigned or its nominee with DTC through its Deposit
                                            Withdrawal Agent Commission system (“DWAC Transfer”).

 

Name
of DTC Prime Broker:

Account
Number:

 

		[
                                            ]	The
                                            undersigned hereby requests that the Borrower issue a certificate or certificates for the
                                            number of shares of Common Stock set forth below (which numbers are based on the Holder’s
                                            calculation attached hereto) in the name(s) specified immediately below or, if additional
                                            space is necessary, on an attachment hereto:

 

	Date
of conversion:	
	Applicable
Conversion Price:	$	 
	Number
of shares of common stock to be issued	 	 
	        pursuant
to conversion of the Notes:	 
	Amount
of Principal Balance due remaining	 	 
	        under
the Note after this conversion:	 
	 	 	 
	[___]	 	 

 

	By:		
	Name:	[___]	 
	Title:	[___]	 

 

	 	Date:	 	 

 

    	13Exhibit 10.1 

 

TRANSITION
AND SEPARATION AGREEMENT 

 

This Transition and Separation Agreement (“Agreement”)
is made and entered into effective as of September 15, 2022, by and between J. Melville Engle (“Employee”) and Predictive
Oncology Inc., a Delaware corporation (“the Company”), each of whom enter into this Agreement intending to be legally bound.

 

RECITALS

 

The Company and Employee agree upon the following background
facts and incorporate them by reference into this Agreement.

 

		1.	Employee and the Company entered into an Employment Agreement, effective March 19, 2021 (the “Employment
        Agreement”).

 

		2.	The Company adopted a 2021 Long-Term Incentive Plan, effective May 17, 2021 (the “LTIP”), pursuant
        to which Employee was granted a restricted stock unit award.

 

		3.	Employee has decided to resign as an officer, employee and member of the Company’s Board of Directors
        (the “Board”) as of October 31, 2022 in connection with his retirement; and

 

		4.	Employee and the Company wish to enter into this Agreement to set forth the terms and conditions under which
        Employee will transition out of his current roles with the Company and voluntarily separate from his employment and Board position.

 

AGREEMENT

 

NOW, THEREFORE, based upon the foregoing recitals
and for good and valuable consideration described below, the receipt and sufficiency of which are hereby expressly acknowledged, Employee
and the Company agree as follows:

 

1.             
Voluntary Resignation from Employment. Employee will voluntarily resign his employment with the Company effective
October 31, 2022 (the “Separation Date”).

 

2.             
Voluntary Resignation from Board of Directors Position. Employee will voluntarily resign his position on the Company’s
Board of Directors effective October 31, 2022.

 

3.             
Cooperation and Transition. Employee understands that the Company’s obligations under this Agreement, including
all consideration set forth in this Agreement, are contingent upon, among other things, Employee cooperating with the Company in his transition
which includes:

 

		(a)	Employee will continue his employment pursuant to the terms of the Employment Agreement through October 31,
        2022.

 

		(b)	After October 31, 2022, Employee will make himself available, on a reasonable basis and during normal business
        hours, to discuss or address issues or questions relating to Employee’s employment and position for the purpose of achieving a smooth
        transition of Employee’s former job duties and responsibilities.

 

    	 

    	 

    

		(c)	As requested by the Company, Employee will execute all documentation necessary to remove himself as of October
        31, 2022 from all positions he holds with the Company and all Company-related entities, including his director position.

 

		(d)	Employee also agrees to be available to cooperate with the Company and its counsel in connection with any
        investigation, administrative proceeding or litigation relating to any matter, occurring during Employee’s employment, in which
        he was involved or of which he has knowledge. Employee understands and agrees that such cooperation includes, but is not limited to, making
        himself available to the Company and/or its counsel upon reasonable notice for: interviews and factual investigations; appearing to give
        testimony without requiring service of a subpoena or other legal process; volunteering to the Company or its counsel pertinent information;
        and turning over all relevant documents which are or may come into his possession.

 

		4.	Separation Benefits. In accordance with and subject to the terms of the Employment Agreement
        and the LTIP, Employee is entitled to certain separation benefits upon termination without cause. Notwithstanding that Employee is voluntarily
        resigning his employment and will not be terminated without cause, the Company will agree to provide Employee with the separation benefits
        in accordance with the Employment Agreement and the LTIP, as set forth in the Agreement and Release attached hereto as Exhibit 1. Employee
        understands that he needs to execute the Agreement and Release attached hereto as Exhibit 1 in order to receive these separation benefits.

 

		5.	Non-Disparagement. Employee agrees not to make disparaging or defamatory remarks about the Company
        or the Company’s services, products, or other matters pertaining to its business. The Company, on behalf of itself and its management
        team, agrees not to make disparaging or defamatory remarks about Employee or Employee’s services or other matters pertaining to
        Employee. Nothing in this paragraph is intended to, nor may be interpreted to, prevent the Employee or Company from giving truthful testimony
        to any law enforcement officer, court, administrative proceeding or as part of a government investigation.

 

		6.	Additional Agreements and Understandings.

 

		a.	Successors and Assigns. This Agreement is personal to Employee and may not be assigned by Employee
        without the written agreement of the Company. The rights and obligations of this Agreement shall inure to the successors and assigns of
        the Company.

 

		b.	Severability. If a court finds any term of this Agreement to be invalid, unenforceable, or void,
        Employee and the Company agree that the court shall modify such term to make it enforceable to the maximum extent possible. If the term
        cannot be modified, Employee and the Company agree that the term shall be severed and all other terms of this Agreement shall remain in
        effect.

 

    	2 

    	 

    

		c.	Entire Agreement. This Agreement constitutes the sole understanding of Employee and the Company
        with respect to Employee’s resignation from employment and from the Board. This Agreement may not be modified, altered, or changed
        in any way except by written agreement signed by Employee and an authorized representative of the Company.

 

		d.	Other Agreements. Nothing contained in this Agreement shall affect Employee’s obligations
        owed to the Company under the Employment Agreement or any other agreement between Employee and the Company.

 

		e.	No Waiver. No claim or right arising out of a breach or default under this Agreement may be
        discharged by a waiver of that claim or right unless the waiver is made in writing and signed by an authorized representative of the Company.
        A waiver by any party of a breach or default of the other party of any provision contained in this Agreement shall not be deemed a waiver
        of future compliance of such provisions, and such provisions shall remain in full force and effect.

 

		f.	Taxes. Employee acknowledges that Employee has not relied on any tax advice provided by the
        Company and that, if necessary, Employee is solely responsible for properly reporting the tax consequences and paying any applicable taxes,
        penalties, and interest. Employee acknowledges and agrees that Employee has been provided with the opportunity to consult legal and financial
        counsel with respect to the tax treatment of the separation benefits provided in the Agreement and Release attached hereto as Exhibit 1.
        Employee has been advised by the Company to consult with such counsel.

 

		g.	Governing Law/Venue. The laws of the State of Minnesota will govern the validity, construction,
        and performance of this Agreement, without regard to the conflict of law provisions of any other jurisdictions. Employee irrevocably consents
        to the exclusive jurisdiction of courts in Minnesota for the purposes of any action arising out of or related to this Agreement or any
        dispute between the Company and Employee, including any actions for temporary, preliminary, and permanent equitable relief. Employee irrevocably
        waives Employee’s right, if any, to have any disputes between the Company and Employee arising out of or related to this Agreement
        decided in any jurisdiction or venue other than a state or federal court in the State of Minnesota.

 

[Signature page follows]

 

 

 

    	3 

    	 

    

 

IN WITNESS WHEREOF, Employee and the Company have executed
this Agreement as of the date and year set forth below.

 

	Dated: 9/15/2022	/s/ J. Melville Engle                                  
	 	J. Melville Engle

 

 

	Dated: 9/15/2022	PREDICTIVE ONCOLOGY INC.
	 	 
	 	By: /s/ Bob Myers                                    
	 	Its: Chief Financial Officer

 

 

 

 

 

    	4 

    	 

    

 

AGREEMENT
AND RELEASE

 

This Agreement and Release (“Agreement”)
is made by and between J. Melville Engle (“Employee”) and Predictive Oncology Inc., a Delaware corporation (“the Company”),
each of whom enter into this Agreement intending to be legally bound.

 

		1.	Background. The Company and Employee state the following facts and incorporate them by reference
        into this Agreement.

 

		a.	Employee and the Company entered into an Employment Agreement, effective March 19, 2021 (the “Employment
        Agreement”). A true and correct copy of the Employment Agreement is attached as Exhibit A to the Agreement.

 

		b.	The Company adopted a 2021 Long-Term Incentive Plan, effective May 17, 2021 (the “LTIP”), pursuant
        to which Employee was granted a restricted stock unit award.

 

		c.	Employee voluntarily resigned his employment with the Company effective October 31, 2022 (the “Separation
        Date”), pursuant to that certain Transition and Separation Agreement, dated September 15, 2022 (the “Separation Agreement”),
        in connection with Employee’s retirement.

 

		d.	In accordance with and subject to the terms of the Employment Agreement and the LTIP, Employee is entitled
        to certain separation benefits upon termination without cause.

 

		e.	Notwithstanding that Employee voluntarily resigned his employment and was not terminated without cause, the
        Company agrees to provide Employee with the separation benefits in accordance with the Employment Agreement and the LTIP, and as set forth
        in this Agreement.

 

		f.	Even if Employee does not enter into this Agreement, he will receive timely payment of his base salary through
        the Separation Date and accrued, unused vacation pay as of the Separation Date.

 

		g.	The Company and Employee now agree as follows.

 

		2.	Separation Benefits. In exchange for Employee’s waiver and release of claims set forth
        in Section 3 and other promises set forth in this Agreement, and provided that Employee (i) signs, dates, and returns this Agreement between
        November 1, 2022, and November 4, 2022, and (ii) does not rescind or revoke this Agreement within the time period described in Section
        4, the Company agrees to provide Employee with the following “Separation Benefits” (identified below in this Section 2) to
        which Employee would not otherwise be entitled without signing this Agreement:

 

    	Exhibit
                                            1

    	 

    

		a.	Severance Pay. The Company will pay Employee $524,400 (gross), less applicable federal,
        state and local withholdings and other legally required withholdings (“Severance Pay”) which is 12 months of Employee’s
        base salary. This Severance Pay will be paid in 24 equal installments in the amount of $21,850 each on successive paydays beginning on
        the first payday after 20 days have passed from the date Employee signs and returns this Agreement to the Company.

 

		b.	Pro-Rata 2022 Bonus. The Company will pay Employee $139,000.08 (gross), less applicable federal,
        state and local withholding and other legally required withholdings, as a pro-rata bonus for 2022, in 24 equal installments in the amount
        of $5,791.67 each on successive paydays beginning on the first payday after 20 days have passed from the date Employee signs and returns
        this Agreement to the Company.

 

		c.	Vesting of RSUs. Notwithstanding the terms and conditions of the LTIP, the Company will cause
        the LTIP to vest with respect to 300,000 RSUs on the date 20 days after the date Employee signs and returns this Agreement to the Company
        and will deliver to Employee the shares of the Company’s common stock issuable upon such vesting as soon as administratively practicable
        following such vesting, subject to collection from Employee of any tax withholding required to be remitted as a result of such delivery.

 

		3.	Waiver and Release of Claims. In exchange for the Separation Benefits set forth in Section 2,
        Employee agrees to unconditionally waive and release any and all claims, complaints, causes of action, or demands of whatever kind which
        Employee has or may have against the Released Parties (as defined below) to the maximum extent permitted by applicable law up to the moment
        Employee signed this Agreement, including any claims, complaints, causes of action, or demands relating in any way to Employee’s
        employment with the Company and Employee’s separation from employment with the Company including, but not limited to, the following:

 

		a.	All claims for any alleged unlawful discrimination, harassment, failure to accommodate, retaliation, interference,
        reprisal arising, or other alleged unlawful practices under any federal, state, or local law, statute, ordinance, or regulation, including,
        without limitation, rights or claims of age discrimination, harassment, and retaliation under the federal Age Discrimination in Employment
        Act (“ADEA”), federal Older Workers Benefit Protection Act (“OWBPA”), Minnesota Human Rights Act (“MHRA”),
        the Colorado Anti-Discrimination Act (“CADA”), and claims of discrimination, harassment, failure to accommodate, and retaliation
        under the Family and Medical Leave Act, the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964, Equal Pay Act,
        MHRA, CADA, and the Minnesota Whistleblower Act;

 

		b.	All claims arising out of Employee’s employment and Employee’s separation from employment including,
        but not limited to, claims based on alleged wrongful discharge, breach of contract, breach of implied contract, failure to keep any promise,
        breach of a covenant of good faith and fair dealing, breach of fiduciary duty, defamation, infliction of emotional distress, fraud, misrepresentation,
        negligence, constructive discharge, assault, battery, false imprisonment, invasion of privacy, interference with contractual or business
        relationships, Employee’s activities, if any, as a “whistleblower,” and any violation of any other principle of common
        law;

 

    	2 

    	 

    

		c.	All claims for any other alleged unlawful employment practices related to Employee’s employment or Employee’s
        separation from employment arising under any federal, state, or local law, statute, ordinance, or regulation including, without limitation,
        Sections 1981 and 1983 of the Civil Rights Act of 1866, the Employee Retirement Income Security Act, the Worker Adjustment and Retraining
        Notification Act, the Fair Credit Reporting Act, and the National Labor Relations Act;

 

		d.	All claims for any other form of pay, compensation, or employee benefits of any kind that is not provided
        in this Agreement including, without limitation, bonuses, commissions, deferred compensation, stock-based incentive compensation, restrict
        stock units, stock options, phantom stock, equity of any kind, vacation pay, expense reimbursement, and any other claims under any applicable
        federal, state, and local law, statute, ordinance, or regulation to the fullest extent permitted by law;

 

		e.	All claims Employee has now, whether or not Employee currently knows about or suspects the claims; and

 

		f.	All claims for attorneys’ fees, costs, or interest.

 

Employee understands and agrees that the above list
contains examples only and does not contain all claims that Employee is releasing. By signing this Agreement, Employee is fully and finally
waiving and releasing, to the fullest extent permitted by law, all claims against the Released Parties. Employee agrees that the Company’s
payment of the Separation Benefits is full and fair payment for the waiver and release of Employee’s claims and has a value greater
than anything Employee is entitled to if Employee does not sign this Agreement. Notwithstanding anything set forth in this Agreement,
specifically excluded from the waiver and release of claims set forth above are claims or disputes that: (i) by law cannot be released
in a private agreement (such as workers’ compensation claims); (ii) relate to any rights of indemnification afforded Employee
by statute or by common law, including any insurance coverage maintained by or on behalf of the Company; (iii) arise after the date
Employee signed this Agreement; or (iv) relate to the obligations of Employee or the Company under this Agreement.

 

For purposes of this Agreement, the term “Released
Parties” means the Company and all of the Company’s past and present parents, subsidiaries, and affiliated companies, and
all and each of the past and present employees, officers, officials, managers, members, directors, agents, insurers, representatives,
counsel, shareholders, owners, attorneys, partners, predecessors, successors, and assigns of any and all of the foregoing entities and
persons. In addition, for purposes of Section 3, the term “Employee” means J. Melville Engle and any person who has or obtains
any legal rights or claims against the Company or the Released Parties through J. Melville Engle.

 

    	3 

    	 

    

		4.	Employee’s Legal Rights. 

 

		a.	Advice to Consult With an Attorney. This Agreement is a legal document. Employee has been advised
        in writing to consult with an attorney prior to executing the Agreement.

 

		b.	Period to Consider this Agreement and Revoke this Agreement. Employee has twenty-one (21) days
        from the date he receives this Agreement to consider the offer as expressed, including Employee’s waiver and release of rights and
        claims of age discrimination under the ADEA and OWBPA, and decide whether to sign this Agreement. The Company has extended this time period
        to November 4, 2022. Signing this Agreement before November 4, 2022 constitutes a waiver by Employee of any remaining time period for
        review and consideration to which Employee may be entitled. Employee agrees that any changes to this Agreement, whether they are material
        or immaterial, do not restart the running of the 21-day consideration period. If Employee does not sign this Agreement on or before November
        4, 2022, the offer contained within this Agreement will expire.

 

			If Employee signs this Agreement, Employee will then be entitled to revoke this Agreement within seven (7)
        days after the date on which Employee signed this Agreement and the Agreement shall not become effective or enforceable until the revocation
        period has expired.

 

		c.	Period to Rescind The Release of Claims. Employee understands that Employee has the right to
        rescind Employee’s waiver of discrimination and retaliation claims under the MHRA within fifteen (15) calendar days after the date
        on which Employee signs this Agreement. The 15-day rescission period and 7-day revocation period run at the same time, and this Agreement
        shall not become effective or enforceable until both periods have expired without Employee’s rescinding or revoking this Agreement.

 

		d.	Revocation/Rescission Procedure. To revoke or rescind, Employee must put the revocation/rescission
        in writing and deliver it to the Company by hand to Bob Myers or mail within the revocation or rescission period. If Employee delivers
        the revocation/rescission by mail, it must be: (1) postmarked within the 7-day period to revoke his waiver of claims under the ADEA, and
        within the 15-day period to rescind his waiver of claims under the MHRA; (2) properly addressed to Predictive Oncology Inc. c/o Bob Myers,
        2915 Commers Drive, Suite 900, Eagan, MN 55121, and (3) sent by certified mail, return receipt requested.

 

    	 4

    	 

    

		e.	Effect of Revocation/Rescission. If Employee rescinds or revokes this Agreement as described
        in this Section 4, Employee understands that (i) this Agreement is null and void, (ii) the Company shall have no further obligation under
        this Agreement, (iii) Employee will not receive the Separation Benefits in Section 2 of this Agreement or any other benefits listed within
        this document, and (iv) Employee’s employment will still end on the Separation Date.

 

		5.	Filings. Employee understands that, without being penalized or having an obligation to notify
        the Company, this Agreement does not prohibit Employee from filing an administrative charge of discrimination or complaint with the Equal
        Employment Opportunity Commission, National Labor Relations Board, Occupational Safety and Health Administration, Securities and Exchange
        Commission, Civil Rights Division, Minnesota Department of Human Rights, Colorado Civil Rights Commission, or any other federal, state,
        or local governmental agency or commission or law enforcement agency (“Government Agencies”). Employee understands that this
        Agreement does not limit Employee’s ability to communicate with any Government Agencies or otherwise participate in any investigation
        or proceeding that may be conducted by any Government Agencies, including providing documents or other information, without notice to
        the Company. If Employee had filed or files a charge or complaint, Employee agrees that the Company’s payment of the Separation
        Benefits completely satisfies any and all claims for monetary relief in connection with such charge or complaint, except that this Agreement
        does not limit Employee’s right to receive an award for information (1) provided pursuant to the Securities and Exchange Commission’s
        whistleblower protections and incentives; or (2) provided to any other Government Agencies. Employee is not entitled to any other monetary
        relief of any kind with respect to the claims that Employee has released in this Agreement unless Employee’s waiver and release
        of claims is deemed unlawful or otherwise invalid.

 

		6.	Governing Law/Venue. The laws of the State of Minnesota will govern the validity, construction,
        and performance of this Agreement, without regard to the conflict of law provisions of any other jurisdictions. Employee irrevocably consents
        to the exclusive jurisdiction of courts in Minnesota for the purposes of any action arising out of or related to this Agreement or any
        dispute between the Company and Employee, including any actions for temporary, preliminary, and permanent equitable relief. Employee irrevocably
        waives Employee’s right, if any, to have any disputes between the Company and Employee arising out of or related to this Agreement
        decided in any jurisdiction or venue other than a state or federal court in the State of Minnesota.

 

		7.	Additional Agreements and Understandings.

 

		a.	The Company Property. Employee has returned to the Company all the Company property in Employee’s
        possession or under Employee’s control including, but not limited to, all corporate credit cards, identification badges, computer
        hardware and software, cell phones, tablets, PDAs, books, records, documents, data, access cards, financial data, confidential information,
        trade secrets, files, notebooks, passwords, plans, sales reports, records, and all other property, equipment, or information owned by
        the Company or to which Employee was provided access by the Company during Employee’s employment. By signing this Agreement, Employee
        represents that Employee has returned all the Company property and that Employee no longer possesses or has access to the Company property.
        Notwithstanding the foregoing, the Company agrees that Employee may keep the Company-owned computer in his possession, and by signing
        this Agreement, Employee represents that there is no Company information maintained or stored on the computer.

 

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		b.	Employment Agreement. The Employment Agreement contains valid and enforceable restrictions on
        Employee’s competition with the Company and solicitation of others, both during and after employment with the Company. Employee
        acknowledges and agrees that the Employment Agreement is fully enforceable and survives the termination of Employee’s employment.

 

			The Company advises Employee as follows under the federal Defend Trade Secrets Act: An individual
        shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that —
        (A) is made — (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney;
        and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document
        filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, an individual who files a lawsuit for retaliation
        by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the
        trade secret information in the court proceeding, if the individual — (A) files any document containing the trade secret under seal;
        and (B) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement is intended to conflict with 18
        U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b).

 

		c.	Transition and Cooperation. The Employee will cooperate with the Company and use his best
        efforts to be available, on a reasonable basis, to discuss or address issues or questions that may arise after the Separation Date relating
        to Employee’s employment and position for the purpose of achieving a smooth transition of Employee’s former job duties and
        responsibilities. Employee also agrees to be available to and cooperate with the Company and its counsel in connection with any investigation,
        administrative proceeding or litigation relating to any matter, occurring during Employee’s employment, in which he was involved
        or of which he has knowledge. Employee understands and agrees that such cooperation includes, but is not limited to, making himself available
        to the Company and/or its counsel upon reasonable notice for: interviews and factual investigations; appearing to give testimony without
        requiring service of a subpoena or other legal process; volunteering to the Company or its counsel pertinent information; and turning
        over all relevant documents which are or may come into his possession.

 

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		d.	Consideration. Employee agrees that (i) the Separation Benefits in Section 2 are above and beyond
        that to which Employee would be entitled if Employee did not sign this Agreement, (ii) the Separation Benefits in Section 2 constitute
        independent and sufficient consideration for all aspects of this Agreement, and (iii) Employee is not eligible for any other payments
        or benefits except for those expressly described in this Agreement, provided that Employee signs and returns this Agreement within the
        specified time period and does not rescind or revoke this Agreement.

 

		e.	Non-Disparagement. Employee agrees not to make disparaging or defamatory remarks about the Company
        or the Company’s services, products, or other matters pertaining to its business. The Company, on behalf of itself and its management
        team, agrees not to make disparaging or defamatory remarks about Employee or Employee’s services or other matters pertaining to
        Employee. This non-disparagement provision does not apply to legally protected communications and does not prohibit Employee or the Company
        from filing an administrative charge or complaint with, or cooperating, assisting, testifying, or participating in an investigation or
        legal proceeding conducted or initiated by, any Government Agencies.

 

		f.	Non-Admission. It is expressly understood that this Agreement does not constitute, nor shall
        it be construed as, an admission by the Company of any liability or unlawful conduct whatsoever. The Company specifically denies any liability
        or unlawful conduct on the Company’s part.

 

		g.	Successors and Assigns. This Agreement is personal to Employee and may not be assigned by Employee
        without the written agreement of the Company. The rights and obligations of this Agreement shall inure to the successors and assigns of
        the Company.

 

		h.	Severability. If a court finds any term of this Agreement to be invalid, unenforceable, or void,
        Employee and the Company agree that the court shall modify such term to make it enforceable to the maximum extent possible. If the term
        cannot be modified, Employee and the Company agree that the term shall be severed and all other terms of this Agreement shall remain in
        effect. Employee and the Company agree that Employee’s waiver and release of claims should be interpreted as broadly as possible
        to achieve Employee’s intention of releasing all claims against the Released Parties.

 

		i.	Entire Agreement. This Agreement constitutes the sole understanding of Employee and the Company
        with respect to the matters provided for herein. Employee and the Company agree that this Agreement supersedes and terminates any and
        all other written and oral agreements and understandings between Employee and the Company concerning separation benefits Employee may
        have been eligible for or entitled to from the Company. Notwithstanding anything in this Agreement to the contrary, Employee agrees and
        acknowledges that the Employment Agreement remains in full force and effect after the Separation Date. This Agreement may not be modified,
        altered, or changed in any way except by written agreement signed by Employee and an authorized representative of the Company.

 

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		j.	No Waiver. No claim or right arising out of a breach or default under this Agreement may be
        discharged by a waiver of that claim or right unless the waiver is made in writing and signed by an authorized representative of the Company.
        A waiver by any party of a breach or default of the other party of any provision contained in this Agreement shall not be deemed a waiver
        of future compliance of such provisions, and such provisions shall remain in full force and effect.

 

		k.	Remuneration. Employee acknowledges and agrees that the Company will pay Employee any and all
        monies, wages, salary, accrued and unused paid time off, expenses, bonuses, and commissions (if applicable) due to Employee through the
        Separation Date. Employee is not entitled to any additional remuneration from the Company other than the consideration outlined within
        this Agreement. In addition, Employee acknowledges that Employee is not aware of any time worked during Employee’s employment for
        which Employee has not already been fully compensated.

 

		l.	Acknowledgements. Employee acknowledges and agrees that: (i) Employee has not suffered any work-related
        injury for which Employee has not already filed a claim; and (ii) Employee has been properly provided any leave of absence including for
        Employee’s own or a family member’s health condition.

 

		m.	Taxes. Employee acknowledges that Employee has not relied on any tax advice provided by the
        Company and that, if necessary, Employee is solely responsible for properly reporting the payment received pursuant to this Agreement
        and paying any applicable taxes, penalties, and interest. Employee acknowledges and agrees that Employee has been provided with the opportunity
        to consult legal and financial counsel with respect to the tax treatment of the Separation Benefits Employee will receive pursuant to
        this Agreement and on account of Employee’s separation from employment. Employee has been advised by the Company to consult with
        such counsel.

 

		n.	Accepting/Signing this Agreement. Employee agrees not to sign this Agreement prior to the end
        of Employee’s work day on the Separation Date.

 

[Signature page follows]

 

 

 

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	Dated: ________________	______________________________
	 	J. Melville Engle

 

	Dated: ________________	PREDICTIVE ONCOLOGY INC.
	 	 
	 	By: ___________________________
	 	Its: ___________________________

 

 

 

 

 

 9

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