Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 AMENDMENT NO. 3
AND WAIVER TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN 
 POSSESSION CREDIT, SECURITY AND GUARANTY AGREEMENT 

This AMENDMENT NO. 3 AND WAIVER TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT, SECURITY AND GUARANTY AGREEMENT, dated as of
June 23, 2016 (this “Amendment”), is entered into by and among HORSEHEAD CORPORATION, a company organized under the laws of the State of Delaware (“Horsehead”), THE INTERNATIONAL METALS RECLAMATION
COMPANY, LLC, a limited liability company organized under the laws of the State of Delaware (“INMETCO”), HORSEHEAD METAL PRODUCTS, LLC, a limited liability company organized under the laws of the State of North Carolina
(“HMP”), ZOCHEM INC., a corporation incorporated pursuant to the Canada Business Corporations Act (“Zochem”) and HORSEHEAD HOLDING CORP., a corporation organized under the laws of the State of Delaware
(“Horsehead Holding” and, together with Horsehead, INMETCO, HMP and Zochem, each a “Borrower” and, collectively, the “Borrowers”), the Lenders party hereto and CANTOR FITZGERALD SECURITIES, as
Administrative Agent. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement referred to below. 

PRELIMINARY STATEMENTS: 

WHEREAS, the Borrowers, the Lenders from time to time party thereto, Cantor Fitzgerald Securities, as Administrative Agent, and the other
parties named therein are parties to the Senior Secured Superpriority Debtor-in-Possession Credit, Security and Guaranty Agreement, dated as of February 8, 2016 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”); 
 WHEREAS, the Borrowers hereby inform the Administrative Agent and the
Lenders that certain Defaults or Events of Default exist under Section 7.01(c) of the Credit Agreement as a result of (i)(x) the order approving the Disclosure Statement not being entered by the Bankruptcy Court on or prior to June 3, 2016
as required under Section 5.18(f) of the Credit Agreement and (y) the order recognizing the order by the Bankruptcy Court approving the Disclosure Statement not being entered by the Canadian Court on or prior to June 6, 2016 as
required under Section 5.18(g) of the Credit Agreement, (ii) the Borrowers’ certification that no Default or Event of Default had occurred and was continuing as set forth in the Borrower Request dated as of June 3, 2016 (the
“Specified Borrowing Request”) and (iii) the Borrower’s failure to promptly provide notice of the occurrence of the foregoing Defaults or Events of Default (the foregoing Defaults and/or Events of Default, collectively,
the “Specified Events of Default”); 
 WHEREAS, the Borrowers have informed the Administrative Agent that INMETCO expects
to receive a partial advance payment of $1,000,000 of insurance proceeds (the “INMETCO Proceeds”) in connection with a Casualty Event, which amount will be used to cover post-petition expenses in connection with such Casualty Event
in accordance with the DIP Budget; 
 WHEREAS, in accordance with Section 9.01 of the Credit Agreement, the Borrowers have requested
that the Required Lenders agree to (i) waive the Specified Events of Default, (ii) make certain modifications to the Credit Agreement and (iii) approve the endorsement by the Administrative Agent of checks comprising of the INMETCO
Proceeds; and 

 WHEREAS, the Required Lenders have consented to (i) waive the Specified Events of Default
and (ii) amend the Credit Agreement as provided herein. 
 NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Limited
Waiver. Subject to the terms and conditions set forth herein, the Required Lenders hereby waive the Specified Events of Default. 
 2.
Amendments to Credit Agreement. 
 2.1 Section 1.01 of the Credit Agreement is hereby amended to add the following defined term in
proper alphabetical order: 
 “Amendment No. 3 Effective Date” means June 23, 2016. 

2.2 Article IV of the Credit Agreement is hereby amended by adding the following Section 4.22 immediately following Section 4.21:

 Section 4.22 Horsehead Zinc. On or after the Amendment No. 3 Effective Date, Horsehead Zinc is not liable in respect of
any Debt or other liabilities in excess of $25,000 in the aggregate, other than the Debt of Horsehead Zinc owing (x) to CCM Community Development IV LLC and Bank of America CDE III, LLC under each of the Horsehead Zinc Loan Agreements or
(y) to a Debtor. 
 2.3 Section 5.11(b) of the Credit Agreement is hereby amended and restated in its entirety as follows: 

(b) After the Debt of Horsehead Zinc owing to CCM Community Development IV LLC and Bank of America CDE III, LLC under each of the Horsehead
Zinc Loan Agreements, as applicable, is repaid in full, promptly (and no later than three (3) Business Days) following the request of the Administrative Agent or the Required Lenders, Horsehead Zinc shall (i) become a debtor under the
Chapter 11 Cases, (ii) execute and deliver to the Administrative Agent a joinder to this Agreement in form and substance reasonably acceptable to the Administrative Agent and the Required Lenders, and such other Security Documents as the
Administrative Agent or Required Lenders may reasonably request, and (iii) deliver any certificates, opinions of counsel or other documents as the Administrative Agent or the Required Lenders may reasonably request relating to such Subsidiary.

 2.4 Sections 5.18(f), 5.18(g), 5.18(h), 5.18(i) and 5.18(j) of the Credit Agreement are hereby amended and restated in its entirety as
follows: 
 (f) On or prior to July 7, 2016, entry by the Bankruptcy Court of an order approving the Disclosure Statement; 

(g) On or prior to July 12, 2016, entry by the Canadian Court of an order recognizing order by the Bankruptcy Court approving the
Disclosure Statement; 

  
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 (h) On or prior to August 31, 2016, entry by the Bankruptcy Court of an order approving the
Acceptable Plan; 
 (i) On or prior to September 2, 2016, entry by the Canadian Court of an order recognizing such order by the
Bankruptcy Court approving the Acceptable Plan; and 
 (j) On or prior to September 19, 2016, the Consummation Date of the Acceptable
Plan. 
 2.5 Article VI of the Credit Agreement is hereby amended by adding the following Section 6.24 immediately following
Section 6.23. 
 Section 6.24 Horsehead Zinc. Notwithstanding anything herein to the contrary, during the period commencing
with the Amendment No. 3 Effective Date and ending on the date that Horsehead Zinc becomes a debtor under the Chapter 11 Cases and becomes a Guarantor under this Agreement, the Borrower Parties shall not permit Horsehead Zinc to incur any Debt
or any other liabilities in excess of $25,000 in the aggregate, other than (x) the Debt of Horsehead Zinc owing to CCM Community Development IV LLC and Bank of America CDE III, LLC under each of the Horsehead Zinc Loan Agreements or
(y) Debt owed to a Debtor. 
 3. Application of INMETCO Proceeds. The Borrower’s hereby inform the Administrative Agent
that the INMETCO Proceeds do not constitute Net Cash Proceeds as such insurance proceeds were included in the Initial DIP Budget. In connection with the foregoing, the Borrowers request the Administrative Agent endorse any checks comprising of the
INMETCO Proceeds for further application by the Borrowers in accordance with the Credit Agreement and the DIP Budget. 
 4. Effectiveness of
Amendment. The effectiveness of the agreements contained herein is conditioned upon (the date on which such condition having been satisfied being referred to herein as the “Amendment Effective Date”), the Administrative Agent having
received duly executed counterparts hereof which, when taken together, bear the authorized signatures of (i) the Borrowers and (ii) the Required Lenders. 

5. Reassertion of Representations and Warranties; No Default. After giving effect to this Amendment, on the Amendment Effective Date,
each Borrower hereby (i) confirms that the representations and warranties set forth in Article IV of the Credit Agreement and each other Loan Document are true and correct in all material respects (provided that such materiality qualifier shall
not apply if such representation or warranty is already subject to a materiality qualifier under Article IV of the Credit Agreement or such other Loan Document), except for representations and warranties made as of a specific earlier date, which
shall be true and correct in all material respects (provided that such materiality qualifier shall not apply if such representation or warranty is already subject to a materiality qualifier under Article IV of the Credit Agreement or such other Loan
Document) as of such earlier date, and (ii) there will exist no Default or Event of Default under the Loan Documents. The parties hereto agree that this Amendment shall constitute a Loan Document. 

6. Ratification by Guarantors. Each of the Guarantors acknowledges that its consent to this Amendment is not required, but each of the
undersigned nevertheless does hereby agree 

  
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and consent to this Amendment and to the documents and agreements referred to herein. Each of the Guarantors agrees and acknowledges that (i) notwithstanding the effectiveness of this
Amendment, such Guarantor’s Guaranty under the Credit Agreement shall remain in full force and effect without modification thereto and (ii) nothing herein shall in any way limit any of the terms or provisions of such Guarantor’s
Guaranty or any other Loan Document executed by such Guarantor (as the same may be amended from time to time), all of which are hereby ratified, confirmed and affirmed in all respects. Each of the Guarantors hereby agrees and acknowledges that no
other agreement, instrument, consent or document shall be required to give effect to this section. Each of the Guarantors hereby further acknowledges that the Borrowers, the Administrative Agent and any Lender may from time to time enter into any
further amendments, modifications, terminations and/or waivers of any provisions of this Amendment or other Loan Documents without notice to or consent from such Guarantor and without affecting the validity or enforceability of such Guarantor’s
Guaranty or giving rise to any reduction, limitation, impairment, discharge or termination of such Guarantor’s Guaranty. 
 7. No
Amendments; Confirmation; Limited Purpose Amendment and Waiver. Except as expressly set forth herein, this Amendment (a) shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of
the Lenders or the Administrative Agent under the Credit Agreement or any other Loan Document and (b) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect as modified hereby. Nothing herein shall be deemed to entitle the Borrower Parties to a consent to, or a waiver,
amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. Notwithstanding anything to the
contrary herein, the limited waiver set forth herein (i) is a limited waiver, (ii) is limited to the express terms hereof, (iii) is effective only with respect to the specific instance and the specific purpose for which it is given
and (iv) shall not be deemed a waiver for any other purpose and of any term, condition, representation or covenant applicable to the Borrower Parties under the Credit Agreement and any other Loan Document except as expressly set forth in this
Amendment. NOTWITHSTANDING THE LIMITED WAIVER SET FORTH IN THIS AMENDMENT, THE LENDERS REQUIRE STRICT COMPLIANCE BY THE BORROWER PARTIES AT ALL TIMES WITH ALL TERMS, CONDITIONS AND PROVISIONS OF THE CREDIT AGREEMENT AND ANY OTHER LOAN DOCUMENT. On
or after the Amendment Effective Date, any reference to the Credit Agreement contained in the Loan Documents shall mean the Credit Agreement as amended hereby. 

8. Release. Notwithstanding anything herein to the contrary, effective as of the Amendment Effective Date, each Borrower Party covenants and
agrees that the Borrower Parties unconditionally release and irrevocably discharge (i) the Lenders, (ii) the Administrative Agent, and (iii) the respective officers, directors, attorneys, financial advisors, employees, managers,
members, partners, agents, accountants and other professionals of the parties listed in clauses (i) and (ii), in each case, in their respective capacities as such, (collectively clauses (i) through (iii) being the “Released
Parties,” and each a “Released Party”) from any and all claims, obligations, suits, judgments, damages, rights, causes of action and liabilities whatsoever, whether known or unknown, foreseen or unforeseen, existing or hereafter
arising, in law, equity or otherwise, in all 

  
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cases with respect to this Amendment, the Credit Agreement or any other Loan Document, based in whole or in part on any act, omission, transaction or occurrence from the beginning of time through
the Amendment Effective Date (collectively, the “Released Claims”); provided, however, to the extent that a Released Claim is determined by a court of competent jurisdiction to have actually been caused by (x) the gross negligence or
willful misconduct of a Released Party or (y) the material breach of the obligations of a Released Party (other than the Administrative Agent or any sub-agent thereof) under the Loan Documents, such release shall not be available to such
Released Party with respect to such Released Claim. 
 9. No Adverse Claim. Each Borrower warrants, acknowledges and agrees that no events
have taken place and no circumstances exist at the date hereof which would give such Borrower a basis to assert a defense, offset or counterclaim to any claim of the Administrative Agent or the Lenders with respect to the Obligations. 

10. Successors and Assigns. This Amendment shall inure to the benefit of and be binding upon each of the parties hereto, each Lender,
and the successors and permitted assigns of each of the parties hereto and each Lender (subject to and in accordance with Section 9.07 of the Credit Agreement). 

11. Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Amendment by facsimile transmission or other electronic transmission (i.e., a
“.pdf” or “.tif”) shall be effective as delivery of a manually executed counterpart hereof. 
 12. Entire
Agreement. This Amendment, the other Loan Documents and the agreements, certificates and other documents contemplated thereby constitute the entire contract between the parties relative to the subject matter hereof. Any other previous agreement
among the parties with respect to the subject matter hereof is superseded by this Amendment, the other Loan Documents and the agreements, certificates and other documents contemplated thereby. 

13. Governing Law; Waiver of Jury Trial. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO ANY CHOICE-OF-LAW PROVISIONS THAT WOULD REQUIRE THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION AND, TO THE EXTENT APPLICABLE, THE BANKRUPTCY CODE. 

14. Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning
hereof. 
 15. Instruction to Administrative Agent. Each of the Lenders signatory hereto (constituting Required Lenders) directs the
Administrative Agent to execute this Amendment and authorizes the Administrative Agent to take action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement and the other Loan Documents as are delegated to the
Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto. In furtherance of the foregoing, the Required Lenders direct the Administrative Agent to carry out the actions contemplated by
the Specified Borrowing Request. The Required Lenders signatory hereto further instruct the Administrative 

  
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Agent, as loss payee, to endorse any checks relating to the INMETCO proceeds, for further application by the Borrowers in accordance with the Credit Agreement, the DIP Budget and Section 3
of this Amendment. The Borrowers and Lenders agree that the indemnifications provided in Section 9.05 of the Credit Agreement apply to the foregoing instruction and the execution of this Amendment. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective officers as of the day and year first above written. 
  

			
	HORSEHEAD CORPORATION
		
	By:	 	 /s/ Robert D. Scherich

	Name:	 	Robert D. Scherich
	Title:	 	Chief Financial Officer
	
	THE INTERNATIONAL METALS RECLAMATION COMPANY, LLC
		
	By:	 	 /s/ Robert D. Scherich

	Name:	 	Robert D. Scherich
	Title:	 	Chief Financial Officer
	
	HORSEHEAD METAL PRODUCTS, LLC
		
	By:	 	 /s/ Robert D. Scherich

	Name:	 	Robert D. Scherich
	Title:	 	Chief Financial Officer
	
	HORSEHEAD HOLDING CORP.
		
	By:	 	 /s/ Robert D. Scherich

	Name:	 	Robert D. Scherich
	Title:	 	Chief Financial Officer
	
	ZOCHEM INC.
		
	By:	 	 /s/ Robert D. Scherich

	Name:	 	Robert D. Scherich
	Title:	 	Chief Financial Officer

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	CANTOR FITZGERALD SECURITIES,
	as Administrative Agent
		
	By:	 	 /s/ James Bond

	Name:	 	James Bond
	 Title:
	 	Chief Operating Officer

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	Hotchkis and Wiley High Yield Fund,
	as Lender
		
	By:	 	 /s/ Anna Marie Lopez

	Name:	 	Anna Marie Lopez
	Title:	 	Chief Operating Officer of Hotchkis and Wiley Capital Management, LLC, as investment advisor to the Hotchkis and Wiley High Yield Fund

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	Hotchkis and Wiley Capital Income Fund,
	as Lender
		
	By:	 	 /s/ Anna Marie Lopez

	Name:	 	Anna Marie Lopez
	Title:	 	Chief Operating Officer of Hotchkis and Wiley Capital Management, LLC, as investment advisor to the Hotchkis and Wiley Capital Income Fund

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	San Diego County Employees Retirement Association, as Lender
		
	By:	 	 /s/ Anna Marie Lopez

	Name:	 	Anna Marie Lopez
	Title:	 	Chief Operating Officer of Hotchkis and Wiley Capital Management, LLC, as investment advisor to the San Diego County Employees Retirement Association

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	Santa Barbara County Employees Retirement System, as Lender
		
	By:	 	 /s/ Anna Marie Lopez

	Name:	 	Anna Marie Lopez
	Title:	 	Chief Operating Officer of Hotchkis and Wiley Capital Management, LLC, as investment advisor to the Santa Barbara County Employees Retirement System

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	National Elevator Industry Pension Fund, as Lender
		
	By:	 	 /s/ Anna Marie Lopez

	Name:	 	Anna Marie Lopez
	Title:	 	Chief Operating Officer of Hotchkis and Wiley Capital Management, LLC, as investment advisor to the National Elevator Industry Pension Fund

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	University of Dayton, as Lender
		
	By:	 	 /s/ Anna Marie Lopez

	Name:	 	Anna Marie Lopez
	Title:	 	Chief Operating Officer of Hotchkis and Wiley Capital Management, LLC, as investment advisor to the University of Dayton

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	Greywolf Capital Management LP, on behalf of Greywolf Event Driven Master Fund, as Lender
		
	By:	 	 /s/ Christopher Samios

	Name:	 	Christopher Samios
	Title:	 	General Counsel

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	Greywolf Capital Management LP, on behalf of Greywolf Strategic Master Fund SPC Ltd. — MSP 2, as Lender
		
	By:	 	 /s/ Christopher Samios

	Name:	 	Christopher Samios
	Title:	 	General Counsel

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	MAK Capital Fund LP, as Lender
		
	By:	 	 /s/ Michael Kaufman

	Name:	 	Michael Kaufman
	Title:	 	Managing Member

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	MAK-ro Capital Master Fund LP, as Lender
		
	By:	 	 /s/ Michael Kaufman

	Name:	 	Michael Kaufman
	Title:	 	Managing Member

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	Pine River Deerwood Fund Ltd., as Lender
	By: Pine River Capital Management L.P.
	Its: Investment Manager
		
	By:	 	 /s/ Jeff Stolt

	Name:	 	Jeff Stolt
	Title:	 	Chief Financial Officer

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	Pine River Fixed Income Master Fund Ltd., as Lender
	By: Pine River Capital Management L.P.
	Its: Investment Manager
		
	By:	 	 /s/ Jeff Stolt

	Name:	 	Jeff Stolt
	Title:	 	Chief Financial Officer

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	Pine River Master Fund Ltd., as Lender
	By: Pine River Capital Management L.P.
	Its: Investment Manager
		
	By:	 	 /s/ Jeff Stolt

	Name:	 	Jeff Stolt
	Title:	 	Chief Financial Officer

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	Pine River Convertibles Master Fund Ltd., as Lender
	By: Pine River Capital Management L.P.
	Its: Investment Manager
		
	By:	 	 /s/ Jeff Stolt

	Name:	 	Jeff Stolt
	Title:	 	Chief Financial Officer

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	Trishield Special Situations Master Fund Ltd., as Lender
		
	By:	 	 /s/ Robert Harteveldt

	Name:	 	Robert Harteveldt
	Title:	 	CEO

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty Agreement 

 
			
	WFM Fund (HoldCo-1) Inc., as Lender
		
	By:	 	 /s/ R. Valdez

	Name:	 	R. Valdez
	Title:	 	Authorized Person

  
 Amendment to Senior
Secured Superpriority Debtor-In-Possession Credit, Security and Guaranty AgreementPromissory Note

 Exhibit 10.1 

EXECUTION VERSION 

PROMISSORY NOTE 
  

					
	$ 450,000.00	 		  	June 24, 2016

 FOR VALUE RECEIVED, the undersigned ProBiora Health, LLC, a Delaware limited liability company
(“ProBiora Health”), hereby promises to pay to Oragenics, Inc., a Florida corporation (the “Holder”), in lawful money of the United States of America in immediately available funds, the principal sum
of FOUR HUNDRED FIFTY THOUSAND AND NO/00 DOLLARS ($450,000.00) (the “Principal” or “Deferred Purchase Price”) or such lesser sum as may from time to time be outstanding under the terms of this
promissory note (the “Note”). 
 This Note is issued by ProBiora Health pursuant to and subject to the terms and
conditions of that certain Asset Purchase Agreement (the “Purchase Agreement”) dated as of June 22, 2016, by and between ProBiora Health, Christine L. Koski (the “Guarantor”), and the Holder.
Capitalized terms used in this Note but not otherwise defined herein shall have the meanings specified in the Purchase Agreement. 

Principal and Interest. ProBiora Health promises to pay the Principal and any accrued interest on July 31, 2016, provided that certain
requirements as set forth on Exhibit B to the TSA are satisfied. ProBiora Health further promises to pay interest, if any, on the unpaid principal balance hereof at the rate of one percent (1%) per annum, calculated for the number of
days the unpaid portion of the Deferred Purchase Price remains outstanding after the Closing Date (as defined in the Purchase Agreement) (the “Interest”). 

Prepayment. Principal hereunder may be prepaid in full or in part, without premium or penalty. All payments hereunder shall be
paid in lawful money of the United States of America.
 Rank. No indebtedness of ProBiora Health shall rank senior to the
payments due under this Note without the prior written consent of the Holder. 
 Guaranty. The Note is guaranteed by that certain
Guaranty dated the date hereof by the Guarantor in favor of the Holder (the “Guaranty”). 
 Waiver. No delay
or omission on the part of the Holder in exercising any right hereunder shall operate as a waiver of such right, nor shall any waiver on one occasion be deemed to be an amendment or waiver of any such right with respect to future
occasion. ProBiora Health and Guarantor, jointly and severally, hereby waive presentment, protest, notice of protest, notice of dishonor. 

Change to Terms of the Note. This note shall not be modified or discharged (other than by payment or as required by law) except by a
writing duly executed by ProBiora Health and the Holder. 
 Governing Law. This Note shall be construed and enforced in
accordance with, and all questions concerning the construction, validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of Florida, without giving effect to any choice of law or conflict of law
provision or rule (whether of the State of Florida or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Florida. 

 Jurisdiction and Venue. ProBiora Health and the Holder each consent to the
exclusive jurisdiction and venue of the State and Federal courts located in Hillsborough County, Florida. In the event of any action to enforce this Note or other dispute between the parties arising out of or related to this Note, the State or
Federal courts located in Hillsborough County, Florida, shall have exclusive jurisdiction and venue for purposes of litigating any such disputes. The parties specifically consent and submit to the exclusive personal jurisdiction of such Florida
courts for such disputes involving this Note and waive all defenses or challenges based upon a lack of personal jurisdiction and/or forum non conveniens.

Assignment. This Note and the rights and obligation hereunder may not be assigned by either party without the prior written consent of
the other, other than an assignment by operation of law which may occur without the consent of the other. Any reference to the Holder in this Note shall be deemed to include the successors and permitted assigns of such Holder, and all covenants,
promises, and agreements by or on behalf of Holder that are contained in this Note shall bind and inure to the benefit of the successors and permitted assigns of such Holder, whether or not such persons expressly become parties hereto or thereto.

 Entire Agreement. This Note, together with the Purchase Agreement and Guaranty, and any other documents expressly referred to
herein, constitute the entire agreement among the parties with respect to the subject matter hereof and supersede all of the previous or contemporaneous contracts, representations, warranties and understandings (whether oral or written) by or
between the parties with respect to the subject matter hereof, including any letter of intent or memorandum of terms entered into by the parties. 

Severability. If any provision of this Note shall hereafter be held to be invalid, unenforceable or illegal, in whole or in part, in
any jurisdiction under any circumstances for any reason: (a) such provision shall be reformed to the minimum extent necessary to cause such provision to be valid, enforceable and legal while preserving the intent of the parties as expressed in, and
the benefits to such parties provided by, such provision; or (b) if such provision cannot be so reformed, such provision shall be severed from this Note and an equitable adjustment shall be made to this Note (including addition of necessary further
provisions to this Note) so as to give effect to the intent as so expressed and the benefits so provided. Such holding shall not affect or impair the validity, enforceability or legality of such provision in any other jurisdiction or under any other
circumstances. Neither such holding nor such reformation nor severance shall affect or impair the legality, validity or enforceability of any other provision of this Note. 

Third Party Beneficiaries. None of the provisions of this Note shall be for the benefit of, or enforceable by, any third-party
beneficiary. 

  
 2 

 IN WITNESS WHEREOF, the undersigned has caused this Note to be executed and its seal
affixed on the day and year first above written. 
  

			
		 	PROBIORA HEALTH, LLC
		
		 	 /s/ Christine L. Koski

		 	By: Christine L. Koski
		 	Title: Manager

 THIS NOTE HAS BEEN EXECUTED AND DELIVERED OUTSIDE OF THE STATE OF FLORIDA AND NO FLORIDA DOCUMENTARY
STAMP TAX IS DUE.

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