Document:

Exhibit 10.1

 

AMENDMENT #5 TO THE
SENIOR SECURED 

PROMISSORY NOTE ORIGINALLY 

ISSUED ON SEPTEMBER 28, 2018

 

THIS AMENDMENT
#5 to the Note
(as defined below) (the
"Amendment") is entered into as
of September 30, 2020 (the "Effective Date"),
by and between Predictive
Oncology, Inc. (f/k/a
Precision Therapeutics, Inc.), a
Delaware corporation (the "Company"), and L2
Capital, LLC, a Kansas

 

limited liability company (the "Holder",
and together with the Company,
the "Parties").

 

BACKGROUND

 

A.             
The Company issued that
certain senior secured promissory note (the "Note")
to the Holder on September 28, 2018.

 

B.             
The Company and Holder
desire to further amend the
Note as set forth expressly below.

 

C.             
The Company is unable to repay the Note and has requested the Holder to amend the Note in exchange for the Holder not exercising
its rights as a creditor.

 

NOW
THEREFORE, in consideration of the execution and delivery
of the Amendment and other good and valuable
consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows:

 

1.                  
Upon the execution of
this Amendment, (i) the "Maturity Date" for all
amounts of principal, interest and other amounts owed and
outstanding under the Note
as of the Effective
Date is hereby extended to
March 31, 2021.

 

2.                  
This Amendment shall be deemed part of but shall take precedence over and supersede any provisions to the contrary contained
in the Note. Except as specifically modified hereby, all of the provisions of the Note, which are not in conflict with the terms
of this Amendment, shall remain in full force and effect, and this Amendment shall be governed by the same law, and have the same
conflict resolution provisions, as set forth in the Note. The Parties hereby ratify and confirm the terms and conditions of the
Note, as supplemented and amended by this Amendment.

 

3.                  
The Holder and the Company confirm that the Company has not received any consideration for the transactions contemplated
by this Amendment. Pursuant to Section 3(a)(9) and Rule 144 promulgated by the Securities and Exchange Commission (the “Commission”)
pursuant to the Securities Act of 1933 and the rules and regulations promulgated thereunder as such may be amended from time to
time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect, the holding period
of the shares of common stock underlying the Note tack back to September 28, 2018, the issue date of the Note. The Company agrees
not to take a position contrary to this Section 3.

 

 

 

    

     

    

 

IN WITNESS HEREOF, the Parties hereto
have executed this Amendment
as of the Effective Date.

 

 

PREDICTIVE ONCOLOGY INC.

 

By: /s/ Bob Myers__________

 

Name: Bob Myers__________

Title: CFO

 

 

L2
CAPITAL, LLC

 

By: /s/ Adam R. Long_______

Name: Adam R. Long

Title: Managing MemberExhibit 10.2

 

AMENDMENT #3 TO
THE SENIOR SECURED

PROMISSORY NOTE ORIGINALLY ISSUED ON

SEPTEMBER
27, 2019

 

THIS
AMENDMENT #3 to the
Note (as defined below)
(the “Amendment”) is entered into as
of September 30, 2020 (the "Effective Date"),
by and between Predictive
Oncology, Inc. (f/k/a
Precision Therapeutics, Inc.), a
Delaware corporation (the "Company"), and Oasis
Capital, LLC, a Puerto
Rico limited liability company
(the “Holder”, and together with
the Company, the "Parties").

 

BACKGROUND

 

A.           
The Company issued that
certain senior secured promissory note (the "Note")
to the Holder on September 27, 2019.

 

B.             The Company and Holder desire to further
amend the Note as set
forth expressly below.

 

C.             The
Company is unable to repay the Note and has requested the Holder to amend the Note in exchange for the Holder not exercising its
rights as a creditor.

 

NOW
THEREFORE, in consideration of the execution and delivery
of the Amendment and other good and valuable
consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows:

 

1.                  
Upon the execution of
this Amendment, (i) the "Maturity Date" for all
amounts of principal, interest and other amounts owed and
outstanding under the Note
as of the Effective
Date is hereby extended from
September 30, 2020 to March 31, 2021, and in exchange for
such extension (ii) the
outstanding principal amount of the Note is
hereby increased by $690,000.00 such that as of
the Effective Date,
the outstanding principal amount (not including accrued
interest and any other amounts)
owed under the Note
is $2,015,833.33.

 

2.                  
Article I of the Note is hereby titled “Conversion.” Section 1.1 is hereby added to the Note as follows:

 

1.1 Conversion; Exchange Cap. The Holder shall
have the right at any time to convert all or any part of the Note (including without limitation, the Principal Amount, accrued
and unpaid interests, Default Interest, and any other amounts owed to the Holder under the Note) into fully paid and non-assessable
shares of Common Stock of the Borrower at the conversion price, which is equal to the lesser of (i) $1.00 and (ii) 70% of the lowest
VWAP of the Common Stock during the twenty (20) Trading Day (as defined herein) period ending on either (i) the last complete Trading
Day prior to the conversion date or (ii) the conversion date, as determined by the Holder in its sole discretion upon such conversion
(subject to adjustment as provided in this Note) (the “Conversion Price”). 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. “Trading Day”
shall mean any day on which the Common Stock is tradable for any period on the principal securities exchange or other securities
market on which the Common Stock is then being traded. Notwithstanding anything in this Note to the contrary, and in addition to
the beneficial ownership limitations provided herein above, the sum of (a) the total number of shares of Common Stock that may
be issued under this Note plus (b) the total number of shares of Common Stock that may be issued under the Senior Secured Promissory
Note of the Borrower held by the Holder dated as of February 5, 2020, as amended to date shall be limited to 3,319,903 shares of
Common Stock (equal to 19.99% of the outstanding shares of Common Stock of the Company as of the Effective Date of this Amendment)
(the “Exchange Cap”). The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash
dividend, stock split, reverse stock split or other similar transaction.

 

    

     

    

 

3.                  
This Amendment shall be deemed part of but shall take precedence over and supersede any provisions to the contrary contained
in the Note. Except as specifically modified hereby, all of the provisions of the Note, which are not in conflict with the terms
of this Amendment, shall remain in full force and effect, and this Amendment shall be governed by the same law, and have the same
conflict resolution provisions, as set forth in the Note. The Parties hereby ratify and confirm the terms and conditions of the
Note, as supplemented and amended by this Amendment.

 

4.                  
The Holder and the Company confirm that the Company has not received any consideration for the transactions contemplated
by this Amendment. Pursuant to Section 3(a)(9) and Rule 144 promulgated by the Securities and Exchange Commission (the “Commission”)
pursuant to the Securities Act of 1933 and the rules and regulations promulgated thereunder as such may be amended from time to
time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect, the holding period
of the shares of common stock underlying the Note tack back to September 27, 2019, the issue date of the Note. The Company agrees
not to take a position contrary to this Section 4.

 

 

 

 

 

 

 

 

    

     

    

 

IN WITNESS WHEREOF, the Parties hereto
have executed this Amendment
as of the Effective Date.

 

 

PREDICTIVE ONCOLOGY INC.

 

By:_____________________

 

Name: __________________

Title: ___________________

 

 

OASIS CAPITAL, LLC

 

By: ___________________

Name: Adam R. Long

Title: Managing MemberExhibit 10.3

 

AMENDMENT
#2 TO THE SENIOR SECURED

PROMISSORY
NOTE ORIGINALLY ISSUED ON

FEBRUARY 5,
2020

 

THIS
AMENDMENT #2 to the
Note (as defined below)
(the "Amendment") is entered into as
of September 30, 2020 (the "Effective Date"),
by and between Predictive
Oncology, Inc. (f/k/a
Precision Therapeutics, Inc.), a
Delaware corporation (the "Company"), and Oasis
Capital, LLC, a Puerto
Rico limited liability company
(the "Holder", and together with
the Company, the "Parties").

 

BACKGROUND

 

A.           
The Company issued that
certain senior secured promissory note (the "Note")
to the Holder on February 5, 2020.

 

B. The Company
and Holder desire to further amend
the Note as set forth expressly
below.

 

C. The Company is unable to repay
the Note and has requested the Holder to amend the Note in exchange for the Holder not exercising its rights as a creditor.

 

NOW
THEREFORE, in consideration of the execution and delivery
of the Amendment and other good and valuable
consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties agree as follows:

 

1.                  
Upon the execution of
this Amendment, (i) the "Maturity Date" for all
amounts of principal, interest and other amounts owed and
outstanding under the Note
as of the Effective
Date is hereby extended from
September 30, 2020 to March 31, 2021, and in exchange for
such extension (ii) the
outstanding principal amount of the Note is
hereby increased by $345,000.00 such that as of
the Effective Date,
the outstanding principal amount (not including accrued
interest and any other amounts)
owed under the Note
is $1,967,500.00.

 

2.                  
The Note is hereby amended to be convertible at the Conversion Price as described on Schedule A to this Amendment.

 

3.                  
The Note is hereby amended to add Section 1.6 as follows:

 

1.6 Exchange Cap. Notwithstanding
anything in this Note to the contrary, and in addition to the beneficial ownership limitations provided herein above, the sum of
(a) the total number of shares of Common Stock that may be issued under this Note plus (b) the total number of shares of Common
Stock that may be issued under the Senior Secured Promissory Note of the Borrower held by the Holder dated as of September 27,
2019, as amended to date shall be limited to 3,319,903 shares of Common Stock (equal to 19.99% of the outstanding shares of Common
Stock of the Company as of the Effective Date of this Amendment) (the “Exchange Cap”). The Exchange Cap shall be appropriately
adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split or other similar transaction.

 

4.                  
This Amendment shall be deemed part of but shall take precedence over and supersede any provisions to the contrary contained
in the Note. Except as specifically modified hereby, all of the provisions of the Note, which are not in conflict with the terms
of this Amendment, shall remain in full force and effect, and this Amendment shall be governed by the same law, and have the same
conflict resolution provisions, as set forth in the Note. The Parties hereby ratify and confirm the terms and conditions of the
Note, as supplemented and amended by this Amendment.

     

     

    

5.                  
The Holder and the Company confirm that the Company has not received any consideration for the transactions contemplated
by this Amendment. Pursuant to Section 3(a)(9) and Rule 144 promulgated by the Securities and Exchange Commission (the “Commission”)
pursuant to the Securities Act of 1933 and the rules and regulations promulgated thereunder as such may be amended from time to
time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect, the holding period
of the shares of common stock underlying the Note tack back to February 5, 2020, the issue date of the Note. The Company agrees
not to take a position contrary to this Section 4.

 

 

 

 

 

 

     

     

    

IN WITNESS WHEREOF,
the Parties hereto have executed this Amendment
as of the Effective Date.

 

 

 

	PREDICTIVE ONCOLOGY INC.	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	OASIS CAPITAL, LLC	 
	 	 
	By:	 	 
	Name:	 Adam R. Long	 
	Title:	 Managing Member	 

 

 

 

 

 

     

     

    

Schedule A

 

Conversion Price

 

70% of the lowest VWAP of the Common Stock
during the twenty (20) Trading Day (as defined herein) period ending on either (i) the last complete Trading Day prior to the conversion
date or (ii) the conversion date, as determined by the Holder in its sole discretion upon such conversion (subject to adjustment
as provided in this Note) (the “Conversion Price”).

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