Document:

Warrant to Purchase Common Stock issued to National City Bank

 Exhibit 4.11 
 NEITHER THIS WARRANT, NOR THE SHARES FOR WHICH IT IS EXERCISABLE, HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR ANY APPLICABLE STATE SECURITIES LAWS, AND NO SALE, TRANSFER OR ASSIGNMENT OF THIS WARRANT OR THE SHARES ISSUABLE
UPON ITS EXERCISE MAY BE MADE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH LAWS OR A VALID EXEMPTION FROM SUCH REGISTRATION. 
 WARRANT 
 For Purchase of Shares of Common Stock 
 of 
 PRECISION THERAPEUTICS, INC. 
 January 11, 2001 
 This certifies that, for value received, National City Bank of Pennsylvania is entitled, upon the
due exercise hereof at any time during the period commencing on the date hereof and terminating at 5:00 P.M., E.S.T., on January 10, 2008 (the “Exercise Period”), to purchase from Precision Therapeutics, Inc., a Delaware corporation
(the “Company”), 302,943 shares(1) of Common Stock, without par value (the “Shares”), of the Company upon presentation and surrender of
this Warrant, together with a completed and executed Election to Purchase in the form annexed hereto, at the principal office of the Company or at such other office as shall have been designated by the Company by notice pursuant hereto, and upon
payment to the Company of an amount equal to $0.024 for each Share acquired pursuant to such exercise, by cash, certified check or other immediately available funds. The amount per Share specified above, as adjusted from time to time pursuant to the
provisions hereof, is herein called the “Purchase Price.” 
 The Warrant is subject to the following terms and conditions:

 1. Exercise of Warrant. The purchase rights represented by this Warrant may be exercised by the holder hereof, as to some or all of
the Shares covered hereby at any time or from time to time during the Exercise Period. Certificates for all Shares purchased upon exercise of this Warrant shall be delivered to the holder hereof or his transferee within a reasonable time (not
exceeding 30 days) after this Warrant shall have been exercised as set forth herein. In case of the purchase of less than all the Shares purchasable under the Warrant, the Company shall cancel this Warrant and shall execute and deliver another
Warrant of like tenor for the balance of the Shares which may be purchased hereunder. 
  

	 (1)
	 Number of shares does not
reflect a 1-for-14 reverse stock split effected after the issuance of this warrant. 

 2. Taxes. The issuance of any Share upon the exercise of this Warrant shall be made without charge
to the registered holder hereof for any tax (other than income tax) in respect of the issuance of such Shares. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issuance and
delivery of any Share in a name other than that of the registered holder of this Warrant, and the Company shall not be required to issue or deliver any such Share unless and until the person or persons requesting the issue thereof shall have paid to
the Company the amount of such tax or shall have established to the satisfaction of the Company that such tax has been paid. 
 3. Warrant
Register. The Company shall at all times while any portion of this Warrant remains outstanding and exercisable keep and maintain at its principal office a register in which the registration, transfer and exchange of this Warrant shall be
provided for. The Company shall not at any time, except upon the dissolution, liquidation or winding up of the Company, close such register so as to prevent or delay the exercise or transfer of this Warrant. 
 4. Transfer. This Warrant is subject to the transfer restrictions set forth on the face hereof and in the Amended and Restated Stockholder
Agreement dated January 11, 2001, by and among the Company and its Shareholders. Upon any transfer of this Warrant and upon surrender of this Warrant at the principal office of the Company, the Company will make and deliver a new Warrant or
Warrants, of like tenor, registered in the name of the registered holder hereof and/or his or its assignee, as such registered holder shall direct. Absent any such transfer, the Company may deem and treat the registered holder of this Warrant at any
time as the absolute owner hereof for all purposes and shall not be affected by any notice to the contrary. 
 5. Exchange. This
Warrant is exchangeable, upon the surrender hereof by the holder hereof at the principal office of the Company, for new Warrants in such denominations as the holder shall designate at the time of surrender for exchange, of like tenor and date
representing in the aggregate the right to subscribe for and purchase the number of Shares which may be subscribed for and purchased hereunder. 
 6. Covenants of the Company. The Company covenants and agrees that all Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and
nonassessable and free from all preemptive rights of any shareholder and all taxes, liens and charges with respect to the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). The Company further
covenants and agrees that during the Exercise Period, the Company will at all times have authorized and reserved, free from preemptive rights, a sufficient number of Shares to provide for the exercise in full of the rights represented by this
Warrant. The Company will not through any reorganization, reclassification, consolidation, merger, sale of assets, dissolution, issue or sale of securities or other voluntary action, avoid or seek to avoid the observance or performance of any of the
terms of this Warrant, but will at all times in good faith carry out all such terms and take all such action as may be necessary or appropriate in order to protect the rights of the holder of this Warrant. 
  

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 7. Adjustments. 
 (a) If outstanding Shares shall be subdivided into a greater number thereof or a dividend in Shares shall be paid in respect of the
Shares, the Purchase Price in effect immediately prior to such subdivision or at the record date of such dividend shall simultaneously with the effectiveness of such subdivision or immediately after the record date of such dividend be
proportionately reduced, and, conversely, if outstanding Shares shall be combined into a smaller number thereof, the Purchase Price in effect immediately prior to such combination shall simultaneously with the effectiveness of such combination be
proportionately increased. 
 (b) If there shall occur any capital reorganization or reclassification of the Shares (other
than a subdivision or combination as provided for in subparagraph (a) above), or any consolidation or merger of the Company with or into another entity or any sale of all, or substantially all, of the property, assets, business and good will of
the Company as an entity, then, as part of any such reorganization, reclassification, consolidation, merger or sale, as the case may be, lawful provision shall be made so that the holder of this Warrant shall have the right thereafter to receive
upon the exercise hereof the kind and amount of shares or other securities or property which said registered owner would have been entitled to receive if, on the record date, if any, for and immediately prior to any such reorganization,
reclassification, consolidation, merger or sale, as the case may be, said registered owner had held the number of Shares which were then purchasable upon the exercise of this Warrant. In any such case, appropriate adjustment shall be made by the
Company or any successor entity, which thereafter shall be deemed to be the Company for purposes of this Warrant, in the application of the provisions set forth herein with respect to the rights and interests thereafter of the holder of this Warrant
such that the provisions set forth herein (including provisions with respect to adjustment of the Purchase Price) shall thereafter be applicable, as nearly as is reasonably practicable, in relation to any shares or other securities or property
thereafter deliverable upon the exercise of this Warrant. 
 (c) If the Company shall at any time issue or sell any Shares of
its Common Stock (other than (A) upon conversion of the Company’s shares of Series A Convertible Preferred Stock or (B) upon conversion of the Company’s shares of Series B Convertible Preferred Stock or (C) pursuant to the
exercise of options to purchase Shares granted to employees, officers or directors of the Company pursuant to stock option agreements, stock option plans or management incentive plans adopted by the Board of Directors of the Company) for a
consideration per share (the “New Price”) less than the Purchase Price in effect immediately prior to such issuance or sale, then upon such issuance or sale, the Purchase Price shall be reduced to a price equal to the New Price.

 (d) If the Company shall issue (whether directly or by assumption in a merger or otherwise) or sell any security,
obligation, option, warrant or other right which directly or indirectly may be converted into, exchanged for or satisfied in Shares (collectively the “Convertible Securities”), whether or not the rights to convert thereunder are
immediately exercisable, and the price per share for which Shares are issuable upon such conversion (determined by dividing (A) the total amount received 

  

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or receivable by the Company as consideration for the issuance or sale of such Convertible Securities, plus the minimum aggregate amount of additional
consideration payable to the Company upon the conversion thereof, by (B) the total maximum number of Shares issuable upon the conversion of all such Convertible Securities) shall be less than the Purchase Price in effect immediately prior to
such issuance or sale, then the total maximum number of Shares issuable upon conversion of all such Convertible Securities shall (as at the date of the issuance or sale of such Convertible Securities) be deemed to be outstanding and to have been
issued (for purposes of Section 7(c) hereof) for such price per share, provided that (1) no further adjustments of the Purchase Price shall be made upon the issuance of such Shares upon conversion of such Convertible Securities and
(2) if any such issuance or sale of such Convertible Securities is made upon exercise of any rights to subscribe for or to purchase or any option to purchase any such Convertible Securities for which adjustments of the Purchase Price have been
or are to be made pursuant to other provisions of this Section 7, no further adjustment of the Purchase Price shall be made by reason of such issuance or sale. 
 (e) If the purchase price provided for in any Convertible Securities, the additional consideration payable upon conversion of Convertible
Securities, or the rate at which any Convertible Securities are convertible into Shares shall be decreased (other than pursuant to anti-dilution provisions), then upon the occurrence of any such events, the Purchase Price at the date of such event
shall forthwith be readjusted to the Purchase Price which would have been in effect at such time had such rights, options or Convertible Securities still outstanding provided for such changed purchase price, additional consideration or conversion
rate, as the case may be, at the time initially granted, issued or sold; and on the expiration of any such option or right or the termination of any such right to convert such Convertible Securities, the Purchase Price then in effect hereunder shall
forthwith be readjusted to the Purchase Price which would have been in effect at the time of such expiration or termination had such right, option or Convertible Security never been issued, and the Common Stock issuable thereunder shall no longer be
deemed to be outstanding. If the purchase price provided for in any Convertible Securities or the rate at which any Convertible Securities are convertible into Shares is adjusted pursuant to the application of the foregoing anti-dilution provisions,
then upon the delivery of Shares upon the exercise of any such right or option or upon conversion of any such Convertible Security, the Purchase Price then in effect shall forthwith be decreased to such amount as would have been obtained had such
right, option or Convertible Security never been issued and had adjustments been so delivered. 
 (f) If there shall be any
adjustment as provided above in this Section 7, or if securities or property other than Shares shall become purchasable in lieu of Shares upon exercise of this Warrant, the Company shall promptly cause written notice thereof to be sent by
registered mail, postage prepaid, to the registered holder of this Warrant at the address of such holder shown on the books of the Company, which notice shall be accompanied by a certificate of the chief financial officer of the Company setting
forth in reasonable detail the basis for the holder’s becoming entitled to purchase such Shares and the number of Shares which may be purchased, or the facts requiring any such adjustment and number of Shares purchasable after such adjustment,
or the kind and amount of any such securities or property so purchasable upon the exercise of this Warrant, as the case may be. At the request of the holder hereof and upon surrender of this Warrant, the Company shall reissue this Warrant in a form
conforming to such adjustments. 
  

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 8. Fractional Shares. The Company shall not be required upon the exercise of any of the Warrants
evidenced hereby to issue fractional Shares. 
 9. Holder’s Rights. This Warrant shall not entitle the holder hereof to any
rights of a holder of Shares of the Company, except that should the Company, during the period in which this Warrant is exercisable, make a distribution in respect of the Shares payable otherwise than in cash out of earnings or earned surplus
(computed in accordance with generally accepted accounting principles) or otherwise than in Shares or securities convertible into Shares, then, thereafter, the holder hereof, upon exercise of this Warrant, shall receive the number of Shares
purchasable upon such exercise and, in addition and without further payment, the cash, stock or other securities and/or other property which the holder hereof would have received by way of distribution (otherwise than in cash out of such earnings or
earned surplus or in Shares or securities convertible into Shares) in respect of the Shares as if, continuously since the date hereof, such holder (a) had been the record holder of the number of Shares then being purchased, and (b) had
retained all such cash, stock and other securities (other than Shares or securities convertible into Shares) and/or other property payable in respect of such Shares or in respect of any securities paid as dividends and originating directly or
indirectly from such Shares. 
 10. Dissolution or Liquidation. In the event of any proposed dissolution or total liquidation of the
Company, other than in connection with a consolidation, merger or sale of all or substantially all, of its property, assets, business and goodwill as an entirety, the Company shall cause written notice thereof to be sent by registered mail, postage
prepaid, to the registered holder of this Warrant at the address of such holder shown on the books of the Company. Such notice shall be given not later than 30 days prior to any date fixed for the purpose of determining shareholders entitled to
participate in any liquidating distribution. 
 11. Lost, Stolen, Mutilated or Destroyed Warrants. If this Warrant shall become lost,
stolen, mutilated or destroyed, the Company shall, on such terms as to indemnity or otherwise as it may in its discretion impose, issue a new warrant of like denomination, tenor, and date as the warrant so lost, stolen, mutilated or destroyed. Any
such new warrant shall constitute an original contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated or destroyed warrant shall be at any time enforceable by anyone. 
 12. Applicable Law. The validity, interpretation and performance of this Warrant shall be governed by the laws of the Commonwealth of
Pennsylvania. 
 13. Successors and Assigns. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding
upon the successors and assigns of the Company and the holder hereof and shall be enforceable by any such holder. 
  

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 WITNESS the due execution hereof. 
  

									
	ATTEST:	 		 	PRECISION THERAPEUTICS, INC.
				
	/s/ Stephen M. Grimshaw	 		 	By:	 	/s/ Sean McDonald
	Stephen M. Grimshaw, Secretary	 		 		 	Sean McDonald
		 		 		 	President and Chief Executive Officer

 [Corporate Seal] 
  

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 EXHIBIT A 
 [Subscription Form to be Executed Upon Exercise of Warrant] 
 The undersigned registered holder or assignee
of such registered holder of the within Warrant, hereby (1) subscribes for ________ Shares which the undersigned is entitled to purchase under the terms of the within Warrant, (2) makes the full cash payment called for by the within
Warrant, and (3) directs that the Shares issuable upon exercise of said Warrant be issued as follows: 
  

	
	
	  
	(Name)
	
	  
	(Address)
	
	  
	(Signature)

 Date: __________________________Warrant to Purchase Common Stock issued to General Electric Capital Corporation

 Exhibit 4.12 
 NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT IN COMPLIANCE WITH RULE 144 UNDER SAID ACT OR
WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL FOR THE HOLDER, SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT OR RECEIPT OF A NO-ACTION LETTER FROM THE SECURITIES AND EXCHANGE
COMMISSION. 
 WARRANT TO PURCHASE 125,000 SHARES OF COMMON STOCK 
 September 25, 2002 
 THIS CERTIFIES THAT, for
value received, General Electric Capital Corporation (“Holder”) is entitled to subscribe for and purchase One Hundred Twenty Five Thousand (125,000) shares(1) of the fully paid and nonassessable Common Stock (the “Shares” or the “Stock”) of Precision Therapeutics, Inc., a Delaware corporation (the “Company”), at the Warrant Price (as
hereinafter defined), subject to the provisions and upon the terms and conditions hereinafter set forth. 
 1. Warrant Price. The Warrant Price
shall initially be 24/100 dollars ($.24) per share, subject to adjustment as provided in Section 7 below. 
 2. Conditions to Exercise. The
purchase right represented by this Warrant may be exercised at any time, or from time to time, in whole or in part during the term commencing on the date hereof and ending at 5:00 P.M. Pacific time on the tenth anniversary of the date of this
Warrant. 
 3. Method of Exercise; Payment; Issuance of Shares; Issuance of New Warrant. 
 (a) Cash Exercise. Subject to Section 2 hereof, the purchase right represented by this Warrant may be exercised by the Holder hereof, in whole or in part, by
the surrender of this Warrant (with a duly executed Notice of Exercise in the form attached hereto) at the principal office of the Company (as set forth in Section 18 below) and by payment to the Company, by check, of an amount equal to the
then applicable Warrant Price per share multiplied by the number of shares then being purchased. In the event of any exercise of the rights represented by this Warrant, certificates for the shares of stock so purchased shall be in the name of, and
delivered to, the Holder hereof, or as such Holder may direct (subject to the terms of transfer contained herein and upon payment by such Holder hereof of any applicable transfer taxes). Such delivery shall be made within 30 days after exercise of
the Warrant and at the Company’s expense and, unless this Warrant has been fully exercised or expired, a new Warrant having terms and conditions substantially identical to this Warrant and representing the portion of the Shares, if any, with
respect to which this Warrant shall not have been exercised, shall also be issued to the Holder hereof within 30 days after exercise of the Warrant. 
  

	 (1)
	 Number of shares does not reflect a 1-for-14 reverse stock split effected after
the issuance of this warrant. 

 (b) Net Issue Exercise. Holder may also elect to receive shares equal to the value of this Warrant (or of any
portion thereof remaining unexercised) by surrender of this Warrant at the principal office of the Company together with notice of such election, in which event the Company shall issue to Holder the number of shares of the Company’s Common
Stock computed using the following formula: 
 X = Y (A-B) 
 A 
 Where X = the number of shares of Stock
to be issued to Holder. 
 Y = the number of shares of Stock purchasable under this Warrant (at the date of such calculation). 
 A = the Fair Market Value of one share of the Company’s Common Stock (at the date of such calculation). 
 B = Warrant Price (as adjusted to the date of such calculation). 
 (c) Fair Market Value. For purposes of this Section 3, Fair Market Value of one share of the Company’s Stock shall mean: 
 (i) In the event of an exercise in connection with an Initial Public Offering, the per share Fair Market Value for the Stock shall be the per share offering price (as set forth on the front cover of the final prospectus) at which the
underwriters initially sell Common Stock to the public; or 
 (ii) The average of the closing bid and asked prices of Common Stock quoted in
the Over-The-Counter Market Summary, the last reported sale price quoted on the Nasdaq National Market (“NNM”) or on any exchange on which the Common Stock is listed, whichever is applicable, as published in the Western Edition of the
Wall Street Journal for the ten (10) trading days prior to the date of determination of Fair Market Value; or 
 (iii) In the
event of an exercise in connection with a merger, acquisition or other consolidation in which the Company is not the surviving entity, the per share Fair Market Value for the Stock shall be the value to be received per share of Common Stock by all
holders of the Common Stock in such transaction as determined by the Board of Directors; or 
 (iv) In any other instance, the per share Fair
Market Value for the Stock shall be as determined in good faith by the Company’s Board of Directors. 
 In the event of 3(c)(iii) or
3(c)(iv), above, the Company’s Board of Directors shall prepare a certificate, to be signed by an authorized officer of the Company, setting forth in reasonable detail the basis for and method of determination of the per share Fair Market Value
of the Stock. The Board will also certify to the Holder that this per share Fair Market Value will be applicable to all holders of the Company’s Common Stock. Such certification must be made to Holder at least ten (10) business days prior
to the proposed effective date of the merger, consolidation, sale, or other triggering event as defined in 3(c)(iii) or 3(c)(iv). 
 (d) Automatic
Exercise. To the extent this Warrant is not previously exercised, it shall be automatically exercised in accordance with Sections 3(b) and 3(c) hereof (even if not surrendered) immediately before its expiration, involuntary termination or
cancellation. Holder will be required to submit the Notice of Exercise form attached hereto to the Company in order to exercise this Warrant. 
  

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 4. Representations and Warranties of Holder and the Company 
 (a) Representations and Warranties by Holder. The Holder represents and warrants to the Company with respect to this purchase as follows: 
 (i) The Holder has substantial experience in evaluating and investing in private placement transactions of securities of companies similar to the Company
so that the Holder is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its interests. 
 (ii) Except for transfers to a Holder’s affiliates, the Holder is acquiring the Warrant and the Shares of Stock issuable upon exercise of the Warrant (collectively the “Securities”) for investment for its own account and not
with a view to, or for resale in connection with, any distribution thereof. The Holder understands that the Securities have not been registered under the Securities Act of 1933, as amended (the “Act”) by reason of a specific exemption from
the registration provisions of the Act which depends upon, among other things, the bona fide nature of the investment intent as expressed herein. 
 (iii) The Holder acknowledges that the Securities must be held indefinitely unless subsequently registered under the Act or an exemption from such registration is available. The Holder is aware of the provisions of Rule 144 promulgated
under the Act. 
 (iv) The Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

 (v) The Holder has had an opportunity to discuss the Company’s business, management and financial affairs with its management and an
opportunity to review the Company’s facilities. The Holder understands that such discussions, as well as the written information issued by the Company, were intended to describe the aspects of the Company’s business and prospects which the
Company believes to be material but were not necessarily a thorough or exhaustive description. 
 (b) Company hereby represents and warrants to Holder that,
except as set forth in the schedule attached to this Warrant as Exhibit A (the “Disclosure Schedule”), the statements in the following paragraphs of this Section 4(b) are true and correct (a) as of the date hereof
and (b) except where any such representation and warranty relates specifically to an earlier date, as of the date of any exercise of this Warrant. 
 (i) Corporate Organization and Authority. Company (a) is a corporation duly organized, validly existing, and in good standing in its jurisdiction of incorporation, (b) has the corporate power and
authority to own and operate its properties and to carry on its business as now conducted and as proposed to be conducted; and (c) is qualified as a foreign corporation in all jurisdictions where such qualification is required. 
 (ii) Corporate Power. Company has all requisite legal and corporate power and authority to execute, issue and deliver the Warrant,
to issue the Common Stock issuable upon exercise or conversion of the Warrant, and to carry out and perform its obligations under, the Warrant and any related agreements. 
  

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 (iii) Authorization; Enforceability. All corporate action on the part of Company,
its officers, directors and shareholders necessary for the authorization, execution, delivery and performance of its obligations under this Warrant and for the authorization, issuance and delivery of the Warrant and Stock issuable upon exercise of
the Warrant has been taken and this Warrant constitutes the legally binding and valid obligation of Company enforceable in accordance with its terms. 
 (iv) Valid Issuance of Warrant and Common Stock. The Warrant has been validly issued and is free of restrictions on transfer other than restrictions on transfer set forth herein and under applicable state and
federal securities laws. The Common Stock issuable upon conversion of this Warrant, when issued, sold and delivered in accordance with the terms of this Warrant for the consideration expressed herein, will be duly and validly issued, fully paid and
nonassessable, and will be free of restrictions on transfer other than restrictions on transfer under this Warrant and under applicable state and federal securities laws. Subject to applicable restrictions on transfer, the issuance and delivery of
the Warrant and the Common Stock issuable upon conversion of the Warrant are not subject to any preemptive or other similar rights or any liens or encumbrances except as specifically set forth in Company’s Certificate of Incorporation or this
Warrant. The offer, sale and issuance of the Warrant and Common Stock, as contemplated by this Warrant, are exempt from the prospectus and registration requirements of applicable United States federal and state security laws, and neither Company nor
any authorized agent acting on its behalf has or will take any action hereafter that would cause the loss of such exemption. 
 (v) No Conflict with Other Instruments. The execution, delivery, and performance of this Warrant will not result in any violation of, be in conflict with, or constitute a default under, with or without the passage of time or the
giving of notice (a) any provision of Company’s Certificate of Incorporation or by-laws; (b) any provision of any judgment, decree, or order to which Company is a party or by which it is bound or an event which results in the creation
of any material lien, charge or encumbrance upon any material assets of Company; (c) any contract, obligation, or commitment to which Company is a party or by which it is bound; or (d) any statute, rule, or governmental regulation
applicable to Company. 
 (vi) Capitalization. As of recent date, the authorized capital stock of Company consists of
160,000,000 shares of Common Stock, $0,001 par value, of which 18,967,167 were issued and outstanding, 11,655,864 shares of Series A Preferred Stock, $0.001 par value, of which 11,655,864 were issued and outstanding and 84,142,119 shares of Series B
Preferred Stock, $0.001 par value, of which 84,142,119 were issued and outstanding. The outstanding shares have been duly authorized and validly issued (including, without limitation, issued in compliance with applicable federal and state securities
laws), are fully paid and nonassessable and have been issued in compliance with the registration and prospectus delivery requirements of the Securities Act and the registration and qualification requirements of all applicable state securities laws,
or in compliance with applicable exemptions therefrom. Company has reserved                  shares of Common Stock for issuance upon exercise of this Warrant. Except as
set forth in Section 4(b) of the Disclosure Schedule, there are no outstanding warrants, options, conversion privileges, preemptive rights or other rights or agreements to purchase or otherwise acquire or issue any equity securities or
convertible Securities of Company, nor has the issuance of any of the aforesaid rights to acquire securities of Company been authorized. 
  

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 (vii) Governmental Consents. No consent, approval, order or authorization of, or
registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority on the part of Company is required in connection with the offer, sale or issuance of the Warrant (and the Stock issuable upon
the exercise of this Warrant), or the consummation of any other transaction contemplated hereby, except for the following: (a) the filing of a notice on Form D under the Act and (b) the compliance with other applicable state securities laws,
which compliance will have occurred within the appropriate time periods therefore. 
 5 Legends. 
 (a) Each certificate representing the Securities shall be endorsed with the following legend: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE TRANSFERRED UNLESS COVERED BY AN EFFECTIVE REGISTRATION
STATEMENT UNDER SAID ACT, A “NO ACTION” LETTER FROM THE SECURITIES AND EXCHANGE COMMISSION WITH RESPECT TO SUCH TRANSFER, A TRANSFER MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES AND EXCHANGE COMMISSION, OR AN OPINION OF COUNSEL
SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY SUCH TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 The Company need not enter into its stock records a
transfer of Securities unless the conditions specified in the foregoing legend are satisfied. The Company may also instruct its transfer agent not to allow the transfer of any of the Shares unless the conditions specified in the foregoing legend are
satisfied. 
 (b) Removal of Legend and Transfer Restrictions. The legend relating to the Act endorsed on a certificate pursuant to paragraph 5(a) of
this Warrant shall be removed and the Company shall issue a certificate without such legend to the Holder of the Securities if (i) the Securities are registered under the Act and a prospectus meeting the requirements of Section 10 of the
Act is available or (ii) the Holder provides to the Company an opinion of counsel for the Holder reasonably satisfactory to the Company, a no-action letter or interpretive opinion of the staff of the SEC reasonably satisfactory to the Company,
or other evidence reasonably satisfactory to the Company, to the effect that public sale, transfer or assignment of the Securities may be made without registration and without compliance with any restriction such as Rule 144. 
 6. Condition of Transfer or Exercise of Warrant. It shall be a condition to any transfer or exercise of this Warrant that at the time of such transfer or
exercise, the Holder shall provide the Company with a representation in writing that the Holder or transferee is acquiring this Warrant and the shares of Stock to be issued upon exercise for investment purposes only and not with a view to any sale
or distribution, or will provide the Company with a statement of pertinent facts covering any proposed distribution. As a further condition to any transfer of this Warrant or any or all of the shares of Stock issuable upon exercise of this Warrant,
other than a transfer registered under the Act, the Company may request a legal opinion, in form and substance satisfactory to the Company and its counsel, reciting the pertinent circumstances surrounding the proposed transfer and stating that such
transfer is exempt from the registration and prospectus delivery requirements of the Act. The Company shall not require Holder to provide an opinion of counsel if the transfer is to an affiliate of Holder. Each certificate evidencing the shares
issued upon exercise of the Warrant or upon any 

  

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transfer of the shares (other than a transfer registered under the Act or any subsequent transfer of shares so registered) shall, at the Company’s
option, if the Shares are not freely saleable under Rule 144(k) under the Act, contain a legend in form and substance satisfactory to the Company and its counsel, restricting the transfer of the shares to sales or other dispositions exempt from the
requirements of the Act. As further condition to each transfer, at the request of the Company, the Holder shall surrender this Warrant to the Company and the transferee shall receive and accept a Warrant, of like tenor and date, executed by the
Company. 
 7. Adjustment for Certain Events. The number and kind of securities purchasable upon the exercise of this Warrant and the Warrant Price
shall be subject to adjustment from time to time upon the occurrence of certain events, as follows: 
 (a) Reclassification or Merger.
In case of any reclassification or change of securities of the class issuable upon exercise of this Warrant (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or
combination), or in case of any merger of the Company with or into another corporation (other than a merger with another corporation in which the Company is the acquiring and the surviving corporation and which does not result in any
reclassification or change of outstanding securities issuable upon exercise of this Warrant), or in case of any sale of all or substantially all of the assets of the Company, the Company, or such successor or purchasing corporation, as the case may
be, shall duly execute and deliver to the Holder a new Warrant (in form and substance satisfactory to the Holder of this Warrant), or the Company shall make appropriate provision without the issuance of a new Warrant, so that the Holder shall have
the right to receive, at a total purchase price not to exceed that payable upon the exercise of the unexercised portion of this Warrant, and in lieu of the shares of Stock theretofore issuable upon exercise of this Warrant, the kind and amount of
shares of stock, other securities, money and property receivable upon such reclassification, change, merger or sale by a Holder of the number of shares of Stock then purchasable under this Warrant, or in the case of such a merger or sale in which
the consideration paid consists all or in part of assets other than securities of the successor or purchasing corporation, at the option of the Holder, the securities of the successor or purchasing corporation having a value at the time of the
transaction equivalent to the value of the Stock purchasable upon exercise of this Warrant at the time of the transaction. Any new Warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Section 7. If there is any sale of all or substantially all of the assets of the Company and the acquiring entity does not wish to provide Holder with a new Warrant, then the acquiring company shall promptly pay the Holder
the Fair Market Value of the Warrant at the time of the acquisition. The provisions of this subparagraph (a) shall similarly apply to successive reclassifications, changes, mergers and transfers. 
 (b) Subdivision or Combination of Shares. If the Company at any time while this Warrant remains outstanding and unexpired shall subdivide or
combine its outstanding shares of Common Stock, the Warrant Price shall be proportionately decreased and the number of Shares issuable hereunder shall be proportionately increased in the case of a subdivision and the Warrant Price shall be
proportionately increased and the number of Shares issuable hereunder shall be proportionately decreased in the case of a combination. 
  

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 (c) Stock Dividends and Other Distributions. If the Company at any time while this Warrant is
outstanding and unexpired shall (i) pay a dividend with respect to Common Stock payable in Common Stock, then the Warrant Price shall be adjusted, from and after the date of determination of shareholders entitled to receive such dividend or
distribution, to that price determined by multiplying the Warrant Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be the total number of shares of Common Stock outstanding
immediately prior to such dividend or distribution, and (B) the denominator of which shall be the total number of shares of Common Stock outstanding immediately after such dividend or distribution; or (ii) make any other distribution with
respect to Common Stock (except any distribution specifically provided for in Sections 7(a) and 7(b)), then, in each such case, provision shall be made by the Company such that the Holder of this Warrant shall receive upon exercise of this Warrant a
proportionate share of any such dividend or distribution as though it were the Holder of the Common Stock as of the record date fixed for the determination of the shareholders of the Company entitled to receive such dividend or distribution.

 (d) Adjustment of Number of Shares. Upon each adjustment in the Warrant Price, the number of Shares purchasable hereunder shall be
adjusted, to the nearest whole share, to the product obtained by multiplying the number of Shares purchasable immediately prior to such adjustment in the Warrant Price by a fraction, the numerator of which shall be the Warrant Price immediately
prior to such adjustment and the denominator of which shall be the Warrant Price immediately thereafter. 
 8. Notice of Adjustments. Whenever any
Warrant Price or the kind or number of securities issuable under this Warrant shall be adjusted pursuant to Section 7 hereof, the Company shall prepare a certificate signed by an officer of the Company setting forth, in reasonable detail, the event
requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the Warrant Price and number or kind of shares issuable upon exercise of the Warrant after giving effect to such adjustment, and shall
cause copies of such certificate to be mailed (by certified or registered mail, return receipt required, postage prepaid) within thirty (30) days of such adjustment to the Holder of this Warrant as set forth in Section 16 hereof.

 9. Transferability of Warrant. This Warrant is transferable on the books of the Company at its principal office by the registered Holder hereof
upon surrender of this Warrant properly endorsed, subject to compliance with Section 6 and applicable federal and state securities laws. The Company shall issue and deliver to the transferee a new Warrant representing the Warrant so
transferred. Upon any partial transfer, the Company will issue and deliver to Holder a new Warrant with respect to the Warrant not so transferred. Holder shall not have any right to transfer any portion of this Warrant to any direct competitor of
the Company. 
 10. No Fractional Shares. No fractional share of Common Stock will be issued in connection with any exercise hereunder, but in lieu of
such fractional share the Company shall make a cash payment therefor upon the basis of the Warrant Price then in effect. 
 11. Charges, Taxes and
Expenses. Issuance of certificates for shares of Common Stock upon the exercise of this Warrant shall be made without charge to the Holder for any United States or state of the United States documentary stamp tax or other incidental expense with
respect to the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder. 
  

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 12. No Shareholder Rights Until Exercise. This Warrant does not entitle the Holder hereof to any voting rights or
other rights as a shareholder of the Company prior to the exercise hereof. 
 13. Registry of Warrant. The Company shall maintain a registry showing
the name and address of the registered Holder of this Warrant. This Warrant may be surrendered for exchange or exercise, in accordance with its terms, at such office or agency of the Company, and the Company and Holder shall be entitled to rely in
all respects, prior to written notice to the contrary, upon such registry. 
 14. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by
the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and, in the case of loss, theft, or destruction, of indemnity reasonably satisfactory to it, and, if mutilated, upon surrender and
cancellation of this Warrant, the Company will execute and deliver a new Warrant, having terms and conditions substantially identical to this Warrant, in lieu hereof. 
 15. Miscellaneous. 
 (a) Issue Date. The provisions of this Warrant shall be construed and
shall be given effect in all respect as if it had been issued and delivered by the Company on the date hereof. 
 (b) Successors. This
Warrant shall be binding upon any successors or assigns of the Company. 
 (c) Governing Law. This Warrant shall be governed by and
construed in accordance with the laws of the State of Delaware. 
 (d) Headings. The headings used in this Warrant are used for
convenience only and are not to be considered in construing or interpreting this Warrant. 
 (e) Saturdays, Sundays, Holidays. If the
last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday or a Sunday or shall be a legal holiday in the State of Connecticut, then such action may be taken or such right may be
exercised on the next succeeding day not a legal holiday. 
 (f) Waiver of Jury Trial. Each of the parties hereto hereby waives to the
fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation directly or indirectly arising out of, under or in connection with this Warrant or the Shares. 
 (g) Attorney’s Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the party prevailing
in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorney’s fees. 
 16. No
Impairment. The Company will not, by amendment of its Certificate of Incorporation or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith
assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder hereof against impairment. 
  

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 17. Addresses. Any notice required or permitted hereunder shall be in writing and shall be mailed by overnight
courier, registered or certified mail, return receipt required, and postage prepaid, or otherwise delivered by hand or by messenger, addressed as set forth below, or at such other address as the Company or the Holder hereof shall have furnished to
the other party. 
  

			
	If to the Company:	  	Precision Therapeutics, Inc.
		  	2516 Jane Street
		  	Pittsburgh, PA 15203
		  	Attn: Mr. Jeffrey D. Wahal
		
	If to the Holder:	  	General Electric Capital Corporation
		  	401 Merritt 7, Suite 23
		  	Norwalk, CT 06851-1177
		  	Attn: Credit Manager

 IN WITNESS WHEREOF, Precision Therapeutics, Inc. has caused this Warrant to be executed by
its officers thereunto duly authorized. 
 Dated as of September 25, 2002. 
  

			
	By:	 	/s/ Sharon Kim
	Name:	 	Sharon Kim
	Title:	 	VP, Bus Dev & Finance

  

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