Document:

Exhibit
10.1

 

Pressure
BioSciences, Inc. and CannawoRx

Binding
Acquisition Letter of Intent

 

The
terms and conditions set forth herein are subject to change. The issuance and sale of securities and the closing of the proposed
transactions is subject to completion of due diligence, preparation of definitive documentation, and the satisfaction of all pre-closing
terms and conditions. Only those provisions specifically designated herein as binding on the parties shall be binding.

 

	Parties:	Pressure
    BioSciences, Inc., a Massachusetts corporation whose shares are listed for trading under the “PBIO” symbol (“PBIO”)
    and CannawoRx Holdings, Inc., a Delaware corporation (“CWX”).
	 	 
	Transaction
    Overview:	The
    transaction is expected to take the form of a merger or acquisition pursuant to which CWX will become a wholly owned subsidiary
    of PBIO (the “Transaction”). The Parties agree to consult and work together to determine the appropriate structure
    of the Transaction with a view to optimizing positive federal and other tax implications in the relevant jurisdictions. Currently
    the Transaction may be effected as a merger in which CWX will be issued convertible securities convertible into approx. 50%
    of the fully diluted capitalization (excluding warrants and options) of PBIO to become a wholly owned subsidiary of PBIO.
	 	 
	PBIO:	As
    of Closing, defined below, PBIO will (i) have shares quoted for trading in the over the counter markets; (ii) endeavor to
    be DWAC and DTC eligible, if not already; (iii) be current in all filings with the Securities and Exchange Commission (the
    “SEC”); (iv) be able to deliver books and records to enable a timely filing of the next quarterly and yearly
    report with the SEC; and (v) not have changed any compensation packages to their officers and directors within 12 months from
    Closing, other than in the ordinary course of business, including but not limited to, employment agreements and stock option
    plans. Prior to the consummation of the Transaction, each party shall have conducted its due diligence on the other and shall
    have been satisfied as to the results of such due diligence in its sole discretion.
	 	 
	CWX	Prior
    to completion of the Transaction, CWX shall have supplied PBIO with unaudited financial statements for CWX’s two prior
    fiscal years (the “Financial Statements”), and a valuation rationale for CWX reasonably satisfactory for the PBI
    Board of Directors. CWX shall supply PBIO with audited financials without material discrepancies as compared to the unaudited
    financial statements within the time required by the SEC.

 

    	 	 	 

     

    

 

	Availa
    Bio Board: 	For
    purposes of this Letter of Intent, upon closing of the Transaction (the “Closing”) PBIO shall be referred
    to, upon confirmation that such name or a similar name is not currently being used, as “Availa Bio”. As
    of the Closing, CWX shareholders shall have the right to appoint 2 Directors to the Board, at least 1 of which must be independent
    as defined by Nasdaq Corporate Governance Rules, Skin Science Labs shareholders shall have the right to appoint 2 Directors
    to the Board, at least 1 of which must be independent as defined by Nasdaq Corporate Governance Rules, PBIO will be allowed
    to retain 2 directors, at least one of which must be independent as defined by Nasdaq Corporate Governance Rules, and Clayton
    Struve shall have the right to approve 1 director, for a total of 7 Directors, including at least 3 independent directors,
    (the “Board”).
	 	 
	 	The
    definitive agreement will provide that CWX shall take full control of management of Availa Bio and shall designate management
    positions, at their discretion and with consent of the Availa Bio Board, including the appointment of Jim Morrison as CEO.
    Jim Morrison shall receive an employment contract which shall include stock equal to 5% of Availa Bio, and stock incentives
    for him to earn up to a total of 10% of Availa Bio as defined in his Employment Agreement. Ric Schumacher shall remain with
    Availa Bio with a position to be negotiated prior to the Closing as evidenced by an amended employment contract.
	 	 
	Indemnity	To
    be determined
	 	 
	Binding
    Agreement	This
    agreement shall be binding on all parties, subject to the negotiation of definitive documentation and may be terminated by
    either party if definitive agreements have not been executed by June 30, 2020. This agreement shall supersede and replace
    the letter of intent between the parties dated as of March 20, 2020.
	 	 
	CWX
    Ownership	Upon
    the Closing, the pre-Closing owners of CWX shall receive Convertible Preferred Stock (“Preferred Stock”). The
    Preferred Stock shall be convertible into $30 million of stock equivalents at $2.50.
	 	 
	PBIO
    Ownership	For
    the Closing, with the exception of outstanding warrants and options, PBIO’s total issued and outstanding securities,
    on a fully diluted basis, shall be valued at $30 million at $2.50.
	 	 
	Financing
    	GSS
    shall raise a minimum of $8 million up to a maximum of $15 million (the maximum financing shall include any over-subscription
    amount of 20%) at a minimum of $2.50 (the “Financing”).

 

    	 	Page 2 of 5	 

     

    

 

	Closing
    Conditions 	Closing
    Conditions shall be defined as (i) closing the Financing, from which a total of $5 million from the financing proceeds shall
    eliminate convertible loans of PBIO, and up to an additional $3 million over the minimum raised and to be raised within 120
    days, subject to the resolution of certain debts and liabilities of PBIO may be used for the payment of said debts and liabilities
    of PBIO; (ii) funding Availa Bio’s operations for the next 6 months after closing (approx. $3 million) (iii) a bridge
    loan of $500,000 for CWX, to be applied to the amount of working capital to be raised from the minimum financing, shall be
    completed within 30 days from the execution of this Binding Letter of Intent and (iv) agreement to change incorporation of
    Availa Bio from Massachusetts to Nevada.
	 	 
	Skin
    Science Labs 	Availa
    Bio shall enter into an exclusive management agreement (“Management Agreement”) in which Availa Bio shall receive
    a management fee of 5% on all gross sales of Skin Science Labs from all distribution channels, including but not limited to,
    QVC, Amazon, digital platforms etc. Availa Bio shall enter into an irrevocable exclusive right for 12 months to purchase from
    Skin Science Labs stockholders 100% of Skin Science Labs for $30 million (70% in stock, 30% in cash) and the stock shall be
    Preferred Stock convertible into $21 million of stock equivalents at $2.50 (“Exclusive Buy-Out”). It is also agreed
    that all revenue over $700,000 per month from Skin Science Labs (less the Management Fee) shall be applied to the cash portion
    of the Exclusive Buy-Out at a rate of 75% from sales until such time the Exclusive Buy Out is exercised. Example, if Skin
    Science Labs generates a total of $1.4 million in sales for a month, $525,000 shall be applied to cash portion owed on the
    Exclusive Buy-Out.
	 	 
	Capitalization
    of Availa Bio:	PBIO
    and CWX, prior to Closing, shall provide to each other a fully detailed capitalization table.
	 	 
	Best
    Efforts and Cooperation:	The
    Parties agree to mutually cooperate and negotiate in good faith the terms and conditions of the Definitive Agreements that
    will incorporate the terms and conditions of this Term Sheet together with such additional representations, warranties, covenants,
    terms and conditions respecting the Transaction and all related matters as are generally usual and customary. Each of the
    Parties shall use and exercise reasonable commercial efforts, taking all reasonable, ordinary and necessary measures to ensure
    a timely Closing.

 

    	 	Page 3 of 5	 

     

    

 

	Exclusive
    Dealing:	Until
    the earlier of June 30, 2020 or the signing of a definitive agreement memorializing the terms and conditions of this Term
    Sheet, neither PBIO nor CWX shall enter into any agreement, discussion, or negotiation with, or provide information to, any
    other consulting firm, investment banking firm, or any other person, or solicit, encourage, entertain, or consider any inquiries
    or proposals, with respect to financing, the issuance of securities, a reverse merger transaction, or any other transaction
    intended to sell a controlling interest in PBIO or in CWX to a new single or organized group of owners. The Parties hereby
    agree that this provision shall be binding on them. PBIO and CWX each also agrees not to enter into any material business
    transactions, hire any additional employees, put out any press releases or enter into any other material business events without
    the consent of Jim Morrison.
	 	 
	Conduct
    of Business:	Prior
    to the closing of the transactions contemplated herein, the parties will conduct their operations so as to not issue, or enter
    into any agreements for the future issuance of any capital stock or grant any options with respect to their capital stock,
    nor will they make any distributions, incur any debt, dividends or other payments to any affiliate or shareholders of the
    party, except in accordance to an agreed upon budget (the “Budget”). Within 3 days from the signing of this Letter
    of Intent, PBIO and CWX will agree on a bi-weekly Budget and either party will be allowed to fund this Budget on terms with
    the consent of Jim Morrison.
	 	 
	Closing	The
    Closing of the Transaction shall be conditioned on the satisfaction of customary closing conditions including, but not limited
    to, the following: (1) execution and delivery of all required definitive instruments and agreements including, but not limited
    to, the merger agreement; (2) obtaining all necessary board, shareholder and third party consents; (3) there being no material
    adverse event since the date of the Financial Statements; and (4) satisfactory completion by PBIO and CWX of all business,
    technical and legal due diligence. Whether the Transaction is or is not consummated, each of PBIO and CWX will pay its own
    fees and expenses (including those of their representatives) and any fee for advice or opinions incurred in connection with
    their respective due diligence investigations and the negotiation, preparation, execution and delivery of this Term Sheet
    and the Definitive Agreement.
	 	 
	Garden
    State Securities, Inc.	Garden
    State Securities, Inc. “GSS” shall act as the exclusive placement agent on all financings for this Transaction
    and shall also receive a fee equal to 5% of the total value of the Transaction, payable in stock.
	 	 
	Governing
    Law:	This
    letter of intent and all matters relating to or arising out of the proposed transactions and the other transactions contemplated
    hereby and the rights of the parties (sounding in contract, tort, or otherwise) will be governed by and construed and interpreted
    under the laws of the State of New York, without regard to conflicts of laws principles that would require the application
    of any other law.

 

    	 	Page 4 of 5	 

     

    

 

	Confidentiality:	All
    information and documentation furnished by any party hereto shall be treated as the sole property of the party furnishing
    the information or documentation until consummation of the Reverse Merger. If the Transaction shall not occur, each party
    shall return to the party which furnished such information or documents all materials containing, reflecting, or referring
    to such information or documentation and all copies thereof. The Parties hereby agree that this provision shall be binding
    on them.
	 	 
	Press
    Release:	No
    press release or public announcement of this Term Sheet shall be made without the consent of all parties. Any press release
    or public announcement (other than filings with the SEC) regarding the Transaction shall subject to the reasonable agreement
    of the parties.

 

EXECUTION

 

Each
of the undersigned Parties hereby represents and warrants that it (i) has the requisite power and authority to enter into and
carry out the terms and conditions of this Term Sheet; and, (ii) it is duly authorized and empowered to execute and deliver this
Term Sheet. This Term Sheet shall be governed by and construed in accord with the laws of the State of New York.

 

It
is expressly understood and acknowledged by executing this Letter of Intent that there will be required the filing of a Current
Report on Form 8-K with the SEC and that a Press Release regarding this transaction may also be issued by each of the Parties.
The Parties each agree to provide a draft of each such document to the other Party for reasonable review prior to dissemination.

 

This
Term Sheet may be executed in any number of counterparts, all of which when taken together shall be considered one and the same
agreement, it being understood that all Parties need not sign the same counterpart. Any photographic, photocopy, or similar reproduction
copy of this Agreement, with all signatures reproduced on one or more sets of signature pages, shall be considered for all purposes
as if it were an executed counterpart of this Term Sheet.

 

	BY:	 	 	BY:	 
	 	 	 	 	 
	NAME:	 	 	NAME:	 
	 	 	 	 	 
	TITLE:
    	 	 	TITLE:
    	 
	 	 	 	 	 
	DATED:	 	 	DATED:	 

 

    	 	Page 5 of 5Exhibit
10.2

 

FIRST
AMENDMENT TO

BINDING
ACQUISITION LETTER OF INTENT

 

THIS
FIRST amendment TO BINDING ACQUISITION LETTER OF INTENT (this “Amendment”),
effective as of the 6th day of July 2020 (the “Effective Date”), is made by and between Pressure
BioSciences, Inc., a Massachusetts corporation (“PBIO”) and Cannaworx, Inc., a Nevada corporation
(“CWX”).

 

WITNESSETH:

 

WHEREAS,
PBIO and CWX entered into that certain Binding Acquisition Letter of Intent dated April 29, 2020 (the “Binding LOI”)
pursuant to which the parties agreed to negotiate definitive documentation to enter into a merger or acquisition pursuant to which
CWX will become a wholly owned subsidiary of PBIO (the “Transaction”);

 

WHEREAS,
pursuant to the Binding Agreement provision of the Binding LOI, either party could terminate the Binding LOI if definitive
documentation regarding the Transaction was not executed by June 30, 2020;

 

WHEREAS,
pursuant to the Exclusive Dealing provision of the Binding LOI, the exclusivity period with regards to each of PBIO and
CWX being prohibited from negotiating a controlling interest transaction with any third party expired on June 30, 2020; and

 

WHEREAS,
PBIO and CWX wish to extend the June 30, 2020 deadline to July 31, 2020 with two 30-day automatic extensions. 

 

NOW,
THEREFORE, for and in consideration of the mutual covenants contained in this Amendment and in the Binding LOI, and other
good and valuable consideration, the receipt and sufficiency of which is acknowledged, the parties hereto mutually agree and covenant
as follows:

 

1.
Capitalized Terms. All capitalized terms used herein but not otherwise defined herein shall have the meaning ascribed
to them in the Binding LOI.

 

2.
Extension of June 30, 2020 Date. The June 30, 2020 deadline in the Binding Agreement and Exclusive Dealing
provisions of the Binding LOI is hereby extended to July 31, 2020 with two 30-day automatic  extensions. 

 

    	 	 	1

     

    

 

 3. Additional
Covenants. During the Extension Period, a bridge loan of no more than $300,000 per month will be provided to CWX
which will be applied to the amount of working capital to be raised from minimum financing. 

 

 4 .
Governing Law. This Amendment shall be construed in accordance with the laws of the State of New York without giving
effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would
cause the application of laws of any jurisdiction other than the State of New York.

 

 5 .
Severability. If any provision of this Amendment, or the application thereof to any person or circumstance, shall,
for any reason and to any extent, be invalid or unenforceable, the remainder of this Amendment and the application of such provision
to such persons or circumstances shall not be affected thereby, but rather shall be enforced to the greatest extent permitted
by applicable law.

 

 6 .
Counterparts. This Amendment may be executed in one or more counterparts, each of which when so executed shall be
deemed to be an original, but all of which when taken together shall constitute one and the same instrument.

 

 7 .
Continuing Effect of Binding LOI. Except as modified by this Amendment, the Binding LOI shall continue in full force
and effect in accordance with its terms. To the extent of any conflict between the terms of this Amendment and the terms of the
Binding LOI, the terms of this Amendment shall control.

 

IN
WITNESS WHEREOF, the undersigned have executed this Amendment to be effective as of the Effective Date.

 

 

	 	

 

    	 	 	2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00313-of-00352.parquet"}]]