Document:

Warrant to Purchase Common Stock issued to General Electric Captial Corp in 2006

 Exhibit 4.15 
 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 7,955 SHARES OF COMMON STOCK 
                                        
                 August 18, 2006 
 THIS CERTIFIES THAT, for value
received, General Electric Capital Corporation (“Holder”) is entitled to subscribe for and purchase Seven Thousand Nine Hundred Fifty-Five (7,955) shares 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 One and 10/100 dollars ($1.10) 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. 
 (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 Offering Price at which the underwriters initially sell Common Stock to the public multiplied by the
number of shares of Stock; 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, multiplied by the number of shares of; 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 thirty (30) 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. 
 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. 
  

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 (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. 
 (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. 
  

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 (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 or those rights which have been waived. 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 55,000,000 shares of Common Stock, $0.001 par value, of which 3,762,134 were issued and outstanding, and 38,670,716
shares of Preferred Stock, $0.001 par value, of which 38,443,420 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 7,955 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. 
 (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 

  

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 securities laws, which compliance will have occurred within the appropriate time periods therefore. The offer, sale and
issuance of the Warrant and the shares of Stock in conformity with the terms of this Warrant are exempt from the registration requirements of the Act and any applicable state laws. 
 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 (IF
REASONABLY REQUIRED BY THE COMPANY) 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 transfer of the shares (other than a transfer registered 
  

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 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. 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. 
 (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 
  

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 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 made in cash or as otherwise 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 18 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. Registration Rights The Company grants registration rights to the Holder of this Warrant for any Common Stock of the Company obtained upon exercise of this
Warrant in parity to the registration rights granted to other holders of the Common Stock. 
 11. 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. 
 12. 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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 13. 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. 
 14. 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. 
 15. 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. 
 16. 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 Connecticut. 
 (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. 
  

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 17. 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. 
 18. 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. Jeff Wahal
  

	If to the Holder:	  	General Electric Capital Corporation
		  	 83 Wooster Heights Road
 Danbury, CT 06810

Attn: Credit Manager

 IN WITNESS WHEREOF, Precision Therapeutics, Inc. has caused this Warrant to be executed by its
officers thereunto duly authorized. 
  

			
	By:	 	 /s/ SHARON KIM

	Name:	 	SHARON KIM
	Title:	 	VP, BUS DEV & FINANCE

  

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 NOTICE OF EXERCISE 
 TO: 
 The undersigned Warrantholder (“Holder”) elects to acquire shares of Stock (the “Common Stock”) of
                    , (the “Company”), pursuant to the terms of the Stock Purchase Warrant dated
                    , 200     (the “Warrant”). 
 1. The Holder exercises its rights under the Warrant as set forth below: 
  

			
	(            )	  	The Holder elects to purchase                      shares of Common Stock as provided
in Section 3(a) and tenders herewith a check in the amount of $             as payment of the purchase price.
		
	(            )	  	The Holder elects to convert the purchase rights into shares of Common Stock as provided in Section 3(b) of the Warrant.

 2. The Holder surrenders the Warrant with this Notice of Exercise. 
 The Holder represents that it is acquiring the aforesaid shares of Common Stock for investment and not with a view to or for resale in connection with distribution and
that the Holder has no present intention of distributing or reselling the shares. 
 Please issue a certificate representing the shares of the Common Stock
in the name of the Holder or in such other name as is specified below: 
 Name: 
 Address: 
 Taxpayer I.D.: 
  

			
	  

	(Holder)	 	
		
	By:	 	  

		
	Title:	 	  

		
	Date:Warrant to Purchase Shares of Series B Convertible Preferred Stock

 Exhibit 4.16 
 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 181,818 SHARES OF SERIES B CONVERTIBLE PREFERRED STOCK 
 December 29, 2006 
 THIS CERTIFIES THAT, for value
received, General Electric Capital Corporation (“Holder”) is entitled to subscribe for and purchase One Hundred Eighty-One Thousand Eight Hundred Eighteen (181,818) shares of fully paid and nonassessable Series B Convertible
Preferred 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. As used herein, the
term “Preferred Stock” shall mean Company’s presently authorized Series B Convertible Preferred Stock and any stock into which such Preferred Stock may hereafter be converted or exchanged and the term “Warrant Shares” shall
mean the shares of Preferred Stock which Holder may acquire pursuant to this Warrant and any other shares of stock into which such shares of Preferred Stock may hereafter be converted or exchanged. 
 1. Warrant Price. The “Warrant Price” shall initially be One and 10/100 dollars ($1.10) 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 (the “Expiration Date”). 
 3. Method of Exercise or Conversion; 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 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 Company (as set forth in Section 18 below) and by payment to 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, 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 this Warrant and at 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 Holder hereof within 30
days after exercise of this Warrant. 
  

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 (b) Conversion. In lieu of exercising this Warrant as specified in Section 3(a), Holder may from
time to time convert this Warrant, in whole or in part, into Warrant Shares by surrender of this Warrant (with a duly executed Notice of Exercise in the form attached hereto) at the principal office of Company, in which event Company shall issue to
Holder the number of Warrant Shares computed using the following formula: 
  

			
	X=	 	Y(A-B)
		 	     A

 Where: 
 X = the number of Warrant Shares to be issued to Holder. 
 Y = the number of Warrant Shares purchasable under
this Warrant (at the date of such calculation). 
 A = the Fair Market Value of one share of Company’s Preferred 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 Company’s Preferred 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 Preferred Stock
shall be the offering price at which the underwriters initially sell common stock of the Company (“Common Stock”) to the public multiplied by the number of shares of Common Stock into which each share of Preferred Stock is then
convertible; 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 three
(3) trading days prior to the date of determination of Fair Market Value, multiplied by the number of shares of Common Stock into which each share of Preferred Stock is then convertible; or 
 (iii) In the event of an exercise in connection with a merger, acquisition or other consolidation in which Company is not the surviving entity, the per
share Fair Market Value for the Preferred Stock shall be the value to be received per share of Preferred Stock by all holders of the Preferred 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 Preferred Stock shall be as determined in the reasonable good faith judgment of
Company’s Board of Directors. 
 In the event of 3(c)(iii) or 3(c)(iv), above, Company’s Board of Directors shall prepare a
certificate, to be signed by an authorized officer of Company, setting forth in reasonable detail the basis for and method of determination of the per share Fair Market Value of the Preferred Stock. The Board of Directors will also certify to Holder
that this per share Fair Market Value will be applicable to all holders of Company’s Preferred Stock. Such certification must be made to Holder at least thirty (30) 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). 
  

 5 

 (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 unless Holder notifies Company in writing to the contrary prior to such
automatic exercise. 
 (e) Treatment of Warrant Upon Acquisition of Company. 
 (i) Certain Definitions. For the purpose of this Warrant, “Acquisition” means any sale, license, or other disposition of all or
substantially all of the assets of Company, or any reorganization, consolidation, or merger of Company, or sale of Company securities, where the holders of Company’s securities before the transaction beneficially own less than 50% of the
outstanding voting securities of the surviving entity after the transaction, and “Affiliate” shall mean any person or entity that owns or controls directly or indirectly ten (10) percent or more of the stock of Company, any person or
entity that controls or is controlled by or is under common control with such persons or entities, and each of such person’s or entity’s officers, directors, joint venturers or partners, as applicable. 
 (ii) Cash Acquisition. In the event of an Acquisition in which the sole consideration is cash, Holder may either (a) exercise its conversion
or purchase right under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) permit the Warrant to expire upon the consummation of such Acquisition. Company shall provide
Holder with written notice of any proposed Acquisition together with such reasonable information as Holder may request in connection with such contemplated Acquisition giving rise to such notice, which is to be delivered to Holder not less than ten
(10) business days prior to the closing of the proposed Acquisition. 
 (iii) Asset Sale. In the event of an Acquisition that is
an arms length sale of all or substantially all of Company’s assets (and only its assets) to a third party that is not an Affiliate of Company (a “True Asset Sale”), Holder may either (a) exercise its conversion or purchase right
under this Warrant and such exercise will be deemed effective immediately prior to the consummation of such Acquisition or (b) permit the Warrant to continue until the Expiration Date if Company continues as a going concern following the closing of
any such True Asset Sale. Company shall provide Holder with written notice of any proposed asset sale together with such reasonable information as Holder may request in connection with such asset sale giving rise to such notice, which is to be
delivered to Holder not less than ten (10) business days prior to the closing of the proposed asset sale. 
 (iv) Assumption of
Warrant. Upon the closing of any Acquisition other than those particularly described in subsections (ii) and (iii) above, the successor entity shall assume the obligations of this Warrant, and this Warrant shall be exercisable for the same
securities, cash, and property as would be payable for the Warrant Shares issuable upon exercise of the unexercised portion of this Warrant as if such Warrant Shares were outstanding on the record date for the Acquisition and subsequent closing. The
Warrant Price and/or number of Warrant Shares shall be adjusted accordingly. 
 4. Representations and Warranties of Holder and Company. 
 (a) Representations and Warranties by Holder. The Holder represents and warrants to Company with respect to this purchase as follows: 

(i) Evaluation. The Holder has substantial experience in evaluating and investing in private placement transactions of securities of companies
similar to Company so that Holder is capable of evaluating the merits and risks of its investment in Company and has the capacity to protect its interests. 
  

 6 

 (ii) Resale. Except for transfers to an affiliate of Holder, Holder is acquiring this Warrant and
the Warrant Shares issuable upon exercise of this 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) Rule 144. 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) Accredited Investor. The Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Act.

 (v) Opportunity To Discuss. The Holder has had an opportunity to discuss Company’s business, management and financial affairs
with its management and an opportunity to review Company’s facilities. The Holder understands that such discussions, as well as the written information issued by Company, were intended to describe the aspects of Company’s business and
prospects which Company believes to be material but were not necessarily a thorough or exhaustive description. 
 (b) Representations and
Warranties by Company. Company hereby represents and warrants to Holder that 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 this Warrant, to issue the Warrant Shares issuable upon exercise or conversion of this Warrant, and to carry out and perform its
obligations under this Warrant and any related agreements. 
 (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 this Warrant and the Warrant Shares
issuable upon exercise of this 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 Warrant Shares. This 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 Warrant Shares 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 this Warrant and the 

  

 7 

 
Warrant Shares issuable upon exercise or conversion of this Warrant are not subject to any preemptive or other similar rights that have not been waived 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 Shares, 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. The execution, delivery, and performance of this Warrant will not result in (a) any violation of, be in conflict with, or
constitute a default under, with or without the passage of time or the giving of notice (1) any provision of Company’s Certificate of Incorporation or by-laws; (2) any provision of any judgment, decree, or order to which Company is a
party, by which it is bound, or to which any of its material assets are subject; (3) any contract, obligation, or commitment to which Company is a party or by which it is bound; or (4) any statute, rule, or governmental regulation
applicable to Company, or (b) the creation of any lien, charge or encumbrance upon any assets of Company. 
 (vi) Capitalization.
The capitalization table of Company delivered to Holder is complete and accurate as of the date hereof and reflects (a) all outstanding capital stock of Company and (b) all 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. Company has reserved 181,818 shares of Common Stock for issuance upon conversion of the Preferred Stock. 

(vii) Warrant Price. The Warrant Price is no greater than the lowest price at which Company has issued Series B Convertible Preferred Stock to
an unrelated third party in an arm’s length transaction. 
 5. Legends. 
 (a) Legend. Each certificate representing the Warrant Shares 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 (IF REASONABLY REQUIRED
BY THE COMPANY) 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 Warrant Shares 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 Warrant 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 Company shall issue a certificate without such legend to Holder 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) Holder provides to Company an opinion of counsel for Holder reasonably satisfactory to Company, a no-action letter or interpretive 

  

 8 

 
opinion of the staff of the Securities and Exchange Commission reasonably satisfactory to Company, or other evidence reasonably satisfactory to 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, Holder shall provide Company with a
representation in writing that Holder or transferee is acquiring this Warrant and the shares of Preferred Stock to be issued upon exercise for investment purposes only and not with a view to any sale or distribution, or will provide 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 Preferred Stock issuable upon exercise of this Warrant, other than a transfer registered under the
Act, Company may request a legal opinion, in form and substance satisfactory to 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 Warrant Shares issued upon exercise of this Warrant or
upon any transfer of the Warrant Shares (other than a transfer registered under the Act or any subsequent transfer of shares so registered) shall, at Company’s option, if the Warrant Shares are not freely saleable under Rule 144(k) under the
Act, contain a legend in form and substance satisfactory to Company and its counsel, restricting the transfer of the Warrant Shares to sales or other dispositions exempt from the requirements of the Act. As further condition to each transfer, at the
request of Company, Holder shall surrender this Warrant to Company and the transferee shall receive and accept a Warrant, of like tenor and date, executed by 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 (i) 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), (ii) any merger of Company with or into another
corporation (other than a merger with another corporation in which 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 (iii) any sale of all or substantially all of the assets of Company, Company, or such successor or purchasing corporation, as the case may be, shall duly execute and deliver to Holder a new Warrant (in form and substance satisfactory to
Holder of this Warrant), or Company shall make appropriate provision without the issuance of a new Warrant, so that 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 Warrant Shares theretofore issuable upon exercise or conversion 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 Preferred 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 Holder, the securities of the successor or purchasing corporation having a value at the time of the transaction equivalent to the value of the Warrant Shares 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. The provisions of this subparagraph (a) shall
similarly apply to successive reclassifications, changes, mergers and transfers. 
  

 9 

 (b) Subdivision or Combination of Shares. If Company at any time while this Warrant remains
outstanding and unexpired shall subdivide or combine its outstanding shares of Preferred Stock, the Warrant Price shall be proportionately decreased and the number of Warrant 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 Warrant Shares issuable hereunder shall be proportionately decreased in the case of a combination. 
 (c) Stock Dividends and Other Distributions. If Company at any time while this Warrant is outstanding and unexpired shall (i) pay a dividend
with respect to Preferred Stock payable in Preferred 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 Preferred Stock outstanding immediately prior to such dividend or distribution, and
(B) the denominator of which shall be the total number of shares of Preferred Stock outstanding immediately after such dividend or distribution; or (ii) make any other distribution with respect to Preferred Stock (except any distribution
made in cash or as otherwise specifically provided for in Sections 7(a) and 7(b)), then, in each such case, provision shall be made by Company such that Holder shall receive upon exercise of this Warrant a proportionate share of any such dividend or
distribution as though it were Holder of the Warrant Shares as of the record date fixed for the determination of the shareholders of Company entitled to receive such dividend or distribution. 
 (d) Adjustment of Number of Shares. Upon each adjustment in the Warrant Price, the number of Warrant Shares purchasable hereunder shall be
adjusted, to the nearest whole share, to the product obtained by multiplying the number of Warrant 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. 
 (e) Adjustment for
Dilutive Issuance. The Warrant Price and the number of Warrant Shares issuable upon exercise of this Warrant or, if the Warrant Shares are Preferred Stock, the number of shares of Common Stock issuable upon conversion of the Warrant Shares,
shall be subject to adjustment, from time to time in the manner set forth in Company’s Certificate of Incorporation as if the Warrant Shares were issued and outstanding on and as of the date of any such required adjustment. The provisions set
forth for the Warrant Shares in Company’s Certificate of Incorporation relating to the above in effect as of the date hereof may not be amended, modified or waived, without the prior written consent of Holder unless such amendment, modification
or waiver affects the rights associated with the Warrant Shares in the same manner as such amendment, modification or waiver affects the rights associated with all other shares of the same series and class as the Warrant Shares. 
 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, Company shall prepare a certificate signed by an officer of 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 this 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 Holder as set forth in Section 18 hereof. 
 9. Transferability of Warrant. This Warrant is
transferable on the books of 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, 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 Company. 
  

 10 

 10. Registration Rights. The Company grants registration rights to Holder of this Warrant for any Common Stock of
Company obtained by Holder upon exercise or conversion of this Warrant, or subsequent conversion of the Preferred Stock, in parity to the registration rights granted to other holders of the Preferred Stock and agrees that Holder shall be added as a
party to that certain Third Amended and Restated Investors Rights Agreement dated as of February 16, 2006 of Company (the “Registration Rights Agreement”), and that the Warrant Shares shall be made “Registrable Securities” under
the Registration Rights Agreement. 
 11. No Fractional Shares. No fractional share of Preferred Stock will be issued in connection with any exercise
or conversion hereunder, but in lieu of such fractional share Company shall make a cash payment therefor upon the basis of the Warrant Price then in effect. 
 12. Charges, Taxes and Expenses. Issuance of certificates for shares of Preferred Stock upon the exercise or conversion of this Warrant shall be made without charge to 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 Company, and such certificates shall be issued in the name of Holder. 
 13. No Shareholder Rights Until Exercise. Except as expressly provided herein, this Warrant does not entitle Holder to any voting rights or other rights as a
shareholder of Company prior to the exercise hereof. 
 14. Registry of Warrant. 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 Company, and Company and Holder shall be entitled to rely in all respects, prior to written notice
to the contrary, upon such registry. 
 15. Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by 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,
Company will execute and deliver a new Warrant, having terms and conditions substantially identical to this Warrant, in lieu hereof. 
 16.
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 Company on the date hereof. 
 (b) Successors. This Warrant shall be binding upon any successors
or assigns of Company. 
 (c) Headings. The headings used in this Warrant are used for convenience only and are not to be considered in
construing or interpreting this Warrant. 
 (d) 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. 
 (e) 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. 
  

 11 

 17. No Impairment. 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 Holder hereof against impairment. Without limiting the breadth of the foregoing, Company will not cause the Series B Convertible Preferred Stock into which this Warrant is exercisable or convertible to
be converted into Common Stock unless such conversion is effected as part of the conversion of all Company’s outstanding series of preferred stock and other senior securities into Common Stock. 
 18. Addresses. Any notice required or permitted hereunder shall be in writing and shall be mailed by overnight courier, registered or certified mail, return
receipt requested, and postage prepaid, or otherwise delivered by hand or by messenger, addressed as set forth below, or at such other address as Company or Holder hereof shall have furnished to the other party in accordance with the delivery
instructions set forth in this Section 18. 
  

			
	If to Company:	  	Precision Therapeutics, Inc.
		  	2516 Jane Street
		  	Pittsburgh, PA 15203
		  	Attn: Jeffery Wahal
		
	If to Holder:	  	General Electric Capital Corporation
		  	83 Wooster Heights Road
		  	Danbury, CT 06810
		  	Attn: Credit Manager-Life Science Finance
		
	With a copy to:	  	General Electric Capital Corporation
		  	Two Bethesda Metro Center
		  	Bethesda, Maryland 20814
		  	Attn: General Counsel

 If mailed by registered or certified mail, return receipt requested, and postage prepaid, notice
shall be deemed to be given five (5) days after being sent, and if sent by overnight courier, by hand or by messenger, notice shall be deemed to be given when delivered (if on a business day, and if not, on the next business day). 

19. 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 WARRANT SHARES. 
 20. GOVERNING
LAW. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF CONNECTICUT. 
  

 12 

 IN WITNESS WHEREOF, Company has caused this Warrant to be executed by its officer thereunto duly
authorized. 
  

			
	Precision Therapeutics, Inc.
		
	By:	 	/s/ Sharon Kim
	Name:	 	Sharon Kim
	Title:	 	VP, Bus Dev & Finance

 Dated as of December 29, 2006. 

 NOTICE OF EXERCISE 
 To: 
 [Name of Company] 
 ____________________ 
 ____________________ 
 ____________________ 
  

	1.	The undersigned Warrantholder (“Holder”) elects to acquire shares of the Series __ Convertible Preferred Stock (the “Preferred Stock”) of ______________ (the
“Company”), pursuant to the terms of the Stock Purchase Warrant dated ______________, 200_   (the “Warrant”). 

  

	2.	The Holder exercises its rights under the Warrant as set forth below: 

  

	 	(        )	Holder elects to purchase _______________ shares of Preferred Stock as provided in Section 3(a) and tenders herewith a check in the amount of $___________ as payment of the purchase
price. 

  

	 	(        )	Holder elects to convert the purchase rights into shares of Preferred Stock as provided in Section 3(b) of the Warrant. 

  

	3.	Holder surrenders the Warrant with this Notice of Exercise. 

 Holder
represents that it is acquiring the aforesaid shares of Preferred Stock for investment and not with a view to or for resale in connection with distribution and that Holder has no present intention of distributing or reselling the shares. 

Please issue a certificate representing the shares of the Preferred Stock in the name of Holder or in such other name as is specified below: 
  

			
		
	Name: 	 	 
		
	Address:	 	 
		
	Taxpayer I.D.: 	 	 

  

					
	[NAME OF HOLDER]
			
	By:	 	 	 	 
			
		 	Name:	 	 
			
		 	Title:	 	 
	
	Date: ________ ____, 200__ 

  

 2

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