Document:

Promissory Note

 Exhibit 4.7 
 PROMISSORY NOTE 
 December 29, 2006 
 (Date) 
 FOR VALUE RECEIVED, Precision Therapeutics,
Inc., a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of General Electric Capital Corporation or any subsequent holder hereof (each, a
“Payee”) at its office located at 83 Wooster Heights Road, Danbury, CT 06810 or at such other place as Payee may designate, the principal sum of Four Million and 00/100 Dollars ($4,000,000.00), with interest on the
unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of Eleven and Twenty-Nine Hundredths percent (11.29%) per annum (the “Contract Rate”) in Thirty-Six
(36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic Installment
	  	Amount
	 Thirty Six (36)
	  	$	120,979.44

 (each “Periodic Installment”), and a final installment which shall be in the amount of Four Hundred
Thousand and 00/100 Dollars ($400,000.00), plus any outstanding principal and interest. The first Periodic Installment shall be due and payable on 1/1/07 and the following Periodic Installments and the final installment shall be due and payable on
the same day of each succeeding period (each, a “Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an
assumption that such payment would be made on its due date. 
 All payments shall be applied: first, to interest due and unpaid hereunder and under
the other Debt Documents; second, to all other amounts due and unpaid hereunder and under the other Debt Documents, and then to principal due hereunder and under the other Debt Documents. The acceptance by Payee of any payment which is less
than payment in full of all amounts due and owing at such time shall not constitute a waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. The payment of any Periodic installment prior to its due
date shall result in a corresponding increase in the portion of the Periodic Installment credited to the remaining unpaid principal balance. 
 All amounts
due hereunder and under the other Debt Documents are payable in the lawful currency of the United States of America. Maker hereby expressly authorizes Payee to insert the date value is actually given in the blank space on the face hereof and on all
related documents pertaining hereto. 
 This Note may be secured by a security agreement, chattel mortgage, pledge agreement or like instrument (each of
which is hereinafter called a “Security Agreement”, and collectively with any other document or agreement related thereto or to this Note, the “Debt Documents”). 
 Time is of the essence hereof. If Payee does not receive from Maker payment in full of any Periodic Installment or any other sum due under this Note or any other Debt
Document is not received within ten (10) days after its due date, Maker agrees to pay a late fee equal to five percent (5%) on such late Periodic Installment or other sum, but not exceeding any lawful maximum. Such late fee will be immediately
due and payable, and is in addition to any other costs, fees and expenses that Maker may owe as a result of such late payment. Additionally, if (i) Maker fails to make payment of any amount due hereunder within ten (10) days after the same becomes
due and payable; or (ii) Maker is in default under, or fails to perform under any term or condition contained in any Debt Document, then the entire principal sum remaining unpaid, together with all accrued interest thereon and any other sum
payable under this Note or any other Debt Document, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law
from the date of such accelerated maturity until paid (both before and after any judgment). The application of such 18% interest rate shall not be interpreted or deemed to extend any cure period set forth in this Note or any other Debt Document,
cure any default or otherwise limit Payee’s right or remedies hereunder or under any Debt Document. 
 Notwithstanding anything to the contrary
contained herein or in any other Debt Documents, Maker may not prepay in full or in part any indebtedness hereunder without the express written consent of Payee in its sole discretion. 
 It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any other Debt Document, in no event
shall this Note or any other Debt Document require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or
any other Debt Document, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any other Debt Document on the principal balance
shall exceed the maximum amount of interest permitted by applicable law, then in such event: (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment
hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may have been collected shall be either applied as a credit
against the 

 
then unpaid principal balance or refunded to Maker, at the option of Payee, and (d) the effective rate of interest shall be automatically reduced to the
maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted
for, charged or received under this Note or any Debt Document which are made for the purpose of determining whether such rate exceeds the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing,
prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such
indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it becomes lawful for Payee to receive a greater interest per annum rate than is
presently allowed, Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of
the United States of America. 
 Maker hereby consents to any and all extensions of time, renewals, waivers or modifications of, and all substitutions or
releases of, security or of any party primarily or secondarily liable on this Note or any other Debt Document or any term and provision of either, which may be made, granted or consented to by Payee, and agrees that suit may be brought and
maintained against Maker and/or any and all sureties, endorsers, guarantors or any others who may at any time become liable for payments and performance under this Note and any other Debt Documents (each such person, other than Maker, an
“Obligor”), at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note.
Maker hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this
Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’ fees. 
 THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF CONNECTICUT. 
 MAKER
IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF CONNECTICUT TO HEAR AND DETERMINE ANY SUIT, ACTION OR PROCEEDING AND TO SETTLE ANY DISPUTES, WHICH MAY ARISE OUT OF OR IN CONNECTION HEREWITH
AND WITH THE DEBT DOCUMENTS (COLLECTIVELY, THE “PROCEEDINGS”), AND MAKER FURTHER IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO REMOVE ANY SUCH PROCEEDINGS FROM ANY SUCH COURT (EVEN IF REMOVAL IS SOUGHT TO ANOTHER OF THE ABOVE-NAMED COURTS).
MAKER IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MIGHT NOW OR HEREAFTER HAVE TO THE ABOVE-NAMED COURTS BEING NOMINATED AS THE EXCLUSIVE FORUM TO HEAR AND DETERMINE ANY SUCH PROCEEDINGS AND AGREES NOT TO CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE
JURISDICTION OF THE ABOVE-NAMED COURTS FOR ANY REASON WHATSOEVER, THAT IT OR ITS PROPERTY IS IMMUNE FROM LEGAL PROCESS FOR ANY REASON WHATSOEVER, THAT ANY SUCH COURT IS NOT A CONVENIENT OR APPROPRIATE FORUM IN EACH CASE WHETHER ON THE GROUNDS OF
VENUE OR FORUM NON-CONVENIENS OR OTHERWISE. MAKER ACKNOWLEDGES THAT BRINGING ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY COURT OTHER THAN THE COURTS SET FORTH ABOVE WILL CAUSE IRREPARABLE HARM TO PAYEE WHICH COULD NOT ADEQUATELY BE COMPENSATED BY
MONETARY DAMAGES, AND, AS SUCH, MAKER AGREES THAT, IN ADDITION TO ANY OF THE REMEDIES TO WHICH PAYEE MAY BE ENTITLED AT LAW OR IN EQUITY, PAYEE WILL BE ENTITLED TO AN INJUNCTION OR INJUNCTIONS (WITHOUT THE POSTING OF ANY BOND AND WITHOUT PROOF OF
ACTUAL DAMAGES) TO ENJOIN THE PROSECUTION OF ANY SUCH PROCEEDINGS IN ANY OTHER COURT. Notwithstanding the foregoing, each of Maker and Payee shall have the right to apply to a court of competent jurisdiction in the United States of America or abroad
for equitable relief as is necessary to preserve, protect and enforce its respective rights under this Note and any other Debt Document, including, but not limited to orders of attachment or injunction necessary to maintain the status quo pending
litigation or to enforce judgments against Maker, any Obligor or the collateral pledged to Payee pursuant to any Debt Document or to gain possession of such collateral. MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR
CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY DEBT DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS
BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND
ALL OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY
DEBT DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the other Debt Documents constitute the entire agreement of Maker and Payee with respect to the subject matter hereof and supersede all prior
understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or
conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given.

  

 2 

 Payment Authorization 
 Payee is hereby directed and authorized by Maker to advance and/or apply the proceeds of the loan as evidenced by this Note to the following parties in the stipulated amounts as set forth below: 
  

					
	 Company Name
	  	 Address
	  	 Amount

	Precision Therapeutics, Inc.	  	2516 Jane Street, Pittsburgh, PA 15203	  	$3,896,511.68
	General Electric Capital Corp.	  	83 Wooster Heights Road, 5th Floor, Danbury, CT 06810	  	$2,508.88 (Interim Interest)
	General Electric Capital Corp.	  	83 Wooster Heights Road, 5th Floor, Danbury, CT 06810	  	$100,979.44* (Advance Payment)

  

	*	Please note that $20,000.00 has been applied to the Advance Payment from the Good Faith Deposit 

 Any provision in this Note or any of the other Debt Documents which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or altered to conform thereto. 
  

			
	Precision Therapeutics, Inc.
		
	By:	 	/s/ Sharon Kim

			
		
	 Name:
	 	Sharon Kim

			
		
	 Title:
	 	VP, BUS DEV & FINANCE

			
		
	 Federal Tax ID #: 
	 	25-1762624

			
		
	 Address: 
	 	2516 Jane Street, Pittsburgh, PA 15203

  

 3Form of Series I Warrant to Purchase Common Stock

 Exhibit 4.8 
 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. 
 [Issue Date] 
 This certifies that, for value
received, [Investor Name] 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 [Expiration Date] (the “Exercise Period”), to purchase from Precision
Therapeutics, Inc., a Pennsylvania corporation (the “Company”), [Number of Exercise Shares] shares 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 $1.00 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. 

 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 Shareholder Agreement dated as of
April 11, 1996, as amended, 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) This Warrant is issued in connection with the issuance to the original holder hereof of a Convertible Subordinated Note of the Company
due June 30, 1999 (the “Note”), which provides for its conversion into Conversion Securities (as defined in the Note) upon consummation of the Subsequent Offering (as defined in the Note). If (i) in the Subsequent Offering, the
Conversion Securities are sold at a price based upon a valuation of the Company, prior to completion of the Subsequent Offering, in excess of $16.0 million, or (ii) if the gross proceeds to the Company of the Subsequent Offering exceed $6.5
million, then in each case, the number of Shares for which this Warrant may be exercised shall be increased by [Number of] Shares (or an aggregate of [Number of] Shares if both (i) and (ii) apply). 
 (b) 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. 
 (c) If there shall occur any capital reorganization or reclassification of the Shares (other
than a subdivision or combination as provided for in subparagraph (b) 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. 
  

 - 3 - 

 (d) 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) 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. 
 (e) 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 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(d) 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. 
 (f) 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 

  

 - 4 - 

 
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. 
 (g) 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. 
 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. 
  

 - 5 - 

 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. 
 WITNESS the due
execution hereof. 
  

									
	ATTEST:	 		 	PRECISION THERAPEUTICS, INC.
				
	/s/ Charles C. Cohen	 		 	By:	 	/s/ Paul L. Kornblith
	Charles C. Cohen, Secretary	 		 		 	Paul L. Kornblith, President

 [Corporate Seal] 
  

 - 6 - 

 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:
                     

 AMENDMENT TO WARRANT 
 THIS AMENDMENT TO WARRANT (the “Amendment”), is made as of June 30, 1999 between PRECISION THERAPEUTICS, INC., a Pennsylvania corporation (the “Company”), and the holder of the Warrant of the
Company shown on the signature page hereof (the “Holder”). 
 PREAMBLE 
 The Company issued to the Holder that certain Warrant dated the date and representing the right to purchase the number of shares of the Company’s
common stock shown on the signature page hereof (the “Warrant”). The Company and the Holder desire to amend the Warrant with respect to certain provisions contained therein. 
 THEREFORE, the parties hereto, in consideration of their mutual covenants and agreements set forth herein, and intending to be legally bound, agree as
follows: 
 AGREEMENT 
 1.
Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Warrant. 
 2. The Exercise
Period, as defined in the first paragraph of the Warrant, shall terminate at 5:00 P.M., EST, on June 30, 2009. 
 3. The Purchase Price,
as set forth in the first paragraph of the Warrant, shall be the lower of (a) $1.00, (b) the price per share at which the Company sells its Common Stock in a private placement following the date of the Warrant or (c) the price per
share at which any security sold by the Company in a private placement following the date of the Warrant is convertible into or exchangeable for its Common Stock. 
 4. The number of shares of common stock, without par value, of the Company which may be purchased by the Holder upon exercise of the Warrant is hereby increased to the number set forth on the signature page hereof and
all references to Shares in the Warrant shall refer to such number. 
 5. This Amendment may be executed in counterparts, each of which, when
so executed shall be deemed an original, but all of which shall constitute one and the same instrument. 
 6. Except as expressly modified by
this Amendment, all other provisions of the Warrant shall remain in full force and effect as they are currently set forth in the Warrant. All references to the Warrant in any document, instrument or agreement described in, referred to, annexed to,
contemplated by or incorporated by reference in the Warrant or this Amendment shall be deemed to mean the Warrant as amended by this Amendment. 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as the case may be, as of the day and
year first written above. 
  

					
	PRECISION THERAPEUTICS, INC.
		
	By	 	/s/ Paul L. Kornblith
		 	Paul L. Kornblith, President
	  
 HOLDER
  
 [Name]

		
	By:	 	
	
	 Date of Warrant:
  
 Number of Shares Covered
 by Warrant:
  
 Number of Shares Covered
 by Warrant, as amended hereby:

  

 - 2 - 

 Series I Warrant 
 The
series of warrants represented by this form are substantially identical in all material respects except as to the details below. Accordingly, pursuant to Instruction 2 to Item 601(b) of Regulation S-K, we have filed the form of warrant herewith.

  

							
	Investor	  	 Issue
 Date
	  	Number
of
Exercise
Shares (1)	  	Expiration
Date
	 Killion, Dr. Bettina Weis
	  	2/2/1998	  	2,864	  	2/2/2008
	 Robinson, Donald M.
	  	2/2/1998	  	18,000	  	2/2/2008
	 Robinson, Stephen G.
	  	2/2/1998	  	11,250	  	2/2/2008
	 Robinson, Sylvia
	  	2/2/1998	  	3,375	  	2/2/2008
	 Weis, Alfred
	  	2/2/1998	  	2,863	  	2/2/2008
	 Weis, Konrad M. and Gisela
	  	2/2/1998	  	5,523	  	2/2/2008
	 Freyhof, John T. (Bank One Trust Company, N.A,. as Trustee U/A with Lauranne T. Freyhof (John Freyhof Trust) dated April 26,
1982)
	  	2/4/1998	  	11,250	  	2/4/2008
	 Freyhof, Lauranne T. (Bank One Trust Company, N.A,. as Trustee U/A with Lauranne T. Freyhof (Lauranne Freyhof Trust) dated April 26, 1982)

	  	2/4/1998	  	11,250	  	2/4/2008
	 Cohen, Charles C. and Amy W. (JTWROS)
	  	2/6/1998	  	9,000	  	2/6/2008
	 Schuler, Robert J. and Rosemarie (JTWROS)
	  	2/6/1998	  	9,000	  	2/6/2008
	 Sullivan, Barry R.
	  	2/6/1998	  	9,000	  	2/6/2008
	 Thorne, John R.
	  	2/6/1998	  	11,250	  	2/6/2008
	 Colker, James & Janice S. (held as Tenants by the Entireties)
	  	2/14/1998	  	11,250	  	2/14/2008
	 Hillcrest Family Partnership, L.P.
	  	2/14/1998	  	2,250	  	2/14/2008
	 Rubenstein, Farrell
	  	2/14/1998	  	4,500	  	2/14/2008
	 HOWNIM Limited Partnership
	  	2/23/1998	  	11,250	  	2/23/2008
	 Kornblith, Margot
	  	2/23/1998	  	450	  	2/23/2008
	 Kornblith, Nicholas
	  	2/23/1998	  	2,700	  	2/23/2008
	 Kornblith, Paul L.
	  	2/23/1998	  	10,350	  	2/23/2008
	 Krolikowski, John P.
	  	2/23/1998	  	9,000	  	2/23/2008
	 Shapira, David S.
	  	2/23/1998	  	16,200	  	2/23/2008
	 Yost, Eugene (Pitcairn Trust Company and Prudence Yost Co-personal Representatives for the Estate of Eugene Yost)
	  	3/4/1998	  	18,000	  	3/4/2008
	 A.G.D.N. Partnership
	  	3/19/1998	  	11,250	  	3/19/2008
	 Berger, Michael N. and Eileen S.J.
	  	3/19/1998	  	13,500	  	3/19/2008
	 Berman, Sanford S.
	  	3/19/1998	  	11,250	  	3/19/2008
	 Blatter, Dr. Mark M. and Jamie L.
	  	3/19/1998	  	6,750	  	3/19/2008
	 Burstin, David
	  	3/19/1998	  	11,250	  	3/19/2008
	 Catz, Alvin J.
	  	3/19/1998	  	11,250	  	3/19/2008
	 Fisher, Chester G.
	  	3/19/1998	  	11,250	  	3/19/2008
	 Future Fund, Inc
	  	3/19/1998	  	112,500	  	3/19/2008
	 Griffin Group Partners, LP
	  	3/19/1998	  	900	  	3/19/2008
	 Grimshaw, Stephen M.
	  	3/19/1998	  	6,750	  	3/19/2008
	 Heilman, Marlin S.
	  	3/19/1998	  	9,000	  	3/19/2008
	 Huemmrich, Robert J.
	  	3/19/1998	  	9,000	  	3/19/2008
	 ITM Holdings, Ltd
	  	3/19/1998	  	67,500	  	3/19/2008
	 Janney Montgomery Scott LLC
	  	3/19/1998	  	4,500	  	3/19/2008
	 Mendlowitz, Harold
	  	3/19/1998	  	11,250	  	3/19/2008
	 Miller, Bruce W.
	  	3/19/1998	  	9,000	  	3/19/2008
	 Reynolds, Thomas H.
	  	3/19/1998	  	13,500	  	3/19/2008
	 Robinson, David
	  	3/19/1998	  	4,500	  	3/19/2008
	 Schofield, Douglas F.
	  	3/19/1998	  	18,000	  	3/19/2008
	 Silverman, Rosalyn
	  	3/19/1998	  	11,250	  	3/19/2008
	 Western Pennsylvania Adventure Capital Fund
	  	3/19/1998	  	45,000	  	3/19/2008
	 Armfield, Samuel L. III (TTEE, FBO Penn Vascular Lab Profit Sharing Plan)
	  	3/31/1998	  	18,000	  	3/31/2008
	 Whitcomb, James S. Jr.
	  	3/31/1998	  	22,500	  	3/31/2008
	 Birchmere Investments LP
	  	4/11/1998	  	108,675	  	4/11/2008
	 Inserra, John J. and Diane W.
	  	4/11/1998	  	2,250	  	4/11/2008
	 Isherwood, John S.
	  	4/11/1998	  	1,575	  	4/11/2008
	 Jones, Donald H.
	  	4/11/1998	  	11,250	  	4/11/2008
	 Newlin, William R. (Sheldon & Co FBO William R. Newlin Tax ID #34-6510658)
	  	4/11/1998	  	8,100	  	4/11/2008
	 Sebastian, Sean D.S.
	  	4/11/1998	  	2,250	  	4/11/2008
	 Thorne, Richard W.
	  	4/11/1998	  	4,500	  	4/11/2008
	 Killion, Dr. Bettina Weis
	  	5/11/1998	  	4,582	  	5/11/2008
	 Weis, Alfred
	  	5/11/1998	  	4,582	  	5/11/2008
	 Weis, Konrad M. and Gisela
	  	5/11/1998	  	8,836	  	5/11/2008
	 Burstin, David
	  	7/29/1998	  	9,000	  	7/29/2008
	 A.G.D.N. Partnership
	  	8/10/1998	  	11,250	  	8/10/2008
	 Schuler, Robert J. and Rosemarie (JTWROS)
	  	8/24/1998	  	9,000	  	8/24/2008
	 Silverman, Rosalyn
	  	9/1/1998	  	2,250	  	9/1/2008
	 Catz, Alvin J.
	  	9/14/1998	  	4,500	  	9/14/2008
	 Griffin Group Partners, LP
	  	9/14/1998	  	900	  	9/14/2008
	 HOWNIM Limited Partnership
	  	9/14/1998	  	9,000	  	9/14/2008
	 Huemmrich, Robert J.
	  	9/14/1998	  	9,000	  	9/14/2008
	 Western Pennsylvania Adventure Capital Fund
	  	9/14/1998	  	4,500	  	9/14/2008
	 Portman, William H.
	  	9/29/1998	  	22,500	  	9/29/2008
	 CEO Venture Fund III
	  	10/21/1998	  	675,000	  	10/21/2008

	(1)	Numbers of shares do not reflect a 1-for-14 reverse stock split effected after the issuance of these warrants. 

 PRECISION THERAPEUTICS, INC. 
 NOTICE OF ADJUSTMENT TO WARRANT PURCHASE PRICE 
 This Notice of Adjustment to
Warrant Purchase Price is being delivered by Precision Therapeutics, Inc. (the “Company”) to the holders of its Series I Warrants, Series II Warrants and Series III Warrants (as defined below). The Company has entered into a
Memorandum of Terms (the “Term Sheet”), pursuant to which the Company intends to offer and sell to a group of investors led by Birchmere Ventures II, L.P. up to $16,000,000 of a new series of preferred stock (the “New
Offering”). A condition to the first closing (the “Closing”) of the New Offering under the Term Sheet is that the purchase price under the Company’s Series I Warrants, Series II Warrants and Series III Warrants be
reduced to 2.4 cents ($0.024) per share. 
 THEREFORE, the Company, intending to be legally bound, hereby agrees as follows: 
 1. Definitions. As used herein, (i) “Series I Warrants” means those warrants to purchase shares of the Company’s common
stock that were issued in connection with the Company’s Subordinated Convertible Notes in 1998, (ii) “Series II Warrants” means those warrants to purchase shares of the Company’s common stock that were issued in
connection with the Company’s Series II Subordinated Convertible Notes in 1999, and (iii) “Series III Warrants” means those warrants to purchase shares of the Company’s common stock that were issued in connection with
the Company’s Series III Subordinated Convertible Notes in 2000. 
 2. Reduction of Purchase Price; Condition Precedent. The per
share Purchase Price (as such term is defined in each of the Series I, II and III Warrants) of the Series I, II and III Warrants is hereby reduced, as of the Closing, to 2.4 cents ($0.024); provided, however, that such reduction shall only be
effective as of the Closing and, in the event that the Closing has not occurred on or prior to March 15, 2001, no such adjustment shall be made and this Notice of Adjustment to Warrant Purchase Price shall be null and void, ab initio.

 3. Other Terms Unaffected. Except as specifically set forth herein, the Series I, II and III Warrants shall remain unchanged and in
full force and effect. 
 December 21, 2000 
  

	
	PRECISION THERAPEUTICS, INC.
	
	/s/ Paul L. Kornblith
	Paul L. Kornblith, M.D.
	President

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