Document:

Exhibit 10.6

 

EXECUTION
COPY

 

NEITHER THE ISSUANCE NOR SALE OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR
ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES FILED PURSUANT TO THE SECURITIES ACT
OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM,
THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING
THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT
SECURED BY THE SECURITIES.

 

	Principal Amount: $852,273.25	 	Issue Date: September 28, 2018

 

SENIOR SECURED PROMISSORY NOTE

 

FOR
VALUE RECEIVED, PRECISION THERAPEUTICS, INC., a Delaware corporation (hereinafter called the “Borrower”),
as of September 28, 2018 (the “Issue Date”), hereby promises to pay to the order of PEAK ONE OPPORTUNITY
FUND, LP, a Delaware limited partnership, or its registered assigns (the “Holder”) the principal sum of
$852,273.25 (the “Principal Amount”), together with interest at the rate of eight percent (8%) per annum
(with the understanding that the initial twelve months of such interest of each tranche funded shall be guaranteed), at maturity
or upon acceleration or otherwise, as set forth herein (the “Note”). The consideration to the Borrower for this
Note is up to $750,000 (the “Consideration”) in United States currency, due to the prorated original
issuance discount of up to $102,273.25 (the “OID”). The Holder shall pay $600,000 of the Consideration
(the “First Tranche”) within a reasonable amount of time of the full execution of the securities purchase agreement
(the “Purchase Agreement”) and its ancillary transactional documents pursuant to which this Note is issued.
At the closing of the First Tranche, the outstanding principal amount under this Note shall be $681,818.80, consisting of
the First Tranche plus the prorated portion of the OID (as defined herein). The Holder shall pay such additional amounts of the
Consideration and at such dates as set forth in the Purchase Agreement. The maturity date for each tranche funded shall be twelve
(12) months from the effective date of each payment (each, a “Maturity Date”), and is the date upon which the
principal sum, as well as any accrued and unpaid interest and other fees, shall be due and payable. This Note may not be repaid
in whole or in part except as otherwise explicitly set forth herein. Any amount of principal or interest on this Note which is
not paid by the Maturity Date shall bear interest at the rate of the lesser of (i) eighteen percent (18%) per annum or (ii) the
maximum amount allowed by law, from the due date thereof until the same is paid (“Default Interest”). Interest
shall commence accruing on the date that this Note is issued and shall be computed on the basis of a 365-day year and the actual
number of days elapsed. All payments due hereunder (to the extent not converted into the Borrower’s common stock, par value
$0.01 per share (the “Common Stock”) in accordance with the terms hereof) shall be made in lawful money of the
United States of America. All payments shall be made at such address as the Holder shall hereafter give to the Borrower by written
notice made in accordance with the provisions of this Note. Whenever any amount expressed to be due by the terms of this Note is
due on any day which is not a business day, the same shall instead be due on the next succeeding day which is a business day and,
in the case of any interest payment date which is not the date on which this Note is paid in full, the extension of

 

    1

    

    

the due date thereof shall not be taken into
account for purposes of determining the amount of interest due on such date. As used in this Note, the term “business day”
shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the city of New York, New York are authorized
or required by law or executive order to remain closed.

 

This Note is free from
all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights or other
similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

This Note shall be a senior
secured obligation of the Borrower, with priority over all existing and future Indebtedness (as defined below) of the Borrower
as provided for herein. The obligations of the Borrower under this Note are secured pursuant to the terms of the security agreement
of even date herewith by and among the Borrower, its Subsidiaries, and the Secured Parties (as defined therein), as well as being
secured by the terms of the security agreement of even date herewith by and between the borrower and Helomics Holding Corporation
(“Helomics”), and such security interest includes but is not limited to all of the assets of the Borrower and
its Subsidiaries as well as of Helomics. So long as the Borrower shall have any obligation under this Note, the Borrower shall
not (directly or indirectly through any Subsidiary or affiliate) incur or suffer to exist or guarantee any Indebtedness that is
senior to or pari passu with (in priority of payment and performance) the Borrower’s obligations hereunder. For purposes
of this paragraph, the term “Borrower” shall include any Subsidiary of the Borrower in addition to the Borrower.
As used herein, the term “Indebtedness” means (a) all indebtedness of the Borrower for borrowed money or for
the deferred purchase price of property or services, including any type of letters of credit, but not including deferred purchase
price obligations in place as of the Issue Date and as disclosed in the SEC Documents or obligations to trade creditors incurred
in the ordinary course of business, (b) all obligations of the Borrower evidenced by notes, bonds, debentures or other similar
instruments, (c) purchase money indebtedness hereafter incurred by the Borrower to finance the purchase of fixed or capital assets,
including all capital lease obligations of the Borrower which do not exceed the purchase price of the assets funded, (d) all guarantee
obligations of the Borrower in respect of obligations of the kind referred to in clauses (a) through (c) above that the Borrower
would not be permitted to incur or enter into, and (e) all obligations of the kind referred to in clauses (a) through (d) above
that the Borrower is not permitted to incur or enter into that are secured and/or unsecured by (or for which the holder of such
obligation has an existing right, contingent or otherwise, to be secured and/or unsecured by) any lien or encumbrance on property
(including accounts and contract rights) owned by the Borrower, whether or not the Borrower has assumed or become liable for the
payment of such obligation.

 

The following additional terms shall also apply to this
Note:

 

ARTICLE I. [INTENTIONALLY OMITTED]

ARTICLE II. CERTAIN COVENANTS

2.1Distributions on Capital Stock.
So long as the Borrower shall have any obligation under this Note, the Borrower shall not without the Holder’s written
consent (a) pay, declare or set apart for such payment, any dividend or other distribution (whether in cash, property or
other securities) on shares of capital stock other than dividends on shares of Common Stock solely in the form of additional
shares of Common Stock or (b) directly or indirectly or through any Subsidiary make any other payment or distribution in
respect of its capital stock except for distributions pursuant to any shareholders’ rights plan which is approved by a
majority of the Borrower’s disinterested directors.

 

2.2Restriction on Stock
Repurchases. So long as the Borrower shall have any obligation under this Note, the Borrower shall not without the
Holder’s written consent redeem, repurchase or

 

    2

    

    

 

otherwise acquire (whether for cash or in
exchange for property or other securities or otherwise) in any one transaction or series of related transactions any shares of
capital stock of the Borrower or any warrants, rights or options to purchase or acquire any such shares.

 

2.3Piggyback Registration Rights.
The Borrower shall include on the registration statement required to be filed with the SEC by January 31, 2019, pursuant to
the Registration Rights Agreement between the parties, all shares issuable upon conversion of this Note (as defined in the
Purchase Agreement). Failure to do so will result in liquidated damages of 25% of the outstanding principal balance of this
Note, but not less than Fifteen Thousand and No/100 United States Dollars ($15,000), being immediately due and payable to the
Holder at its election in the form of cash payment or addition to the balance of this Note.

 

2.4Repayment
from Proceeds. While any portion of this Note is outstanding, if the Borrower receives cash proceeds from any
source or series of related or unrelated sources, including but not limited to, from payments from customers, the issuance of
equity or debt, the conversion of outstanding warrants of the Borrower, the issuance of securities pursuant to an equity line
of credit of the Borrower or the sale of assets, the Borrower shall, within one (1) business day of Borrower’s receipt
of such proceeds, inform the Holder of such receipt, following which the Holder shall have the right in its sole discretion
to require the Borrower to immediately apply up to 50% of such proceeds to repay all or any portion of the outstanding
amounts owed under this Note. Failure of the Borrower to comply with this provision shall constitute an Event of Default. The
foregoing repayment requirement in this Section shall not be applicable to securities offering transactions after the
Execution Date yielding in the aggregate less than $2,000,000 gross proceeds to the Borrower. In the event that such excess
proceeds are received by the Holder prior to the Maturity Date, the required prepayment shall be subject to the terms of
Section 4.14 herein.

 

ARTICLE III. EVENTS OF DEFAULT

 

The occurrence of each
of the following events of default shall each be an “Event of Default”, with no right to notice or cue the right to
cure except as specifically stated:

 

3.1Failure to Pay
Principal or Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this Note, whether
at the Maturity Date, upon acceleration, or otherwise.

 

3.2Conversion and the Shares. The
Borrower fails to reserve a sufficient amount of shares of common stock as required under the terms of this Note (including
without limitation, Section 1.3 of this Note), fails to issue shares of Common Stock to the Holder (or announces or
threatens in writing that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of
the Holder in accordance with the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue)
(electronically or in certificated form) shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant
to this Note as and when required by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs,
and/or hinders its transfer agent in transferring (or issuing) (electronically or in certificated form) shares of Common
Stock to be issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note, or
fails to remove (or directs its transfer agent not to remove or impairs, delays, and/or hinders its transfer agent from
removing) any restrictive legend (or to withdraw any stop transfer instructions in respect thereof) on any shares of Common
Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required by this Note (or makes
any written announcement, statement or threat that it does not intend to honor the obligations described in this paragraph)
and any such failure shall continue uncured (or any written announcement, statement or threat not to honor its obligations
shall not be rescinded in writing) for two (2) business days after the Holder shall have delivered a Notice of Conversion. It
is an obligation

 

    3

    

    

 

of the Borrower to remain current in its obligations
to its transfer agent. It shall be an event of default of this Note, if a conversion of this Note is delayed, hindered or frustrated
due to a balance owed by the Borrower to its transfer agent. If at the option of the Holder, the Holder advances any funds to the
Borrower’s transfer agent in order to process a conversion (excluding for the avoidance of doubt, the conversion price which
is the Holder’s obligation to pay), such advanced funds shall be paid by the Borrower to the Holder within five (5) business
days, either in cash or as an addition to the balance of this Note, and such choice of payment method is at the discretion of the
Borrower.

 

3.3Breach of Covenants. The
Borrower breaches any material covenant or other material term or condition contained in this Note and any documents entered
into between the Borrower and the Holder and such breach continues for a period of three (3) days after written notice
thereof to the Borrower from the Holder or after five (5) days after the Borrower should have been aware of the breach.

 

3.4Breach of Representations and
Warranties. Any representation or warranty of the Borrower made herein or in any agreement, statement or certificate
given in writing pursuant hereto or in connection herewith, shall be false or misleading in any material respect when made
and the breach of which has (or with the passage of time will have) a material adverse effect on the rights of the Holder
with respect to this Note.

 

3.5Receiver or Trustee. The
Borrower or any Subsidiary of the Borrower shall make an assignment for the benefit of creditors, or apply for or consent to
the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such a receiver or
trustee shall otherwise be appointed.

 

3.6Judgments. Any money judgment,
writ or similar process shall be entered or filed against the Borrower or any Subsidiary of the Borrower or any of its
property or other assets for more than $100,000, and shall remain unvacated, unbonded or unstayed for a period of ten (10)
days unless otherwise consented to by the Holder, which consent will not be unreasonably withheld.

 

3.7Bankruptcy. Bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary, for relief under any
bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any subsidiary of the
Borrower and, in the case of involuntary proceedings, have not been dismissed within 61 days.

 

3.8Delisting of Common Stock. The
Borrower shall fail to maintain the listing or quotation of the Common Stock on the Trading Market or an equivalent
replacement exchange, the Nasdaq Global Market, the Nasdaq Capital Market, the New York Stock Exchange, the NYSE American, or
the OTCQB or OTCQX market places of the OTC Markets.

 

3.9Failure to Comply with the Exchange
Act. The Borrower shall fail to comply with the reporting requirements of the Exchange Act (including but not limited to
becoming delinquent in its filings), and/or the Borrower shall cease to be subject to the reporting requirements of the
Exchange Act.

 

3.10 Liquidation.
The Borrower commences any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.11Cessation of
Operations. The Borrower ceases operations or Borrower admits it is otherwise generally unable to pay its debts as such
debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going
concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

 

    4

    

    

 

3.12 Financial Statement
Restatement. There is a restatement of any financial statements filed by the Borrower with the SEC for any date or period from
two years prior to the Issue Date of this Note and until this Note is no longer outstanding, if the result of such restatement
would, by comparison to the unrestated financial statements, have constituted a material adverse effect on the Borrower or the
rights of the Holder with respect to this Note.

 

3.13 Reverse Splits.
The Borrower effectuates a reverse split of its Common Stock without twenty (20) days prior written notice to the Holder, unless
Holder waives this notice period.

 

3.14 Replacement of
Transfer Agent. In the event that the Borrower replaces its transfer agent, and the Borrower fails to provide prior to the
effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions (including but not limited to the
provision to irrevocably reserve shares of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower
and the Borrower that reserves the greater of the (i) total amount of shares previously held in reserve for this Note with the
Borrower’s immediately preceding transfer agent and (ii) Reserved Amount.

 

3.15 Cross-Default.
Notwithstanding anything to the contrary contained in this Note or the other related or companion documents, a breach or default
by the Borrower of any covenant or other term or condition contained in any of the other financial instrument, including but not
limited to all convertible promissory notes currently issued, or hereafter issued, by the Borrower, to the Holder or any 3rd
party (the “Other Agreements”), shall, at the option of the Holder, be considered a default under this Note,
in which event the Holder shall be entitled to apply all rights and remedies of the Holder under the terms of this Note by reason
of a default under said Other Agreement or hereunder; provided, that any promissory notes of Helomics that are outstanding as of
the effective date of the Merger (as defined below) will not result in a default under this Note unless there is a default in payment
of such promissory notes which is not cured within 15 days.

 

3.16 Inside Information.
Any attempt by the Borrower or its officers, directors, and/or affiliates to transmit, convey, disclose, or any actual transmittal,
conveyance, or disclosure by the Borrower or its officers, directors, and/or affiliates of, material non-public information concerning
the Borrower, to the Holder or its successors and assigns, which is not immediately cured by Borrower’s filing of a Form
8-K pursuant to Regulation FD on that same date.

 

3.17 No bid. The
lowest Trading Price on the Trading Market or other applicable principal trading market for the Common Stock is equal to or less
than $0.01. “Trading Price” means, for any security as of any date, the lowest VWAP price on NASDAQ, or applicable
trading market (the “Trading Market”) as reported by a reliable reporting service designated by the Holder
(i.e., www.Nasdaq.com) or, if the Trading Market is not the principal trading market
for such security, on the principal securities exchange or trading market where such security is listed or traded or, if the lowest
intraday trading price of such security is not available in any of the foregoing manners, the lowest intraday price of any market
makers for such security that are quoted on the OTC Markets. “Trading Day” shall mean any day on which the
Common Stock is tradable for any period on the Trading Market, or on the principal securities exchange or other securities market
on which the Common Stock is then being traded.

 

3.18 Prohibition on
Debt and Variable Securities. The Borrower, without written consent of the Holder, issues any Variable Security (as defined
herein), unless (i) the Borrower is permitted to pay off this Note in cash at the time of the issuance of the respective Variable
Security and (ii) the Borrower pays off this Note, pursuant to the terms of this Note, in cash at the time of the issuance of the
respective Variable Security. A “Variable Security” shall mean any security issued by the Borrower, not subject
to a floor price that is within fifty percent (50%) of the then current market price of the Common Stock, that (i) has or may have
conversion rights of any kind, contingent, conditional or otherwise in which the

 

    5

    

    

 

number
of shares that may be issued pursuant to such conversion right varies with the market price of the Common Stock; (ii) is or may
become convertible into Common Stock (including without limitation convertible debt, warrants or convertible preferred stock),
with a conversion or exercise price that varies with the market price of the common stock, even if such security only becomes convertible
or exercisable following an event of default, the passage of time, or another trigger event or condition; or (iii) was issued or
may be issued in the future in exchange for or in connection with any contract, security, or instrument, whether convertible or
not, where the number of shares of Common Stock issued or to be issued is based upon or related in any way to the market price
of the Common Stock, including, but not limited to, Common Stock issued in connection with a Section 3(a)(9) exchange, a Section
3(a)(10) settlement, or any other similar settlement or exchange. Notwithstanding the foregoing, the Company shall not be deemed
to be in default under this subsection to the extent that it issues securities in compliance with obligations under written transaction
documents that existed, unaltered, prior to the Issue Date.

 

3.19
Failure to Approve Helomics Merger. The Borrower fails to acquire, on or before December 31, 2018, all required board, stockholder
and other approvals (including without limitation that certain “Parent Stockholder Consent” as defined in the Agreement
and Plan of Merger between the Borrower and Helomics) regarding the consummation of the Borrower’s merger with Helomics (the
“Merger”).

 

3.20
Failure to Repay Upon Qualified Offering. The Borrower completes an offering and/or sale of securities, or becomes a borrower
under any loan documents and/or credit facilities, on or after the Issue Date and fails to apply the proceeds of such offering,
sale or loan to the repayment of this Note, to the extent required under Section 2.4, until this Note is repaid in its entirety
as required under Section 2.4.

 

UPON
THE OCCURRENCE OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE SHALL BECOME IMMEDIATELY DUE AND PAYABLE AND THE
BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER, AN AMOUNT EQUAL TO: (Y) THE DEFAULT AMOUNT
(AS DEFINED HEREIN); MULTIPLIED BY (Z) TWO (2). Upon the occurrence of any Event of Default specified in Sections 3.1, 3.3,
3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10, 3.11, 3.12, 3.13, 3.14,
3.15, 3.16, 3.17, 3.18, 3.19 and/or this 3.20, this Note shall become immediately due
and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to 135%
(plus an additional 5% per each additional Event of Default that occurs hereunder) multiplied by the then outstanding entire
balance of this Note (including principal and accrued and unpaid interest) plus Default Interest from the date of the Event
of Default, if any, plus any amounts owed to the Holder pursuant to Sections 1.3(g) hereof (collectively, in the
aggregate of all of the above, the “Default Amount”), and all other amounts payable hereunder shall immediately
become due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all
costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all
other rights and remedies available at law or in equity.

 

Upon
the earlier to occur of an Event of Default or the filing of any Securities Act registration statement by the Borrower on a form
other than Form S-4 in connection with the Merger or Form S-8, subject to the Exchange Cap (as defined below), the Holder shall
have the right at any time thereafter to convert all or any part of the Note (including without limitation, the Principal Amount,
accrued and unpaid interests, Default Interest, and any other amounts owed to the Holder under the Note) into fully paid and non-assessable
shares of Common Stock of the Borrower at the conversion price, which is equal to the lesser of (i) $1.00 and (ii) 70% of the lowest
VWAP of the Common Stock during the twenty (20) Trading Day (as defined herein) period ending on either (i) the last complete Trading
Day prior to the conversion date or (ii) the conversion date, as determined by the Holder in its sole discretion upon such conversion
(subject to adjustment as provided in this Note) (the “Conversion Price”). In no event shall the

 

    6

    

    

 

Holder be entitled to convert any portion of
this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially
owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership
of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject
to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common
Stock issuable upon the conversion of the portion of this Note with respect to which the determination of this proviso is being
made, would result in beneficial ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common
Stock. For purposes of the proviso to the immediately preceding sentence, beneficial ownership shall be determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations
13D-G thereunder, except as otherwise provided in clause (1) of such proviso. “Trading Day” shall mean any day
on which the Common Stock is tradable for any period on the principal securities exchange or other securities market on which the
Common Stock is then being traded. All expenses incurred by Holder for the issuance and clearing of the Common Stock into which
this Note is convertible into shall immediately and automatically be added to the balance of the Note at such time as the expenses
are incurred by Holder. If, at any time when the Note is issued and outstanding, and either (A) an Event of Default has occurred
under this Note or (B) the Borrower has an filed an effective registration statement covering the Holder’s sale of Conversion
shares issued pursuant to this Note, the Borrower issues or sells, or is deemed to have issued or sold, any shares of Common Stock
for a consideration per share less than the Conversion Price in effect on the date of such issuance (or deemed issuance) of such
shares of Common Stock (a “Dilutive Issuance”), then the Holder shall have the right, in Holder’s sole
discretion on each conversion after such Dilutive Issuance, to utilize the price per share of the Dilutive Issuance as the Conversion
Price for such conversion. The Borrower is required at all times to have authorized and reserved one and a half times (and upon
the Merger Certification Date (as defined in the Purchase Agreement) two times) the number of shares that is actually issuable
upon full conversion of the Note (based on the Conversion Price of the Note as if an Event of Default under the Note has occurred,
even if an Event of Default has not occurred), and otherwise as set forth in the Purchase Agreement (the “Reserved Amount”).
Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail (or other reasonable means of communication)
of a notice of conversion in the form attached hereto as Exhibit A (the “Notice of Conversion”), the
Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder the Common Stock issuable
upon such conversion within two (2) business days after such receipt (the “Deadline”). Without in any way limiting
the Holder’s right to pursue other remedies, including actual damages and/or equitable relief, the parties agree that if
delivery of the Common Stock issuable upon conversion of this Note is not delivered by the Deadline, the Borrower shall pay to
the Holder $3,000 per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock. Until
such time as the shares of Common Stock issuable upon conversion of this Note have been registered under the Securities Act or
otherwise may be sold pursuant to Rule 144 or other available exemption, the Common Stock issuable upon conversion of this Note
shall bear a restrictive legend in form, substance, and scope customary for such legends. Notwithstanding anything in this Note
to the contrary, and in addition to the beneficial ownership limitations provided herein above, the sum of (a) the total number
of shares of Common Stock that may be issued under this Note and (b) the number of Inducement Shares, shall be limited to 803,498
shares of Common Stock (equal to 5.997% of the outstanding shares of Common Stock of the Company as of the Issue Date hereof) (the
“Exchange Cap”) The Exchange Cap shall be appropriately adjusted for any reorganization, recapitalization, non-cash
dividend, stock split, reverse stock split or other similar transaction. The Company and Holder agree that the Company shall not
seek or obtain stockholder approval of issuance of a greater number of shares upon conversion in excess of the Exchange Cap. In
the event of a conversion by Holder that results in the issuance of a number of shares equal to the Exchange Cap, the Maturity
Date of each tranche of this Note shall be the earlier of (1) the date ninety (90) days after the date of such conversion, or (2)
the Maturity Date for such tranche set forth in the first paragraph of this Note.

 

    7

    

    

 

ARTICLE IV. MISCELLANEOUS

 

4.1Failure or Indulgence Not Waiver.
No failure or delay on the part of the Holder in the exercise of any power, right or privilege hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further
exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder are cumulative to,
and not exclusive of, any rights or remedies otherwise available.

 

4.2Notices. All notices, demands,
requests, consents, approvals, and other communications required or permitted hereunder shall be in writing and, unless
otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv)
transmitted by hand delivery, telegram, facsimile, or electronic mail addressed as set forth below or to such other address
as such party shall have specified most recently by written notice. Any notice or other communication required or permitted
to be given hereunder shall be deemed effective (a) upon hand delivery, upon electronic mail delivery, or delivery by
facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address or number designated
below (if delivered on a business day during normal business hours where such notice is to be received), or the first
business day following such delivery (if delivered other than on a business day during normal business hours where such
notice is to be received) or (b) on the second business day following the date of mailing by express courier service, fully
prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for
such communications shall be:

 

If to the Borrower,
to:

 

PRECISION THERAPEUTICS INC. 

2915 Commers Drive, Suite 900

Eagan, Minnesota 55121

Attention: Bob Myers, CFO

E-mail: bmyers@skylinemedical.com

Phone: 651.389.4800

 

With a copy (which shall not
constitute notice) to:

 

Maslon LLP

3300 Wells Fargo Center, 90
S. Seventh Street

Minneapolis, MN 55402

E-mail: martin.rosenbaum@maslon.com

Attention: Martin Rosenbaum

Phone: 612-672-8326

 

If to the Holder:

 

PEAK ONE OPPORTUNITY FUND,
LP

333 S. Hibiscus Dr.

Miami Beach, Florida. 33139

Attn: Jason C. Goldstein

E-mail: jgoldstein@peakoneinvestments.com

 

    8

    

    

with a copy to that shall not constitute notice:

 

K&L Gates LLP

200 S. Biscayne Blvd., Ste. 3900

Miami, FL 33131

Attention: John D. Owens, III, Esq.

e-mail: john.owens@klgates.com

 

 

4.3Amendments. This Note and any
provision hereof may only be amended by an instrument in writing signed by the Borrower and the Holder. The term
“Note” and all reference thereto, as used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or supplemented.

 

4.4Assignability. This Note shall be
binding upon the Borrower and its successors and assigns, and shall inure to be the benefit of the Holder and its successors
and assigns. Notwithstanding anything to the contrary herein, the rights, interests or obligations of the Borrower hereunder
may not be assigned, by operation of law or otherwise, in whole or in part, by the Borrower without the prior signed written
consent of the Holder, which consent may be withheld at the sole discretion of the Holder (any such assignment or transfer
shall be null and void if the Borrower does not obtain the prior signed written consent of the Holder). This Note or any of
the severable rights and obligations inuring to the benefit of or to be performed by Holder hereunder may be assigned by
Holder to a third party, in whole or in part, without the need to obtain the Borrower’s consent thereto. Each
transferee of this Note must be an “accredited investor” (as defined in Rule 501(a) of the Securities Act).
Notwithstanding anything in this Note to the contrary, this Note may be pledged as collateral in connection with a bona fide
margin account or other lending arrangement.

 

4.5Cost of Collection. If default is
made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection, including reasonable
attorneys’ fees.

 

4.6Governing Law. This Note shall be
governed by and interpreted in accordance with the laws of the State of Nevada without regard to the principles of conflicts
of law (whether of the State of Nevada or any other jurisdiction).

 

4.7Venue; Severability; Attorney’s
Fees. Any action brought by either party against the other concerning the transactions contemplated by this Note shall be
brought only in the state or federal courts of Miami-Dade County, Florida. The parties to this Note hereby irrevocably waive
any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense based on lack of
jurisdiction or venue or based upon forum non conveniens. The costs and expenses of such action shall be paid by and
be the sole responsibility of the Borrower, including but not limited to the Holder’s attorneys’ fees and court
fees. In the event that any provision of this Note or any other agreement delivered in connection herewith is invalid or
unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which
may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of
any agreement. Each party hereby irrevocably waives personal service of process and consents to process being served in any
suit, action or proceeding in connection with this Note or any other Transaction Document by mailing a copy thereof via
registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for
notices to it under this Note and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner
permitted by law.

 

    9

    

    

 

4.8JURY TRIAL WAIVER. THE BORROWER AND
THE HOLDER HEREBY WAIVE A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST
THE OTHER IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS NOTE.

 

4.9Certain Amounts. Whenever pursuant
to this Note the Borrower is required to pay an amount in excess of the outstanding Principal Amount (or the portion thereof
required to be paid at that time) plus accrued and unpaid interest plus Default Interest on such interest, the Borrower and
the Holder agree that the actual damages to the Holder from the receipt of cash payment on this Note may be difficult to
determine and the amount to be so paid by the Borrower represents stipulated damages and not a penalty and is intended to
compensate the Holder in part for loss of the opportunity to convert this Note and to earn a return from the sale of shares
of Common Stock acquired upon conversion of this Note at a price in excess of the price paid for such shares pursuant to this
Note. The Borrower and the Holder hereby agree that such amount of stipulated damages is not plainly disproportionate to the
possible loss to the Holder from the receipt of a cash payment without the opportunity to convert this Note into shares of
Common Stock.

 

4.10 Remedies.
The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Holder, by
vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the
remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or
threatened breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other
available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions
restraining, preventing or curing any breach of this Note and to enforce specifically the terms and provisions thereof,
without the necessity of showing economic loss and without any bond or other security being required.

 

4.11Section 3(a)(10)
Transactions. If at any time while this Note is outstanding, the Borrower enters into a transaction structured in
accordance with, based upon, or related or pursuant to, in whole or in part, Section 3(a)(10) of the Securities Act (a
“3(a)(10) Transaction”), then a liquidated damages charge of 100% of the outstanding principal balance of
this Note at that time, will be assessed and will become immediately due and payable to the Holder, either in the form of
cash payment, an addition to the balance of this Note, or a combination of both forms of payment, as determined by the
Holder. The liquidated damages charge in this Section 4.11 shall be in addition to, and not in substitution of, any of
the other rights of the Holder under this Note.

 

4.12
Restriction on Section 3(a)(9) Transactions. So long as this Note is outstanding, the Borrower shall not enter into any
3(a)(9) Transaction with any party other than the Holder, without prior written consent of the Holder. In the event that the Borrower
does enter into, or makes any issuance of Common Stock related to a 3(a)(9) Transaction while this Note is outstanding, a liquidated
damages charge of 25% of the outstanding principal balance of this Note, but not less than $15,000, will be assessed and will become
immediately due and payable to the Holder at its election in the form of cash payment or addition to the balance of this Note.
“3(a)(9) Transaction” means a transaction structured in accordance with, based upon, or related or pursuant
to, in whole or in part, Section 3(a)(9) of the Securities Act. The liquidated damages charge in this Section 4.12 shall
be in addition to, and not in substitution of, any of the other rights of the Holder under this Note.

 

4.13 Usury. If
it shall be found that any interest or other amount deemed interest due hereunder violates the applicable law governing usury,
the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum rate of interest permitted under
applicable law. The Borrower covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon,

 

    10

    

    

 

plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Borrower from
paying all or any portion of the principal of or interest on this Note as contemplated herein, wherever enacted, now or at any
time hereafter in force, or which may affect the covenants or the performance of this Note, and the Borrower (to the extent it
may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort
to any such law, hinder, delay or impede the execution of any power herein granted to the Holder, but will suffer and permit the
execution of every such as though no such law has been enacted.

 

4.14
Repayment. Notwithstanding anything to the contrary contained in this Note, the Borrower may repay any amount outstanding
under this Note, during the 30 calendar day period after the Issue Date, by making a payment to the Holder of an amount in cash
equal to 105% multiplied by the amount that the Borrower is repaying. Notwithstanding anything to the contrary contained in this
Note, the Borrower may repay any amount outstanding under this Note, during the 31st through 60th calendar day period after the
Issue Date, by making a payment to the Holder of an amount in cash equal to 110% multiplied by the amount that the Borrower is
repaying. Notwithstanding anything to the contrary contained in this Note, the Borrower may repay any amount outstanding under
this Note, during the 61st through 90th calendar day period after the Issue Date, by making a payment to the Holder of an amount
in cash equal to 115% multiplied by the amount that the Borrower is repaying. Notwithstanding anything to the contrary contained
in this Note, the Borrower may repay any amount outstanding under this Note, during the 91st through 120th calendar day period
after the Issue Date, by making a payment to the Holder of an amount in cash equal to 120% multiplied by the amount that the Borrower
is repaying. Notwithstanding anything to the contrary contained in this Note, the Borrower may repay any amount outstanding under
this Note, after the 120th calendar day after the Issue Date, including on and after the Maturity Date, by making a payment to
the Holder of an amount in cash equal to 125% multiplied by the amount that the Borrower is repaying. In order to repay this Note,
the Borrower shall provide notice to the Holder ten (10) business days prior to such respective repayment date, and the Holder
must receive such repayment within twelve (12) business days of the Holder’s receipt of the respective repayment notice,
but not sooner than ten (10) business days from the date of notice (the “Repayment Period”). The Holder may
convert the Note in whole or in part at any time during the Repayment Period, subject to the terms and conditions of this Note.
Any repayment hereunder shall be applied to the tranches funded under this Note in reverse chronological order (applied first to
the most recently funded tranches under this Note).

 

4.15 Terms of Future
Financings. So long as this Note is outstanding, upon any issuance by the Borrower or any of its Subsidiaries of any security
with any term more favorable to the holder of such security or with a term in favor of the holder of such security that was not
similarly provided to the Holder in this Note, then the Borrower shall notify the Holder of such additional or more favorable term
and such term, at Holder’s option, shall become a part of the transaction documents with the Holder. The types of terms contained
in another security that may be more favorable to the holder of such security include, but are not limited to, terms addressing
conversion discounts, prepayment rate, conversion look back periods, interest rates, original issue discounts, stock sale price,
private placement price per share, and warrant coverage.

 

**
signature page to follow **

 

    11

    

    

 

IN WITNESS WHEREOF, Borrower
has caused this Note to be signed in its name by its duly authorized officer on the Issue Date.

 

PRECISION THERAPEUTICS, INC.

 

By: /s/ Bob Myers

Name: Bob Myers

Title: Chief Financial Officer

 

 

 

    12

    

    

 

EXHIBIT A -- NOTICE OF CONVERSION

 

The undersigned hereby elects to convert $________________amount
of this Note (defined

 

below) into that number of shares
of Common Stock to be issued pursuant to the conversion of this Note (“Common Stock”) as set forth below, of
Precision Therapeutics, Inc., a Delaware corporation (the “Borrower”), according to the conditions of the senior
secured promissory note of the Borrower dated as of September 28, 2018 (the “Note”), as of the date written
below. No fee will be charged to the Holder for any conversion, except for transfer taxes, if any.

 

Box Checked as to applicable instructions:

 

[ ]The Borrower
shall electronically transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned
or its nominee with DTC through its Deposit Withdrawal Agent Commission system (“DWAC Transfer”).

 

Name of DTC Prime

 

Broker: Account Number:

 

[ ]The undersigned
hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock set forth below
(which numbers are based on the Holder’s calculation attached hereto) in the name(s) specified immediately below or, if additional
space is necessary, on an attachment hereto:

 

PEAK ONE OPPORTUNITY FUND, LP

33 S. Hibiscus Dr.

Miami Beach, Florida. 33139

Attn: Jason C. Goldstein

E-mail: jgoldstein@peakoneinvestments.com

 

	Date of Conversion:	 
	 
	Applicable Conversion Price:	$
	 
	
        Number of Shares of Common
Stock to be Issued Pursuant to Conversion of this 

        Notes:
	 
	 
	
        Amount of Principal Balance
Due remaining Under this Note after this conversion:
	
	 

 

PEAK ONE OPPORTUNITY FUND, LP

 

By:_____________________________

Name:___________________________

Title:____________________________

Date:___________________________

 

 

13Exhibit 10.7

 

EXECUTION COPY

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), dated as of September 28, 2018 (the “Execution Date”), is entered into by and
between PRECISION THERAPEUTICS, INC., a Delaware corporation (the “Company”), and PEAK ONE OPPORTUNITY
FUND, LP, a Delaware limited partnership (together with its permitted assigns, the “Buyer”). Capitalized
terms used herein and not otherwise defined herein shall have the respective meanings set forth in that certain Securities Purchase
Agreement by and between the parties hereto, dated as of the Execution Date (as amended, restated, supplemented or otherwise modified
from time to time, the “Purchase Agreement”).

 

WHEREAS, the Company has agreed, upon
the terms and subject to the conditions of the Purchase Agreement, to sell to the Buyer (i) an 8% Senior Secured Promissory Note
of the Company in the aggregate principal amount of US$852,273.25 (together with any note(s) issued in replacement thereof or as
a dividend thereon or otherwise with respect thereto in accordance with the terms thereof, the “Note”), convertible
into shares of common stock, par value $0.01 share, of the Company (the “Common Stock”) subject to the terms
of the Note (the “Conversion Shares”), (ii) a warrant to acquire up to 397,544 shares (the “Warrant
Shares”) of Common Stock at an exercise price as set forth in that certain Common Stock Purchase Warrant dated as of
the Execution Date (the “Warrant”), upon the terms and subject to the limitations and conditions set forth in
the Warrant and (iii) 195,000 shares of Common Stock (the “Inducement Shares”, and together with the Conversion
Shares and Warrant Shares, the “Issuance Shares”) to induce the Buyer to enter into the Purchase Agreement,
and in connection therewith, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as
amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “Securities Act”),
and applicable state securities laws.

 

NOW, THEREFORE, in consideration of the
promises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Company and the Buyer hereby agree as follows:

 

1.       DEFINITIONS.

 

As used in this Agreement, the following terms shall have the following
meanings:

 

a.                  
“Investor” means collectively (i) the Buyer, (ii) the General Partner of the Buyer, Peak One Investments, LLC
and (iii) any transferee or assignee thereof to whom the Buyer assigns its rights under this Agreement in accordance with Section
9 and who agrees to become bound by the provisions of this Agreement, and any transferee or assignee thereof to whom a transferee
or assignee assigns its rights under this Agreement in accordance with Section 9 and who agrees to become bound by the provisions
of this Agreement.

 

b.                 
“Person” means any individual or entity including but not limited to any corporation, a limited liability company,
an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or a
governmental agency.

 

    

    

    

 

c.                  
“Initial Registration Statement” means a registration statement on Form S-3 covering the resale of all of the
Inducement Shares by the Investor.

 

d.                 
“Register,” “Registered,” and “Registration” refer to a registration effected
by preparing and filing one or more registration statements and/or prospectus supplements of the Company in compliance with the
Securities Act and/or pursuant to Rule 415 under the Securities Act or any successor rule providing for offering securities on
a continuous basis (“Rule 415”), and the declaration or ordering of effectiveness of such registration statement(s)
by the United States Securities and Exchange Commission (the “SEC”).

 

e.                  
“Registrable Securities” means all of the Issuance Shares which have been, or which may, from time to time be
issued, including without limitation all of the shares of Common Stock which have been issued or will be issued to the Investor
under the Purchase Agreement (without regard to any limitation or restriction on purchases), and any and all shares of capital
stock issued or issuable under the Transaction Documents, and shares of Common Stock issued to the Investor as a result of any
stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitation on purchases
under the Purchase Agreement.

 

f.                  
“Registration Statement” means (i) one or more registration statements on Form S-3 or Form S-1 of the Company
(including the Initial Registration Statement) or (ii) one or more prospectus supplements to an effective registration statement
on Form S-3, which such prospectus supplements are eligible to register the Registrable Securities under the Securities Act, each
covering only the sale of the Registrable Securities.

 

2.       REGISTRATION.

 

a.                  
Mandatory Registration. The Company shall file with the SEC an Initial Registration Statement covering all of the Inducement
Shares, and use best efforts to cause such registration statement to become effective, before November 15, 2018. No later than
January 31, 2019, the Company shall cause the Conversion Shares to be registered on a Registration Statement, which for the avoidance
of doubt may include the Initial Registration Statement. The Investor and its counsel shall have a reasonable opportunity to review
and comment upon such Registration Statement(s) prior to its filing with the SEC, and the Company shall give due consideration
to all such comments. The Investor shall use its reasonable best efforts to comment upon any Registration Statement within two
(2) business days from the date the Investor receives the final pre-filing version of such prospectus. The Company shall also,
subject to Section 2(c), register the Warrant Shares under the Initial Registration Statement, and if all such Warrant Shares
are not able to be registered under the Initial Registration Statement, then the Company shall register any remaining Warrant Shares
under each other Registration Statement filed by the Company with the SEC.

 

b.                  Rule
424 Prospectus. In addition to the Initial Registration Statement, and any other Registration Statement filed with the
SEC pursuant to Section 2(a), the Company shall, as required by applicable securities regulations, from time to
time file with the SEC, pursuant to Rule 424 promulgated under the Securities Act, such prospectuses and prospectus
supplements, to be used in connection with sales of the Registrable Securities under each Registration Statement. The
Investor and its counsel shall have a reasonable opportunity to review and comment upon such prospectuses prior to its filing
with the SEC, and the Company shall give due consideration to all such comments. The Investor shall use its reasonable best
efforts to comment upon any prospectus within two (2) business days from the date the Investor receives the final pre-filing
version of such prospectus.

 

    	2

    

    

 

c.                  
Sufficient Number of Shares Registered. In the event that in accordance with applicable SEC rules, regulations and interpretations
the number of shares available under such Registration Statement(s) filed with the SEC pursuant to Section 2(a) shall be
insufficient to permit the sale and/or resale of such Registrable Securities by the Investor, including but not limited to under
Rule 415 under the Securities Act at then prevailing market prices (and not fixed prices), as mutually determined by both the Company
and the Investor in consultation with their respective legal counsel and otherwise to cover all of the Registrable Securities,
the Company shall amend the Initial Registration Statement or file a new Registration Statement (a “New Registration Statement”),
so as to cover all of such Registrable Securities (subject to the limitations set forth in Section 2(f)) as soon as practicable,
but in any event not later than ten (10) business days after the necessity therefor arises, subject to any limits that may be imposed
by the SEC pursuant to Rule 415 under the Securities Act. The Company shall use its reasonable best efforts to cause such amendment
and/or New Registration Statement to become effective as soon as practicable following the filing thereof.

 

d.                 
Piggyback Registration. In the event that any of the Registrable Securities have not been included in a Registration Statement
filed with the SEC pursuant to Section 2(a) or a New Registration Statement pursuant to Section 2(c), and the Company
initially files any other registration statement under the Securities Act (other than on Form S-4, Form S-8, or with respect to
other employee related plans or rights offerings) (an “Other Registration Statement”) after sixty (60) days
following the Execution Date, then the Company shall include in such Other Registration Statement such Registrable Securities,
including any Warrant Shares, that have not been previously Registered.

 

e.                   Effectiveness.
The Investor and its counsel shall have a reasonable opportunity to review and comment upon any Registration Statement and
any amendment or supplement to such Registration Statement and any related prospectus prior to its filing with the SEC, and
the Company shall give due consideration to all reasonable comments. The Investor shall furnish all information
reasonably requested by the Company for inclusion therein. The Company shall use reasonable best efforts to keep all
Registration Statements effective, including but not limited to pursuant to Rule 415 promulgated under the Securities Act and
available for the resale by the Investor of all of the Registrable Securities covered thereby at all times until the earlier
of (i) the date as of which the Investor may sell all of the Registrable Securities without restriction pursuant to Rule 144
promulgated under the Securities Act without any restrictions (including any restrictions under Rule 144(c) or Rule 144(i))
and (ii) the date on which the Investor shall have sold all the Registrable Securities covered thereby (the
“Registration Period”). In the Event that that any Registration Statement filed hereunder is no longer
effective and Rule 144 is available for sales of the Registrable Securities, the company shall provide an opinion that upon
request of the Investor that the Investor may sell any such Registrable Securities held by the Investor pursuant to Rule 144
with all costs related to such opinion to be borne by the Company. Each Registration Statement (including any amendments or
supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein, or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading; provided that the Company makes no representations
regarding information regarding the Investor, the Registrable Securities held by it and the intended method of disposition of
the Registrable Securities held by it provided in writing by the Investor.

 

    	3

    

    

 

f.                  
Offering. If the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant
to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such
Registration Statement to become or remain effective and be used for resales by the Investor under Rule 415 at then-prevailing
market prices (and not fixed prices) by comment letter or otherwise, or if after the filing of a Registration Statement with the
SEC pursuant to Section 2(a), the Company is otherwise required by the Staff or the SEC to reduce the number of Registrable
Securities included in such Registration Statement, then the Company shall reduce the number of Registrable Securities to be included
in such Registration Statement (with the prior consent, which shall not be unreasonably withheld, of the Investor and its legal
counsel as to the specific Registrable Securities to be removed therefrom) until such time as the Staff and the SEC shall so permit
such Registration Statement to become effective and be used as aforesaid. In the event of any reduction in Registrable Securities
pursuant to this paragraph, the Company shall file one or more New Registration Statements in accordance with Section 2(c)
until such time as all Registrable Securities have been included in Registration Statements that have been declared effective and
the prospectus contained therein is available for use by the Investor. Notwithstanding any provision herein or in the Purchase
Agreement to the contrary, the Company’s obligations to register Registrable Securities (and any related conditions to the
Investor’s obligations) shall be qualified as necessary to comport with any requirement of the SEC or the Staff as addressed
in this Section 2(f).

 

g.                 
Leak Out. For a period of four months from the date the Initial Registration Statement is declared effective by the SEC,
and provided that the Company is in full compliance with and has not breached any provision of this Agreement the Investor may
sell Registrable Securities under any Registration Statement, provided that the Investor does not sell, on any given day, a number
of shares of Registrable Securities that exceeds the greater of (i) 10% of the daily volume of the Common Stock for the period
ended one Trading Day prior to the date of such sale, as reported by the Nasdaq Capital Market; and (ii) such number of Registrable
Securities that equals (A) US$10,000, divided by, (B) the closing price of the Common Stock one Trading Day prior to the date of
such sale, as reported by the Nasdaq Capital Market.

 

3.       RELATED OBLIGATIONS.

 

With respect to a Registration Statement and
whenever any Registrable Securities are to be Registered pursuant to Section 2, including on any Other Registration Statement,
the Company shall use its reasonable best efforts to effect the registration of the Registrable Securities in accordance with the
intended method of disposition thereof and, pursuant thereto, the Company shall have the following obligations:

 

    	4

    

    

 

a.                  
The Company shall prepare and file with the SEC such amendments (including post-effective amendments on Form S-3 or S-1) and supplements
to any registration statement and the prospectus used in connection with such registration statement, which prospectus is to be
filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep the Registration Statement or any
Other Registration Statement effective at all times during the Registration Period, and, during such period, comply with the provisions
of the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by the Registration
Statement or any Other Registration Statement until such time as all of such Registrable Securities shall have been disposed of
in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such registration statement.

 

b.                 
The Company shall permit the Investor to review and comment upon each Registration Statement or any Other Registration Statement
and all amendments and supplements thereto at least two (2) business days prior to their filing with the SEC, and not file any
document in a form to which Investor reasonably objects. The Investor shall use its reasonable best efforts to comment upon the
Registration Statement or any Other Registration Statement and any amendments or supplements thereto within two (2) business days
from the date the Investor receives the final version thereof. The Company shall furnish to the Investor, without charge, and within
one (1) business day, any comments and/or any other correspondence from the SEC or the Staff to the Company or its representatives
relating to the Registration Statement or any Other Registration Statement. The Company shall respond to the SEC or the Staff,
as applicable, regarding the resolution of any such comments and/or correspondence as promptly as practicable and in any event
within two weeks upon receipt thereof.

 

c.                  
Upon request of the Investor, the Company shall furnish to the Investor, (i) promptly after the same is prepared and filed with
the SEC, at least one copy of such registration statement and any amendment(s) thereto, including financial statements and schedules,
all documents incorporated therein by reference and all exhibits, (ii) upon the effectiveness of any registration statement, a
copy of the prospectus included in such registration statement and all amendments and supplements thereto (or such other number
of copies as the Investor may reasonably request) and (iii) such other documents, including copies of any preliminary or final
prospectus, as the Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable
Securities owned by the Investor. For the avoidance of doubt, any filing available to the Investor via the SEC’s live EDGAR
system shall be deemed “furnished to the Investor” hereunder.

 

d.                 
The Company shall use reasonable best efforts to maintain the registration of its Common Stock under Section 12(b) of the
Securities Act. If at any time, the Company’s common stock shall no longer remain registered under Section 12(b) of the
Securities Act, and the Company has or is required to file a Registration Statement hereunder, the Company shall provide
contemporaneously with (and in no case before) the filing of a Form 25 with the SEC, notice to the Investor. In such case,
the Company shall (i) register and qualify the Registrable Securities covered by a registration statement under such other
securities or “blue sky” laws of Puerto Rico, Kansas, New York, Florida and such other jurisdictions in the
United States as the Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including
post-effective amendments) and supplements to any such registrations and qualifications (including all Registration
Statements) as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other
actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration
Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in
such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition
thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section
3(d), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of
process in any such jurisdiction. The Company shall promptly notify the Investor who holds Registrable Securities of the
receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the
Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United
States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose.

 

    	5

    

    

 

e.                  
As promptly as practicable after becoming aware of such event or facts, the Company shall notify the Investor in writing of the
happening of any event or existence of such facts as a result of which the prospectus included in any registration statement, as
then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein
or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly
prepare a supplement or amendment to such registration statement to correct such untrue statement or omission, and deliver a copy
of such supplement or amendment to the Investor (or such other number of copies as the Investor may reasonably request). The Company
shall also promptly notify the Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment
has been filed, and when a registration statement or any post-effective amendment has become effective (notification of such effectiveness
shall be delivered to the Investor by email or facsimile on the same day of such effectiveness and by overnight mail), (ii) of
any request by the SEC for amendments or supplements to any registration statement or related prospectus or related information,
and (iii) of the Company’s reasonable determination that a post-effective amendment to a registration statement would be
appropriate.

 

f.                  
The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension of effectiveness
of any registration statement, or the suspension of the qualification of any Registrable Securities for sale in any jurisdiction
and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment
and to notify the Investor of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation
or threat of any proceeding for such purpose. In addition if the Company shall receive any comment letter from the SEC relating
to any registration statement under which Registrable Securities are Registered, Company shall notify the Investor of the issuance
of such order and use its reasonable best efforts to address such comments in a manner satisfactory to the SEC.

 

g.                 
The Company shall cause all the Registrable Securities to be listed on each securities exchange on which securities of the same
class or series issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted
under the rules of such exchange. The Company shall pay all fees and expenses in connection with satisfying its obligation under
this Section.

 

    	6

    

    

 

h.                 
The Company shall cooperate with the Investor to facilitate the timely preparation and delivery of DWAC Shares representing the
Registrable Securities to be offered pursuant to any registration statement. “DWAC Shares” means shares of Common
Stock that are (i) issued in electronic form, (ii) freely tradable and transferable and without restriction on resale and (iii)
timely credited by the Company to the Investor’s or its designee’s specified DWAC account with The Depository Trust
Company (“DTC”) under the DTC/FAST Program, or any similar program hereafter adopted by DTC performing substantially
the same function.

 

i.                   
The Company shall at all times maintain the services of its Transfer Agent and registrar with respect to its Common Stock.

 

j.                   
If reasonably requested by the Investor, the Company shall (i) immediately incorporate in a prospectus supplement or post-effective
amendment such information as the Investor believes should be included therein relating to the sale and distribution of Registrable
Securities, including, without limitation, information with respect to the number of Registrable Securities being sold, the purchase
price being paid therefor and any other terms of the offering of the Registrable Securities; (ii) make all required filings of
such prospectus supplement or post-effective amendment as soon as practicable upon notification of the matters to be incorporated
in such prospectus supplement or post-effective amendment; and (iii) supplement or make amendments to any registration statement.

 

k.                 
The Company shall use its reasonable best efforts to cause the Registrable Securities covered by any registration statement to
be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition
of such Registrable Securities.

 

l.                   
Within one (1) business day after any registration statement which includes Registrable Securities is ordered effective by the
SEC, or any prospectus supplement including Registrable Securities is filed with the SEC, the Company shall deliver, and shall
cause legal counsel for the Company to deliver, to the Transfer Agent for such Registrable Securities (with copies to the Investor)
confirmation that such registration statement has been declared effective by the SEC in the form attached hereto as Exhibit
A. Thereafter, if requested by the Investor at any time, the Company shall require its counsel to deliver to the Investor a
written confirmation whether or not (i) the effectiveness of such registration statement has lapsed at any time for any reason
(including, without limitation, the issuance of a stop order), (ii) any comment letter has been issued by the SEC and (iii) whether
or not the registration statement is current and available to the Investor for sale of all of the Registrable Securities.

 

m.               
The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable
Securities pursuant to any registration statement.

 

4.       OBLIGATIONS OF THE INVESTOR.

 

a.       The
Company shall notify the Investor in writing of the information the Company reasonably requires from the Investor in
connection with any registration statement hereunder. The Investor shall furnish to the Company such information regarding
itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it
as shall be reasonably required to effect the registration of such Registrable Securities and shall execute such documents in
connection with such registration as the Company may reasonably request. Notwithstanding the foregoing, the Registration
Statement shall contain the “Plan of Distribution” and, if applicable the “Selling Stockholder”
section, each in substantially the form provided to the Company by the Investor.

 

    	7

    

    

 

b.                 
The Investor agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and
filing of any registration statement or prospectus supplement hereunder.

 

c.                  
The Investor agrees that, upon receipt of any notice from the Company of the happening of any event or existence of facts of the
kind described in Section 3.f) or the first sentence of Section 3(e), the Investor will immediately discontinue disposition
of Registrable Securities pursuant to any registration statement(s) covering such Registrable Securities until withdrawal of a
stop order contemplated by Section 3.f) or the Investor’s receipt of the copies of the supplemented or amended prospectus
contemplated by Section 3.e). Notwithstanding anything to the contrary, the Company shall cause its Transfer Agent to promptly
issue DWAC Shares in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities
with respect to which an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the
Company of the happening of any event of the kind described in Section 3.f) or the first sentence of Section 3.e)
and for which the Investor has not yet settled.

 

5.                 
EXPENSES OF REGISTRATION.

 

All reasonable expenses, other than sales or brokerage
commissions, incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including,
without limitation, all registration, listing and qualifications fees, printers and accounting fees, and fees and disbursements
of counsel for the Company, shall be paid by the Company.

 

    	8

    

    

 

6.                 
INDEMNIFICATION.

 

a.       To
the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor,
each Person, if any, who controls or is under common control with the Investor, the members, the directors, officers,
partners, employees, agents, representatives of the Investor and each Person, if any, who is an “affiliate” of
the Investor within the meaning of the Securities Act or the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) (each, an “Indemnified Person”), against any losses, claims, damages,
liabilities, judgments, fines, penalties, charges, costs, attorneys’ fees, amounts paid in settlement or expenses,
joint or several, (collectively, “Claims”) incurred in investigating, preparing or defending any action,
claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental,
administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an Indemnified
Person is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject
insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are
based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement, any Other
Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of
the offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities
are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to
be stated therein or necessary to make the statements therein not misleading, (ii) any untrue statement or alleged untrue
statement of a material fact contained in the final prospectus (as amended or supplemented, if the Company files any
amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact
necessary to make the statements made therein, in light of the circumstances under which the statements therein were made,
not misleading, (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other
law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or
sale of the Registrable Securities pursuant to a Registration Statement or any Other Registration Statement or (iv) any
material violation by the Company of this Agreement, (the matters in the foregoing clauses (i) through (iv) being,
collectively, “Violations”). The Company shall reimburse each Indemnified Person promptly as such expenses
are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in
connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the
indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person
arising out of or based upon a Violation which occurs in reliance upon and in conformity with information about the Investor
or the Registrable Securities furnished in writing to the Company by such Indemnified Person expressly for use in connection
with the preparation of a Registration Statement, any Other Registration Statement or any such amendment thereof or
supplement thereto, if such prospectus was timely made available by the Company pursuant to Section 3(c) or Section
3(e); (ii) with respect to any superseded prospectus, shall not inure to the benefit of any such person from whom the
person asserting any such Claim purchased the Registrable Securities that are the subject thereof (or to the benefit of
any person controlling such person) if the untrue statement or omission of material fact contained in the superseded
prospectus was corrected in the revised prospectus, as then amended or supplemented, if such revised prospectus was timely
made available by the Company pursuant to Section 3(c) or Section 3(e), and the Indemnified Person was promptly
advised in writing not to use the incorrect prospectus prior to the use giving rise to a violation and such Indemnified
Person, notwithstanding such advice, used it; (iii) shall not be available to the extent such Claim is based on a failure of
the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was
timely made available by the Company pursuant to Section 3(c) or Section 3(e); and (iv) shall not apply to
amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company,
which consent shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by
the Investor pursuant to Section 9.

 

b.       Investor
agrees to indemnify and hold harmless the Company, its officers, directors and agents and each Person, if any, who controls
the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and each of their
respective representatives to the same extent as the foregoing indemnity from the Company to Investor pursuant to Section
6(a), but only with respect to a Claim arising out of or based upon a Violation which occurs as a direct result of and in
reliance upon and in conformity with information about such Investor or the Registrable Securities of such Investor furnished
in writing to the Company by such Investor expressly for use in connection with the preparation of a Registration Statement,
any Other Registration Statement or any such amendment thereof or supplement thereto. Notwithstanding the foregoing, in no
event will the liability of Investor hereunder exceed the net proceeds actually received by Investor from the sale of its
Registrable Securities hereunder.

 

    	9

    

    

 

c.                  
Promptly after receipt by an Indemnified Person under this Section 6 of notice of the commencement of any action or proceeding
(including any governmental action or proceeding) involving a Claim, such Indemnified Person shall, if a Claim in respect thereof
is to be made against the Company under this Section 6, deliver to the Company a written notice of the commencement thereof,
and the Company shall have the right to participate in, and, to the extent the Company so desires, to assume control of the defense
thereof with counsel mutually satisfactory to the Company and to the Indemnified Person; provided, however, that an Indemnified
Person shall have the right to retain its own counsel with the fees and expenses to be paid by the Company, if, in the reasonable
opinion of counsel retained by the Company, the representation by such counsel of the Indemnified Person and the Company would
be inappropriate due to actual or potential differing interests between such Indemnified Person and any other party represented
by such counsel in such proceeding. The Indemnified Person shall cooperate fully with the Company in connection with any negotiation
or defense of any such action or Claim by the Company and shall furnish to the Company all information reasonably available to
the Indemnified Person which relates to such action or Claim. The indemnifying party shall keep the Indemnified Person fully apprised
at all times as to the status of the defense or any settlement negotiations with respect thereto. The Company shall not be liable
for any settlement of any action, Claim or proceeding effectuated without its written consent, provided, however, that the Company
shall not unreasonably withhold, delay or condition its consent. The Company shall not, without the consent of the Indemnified
Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such Indemnified Person of a release from all liability in respect to such
Claim or litigation. Following indemnification as provided for hereunder, the Company shall be subrogated to all rights of the
Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has
been made. The failure to deliver written notice to the Company within a reasonable time of the commencement of any such action
shall not relieve the Company of any liability to the Indemnified Person under this Section 6, except to the extent that
the Company is prejudiced in its ability to defend such action.

 

d.                 
The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course
of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

 

e.                  
The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Person
against the Company or others, and (ii) any liabilities the Company may be subject to pursuant to the law.

 

7.       CONTRIBUTION.

 

To the extent any indemnification by the Company
is prohibited or limited by law, the Company agrees to make the maximum contribution with respect to any amounts for which it would
otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no seller of Registrable
Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled
to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution
by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the
sale of such Registrable Securities.

 

    	10

    

    

 

8.REPORTS AND DISCLOSURE UNDER THE SECURITIES ACTS.

 

With a view to making available to the Investor
the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the SEC that may at any
time permit the Investor to sell securities of the Company to the public without registration (“Rule 144”),
the Company agrees, at the Company’s sole expense, to:

 

a.                  
make and keep “current public information” available, as such term is understood and defined in Rule 144;

 

b.                 
file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange
Act;

 

c.                  
furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by
the Company that it has complied with the reporting and or disclosure provisions of Rule 144, the Securities Act and the Exchange
Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by
the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant
to Rule 144 without registration; and

 

d.                 
take such additional action as is requested by the Investor to enable the Investor to sell the Registrable Securities pursuant
to Rule 144, including, without limitation, delivering all such legal opinions, consents, certificates, resolutions and instructions
to the Company’s Transfer Agent as may be requested from time to time by the Investor at the Company’s expense and
otherwise fully cooperate with Investor and Investor’s broker to effect such sale of securities pursuant to Rule 144.

 

The Company agrees that damages may be an inadequate
remedy for any breach of the terms and provisions of this Section 8 and that Investor shall, whether or not it is pursuing
any remedies at law, be entitled to equitable relief in the form of a preliminary or permanent injunctions, without having to post
any bond or other security, upon any breach or threatened breach of any such terms or provisions.

 

9.ASSIGNMENT OF REGISTRATION RIGHTS.

 

The Company shall not assign this Agreement
or any rights or obligations hereunder without the prior written consent of the Buyer, or any Investor as assignee pursuant
to this Section 9. The Buyer, or any Investor, may not assign its rights under this Agreement without the written
consent of the Company other than to an affiliate of such Investor.

 

    	11

    

    

 

10.           
AMENDMENT OF REGISTRATION RIGHTS.

 

No provision of this Agreement may be (i) amended
other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument signed by the
party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy under this Agreement
or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

 

11.           
MISCELLANEOUS.

 

a.                  
A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the
same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered
owner of such Registrable Securities.

 

b.                 
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent
by email (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party)
if delivered on a business day during normal business hours where such notice is to be received, or the first business day following
such delivery (if delivered other than on a business day during normal business hours where such notice is to be received); or
(iii) one (1) business day after timely deposit with a nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses for such communications shall be:

 

If to the Company:

 

PRECISION THERAPEUTICS INC. 

2915 Commers Drive, Suite 900

Eagan, Minnesota 55121

Attention: Bob Myers, CFO

E-mail: bmyers@skylinemedical.com>

Phone: 651.389.4800

 

With a copy (which shall not constitute notice) to:

 

Maslon LLP

3300 Wells Fargo Center, 90 S. Seventh Street

Minneapolis, MN 55402

E-mail: martin.rosenbaum@maslon.com

Attention: Martin Rosenbaum

Phone: 612.672.8326

 

    	12

    

    

 

If to the Investor:

 

PEAK ONE OPPORTUNITY FUND, LP

333 S. Hibiscus Dr.

Miami Beach, Florida 33139

Attn: Jason C. Goldstein

E-mail: jgoldstein@peakoneinvestments.com

Phone: 305.531.9228

 

with a copy (that shall not constitute notice) to:

 

K&L Gates LLP

200 S. Biscayne Blvd., Suite 3900

Miami, FL 33131

E-mail: john.owens@klgates.com

Attention: John D. Owens, III, Esq.

 

or at such other address and/or email address and/or to the attention
of such other person as the recipient party has specified by written notice given to each other party three (3) business days prior
to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver
or other communication, (B) mechanically or electronically generated by the sender’s email account containing the time, date,
recipient email address, as applicable, and an image of the first page of such transmission or (C) provided by a nationally recognized
overnight delivery service, shall be rebuttable evidence of personal service, receipt by email or receipt from a nationally recognized
overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

 

c.                  
This Agreement shall be governed by and interpreted in accordance with the laws of the State of Nevada without regard to the principles
of conflicts of law (whether of the State of Nevada or any other jurisdiction).

 

d.                 
Any action brought by either party against the other concerning the transactions contemplated by this Agreement and the
other Transaction Documents shall be brought only in the state or federal courts of Miami-Dade County, Florida. The parties
to this Agreement hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and
shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The costs and
expenses of such action shall be paid by and be the sole responsibility of the Company, including but not limited to the
Investor’s attorneys’ fees and court fees. In the event that any provision of this Agreement or any other
agreement delivered in connection herewith is invalid or unenforceable under any applicable statute or rule of law, then such
provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service
of process and consents to process being served in any suit, action or proceeding in connection with this Agreement or any
other Transaction Document by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any other manner permitted by law.

 

    	13

    

    

 

e.                  
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall
not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability
of any provision of this Agreement in any other jurisdiction.

 

f.                  
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

g.                 
This Agreement and the Purchase Agreement constitute the entire agreement among the parties hereto with respect to the subject
matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred
to herein and therein. This Agreement and the Purchase Agreement supersede all prior agreements and understandings among the parties
hereto with respect to the subject matter hereof and thereof.

 

h.                 
Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the successors
and permitted assigns of each of the parties hereto.

 

i.                   
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

j.                   
This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute
one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission
or by e-mail in a “.pdf” format data file of a copy of this Agreement bearing the signature of the party so delivering
this Agreement.

 

k.                 
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

l.                   
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and
no rules of strict construction will be applied against any party.

 

    	14

    

    

 

m.               
This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns,
which shall, for the avoidance of confusion, include Peak One Investments, LLC as the holder of the Inducement Shares, and is
not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

* * * * * *

 

 

 

 

 

 

 

 

 

 

    	15

    

    

 

IN WITNESS WHEREOF, the parties have caused this Agreement
to be duly executed as of the Execution Date.

 

THE COMPANY: 

 

PRECISION THERAPEUTICS, INC.

 

By: /s/ Bob Myers 

Name: Bob Myers

Title: Chief Financial Officer

 

BUYER: 

 

PEAK ONE OPPORTUNITY FUND, LP

 

By its General Partner: PEAK ONE INVESTMENTS, LLC

 

By: /s/ Jason C. Goldstein 

Name: Jason C. Goldstein

Title: Managing Partner

 

 

 

 

 

 

 

 

 

    

    

    

 

EXHIBIT A

 

TO REGISTRATION RIGHTS AGREEMENT

 

FORM OF NOTICE OF EFFECTIVENESS

OF REGISTRATION STATEMENT

 

, 2018

 

Corporate Stock Transfer, Inc.

3200 Cherry Creek South Drive

Suite 430

Denver, CO 80209

 

Re: EFFECTIVENESS OF REGISTRATION STATEMENT

 

Ladies and Gentlemen:

 

We are counsel to Precision
Therapeutics Inc., a Delaware corporation (the “Company”), and have represented the Company in
connection with that certain Securities Purchase Agreement, dated as of September 28, 2018 (the “Purchase
Agreement”), entered into by and between the Company and Peak One Opportunity Fund, LP (the
“Buyer”) to sell to the Buyer an 8% Senior Secured Promissory Note of the Company in the aggregate
principal amount of US$852,273.25 (together with any note(s) issued in replacement thereof or as a dividend thereon or
otherwise with respect thereto in accordance with the terms thereof, the “Note”), convertible into shares
of common stock, par value $0.01 share, of the Company (the “Common Stock”) subject to the terms of the
Note (the “Conversion Shares”), (ii) a warrant to acquire up to 397,544 shares (the
“Warrant Shares”) of Common Stock at an exercise price as set forth in that certain Common Stock Purchase
Warrant dated as of the September 28, 2018 (the “Warrant”), upon the terms and subject to the limitations
and conditions set forth in the Warrant and (iii) 195,000 shares of Common Stock to be issued as an inducement to Peak One
Investments, LLC to enter into this Agreement (the “Inducement Shares”, and together with the Conversion
Shares and Warrant Shares, the “Issuance Shares”). In connection with the transactions contemplated by the
Purchase Agreement, the Company has registered with the U.S. Securities & Exchange Commission [                    ] Shares of
Common Stock issued and/or to be issuable to the Buyer upon purchase from the Company by the Buyer from time to time in
accordance with the Purchase Agreement (the “Shares”).

 

Pursuant to the Purchase Agreement, the
Company also has entered into a Registration Rights Agreement, of even date with the Purchase Agreement with the Buyer (the
“Registration Rights Agreement”) pursuant to which the Company agreed, among other things, to register the
Shares under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the
Company’s obligations under the Purchase Agreement and the Registration Rights Agreement, on [                    ], 2018, the
Company filed a Registration Statement (File No. 333-[                    ]) (the “Registration Statement”) with
the Securities and Exchange Commission (the “SEC”) relating to the resale of [                    ] shares of
Common Stock issued and/or to be issuable under the Purchase Agreement (the “Registered Shares”).

 

    

    

    

 

In connection with the foregoing, we
advise you that a member of the SEC’s staff has advised us by telephone that the SEC has entered an order declaring the
Registration Statement effective under the Securities Act at [                    ] [A.M./P.M.] on [                    ], 2018 and we have no
knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness
has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC, and the Registered
Shares are available for resale under the Securities Act pursuant to the Registration Statement and may be issued without any
restrictive legend.

 

	 	 	Very truly yours,
	 	 	[Company Counsel]
	 	 	 
	 	 	By: 	 
	 	 	 

 

 

cc:    Peak One Investments, LLC

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]