Document:

Exhibit 10.3

 

		U.S.
        Small Business Administration

         

         

        Note

         

        (Secured
        Disaster Loans)
	Date:
    06.25.2020
	 

        Loan
        Amount: $150,000.00

	 

                                                                                                                         

        Annual
        Interest Rate: 3.75%

 

	SBA
    Loan # 4135758009	Application
    #3300065448

 

	 	1.	PROMISE
    TO PAY: In return for a loan, Borrower promises to pay to the order of SBA the amount of one hundred and fifty thousand
    and 00/100 Dollars ($150,000.00), interest on the unpaid principal balance, and all
    other amounts required by this Note.
	 	 	 
	 	2.	DEFINITIONS:
    A) “Collateral” means any property taken as security for payment of this Note or any guarantee of
    this Note. B) “Guarantor” means each person or entity that signs a guarantee of payment of this
    Note. C) “Loan Documents” means the documents related to this loan signed by Borrower, any Guarantor, or
    anyone who pledges collateral.
	 	 	 
	 	3.	PAYMENT
    TERMS: Borrower must make all payments at the place SBA designates. Borrower may prepay this Note in part or in full at
    any time, without notice or penalty. Borrower must pay principal and interest payments of
    $731.00 every month beginning Twelve (12) months from the date of the Note.
    SBA will apply each installment payment first to pay interest accrued to the day SBA receives the payment and will then apply
    any remaining balance to reduce principal. All remaining principal and accrued
    interest is due and payable Thirty (30) years from the date of the Note.
	 	 	 
	 	4.	DEFAULT:
    Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower: A)
    Fails to comply with any provision of this Note, the Loan Authorization and Agreement, or other Loan Documents; B)
    Defaults on any other SBA loan; C) Sells or otherwise transfers, or does not preserve or account to SBA’s
    satisfaction for, any of the Collateral or its proceeds; D) Does not disclose, or anyone acting on their behalf does
    not disclose, any material fact to SBA; E) Makes, or anyone acting on their behalf makes, a materially false or misleading
    representation to SBA; F) Defaults on any loan or agreement with another creditor, if SBA believes the default may
    materially affect Borrower’s ability to pay this Note; G) Fails to pay any taxes when due; H) Becomes
    the subject of a proceeding under any bankruptcy or insolvency law; I) Has a receiver or liquidator appointed for any
    part of their business or property; J) Makes an assignment for the benefit of creditors; K) Has any adverse
    change in financial condition or business operation that SBA believes may materially affect Borrower’s ability to pay
    this Note; L) Dies; M) Reorganizes, merges, consolidates, or otherwise changes ownership or business structure
    without SBA’s prior written consent; or, N) Becomes the subject of a civil or criminal action that SBA believes
    may materially affect Borrower’s ability to pay this Note.
	 	 	 
	 	5.	SBA’S
    RIGHTS IF THERE IS A DEFAULT: Without notice or demand and without giving up any of its rights,
    SBA may: A) Require immediate payment of all amounts owing under this Note; B) Have recourse to collect
    all amounts owing from any Borrower or Guarantor (if any); C) File suit and obtain judgment; D) Take possession
    of any Collateral; or E) Sell, lease, or otherwise dispose of, any Collateral at public or private sale, with or without
    advertisement.
	 	 	 
	 	6.	SBA’S
    GENERAL POWERS: Without notice and without Borrower’s consent, SBA may: A) Bid on or buy the Collateral at
    its sale or the sale of another lienholder, at any price it chooses; B) Collect amounts due under this Note,
    enforce the terms of this Note or any other Loan Document, and preserve or dispose of the Collateral. Among other things,
    the expenses may include payments for property taxes, prior liens, insurance, appraisals, environmental remediation costs,
    and reasonable attorney’s fees and costs. If SBA incurs such expenses, it may demand immediate reimbursement from Borrower
    or add the expenses to the principal balance; C) Release anyone obligated to pay this Note; D) Compromise, release,
    renew, extend or substitute any of the Collateral; and E) Take any action necessary to
    protect the Collateral or collect amounts owing on this Note.

 

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	 	7.	FEDERAL
    LAW APPLIES: When SBA is the holder, this Note will be interpreted and enforced under federal law,
    including SBA regulations. SBA may use state or local procedures for filing papers, recording documents, giving notice,
    foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local
    control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law
    to deny any obligation, defeat any claim of SBA, or preempt federal law.
	 	 	 
	 	8.	GENERAL
    PROVISIONS: A) All individuals and entities signing this Note are jointly and severally liable. B) Borrower waives
    all suretyship defenses. C) Borrower must sign all documents required at any time to comply with the Loan Documents
    and to enable SBA to acquire, perfect, or maintain SBA’s liens on Collateral. D) SBA may exercise any of its
    rights separately or together, as many times and in any order it chooses. SBA may delay or forgo enforcing any of its rights
    without giving up any of them. E) Borrower may not use an oral statement of SBA to contradict or alter the written
    terms of this Note. F) If any part of this Note is unenforceable, all other parts remain in
    effect. G) To the extent allowed by law, Borrower waives all demands and notices in connection with this Note,
    including presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses based upon any claim that
    SBA did not obtain any guarantee; did not obtain, perfect, or maintain a lien upon Collateral; impaired Collateral; or did
    not obtain the fair market value of Collateral at a sale. H) SBA may sell or otherwise transfer this Note.
	 	 	 
	 	9.	MISUSE
    OF LOAN FUNDS: Anyone who wrongfully misapplies any proceeds of the loan will be civilly liable to
    SBA for one and one- half times the proceeds disbursed, in addition to other remedies allowed by law.
	 	 	 
	 	10.	BORROWER’S
    NAME(S) AND SIGNATURE(S): By signing below, each individual or entity acknowledges and
    accepts personal obligation and full liability under the Note as Borrower.

 

Pressure
BioSciences, Inc.

 

Richard
Schumacher, Owner/Officer

 

    	Page 2 of 2Exhibit
10.4

 

	
         

        

         
	
         

         

        U.S. Small Business Administration

        Security
        Agreement

 

	SBA
    Loan #: 	4135758009
    
	Borrower:	Pressure
    BioSciences, Inc. 
	Secured
    Party:	The
    Small Business Administration, an Agency of the U.S. Government 
	Date:	06.25.2020
    
	Note	Amount:
    $150,000.00 

 

	1.	DEFINITIONS.

 

Unless
otherwise specified, all terms used in this Agreement will have the meanings ascribed to them under the Official Text of the Uniform
Commercial Code, as it may be amended from time to time, (“UCC”). “SBA” means the Small Business Administration,
an Agency of the U.S. Government.

 

	2.	GRANT
    OF SECURITY INTEREST.

 

For
value received, the Borrower grants to the Secured Party a security interest in the property described below in paragraph 4 (the
“Collateral”).

 

	3.	OBLIGATIONS
    SECURED.

 

This
Agreement secures the payment and performance of: (a) all obligations under a Note dated 06.25.2020, made by Pressure BioSciences,
Inc. , made payable to Secured Lender, in the amount of $150,000.00 (“Note”), including all costs and expenses (including
reasonable attorney’s fees), incurred by Secured Party in the disbursement, administration and collection of the loan evidenced
by the Note; (b) all costs and expenses (including reasonable attorney’s fees), incurred by Secured Party in the protection,
maintenance and enforcement of the security interest hereby granted; (c) all obligations of the Borrower in any other agreement
relating to the Note; and (d) any modifications, renewals, refinancings, or extensions of the foregoing obligations.

 

	4.	COLLATERAL
    DESCRIPTION.

 

The
Collateral in which this security interest is granted includes the following property that Borrower now owns or shall acquire
or create immediately upon the acquisition or creation thereof: all tangible and intangible personal property, including, but
not limited to: (a) inventory, (b) equipment, (c) instruments, including promissory notes (d) chattel paper, including tangible
chattel paper and electronic chattel paper, (e) documents, (f) letter of credit rights, (g) accounts, including health-care insurance
receivables and credit card receivables, (h) deposit accounts, (i) commercial tort claims, (j) general intangibles, including
payment intangibles and software and (k) as-extracted collateral as such terms may from time to time be defined in the Uniform
Commercial Code. The security interest Borrower grants includes all accessions, attachments, accessories, parts, supplies and
replacements for the Collateral, all products, proceeds and collections thereof and all records and data relating thereto.

 

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	5.	RESTRICTIONS
    ON COLLATERAL TRANSFER.

 

Borrower
will not sell, lease, license or otherwise transfer (including by granting security interests, liens, or other encumbrances in)
all or any part of the Collateral or Borrower’s interest in the Collateral without Secured Party’s written or electronically
communicated approval, except that Borrower may sell inventory in the ordinary course of business on customary terms. Borrower
may collect and use amounts due on accounts and other rights to payment arising or created in the ordinary course of business,
until notified otherwise by Secured Party in writing or by electronic communication.

 

	6.	MAINTENANCE
    AND LOCATION OF COLLATERAL; INSPECTION; INSURANCE.

 

Borrower
must promptly notify Secured Party by written or electronic communication of any change in location of the Collateral, specifying
the new location. Borrower hereby grants to Secured Party the right to inspect the Collateral at all reasonable times and upon
reasonable notice. Borrower must: (a) maintain the Collateral in good condition; (b) pay promptly all taxes, judgments, or charges
of any kind levied or assessed thereon; (c) keep current all rent or mortgage payments due, if any, on premises where the Collateral
is located; and (d) maintain hazard insurance on the Collateral, with an insurance company and in an amount approved by Secured
Party (but in no event less than the replacement cost of that Collateral), and including such terms as Secured Party may require
including a Lender’s Loss Payable Clause in favor of Secured Party. Borrower hereby assigns to Secured Party any proceeds
of such policies and all unearned premiums thereon and authorizes and empowers Secured
Party to collect such sums and to execute and endorse in Borrower’s name all proofs of loss, drafts, checks and any other
documents necessary for Secured Party to obtain such payments.

 

	7.	CHANGES
    TO BORROWER’S LEGAL STRUCTURE, PLACE OF BUSINESS, JURISDICTION OF ORGANIZATION,
    OR NAME.

 

Borrower
must notify Secured Party by written or electronic communication not less than 30 days before taking any of the following actions:
(a) changing or reorganizing the type of organization or form under which it does business; (b) moving, changing its place of
business or adding a place of business; (c) changing its jurisdiction of organization; or (d) changing its name. Borrower will
pay for the preparation and filing of all documents Secured Party deems necessary to maintain, perfect and continue the perfection
of Secured Party’s security interest in the event of any such change.

 

	8.	PERFECTION
    OF SECURITY INTEREST.

 

Borrower
consents, without further notice, to Secured Party’s filing or recording of any documents necessary to perfect, continue,
amend or terminate its security interest. Upon request of Secured Party, Borrower must sign or otherwise authenticate all documents
that Secured Party deems necessary at any time to allow Secured Party to acquire, perfect, continue or amend its security interest
in the Collateral. Borrower will pay the filing and recording costs of any documents relating to Secured Party’s security
interest. Borrower ratifies all previous filings and recordings, including financing statements and notations on certificates
of title. Borrower will cooperate with Secured Party in obtaining a Control Agreement satisfactory to Secured Party with respect
to any Deposit Accounts or Investment Property, or in otherwise obtaining control or possession of that or any other Collateral.

 

    	Page 2 of 4

    	 

    

 

	9.	DEFAULT.

 

Borrower
is in default under this Agreement if: (a) Borrower fails to pay, perform or otherwise comply with any provision of this Agreement;
(b) Borrower makes any materially false representation, warranty or certification in, or in connection with, this Agreement, the
Note, or any other agreement related to the Note or this Agreement; (c) another secured party or judgment creditor exercises its
rights against the Collateral; or (d) an event defined as a “default” under the Obligations occurs. In the event of
default and if Secured Party requests, Borrower must assemble and make available all Collateral at a place and time designated
by Secured Party. Upon default and at any time thereafter, Secured Party may declare all Obligations secured hereby immediately
due and payable, and, in its sole discretion, may proceed to enforce payment of same and exercise any of the rights and remedies
available to a secured party by law including those available to it under Article 9 of the UCC that is in effect in the jurisdiction
where Borrower or the Collateral is located. Unless otherwise required under applicable law, Secured Party has no obligation to
clean or otherwise prepare the Collateral for sale or other disposition and Borrower waives any right it may have to require Secured
Party to enforce the security interest or payment or performance of the Obligations against any other person.

 

	10.	FEDERAL
    RIGHTS.

 

When
SBA is the holder of the Note, this Agreement will be construed and enforced under federal law, including SBA regulations. Secured
Party or SBA may use state or local procedures for filing papers, recording documents, giving notice, enforcing security interests
or liens, and for any other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control,
penalty, tax or liability. As to this Agreement, Borrower may not claim or assert any local or state law against SBA to deny any
obligation, defeat any claim of SBA, or preempt federal law.

 

	11.	GOVERNING
    LAW.

 

Unless
SBA is the holder of the Note, in which case federal law will govern, Borrower and Secured Party agree that this Agreement will
be governed by the laws of the jurisdiction where the Borrower is located, including the UCC as in effect in such jurisdiction
and without reference to its conflicts of laws principles.

 

	12.	SECURED
    PARTY RIGHTS.

 

All
rights conferred in this Agreement on Secured Party are in addition to those granted to it by law, and all rights are cumulative
and may be exercised simultaneously. Failure of Secured Party to enforce any rights or remedies will not constitute an estoppel
or waiver of Secured Party’s ability to exercise such rights or remedies. Unless otherwise required under applicable law,
Secured Party is not liable for any loss or damage to Collateral in its possession or under its control, nor will such loss or
damage reduce or discharge the Obligations that are due, even if Secured Party’s actions or inactions caused or in any way
contributed to such loss or damage.

 

	13.	SEVERABILITY.

 

If
any provision of this Agreement is unenforceable, all other provisions remain in effect.

 

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	14.	BORROWER
    CERTIFICATIONS.

 

Borrower
certifies that: (a) its Name (or Names) as stated above is correct; (b) all Collateral is owned or titled in the Borrower’s
name and not in the name of any other organization or individual; (c) Borrower has the legal authority to grant the security interest
in the Collateral; (d) Borrower’s ownership in or title to the Collateral is free of all adverse claims, liens, or security
interests (unless expressly permitted by Secured Party); (e) none of the Obligations are or will be primarily for personal, family
or household purposes; (f) none of the Collateral is or will be used, or has been or will be bought primarily for personal, family
or household purposes; (g) Borrower has read and understands the meaning and effect of all terms of this Agreement.

 

	15.	BORROWER
    NAME(S) AND SIGNATURE(S).

 

By
signing or otherwise authenticating below, each individual and each organization becomes jointly and severally obligated as a
Borrower under this Agreement.

 

	Pressure
    BioSciences, Inc.	 	 	 	 
	 	 	 	 	
	 	 	Date:
    	 	06.25.2020 
	Richard
    Schumacher, Owner/Officer	 	 	 	 

 

    	Page 4 of 4

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