SEC Contract Filing

Filing Date: 2019-02-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>6
<FILENAME>exh_104.htm
<DESCRIPTION>EXHIBIT 10.4
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<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0"><B>Exhibit 10.4</B></P>

<P STYLE="font-size: 10pt; text-align: right; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font-size: 10pt; text-align: justify; margin: 0pt 0"><B></B></P>

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 <TD STYLE="width: 33%"><B>Principal Amount: $2,256,022.05</B></TD>
 <TD STYLE="width: 34%"><B>&nbsp;</B></TD>
 <TD STYLE="width: 33%"><B>Original Issue Date: September 28, 2018</B></TD></TR>
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 <TD><B>&nbsp;</B></TD>
 <TD><B>&nbsp;</B></TD>
 <TD><B>Restated as of: February 7, 2018</B></TD></TR>
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<P STYLE="font-size: 10pt; text-align: center; margin: 0pt 0"><B><U>AMENDED AND RESTATED SENIOR SECURED PROMISSORY NOTE</U></B></P>

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<P STYLE="font-size: 10pt; text-align: justify; text-indent: 35.95pt; margin: 0pt 0"><B>FOR VALUE RECEIVED</B>, <B>PRECISION THERAPEUTICS,
INC.</B>, a Delaware corporation (hereinafter called the &ldquo;<U>Borrower</U>&rdquo;), as of September 28, 2018 (the &ldquo;<U>Issue
Date</U>&rdquo;) and amended and restated as February 7, 2019 (the &ldquo;<U>Restatement Date</U>&rdquo;), hereby promises to pay
to the order of <B>L2 CAPITAL, LLC</B>, a Kansas limited liability company, or its registered assigns (the &ldquo;<U>Holder</U>&rdquo;)
the principal sum of <B>$2,256,022.05</B> (the &ldquo;<U>Principal Amount</U>&rdquo;), together with interest at the rate of Default
Interest (as defined below) or eight percent (8%) per annum as set forth herein (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 &ldquo;<U>Note</U>&rdquo;). The consideration to the Borrower for this Note is up to $<B>1,750,000</B> (the &ldquo;<U>Consideration</U>&rdquo;)
in United States currency, due to the prorated original issuance discount of up to $<B>238,635.75</B> (the &ldquo;<U>OID</U>&rdquo;)
and a $25,000.00 credit for Holder&rsquo;s transactional expenses. In addition, Borrower and Holder have entered into a Forbearance
Agreement dated and effective as of February 7, 2019 (the &ldquo;<U>Forbearance Agreement</U>&rdquo;) relating to certain Events
of Default under this Note. Pursuant to the Forbearance Agreement, among other things, (1) a 15% Increase (as defined in the Forbearance
Agreement) has been effected pursuant to which an additional sum of <B>$242,386.30</B> has been added to the Principal Amount as
of the Restatement Date, and (2) interest will be paid at the rate of Default Interest for the period described below and in the
Forbearance Agreement.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 35.95pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 35.95pt; margin: 0pt 0">The Holder shall pay <B>$1,400,000</B> of
the Consideration (the &ldquo;<U>First Tranche</U>&rdquo;) within a reasonable amount of time of the full execution of the securities
purchase agreement (the &ldquo;<U>Purchase Agreement</U>&rdquo;) and its ancillary transactional documents pursuant to which this
Note is issued. At the closing of the First Tranche and as adjusted for the 15% Increase as of the Restatement Date, the outstanding
principal amount under this Note shall be <B>$1,858,295.00</B>, consisting of (a) the First Tranche plus (b) the prorated portion
of the OID (as defined herein) plus (c) the $25,000.00 credit for the Holder&rsquo;s transactional expenses plus (4) the 15% Increase.
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 &ldquo;<U>Maturity
Date</U>&rdquo;), 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)&nbsp;eighteen
percent (18%) per annum or (ii)&nbsp;the maximum amount allowed by law, from the due date thereof until the same is paid (&ldquo;<U>Default
Interest</U>&rdquo;). Pursuant to the Forbearance Agreement, interest on this Note will accrue at the rate of Default Interest
from November 15, 2018 through the earlier of (a) the date of the Default Cure (as defined in the Forbearance Agreement) or (b)
the remaining term of this Note.</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 35.95pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="font-size: 10pt; text-align: justify; text-indent: 35.95pt; margin: 0pt 0">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&rsquo;s common stock, par value $0.01 per share (the &ldquo;<U>Common
Stock</U>&rdquo;) 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 o