On April 29, 2020, H-Cyte, Inc. issued a promissory note (the “Note”) in the principal amount of $809,082 to the Bank of Tampa in connection with a loan in such amount made under the Payroll Protection Program (the “PPP”). The Note bears interest at a rate of 1% per annum. The Note is payable in 18 monthly payments of $45,533.23 commencing 6 months from the date of the Note. While the Note is dated April 29, 2020, the loan was not formally approved and funded until May 7, 2020. The loan is re-payable 18 monthly payments commencing November 29, 2020. The Company can apply for loan forgiveness in an amount equal to the sum of the following costs incurred by the Company: 1) payroll costs; 2) any payment of interest on covered mortgage obligations; 3) any payment on a covered rent obligation; and 4) any covered utility payment. The amount forgiven will be calculated (and may be reduced) in accordance with the Paycheck Protection Program. Not more than 25% of the amount forgiven can be attributed to non-payroll costs.

On May 7, 2020, William Horne, the Company's CEO and Chairman tendered his resignation as CEO effective when the Company finds a suitable replacement with more FDA experience. Until such successor is retained, Mr. Horne will remain as the CEO and Chief Executive Officer. Mr. Horne's resignation does not go to his position as Chairman of the Board or as a Director. The resignation was not as a result of any disagreement with the Company or its policies and practices.