Document:

EX-10.7

 Exhibit 10.7 
  

Semper Paratus Acquisition Corporation 

767 Third Avenue 
 38th Floor 
 New York, NY 10017 

April 22, 2021 
 Semper Paratus Sponsor LLC

 767 Third Avenue 
 38th Floor 
 New York, NY 10017 

RE: Securities Subscription Agreement 

Ladies and Gentlemen: 
 This agreement (the
“Agreement”) is entered into on April 22, 2021 by and between Semper Paratus Sponsor LLC, a Delaware limited liability company (the “Subscriber” or “you”), and Semper Paratus Acquisition
Corporation, a Cayman Island exempted company (the “Company”, “we” or “us”). Pursuant to the terms hereof, the Company hereby accepts the offer the Subscriber has made to purchase 8,625,000 shares
(the “ Shares”) of the Class B ordinary shares, $0.0001 par value per share (the “Class B Ordinary Shares”) up to 1,125,000 of which are subject to forfeiture by you if the
underwriters of the initial public offering (“IPO”) of units of the Company (the “Units”), do not fully exercise their over-allotment option (the “Over-allotment Option”). The Company and the
Subscriber’s agreements regarding such Shares are as follows: 
 1. Purchase of Shares. For the sum of $25,000, which the Company
acknowledges receiving in cash, the Company hereby issues the Shares to the Subscriber, and the Subscriber hereby purchases the Shares from the Company, subject to forfeiture, on the terms and subject to the conditions set forth in this
Agreement. Concurrently with the Subscriber’s execution of this Agreement, the Company shall, at its option, deliver to the Subscriber a certificate registered in the Subscriber’s name representing the Shares (the “Original
Certificate”), or effect such delivery in book-entry form. 
 2. Representations, Warranties, and Agreements. 

2.1 Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the
Subscriber hereby represents and warrants to the Company and agrees with the Company as follows: 
 2.1.1 No Government Recommendation or
Approval. The Subscriber understands that no federal or state agency has passed upon or made any recommendation or endorsement of the offering of the Shares. 

2.1.2 No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (a) the formation and governing documents of the Subscriber, (b) any agreement, indenture or instrument to which the Subscriber is a party, or (c) any
law, statute, rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which the Subscriber is subject. 

 2.1.3 Organization and Authority. The Subscriber is a Delaware limited liability
company, validly existing and in good standing under the laws of Delaware and possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement. Upon execution and delivery by you, this Agreement is a
legal, valid and binding agreement of Subscriber, enforceable against Subscriber in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the
enforcement of creditors’ rights generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

2.1.4 Experience, Financial Capability and Suitability. 

(a) Subscriber is: (i) sophisticated in financial matters and is able to evaluate the risks and benefits of the investment in the Shares
and (ii) able to bear the economic risk of its investment in the Shares for an indefinite period of time because the Shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) and
therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available. Subscriber is capable of evaluating the merits and risks of its investment in the Company and has the capacity to
protect its own interests. 
 (b) Subscriber must bear the economic risk of this investment until the Shares are sold pursuant to:
(i) an effective registration statement under the Securities Act or (ii) an exemption from registration available with respect to such sale. Subscriber is able to bear the economic risks of an investment in the Shares and to afford a
complete loss of Subscriber’s investment in the Shares. 
 2.1.5 Access to Information; Independent Investigation. Prior to the
execution of this Agreement, the Subscriber has had the opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of
the Company, and the opportunity to obtain additional information to verify the accuracy of all information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge and
understanding of the Company and its business based upon Subscriber’s own due diligence investigation and the information furnished pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information or
to make any representations which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations or information in making its investment decision, whether written or oral, relating to the Company, its
operations and/or its prospects. 
 2.1.6 Regulation D Offering. Subscriber represents that it is an “accredited investor”
as such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption to “accredited investors” within the
meaning of Section 501(a) of Regulation D promulgated under the Securities Act or similar exemptions under state law. 
 2.1.7
Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account and not for the account or benefit of any other person, and not with a view towards the distribution or
dissemination thereof. The Subscriber did not decide to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D promulgated under the Securities Act. 

  
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 2.1.8 Restrictions on Transfer; Shell Company. Subscriber understands the Shares are
being offered in a transaction not involving a public offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted securities” within the meaning of section (a)(3) of Rule 144 promulgated under
the Securities Act (“Rule 144”), and Subscriber understands that the Certificates (as defined in Section 3.3) or book-entries representing the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber
decides to offer, resell, pledge or otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to (a) registration under the Securities Act covering such offer, resale, pledge or other
transaction or (b) an available exemption from registration. Subscriber agrees that if any transfer of its Shares or any interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to
deliver to the Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Shares. Subscriber further acknowledges that because the Company is a shell company, Subscriber
may not be able to rely on Rule 144 promulgated under the Securities Act with respect to the resale of the Shares until one year following consummation of the initial business combination of the Company, despite technical compliance with the
requirements of Rule 144 and the release or waiver of any contractual transfer restrictions. 
 2.1.9 No Governmental Consents. No
governmental, administrative or other third-party consents or approvals are required, necessary or appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement. 

2.2 Company’s Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby
represents and warrants to the Subscriber and agrees with the Subscriber as follows: 
 2.2.1 Organization and Corporate Power. The
Company is a Delaware corporation and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the
Company. The Company possesses all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement. 

2.2.2 No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (a) the certificate of incorporation or by-laws of the Company, (b) any agreement, indenture or instrument to which the
Company is a party, or (c) any law, statute, rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject. 

2.2.3 Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and
validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Subscriber will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any
kind, other than (a) transfer restrictions hereunder and other agreements to which the Shares may be subject which have been notified to the Subscriber in writing, (b) transfer restrictions under federal and state securities laws, and
(c) liens, claims or encumbrances imposed due to the actions of the Subscriber. 
 2.2.4 No Adverse Actions. There are no
actions, suits, investigations or proceedings pending, threatened against or affecting the Company that: (a) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated by this Agreement or
(b) question the validity or legality of any transactions or seeks to recover damages or to obtain other relief in connection with any transactions. 

  
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 3. Forfeiture of Shares. 

3.1 Partial or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the IPO
is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of the Shares (such transferees, the “Initial Stockholders”)) shall forfeit any and all rights to such number of
Shares (up to an aggregate of 1,125,000 Shares, pro rata based upon the percentage of the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other Initial Stockholders prior to the IPO, if any)
will own an aggregate number of Shares (not including any Shares issuable upon exercise of any warrants or any Class A ordinary shares, par value $0.0001 per share (the “Class A Ordinary Shares”, together
with the “Class B Ordinary Shares”, the “Ordinary Shares”) purchased by Subscriber or any other Initial Stockholder in the IPO or in the aftermarket) equal to 20% of the issued and outstanding
Shares immediately following the IPO. 
 3.2 Termination of Rights as Stockholder. If any of the Shares are forfeited in accordance
with this Section 3, then after such time the Subscriber (or Initial Stockholder or other successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall take such action as is appropriate
to cancel such forfeited Shares. 
 3.3 Share Certificates. In the event an adjustment to the original certificates representing the
Shares (the “Original Certificates”), if any, is required pursuant to this Section 3, then the Subscriber shall return such Original Certificates to the Company or its designated agent as soon as practicable upon its receipt of
Notice (as defined in Section 6.2) from the Company advising Subscriber of such adjustment, following which a new certificate representing the Shares (the “New Certificate” and together with the Original Certificates, the
“Certificates”), if any, shall be issued in such amount representing the adjusted number of Shares held by the Subscriber. The New Certificate, if any, shall be returned to the Subscriber as soon as practicable. Any such adjustment for any
uncertificated securities held by the Subscriber shall be made in book-entry form. 
 4. Waiver of Liquidation Distributions; Redemption
Rights. In connection with the Shares purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the trust account, which will
be established for the benefit of the Company’s public stockholders and into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event of a liquidation of the Company upon the
Company’s failure to timely complete an initial business combination. For purposes of clarity, in the event the Subscriber purchases Units in the IPO or shares of Class A Ordinary Shares in the aftermarket, any additional shares of
Class A Ordinary Shares included in the Units or shares of Class A Ordinary Shares so purchased shall be eligible to receive any liquidating distributions by the Company. However, in no event will the Subscriber have the right to redeem
any Shares into funds held in the Trust Account upon the successful completion of an initial business combination. 
 5. Restrictions on Transfer.

 5.1 Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly
known as an “Insider Letter”) by and between Subscriber and the Company to be dated as of the closing of the IPO, Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares
unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the offer and sale of the Shares proposed to be transferred shall then be effective or
(b) the Company has received an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration (i) under the Securities Act and the rules promulgated
thereunder by the Securities and Exchange Commission and (ii) with respect to all applicable state securities laws. 

  
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 5.2 Lock-up. Subscriber acknowledges that the Shares will be subject to lock-up
provisions (the “Lock-up”) contained in the Insider Letter. 
 5.3 Restrictive Legends. Any Certificates shall have endorsed
thereon legends substantially as follows: 
 “THE OFFER AND SALE OF THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT COVERING SUCH OFFER,
SALE, TRANSFER, PLEDGE OR OTHER DISPOSAL UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.” 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING
THE TERM OF THE LOCKUP.” 
 5.4 Additional Shares or Substituted Securities. In the event of the declaration of a share dividend,
the declaration of an extraordinary dividend payable in a form other than Ordinary Shares, a spin-off, a share split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding shares of
Ordinary Shares without receipt of consideration, any new, substituted or additional securities or other property, which are by reason of such transaction distributed with respect to any Shares subject to this Section 5 or into which such Shares
thereby become convertible shall immediately be subject to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be made to the number or class of Shares subject to this Section 5 and
Section 3. 
 5.5 Registration Rights. Subscriber acknowledges that the Shares are being
purchased pursuant to an exemption from the registration requirements of the Securities Act and will become freely-tradable only after certain conditions are met or the offer and sale of the Shares is registered under the Securities Act pursuant to
that certain registration rights agreement to be dated as of the closing of the IPO by and between Subscriber, the Company, and the other parties thereto (the “Registration Rights Agreement”) prior to the closing of the IPO. 

6. Other Agreements. 
 6.1 Further
Assurances. Subscriber agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement. 

6.2 Notices. All notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a
“Notice”) shall be in writing and addressed to the parties at the addresses set forth on the first page of this Agreement (or to such other address that may be designated by the receiving party from time to time in accordance with
this Section 6.2). A Notice shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt
requested); (c) on the date sent by facsimile or email (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the
third day after the date mailed, by certified or registered mail (in each case, return receipt requested, postage pre-paid). 

  
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 6.3 Entire Agreement. This Agreement, together with the Insider Letter and the
Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration Statement on Form S-1 associated with the Company’s IPO, embodies the entire agreement and
understanding between the Subscriber and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty,
covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement. 

6.4 Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement
executed by all parties hereto. 
 6.5 Assignment. The rights and obligations under this Agreement may not be assigned by either party
hereto without the prior written consent of the other party. 
 6.6 Successors and Assigns; No Third-Party Beneficiaries. This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and permitted assigns. This Agreement is for the sole benefit of the parties hereto and their respective successors and
permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement. 

6.7 Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and
governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles thereof. 

6.8 Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof,
contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and
effect. In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall nevertheless remain in full force and effect. 

6.9 Waivers and Consents. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in
writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach, or default not expressly identified by such written waiver, whether of a similar or different character,
and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power, or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. No Notice on a party not expressly required under this Agreement shall
entitle the party receiving such Notice to any other or further Notice in similar or other circumstances or constitute a waiver of the rights of the party giving such Notice to any other or further action in any circumstances without such Notice.

 6.10 Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or
in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof and any investigations made by or on behalf of the parties. 

  
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 6.11 No Broker or Finder. Each of the parties hereto represents and warrants to the
other that no broker, finder or other financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to
indemnify and save the other harmless from any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of
legal expenses incurred in defending against any such claim. 
 6.12 Headings and Captions. The headings and captions of the various
subdivisions of this Agreement are for convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof. 

6.13 Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such
signature page were an original thereof. 
 6.14 Construction. The parties hereto have participated jointly in the negotiation and
drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any
party hereto because of the authorship of any provision of this Agreement. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.”
Pronouns in masculine, feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this
Agreement,” “herein,” “hereof,” “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly
so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect,
the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that
such party hereto is in breach of the first representation, warranty, or covenant. 
 6.15 Mutual Drafting. This Agreement is the
joint product of the Subscriber and the Company and each provision hereof has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto. 

7. Voting and Tender of Shares. The Subscriber agrees to vote the Shares in favor of an initial business combination that the Company
negotiates and submits for approval to the Company’s stockholders and the Subscriber shall not seek redemption with respect to such Shares. Additionally, the Subscriber agrees not to tender any Shares in connection with a tender offer presented
to the Company’s stockholders in connection with an initial business combination negotiated by the Company. 
 8.
Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s fees and expenses) incurred as a result of such party’s breach of any representation,
warranty, covenant or agreement in this Agreement. 
 [Signature Page Follows] 

  
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 If the foregoing accurately sets forth our understanding and agreement, please sign the
enclosed copy of this Agreement and return it to us. 
  

			
	Very truly yours,
	
	 SEMPER PARATUS ACQUISITION

CORPORATION

		
	By:	 	 /s/ Basil Ben Baldanza

	Name: Basil Ben Baldanza
	Title: CEO

  

			
	Accepted and agreed as of the date first written
	above.
	
	SEMPER PARATUS SPONSOR LLC
		
	By:	 	 /s/ Philippe J. Kurzweil

		 	Name: Philippe J. Kurzweil
		 	Title: Managing Member

  

  
 [Signature Page to
Subscription Agreement]Exhibit
10.1

 

CHANGE
IN CONTROL AND EXECUTIVE SEVERANCE PLAN AGREEMENT

 

This
Change in Control and Executive Severance Plan Agreement (the “Agreement”) is entered into by and between Gisela A.
Paulsen, MPharm (“you” or “your”) and Oncocyte Corporation (the “Company”).
This Agreement has an effective date of October 4, 2021 (the “Effective Date”). The Board has authorized the Company
to enter into this Agreement in order for you to become a Covered Employee participant under the Oncocyte Corporation Change in Control
and Severance Plan (the “Plan”). This Agreement enumerates the Plan benefits that may be provided to you as a Covered
Employee as referenced in Section II of the Plan. All provisions of this Agreement are subject to and governed by the terms of the Plan.
In the event of any conflict in terms between the Plan and this Agreement, the terms of the Plan shall prevail and govern.

 

In
consideration of the mutual covenants and promises made in this Agreement, you and the Company agree as follows:

 

SECTION
1. Definitions.

 

In
addition to terms defined elsewhere herein or in the Plan, the following terms have the following meanings when used in this Agreement.
If you have an employment agreement with the Company which includes defined terms that expressly are different from and/or conflict with
the below defined terms, the terms of this Agreement shall govern and shall supersede the terms of the employment agreement.

 

1.1
“Base Salary” means your annual rate of base salary as of the day before your Termination Date and disregarding any
reduction in base salary which constituted Good Reason.

 

1.2
“Board” means the Company’s Board of Directors.

 

1.3
“Cause” means the occurrence of one or more of the following:

 

(i)
Your personal dishonesty, willful misconduct, or breach of fiduciary duty involving personal profit;

 

(ii)
Your continuing intentional or habitual failure to perform your stated duties;

 

(iii)
Your violation of any law (other than minor traffic violations or similar misdemeanor offenses not involving moral turpitude);

 

(iv)
Your material breach of any provision of an employment or independent contractor agreement with the Company; or

 

(v)
Any other act or omission that constitutes gross negligence or willful misconduct by you that, in the opinion of the Board, could reasonably
be expected to adversely affect the Company’s or an affiliate’s business, financial condition, prospects and/or reputation
in any material respect.

 

    	 

     

    

 

In
each of the foregoing subclauses (i) through (v), whether or not a “Cause” event has occurred will be determined by the Board
in its sole discretion and such determination shall be final, conclusive and binding. In the event that the Board, at its sole discretion,
determines that Cause exists to terminate your employment, you will not be eligible to receive severance pursuant to this Agreement.
If, after your employment has terminated, facts and circumstances are discovered that would have justified a termination for Cause, including,
without limitation, violation of material Company policies or breach of noncompetition, confidentiality or other restrictive covenants
that may apply to you, your employment shall be deemed to have terminated for Cause. If your employment is terminated because of the
Company’s financial difficulties, as determined by the Company in its sole discretion, it will also constitute a termination for
Cause ineligible for severance pay. Any termination for “Cause” will not limit any other right or remedy the Company may
have under this Agreement or otherwise.

 

1.4
“Change in Control” means the occurrence of one or more of the following:

 

(i)
the acquisition of Voting Securities of the Company by a Person or an Affiliate entitling the holder thereof to elect a majority of the
directors of the Company; provided, that an increase in the amount of Voting Securities held by a Person or Affiliate who on the date
of this Agreement beneficially owned (as defined in Section 13(d) of the Exchange Act, as amended, and the regulations thereunder) more
than 10% of the Voting Securities shall not constitute a Change of Control; and provided, further, that an acquisition of Voting Securities
by one or more Persons acting as an underwriter in connection with a sale or distribution of such Voting Securities shall not constitute
a Change of Control under this clause (a);

 

(ii)
the sale of all or substantially all of the assets of the Company; or

 

(iii)
a merger or consolidation of the Company with or into another corporation or entity in which the stockholders of the Company immediately
before such merger or consolidation do not own, in the aggregate, Voting Securities of the surviving corporation or entity (or the ultimate
parent of the surviving corporation or entity) entitling them, in the aggregate (and without regard to whether they constitute an Affiliate)
to elect a majority of the directors or persons holding similar powers of the surviving corporation or entity (or the ultimate parent
of the surviving corporation or entity).

 

A
transaction shall not constitute a Change in Control if its sole purpose is to change the state of the Company’s incorporation
or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities
immediately before such transactions, or if all of the Persons acquiring Voting Securities or assets of the Company or merging or consolidating
with the Company are one or more Subsidiaries.

 

1.5
“Code” means the Internal Revenue Code of 1986 as amended.

 

    	 

     

    

 

1.6
“Equity Awards” means restricted stock, restricted stock units, performance stock units, stock options, and/or other
unvested equity compensation awards that were granted by the Company before the Change in Control (and which would include such awards
that are assumed, continued, or otherwise replaced by the Company’s acquirer in a Change in Control).

 

1.7
“Good Reason” means the occurrence without your written consent of any one or more of the following events and where
the initial existence of such event occurred on or after a Change in Control. This “Good Reason” definition and process is
intended to comply with the safe harbor provided under Treasury Regulation Section 1.409A-1(n)(2)(ii) and shall be interpreted accordingly.

 

(i)
you have incurred a material diminution in your responsibilities, duties, title, or authority (collectively, “Responsibilities”),
provided that a change in your reporting relationships, including but not limited to a change in the number of direct or indirect reports
to you, will not constitute a material diminution in your Responsibilities so long as your Responsibilities remain commensurate with
your title (as determined by the size of the Company and the industry in which it operates);

 

(ii)
you have incurred a material diminution in your Base Salary;

 

(iii)
a material breach by the Company of any written agreement between the Company and you; or

 

(iv)
there shall have occurred a relocation of your principal workplace to a location more than thirty-five (35) miles from your workplace
as of the date of this Agreement, without your written consent.

 

Notwithstanding
the foregoing, Good Reason shall exist only if the following conditions are met: (A) you give the Company written notice, pursuant to
Section 3.8 herein, of the occurrence of the event giving rise to such termination right; (B) such notice is delivered to the Company
within sixty (60) days of the initial existence of the condition giving rise to the right to terminate for Good Reason;
(C) the Company shall have had a reasonable opportunity to cure, to the extent curable, for fifteen (15) days following receipt of your
written notice of Good Reason (provided, that if such cure is begun in good faith but cannot be completed within such fifteen (15)-day
period, the Company shall have until thirty (30) days following receipt of such notice to complete such cure); (D) the Company fails
to cure the alleged Good Reason to your reasonable satisfaction prior to your termination; and (E) you resign from your employment with
the Company within thirty days after the expiration of the Company’s cure period. Failure to timely provide such written notice
to the Company or failure to timely resign your employment for Good Reason means that you will be deemed to have consented to and waived
the Good Reason event. If the Company does timely cure or remedy the Good Reason event, then you may either resign your employment without
Good Reason or you may continue to remain employed on an at-will basis.

 

    	 

     

    

 

1.8
“Qualifying Severance Termination” means that your termination was because you resigned your employment for Good Reason
at any time or the Company terminated your employment without Cause after you completed your first six (6) months of employment with
the Company; provided, however, that your termination does not constitute a Qualifying Change in Control Termination, as
defined herein.

 

1.9
“Qualifying Change in Control Termination” means that: (i) your Termination Date occurred on or within three
(3) months before or twelve (12) months after a Change in Control; and (ii) your termination was because the Company
terminated your employment without Cause or because you resigned your employment for Good Reason.

 

1.10
“Termination Date” means your last day of employment with the Company and such termination of employment must also
constitute your “separation from service” with the Company within the meaning of Code Section 409A.

 

SECTION
2. Consequences of A Qualifying Termination.

 

Under
the Plan, there are two different types of qualifying terminations: (i) severance terminations, which provide a specified set of benefits,
or (ii) change in control terminations, which provide a different set of benefits. The benefits due under each type of termination are
set forth in turn below.

 

2.1
Qualifying Severance Termination. If your employment is terminated due to a Qualifying Severance Termination, then you will be
entitled to the following severance benefits in addition to the Accrued Obligations (as defined below):

 

(i)
payment of 12 months of your Base Salary, which may be paid in a lump sum within sixty (60) days after your Termination
Date or, at the election of the Company, in equal installments commencing on the first regularly scheduled payroll date following the
Termination Date in accordance with the Company’s normal payroll schedule over a twelve month period, subject to such payroll deductions
and withholdings as are required by law;

 

(ii)
payment of your pro-rated target cash bonus for the year of the Qualifying Severance Termination, which shall be calculated
by multiplying the amount of your annual target bonus by a fraction in which the numerator is the number of calendar days that you were
employed by the Company and the denominator is 365, paid to you within sixty (60) days after the Termination Date, subject to such payroll
deductions and withholdings as are required by law;

 

(iii)
partial acceleration with vesting and exercisability of your outstanding unvested Equity Awards as of your Termination Date that
were scheduled to vest based on the passage of time during the twelve (12) months following your Termination Date. This section
2.1 shall not apply to (a) termination of your employment by an Affiliate if you remain employed by the Company, or (b) termination of
your employment by the Company if you remain employed by an Affiliate in a manner that does not constitute a diminution in your authority,
duties, or responsibility, or (c) termination of your employment that constitutes a Qualifying Change in Control Termination; and

 

    	 

     

    

 

(iv)
extended deadline to exercise stock options, such that your deadline to exercise any vested stock options (including any
stock options subject to vesting acceleration pursuant to Section 2.1(ii)) to the earlier to occur of (A) the one year anniversary of
the termination date and (B) the maximum term of the applicable stock option grant.

 

2.2
Qualifying Change in Control Termination. If your employment is terminated due to a Qualifying Change in Control Termination,
then you will be entitled to the following severance benefits in addition to the Accrued Obligations:

 

(i)
payment of 12 months of your Base Salary, which may be paid in a lump sum within sixty (60) days after your Termination
Date or, at the election of the Company, in installments consistent with the payment of your salary while employed by the Company commencing
on the first regularly scheduled payroll date following the Termination Date in accordance with the Company’s normal payroll schedule
over a twelve month period, subject to such payroll deductions and withholdings as are required by law; and

 

(ii)
payment of your pro-rated target cash bonus for the year of the Qualifying Severance Termination, which shall be calculated
by multiplying the amount of your annual target bonus by a fraction in which the numerator is the number of calendar days that you were
employed by the Company and the denominator is 365, paid to you within sixty (60) days after the Termination Date, subject to such payroll
deductions and withholdings as are required by law;

 

(iii)
payment of 12 months of your target cash bonus for the year of the Qualifying Change in Control Termination, which shall
be paid to you within sixty (60) days after the Termination Date, subject to such payroll deductions and withholdings as are required
by law; and

 

(iv)
full acceleration with vesting and exercisability of all of your outstanding unvested Equity Awards as of your Termination Date
(with any performance conditions being deemed to have been satisfied at maximum level of performance). This section 2.2 shall
not apply to (a) termination of your employment by an Affiliate if you remain employed by the Company, or (b) termination of your employment
by the Company if you remain employed by an Affiliate in a manner that does not constitute a diminution in your authority, duties, or
responsibility.

 

2.3
Medical Benefits for Qualifying Severance Termination. Subject to the conditions set forth herein, in the event that you incur
a Qualifying Severance Termination, the Company will, in each of the first twelve (12) consecutive months following your Termination
Date that you have not become employed by another company which offers health insurance generally comparable with that of the Company
at the time of your Termination Date, the Company will pay in monthly payments at the beginning of each such month, a taxable amount
(which shall not be grossed up for applicable income and employment taxes) equal to the monthly premium costs of group health plan continuation
coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) to the same extent provided under the
Company’s group health plan (including medical, dental, and vision benefits) in which you and your eligible dependent(s), if any,
were covered immediately before the Termination Date. The payments due under this Section 2.3 will be made only if you elect COBRA continuation
coverage. The period of such COBRA benefits shall be considered part of your COBRA coverage entitlement period.

 

    	 

     

    

 

2.4
Medical Benefits for Qualifying Change in Control Termination. Subject to the conditions set forth herein, in the event that you
incur a Qualifying Change in Control Termination, the Company will, within thirty (30) days of the Termination Date, provide you with
a taxable lump sum payment (which shall not be grossed up for applicable income and employment taxes) equal to 12 months of the premium
costs of group health plan continuation coverage under COBRA to the same extent provided under the Company’s group health plan
(including medical, dental, and vision benefits) in which you and your eligible dependent(s), if any, were covered immediately before
the Termination Date. The payment due under this Section 2.4 will be made only if you elect COBRA continuation coverage. The period of
such COBRA benefits shall be considered part of your COBRA coverage entitlement period.

 

2.5
Severance Conditions. As a condition to receiving (and continuing to receive) the payments provided in Section 2.1 or 2.2 as applicable,
and Sections 2.3 and 2.4, you must: (i) within no later than forty-five (45) days after your Termination Date, execute
(and not revoke) and deliver to the Company a separation agreement and general release of all claims in substantially the form attached
as Exhibit A hereto (the “Separation Agreement”) and (ii) remain in full compliance with such Separation Agreement.

 

2.6
Accrued Obligations. Upon a termination of your employment for any reason, the Company shall pay you (i) all base salary and bonuses
previously earned but unpaid to you as of the Termination Date; (ii) all accrued but unused vacation and paid time off; and (iii) all
business expenses incurred by you in accordance with the Company’s expense reimbursement policy; and (iv) any amount arising from
your participation in, or benefits under, any employee benefit plans, programs, or arrangements, which amounts shall be payable in accordance
with the terms and conditions of such employee benefit plans, programs, or arrangements including, where applicable, any death or disability
benefits.

 

SECTION
3. general provisions.

 

3.1
Assignability; Binding Nature. Commencing on the Effective Date, this Agreement will be binding upon you and the Company. This
Agreement may not be assigned by you except that your rights to compensation and benefits hereunder, subject to the limitations of this
Agreement, may be transferred by will or operation of law. No rights or obligations of the Company under this Agreement may be assigned
or transferred except in the event of a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation
of all or substantially all of the assets of the Company provided that the assignee or transferee is the successor to all or substantially
all of the assets of the Company and assumes the Company’s obligations under this Agreement contractually or as a matter of law.
The Company will require any such purchaser, successor or assignee to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform if no such purchase, succession or assignment had taken place.
Your rights and obligations under this Agreement shall not be transferable by you by assignment or otherwise provided, however, that
if you die, all amounts then payable to you hereunder shall be paid in accordance with the terms of this Agreement to your devisee, legatee
or other designee or, if there be no such designee, to your estate.

 

    	 

     

    

 

3.2
Governing Law. This Agreement is governed by the Employee Retirement Income Security Act of 1974, as amended, and, to the extent
applicable, the laws of the State of Delaware, without reference to the conflict of law provisions thereof.

 

3.3
Taxes. The Company shall have the right to withhold and deduct from any payment hereunder any federal, state or local taxes of
any kind required by law to be withheld with respect to any such payment. The Company (including without limitation members of its Board)
shall not be liable to you or other persons as to any unexpected or adverse tax consequence realized by you and you shall be solely responsible
for the timely payment of all taxes arising from this Agreement that are imposed on you. This Agreement is intended to comply with the
applicable requirements of Code Section 409A and shall be limited, construed and interpreted in a manner so as to comply therewith. Each
payment made pursuant to any provision of this Agreement shall be considered a separate payment and not a series of payments for purposes
of Code Section 409A. While it is intended that all payments and benefits provided under this Agreement to you will be exempt from or
comply with Code Section 409A, the Company makes no representation or covenant to ensure that the payments under this Agreement are exempt
from or compliant with Code Section 409A. The Company will have no liability to you or any other party if a payment or benefit under
this Agreement is challenged by any taxing authority or is ultimately determined not to be exempt or compliant. In addition, if upon
your Termination Date, you are then a “specified employee” (as defined in Code Section 409A), then solely to the extent necessary
to comply with Code Section 409A and avoid the imposition of taxes under Code Section 409A, the Company shall defer payment of “nonqualified
deferred compensation” subject to Code Section 409A payable as a result of and within six (6) months following your Termination
Date until the earlier of (i) the first business day of the seventh month following your Termination Date or (ii) ten (10) days after
the Company receives written confirmation of your death. Any such delayed payments shall be made without interest. In the event that
it is determined that any payment or distribution of any type to or for your benefit made by the Company, by any person who acquires
ownership or effective control or ownership of a substantial portion of the Company’s assets (within the meaning of Code Section
280G) or by any affiliate of such person, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise (the “Total Payments”), would be subject to the excise tax imposed by Section 4999 of the Code or any
interest or penalties with respect to such excise tax (and/or would not deductible under Code Section 280G) (such loss of a tax deduction
under Code Section 280G and/or excise tax, together with any such interest or penalties, are collectively referred to as the “Excise
Tax”), then such payments or distributions or benefits shall be payable either (i) in full, or (ii) as to such lesser amount
which would result in no portion of such payments or distributions or benefits being subject to the Excise Tax, whichever of the foregoing
amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Code Section 4999, results
in your receipt on an after-tax basis, of the greatest amount of payments, distributions and benefits, notwithstanding that all or some
portion of such payments, distributions or benefits may be taxable under Code Section 4999. Any determination required under this Section
3.3 shall be made in writing by the Company or by a qualified accountant or counsel selected by the Company (the “Accountant”)
whose determination shall be conclusive and binding. You and the Company shall furnish the Accountant such documentation and documents
as the Accountant may reasonably request in order to make its determination. The Accountant shall provide detailed supporting calculations
to the Company and you as requested by the Company or you. The Company shall bear all costs the Accountant may reasonably incur in connection
with any calculations contemplated by this section as well as any costs reasonably incurred by you with the Accountant for tax planning
under Sections 280G and 4999 of the Code. In no event will the Company be required to gross up any payment or benefit to you to avoid
the effects of the Excise Tax or to pay any regular or excise taxes arising from the application of the Excise Tax.

 

3.4
No Change in At-Will Status. Your employment with the Company is and shall continue to be at-will, as defined under applicable
law. If your employment terminates for any reason, you shall not be entitled to any payments, benefits, damages, awards or compensation
other than as provided by this Agreement or required by applicable law, or as may otherwise be established under the Company’s
then existing employee benefit plans or policies at the time of termination. Nothing in this Agreement modifies your at-will employment
status and either you or the Company can terminate the employment relationship at any time, with or without Cause.

 

3.5
Entire Agreement. Except as otherwise specifically provided in this Agreement, the Plan and this Agreement (and the agreements
referenced herein) contain all the legally binding understandings and agreements between you and the Company pertaining to the subject
matter of this Agreement and supersedes all such agreements, whether oral or in writing, previously discussed or entered into between
the parties.

 

    	 

     

    

 

3.6
Covenants. As a condition of this Agreement and to your receipt of any post-employment benefits, you agree that you will fully
and timely comply with all of the covenants set forth in this Section 3.6 (which shall survive your termination of employment and termination
or expiration of this Agreement):

 

(i)
You will fully comply with all obligations under any confidentiality, inventions and/or proprietary agreement between you and the Company
(as amended from time to time, the “Confidentiality Agreement”) and further agree that the provisions of the Confidentiality
Agreement shall survive any termination or expiration of this Agreement or termination of your employment or any subsequent service relationship
with the Company;

 

(ii)
Within five (5) days of the Termination Date, you shall return to the Company all Company confidential information including,
but not limited to, intellectual property, etc. and you shall not retain any copies, facsimiles or summaries of any Company proprietary
information;

 

(iii)
You will not at any time during or within the one-year period following your employment with the Company, make (or direct anyone to make)
any disparaging statements (oral or written) about the Company, or any of its affiliated entities, officers, directors, employees, stockholders,
representatives or agents, or any of the Company’s products or services or work-in-progress, that are harmful to their businesses,
business reputations or personal reputations; provided, however, that nothing in this Agreement (i) limits your right to testify in any
legal, arbitral or governmental, administrative or regulatory agency proceeding; (ii) limits your right to provide information to any
governmental, administrative or regulatory agency; (iii) limits your ability to engage in the good faith performance of the duties of
your job (which may, for example, include providing constructive or negative feedback to employees) or (iv) prevents you from pursuing
or defending yourself in any dispute with the Company or any of its affiliated entities, officers, directors, employees, stockholders,
representatives or agents; and

 

    	 

     

    

 

(iv)
You agree that, upon the Company’s request and without any payment therefore, you shall reasonably cooperate with the Company (and
be available as necessary) after the Termination Date in connection with any matters involving events that occurred during your period
of employment with the Company.

 

You
also agree that you will fully and timely comply with all of the covenants set forth in this Section 3.6 (which shall survive your termination
of employment and termination or expiration of this Agreement):

 

(v)
You will fully pay off any outstanding amounts owed to the Company no later than their applicable due date or within thirty (30)
days of your Termination Date (if no other due date has been previously established);

 

(vi)
Within five (5) days of the Termination Date, you shall return to the Company all Company property including, but not limited
to, computers, cell phones, pagers, keys, business cards, etc.;

 

(vii)
Within fifteen (15) days of the Termination Date, you will submit any outstanding expense reports to the Company on or
prior to the Termination Date; and

 

(viii)
As of the Termination Date, you will no longer represent that you are an officer, director or employee of the Company and you will immediately
discontinue using your Company mailing address, telephone, facsimile machines, voice mail and e-mail.

 

You
acknowledge that (i) upon a violation of any of the covenants contained in this Section 3.6 of this Agreement or (ii) if the Company
is terminating your employment for Cause, the Company would as a result sustain irreparable harm, and, therefore, you agree that in addition
to any other remedies which the Company may have, the Company shall be entitled to seek equitable relief including specific performance
and injunctions restraining you from committing or continuing any such violation; and

 

    	 

     

    

 

3.7
Offset. Any payments or benefits made to you under this Agreement may be reduced, in the Company’s discretion, by any amounts
you owe to the Company provided that any such offsets do not violate Code Section 409A. To the extent you receive severance or similar
payments and/or benefits under any other Company plan, program, agreement, policy, practice, or the like, or under the WARN Act or similar
state law, the payments and benefits due to you under this Agreement will be correspondingly reduced on a dollar-for-dollar basis (or
vice-versa) in a manner that complies with Code Section 409A.

 

3.8
Notice. Any notice that the Company is required to or may desire to give you shall be given by personal delivery, recognized overnight
courier service, email, telecopy or registered or certified mail, return receipt requested, addressed to you at your address of record
with the Company, or at such other place as you may from time to time designate in writing. Any notice that you are required or may desire
to give to the Company hereunder shall be given by personal delivery, recognized overnight courier service, email, telecopy or by registered
or certified mail, return receipt requested, addressed to the Company’s Chief Executive Officer at the Company’s principal
office, or at such other office as the Company may from time to time designate in writing. A written notice of your intention to terminate
your employment with the Company for Good Reason, as described in Section 1.7 herein, shall (i) indicate the specific termination provision
that is being relied upon, (ii) set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of your employment under the provision so indicated, and (iii) specify a termination date of not less than two (2) weeks
after giving such notice. The date of actual delivery of any notice under this Section 3.8 shall be deemed to be the date of delivery
thereof.

 

3.9
Waiver; Severability. No provision of this Agreement may be amended or waived unless such amendment or waiver is agreed to by
you and the Company in writing. No waiver by you or the Company of the breach of any condition or provision of this Agreement will be
deemed a waiver of a similar or dissimilar provision or condition at the same or any prior or subsequent time. Except as expressly provided
herein to the contrary, failure or delay on the part of either party hereto to enforce any right, power, or privilege hereunder will
not be deemed to constitute a waiver thereof. In the event any portion of this Agreement is determined to be invalid or unenforceable
for any reason, the remaining portions shall be unaffected thereby and will remain in full force and effect to the fullest extent permitted
by law.

 

3.10
Whistleblower. No provision of this Agreement or Exhibit A shall be interpreted so as to impede you from reporting possible violations
of state or federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the
Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower
provisions of state or federal law or regulation. You do not need the prior authorization of the Company to make any such reports or
disclosures and you shall not be required to notify the Company that such reports or disclosures have been made.

 

3.11
Voluntary Agreement. You acknowledge that you have been advised to review this Agreement with your own legal counsel and other
advisors of your choosing and that prior to entering into this Agreement, you have had the opportunity to review this Agreement with
your attorney and other advisors and have not asked (or relied upon) the Company or its counsel to represent you or your counsel in this
matter. You further represent that you have carefully read and understand the scope and effect of the provisions of this Agreement and
that you are fully aware of the legal and binding effect of this Agreement. This Agreement is executed voluntarily by you and without
any duress or undue influence on the part or behalf of the Company.

 

By
signing below, you expressly acknowledge that you (i) have received a copy of the Plan and its Summary Plan Description, (ii) understand
the terms of the Plan and this Agreement, (iii) are voluntarily entering into this Agreement and (iv) are agreeing to be bound by the
terms of the Plan and this Agreement.

 

[signature
page follows]

 

    	 

     

    

 

Please
acknowledge your acceptance and understanding of this Agreement by signing and returning it to the undersigned. A copy of this signed
Agreement will be sent to you for your records.

 

	ACKNOWLEDGED
    AND AGREED:	 	 
	 	 	 
	ONCOCYTE
    CORPORATION	 	GISELA
    A. PAULSEN, MPHARM
	 	 	 
	/s/ Ronald Andrews	 	/s/
    Gisela Paulsen 
	By:	Ronald
    Andrews	 	 
	Its:	Chief
    Executive Officer	 	 

 

    	 

     

    

 

EXHIBIT
A

 

CONFIDENTIAL
SEPARATION AGREEMENT AND GENERAL RELEASE OF ALL CLAIMS

 

This
Confidential Separation Agreement and General Release of All Claims, dated [________________] (the “Agreement”), is
made pursuant to that certain Change in Control and Severance Plan Agreement dated [______________] (the “Severance Agreement”)
entered into by and between [_______________] (“Employee”) on the one hand, and Oncocyte Corporation (the “Company”),
on the other. This Agreement is entered into in consideration for and as condition precedent to the Company providing separation benefits
to Employee pursuant to the Severance Agreement. It is understood and agreed that, without Employee entering into this Agreement, the
Company is not otherwise obligated to provide such benefits under the terms of the Severance Agreement and that the Company is doing
so as a direct result of Employee’s willingness to agree to the terms hereof. Collectively, Employee and the Company shall be referred
to as the “Parties.” All capitalized terms used but not defined herein shall have the meaning ascribed to them in
the Severance Agreement.

 

1.
The purpose of this Agreement is to resolve any and all disputes or claims that Employee may have
relating to Employee’s employment with the Company, and the termination thereof (the “Disputes”).
The parties desire to resolve the above-referenced Disputes, and all issues raised by the Disputes, without the further expenditure of
time or the expense of contested litigation. Additionally, the Parties desire to resolve any known or unknown claims that Employee may
have as more fully set forth below. For these reasons, they have entered into this Agreement.

 

2.
Separation from Company. Employee’s employment with the Company will end effective [________________] (the “Termination
Date”). The Company acknowledges and agrees that it has timely provided all Accrued Obligations
to Employee.

 

3.
Representations by Employee. Employee acknowledges and agrees that Employee has received all wages due to Employee through the
Termination Date, including but not limited to all accrued but unused vacation, bonuses, commissions, options, benefits, and monies owed
by the Company to Employee. Employee further agrees and acknowledges that Employee has been fully paid and reimbursed for any and all
business expenses which Employee incurred during his/her employment with the Company. Employee agrees that Employee has not been required
to sign this Agreement as a condition of receiving any wages due or to become due to Employee. Employee further represents that Employee
has reported to Company any and all work-related injuries that Employee has suffered or sustained during Employee’s employment
with Company.

 

4.
Non-Admission of Liability. The Company and Employee each expressly denies any violation of
any federal, state or local statute, ordinance, rule, regulation, policy, order or other law. The Company also expressly denies any liability
to Employee, and Employee expressly denies any liability to the Company. Nothing contained herein is to be construed as an admission
of liability on the part of Employee or the Company hereby released, by whom liability is expressly denied. Accordingly, while this Agreement
resolves all issues referenced herein, it does not constitute an adjudication or finding on the merits of the allegations in the disputes
and it is not, and shall not be construed as, an admission by the Company or Employee of any violation of federal, state or local statute,
ordinance, rule, regulation, policy, order or other law, or of any liability alleged in the disputes.

 

    	A-1

     

    

 

5.
Severance Payment. In
consideration of and in return for the promises and covenants undertaken by the Company herein and the releases given by Employee herein,
and for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

 

a.
Employee shall receive from Company, with appropriate deductions and withholdings for which a Form W-2 shall be issued, a severance payment
in the amount of ______________ Dollars ($_____), which represents the amounts due and owing under Sections [2.1(i) and 2.1(ii)] OR [2.2(i),
2.2(ii) and 2.2(iii)]1 of the Severance Agreement (“Severance Payment”). This Severance Payment will
be mailed to Employee’s mailing address in the Company’s files within fifteen (15) business days of the Effective Date of
this Agreement, as defined in Paragraph 21, below. Employee must ensure that Company has Employee’s updated mailing address.

 

b.
Any tax liabilities resulting from or arising out of the benefits to Employee referred to above shall be the sole and exclusive responsibility
of Employee. Employee agrees to indemnify and hold the Company and the others released herein harmless from and for any tax liability
(including, but not limited to, assessments, interest, and penalties) imposed on the Company by any taxing authority on account of the
Company failing to withhold for tax purposes any amount from the benefits made as consideration of this Agreement.

 

c.
Employee shall receive the other separation benefits identified under Sections [[2.1(iii), 2.1(iv) and 2.3] OR [2.2(iii), 2.2(iv) and
2.4]].2

 

 

1
Insert amount owing and whether Section 2.1 or 2.2 apply depending on whether a Qualifying Severance Termination or a Qualifying
Change in Control Termination has occurred.

 

2
Insert amount owing and whether Section 2.1 or 2.2 apply depending on whether a Qualifying Severance Termination or a Qualifying
Change in Control Termination has occurred.

 

    	A-2

     

    

 

6.
Release by Employee. Except for any rights created by this Agreement, in consideration of and in return for the promises and covenants
undertaken herein by the Company, and for other good and valuable consideration, receipt of which is hereby acknowledged:

 

a.
Employee does hereby acknowledge full and complete satisfaction of and does hereby release, absolve and discharge the Company, and each
of its parents, subsidiaries, divisions, related companies and business concerns, past and present, as well as each of its partners,
trustees, directors, members, officers, agents, attorneys, servants and employees, past and present, and each of them (hereinafter collectively
referred to as “Releasees”) from any and all claims, demands, liens, agreements, contracts, covenants, actions, suits,
causes of action, grievances, wages, vacation payments, severance payments, obligations, commissions, overtime payments, debts, profit
sharing claims, expenses, damages, judgments, orders and liabilities of whatever kind or nature in law, equity or otherwise, whether
known or unknown to Employee which Employee now owns or holds or has at any time owned or held as against Releasees, or any of them,
including specifically but not exclusively and without limiting the generality of the foregoing, any and all claims, demands, grievances,
agreements, obligations and causes of action, known or unknown, suspected or unsuspected by Employee: (1) arising out of or in any way
connected with the Disputes; or (2) arising out of Employee’s employment (or termination thereof) with the Company; or (3) arising
out of or in any way connected with any claim, loss, damage or injury whatever, known or unknown, suspected or unsuspected, resulting
from any act or omission by or on the part of the Releasees, or any of them, committed or omitted on or before the Effective Date hereof.
Without limiting the generality of the foregoing, Employee specifically releases the Releasees from any claim for attorneys’ fees.
EMPLOYEE ALSO SPECIFICALLY AGREES AND ACKNOWLEDGES EMPLOYEE IS WAIVING ANY RIGHT TO RECOVERY BASED ON STATE OR FEDERAL AGE, SEX, PREGNANCY,
RACE, COLOR, NATIONAL ORIGIN, MARITAL STATUS, RELIGION, VETERAN STATUS, DISABILITY, SEXUAL ORIENTATION, MEDICAL CONDITION OR OTHER ANTI-DISCRIMINATION
LAWS, INCLUDING, WITHOUT LIMITATION, TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE AGE DISCRIMINATION
IN EMPLOYMENT ACT, THE EQUAL PAY ACT, THE AMERICANS WITH DISABILITIES ACT, THE FAMILY AND MEDICAL LEAVE ACT, THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT, THE WORKER ADJUSTMENT AND RETRAINING ACT, THE FAIR LABOR STANDARDS ACT, Fair Employment and Housing Act, PRIVATE
ATTORNEY GENERAL ACT, AND ANY OTHER SECTION OF THE CALIFORNIA LABOR OR GOVERNMENT CODE, OR THE California Industrial Welfare Commission
Wage Orders, ALL AS AMENDED, WHETHER SUCH CLAIM BE BASED UPON AN ACTION FILED BY EMPLOYEE OR BY A GOVERNMENTAL AGENCY. Employee
also releases any and all other claims, known and unknown, for breach of contract, express or implied (including but not limited to breach
of the employment agreement and any promises made therein); breach of the covenant of good faith and fair dealing; wrongful discharge
in violation of public policy; and defamation, conspiracy, infliction of emotional distress, invasion of privacy, harassment, assault,
battery, fraudulent inducement, misrepresentation, or any other tort.

 

b.
This release does not (i) release or waive claims or rights that cannot be released as a matter of law; (ii) any release or waive claims
or rights Employee may have to the payments and benefits arising under this Agreement; (iii) release or waive any claims or rights to
indemnification, advancement of expenses or insurance coverage under any written indemnification agreement between Employee and the Company
or any of its parent, subsidiary or affiliated entities, any bylaws, articles of incorporation or other similar corporate governance
documents of the Company or any of its parent, subsidiary or affiliated entities, or any directors and officers’ insurance policy
or other insurance policy of the Company or any of its parent, subsidiary or affiliated entities; (iv) release or waive any claims or
rights to the Accrued Obligations; (v) vested benefits arising under any equity award agreements entered into by Employee and the Company
or any of its parent, subsidiary or affiliated entities and/or any vested benefits under employee benefits plans of the Company pursuant
to the terms and conditions of any such plans; (vi) waive Employee’s right to file a charge, testify, assist, or cooperate with
the EEOC or any analogous state agency, (vii) waiving rights or claims that may arise after the date Employee signs this Agreement, or
(viii) release claims for unemployment compensation benefits, workers’ compensation benefits, those claims under the Fair Labor
Standards Act which cannot be waived pre-litigation without Department of Labor or court approval, health insurance benefits under the
Consolidated Omnibus Budget Reconciliation Act (COBRA), or claims with regard to vested benefits under a retirement plan governed by
the Employee Retirement Income Security Act (ERISA). The claims and rights not released under this Section 6(b) are collectively referred
to herein as the “Unreleased Claims”.

 

    	A-3

     

    

 

7.
Release of Unknown Claims. Employee agrees and understands as follows: it is the intention
of Employee in executing this instrument that it shall be effective as a bar to each and every claim, demand, grievance and cause of
action hereinabove specified. In furtherance of this intention, Employee hereby expressly waives any and all rights and benefits conferred
upon Employee by the provisions of section 1542 of the California Civil Code (or any other similar state code) and expressly consents
that this Agreement shall be given full force and effect according to each and all of its express terms and provisions, including those
relating to unknown and unsuspected claims, demands and causes of action, if any, as well as those relating to any other claims, demands
and causes of action hereinabove specified. Section 1542 provides:

 

A
general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor
at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the
debtor or released party.

 

Having
been so apprised, Employee nevertheless hereby voluntarily elects to and does waive the rights described in Civil Code section 1542 and
elects to assume all risks for all claims (other than Unreleased Claims) that now exist in Employee’s favor, known or unknown,
that are released under this Agreement.

 

8.
Confidentiality. Employee agrees: The fact of and the terms and conditions of this Agreement and any and all actions by Releasees
taken in accordance herewith, are confidential, and shall not be disclosed, discussed, publicized or revealed by Employee or his/her
attorneys to any other person or entity, including but not limited to radio, television, press media, newspapers, magazines, professional
journals and professional reports, excepting only Employee’s accountants, lawyers, immediate family members (mother, father, brother,
sister, child, spouse), the persons necessary to carry out the terms of this Agreement or as required by law. Employee shall admonish
anyone to whom disclosure is made to maintain confidentiality. Should Employee be asked about the disputes or this Agreement, Employee
shall limit Employee’s response, if any, by stating that the matters have been amicably resolved.

 

9.
Return of Company Property.
No later than the Termination Date, Employee shall return all Company property in Employee’s
possession, custody, or control such as, for example, the original and all copies of all Company files, computer databases and files,
books, records, documents, client lists, financial data, plans, drawings, specifications, equipment, pictures, videotapes, identification
cards, parking cards, keys, passwords or any property or other items concerning the business of the Company, whether prepared by Employee
or otherwise coming into Employee’s possession or control relating to any product, business, work, customer, supplier or other
aspect of the Company, including any computer or communication devices (e.g., laptop computer, tablet computer, cell phone or personal
digital assistant). Employee acknowledges that the promises set forth in this section constitute a material inducement for the Company
to enter into this Agreement.

 

    	A-4

     

    

 

10.
Claims Previously Filed: Covenant Not to Sue. Employee represents that Employee has not filed, initiated, or prosecuted (or caused
to be filed, initiated, or prosecuted) any lawsuit, complaint, request or petition for arbitration, charge, action, or other proceeding
with respect to any claim this Agreement releases. In the event a government agency files or pursues a charge or complaint relating to
Employee’s employment with the Company and/or the disputes, Employee agrees not to accept any monetary or other benefits arising
out of the charge or complaint. Employee agrees not to file a lawsuit in court, or to demand arbitration, against Company or any of the
Releasees, agrees not to participate in any such lawsuit or arbitration, and agrees to take all necessary steps to opt-out or refrain
from opting in to any such lawsuit or arbitration, based on any events, acts, or omissions through and including the Effective Date of
this Agreement (except with respect to any Unreleased Claims). If Employee violates this promise, the Company shall recover all payments
made under this Agreement, and Employee will pay Company for all costs and losses, including actual attorneys’ fees, incurred by
the Company or the Releasees in connection with said lawsuit or demand for arbitration. In the event of such a filing, Employee acknowledges
that Employee will be ineligible, and in fact hereby expressly waives Employee’s right, to any additional monetary compensation
or damages.

 

11.
Confidentiality of Company Confidential Information. Employee hereby represents and acknowledges that in the course of Employee’s
relationship with Company, Employee has had access to and made use of certain confidential information of actual or potential independent
economic value relating to the Released Parties’ business and that of its clients (collectively defined as “Company Confidential
Information”). Such Company Confidential Information includes, but is not limited to, identities of existing clients; legal
matters; existing and contemplated services, programs, joint ventures, exploration programs, documentation and/or schematics; business,
accounting and financial information and data; marketing plans and strategies; business proposals and communications; technical reports/studies
and associated data; and the identity of any persons or entities associated with or engaged as investors, consultants, advisers, or agents.
Employee shall continue to keep secret and retain in the strictest confidence, and shall not disclose, publish, disseminate, or otherwise
reveal or use, for the benefit of Employee or others, directly or indirectly, any such information, which is and shall be the property
of the Company exclusively. This Agreement is not intended to supersede or affect any obligation of Employee, contractual or otherwise,
with respect to the disclosure, use or protection of any proprietary or Company Confidential Information, including any trade secrets
of Company, and is in addition to Employee’s Employment Agreement, Employee Confidentiality & Inventions Assignment Agreement.
All previous written agreements and obligations imposed by law or contract, relating to Company’s intellectual property, proprietary
information, Company Confidential Information or trade secrets, including confidentiality obligations and obligations of disclosure and
assignment of inventions, shall remain in full force and effect and survive the execution of this Agreement. In addition, at no time
after Employee leaves the Company will the Employee seek to obtain or misappropriate any of the Company’s trade secrets or other
Company Confidential Information from any current or former Company Employee.

 

    	A-5

     

    

 

12.
Non-Disparagement. Employee agrees not to make any derogatory, disparaging or negative comments about the Company (or any Company
affiliate), its products, officers, directors, or employees,
unless required to do so by lawful subpoena or other valid legal process, in
connection with any action to enforce this Agreement, or in connection with any governmental, regulatory or administrative agency investigation.
The Company agrees that its officers and directors will not make any disparaging or negative comments about Employee, unless
required to do so by lawful subpoena or other valid legal process, in connection with any action to enforce this Agreement or in connection
with any governmental, regulatory or administrative agency investigation.

 

13.
Severability. If any provision of this Agreement or application thereof is held invalid, the invalidity shall not affect other
provisions or applications of the Agreement which can be given effect without the invalid provision or application. To this end, the
provisions of this Agreement are severable.

 

14.
Legal Effect of Agreement. Employee agrees and understands that this Agreement may be treated as a complete defense to any legal,
equitable, or administrative action that may be brought, instituted, or taken by Employee, or on Employee’s behalf, against the
Company or the Releasees, and shall forever be a complete bar to the commencement or prosecution of any claim, demand, lawsuit, charge,
or other legal proceeding of any kind against the Company and the Releasees.

 

15.
Binding on Assigns. This Agreement and all covenants and releases set forth herein shall be binding upon and shall inure to the
benefit of the respective Parties hereto, their legal successors, heirs, assigns, partners, representatives, parent companies, subsidiary
companies, agents, attorneys, officers, employees, directors and stockholders.

 

16.
Independent Judgment. The Parties hereto acknowledge each has read this Agreement, that each fully understands its rights, privileges
and duties under the Agreement, that each has had an opportunity to consult with an attorney of its choice and that each enters this
Agreement freely and voluntarily.

 

17.
Amendment. This Agreement may not be released, discharged, abandoned, changed or modified in any manner, except by an instrument
in writing signed by Employee and an officer of the Company. The failure of any party to enforce at any time any of the provisions of
this Agreement shall in no way be construed as a waiver of any such provision, nor in any way to affect the validity of this Agreement
or any part thereof or the right of any party thereafter to enforce each and every such provision. No waiver of any breach of this Agreement
shall be held to be a waiver of any other or subsequent breach.

 

18.
Interpretation. This Agreement and the provisions contained herein shall not be construed or interpreted for or against any party
hereto because that party drafted or caused that party’s legal representative to draft any of its provisions.

 

    	A-6

     

    

 

19.
Different or Additional Facts. Employee acknowledges Employee may hereafter discover facts different from, or in addition to,
those Employee now knows or believes to be true with respect to the claims, demands, liens, agreements, contracts, covenants, actions,
suits, causes of action, wages, obligations, debts, expenses, damages, judgments, orders and liabilities herein released, and agrees
the release herein shall be and remain in effect in all respects as a complete and general release as to all matters released herein,
notwithstanding any such different or additional facts.

 

20.
[IF APPLICABLE] Older Workers Benefits Protection Act Rights. Employee is over forty years old, and thus has been advised of and
acknowledges the following: (1) this Agreement is written in a manner that you understand; (2) you are receiving valid consideration
for this Agreement that is in addition to anything of value to which you are already entitled; (3) this Agreement does not waive rights
or claims that may arise after it is executed; (4) by signing this Agreement, you are waiving rights under the Age Discrimination in
Employment Act; (5) you should consult with an attorney before signing this Agreement; (6) you have twenty-one (21) days to consider
this Agreement before signing it. You may choose to sign the Agreement in a shorter time, but if you do so, you acknowledge that any
such signing is done on a knowing and voluntary basis; and (7) you may revoke this Agreement at any time up to seven (7) days after you
sign this Agreement. The Agreement shall not become effective until the revocation period has expired (“Effective Date”).
To revoke this Agreement, you must deliver a written or electronic notice of revocation to __________ at __________ within the seven
(7) day period referenced above.

 

21.
Effective Date. If Employee does not revoke this Agreement in the timeframe specified at Paragraph
20 above, the Agreement shall be effective at 12:00:01 a.m. on the eighth day after it is signed by Employee (the “Effective
Date”).

 

22.
Section 409A. This Agreement is intended to be exempt from the requirements of section 409A of the Internal Revenue Code of 1986
as amended (“Section 409A”)
and will be interpreted accordingly. While it is intended that all payments and benefits provided under this Agreement to Employee or
on behalf of Employee will be exempt from section 409A, the Company makes no representation or covenant to ensure that such payments
and benefits are exempt from or compliant with section 409A. The Company will have no liability to Employee or any other party if a payment
or benefit under this Agreement is challenged by any taxing authority or is ultimately determined not to be exempt from or compliant
with section 409A.

 

23.
Entire Agreement. The undersigned each acknowledge and represent that no promise or representation not contained in this Agreement
has been made to them and acknowledge and represent that this Agreement and the Severance Agreement contains the entire understanding
between the parties and contains all terms and conditions pertaining to the compromise and settlement of the subjects referenced herein.
The undersigned further acknowledge that the terms of this Agreement are contractual and not a mere recital.

 

24.
Execution of Agreement. This Agreement may be executed in any number of counterparts, each
of which so executed shall be deemed to be an original and such counterparts shall together constitute one and the same Agreement.

 

    	A-7

     

    

 

25.
Governing Law. This Agreement shall be construed in accordance with, and be deemed governed
by, the Employee Retirement Income Security Act of 1974, as amended, and, to the extent applicable, the laws of the State of Delaware,
without reference to the conflict of law provisions thereof.

 

26.
The Company executes this Agreement for itself and on behalf of all other respective Releasees.

 

Employee
has read the foregoing Confidential Separation Agreement and General Release of All Claims, and Employee accepts and agrees to the provisions
contained therein and hereby executes it voluntarily and with full understanding of its consequences.

 

PLEASE
READ CAREFULLY. THIS AGREEMENT CONTAINS A GENERAL RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

	Dated:
    	 	 	
	 	 	 	[NAME]
	 	 	 	 
	 	 	 	Oncocyte
    Corporation
	 	 	 	 
	 	 	 	 
	Dated:	 	 	Name:
	 	 	 	Title:

 

    	A-8

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