Document:

EX-10.6

 Exhibit 10.6 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is entered into by and between Biocept, Inc., a Delaware corporation (the “Company”), and Michael W. Nall (“Executive”), and shall be effective as of August 26, 2013 (the
“Effective Date”). 
 WHEREAS, the Company desires to employ Executive, and Executive desires to accept
employment with the Company, on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the
mutual promises herein contained, the parties agree as follows: 
 1. Definitions. As used in this Agreement, the
following terms shall have the following meanings: 
 (a) Board. “Board” means the Board of Directors
of the Company. 
 (b) Bonus. “Bonus” means an amount equal to the greater of (i) Executive’s
target annual bonus (refer to Section 4a) for the fiscal year in which the Executive’s date of termination of employment occurs, or (ii) the bonus awarded to Executive for the fiscal year prior to the year during which
Executive’s date of termination of employment occurs (which bonus shall be annualized to the extent Executive was not employed for the entire fiscal year prior to the year during which Executive’s date of termination of employment occurs).
If any portion of the bonuses awarded to Executive consisted of securities or other property, the fair market value thereof shall be determined in good faith by the Board. 
 (c) Cause. “Cause” means any of the following: 
 (i) the
commission of an act of fraud, embezzlement or dishonesty by Executive that has a material adverse impact on the Company or any successor or affiliate thereof; 
 (ii) a conviction of, or plea of “guilty” or “no contest” to, a felony by Executive; 
 (iii) any unauthorized use or disclosure by Executive of confidential information or trade secrets of the Company or any successor or affiliate thereof that has a material adverse impact on any such
entity; 
 (iv) Executive’s gross negligence, insubordination or material violation of any duty of loyalty to the Company
or any other material misconduct on the part of Executive; 
 (v) Executive’s ongoing and repeated failure or refusal to
perform or neglect of Executive’s duties as required by this Agreement, which failure, refusal or neglect continues for fifteen (15) days following Executive’s receipt of written notice from the

 
Chairman of the Board or the Lead Independent Director of the Board stating with specificity the nature of such failure, refusal or neglect; or 

(vi) Executive’s breach of any material provision of this Agreement; 
 provided, however, that prior to the determination that “Cause” under this Section 1(c) has occurred, the Company shall (w) provide to Executive in writing, in reasonable
detail, the reasons for the determination that such “Cause” exists, (x) other than with respect to clause (v) above which specifies the applicable period of time for Executive to remedy his or her breach, afford Executive a
reasonable opportunity to remedy any such breach, (y) provide the Executive an opportunity to be heard prior to the final decision to terminate the Executive’s employment hereunder for such “Cause” and (z) make any decision
that such “Cause” exists in good faith. 
 The foregoing definition shall not in any way preclude or restrict the
right of the Company or any successor or affiliate thereof to discharge or dismiss Executive for any other acts or omissions, but such other acts or omissions shall not be deemed, for purposes of this Agreement, to constitute grounds for termination
for Cause. 
 (d) Change of Control. “Change of Control” means (i) a merger or consolidation of
the Company with or into any other corporation or other entity or person, (ii) a sale, lease, exchange or other transfer in one transaction or a series of related transactions of all or substantially all of the Company’s assets, or
(iii) any other transaction, including the sale by the Company of new shares of its capital stock or a transfer of existing shares of capital stock of the Company, the result of which is that a third party that is not an affiliate of the
Company or its stockholders (or a group of third parties not affiliated with the Company or its stockholders) immediately prior to such transaction acquires or holds capital stock of the Company representing a majority of the Company’s
outstanding voting power immediately following such transaction; provided that the following events shall not constitute a “Change in Control”: (A) a transaction (other than a sale of all or substantially all of the Company’s
assets) in which the holders of the voting securities of the Company immediately prior to the merger or consolidation hold, directly or indirectly, at least a majority of the voting securities in the successor corporation or its parent immediately
after the merger or consolidation; (B) a sale, lease, exchange or other transaction in one transaction or a series of related transactions of all or substantially all of the Company’s assets to an affiliate of the Company; (C) an
initial public offering of any of the Company’s securities; (D) a reincorporation of the Company solely to change its jurisdiction; or (E) a transaction undertaken for the primary purpose of creating a holding company that will be
owned in substantially the same proportion by the persons who held the Company’s securities immediately before such transaction. 
 (e) Code. “Code” means the Internal Revenue Code of 1986, as amended, and the Treasury Regulations and other interpretive guidance thereunder. 

(f) Good Reason. “Good Reason” means the occurrence of any of the following events or conditions without
Executive’s written consent: 

  
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 (i) a material diminution in Executive’s authority, duties or responsibilities;

 (ii) a material diminution in Executive’s base compensation, unless such a reduction is imposed across-the-board to
senior management of the Company; 
 (iii) a material change in the geographic location at which Executive must perform his or
her duties; or 
 (iv) any other action or inaction that constitutes a material breach by the Company or any successor or
affiliate of its obligations to Executive under this Agreement. 
 Executive must provide written notice to the Company of the
occurrence of any of the foregoing events or conditions without Executive’s written consent within ninety (90) days of the occurrence of such event. The Company or any successor or affiliate shall have a period of thirty (30) days to
cure such event or condition after receipt of written notice of such event from Executive. Any voluntary Separation from Service for “Good Reason” following such thirty (30) day cure period must occur no later than the date that is
six (6) months following the initial occurrence of one of the foregoing events or conditions without Executive’s written consent. Executive’s voluntary Separation from Service by reason of resignation from employment with the Company
for Good Reason shall be treated as involuntary. 
 (g) Permanent Disability. Executive’s “Permanent
Disability” shall be deemed to have occurred if Executive shall become physically or mentally incapacitated or disabled or otherwise unable fully to discharge his or her duties hereunder for a period of ninety (90) consecutive calendar
days or for one hundred twenty (120) calendar days in any one hundred eighty (180) calendar-day period. The existence of Executive’s Permanent Disability shall be determined by the Company on the advice of a physician chosen by the
Company and the Company reserves the right to have the Executive examined by a physician chosen by the Company at the Company’s expense. 
 (h) Separation from Service. “Separation from Service,” with respect to Executive, means Executive’s “separation from service,” as defined in Treasury
Regulation Section 1.409A-1(h). 
 (i) Stock Awards. “Stock Awards” means all stock options,
restricted stock and such other awards granted pursuant to the Company’s stock option and equity incentive award plans or agreements and any shares of stock issued upon exercise thereof. 

2. Employment Period. Executive’s employment hereunder shall commence on the Effective Date and shall continue until
terminated pursuant to Section 5 below. 

  
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 3. Services to Be Rendered. 

(a) Duties and Responsibilities. Executive shall serve as President and CEO of the Company. This Agreement acknowledges
Company’s consent and approval for Executive’s Consulting Agreement with Genentech, Inc. which may continue during the term of this Agreement with the Company. In the performance of such duties, Executive shall report directly to the Board
and shall be subject to the direction of the Board and to such limits upon Executive’s authority as the Board may from time to time impose. As President and CEO of the Company, the Executive will be a member of the Board of Directors, subject
to the approval of the Company’s shareholders. Executive hereby consents to serve as an officer and/or director of the Company or any subsidiary or affiliate thereof without any additional salary or compensation, if so requested by the Board.
Executive shall be employed by the Company on a full time basis. Executive’s primary place of work shall be the Company’s facility in San Diego, California, or such other location within San Diego County as may be designated by the Board
from time to time. Executive shall also render services at such other places within or outside the United States as the Board may direct from time to time. Executive shall be subject to and comply with the policies and procedures generally
applicable to senior executives of the Company to the extent the same are not inconsistent with any term of this Agreement. 

(b) Exclusive Services. Executive shall at all times faithfully, industriously and to the best of his or her ability, experience
and talent perform to the satisfaction of the Board all of the duties that may be assigned to Executive hereunder and shall devote substantially all of his or her productive time and efforts to the performance of such duties. Subject to the terms of
the Employee Proprietary Information and Inventions Agreement referred to in Section 6(b), this shall not preclude Executive from devoting time to personal and family investments or serving on community and civic boards, or participating in
industry associations, provided such activities do not interfere with his or her duties to the Company, as determined in good faith by the Board. Executive agrees that he or she will not join any boards, other than community and civic boards (which
do not interfere with his or her duties to the Company), without the prior approval of the Board. 
 4. Compensation and
Benefits. The Company shall pay or provide, as the case may be, to Executive the compensation and other benefits and rights set forth in this Section 4. 
 (a) Base Salary. As compensation for services as President and CEO, Executive will initially be paid a salary of $200,000 per year beginning on August 16, 2013 which shall be payable, less any
required payroll deductions and withholdings in regular periodic payments in accordance with Biocept policy. Upon completion of an Initial Public Offering (IPO) or an equity or debt financing of at least $5 million approved by the Board,
Executive’s salary will be increased to $350,000 per year which shall be payable, less any required payroll deductions and withholdings, in regular periodic payments in accordance with Biocept policy. Executive will be paid the monthly
differential between $200,000 and $350,000 in a lump sum payment on successful completion of the IPO or a financing approved by the Board. Executive’s base salary shall be subject to review annually by and at the sole discretion of the
Compensation Committee of the Board. 

  
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 Bonuses. The Executive will work with the management team, the
Executive Chairman and the Board to develop a Bonus Incentive Plan for the Company wherein Executive will have a target bonus of $100,000 per year based on the achievement of target goals agreed to and approved by the Board. In addition to any other
compensation due and payable to Executive, the Executive will also be paid a special one-time bonus of $100,000 in January 2014 if the IPO or Financing is successfully completed. 

(b) Benefits. Executive shall be entitled to participate in benefits under the Company’s benefit plans and arrangements,
including, without limitation, any employee benefit plan or arrangement made available in the future by the Company to its senior executives, subject to and on a basis consistent with the terms, conditions and overall administration of such plans
and arrangements. Said benefits shall include at a minimum, health and dental insurance, vision insurance, life insurance in an amount equal to Executive’s salary up to $250,000 with an option at the Executive’s expense to acquire up to
$500,000 in coverage and disability coverage of 60% of Executive’s salary up to a maximum of $6,000 per month. The Company shall have the right to amend or delete any such benefit plan or arrangement made available by the Company to its senior
executives and not otherwise specifically provided for herein. 
 (c) Expenses. The Company shall reimburse Executive
for reasonable out-of-pocket business expenses incurred in connection with the performance of his or her duties hereunder, subject to such policies as the Company may from time to time establish, and Executive furnishing the Company with
evidence in the form of receipts satisfactory to the Company substantiating the claimed expenditures. Upon completion of the financing for the Company contemplated herein, the Company will also provide a monthly housing allowance of a net of $2000
per month for the Executive to have a residence while working in San Diego. 
 (d) Paid Time Off. Executive shall be
entitled to such periods of paid time off (“PTO”) each year as provided under the Company’s PTO policy and as otherwise provided for senior executive officers; provided, that Executive will accrue PTO at a rate of at
least twenty (20) days per year. Should Executive’s employment terminate for any reason, Executive shall be entitled to unpaid Paid Time Off as of the date of termination of this Agreement. 

Equity Plans. Executive shall be entitled to participate in any equity or other employee benefit plan that is generally available
to senior executive officers, as distinguished from general management, of the Company. Except as otherwise provided in this Agreement, Executive’s participation in and benefits under any such plan shall be on the terms and subject to the
conditions specified in the governing document of the particular plan. As additional compensation, contingent and effective upon the commencement of Executive’s services to Biocept, Executive will receive the following equity grants:

  

	 	1.)	 Biocept will grant to the Executive an option (the Option) under the Company’s 2013 Equity Incentive Plan to purchase at least 4% of the shares of
Biocept’s fully diluted stock outstanding on the Effective Date and at the fair market value as determined by the valuation conducted by the Company and approved by the Board. This Option will vest in equal monthly installments over the four
year period beginning on August 15, 

  
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2013. The option will be early exercisable at Executive’s option and will fully vest upon a Change in Control (as defined in the Plan) during Executive’s continuous service (as defined
in the Plan). In the event that Executive’s continuous service (as defined by the Plan) is voluntarily terminated by the Company or its shareholders without cause (as defined in the Plan), Executive will receive one year of additional vesting,
subject to you furnishing to Biocept an effective waiver and release of claims in a form specified by Biocept, and consistent with standard practices. 

  

	 	2.)	Executive will be granted a Performance Based RSU Award which will equal an additional 1% of the Common Stock of the Company following the completion of the IPO or
Financing. This Performance Award will be subject to the establishment of goals and objectives to be agreed with and approved by the Board. 

 (e) Stock Award Acceleration. 
 (i) In the event of a Change of Control,
(A) the vesting and/or exercisability of fifty percent (50%) of the Executive’s outstanding unvested Stock Awards shall be automatically accelerated on the date of a Change of Control, and (B) the remaining unvested Stock Awards
shall vest and/or become exersisable on the first to occur of (1) the first anniversary of such Change of Control, or (2) the date of Executive’s termination of employment as a result of Executive’s discharge by the Company
without Cause or by reason of Executive’s resignation for Good Reason. 
 (ii) In the event of Executive’s
termination of employment as a result of Executive’s discharge by the Company without Cause or by reason of Executive’s resignation for Good Reason, the vesting and/or exercisability of each of Executive’s outstanding Stock Awards
shall be automatically accelerated on the date of Executive’s termination of employment as to the number of Stock Awards that would vest over the twelve (12) month period following the date of Executive’s termination of employment had
Executive remained continuously employed by the Company during such period. 
 (iii) The foregoing provisions are hereby deemed
to be a part of each Stock Award and to supersede any less favorable provision in any agreement or plan regarding such Stock Award. 
 5. Severance. Executive shall be entitled to receive benefits upon a Separation from Service only as set forth in this Section 5 and upon successful completion of an IPO or an equity or debt
financing approved by the Board of at least $5 million 
 (a) At-Will Employment; Termination. The Company and Executive
acknowledge that Executive’s employment is and shall continue to be at-will, as defined under applicable law, and that Executive’s employment with the Company may be terminated by either party at any time for any or no reason, with or
without notice. If Executive’s employment terminates for any reason, Executive shall not be entitled to any payments, benefits, damages, awards or compensation other than as provided in this Agreement. Executive’s employment under this
Agreement shall be terminated immediately on the death of Executive. 

  
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 (b) Separation from Service without Cause or for Good Reason. Subject to
Section 5(d) and Executive’s continued compliance with Section 6, if Executive has a Separation from Service as a result of Executive’s discharge by the Company without Cause or by reason of Executive’s resignation for Good
Reason, Executive shall be entitled to receive, in lieu of any severance benefits to which Executive may otherwise be entitled under any severance plan or program of the Company, the benefits provided below: 

(i) the Company shall pay to Executive his or her fully earned but unpaid base salary, when due, through the date of
Executive’s Separation from Service at the rate then in effect, plus all other benefits, if any, under any Company group retirement plan, nonqualified deferred compensation plan, equity award plan or agreement (other than any such plan or
agreement pertaining to Stock Awards whose treatment is prescribed by Section 4(g) above), health benefits plan or other Company group benefit plan to which Executive may be entitled pursuant to the terms of such plans or agreements at the time
of Executive’s Separation from Service; 
 (ii) Executive shall be entitled to receive severance pay as
follows: 
 Executive’s monthly base salary as in effect immediately prior to the date of termination
for the twelve (12) month period following the date of Executive’s Separation from Service, which severance pay shall be paid in a lump sum cash payment on the first regularly scheduled Company payroll date occurring on or after the
thirtieth (30th) day after the date of
Executive’s Separation from Service or on a monthly basis as determined by the Board of Directors; and 

(iii) for the period beginning on the date of Executive’s Separation from Service and ending on the date which is
twelve (12) full months following the date of Executive’s Separation from Service (or, if earlier, the date on which the applicable continuation period under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”) expires) (the “COBRA Coverage Period”), the Company shall arrange to provide Executive and his or her eligible dependents who were covered under the Company’s health insurance plans as of the date of
Executive’s Separation from Service with health (including medical and dental) insurance benefits substantially similar to those provided to Executive and his or her dependents immediately prior to the date of such Separation from Service. If
the Company is not reasonably able to continue health insurance benefits coverage under the Company’s insurance plans, the Company shall provide substantially equivalent coverage under other third-party insurance sources. If any of the
Company’s health benefits are self-funded as of the date of Executive’s Separation from Service, or if the Company cannot provide the foregoing benefits in a manner that are exempt from or otherwise compliant with applicable law
(including, without limitation, Section 409A of the Code and Section 2716 of the Public Health Service Act), instead of providing continued health insurance benefits as set forth above, the Company shall instead pay to Executive an amount
equal to the monthly plan premium payment for Executive and his or her eligible dependents who were covered under the Company’s health plans as of the date of Executive’s Separation from Service (calculated by reference to Executive’s
premiums as of the his or her Separation from Service) as currently taxable compensation in substantially equal monthly installments over the COBRA Coverage 

  
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Period (or the remaining portion thereof). For the benefits described herein, the Executive’s contribution will be at no greater expense to the Executive than the Company’s benefit Plan
at the time that the Executive was employed by the Company. 
 (c) Termination for Cause, Voluntary Resignation Without Good
Reason, Death or Termination By Reason of Permanent Disability. If Executive’s employment is terminated by the Company for Cause, by Executive without Good Reason or as a result of Executive’s death or Permanent Disability, the Company
shall not have any other or further obligations to Executive under this Agreement (including any financial obligations) except that Executive shall be entitled to receive (i) Executive’s fully earned but unpaid base salary, through the
date of termination at the rate then in effect, and (ii) all other amounts or benefits to which Executive is entitled under any compensation, retirement or benefit plan or practice of the Company at the time of termination in accordance with
the terms of such plans or practices, including, without limitation, any continuation of benefits required by COBRA or applicable law. Executive will be a party to the Company’s Indemnification Agreement with all officers and directors of the
Company and the D&O insurance policy which covers all officers and directors of the Company. In addition, if Executive’s employment is terminated by the Company for Cause or by Executive without Good Reason or as a result of
Executive’s death or Permanent Disability, all vesting of Executive’s unvested Stock Awards previously granted to him or her by the Company shall cease and none of such unvested Stock Awards shall be exercisable following the date of such
termination. The foregoing shall be in addition to, and not in lieu of, any and all other rights and remedies which may be available to the Company under the circumstances, whether at law or in equity. 

(d) Release. As a condition to Executive’s receipt of any post-termination benefits pursuant to Section 5(b) above,
Executive shall execute and not revoke a general release of all claims in favor of the Company (the “Release”) in the form attached hereto as Exhibit A. Executive shall not be entitled to the aforesaid payments and benefits
unless, prior to the day that is thirty (30) days following the date of Executive’s Separation from Service, Executive’s executes the Release and any applicable revocation period thereunder has expired. 

(e) Exclusive Remedy. Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of
Executive’s rights to salary, severance, benefits, bonuses and other amounts hereunder (if any) accruing after the termination of Executive’s employment shall cease upon such termination. In the event of a termination of Executive’s
employment with the Company, Executive’s sole remedy shall be to receive the payments and benefits described in this Section 5. In addition, Executive acknowledges and agrees that he or she is not entitled to any reimbursement by the
Company for any taxes payable by Executive as a result of the payments and benefits received by Executive pursuant to this Section 5, including, without limitation, any excise tax imposed by Section 4999 of the Internal Revenue Code of
1986, as amended. 
 (f) No Mitigation. Except as otherwise provided in Section 5(b)(iii) above, Executive shall
not be required to mitigate the amount of any payment provided for in this Section 5 by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Section 5 be reduced by any compensation
earned by Executive as the result of employment by another employer or self-employment or by retirement benefits; 

  
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provided, however, that loans, advances or other amounts owed by Executive to the Company may be offset by the Company against amounts payable to Executive under this
Section 5. 
 (g) Return of the Company’s Property. If Executive’s employment is terminated for any
reason, the Company shall have the right, at its option, to require Executive to vacate his or her offices prior to or on the effective date of termination and to cease all activities on the Company’s behalf. Upon the termination of his or her
employment in any manner, as a condition to the Executive’s receipt of any post-termination benefits described in this Agreement, Executive shall immediately surrender to the Company all lists, books and records of, or in connection with, the
Company’s business, and all other property belonging to the Company, it being distinctly understood that all such lists, books and records, and other documents, are the property of the Company. Executive shall deliver to the Company a signed
statement certifying compliance with this Section 5(g) prior to the receipt of any post-termination benefits described in this Agreement. 
 (h) Nondisparagement; Confidentiality. Executive agrees that neither he nor anyone acting by, through, under or in concert with him shall disparage or otherwise communicate negative statements or
opinions about the Company, its Board members, officers, employees or business. The Company agrees that neither its Board members nor officers shall disparage or otherwise communicate negative statements or opinions about Executive. Except as may be
required by law, neither Company, Executive, nor any member of Executive’s family, nor anyone else acting by, through, under or in concert with Executive will disclose to any individual or entity (other than Executive’s legal or tax
advisors) the terms of this Agreement 
 6. Certain Covenants. 

(a) Noncompetition. Except as may otherwise be approved by the Board, during the term of Executive’s employment, Executive
shall not have any ownership interest (of record or beneficial) in, or have any interest as an employee, salesman, consultant, officer or director in, or otherwise aid or assist in any manner, any firm, corporation, partnership, proprietorship or
other business that engages in any county, city or part thereof in the United States and/or any foreign country in a business which competes directly or indirectly (as determined by the Board) with the Company’s business in such county, city or
part thereof, so long as the Company, or any successor in interest of the Company to the business and goodwill of the Company, remains engaged in such business in such county, city or part thereof or continues to solicit customers or potential
customers therein; provided, however, that Executive may own, directly or indirectly, solely as an investment, securities of any entity which are traded on any national securities exchange if Executive (x) is not a controlling
person of, or a member of a group which controls, such entity; or (y) does not, directly or indirectly, own one percent (1%) or more of any class of securities of any such entity. 

(b) Confidential Information. Executive and the Company have entered into the Company’s standard employee proprietary
information and inventions agreement (the “Employee Proprietary Information and Inventions Agreement”). Executive agrees to perform each and every obligation of Executive therein contained. 

  
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 (c) Solicitation of Employees. Executive shall not during the term of
Executive’s employment and for the applicable severance period for which Executive receives severance benefits following any termination hereof pursuant to Section 5(b) above (regardless of whether Executive receives payment of severance
amounts payable thereunder in a lump sum) (the “Restricted Period”), directly or indirectly, solicit or encourage to leave the employment of the Company or any of its affiliates, any employee of the Company or any of its affiliates.

 (d) Solicitation of Consultants. Executive shall not during the term of Executive’s employment and for the
Restricted Period, directly or indirectly, hire, solicit or encourage to cease work with the Company or any of its affiliates any consultant then under contract with the Company or any of its affiliates within one year of the termination of such
consultant’s engagement by the Company or any of its affiliates. 
 (e) Rights and Remedies Upon Breach. If
Executive breaches or threatens to commit a breach of any of the provisions of this Section 6 (the “Restrictive Covenants”), the Company shall have the following rights and remedies, each of which rights and remedies shall be
independent of the other and severally enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity: 

(i) Specific Performance. The right and remedy to have the Restrictive Covenants specifically enforced by any court having equity
jurisdiction, all without the need to post a bond or any other security or to prove any amount of actual damage or that money damages would not provide an adequate remedy, it being acknowledged and agreed that any such breach or threatened breach
will cause irreparable injury to the Company and that money damages will not provide adequate remedy to the Company; and 

(ii) Accounting and Indemnification. The right and remedy to require Executive (i) to account for and pay over to the
Company all compensation, profits, monies, accruals, increments or other benefits derived or received by Executive or any associated party deriving such benefits as a result of any such breach of the Restrictive Covenants; and (ii) to indemnify
the Company against any other losses, damages (including special and consequential damages), costs and expenses, including actual attorneys’ fees and court costs, which may be incurred by them and which result from or arise out of any such
breach or threatened breach of the Restrictive Covenants. 
 (f) Severability of Covenants/Blue Pencilling. If any court
determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect, without regard to the invalid portions. If
any court determines that any of the Restrictive Covenants, or any part thereof, are unenforceable because of the duration of such provision or the area covered thereby, such court shall have the power to reduce the duration or area of such
provision and, in its reduced form, such provision shall then be enforceable and shall be enforced. Executive hereby waives any and all right to attack the validity of the Restrictive Covenants on the grounds of the breadth of their geographic scope
or the length of their term. 

  
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 (g) Enforceability in Jurisdictions. The Company and Executive intend to and do
hereby confer jurisdiction to enforce the Restrictive Covenants upon the courts of any jurisdiction within the geographical scope of such covenants. If the courts of any one or more of such jurisdictions hold the Restrictive Covenants wholly
unenforceable by reason of the breadth of such scope or otherwise, it is the intention of the Company and Executive that such determination not bar or in any way affect the right of the Company to the relief provided above in the courts of any other
jurisdiction within the geographical scope of such covenants, as to breaches of such covenants in such other respective jurisdictions, such covenants as they relate to each jurisdiction being, for this purpose, severable into diverse and independent
covenants. 
 (h) Definitions. For purposes of this Section 6, the term “Company” means not only
Biocept, Inc., but also any company, partnership or entity which, directly or indirectly, controls, is controlled by or is under common control with Biocept, Inc. 
 7. Insurance. The Company shall have the right to take out life, health, accident, “key-man” or other insurance covering Executive, in the name of the Company and at the Company’s
expense in any amount deemed appropriate by the Company. Executive shall assist the Company in obtaining such insurance, including, without limitation, submitting to any required examinations and providing information and data required by insurance
companies. 
 8. Arbitration. Any dispute, claim or controversy based on, arising out of or relating
to Executive’s employment or this Agreement shall be settled by final and binding arbitration in San Diego, California, before a single neutral arbitrator in accordance with the National Rules for the Resolution of Employment Disputes (the
“Rules”) of the American Arbitration Association, and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction.1 Arbitration may be compelled pursuant to the California Arbitration Act (Code of Civil Procedure §§ 1280
et seq.). If the parties are unable to agree upon an arbitrator, one shall be appointed by the AAA in accordance with its Rules. Each party shall pay the fees of its own attorneys, the expenses of its witnesses and all other expenses
connected with presenting its case; however, Executive and the Company agree that, to the extent permitted by law, the arbitrator may, in his or her discretion, award reasonable attorneys’ fees to the prevailing party; provided,
further, that the prevailing party shall be reimbursed for such fees, costs and expenses within forty-five (45) days following any such award, but in no event later than the last day of the Executive’s taxable year following the
taxable year in which the fees, costs and expenses were incurred; provided, further, that the parties’ obligations pursuant to this sentence shall terminate on the tenth
(10th) anniversary of the date of Executive’s
termination of employment. Other costs of the arbitration, including the cost of any record or transcripts of the arbitration, AAA’s administrative fees, the fee of the arbitrator, and all other fees and costs, shall be borne by the Company.
This Section 8 is intended to be the exclusive method for resolving any and all claims by the parties against each other for payment of damages under this Agreement or relating to 

 

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Executive’s employment; provided, however, that Executive shall retain the right to file administrative charges with or seek relief through any government agency of competent
jurisdiction, and to participate in any government investigation, including but not limited to (i) claims for workers’ compensation, state disability insurance or unemployment insurance; (ii) claims for unpaid wages or waiting time
penalties brought before the California Division of Labor Standards Enforcement; provided, however, that any appeal from an award or from denial of an award of wages and/or waiting time penalties shall be arbitrated pursuant to the
terms of this Agreement; and (iii) claims for administrative relief from the United States Equal Employment Opportunity Commission and/or the California Department of Fair Employment and Housing (or any similar agency in any applicable
jurisdiction other than California); provided, further, that Executive shall not be entitled to obtain any monetary relief through such agencies other than workers’ compensation benefits or unemployment insurance benefits. This
Agreement shall not limit either party’s right to obtain any provisional remedy, including, without limitation, injunctive or similar relief, from any court of competent jurisdiction as may be necessary to protect their rights and interests
pending the outcome of arbitration, including without limitation injunctive relief, in any court of competent jurisdiction pursuant to California Code of Civil Procedure § 1281.8 or any similar statute of an applicable jurisdiction. Seeking any
such relief shall not be deemed to be a waiver of such party’s right to compel arbitration. Both Executive and the Company expressly waive their right to a jury trial. 
 9. General Relationship. Executive shall be considered an employee of the Company within the meaning of all federal, state and local laws and regulations including, but not limited to, laws and
regulations governing unemployment insurance, workers’ compensation, industrial accident, labor and taxes. 
 10.
Miscellaneous. 
 (a) Modification; Prior Claims. This Agreement sets forth the entire understanding of the
parties with respect to the subject matter hereof, supersedes all existing agreements between them concerning such subject matter, including any offer letter between the Company and Executive, and may be modified only by a written instrument duly
executed by each party. 
 (b) Assignment; Assumption by Successor. The rights of the Company under this Agreement may,
without the consent of Executive, be assigned by the Company, in its sole and unfettered discretion, to any person, firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly,
acquires all or substantially all of the assets or business of the Company. The Company will require any successor (whether direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business or assets of the Company
expressly to assume and to agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place; provided, however, that no such assumption
shall relieve the Company of its obligations hereunder. As used in this Agreement, the “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to
perform this Agreement by operation of law or otherwise. 

  
 12 

 (c) Survival. The covenants, agreements, representations and warranties contained in
or made in Sections 4(g), 5, 6, 8 and 10 of this Agreement shall survive any termination of Executive’s employment. 

(d) Third-Party Beneficiaries. This Agreement does not create, and shall not be construed
as creating, any rights enforceable by any person not a party to this Agreement. 
 (e) Waiver. The failure of either
party hereto at any time to enforce performance by the other party of any provision of this Agreement shall in no way affect such party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach of any provision
hereof be deemed to be a waiver by such party of any other breach of the same or any other provision hereof. 
 (f) Section
Headings. The headings of the several sections in this Agreement are inserted solely for the convenience of the parties and are not a part of and are not intended to govern, limit or aid in the construction of any term or provision hereof.

 (g) Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows
with notice deemed given as indicated: (i) by personal delivery when delivered personally; (ii) by overnight courier upon written verification of receipt; (iii) by email, telecopy or facsimile transmission upon acknowledgment of
receipt of electronic transmission; or (iv) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to Executive at the address listed on the Company’s personnel records and to the
Company at its principal place of business, or such other address as either party may specify in writing. 
 (h)
Severability. All Sections, clauses and covenants contained in this Agreement are severable, and in the event any of them shall be held to be invalid by any court, this Agreement shall be interpreted as if such invalid Sections, clauses or
covenants were not contained herein. 
 (i) Governing Law and Venue. This Agreement is to be governed by and construed
in accordance with the laws of the State of California applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws principles thereof. Except as provided in Sections 6 and 8, any suit
brought hereon shall be brought in the state or federal courts sitting in San Diego, California, the parties hereto hereby waiving any claim or defense that such forum is not convenient or proper. Each party hereby agrees that any such court shall
have in personam jurisdiction over it and consents to service of process in any manner authorized by California law. 
 (j)
Non-transferability of Interest. None of the rights of Executive to receive any form of compensation payable pursuant to this Agreement shall be assignable or transferable except through a testamentary disposition or by the laws of descent
and distribution upon the death of Executive. Any attempted assignment, transfer, conveyance, or other disposition (other than as aforesaid) of any interest in the rights of Executive to receive any form of compensation to be made by the Company
pursuant to this Agreement shall be void. 

  
 13 

 (k) Gender. Where the context so requires, the use of the masculine gender shall
include the feminine and/or neuter genders and the singular shall include the plural, and vice versa, and the word “person” shall include any corporation, firm, partnership or other form of association. 

(l) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same Agreement. 
 (m) Construction. The language in all parts of this
Agreement shall in all cases be construed simply, according to its fair meaning, and not strictly for or against any of the parties hereto. Without limitation, there shall be no presumption against any party on the ground that such party was
responsible for drafting this Agreement or any part thereof. 
 (n) Withholding and other Deductions. All compensation
payable to Executive hereunder shall be subject to such deductions as the Company is from time to time required to make pursuant to law, governmental regulation or order. 
 (o) Code Section 409A. 
 (i) This Agreement is
not intended to provide for any deferral of compensation subject to Section 409A of the Code, and, accordingly, the post-termination payments payable under Section 5 shall be paid no later than the later of: (A) the fifteenth
(15th) day of the third month following
Executive’s first taxable year in which such severance benefit is no longer subject to a substantial risk of forfeiture, and (B) the fifteenth (15th) day of the third month following first taxable year of the Company in which such severance benefit is no longer
subject to substantial risk of forfeiture, as determined in accordance with Code Section 409A and any Treasury Regulations and other guidance issued thereunder. To the extent applicable, this Agreement shall be interpreted in accordance with
Code Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder. Each series of installment payments made under this Agreement is hereby designated as a series of “separate payments” within
the meaning of Section 409A of the Code. 
 (ii) If the Executive is a “specified employee” (as defined in
Section 409A of the Code), as determined by the Company in accordance with Section 409A of the Code, on the date of the Executive’s Separation from Service, to the extent that the payments or benefits under this Agreement are subject
to Section 409A of the Code and the delayed payment or distribution of all or any portion of such amounts to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under
Section 409A(a)(2)(B)(i) of the Code, then such portion deferred pursuant to this Section 10(o)(ii) shall be paid or distributed to Executive in a lump sum on the earlier of (A) the date that is six (6)-months following
Executive’s Separation from Service, (B) the date of Executive’s death or (C) the earliest date as is permitted under Section 409A of the Code. Any remaining payments due under the Agreement shall be paid as otherwise
provided herein. 
 (iii) To the extent applicable, this Agreement shall be interpreted in accordance with the applicable
exemptions from Section 409A of the Code. If Executive and 

  
 14 

 
the Company determine that any payments or benefits payable under this Agreement intended to comply with Sections 409A(a)(2), (3) and (4) of the Code do not comply with
Section 409A of the Code, Executive and the Company agree to amend this Agreement, or take such other actions as Executive and the Company deem reasonably necessary or appropriate, to comply with the requirements of Section 409A of the
Code and the Treasury Regulations thereunder (and any applicable transition relief) while preserving the economic agreement of the parties. To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A
of the Code, the provision shall be read in such a manner that no payments payable under this Agreement shall be subject to an “additional tax” as defined in Section 409A(a)(1)(B) of the Code. 

(iv) Any reimbursement of expenses or in-kind benefits payable under this Agreement shall be made in accordance with Treasury Regulation
Section 1.409A-3(i)(1)(iv) and shall be paid on or before the last day of Executive’s taxable year following the taxable year in which Executive incurred the expenses. The amount of expenses reimbursed or in-kind benefits payable in one
year shall not affect the amount eligible for reimbursement or in-kind benefits payable in any other taxable year of Executive’s, and Executive’s right to reimbursement for such amounts shall not be subject to liquidation or exchange for
any other benefit. 
 (Signature Page Follows) 

  
 15 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first set forth
above. 
  

			
	BIOCEPT, INC.
		
	By:	 	 /s/ David F. Hale

	Name:	 	David F. Hale
	Title:	 	Executive Chairman
	
	EXECUTIVE
	
	 /s/ Michael W. Nall

	Print Name: Michael W. Nall

  
 SIGNATURE PAGE
TO EMPLOYMENT AGREEMENT 

 EXHIBIT A 
 GENERAL RELEASE OF CLAIMS 
 [The language in this Release
may change based on legal developments and evolving best practices; this form is provided as an example of what will be included in the final Release document.] 
 This General Release of Claims (“Release”) is entered into as of this      day of         ,
        , between [Insert Name] (“Executive”), and Biocept, Inc., a Delaware corporation (the “Company”) (collectively referred to herein as the
“Parties”). 
 WHEREAS, Executive and the Company are parties to that certain Employment Agreement dated
as of             , 2013 (the “Agreement”); 

WHEREAS, the Parties agree that Executive is entitled to certain severance benefits under the Agreement, subject to Executive’s
execution of this Release; and 
 WHEREAS, the Company and Executive now wish to fully and finally to resolve all matters
between them. 
 NOW, THEREFORE, in consideration of, and subject to, the severance benefits payable to Executive pursuant to
the Agreement, the adequacy of which is hereby acknowledged by Executive, and which Executive acknowledges that he or she would not otherwise be entitled to receive, Executive and the Company hereby agree as follows: 

1. General Release of Claims by Executive. 
 (a) Executive, on behalf of himself or herself and his or her executors, heirs, administrators, representatives and assigns, hereby agrees to release and forever discharge the Company and all
predecessors, successors and their respective parent corporations, affiliates, related, and/or subsidiary entities, and all of their past and present investors, directors, stockholders, officers, general or limited partners, employees, attorneys,
agents and representatives, and the employee benefit plans in which Executive is or has been a participant by virtue of his or her employment with or service to the Company (collectively, the “Company Releasees”), from any
and all claims, debts, demands, accounts, judgments, rights, causes of action, equitable relief, damages, costs, charges, complaints, obligations, promises, agreements, controversies, suits, expenses, compensation, responsibility and liability of
every kind and character whatsoever (including attorneys’ fees and costs), whether in law or equity, known or unknown, asserted or unasserted, suspected or unsuspected (collectively, “Claims”), which Executive has or may
have had against such entities based on any events or circumstances arising or occurring on or prior to the date hereof or on or prior to the date hereof, arising directly or indirectly out of, relating to, or in any other way involving in any
manner whatsoever Executive’s employment by or service to the Company or the termination thereof, including any and all claims arising under federal, state, or local laws relating to employment, including without limitation claims of wrongful
discharge, breach of express or implied contract, fraud, misrepresentation, 

 
defamation, or liability in tort, and claims of any kind that may be brought in any court or administrative agency including, without limitation, claims under Title VII of the Civil Rights Act of
1964, as amended, 42 U.S.C. Section 2000, et seq.; the Americans with Disabilities Act, as amended, 42 U.S.C. § 12101 et seq.; the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701
et seq.; the Civil Rights Act of 1866, and the Civil Rights Act of 1991; 42 U.S.C. Section 1981, et seq.; the Age Discrimination in Employment Act, as amended, 29 U.S.C. Section 621, et seq. (the
“ADEA”); the Equal Pay Act, as amended, 29 U.S.C. Section 206(d); regulations of the Office of Federal Contract Compliance, 41 C.F.R. Section 60, et seq.; the Family and Medical Leave Act, as amended,
29 U.S.C. § 2601 et seq.; the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. § 201 et seq.; the Employee Retirement Income Security Act, as amended, 29 U.S.C.
§ 1001 et seq.; and the California Fair Employment and Housing Act, California Government Code Section 12940, et seq. 
 Notwithstanding the generality of the foregoing, Executive does not release the following claims: 
 (i) Claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law; 

(ii) Claims for workers’ compensation insurance benefits under the terms of any worker’s compensation insurance
policy or fund of the Company; 
 (iii) Claims pursuant to the terms and conditions of the federal law known as
COBRA; 
 (iv) Claims for indemnity under the bylaws of the Company, as provided for by California law or under
any applicable insurance policy with respect to Executive’s liability as an employee, director or officer of the Company; 
 (v) Claims based on any right Executive may have to enforce the Company’s executory obligations under the Agreement; and 

(vi) Claims Executive may have to vested or earned compensation and benefits. 

(b) EXECUTIVE ACKNOWLEDGES THAT HE OR SHE HAS BEEN ADVISED OF AND IS FAMILIAR WITH THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 1542,
WHICH PROVIDES AS FOLLOWS: 
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT
TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH, IF KNOWN BY HIM OR HER, MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 

 BEING AWARE OF SAID CODE SECTION, EXECUTIVE HEREBY EXPRESSLY WAIVES ANY RIGHTS HE OR SHE MAY HAVE
THEREUNDER, AS WELL AS UNDER ANY OTHER STATUTES OR COMMON LAW PRINCIPLES OF SIMILAR EFFECT. 
 (c) Executive acknowledges that
this Release was presented to him or her on the date indicated above and that Executive is entitled to have twenty-one (21) days’ time in which to consider it. Executive further acknowledges that the Company has advised him or her that he
or she is waiving his or her rights under the ADEA, and that Executive should consult with an attorney of his or her choice before signing this Release, and Executive has had sufficient time to consider the terms of this Release. Executive
represents and acknowledges that if Executive executes this Release before twenty-one (21) days have elapsed, Executive does so knowingly, voluntarily, and upon the advice and with the approval of Executive’s legal counsel (if any), and
that Executive voluntarily waives any remaining consideration period. 
 (d) Executive understands that after executing this
Release, Executive has the right to revoke it within seven (7) days after his or her execution of it. Executive understands that this Release will not become effective and enforceable unless the seven (7) day revocation period passes and
Executive does not revoke the Release in writing. Executive understands that this Release may not be revoked after the seven (7) day revocation period has passed. Executive also understands that any revocation of this Release must be made in
writing and delivered to the Company at its principal place of business within the seven (7) day period. 
 (e) Executive understands that this Release shall become effective, irrevocable, and binding upon Executive on the eighth (8th) day after his or her execution of it, so long as Executive has not revoked it within the time period and in the
manner specified in clause (d) above. Executive further understands that Executive will not be given any severance benefits under the Agreement unless this Release is effective prior to the day that is thirty (30) days following the date
of Executive’s Separation from Service (as defined in the Agreement). 
 2. No Assignment. Executive represents and
warrants to the Company Releasees that there has been no assignment or other transfer of any interest in any Claim that Executive may have against the Company Releasees. Executive agrees to indemnify and hold harmless the Company Releasees from any
liability, claims, demands, damages, costs, expenses and attorneys’ fees incurred as a result of any such assignment or transfer from Executive. 
 3. Severability. In the event any provision of this Release is found to be unenforceable by an arbitrator or court of competent jurisdiction, such provision shall be deemed modified to the extent
necessary to allow enforceability of the provision as so limited, it being intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted by law. If a deemed modification is not satisfactory in the judgment
of such arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby. 

4. Interpretation; Construction. The headings set forth in this Release are for convenience only and shall not be used in
interpreting this Agreement. This Release has been drafted by legal counsel representing the Company, but Executive has participated in the negotiation of its terms. Furthermore, Executive acknowledges that Executive has had an

 
opportunity to review and revise the Release and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect that any ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation of this Release. Either party’s failure to enforce any provision of this Release shall not in any way be construed as a waiver of any such provision, or prevent
that party thereafter from enforcing each and every other provision of this Release. 
 5. Governing Law and Venue. This
Release will be governed by and construed in accordance with the laws of the United States of America and the State of California applicable to contracts made and to be performed wholly within such State, and without regard to the conflicts of laws
principles thereof. Any suit brought hereon shall be brought in the state or federal courts sitting in San Diego County, California, the Parties hereby waiving any claim or defense that such forum is not convenient or proper. Each party hereby
agrees that any such court shall have in personam jurisdiction over it and consents to service of process in any manner authorized by California law. 
 6. Entire Agreement. This Release and the Agreement constitute the entire agreement of the Parties in respect of the subject matter contained herein and therein and supersede all prior or
simultaneous representations, discussions, negotiations and agreements, whether written or oral. This Release may be amended or modified only with the written consent of Executive and an authorized representative of the Company. No oral waiver,
amendment or modification will be effective under any circumstances whatsoever. 
 7. Counterparts. This Release may be
executed in multiple counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
 (Signature Page Follows) 

 IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed the
foregoing Release as of the date first written above. 
  

									
	EXECUTIVE	 		 	BIOCEPT, INC.
				
	 /s/ Michael W. Nall
	 		 	By:	 	 /s/ David F. Hale

					
	Print Name:	 	Michael W. Nall	 		 	Print Name:	 	 David F. Hale

					
		 		 		 	Title:	 	 Executive ChairmanEX-10.7

 Exhibit 10.7 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT
AGREEMENT (the “Agreement”) is made and entered into effective as of May 2, 2011 (the “Effective Date”), by and between Biocept, Inc., a California corporation
(the “Company”), and Lyle J. Arnold, Ph.D. (the “Executive”). The Company and the Executive are hereinafter collectively referred to as the “Parties”, and individually referred
to as a “Party”. 
 RECITALS 

A. The Company desires assurance of the association and services of the Executive in order to retain the Executive’s experience, skills,
abilities, background and knowledge, and is willing to engage the Executive’s services on the terms and conditions set forth in this Agreement. 
 B. The Executive desires to be in the employ of the Company, and is willing to accept such employment on the terms and conditions set forth in this Agreement. 

AGREEMENT 
 In consideration of the foregoing Recitals and the mutual promises and covenants herein contained, and for other good and valuable consideration, the Parties, intending to be legally bound, agree as
follows: 
  

	 	1.	EMPLOYMENT. 

 1.1 Term. The Company hereby employs the Executive, and the Executive hereby accepts employment by the Company, upon the terms and conditions set forth in this Agreement. The employment under this
Agreement shall begin on the Effective Date and shall continue until it is terminated pursuant to Section 4 herein (the “Term”). 

1.2 Title. The Executive shall have the title of Senior Vice President, Research and Development and Chief Scientific Officer
(“CSO”) of the Company and shall serve in such other capacity or capacities as the Executive Chairman, Chief Executive Officer or the Board of Directors of the Company (the “Board”) may
from time to time prescribe. The Executive shall report to the Executive Chairman. 
 1.3 Duties. The Executive shall do
and perform all services, acts or things necessary or advisable to manage and conduct the business of the Company and which are normally associated with the position of CSO and as required by the Executive Chairman, Chief Executive Officer or the
Board, including responsibility for the research and development activities which will support the short and long-term objectives of the Company. 
 1.4 Policies and Practices. The employment relationship between the Parties shall be governed by the policies and practices established by the Company and the Board. The Executive will acknowledge
in writing that he has read the Company’s Employee Handbook that will govern the terms and conditions of his employment with the Company, along with this Agreement. In the event that the 

  
 1 

 
terms of this Agreement differ from or are in conflict with the policies or practices established by the Company and the Board or the Company’s Employee Handbook, this Agreement shall
control. 
 1.5 Location. Unless the Parties otherwise agree in writing, during the Term, the Executive
shall perform the services the Executive is required to perform pursuant to this Agreement at the Company’s principal offices, located in San Diego, California; provided, however, that the Company may from time to time require the
Executive to occasionally travel temporarily to other locations in connection with the Company’s business.  

2. LOYAL AND CONSCIENTIOUS PERFORMANCE;
NONCOMPETITION. 
 2.1 Loyalty. During the Executive’s employment by the Company,
the Executive shall devote Executive’s full business energies, interest, abilities and productive time to the proper and efficient performance of the Executive’s duties under this Agreement; provided, however, that
(i) Executive may continue to serve on the board of directors of Asuragen, Inc. and Aegea Biotechnologies, Inc., (ii) Executive may consult with or serve on the board of directors of other companies which are non-competitive with the
Company if (1) Executive provides prior written notice to the Company of his intent to provide such services to another company, and (2) such service is approved by the Executive Chairman or the Board in their sole discretion,
(iii) the Company acknowledges that Executive owns and manages Aegea Biotechnologies, Inc. (“Aegea”) and (iv) the ownership and management of Aegea shall not constitute a breach of Sections 2.2 or 2.3 of this
Agreement; provided that such ownership and management do not interfere with Executive’s duties under this Agreement. 
 2.2 Covenant not to Compete. Except with the prior written consent of the Board, the Executive will not, during the Term, and any period during which the Executive is receiving compensation or any
other consideration from the Company, including, but not limited to, severance pay, engage in competition with the Company and/or any of its Affiliates (as defined below), either directly or indirectly, in any manner or capacity, as adviser,
principal, agent, affiliate, promoter, partner, officer, director, employee, consultant, or member of any association or otherwise, in any phase of the business of developing, manufacturing and marketing of products or services which are in the same
field of use or which otherwise compete with the products or services or proposed products or services of the Company and/or any of its Affiliates (as defined below). For purposes of this Agreement, “Affiliate” means any
subsidiary or other entity controlled by the Company or any entity that holds a majority of the voting capital stock of the Company. 
 2.3 Agreement not to Participate in Company’s Competitors. During the Term, and any period during which the Executive is receiving any compensation or consideration from the Company,
including, but not limited to, severance pay, the Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known by the Executive to be adverse or antagonistic to the Company, its
business or prospects, financial or otherwise or in any company, person or entity that is, directly or indirectly, in competition with the business of the Company or any of its Affiliates. Ownership by the Executive, as a passive investment, of less
than 2% of the outstanding shares of capital stock of any corporation with one or more classes of its capital stock listed on a national securities exchange or publicly traded on an automated quotation system or in the over-the-counter

  
 2 

 
market, or as an indirect, passive investment in a private company through a venture capital or similar fund, shall not constitute a breach of this paragraph or Section 2.2 herein.

 3. COMPENSATION OF THE EXECUTIVE.

 3.1 Base Salary. The Company shall pay the Executive a base salary at the rate of $200,000.00 per year, less payroll
deductions and all required withholdings; provided, however, that upon the Company’s receipt of aggregate proceeds of $15,000,000 or more from the sale of equity securities to investors following the Effective Date, excluding the
conversion of any outstanding indebtedness, the Executive’s a base salary shall be increased to the rate of $250,000.00 per year, less payroll deductions and all required withholdings. 

3.2 Annual Performance Bonus. In addition to the Executive’s base salary, the Executive will be eligible to participate in
any annual performance bonus or variable pay plan(s) as may be established by the Company from time to time, on such terms and conditions as may be established by the Board in its sole and exclusive discretion. 

3.3 Stock Options. 
 3.3.1 The Executive shall be granted an option (the “Option”) to purchase 250,000 shares of the common stock of the Company (the “Common
Stock”) pursuant to the terms of the Company’s 2007 Equity Incentive Plan (the “Plan”). To the maximum extent possible, the Option shall be an “incentive stock option” as such
term is defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). The Option will be governed by a separate Stock Option Agreement and the Plan. The exercise price of the Option will be equal
to the fair market value of the Common Stock on the date of grant, as determined by the Board in a manner consistent with Section 409A of the Code. Subject to Section 4.4.3, the Option will vest over four years so long as the Executive
provides Continuous Service (as defined in the Plan) to the Company in accordance with the Plan, according to the following schedule: 25% of the shares shall vest on the one-year anniversary of the Effective Date and 1/48th of the shares shall vest at the end of each monthly period
thereafter for a period of three years. 
 3.3.2 Upon the good faith determination of the Board
that a second generation Company platform for the capture, detection and enumeration of circulating tumor cells has been finalized, the Executive shall be granted an additional stock option (the “Performance Option”) to
purchase 50,000 shares of Common Stock pursuant to the Plan. To the maximum extent possible, the Performance Option shall be an “incentive stock option” as such term is defined in Section 422 of the Code. The Performance Option will
be governed by a separate Stock Option Agreement and the Plan. The exercise price of the Performance Option will be equal to the fair market value of the Common Stock on the date of grant, as determined by the Board in a manner consistent with
Section 409A of the Code. Subject to Section 4.4.3, the Performance Option will vest over one year so long as the Executive provides Continuous Service (as defined in the Plan) to the Company in accordance with the Plan, according to the
following schedule: 1/12th of the shares shall vest at the
end of each monthly period following the date of grant for a period of one year. 

  
 3 

 3.4 Changes to Compensation. The Executive’s compensation will be reviewed on a
regular basis by the Board. 
 3.5 Employment Taxes. All of the Executive’s compensation shall be subject to
customary withholding taxes and any other employment taxes as are commonly required to be collected or withheld by the Company. 

3.6 Benefits. The Executive shall, in accordance with Company policy and the terms of the applicable plan documents, be eligible
to participate in benefits under any executive benefit plan or arrangement which may be in effect from time to time and made available to the Company’s executive or key management employees, and shall receive 20 days paid vacation per year,
calculated in accordance with the Company’s standard policies and practices. 
 4.
TERMINATION. 
 4.1 Termination By the Company. The Executive’s employment with the Company
may be terminated by the Company as follows: 
 4.1.1 For Cause. The Company may terminate the Executive’s
employment under this Agreement for Cause (as defined below). Any such termination of employment shall have the consequences specified below. 
 4.1.2 Without Cause. The Executive’s employment by the Company shall be at will. The Company may terminate the Executive’s employment under this Agreement at any time and for any
reason, or no reason. Any such termination of employment shall have the consequences specified below.  
 4.1.3 Death
or Disability. The Company may terminate the Executive’s employment under this Agreement as a result of Executive’s failure to perform the essential functions of his position, with or without reasonable accommodation, due to disability
or death as reasonably determined in good faith by the Board. Any such termination of employment shall have the consequences specified below. 
 4.2 Termination by Mutual Agreement of the Parties. The Executive’s employment pursuant to this Agreement may be terminated at any time upon a mutual agreement in writing of the
Parties. Any such termination of employment shall have the consequences specified pursuant to such mutual agreement. 

4.3 Termination by the Executive. The Executive’s employment by the Company may be terminated by the Executive as follows:

 4.3.1 Resignation for Good Reason. The Executive may resign and terminate the Executive’s employment for Good
Reason (as defined below). Any such termination of employment shall have the consequences specified below. 

  
 4 

 4.3.2 Resignation for Other than Good Reason. The Executive’s employment by the
Company shall be at will. The Executive shall have the right to resign and terminate the Executive’s employment at any time and for any reason, or no reason. Any such termination of employment shall have the consequences specified below.

 4.4 Compensation Upon Termination. 
 4.4.1 For Cause or Other than for Good Reason. If the Executive’s employment shall be terminated by the Company for Cause, for death or disability in accordance with Section 4.1.3, or if
the Executive terminates employment other than for Good Reason hereunder, the Company shall pay the Executive’s base salary and accrued and unused vacation benefits earned through the date of termination, at the rate in effect at the time of
termination, in each case less standard deductions and withholdings, and any unreimbursed business expenses owed to Executive, and the Company shall thereafter have no further obligations to the Executive under this Agreement. 

4.4.2 Without Cause or For Good Reason Not in Connection with a Change in Control. If, at any time other than within the three
months immediately preceding or the 12 months immediately following the effective date of a Change in Control (as defined below), the Executive’s employment shall be terminated by the Company without Cause or if the Executive resigns for Good
Reason, the Company shall pay the Executive’s base salary and accrued and unused vacation earned through the date of such termination, at the rate in effect at the time of termination, in each case subject to standard deductions and
withholdings, and any unreimbursed business expenses owed to Executive. In addition, upon the Executive’s furnishing to the Company a fully effective waiver and release of claims that is no longer revocable (in the form attached hereto as
Exhibit A or such other form as reasonably required by the Company to conform to applicable legal standards) not later than 45 days following the effective date of such termination (the “Release Deadline”), then,
subject to any applicable standard payroll deductions and withholdings, the Executive shall be entitled to: (1) a single lump-sum payment in an amount equal to six months of the Executive’s then-current base salary, payable within 10
business days of the date the waiver and release of claims becomes effective; and (2) the payments described in Section 4.4.2.1 below (collectively, the “Severance Benefits”). In the event the Executive is eligible
for Severance Benefits under this Section 4.4.2, the Executive is not eligible for any Change In Control Severance Benefits under Section 4.4.3 below. 
 4.4.2.1 Provided that the Executive and/or his or her eligible dependents elect continued medical insurance coverage in accordance with the applicable provisions of the Consolidated Omnibus Budget
Reconciliation Act of 1986 and any other applicable state and federal law (commonly referred to as “COBRA”), the Company shall pay to the Executive, on the first day of each month, a fully
taxable cash payment equal to the applicable COBRA premiums for that month (including premiums for the Executive and his or her eligible dependents who have elected and remain enrolled in such COBRA coverage), subject to applicable tax withholdings
(such amount, the “Special Severance Payment”), for a number of months equal to the lesser of (i) the duration of the period in which the Executive and his or her eligible dependents are enrolled in such
COBRA coverage (and not otherwise covered by another employer’s group health plan that does not impose an applicable preexisting condition exclusion) and (ii) six months. The Executive may, but is not obligated to, use such Special
Severance 

  
 5 

 
Payment toward the cost of COBRA premiums. On the 45th day following the Executive’s termination of employment, the Company will make the first payment to the Executive under this Section 4.4.2.1, in a lump sum, equal to the aggregate Special
Severance Payments that the Company would have paid to the Executive through such date had the Special Severance Payments commenced on the first day of the first month following the termination of employment through such day, with the balance of the
Special Severance Payments paid thereafter on the schedule described above. In the event the terminated Executive becomes covered under another employer’s group health plan (other than a plan that imposes a preexisting condition exclusion
unless the preexisting condition exclusion does not apply) or otherwise ceases to be eligible for COBRA during the period provided in this Section 4.4.2.1, then the Executive must immediately notify the Company of such event, and the Special
Severance Payments shall cease. Notwithstanding the foregoing, if the Company determines in its sole discretion that it may pay COBRA premiums for Executive and any dependents covered under the Company’s group health plan immediately prior to
such termination of employment without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then, in lieu of paying to the Executive the Special Severance Payments described above,
for a period equal to six months commencing one calendar day following the date upon which Executive incurs a termination of employment, the Company shall pay COBRA premiums for Executive and any dependents covered under the Company’s group
health plan immediately prior to such termination of employment, provided that the Company may cease making such premium payments when Executive secures other employment and becomes eligible to participate in the health insurance plan of
Executive’s new employer (other than a plan that imposes a preexisting condition exclusion unless the preexisting condition exclusion does not apply). 
 4.4.3 Without Cause or For Good Reason in Connection with a Change in Control. If, within the three months immediately preceding or the 12 months immediately following the effective date of a
Change in Control, the Executive’s employment shall be terminated by the Company without Cause or if the Executive resigns for Good Reason (in either case, a “COC Termination”), the Company shall pay the Executive’s
base salary and accrued and unused vacation earned through the date of such termination, at the rate in effect at the time of termination, in each case subject to standard deductions and withholdings, and any unreimbursed business expenses owed to
Executive. In addition, upon the Executive’s furnishing to the Company a fully effective waiver and release of claims that is no longer revocable (in the form attached hereto as Exhibit A or such other form as reasonably required by
the Company to conform to applicable legal standards) not later than 45 days following the effective date of such COC Termination (also referred to herein as the “Release Deadline”), the Executive shall be entitled to:
(1) a single lump-sum payment in an amount equal to one year of the Executive’s then-current base salary, subject to standard payroll deductions and withholdings, payable within 10 business days of the date the waiver and release of claims
becomes effective; (ii) the vesting of all then outstanding options to purchase Common Stock held by the Executive (the “Outstanding Options”) shall, upon the effective date of such waiver and release, be accelerated
such that all such Outstanding Options shall be fully vested; and (iii) the payments described in Section 4.4.2.1 above (provided that for purposes of the payments to be made pursuant to this Section 4.4.3, all references to
“six months” shall be replaced with “12 months”). 
 4.5 Parachute Payment. If any payment or benefit
Executive would receive pursuant to a Change in Control from the Company or otherwise (“Payment”) would (i) constitute a 

  
 6 

 
“parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the
Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being
subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all
computed at the highest applicable marginal rate), results in Executive’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction
in payments or benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the manner that results in the greatest economic benefit for Executive. If more than one method
of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata.  
 In the
event it is subsequently determined by the Internal Revenue Service that some portion of the Reduced Amount as determined pursuant to clause (x) in the preceding paragraph is subject to the Excise Tax, Executive agrees to promptly return to the
Company a sufficient amount of the Payment so that no portion of the Reduced Amount is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount is determined pursuant to clause (y) in the preceding paragraph, Executive will
have no obligation to return any portion of the Payment pursuant to the preceding sentence. 
 Unless Executive and the Company
agree on an alternative accounting firm or law firm, the accounting firm engaged by the Company for general tax compliance purposes as of the day prior to the effective date of the Change in Control shall perform the foregoing calculations. If the
accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint a nationally recognized accounting firm to make the determinations required
hereunder. The Company shall bear all expenses with respect to the determinations by such accounting or law firm required to be made hereunder. 
 The Company shall use commercially reasonable efforts to cause the accounting or law firm engaged to make the determinations hereunder to provide its calculations, together with detailed supporting
documentation, to Executive and the Company within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by Executive or the Company) or such other time as requested by
Executive or the Company. 
 4.6 Definitions. For purposes of this Agreement, the following terms shall have the
following meanings: 
 4.6.1 Cause. “Cause” for the Company to terminate the
Executive’s employment hereunder shall mean a reasonable and good faith determination by the Board that any of the following events has occurred or exists: 
 (i) The Executive’s repeated failure to satisfactorily perform the Executive’s job duties in a material and substantial manner (it being understood that performance of such duties is
intended to refer to performance of fundamental duties associated with the CSO position and not the achievement of particular levels of performance or success); 

  
 7 

 (ii) the Executive’s intentional commission of a wrongful act or grossly
negligent omission that materially injures the business of the Company; 
 (iii) the Executive’s repeated refusal
or failure to follow lawful and reasonable directions of the Executive Chairman, Chief Executive Officer or the Board (it being understood that such reasonable directions are intended to refer to activities appropriately associated with the position
of CSO and not the achievement of particular levels of performance or success); 
 (iv) the Executive’s conviction
of a felony involving moral turpitude that may inflict or has inflicted material injury on the business of the Company; 

(v) the Executive’s engaging or in any manner participating in any activity which is directly competitive with or injurious
to the Company or any of its Affiliates or which violates any material provisions of Section 5 hereof or the Executive’s Proprietary Information and Inventions Agreement with the Company; or 

(vi) the Executive’s commission of any fraud against the Company, its Affiliates, employees, agents or customers or use or
intentional appropriation for his personal use or benefit of any funds or properties of the Company not authorized by the Board to be so used or appropriated. 
 4.6.2 Change in Control. “Change in Control” shall have the meaning ascribed to it in Section 2(e) of the Plan. 

4.6.3 Good Reason. “Good Reason” shall mean any of the following actions by the Company without the
Executive’s consent: (i) the relocation of the Executive’s principle place of employment by more than 50 miles, which relocation causes an increase in the Executive’s one-way driving distance of more than 35 miles; (ii) a
material reduction in the Executive’s base salary relative to the Executive’s base salary immediately prior to such reduction; (iii) a material adverse change in the Executive’s duties, authority or responsibilities relative to
the Executive’s duties, authority or responsibilities in effect immediately prior to such change; or (iv) any other conduct that constitutes a breach by the Company of a material term of this Agreement; provided, however, that in
the event of a resignation for Good Reason, such resignation by the Executive shall only be deemed for Good Reason if: (a) the Executive gives the Company written notice of the Executive’s intention to resign for Good Reason within 30 days
following the first occurrence of the condition(s) the Executive believes constitute(s) Good Reason, which notice shall describe such condition(s); (b) the Company fails to remedy such condition(s) within 30 days following the receipt of such
written notice (the “Cure Period”); and (c) the Executive voluntarily terminates the Executive’s employment within 30 days following the end of the Cure Period. 

4.7 Application of Code Section 409A. Notwithstanding anything to the contrary set forth herein, any Severance Benefits that
constitute “deferred compensation” within the meaning of Section 409A shall not commence in connection with Executive’s termination of employment unless and until Executive has also incurred a “separation from service”
(as such term is defined in Treasury Regulation Section 1.409A-1(h) (“Separation From Service”), unless the Company reasonably 

  
 8 

 
determines that such amounts may be provided to Executive without causing Executive to incur the additional 20% tax under Section 409A. 

If the Company (or, if applicable, the successor entity thereto) determines that the Severance Benefits constitute
“deferred compensation” under Section 409A and Executive is, on the termination of service, a “specified employee” of the Company or any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of
the Code, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the Severance Benefit payments shall be delayed until the earlier to occur of: (i) the date
that is six months and one day after Executive’s Separation From Service, or (ii) the date of Executive’s death (such applicable date, the “Specified Employee Initial Payment Date”), the Company (or the
successor entity thereto, as applicable) shall pay to Executive a lump sum amount equal to the sum of the Severance Benefit payments that Executive would otherwise have received through the Specified Employee Initial Payment Date if the commencement
of the payment of the Severance Benefits had not been so delayed pursuant to this Section. 
 Notwithstanding any
other payment schedule set forth in this Agreement, none of the Severance Benefits will be paid or otherwise delivered prior to the Release Deadline. Except to the extent that payments may be delayed until the Specified Employee Initial Payment Date
pursuant to the preceding paragraph, on the first regular payroll pay day following the Release Deadline, the Company will pay Executive the Severance Benefits Executive would otherwise have received under the Agreement on or prior to such date.

 The foregoing provisions are intended to comply with the requirements of Section 409A so that none of the Severance
Benefits to be provided hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. 
 5. CONFIDENTIAL AND PROPRIETARY INFORMATION; NONSOLICITATION. 

5.1 As a condition of employment the Executive agrees to execute and abide by the Proprietary Information and Inventions Agreement
attached hereto as Exhibit B. 
 5.2 During the Term and for one year thereafter, the Executive agrees that in order
to protect the Company’s confidential and proprietary information from unauthorized use, that the Executive will not, either directly or through others, solicit or attempt to solicit any employee, consultant or independent contractor of the
Company to terminate his or her relationship with the Company in order to become an employee, consultant or independent contractor to or for any other person or business entity; or the business of any customer, supplier, service provider, vendor or
distributor of the Company which, at the time of termination, was doing business with the Company. 
 6.
ASSIGNMENT AND BINDING EFFECT. 
 This Agreement shall be
binding upon and inure to the benefit of the Executive and the Executive’s heirs, executors, personal representatives, assigns, administrators and legal representatives. Because of the unique and personal nature of the Executive’s duties
under this Agreement, neither this 

  
 9 

 
Agreement nor any rights or obligations under this Agreement shall be assignable by the Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors,
assigns and legal representatives. 
 7. CHOICE OF LAW.

 This Agreement is made in California. This Agreement shall be construed and interpreted in accordance with the internal
laws of the State of California. 
 8. INTEGRATION. 

This Agreement, including Exhibits A and B, contains the complete, final and exclusive agreement of the Parties relating to
the terms and conditions of the Executive’s employment and the termination of the Executive’s employment, and supersedes all prior and contemporaneous oral and written employment agreements or arrangements between the Parties. To the
extent this Agreement conflicts with Exhibit B hereto, Exhibit B controls. To the extent this Agreement conflicts with the terms of any employee handbook or other policies adopted by the Company, this Agreement controls.

 9. AMENDMENT. 
 This Agreement cannot be amended or modified except by a written agreement signed by the Executive and the Company. 
 10. WAIVER. 
 No term, covenant or condition
of this Agreement or any breach thereof shall be deemed waived, except with the written consent of the Party against whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach shall not be deemed to be a waiver of any
preceding or succeeding breach of the same or any other term, covenant, condition or breach. 
 11.
SEVERABILITY. 
 The finding by a court of competent jurisdiction of the unenforceability,
invalidity or illegality of any provision of this Agreement shall not render any other provision of this Agreement unenforceable, invalid or illegal. Such court shall have the authority to modify or replace the invalid or unenforceable term or
provision with a valid and enforceable term or provision which most accurately represents the Parties’ intention with respect to the invalid or unenforceable term or provision. 

12. INTERPRETATION; CONSTRUCTION. 

The headings set forth in this Agreement are for convenience of reference only and shall not be used in interpreting this Agreement. This
Agreement has been drafted by legal counsel representing the Company, but the Executive has been encouraged to consult with, and has consulted with, Executive’s own independent counsel and tax advisors with respect to the terms of this
Agreement. The Parties acknowledge that each Party and its counsel has reviewed and revised, or had an opportunity to review and revise, this Agreement, and any rule of construction to the effect that any

  
 10 

 
ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. 
 13. REPRESENTATIONS AND WARRANTIES. 
 The Executive represents and warrants that the Executive is not restricted or prohibited, contractually or otherwise, from entering into and performing each of the terms and covenants contained in this
Agreement, and that the Executive’s execution and performance of this Agreement will not violate or breach any other agreements between the Executive and any other person or entity. 

14. COUNTERPARTS; FACSIMILE SIGNATURES. 

This Agreement may be executed in two counterparts, each of which shall be deemed an original, all of which together shall contribute one
and the same instrument. Facsimile signatures shall be as effective as original signatures. 
 15.
ARBITRATION.  
 To ensure the rapid and economical resolution of disputes that may arise in
connection with the Executive’s employment with the Company, the Executive and the Company agree that any and all disputes, claims, or causes of action, in law or equity, arising from or relating to the Executive’s employment, or the
termination of that employment, will be resolved pursuant to the Federal Arbitration Act and to the fullest extent permitted by law, by final, binding and confidential arbitration in San Diego, California conducted by the Judicial Arbitration and
Mediation Services (“JAMS”), or its successors, under the then current rules of JAMS for employment disputes; provided that the arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of
the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the award. Both the Executive and
the Company shall be entitled to all rights and remedies that either the Executive or the Company would be entitled to pursue in a court of law. The Company shall pay all fees in excess of those which would be required if the dispute was decided in
a court of law, including the arbitrator’s fee. Nothing in this Agreement is intended to prevent either the Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such
arbitration. 
 16. TRADE SECRETS OF OTHERS.

 It is the understanding of both the Company and the Executive that the Executive shall not divulge to the Company and/or
its subsidiaries any confidential information or trade secrets belonging to others, including the Executive’s former employers, nor shall the Company and/or its Affiliates seek to elicit from the Executive any such information. Consistent with
the foregoing, the Executive shall not provide to the Company and/or its Affiliates, and the Company and/or its Affiliates shall not request, any documents or copies of documents containing such information. 

  
 11 

 IN WITNESS WHEREOF, the
Parties have executed this Agreement as of the date first above written. 
  

	
	BIOCEPT, INC.
	
	/s/ David F. Hale
	Name: David F. Hale
	Title: Executive Chairman

  

	
	EXECUTIVE:
	
	/s/ Lyle J. Arnold
	LYLE J. ARNOLD, PH.D.

 EXHIBIT A 
 RELEASE AND WAIVER OF CLAIMS 
 TO BE SIGNED ONLY FOLLOWING TERMINATION BY
THE COMPANY WITHOUT CAUSE OR RESIGNATION 
 BY THE EXECUTIVE FOR GOOD REASON 

In consideration of the payments and other benefits set forth in Section 4 of the Employment Agreement dated May 2, 2011, to
which this form is attached, I, Lyle J. Arnold, Ph.D., hereby furnish Biocept, Inc. (the “Company”), with the following release and waiver (“Release and Waiver”). 

In exchange for the consideration provided to me by the Employment Agreement that I am not otherwise entitled to receive, I hereby
generally and completely release the Company and its directors, officers, employees, shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, Affiliates, and assigns from any and all claims,
liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release and Waiver. This general release includes, but is not limited to:
(1) all claims arising out of or in any way related to my employment with the Company or the termination of that employment; (2) all claims related to my compensation or benefits from the Company, including, but not limited to, salary,
bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (3) all claims for breach of contract, wrongful termination, and breach of the
implied covenant of good faith and fair dealing; (4) all tort claims, including, but not limited to, claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local
statutory claims, including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act
of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), and the California Fair Employment and Housing Act (as amended). Notwithstanding anything to the contrary in this Release and Waiver, I
am not waiving my entitlement to any of my shares of capital stock of the Company; any of my options to purchase the Company’s common stock; or any other equity or other awards granted to me by the Company under the Company’s 2007 Equity
Incentive Plan, as amended from time to time, or any other successor plan or agreement, in each case outstanding as of the date hereof. 
 I also acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not
know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.” I hereby expressly waive and relinquish all rights and benefits under that
section and any law of any jurisdiction of similar effect with respect to any claims I may have against the Company. 

 I acknowledge that, among other rights, I am waiving and releasing any rights I may have
under ADEA, that this Release and Waiver is knowing and voluntary, and that the consideration given for this Release and Waiver is in addition to anything of value to which I was already entitled as an executive of the Company. If I am 40 years of
age or older upon execution of this Release and Waiver, I further acknowledge that I have been advised, as required by the Older Workers Benefit Protection Act, that: (a) the release and waiver granted herein does not relate to claims under the
ADEA which may arise after this Release and Waiver is executed; (b) I should consult with an attorney prior to executing this Release and Waiver; (c) I have 21 days in which to consider this Release and Waiver (although I may choose
voluntarily to execute this Release and Waiver earlier); (d) I have seven days following the execution of this Release and Waiver to revoke my consent to this Release and Waiver; and (e) this Release and Waiver shall not be effective until
after I execute this Release and Waiver and the revocation period has expired. I understand that I will not receive any payments benefits unless and until this Release and Waiver shall first have become effective. 

I acknowledge my continuing obligations under my Proprietary Information and Inventions Agreement, a copy of which is attached as Exhibit
B to the Employment Agreement. Pursuant to the Proprietary Information and Inventions Agreement I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company and I must immediately return
all Company property and documents (including all embodiments of proprietary information) and all copies thereof in my possession or control. I understand and agree that my right to the severance pay and any other benefits I am receiving in exchange
for my agreement to the terms of this Release and Waiver is contingent upon my continued compliance with Sections 2 and 5 of the Employment Agreement and my Proprietary Information and Inventions Agreement. 

This Release and Waiver, including my Proprietary Information and Inventions Agreement, a copy of which is attached as Exhibit B to the
Employment Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not
expressly stated herein. This Release and Waiver may only be modified by a writing signed by both me and a duly authorized officer of the Company. 
  

									
	Date: 	 	 	 		 	By: 	 	 
		 		 		 		 	LYLE J. ARNOLD, PH.D.

  
 2 

 EXHIBIT B 
 BIOCEPT, INC. 
 PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT

 In consideration of my employment or continued employment by BIOCEPT, INC. (the
“Company”), and the compensation now and hereafter paid to me, I, LYLE J. ARNOLD, PH.D., hereby agree as follows: 

 

 1. NONDISCLOSURE. 

1.1 Recognition of Company’s Rights; Nondisclosure. At all times during my employment and thereafter, I will hold in
strictest confidence and will not disclose, use, lecture upon or publish any of the Company’s and/or its Affiliates’ Proprietary Information (defined below), except as such disclosure, use or publication may be required in connection with
my work for the Company, or unless an officer of the Company expressly authorizes such in writing. I will obtain Company’s written approval before publishing or submitting for publication any material (written, verbal, or otherwise) that
relates to my work at Company and/or incorporates any Proprietary Information. I hereby assign to the Company any rights I may have or acquire in such Proprietary Information and recognize that all Proprietary Information shall be the sole property
of the Company and its assigns. For purposes of this Agreement, “Affiliate” means, with respect to any specific entity, any other entity that, directly or indirectly, through one or more intermediaries, controls, is controlled by or
is under common control with such specified entity. 
 1.2 Proprietary Information. The term “Proprietary
Information” shall mean any and all confidential and/or proprietary knowledge, data or information of the Company and/or its Affiliates. By way of illustration but not limitation, “Proprietary Information” includes
(a) trade secrets, inventions, mask works, ideas, processes, formulas, source and object codes, data, programs, other works of

 
authorship, know-how, improvements, discoveries, developments, designs and techniques (hereinafter collectively referred to as “Inventions”); and (b) information regarding
plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (c) information regarding the skills and compensation
of other employees of the Company and/or its Affiliates. Notwithstanding the foregoing, it is understood that, at all such times, I am free to use information which is generally known in the trade or industry, which is not gained as result of a
breach of this Agreement, and my own, skill, knowledge, know-how and experience to whatever extent and in whichever way I wish. 
 1.3 Third Party Information. I understand, in addition, that the Company has received and in the future will receive from third parties confidential or proprietary information (“Third Party
Information”) subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes. During the term of my employment and thereafter, I will hold Third Party
Information in the strictest confidence and will not disclose to anyone (other than Company personnel who need to know such information in connection with their work for the Company) or use, except in connection with my work for the Company, Third
Party Information unless expressly authorized by an officer of the Company in writing. 

 

  
 1. 

 
 1.4 No Improper Use of Information of Prior Employers and Others. During my
employment by the Company I will not improperly use or disclose any confidential information or trade secrets, if any, of any former employer or any other person to whom I have an obligation of confidentiality, and I will not bring onto the premises
of the Company any unpublished documents or any property belonging to any former employer or any other person to whom I have an obligation of confidentiality unless consented to in writing by that former employer or person. I will use in the
performance of my duties only information which is generally known and used by persons with training and experience comparable to my own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise
provided or developed by the Company. 
 2. ASSIGNMENT OF INVENTIONS. 

2.1 Proprietary Rights. The term “Proprietary Rights” shall mean all trade secret, patent, copyright, mask work
and other intellectual property rights throughout the world. 
 2.2 Prior Inventions. Inventions, if any, patented or
unpatented, which I made prior to the commencement of my employment with the Company are excluded from the scope of this Agreement. To preclude any possible uncertainty, I have set forth on Exhibit B (Previous Inventions) attached hereto a
complete list of all Inventions that I have, alone or jointly with others, conceived, developed or reduced to practice or caused to be conceived, developed or reduced to practice prior to the commencement of my employment with the Company, that I
consider to be my property or the property of third parties and that I wish to have excluded from the scope of this Agreement (collectively referred to as “Prior Inventions”). If disclosure of any such Prior Invention would cause me
to violate any prior confidentiality agreement, I understand that I am not to list such Prior Inventions in Exhibit B but am only to disclose a cursory name for each such invention, a listing of the party(ies) to

 
whom it belongs and the fact that full disclosure as to such inventions has not been made for that reason. A space is provided on Exhibit B for such purpose. If no such disclosure is
attached, I represent that there are no Prior Inventions. If, in the course of my employment with the Company, I incorporate a Prior Invention into a Company product, process or machine, the Company is hereby granted and shall have a nonexclusive,
royalty-free, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple tiers of sublicensees) to make, have made, modify, use and sell such Prior Invention. Notwithstanding the foregoing, I agree that I will not
incorporate, or permit to be incorporated, Prior Inventions in any Company Inventions without the Company’s prior written consent. 
 2.3 Assignment of Inventions. Subject to Sections 2.4 and 2.6, I hereby assign and agree to assign in the future (when any such Inventions or Proprietary Rights are first reduced to practice or
first fixed in a tangible medium, as applicable) to the Company all my right, title and interest in and to any and all Inventions (and all Proprietary Rights with respect thereto) whether or not patentable or registrable under copyright or similar
statutes, made or conceived or reduced to practice or learned by me, either alone or jointly with others, during the period of my employment with the Company except for any Inventions conceived by me prior to my employment with the Company and
indicated on Exhibit B but which are reduced to practice during the period of my employment and which do not use any resources of the Company. Inventions assigned to the Company, or to a third party as directed by the Company pursuant to this
Section 2, are hereinafter referred to as “Company Inventions”. 
 2.4 Nonassignable Inventions.
This Agreement does not apply to an Invention which qualifies fully as a nonassignable Invention under Section 2870 of the California Labor Code (hereinafter “Section 2870”). I have reviewed the

 

  
 2. 

 
notification on Exhibit A (Limited Exclusion Notification) and agree that my signature acknowledges receipt of the notification. In no event shall my execution of the Limited Exclusion
Notification in any way alter, modify or limit the exclusion of Prior Inventions from the scope of this Agreement pursuant to Section 2.2 
 2.5 Obligation to Keep Company Informed. During the period of my employment and for six (6) months after termination of my employment with the Company, I will promptly disclose to the Company
fully and in writing all Inventions authored, conceived or reduced to practice by me, either alone or jointly with others. In addition, I will promptly disclose to the Company all patent applications filed by me or on my behalf within a year after
termination of employment. At the time of each such disclosure, I will advise the Company in writing of any Inventions that I believe fully qualify for protection under Section 2870; and I will at that time provide to the Company in writing all
evidence necessary to substantiate that belief. The Company will keep in confidence and will not use for any purpose or disclose to third parties without my consent any confidential information disclosed in writing to the Company pursuant to this
Agreement relating to Inventions that qualify fully for protection under the provisions of Section 2870. I will preserve the confidentiality of any Invention that does not fully qualify for protection under Section 2870. 

2.6 Government or Third Party. I also agree to assign all my right, title and interest in and to any particular Company
Invention to a third party, including without limitation the United States, as directed by the Company. 
 2.7 Works for
Hire. I acknowledge that all original works of authorship which are made by me (solely or jointly with others) within the scope of my employment and which are protectable by copyright are “works made for hire”, pursuant to
United States Copyright Act (17 U.S.C., Section 101). 

 2.8 Enforcement of Proprietary Rights. I will assist the Company in every proper
way to obtain, and from time to time enforce, United States and foreign Proprietary Rights relating to Company Inventions in any and all countries. To that end I will execute, verify and deliver such documents and perform such other acts (including
appearances as a witness) as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment thereof. In addition, I will execute, verify and deliver
assignments of such Proprietary Rights to the Company or its designee. My obligation to assist the Company with respect to Proprietary Rights relating to such Company Inventions in any and all countries shall continue beyond the termination of my
employment, but the Company shall compensate me at a reasonable rate after my termination for the time actually spent by me at the Company’s request on such assistance. 
 In the event the Company is unable for any reason, after reasonable effort, to secure my signature on any document needed in connection with the actions specified in the preceding paragraph, I hereby
irrevocably designate and appoint the Company and its duly authorized officers and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act for and in my behalf to execute, verify and file any such documents and
to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by me. I hereby waive and quitclaim to the Company any and all claims, of any nature whatsoever, which I
now or may hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company. 
 3. RECORDS. I
agree to keep and maintain adequate and current records (in the form of notes, sketches, drawings and in any other form that may be required by the Company) of all Proprietary Information developed by me and all Inventions made by me during the
period of my employment at 

 

  
 3. 

 
the Company, which records shall be available to and remain the sole property of the Company at all times. 
 4. ADDITIONAL ACTIVITIES. I agree that during the period of my employment by the Company I will not, without the Company’s express written consent, engage in any
employment or business activity which is competitive with, or would otherwise conflict with, my employment by the Company. I agree further that for the period of my employment by the Company and for one (l) year after the date of termination of
my employment by the Company, I will not induce or solicit any employee of the Company to leave the employ of the Company. I agree further that for the period of my employment by the Company and for one (1) year after the date of termination of
my employment by the Company, I will not, directly or indirectly, solicit the business of any client or customer of the Company with whom I had direct or indirect contact or whose identity I learned as a result of my employment with the Company.

 5. NO CONFLICTING OBLIGATION. I represent that my performance of all the terms of this
Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence information acquired by me in confidence or in trust prior to my employment by the Company. I have not entered into, and I agree I will not
enter into, any agreement either written or oral in conflict herewith. 
 6. RETURN OF COMPANY
DOCUMENTS. When I leave the employ of the Company, I will deliver to the Company any and all drawings, notes, memoranda, specifications, devices, formulas, and documents, together with all copies thereof, and any other material
containing or disclosing any Company Inventions, Third Party Information or Proprietary Information of the Company. I further agree that any property situated on the Company’s premises and owned by the Company, including disks and other storage
media, filing cabinets or other work areas, is subject to inspection by Company personnel

 
at any time with or without notice. Prior to leaving, I will cooperate with the Company in completing and signing the Company’s termination statement. 

7. LEGAL AND EQUITABLE REMEDIES. Because my services are personal and unique and
because I may have access to and become acquainted with the Proprietary Information of the Company, the Company shall have the right to enforce this Agreement and any of its provisions by injunction, specific performance or other equitable relief,
without bond and without prejudice to any other rights and remedies that the Company may have for a breach of this Agreement. Notwithstanding the Parties’ agreement, to the extent a Court or other tribunal requires an undertaking or bond I
agree that an undertaking in the amount of $1,000 is sufficient to protect my rights and interests. 
 8. NOTICES. Any
notices required or permitted hereunder shall be given to the appropriate party at the address specified below or at such other address as the Party shall specify in writing. Such notice shall be deemed given upon personal delivery to the
appropriate address or if sent by certified or registered mail, three (3) days after the date of mailing. 
 9.
NOTIFICATION OF NEW EMPLOYER. In the event that I leave the employ of the Company, I hereby consent to the notification of my new employer of my rights and obligations under this
Agreement. 
 10. GENERAL PROVISIONS. 

10.1 Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by and construed according to the laws of
the State of California; as such laws are applied to agreements entered into and to be performed entirely within California between California residents. I hereby expressly consent to the personal jurisdiction of the state and federal courts located
in San Diego County, California for any 

 

  
 4. 

 
lawsuit filed there against me by Company arising from or related to this Agreement. 
 10.2 Severability. In case any one or more of the provisions contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity,
illegality or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein. If moreover, any one or more of the
provisions contained in this Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the extent compatible
with the applicable law as it shall then appear. 
 10.3 Successors and Assigns. This Agreement will be binding upon my
heirs, executors, administrators and other legal representatives and will be for the benefit of the Company, its successors, and its assigns. 
 10.4 Survival. The provisions of this Agreement shall survive the termination of my employment and the assignment of this Agreement by the Company to any successor in interest or other assignee.

 10.5 Employment. I agree and understand that nothing in this Agreement shall confer any right with respect to
continuation of employment by the Company, nor shall it interfere in any way with my right or the Company’s right to terminate my employment at any time, with or without Cause. 

10.6 Waiver. No waiver by the Company of any breach of this Agreement shall be a waiver of any preceding or succeeding breach.
No waiver by the Company of any right under this Agreement shall be construed as a waiver of any other right. The Company shall not be required to give notice to enforce strict adherence to all terms

 
of this Agreement. 
 10.7 Entire Agreement. The obligations
pursuant to Sections 1 and 2 of this Agreement shall apply to any time during which I was previously employed, or am in the future employed, by the Company as a consultant if no other agreement governs nondisclosure and assignment of inventions
during such period. This Agreement is the final, complete and exclusive agreement of the Parties with respect to the subject matter hereof and supersedes and merges all prior discussions between us. No modification of or amendment to this Agreement,
nor any waiver of any rights under this Agreement, will be effective unless in writing and signed by the Party to be charged. Any subsequent change or changes in my duties, salary or compensation will not affect the validity or scope of this
Agreement. 
 This Agreement shall be effective as of the first day of my employment with the Company, namely: May 2,
2011. 
 I HAVE READ THIS AGREEMENT CAREFULLY
AND UNDERSTAND ITS TERMS. I HAVE COMPLETELY FILLED OUT EXHIBIT B TO THIS
AGREEMENT. 
  

	
	Dated: 4/18/11
	
	/s/ Lyle J. Arnold
	(Signature)
	
	Lyle J. Arnold, Ph.D.

  

			
	ACCEPTED AND AGREED TO:
	
	BIOCEPT, INC.

			
		
	By: 	 	/s/ David F. Hale

			
	Title: 	 	Executive Chairman
	Dated: 	 	April 18, 2011

 
 

  
 5. 

 EXHIBIT A 

LIMITED EXCLUSION NOTIFICATION 
 THIS IS TO NOTIFY you in accordance with Section 2872 of the California Labor Code that the foregoing Agreement between you and the
Company does not require you to assign or offer to assign to the Company any invention that you developed entirely on your own time without using the Company’s equipment, supplies, facilities or trade secret information except for those
inventions that either: 
 1. Relate at the time of conception or reduction to practice of the invention to the Company’s business, or
actual or demonstrably anticipated research or development of the Company; or 
 2. Result from any work performed by you for the Company.

 To the extent a provision in the foregoing Agreement purports to require you to assign an invention otherwise excluded from
the preceding paragraph, the provision is against the public policy of this state and is unenforceable. 
 This limited
exclusion does not apply to any patent or invention covered by a contract between the Company and the United States or any of its agencies requiring full title to such patent or invention to be in the United States. 

In no event shall your execution of this limited exclusion in any way alter, modify or limit the exclusion of Prior Inventions (as
defined in the foregoing Agreement) from the scope of the foregoing Agreement pursuant to Section 2.2 thereof. 
 I
ACKNOWLEDGE RECEIPT of a copy of this notification. 
  

	
	
	/s/ Lyle J. Arnold
	LYLE J. ARNOLD, PH.D.
	
	
	Date: 4/18/11

  

	
	WITNESSED BY:
	
	/s/ David F. Hale
	

  
 1.

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