Document:

EX-4.2

 Exhibit 4.2 
  

 
 DISCOVER CARD EXECUTION NOTE TRUST

 Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS
C(2014-1) TERMS DOCUMENT 
 Dated as of January 30, 2014 

to 
 AMENDED AND RESTATED
INDENTURE SUPPLEMENT 
 Dated as of June 4, 2010 

for the DiscoverSeries Notes 
 to

 INDENTURE 
 Dated as of
July 26, 2007 
  
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE I	  	 	1	  
	Definitions and Other Provisions of General Application	  	 	1	  
	Section 1.01.	  	Definitions	  	 	1	  
	Section 1.02.	  	Representations and Warranties of Issuer	  	 	9	  
	Section 1.03.	  	Representations and Warranties of Indenture Trustee	  	 	10	  
	Section 1.04.	  	Limitations on Liability	  	 	10	  
	Section 1.05.	  	Governing Law	  	 	10	  
	Section 1.06.	  	Counterparts	  	 	11	  
	Section 1.07.	  	Ratification of Indenture and Indenture Supplement	  	 	11	  
	ARTICLE II	  	 	11	  
	The Class C(2014-1) Notes	  	 	11	  
	Section 2.01.	  	Creation and Designation	  	 	11	  
	Section 2.02.	  	Adjustments to Required Subordinated Percentage and Amount	  	 	11	  
	Section 2.03.	  	Interest Payment	  	 	11	  
	Section 2.04.	  	Notification of LIBOR	  	 	12	  
	Section 2.05.	  	Payments of Interest and Principal	  	 	12	  
	Section 2.06.	  	Form of Delivery of Class C(2014-1) Notes; Denominations	  	 	12	  
	Section 2.07.	  	Delivery and Payment for the Class C(2014-1) Notes	  	 	13	  
	Section 2.08.	  	Targeted Deposits to the Accumulation Reserve Account	  	 	13	  
	Section 2.09.	  	Additional Issuances of Notes	  	 	13	  
	Section 2.10.	  	Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes	  	 	14	  
	Section 2.11.	  	No Payments from Interest Funding Subaccount for accretion of principal of the Class C(2014-1) Notes	  	 	14	  
	Section 2.12.	  	Calculation of Class C(2014-1) Accreted Discount	  	 	15	  
	 Section 2.13.
	  	Variable Accumulation Period	  	 	15	  

					
	
	 Exhibit
  

Exhibit
A                     Form of Class C Note

 THIS CLASS C(2014-1) TERMS DOCUMENT (this “Terms Document”), by and
between DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws
of the United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of January 30, 2014. 

Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class C Notes of the DiscoverSeries and shall specify the principal
terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01. Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context
otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as
well as the singular; 
 (2) all other terms used herein which are defined in the Note Purchase Agreement, dated as of
January 30, 2014, by and among Discover Card Execution Note Trust, Discover Bank and the Purchaser (as defined therein) (as may be amended, supplemented, restated, amended and restated or otherwise modified from time to time, the “Note
Purchase Agreement”), the Indenture Supplement or the Indenture, either directly or by reference therein, have the meanings assigned to them therein; 

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted
in the United States of America at the date of such computation; 
 (4) all references in this Terms Document to designated
“Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document; the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Terms Document as a whole and not to any particular Article, Section or other subdivision; 
 (5) in the event
that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but solely
with respect to the Class C(2014-1) Notes; 
 (6) each capitalized term defined herein shall relate only to the Class C(2014-1) Notes and no
other Tranche of Notes issued by the Issuer; 

 (7) “including” and words of similar import will be deemed to be followed by
“without limitation”; and 
 (8) for purposes of determining any amount or making any calculation hereunder, such amount or
calculation, (x) if specified to be as of the first day of any Due Period, shall (a) include any Notes issued during such Due Period as if such Notes had been outstanding on the first day of such Due Period and (b) give effect to any
payments, deposits or other allocations made on the Distribution Date related to the prior Due Period, and (y) if specified to be as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other
allocations made on the related Distribution Date. 
 “Accumulation Amount” means $30,416,666.67; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.13 hereof, the Accumulation Amount shall be determined in accordance with the definition of “Accumulation Amount” in the Indenture
Supplement. 
 “Accumulation Commencement Date” means December 1, 2014, or such later date as the Calculation
Agent on behalf of the Issuer determines in accordance with Section 2.13 hereof. 
 “Accumulation Period” has the
meaning set forth in the Indenture Supplement. 
 “Accumulation Period Length” means 12 months; provided,
however, if the commencement of the Accumulation Period is delayed in accordance with Section 2.13 hereof, the Accumulation Period Length shall be determined in accordance with the definition of “Accumulation Period Length” in
the Indenture Supplement. 
 “Accumulation Reserve Funding Period” shall not apply if the Calculation Agent on
behalf of the Issuer notifies the Indenture Trustee that it expects the Accumulation Period Length to be adjusted to one (1) month, and otherwise shall mean a period commencing on the first Distribution Date on which a condition in the right
column of the following table was in effect on the immediately preceding Distribution Date, if the Distribution Date is a Distribution Date described in the corresponding left column of the following table, and ending on the Distribution Date
immediately preceding the earlier to occur of: 
 (x) the Expected Maturity Date for the Class C(2014-1) Notes and 

(y) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class C(2014-1) Notes is paid in full. 

 

			
	 Distribution Date:
	  	 Condition:

	(a) The Distribution Date occurring three (3) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.13 hereof) and any following Distribution
Date	  	No condition.
		
	(b) The Distribution Date occurring four (4)	  	

  
 2 

			
	calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.13 hereof) and any following Distribution Date	  	The three-month rolling average Excess Spread Percentage is less than 4%
		
	(c) The Distribution Date occurring six (6) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.13 hereof) and any following Distribution
Date	  	The three-month rolling average Excess Spread Percentage is less than 3%.
		
	(d) The Distribution Date occurring twelve (12) calendar months prior to the first scheduled Distribution Date of the Accumulation Period (as adjusted in accordance with Section 2.13 hereof) and any following Distribution
Date	  	The three-month rolling average Excess Spread Percentage is less than 2%.

 “Class C(2014-1) Accreted Discount” means, for any Distribution Date, the amount of principal
accreted on the Class C(2014-1) Notes in accordance with Section 2.12 hereof through the Monthly Principal Accretion Period ending on such Distribution Date. 

“Class C(2014-1) Adverse Event” means the occurrence of any of the following: (a) an Early Redemption Event with respect
to the Class C(2014-1) Notes or (b) an Event of Default and acceleration of the Class C(2014-1) Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an Excess
Spread Early Redemption Cure has occurred, a Class C(2014-1) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class C(2014-1) Note” means any Note, in the form set forth in Exhibit A hereto, designated therein as a Class C(2014-1)
Note and duly executed and authenticated in accordance with the Indenture. 
 “Class C(2014-1) Noteholder” means a Person
in whose name a Class C(2014-1) Note is registered in the Note Register. 
 “Class C(2014-1) Termination Date” means the
earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class C(2014-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and
satisfied pursuant to Article VI thereof. 
 “Class C Tranche Interest Allocation” notwithstanding anything to the contrary
in the Indenture Supplement, for the Class C (2014-1) Notes shall be zero; provided that, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date, for any Distribution Date after the Expected Maturity
Date, the Class C Tranche Interest 

  
 3 

 
Allocation shall be the Class C Interest for the Class C(2014-1) Notes plus any Interest Allocation Shortfall from the prior Distribution Date. Following a Receivables Sale for the Class C
(2014-1) Notes, the Class C Tranche Interest Allocation shall be zero. 
 “Class C Reserve Account Percentage” means, for
any Distribution Date on which a condition in the left column of the following table was in effect on the immediately preceding Distribution Date, the percentage in the corresponding right column of the following table (or if more than one
conditions were in effect on the immediately preceding Distribution Date, the largest percentage). 
  

			
	 Condition:
  

The three-month rolling average Excess Spread Percentage is:
	  	Class C Reserve Account Percentage:
		
	 (a) 4.50% or greater
	  	0%
		
	 (b) 4.00% to 4.49%
	  	1.25%
		
	 (c) 3.50% to 3.99%
	  	2.00%
		
	 (d) 3.00% to 3.49%
	  	2.75%
		
	 (e) 2.50% to 2.99%
	  	3.50%
		
	 (f) 2.00% to 2.49%
	  	4.50%
		
	 (g) less than 2.00%, or
	  	6.00%
		
	an Early Redemption Event or Event of Default for the Class C(2014-1) Notes has occurred and is continuing.	  	

 “Discount Amount” means initially $6,996,320; provided that following any issuance of
additional Class C(2014-1) Notes in accordance with Section 2.09, the Discount Amount shall mean the amount specified in the Notice of Additional Issuance. 

“Encumbered Amount” means, for the Class C(2014-1) Notes, an amount equal to 

(a) the Nominal Liquidation Amount of the Class C(2014-1) Notes, divided by 

(b) the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries, multiplied by 

(c) the sum of (i) the aggregate Required Subordinated Amount of Class C Notes for all Tranches of Class A Notes in the
DiscoverSeries with a Required Subordinated Amount of Class B Notes equal to zero and a Required Subordinated Amount of Class C Notes greater than 

  
 4 

 
zero and (ii) the aggregate Required Subordinated Amount of Class C Notes for all Tranches of Class B Notes in the DiscoverSeries with a Required Subordinated Amount of Class C Notes greater
than zero. 
 “Encumbered Required Subordinated Amount of Class D Notes” means, for the Class C(2014-1) Notes, the product
of 
 (a) the sum of (1) the aggregate Required Subordinated Amount of Class D Notes for all Tranches of Class A Notes in the
DiscoverSeries with a Required Subordinated Amount of Class D Notes greater than zero, plus (2) the aggregate Unencumbered Required Subordinated Amount of Class D Notes for all Tranches of Class B Notes in the DiscoverSeries with an
Unencumbered Required Subordinated Amount of Class D Notes greater than zero, multiplied by 
 (b) a percentage equivalent to a
fraction, the numerator of which is the Nominal Liquidation Amount of the Class C(2014-1) Notes, and the denominator of which is the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries. 

“Excess Spread Percentage” for any Distribution Date means a fraction, the numerator of which is the Excess Spread Amount for
such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related Due Period. 

“Expected Maturity Date” means December 15, 2015. 

“Indenture” means the Indenture, dated as of July 26, 2007, by and between the Issuer and Indenture Trustee, as amended
by the First Amendment to Indenture, dated as of June 4, 2010, as such agreement may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Indenture Supplement” means the Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated as of
June 4, 2010, by and between the Issuer and the Indenture Trustee, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Initial Dollar Principal Amount” means $358,003,680, or such higher amount as is specified in any Notice of Additional
Issuance under Section 2.09. 
 “Interest Accrual Period” means, with respect to any Interest Payment Date, the period from
and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date occurring after the Expected Maturity Date, from and including the Expected Maturity Date to but
excluding such Interest Payment Date). 
 “Interest Payment Date” means, if the Outstanding Dollar Principal Amount is not
paid in full on or prior to the Expected Maturity Date, the fifteenth day of each month commencing in January 2016, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 

  
 5 

 “Issuance Date” means January 30, 2014 with respect to all Class C(2014-1)
Notes issued on the date hereof and, with respect to any additional Class C(2014-1) Notes issued pursuant to Section 2.09, any Issuance Date specified in the Notice of Additional Issuance delivered thereunder. 

“Legal Maturity Date” means June 15, 2018. 

“LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a duration
comparable to the relevant Interest Accrual Period which appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the Indenture Trustee on
the basis of the rates at which deposits in United States dollars are offered by major banks in the London interbank market, selected by the Indenture Trustee, at approximately 11:00 a.m., London time, on such day to prime banks in the London
interbank market with a duration comparable to the relevant Interest Accrual Period commencing on that day. The Indenture Trustee will request the principal London office of at least four banks to provide a quotation of its rate. If at least two
such quotations are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates quoted by four major banks in New York City,
selected by the Trustee, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration comparable to the relevant Interest Accrual Period commencing on that day. If LIBOR
with respect to a LIBOR Determination Date is not determined pursuant to the foregoing, LIBOR with respect to such LIBOR Determination Date will be LIBOR with respect to the immediately prior LIBOR Determination Date. 

“LIBOR Business Day,” if applicable, shall mean a day other than a Saturday or a Sunday on which banking institutions in both
the City of London, England and in New York, New York are not required or authorized by law to be closed. 
 “LIBOR Determination
Date” means the second LIBOR Business Day immediately preceding the commencement of an Interest Accrual Period. 
 “Nominal
Liquidation Amount” means, notwithstanding anything to the contrary in the Indenture Supplement, with respect to the Class C(2014-1) Notes: 

(a) on the Issuance Date thereof, $365,000,000; 

(b) on any Distribution Date thereafter such amount as increased or decreased pursuant to Section 3.01 of the Indenture Supplement and
Section 2.09 hereof; 
 (c) on any date, other than a Distribution Date, on which Prefunding Excess Amount are withdrawn from the
applicable Principal Funding Subaccount pursuant to Section 4.04 of the Indenture Supplement, the Nominal Liquidation Amount as of the beginning of such date plus the Prefunding Excess Amount so withdrawn; and 

(d) on and after the date of a Receivables Sale for the Class C(2014-1) Notes, zero. 

  
 6 

 “Note Interest Rate” means zero; provided that if the Outstanding Dollar
Principal Amount is not paid in full on or prior to the Expected Maturity Date, the Note Interest Rate shall be LIBOR + 1.00% per annum, calculated on the basis of the actual number of days elapsed and a 360-day year. 

“Notice of Additional Issuance” has the meaning set forth in Section 2.09. 

“Outstanding Dollar Principal Amount” means, for the Class C(2014-1) Notes, notwithstanding anything to the contrary in the
Indenture Supplement, (a) prior to an issuance of additional Class C(2014-1) Notes, the sum of (i) the Initial Dollar Principal Amount of such Notes and (ii) the Class C(2014-1) Accreted Discount as determined in accordance with
Section 2.12 hereof, minus (i) the aggregate amount of principal paid with respect to the Class C(2014-1) Notes as of the relevant date of determination and (ii) any net losses of principal of funds on deposit in respect of principal
in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class C(2014-1) Notes and (b) following the issuance of additional Class C(2014-1) Notes, the sum of (i) the Outstanding Dollar Principal
Amount of such Notes determined as of the date of such additional issuance and (ii) the Class C(2014-1) Accreted Discount accreted after the date of such additional issuance, as determined in accordance with Section 2.12 hereof, minus
(i) the aggregate amount, as of the relevant date of determination, of principal paid with respect to the Class C(2014-1) Notes after the date of such additional issuance and (ii) any net losses, as of the relevant date of determination,
of principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class C(2014-1) Notes after the date of such additional issuance. Notwithstanding the
foregoing, if a Receivables Sale has occurred with respect to the Class C(2014-1) Notes, the Outstanding Dollar Principal Amount shall be zero. 

“Required Daily Deposit Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to the Class C
Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class C Tranche Interest Allocation
cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class C Tranche Interest Allocation determined based on a
pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by 1.25. 

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such Due Period is in the
Accumulation Period for the Class C(2014-1) Notes, the Accumulation Amount, (ii) if such day is on or after the occurrence and during the continuance of a Class C(2014-1) Adverse Event, the lesser of (x) the Outstanding Dollar Principal
Amount of the Class C(2014-1) Notes and (y) the Nominal Liquidation Amount of the Class C(2014-1) Notes, and (iii) in all other circumstances, zero. 

“Required Subordinated Amount of Class D Notes” means, for the Class C(2014-1) Notes for any date of determination, an amount
equal to the sum of 

  
 7 

 (a) the Unencumbered Required Subordinated Amount of Class D Notes for such Class C(2014-1) Notes
and 
 (b) the Encumbered Required Subordinated Amount of Class D Notes for such Class C(2014-1) Notes; 

provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class C(2014-1) Adverse Event, the
Required Subordinated Amount of Class D Notes for the Class C(2014-1) Notes will be the greater of 
 (x) the amount determined above for
such date of determination and 
 (y) the amount determined above for the date immediately prior to the date on which such Class C(2014-1)
Adverse Event shall have occurred. 
 “Required Subordinated Percentage of Class D Notes (Unencumbered)” means, for the
Class C(2014-1) Notes, 13.636364%, subject to adjustment in accordance with Section 2.02. 
 “Reuters Screen LIBOR01” means
the display page currently so designated on the Reuters Screen (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 

“Stated Principal Amount” means $365,000,000 or such higher amount as is specified in any Notice of Additional Issuance under
Section 2.09. 
 “Targeted Accumulation Reserve Subaccount Deposit” means, with respect to any Distribution Date
during the Accumulation Reserve Funding Period, an amount equal to (i) 0.5% of the Outstanding Dollar Principal Amount of the Class C(2014-1) Notes as of the close of business on the last day of the related Due Period or (ii) any other
amount designated by the Calculation Agent on behalf of the Issuer. 
 “Targeted Principal Deposit” means, for the Class
C(2014-1) Notes, notwithstanding anything to the contrary in the Indenture Supplement, 
 (a) During the Accumulation Period, beginning with
the Accumulation Commencement Date for the Class C(2014-1) Notes, (x) (i) the Accumulation Amount for the Class C(2014-1) Notes, plus (ii) any Accumulation Amount that was scheduled to be deposited on any previous Distribution Date in
the Accumulation Period that was not so deposited, minus (y) the amount on deposit in the Principal Funding Subaccount for the Class C(2014-1) Notes that was applied to the amount in clause (x) in accordance with Section 4.04(a), 

(b) If the Class C(2014-1) Notes have been accelerated after the occurrence of an Event of Default, or if an Early Redemption Event with
respect to the Class C(2014-1) Notes has occurred (other than an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred), with respect to each Distribution Date following the Due Period in which such Event
of Default or Early Redemption Event has occurred, the lesser of (x) the Outstanding Dollar Principal Amount of such Tranche and (y) the Nominal Liquidation Amount of such Tranche, in each case as of the last day of the preceding Due
Period, and 

  
 8 

 (c) If a Receivables Sale has occurred for the Class C(2014-1) Notes, zero. 

“Unencumbered Amount” means, for the Class C(2014-1) Notes, an amount equal to the Nominal Liquidation Amount of the Class
C(2014-1) Notes minus the Encumbered Amount for the Class C(2014-1) Notes. 
 “Unencumbered Required Subordinated Amount of
Class D Notes” means, for the Class C(2014-1) Notes, an amount equal to the product of 
 (a) the Unencumbered Amount for the Class
C(2014-1) Notes and 
 (b) the Required Subordinated Percentage of Class D Notes (Unencumbered) for the Class C(2014-1) Notes. 

Section 1.02. Representations and Warranties of Issuer. The Issuer represents and warrants that: 

(a) the Issuer has been duly formed and is validly existing as a statutory trust in good standing under the laws of the State of Delaware, and
has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 
 (b) the execution,
delivery and performance of this Terms Document by the Issuer have been duly authorized by all necessary corporate and statutory trust proceedings of any Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental
agency or authority, and do not and will not conflict with any material provision of the Certificate of Trust or the Trust Agreement of the Issuer; 

(c) this Terms Document is the valid, binding and enforceable obligation of the Issuer, except as the same may be limited by receivership,
insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles; 

(d) to the best of the Issuer’s knowledge, this Terms Document will not conflict with any law or governmental regulation or court decree
applicable to it; 
 (e) the Issuer is not required to be registered under the Investment Company Act; 

(f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in connection with this Terms
Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable estimates on the date as
of which such information is stated or certified; and 
 (g) to the best knowledge of the Issuer, there are no proceedings or investigations
pending against the Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (A) asserting the invalidity of this Terms Document, (B) seeking to
prevent the consummation of any of the transactions contemplated by this Terms Document or (C) seeking any determination or ruling 

  
 9 

 
which in the Issuer’s judgment would materially and adversely affect the performance by the Issuer of its obligations under this Terms Document or the validity or enforceability of this
Terms Document. 
 Section 1.03. Representations and Warranties of Indenture Trustee. The Indenture Trustee represents and
warrants and any successor trustee shall represent and warrant that: 
 (a) The Indenture Trustee is organized, existing and in good standing
under the laws of the United States of America; 
 (b) The Indenture Trustee has full power, authority and right to execute, deliver and
perform this Terms Document, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 

(c) This Terms Document has been duly executed and delivered by the Indenture Trustee. 

Section 1.04. Limitations on Liability. 

(a) It is expressly understood and agreed by the parties hereto that (i) this Terms Document is executed and delivered by the Owner
Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein made on
the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained will be construed as
creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being expressly waived by the parties to this Terms Document and by any
Person claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 
 (b) None of the
Indenture Trustee, the Owner Trustee, the Calculation Agent, any Beneficiary, the Depositor, any Master Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect
to this Terms Document, and recourse may be had solely to the Collateral pledged to secure the Class C(2014-1) Notes under the Indenture, the Indenture Supplement and this Terms Document. 

Section 1.05. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

  
 10 

 Section 1.06. Counterparts. This Terms Document may be executed in any number of
counterparts, each of which when so executed will be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 

Section 1.07. Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture
and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as supplemented by the Indenture Supplement and this Terms Document shall be read, taken and construed as one and the same instrument. 

ARTICLE II 
 The Class C(2014-1)
Notes 
 Section 2.01. Creation and Designation. There is hereby created a Tranche of Class C Notes to be issued pursuant to the
Indenture, the Indenture Supplement, this Terms Document and the Note Purchase Agreement to be known as the “DiscoverSeries Class C(2014-1) Notes.” 

Section 2.02. Adjustments to Required Subordinated Percentage and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class D Notes
(Unencumbered) for the Class C(2014-1) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a
Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 (b) On any date, the Issuer may, at the direction of the Beneficiary,
replace all or a portion of the Required Subordinated Amount of Class D Notes for the Class C(2014-1) Notes with a different form of credit enhancement (including, without limitation, a cash collateral account, a letter of credit, a reserve account,
a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms Document as shall be necessary for such replacement without the
consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding
DiscoverSeries Notes. 
 Section 2.03. Interest Payment. For each Interest Payment Date, the amount of interest due with respect
to the Class C(2014-1) Notes shall be an amount equal to 
  

	 	(i)	(A) a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period and the denominator of which is 360, times 

 

	 	    	(B) the Note Interest Rate in effect with respect to such related Interest Accrual Period, times 

  
 11 

	 	(ii)	the Outstanding Dollar Principal Amount of the Class C(2014-1) Notes determined as of the first date of such related Interest Accrual Period, plus 

any Class C Tranche Interest Allocation Shortfall for such Class C(2014-1) Notes for the immediately preceding Distribution Date, together with interest
thereon at the Note Interest Rate in effect with respect to such related Interest Accrual Period, calculated on the basis of the actual number of days in the related Interest Accrual Period and a 360-day year. 

Section 2.04. Notification of LIBOR. On each LIBOR Determination Date, the Indenture Trustee shall send to the Issuer, the
Beneficiary, each applicable Master Servicer and any stock exchange on which the Class C(2014-1) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission, notification of LIBOR for the
following Interest Accrual Period. 
 Section 2.05. Payments of Interest and Principal. 

(a) The Issuer will cause interest to be paid on each Interest Payment Date and principal to be paid on the Expected Maturity Date;
provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with Section 3.01 of the Indenture
Supplement; and provided, further, that if a Class C(2014-1) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on each Principal Payment Date for the Class C(2014-1) Notes in
accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class C(2014-1) Notes shall be made as set forth in Section 1102 of the Indenture. 

(b) The right of the Class C(2014-1) Noteholders to receive payments from the Issuer will terminate on the Class C(2014-1) Termination Date.

 (c) All payments of principal, interest or other amounts to the Class C(2014-1) Noteholders will be made pro rata based on the Stated
Principal Amount of their Class C(2014-1) Notes. 
 Section 2.06. Form of Delivery of Class C(2014-1) Notes; Denominations. 

(a) The Class C(2014-1) Notes shall be delivered in the form of a definitive Registered Note as provided in Section 201 of the Indenture.
The form of the Class C(2014-1) Notes is attached hereto as Exhibit A. 
 (b) The Class C(2014-1) Notes shall, until such time as the laws of
any jurisdiction in which they are offered or sold no longer restrict the transfer or sale thereof, bear a legend in substantially the following form: 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE 

  
 12 

 
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF DISCOVER CARD EXECUTION NOTE TRUST AND DISCOVER BANK THAT (A) THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT OR, IN THE CASE OF THE
INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER BANK OR THEIR AFFILIATES OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, IN EACH
CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE
RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 No Class C(2014-1) Notes shall be transferred except in accordance with the transfer restrictions
described in the legend set forth above. 
 (c) The Class C(2014-1) Notes will be issued in minimum denominations of $200,000 and integral
multiples of $1,000 in excess of that amount. 
 Section 2.07. Delivery and Payment for the Class C(2014-1) Notes. The Issuer
shall execute and deliver the Class C(2014-1) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class C(2014-1) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture.

 Section 2.08. Targeted Deposits to the Accumulation Reserve Account. The deposit targeted to be made to the Accumulation
Reserve Subaccount for the Class C(2014-1) Notes for any Due Period during the Accumulation Reserve Funding Period will be an amount equal to the Targeted Accumulation Reserve Subaccount Deposit minus any amount on deposit in the Accumulation
Reserve Subaccount for the Class C(2014-1) Notes. 
 Section 2.09. Additional Issuances of Notes. Subject to clauses (ii),
(iii), (iv) and (v) of Sections 2.02 and Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class C(2014-1) Notes, so long as the following conditions precedent are satisfied: 

(a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional Class C(2014-1) Notes (the “Notice
of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 

  
 13 

	 	(i)	the Issuance Date of such additional Class C(2014-1) Notes; 

  

	 	(ii)	the amount of such additional Class C(2014-1) Notes being offered, the purchase price for such additional Class C(2014-1) Notes and the resulting Initial Dollar Principal Amount, Stated Principal Amount and Nominal
Liquidation Amount of Class C(2014-1) Notes; 

  

	 	(iii)	the Outstanding Dollar Principal Amount of the Class C(2014-1) Notes after giving effect to the issuance of the additional Class C(2014-1) Notes and all prior accretions of principal as determined in accordance with
Section 2.12; 

  

	 	(iv)	the Discount Amount after giving effect to such additional Class C(2014-1) Notes; and 

  

	 	(v)	any other terms that the Issuer set forth in such notice of issuance of additional Class C(2014-1) Notes to clarify the rights of Holders of such additional Class C(2014-1) Notes or the effect of such issuance of
additional Class C(2014-1) Notes on any calculations to be made with respect to the Class C(2014-1) Notes, Class C, or the Issuer. 

 All such
terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such Class C(2014-1) Notes; and 

(b) no Class C(2014-1) Adverse Event has occurred and is continuing. 

The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in connection with an issuance of
additional Class C(2014-1) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of Class C(2014-1) Notes. 

Section 2.10. Designation of Additional Amounts to be included in the Excess Spread Amount for the DiscoverSeries Notes. At any
time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into the Group Finance Charge Collections Reallocation Account for the Master Trust
to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections allocated to such Series, multiplied by (y) a fraction, the numerator
of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including these notes) and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus
(ii) the sum of the Series Investor Interests for all such Series that provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be
treated as Series Finance Charge Amounts for the DiscoverSeries. 
 Section 2.11. No Payments from Interest Funding Subaccount for
accretion of principal of the Class C(2014-1) Notes. Section 3.04(4) of the Indenture Supplement shall not apply to the Class C(2014-1) Notes. 

  
 14 

 Section 2.12. Calculation of Class C(2014-1) Accreted Discount. The amount of Class
C(2014-1) Accreted Discount as of the end of any Due Period shall be determined on a straight-line basis and shall be equal to the product of (x) a fraction the numerator of which shall be the number of Due Periods elapsed since the Note
Issuance Date (or if additional Class C(2014-1) Notes have been issued under Section 2.09, since the Issuance Date of such additional Notes) and the denominator of which shall be the number of Due Periods from the Note Issuance Date (or the
Issuance Date of such additional Notes) to and including the Due Period related to the Expected Maturity Date and (y) the Discount Amount. 

Section 2.13. Variable Accumulation Period. Notwithstanding anything to the contrary in Section 4.02 of the Indenture
Supplement, the Calculation Agent on behalf of the Issuer shall, by written notice to the Indenture Trustee, delay the commencement of the Accumulation Period for the Class C(2014-1) Notes and determine a new Accumulation Commencement Date, subject
to the conditions set forth in this Section 2.13; provided, however, that the Accumulation Period shall commence no later than the first day of the Due Period related to the Expected Maturity Date for the Class C(2014-1) Notes. Any such
delay by the Calculation Agent on behalf of the Issuer shall be made no later than the first day of the scheduled Due Period immediately preceding the first Due Period in the Accumulation Period (after giving effect to any prior delay in the
commencement of the Accumulation Period pursuant to this Section 2.13). 
 The Calculation Agent on behalf of the Issuer shall cause
such delay if the Calculation Agent determines in good faith that each of the following conditions will be satisfied: (i) the Calculation Agent on behalf of the Issuer delivers to the Indenture Trustee a certificate to the effect that the
Calculation Agent on behalf of the Issuer reasonably believes that, based on the payment rate and the anticipated availability of Series Principal Amounts and Reallocated Principal Amounts, the delay in the commencement of the Accumulation Period
for the Class C(2014-1) Notes will not result in any Tranche of Notes not being paid in full on the relevant Expected Maturity Date; (ii) such delay is permitted under the Series 2007-CC Series Supplement or any other applicable agreement
relating to any Additional Collateral Certificate; and (iii) the Accumulation Amount, the Accumulation Commencement Date and the Accumulation Period Length shall have been adjusted. The Calculation Agent on behalf of the Issuer shall not be
required to obtain confirmation from the applicable Note Rating Agencies that such delay in the commencement of the Accumulation Period will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes, unless at the time of
such delay there is a Tranche of Outstanding DiscoverSeries Notes which were issued prior to January 1, 2009 and for which the commencement of the Accumulation Period for such Tranche of Notes has already been delayed pursuant to
Section 4.02 of the Indenture Supplement. If such confirmation from the applicable Note Rating Agency is not required, the Calculation Agent on behalf of the Issuer shall provide written notice to each applicable Note Rating Agency in the event
that the commencement of the Accumulation Period for the Class C(2014-1) Notes is delayed pursuant to this Section 2.13. 

[Remainder of page intentionally blank; signature page follows] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all
as of the day and year first above written. 
  

			
	DISCOVER CARD EXECUTION NOTE TRUST,
	 as Issuer

		
	By:	 	 Wilmington Trust Company,
 not in its individual
capacity but solely as Owner Trustee

		
	By:	 	 /s/ Jennifer A. Luce

		 	Name: Jennifer A. Luce
		 	Title: Vice President
	
	 U.S. BANK NATIONAL ASSOCIATION,

as Indenture Trustee

		
	By:	 	 /s/ Edwin J. Janis

		 	Name: Edwin J. Janis
		 	Title: Vice President

 [Signature Page to Class C(2014-1) Terms Document] 

 Exhibit A 

Form of Class C Note 
 See
attached. 

 DISCOVERSERIES CLASS C(2014-1) NOTE 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF
THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF DISCOVER CARD EXECUTION NOTE TRUST AND DISCOVER BANK THAT (A) THIS NOTE
MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT OR, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER BANK OR THEIR AFFILIATES, OR (3) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT, IF APPLICABLE, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 THE HOLDER OF THIS NOTE, BY ITS
ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, OR JOIN IN ANY INSTITUTION AGAINST THE
ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, ANY RECEIVERSHIP, INSOLVENCY, BANKRUPTCY OR SIMILAR PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR
STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE, ANY DERIVATIVE AGREEMENT, ANY SUPPLEMENTAL CREDIT ENHANCEMENT AGREEMENT AND ANY SUPPLEMENTAL LIQUIDITY AGREEMENT. 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

 THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION
1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO DISCOVER BANK, 12 READ’S WAY, NEW CASTLE, DELAWARE, 19720, ATTENTION: TREASURER, DISCOVER BANK WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING
INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST TO THE HOLDER OF THIS CLASS C NOTE ARE SUBORDINATE TO THE PAYMENT ON EACH DISTRIBUTION DATE OF
PRINCIPAL OF AND INTEREST ON THE CLASS A NOTES AND CLASS B NOTES OF THE DISCOVERSERIES AND THE PAYMENT OF CERTAIN OTHER AMOUNTS, TO THE EXTENT AND AS DESCRIBED IN THE INDENTURE AND INDENTURE SUPPLEMENT REFERRED TO HEREIN. 

			
	REGISTERED	  	$365,000,000 *
	 No. 1
	  	

 DISCOVER CARD EXECUTION NOTE TRUST 

Floating Rate 
 DISCOVERSERIES
CLASS C(2014-1) NOTE 
 DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (herein
referred to as the “Issuer” or the “Note Issuance Trust”), for value received, hereby promises to pay to             , or registered assigns, subject to
the following provisions, a principal sum of $365,000,000 (three hundred sixty-five million dollars) payable on the December 15, 2015 Payment Date (the “Expected Maturity Date”), except as otherwise provided below or in the
Indenture or the Indenture Supplement (as defined on the reverse hereof); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the June 15, 2018 Payment Date (the “Legal Maturity
Date”). If the Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date, interest will accrue on this Note at the rate of one-month LIBOR + 1.00% per annum, as more specifically set forth in the
Class C(2014-1) Terms Document dated as of January 30, 2014 (the “Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any
successor Indenture Trustee under the Indenture), and shall be due and payable on each Interest Payment Date from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest
Payment Date for the Class C(2014-1) Notes occurring after the Expected Maturity Date, from and including the Expected Maturity Date to but excluding such Interest Payment Date). Interest will be computed on the basis of the actual number of days
elapsed and a 360-day year. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The
principal may be payable monthly, and may be payable earlier or later than the Expected Maturity Date, following an Event of Default or while an Early Redemption Event has occurred and is continuing. The interest is payable monthly on each Interest
Payment Date if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date. No principal or interest will be distributed on the Note following the distribution of proceeds of a Receivables Sale. 

Series Principal Amounts allocated to these Class C(2014-1) Notes will be applied first to pay shortfalls in interest on Class A Notes
and Class B Notes, then to pay any shortfalls in Series Servicing Fees allocable to the DiscoverSeries, and then to make Targeted Principal Deposits to the Principal Funding Subaccounts for Class A Notes and Class B Notes, including Targeted
Prefunding Deposits, before being applied to make Targeted Principal Deposits to the Principal Funding Subaccounts of Subordinate Notes, including these Class C(2014-1) Notes. Principal will not be paid on these Class C(2014-1) Notes prior to their
Legal Maturity Date unless each of the Class A Usage of Class C Notes and the Class B Usage of Class C Notes is zero for each Tranche of Class A Notes and Class B Notes of the DiscoverSeries and the required level of subordination for the
Class A Notes and Class B Notes of the DiscoverSeries is available after giving effect to such payment. 

 The principal of and interest on this Note are payable in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts. 
 The Initial Dollar Principal Amount
of this Note is $358,003,680. 
 The Stated Principal Amount of this Note is $365,000,000. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee, whose name
appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, Indenture Supplement or the Terms Document referred to on the reverse hereof, or be valid or obligatory for any purpose. 

 

	*	Denominations of $200,000 and in integral multiples of $1,000 in excess thereof. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile,
by its Authorized Officer. 
  

			
	 DISCOVER CARD EXECUTION NOTE TRUST, as Issuer

		
	By:	 	 WILMINGTON TRUST COMPANY, not in its
 individual
capacity, but solely as Owner Trustee

		
	By:	 	  

		 	Name:
		 	Title:
		
		 	Date: January 30, 2014

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

			
	 US BANK NATIONAL ASSOCIATION,

not in its individual capacity but solely as

Indenture Trustee

		
	By:	 	  

		 	Name:
		 	Title:
		
		 	Date: January 30, 2014

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its Class C(2014-1) DiscoverSeries Notes
(herein called the “Class C(2014-1) Notes”), all issued under an Indenture, dated as of July 26, 2007, as amended by the First Amendment to Indenture, dated as of June 4, 2010 (such Indenture, as may be further amended,
restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture”), as supplemented by an Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated
as of June 4, 2010 (such Indenture Supplement, as may be further amended, restated, amended and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture Supplement”), between the
Issuer and Indenture Trustee, to which Indenture and Indenture Supplement reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class
C(2014-1) Notes are subject to all terms of the Indenture, the Indenture Supplement and the Terms Document. All terms used in this Class C(2014-1) Note that are defined in the Indenture, the Indenture Supplement and the Terms Document shall have the
meanings assigned to them in or pursuant to the Indenture, the Indenture Supplement and the Terms Document. 
 The Class A Notes, the
Class B Notes and the Class D Notes of the DiscoverSeries and other tranches of Class C Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class C(2014-1) Notes are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the
Indenture and the Indenture Supplement. 
 The Class C(2014-1) Notes are subordinated in right of payment of principal and interest to the
Class A Notes and the Class B Notes and provide loss protection to the Class A Notes and the Class B Notes of the DiscoverSeries, to the extent set forth in the Indenture Supplement. Principal Amounts allocable to the Class
C(2014-1) Notes may be applied to pay the Class A Interest Allocation and Class B Interest Allocation or the Series Servicing Fees of the DiscoverSeries, to the extent set forth in the Indenture Supplement. 

The Stated Principal Amount of the Class C(2014-1) Notes will be payable on the Expected Maturity Date in an amount described on the face
hereof. 
 As described above, the entire unpaid Stated Principal of this Class C(2014-1) Note shall be due and payable on the Legal
Maturity Date. Notwithstanding the foregoing, the entire unpaid Outstanding Dollar Principal Amount of the Class C(2014-1) Notes shall be due and payable on the date on which an Event of Default relating to the Class C(2014-1) Notes shall have
occurred and be continuing and, except in the event of an insolvency related default, the Indenture Trustee or the Majority Holders of the applicable Series, Class or Tranche of Outstanding Dollar Principal Amount of the Outstanding Notes have
declared the Class C(2014-1) Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided, however, that such acceleration of the entire unpaid Outstanding Dollar Principal Amount
of the Notes may be rescinded by the Majority Holders of such applicable Series, Class or Tranche of Notes. 
 On any day occurring on or
after the date on which the aggregate Nominal Liquidation Amount of any Tranche of Notes is reduced to less than 5% of its highest Outstanding Dollar 

 
Principal Amount, the Depositor or any Affiliate thereof has the right, but not the obligation, to redeem such Tranche of Notes in whole but not in part, pursuant to Section 1202 of
the Indenture. The redemption price will be an amount equal to the Outstanding Dollar Principal Amount of such Tranche, plus accrued, unpaid and additional interest, if any, or principal accreted and unpaid on such Tranche to but excluding the date
of redemption. 
 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Note Issuance Trust, may from time
to time issue, or direct the Owner Trustee, on behalf of the Note Issuance Trust, to issue, one or more Series, Classes or Tranches of Notes. 

On each Payment Date, the Paying Agent shall distribute to each Holder of Class C(2014-1) Notes of record on the related Record Date (except
for the final distribution with respect to these Class C(2014-1) Notes) the pro rata share for such Holder of Class C(2014-1) Notes of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest (only
if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date) and principal on the Class C Notes. 

Payments of interest on this Class C(2014-1) Note due and payable on each Payment Date, together with any installment of principal, if any, to
the extent not in full payment of this Class C(2014-1) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class C(2014-1) Note on the Note Register as of the close of business on each Record Date,
except that with respect to Class C(2014-1) Notes registered on the Record Date in the name of the nominee of a clearing agency, payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such
checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Class C(2014-1) Note be submitted for notation of payment. Any
reduction in the principal amount of this Class C(2014-1) Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Class C(2014-1) Note and of any Class C(2014-1)
Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Class C(2014-1) Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender of this Class C(2014-1) Note at the Indenture Trustee’s principal Corporate Trust Office or at the
office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. On any payment of interest or principal being made, details of such payment shall be entered by the Indenture Trustee on behalf of the Issuer
in Schedule A hereto. 
 As provided in the Indenture and subject to certain limitations set forth therein and as set forth in the first
legend on the face hereof, the transfer of this Class C(2014-1) Note may be registered on the Note Register upon surrender of this Class C(2014-1) Note for registration of transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a
commercial bank or trust company located, or having a correspondent located, in the City of New York or the city in which the Corporate Trust Office is located, or a 

 
member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new Class C(2014-1) Notes of authorized denominations and
in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Class C(2014-1) Note, but the transferor may be required to pay
a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

To the fullest extent permitted by applicable law, each Noteholder or Note Owner, by acceptance of a Class C(2014-1) Note or, in the case of a
Note Owner, a beneficial interest in a Class C(2014-1) Note, covenants and agrees that by accepting the benefits of the Indenture that it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as
a depositor with respect to any Master Trust or the Issuer, or join in any institution against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership,
insolvency, bankruptcy or other similar proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any
Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 
 Prior to the due presentment for registration of
transfer of this Class C(2014-1) Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class C(2014-1) Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class C(2014-1) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding Dollar Principal Amount of each
adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the Notes, on behalf of the Holders of all
the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class C(2014-1) Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Class C(2014-1) Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon
this Class C(2014-1) Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 

The term “Issuer” as used in this Class C(2014-1) Note includes any successor to the Issuer under the Indenture. 

 The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate,
subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Class C(2014-1) Notes are issuable only
in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS C(2014-1)
NOTE AND THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE
APPLICATION OF THE LAWS OF ANY OTHER STATE. 
 No reference herein to the Indenture and no provision of this Class C(2014-1) Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Class C(2014-1) Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Class C(2014-1) Note by the acceptance hereof agrees that, except as expressly provided in the Indenture and the Indenture Supplement
in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent
recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Class C(2014-1) Note. 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 
  

 
 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises. 
  

									
	Dated:	 	  
	 		 	  
	 	*
		 		 		 	Signature Guaranteed:	 	

  
  

	*	NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever.

 SCHEDULE A 

PART I 
 INTEREST
PAYMENTS 
  

									
	 Interest

Payment Date
	 	 Date of
Payment
	 	 Total Amount
of Interest

Payable
	 	 Amount of
Interest Paid
	 	 Confirmation of
payment by or
on
behalf of the Note
 Issuance

Trust

	1.	 		 		 		 	
	2.	 		 		 		 	
	3.	 		 		 		 	
	4.	 		 		 		 	
	5.	 		 		 		 	
	6.	 		 		 		 	
	7.	 		 		 		 	
	8.	 		 		 		 	
	9.	 		 		 		 	
	10.	 		 		 		 	
	11.	 		 		 		 	
	12.	 		 		 		 	
	13.	 		 		 		 	
	14.	 		 		 		 	
	15.	 		 		 		 	
	16.	 		 		 		 	
	17.	 		 		 		 	
	18.	 		 		 		 	
	19.	 		 		 		 	
	20.	 		 		 		 	
	21.	 		 		 		 	
	22.	 		 		 		 	
	23.	 		 		 		 	
	24.	 		 		 		 	

  

 PART II 

PRINCIPAL PAYMENTS 
  

									
	 Principal

Payment Date
	 	 Date of
Payment
	 	 Total Amount
of Principal

Payable
	 	 Total

Amount Paid
	 	 Confirmation of
payment by or
on
behalf of the Note
 Issuance

Trust

	1.	 		 		 		 	
	2.	 		 		 		 	
	3.	 		 		 		 	
	4.	 		 		 		 	
	5.	 		 		 		 	
	6.	 		 		 		 	
	7.	 		 		 		 	
	8.	 		 		 		 	
	9.	 		 		 		 	
	10.	 		 		 		 	
	11.	 		 		 		 	
	12.EX-10.13

 Exhibit 10.13 
 [**] Confidential portions omitted and filed separately with the Securities and Exchange Commission. 
 COLLABORATION AGREEMENT 
 THIS
COLLABORATION AGREEMENT (the “Agreement”) is entered into as of November 2, 2012 (the “Effective Date”) by and between BIOCEPT,
INC., a California corporation having an address of 5810 Nancy Ridge Drive, Suite 150, San Diego, CA 92121 (“Biocept”), and LIFE TECHNOLOGIES
CORPORATION, a Delaware corporation having an address of 5791 Van Allen Way, Carlsbad, California 92008 (“Life Technologies”). 

WHEREAS, Life Technologies, through its Medical Sciences Division, is engaged in the development
and commercialization of diagnostic systems, tests and laboratory services, including in oncology; 

WHEREAS, Biocept has developed expertise and proprietary technology in enrichment, extraction and
analysis of circulating tumor cells (CTCs) for use in laboratory developed tests used for the non-invasive and early stage detection and characterization of primary, metastatic or recurrent cancers; and 

WHEREAS, Life Technologies and Biocept desire to collaborate so that Biocept will develop and
commercialize one or more Tests, as defined herein, for Non-Small Cell Lung Cancer (NSCLC), using their respective technologies and expertise, on the terms and subject to the conditions set forth herein. Life Technologies and Biocept will both
promote the test and perform different components of the test, and Life Technologies will provide test results in the form of reports to physicians. 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, and intending to be legally bound, the parties hereby agree as
follows: 
  

	1.	 DEFINITIONS 

 1.1 “Affiliate” shall mean any company or entity controlled by, controlling, or under common control with a party hereto and shall include any company more than 50% of whose voting stock
or participating profit interest is owned or controlled, directly or indirectly, by a party, and any company which owns or controls, directly or indirectly, more than 50% of the voting stock of a party. 

1.2 “Assay” shall mean Biocept’s OncoCEE-LUTM (and OncoCEE-LUTM with Mutation
Analysis) laboratory developed assay for characterization and profiling of CTCs from NSCLC patients, which shall incorporate, as Phase 1, CTC enumeration by cytokeratin and CD45 (and CEE-EnhancedTM when available), EML4/Alk1 fusions and EGFR
amplification by fluorescence in situ hybridization (determined by Biocept); and as Phase 2, the additional detection of mutations for relevant genes, e.g., K-RAS, EGFR and B-RAF, as agreed by the parties, on captured CTCs and/or cell-free
circulating DNA, as agreed by the parties, and employing technologies that potentially may include Biocept’s Selector technology, and any improvements or enhancements thereto, exclusive of new analytes (which are discussed in
Section 3.5(f) under Collaboration Assays) or applications to primary screening. 

 1.3 “Biocept Trademarks” shall mean Biocept, Inc.,
“OncoCEE-LUTM”, “OncoCEETM”,
“CEE-SureTM”, CEE-EnhancedTM”, and/or
such other trademarks and trade names owned or licensed, and used, by Biocept and/or its Affiliates in the Territory to identify the Tests, in each case, whether or not registered. 

1.4 “Life Technologies Trademarks,” shall mean Life TechnologiesTM, Life Technologies Medical Sciences and/or such other trademarks and
trade names owned or licensed and used by Life Technologies to identify the Tests, in each case, whether or not registered. 
 1.5 “CLIA” shall mean the Clinical Laboratory Improvement Amendments of 1988, as it may be amended from time to time. 

1.6 “Collaboration” shall have the meaning provided Section 3.1. 

1.7 “Collaboration Assay(s)” shall have the meaning provided in Section 3.5(e). 

1.8 “CPT Code” shall mean the American Medical Association’s (“AMA”) “Current
Procedural Terminology” as published in the AMA’s CPT Process Manual, Fourth Edition and any such future editions, for procedures used in performance of the Assay, and amounts reimbursed by Medicare for such procedures for location 99, as
modified annually. 
 1.9 “Designated Executive Officer” shall mean the executive
officers of each party designated in writing be each party as being responsible for resolving disputes related to the Collaboration, which shall initially be David Hale on behalf of Biocept and Ronnie Andrews on behalf of Life Technologies.

 1.10 “FDA” shall mean the United States Food and Drug Administration, or any
successor federal agency thereto. 
 1.11 “HIPAA” shall mean, collectively, the Health
Insurance Portability and Accountability Act of 1996, as amended, and all regulations promulgated thereunder at 45 C.F.R. parts 160 through 164, and the Health Information Technology for Economic and Clinical Health Act of 2009 and related
regulations and guidelines. 
 1.12 “Intellectual Property Rights” means all now or
hereafter existing patents, patent applications, copyrights, trademarks (including service marks), trade secrets, know-how, mask work rights and design rights, whether registered or unregistered, and all rights or forms of protection of a similar
nature having equivalent or similar effect to any of the foregoing, which may subsist anywhere in the world. 

1.13 “Launch” shall mean formal commercial availability and offering to physicians of a Test, as
mutually agreed upon by the parties. 
 1.14 “Laws” shall mean all federal, state and
local laws and regulations that apply to this Agreement including, without limitation, (i) the Bayh-Dole Act (ii) the 

  
 2 

 
Federal Food, Drug, and Cosmetic Act (21 U.S.C § 321 et seq.) (iii) the federal Anti-kickback Statute (42 U.S.C. § 1320a-7b(b)) (iv) the Stark Law (42 U.S.C. § 1395nn)
(v) the Anti-Inducement Law (42 U.S.C. § 1320a-7a(a)(5)) (vi) the civil False Claims Act (31 U.S.C. §§ 3729 et seq.) (vii) the administrative False Claims Law (42 U.S.C. § 1320a-7b(a)) (viii) the Health
Insurance Portability and Accountability Act of 1996 (42 U.S.C. § 1320d et seq.), (ix) the exclusion laws (x) SSA § 1128 (42 U.S.C. § 1320a-7) (xi) Medicare (Title XVIII of the Social Security Act), (xii) Medicaid
(Title XIX of the Social Security Act); (xiii) the Clinical Laboratory Improvements Act of 1988 (CLIA); and (xiv) data security, protection and privacy laws in the applicable jurisdictions. 

1.15 “Professional Component” shall mean the performance of the professional component of the
steps of the Assay, which is the interpretation of results (generated in the Technical Component) of an Assay by a pathologist, and is covered by CPT codes from the Professional Fee Schedule with the modifier “26”. 

1.16 “Technical Component” shall mean the performance of the technical component of the steps of
the Assay, which is the physical performance of the Assay procedure up to the interpretation of results, and is covered by CPT codes from the Professional Fee Schedule without the modifier “26”, and typically with a modifier
“TC”. 
 1.17 “Term” shall have the meaning provided in Section 11.1.

 1.18 “Test(s)” shall mean the Assay, which is a laboratory developed test, and/or any
Collaboration Assay which is added to this Agreement pursuant to Section 3.5(e), performed as a clinical reference laboratory test. 
 1.19 “Territory” shall mean the United States of America, and other countries of the world, contingent in the latter case on the parties agreeing in writing on an appropriate
strategy to access them in accordance with Section 3.2. 
 1.20 “Third Party(ies)” shall
mean any entity other than Biocept or Life Technologies or an Affiliate of Biocept or Life Technologies. 
  

	2.	 APPOINTMENT; LICENSES 

2.1 Appointment. Upon the terms and conditions set forth in this Agreement, Biocept hereby grants Life
Technologies during the Term the non-exclusive right, as further defined in Section 2.3, to promote the Tests in the Territory and to perform the Professional Component of the Tests sold by the parties in the Territory, in accordance with the
terms of this Agreement. 
 2.2 Trademark Licenses. The parties hereby grant to each other non-exclusive,
fully-paid, royalty-free licenses to utilize the other party’s trademarks, as follows: 
 (a) Biocept
Trademarks. To facilitate the promotion and performance of Tests, during the Term Biocept hereby grants Life Technologies a non-exclusive, royalty-free, non-transferable license to use the Biocept
Trademarks solely for 

  
 3 

 
use in connection with the promotion and performance of the Tests in the Territory. All materials associated with the Tests and used by Life Technologies in connection with the promotion of the
Tests, including web-based, shall be co-branded with such Biocept Trademarks as approved by Biocept prior to distribution. All use of Biocept Trademarks by Life Technologies hereunder (including all goodwill arising as a result of such use) shall
inure to the benefit of Biocept, and these rights, whether registered or not registered, at all times shall remain the sole property of Biocept. Biocept shall provide Life Technologies with copies of the Biocept Trademarks in an appropriate form for
the uses contemplated in this Agreement. Life Technologies shall provide Biocept with samples of all proposed use of the Biocept Trademarks in advance of such proposed use and Biocept shall have the right to approve the appearance and placement of
Biocept Trademarks by Life Technologies for the purpose of protecting and maintaining the standards of quality maintained by Biocept for products sold under the Biocept Trademarks and for use of the Biocept Trademarks. If Biocept at any time finds
that Life Technologies is not in compliance with this Section, then Biocept may notify Life Technologies in writing of such deficiencies, and if Life Technologies fails to correct such deficiencies within thirty (30) days after receipt of such
notice, Biocept may, at its election and in addition to any other remedies, terminate the license granted to Life Technologies with respect to the Biocept Trademarks. Life Technologies shall display the TM or ® symbol, as directed by Biocept, in connection with Life Technologies’ use of the Biocept Trademarks.

 (b) Life Technologies Trademarks. To facilitate the promotion and performance of Tests, during the
Term Life Technologies hereby grants Biocept a non-exclusive, royalty-free, non-transferable license to use the Life Technologies Trademarks solely for use in connection with the promotion and performance of
the Tests in the Territory. Materials associated with the Tests and used by Biocept in connection with the promotion of Tests, including web-based materials, may be co-branded with such Life Technologies Trademarks as approved by the parties prior
to distribution. All use of Life Technologies Trademarks by Biocept hereunder including all goodwill arising as a result of such use) shall inure to the benefit of Life Technologies, and these rights, whether registered or not registered, at all
times shall remain the sole property of Life Technologies. Life Technologies shall provide Biocept with copies of the Life Technologies Trademarks in an appropriate form for the uses contemplated in this Agreement. Biocept shall provide Life
Technologies with samples of all proposed use of the Life Technologies Trademarks in advance of such proposed use and Life Technologies shall have the right to approve the appearance and placement of Life Technologies Trademarks by Biocept for the
purpose of protecting and maintaining the standards of quality maintained by Life Technologies for products sold under the Life Technologies Trademarks and for use of the Life Technologies Trademarks. If Life Technologies at any time finds that
Biocept is not in compliance with this Section, then Life Technologies may notify Biocept in writing of such deficiencies, and if Biocept fails to correct such deficiencies within thirty (30) days after receipt of such notice, Life Technologies
may, at its election and in addition to any other remedies, terminate the license granted to Biocept with respect to the Life Technologies Trademarks. Biocept shall display the TM or ® symbol, as directed by Life Technologies, in connection with Biocept’s use of the Life Technologies Trademarks. 

  
 4 

 2.3 Exclusivity. During the Term, the parties will promote and
perform Tests for the clinical testing market on a non-exclusive basis in the Territory, except as otherwise provided for below. Biocept will have sole responsibility for performing the Technical Component of all Tests sold by the parties, until and
unless Life Technologies obtains the right from Biocept to independently develop its own Tests in accordance with all applicable FDA regulatory requirements, as provided for in Section 7.1. Life Technologies will be authorized to perform the
Professional Component of all Tests sold by the parties, although Biocept may engage other groups in promotion, marketing and performance arrangements for the Tests, at the discretion of Biocept. Biocept shall provide thirty (30) days written
notice to Life Technologies before entering into any such promotion, marketing and performance arrangement. 
  

	3.	 COLLABORATION 

 3.1 Purpose. During the Term, the parties agree to cooperate and collaborate to develop, promote and commercialize the Tests for the clinical testing market in the Territory and in accordance with
the terms of this Agreement (the “Collaboration”). The principal objective of the parties hereunder is to maximize the commercialization of the Tests in the Territory. The parties shall deploy each of their respective sales
forces in accordance with the terms of this Agreement in an effort to promote the Tests in the Territory in the manner as agreed to by the parties, under the direction of the Joint Steering Committee. 

3.2 Commercialization of Tests Outside the USA. At any time for up to two (2) years after the Effective Date,
should Life Technologies desire to offer for sale any Test outside the USA, it shall first discuss with Biocept an appropriate strategy and plan for such effort. Such strategy and plan may involve the development of, and obtaining all applicable
regulatory authorizations for, an in vitro diagnostic kit, instruments or similar systems, in collaboration with Biocept (with funding support, and more fully described in Section 7.2), such strategy and plan to be reduced to writing and
approved by the parties. If such written plan is not approved by the parties within two (2) years of the Effective Date, the Territory shall revert to only the USA, unless otherwise agreed to by the parties. 

3.3 Life Technologies Responsibilities. Life Technologies shall use commercially reasonable efforts to promote the
Tests in the Territory, in accordance with Section 3.2, using sales channels and methods, and adhering to substantially similar standards that it generally employs with respect to its laboratory developed tests. Without limiting the foregoing,
Life Technologies’ responsibilities with respect to marketing and promotion of the Tests in the Territory during the Term shall include the following: 
 (a) Life Technologies Customers. Life Technologies shall use commercially reasonable efforts to promote the Tests to the appropriate healthcare professionals. 

  
 5 

 (b) Test Performance. Life Technologies shall have the
responsibility, subject to its capacity to support in its reasonable discretion (of which capacity Life Technologies shall notify Biocept in writing at least sixty (60) days before launch of the Assay, and use diligent efforts to notify Biocept
at least thirty (30) days before discovery of any decreases or increases in such capacity), for performing the Professional Component of the Assays sold by either party in the Territory. In particular, the laboratory director of the Life
Technologies CLIA laboratory will be responsible for issuing and signing off on the report. 
 (c) Sales,
Marketing and Customer Service. 
 (i) Life Technologies shall, at its sole expense and in accordance with
Section 2.2, develop and deliver to customers marketing materials for the Tests. Life Technologies shall use, as appropriate, Biocept’s “OncoCEE-LUTM”, OncoCEETM”, “CEE-EnhancedTM” and “CEE-SureTM” brand and the Biocept corporate name and logo, together with
any Life Technologies branding, as part of the marketing materials for the marketing of the Tests and, where appropriate, in its other public presentations and disclosures concerning the Assay or Tests. Biocept shall have the right to review all
such materials prior to their initial use. 
 (ii) Life Technologies shall cause its sales force to use
commercially reasonable efforts to promote the Tests. 
 (iii) Life Technologies shall use commercially
reasonable efforts to promote the sale of the Tests by including the Tests in its menu of services and by incorporating marketing materials regarding the Tests into its own marketing materials. 

(iv) Life Technologies shall keep Biocept reasonably informed of its planned marketing activities with respect to the
Tests to allow Biocept to forecast its needs for reagents, equipment, laboratory space, personnel, computing, and testing reporting capabilities, including at each Joint Steering Committee meeting as indicated in Section 4, and will discuss and
consider in good faith Biocept’s suggestions for marketing the Tests. 
 (v) Life Technologies will
provide customer service and support for the Professional Component of the Tests using substantially similar methods and adhering to substantially similar standards that it generally employs with respect to its other products and tests. 

(d) Samples and Logistics. 

(i) Life Technologies will be responsible for the logistics associated with its marketing efforts and performance of the
Professional Components of the Tests; provided, however, that Biocept will send the sample collection systems directly to customers identified by Life Technologies who order the Test, at Life Technologies’ expense. Biocept will further work
with Life Technologies to facilitate transport of collected samples from the customer to Biocept’s CLIA laboratory. Life 

  
 6 

 
Technologies will work collaboratively with Biocept on patient referral, billing and collections in accordance with Section 3.5(c)(iii), reporting of results and reporting quality control,
and insurance or patient reimbursement. 
 (e) Demand Forecast. Within sixty (60) days of the
Effective Date, Life Technologies will prepare a draft one-year rolling forecast of Life Technologies’ expectation for physician requests for the Assay (the “Demand Forecast”), broken down into quarterly
demand for the Assay (with respect to each quarter, the “Quarterly Forecast”) which will be attached hereto as Exhibit A, and will be finalized three (3) months before Launch. Beginning on the first day of the
second (2nd) full calendar quarter following the date
of Launch, the Demand Forecast shall be updated on a quarterly basis. The Demand Forecast and Quarterly Forecasts shall be a good faith but non-binding forecast. In the event the parties develop a Collaboration Assay under the terms of this
Agreement, demand for such Collaboration Assay shall be included in the Demand Forecast at all times following the Launch of such Collaboration Assay. A Performance Standard, mutually agreed to in accordance with Section 3.5(i), shall take
effect beginning with the second (2nd) full calendar
quarter after the launch of any Test. 
 (f) Technical Developments. Life Technologies shall keep
Biocept fully informed as to all discoveries and technical developments (including, without limitations, any inventions) made by Life Technologies during the Term related to the Assay or Tests. 

(g) Billing, Reporting, Auditing. 

(i) In all cases where Life Technologies performs the Professional Component of the Assay, Life Technologies shall be
responsible for billing the patient, the provider and/or the payer for the Test, including both the Technical Component and the Professional Component of the Assay, and the collection of such amounts with respect to each Test performed. Biocept
shall bill Life Technologies directly once a month for the Technical Component of each Assay (including the cost for sample collection in accordance with Section 3.5(b)), based on pricing and reimbursement as agreed by the parties through the
Joint Steering Committee within sixty (60) days of the Effective Date, generally based on each applicable CPT Code actually used in the performance of such Technical Component, employing the Medicare rates for the applicable year as described
on Exhibit B for the initial one (1) year period, and Life Technologies shall pay Biocept within sixty (60) days following the invoice date. The parties shall disclose actual reimbursement for each Test, and shall reconcile or
“true-up” any differences between the amounts actually received by Life Technologies for each billing item or code and amounts paid to Biocept on a quarterly basis. If the allocation of reimbursement is ambiguous with respect to billing
codes or a Technical Component/Professional Component split, amounts received by Life Technologies that differ from the amounts agreed by the parties, or Medicare rates, shall be shared by the parties on the same ratio as the Technical
Component/Professional Component ratio for Medicare. The Medicare rates used by the parties as the basis for determining the amount Life Technologies will pay Biocept for the Technical Component of the Assay before the quarterly true-up will be
adjusted annually at the beginning of the calendar year to reflect 

  
 7 

 
changes to such Medicare rates. Should Medicare change the basis for reimbursement of the Assay, the parties shall agree to negotiate a structure for revenue sharing that generally accomplishes
the result achieved above. Both parties agree to strictly adhere to all applicable Laws with respect to billing practices. 
 (ii) This Section 3.3(g) shall survive any termination or expiration of this Agreement for at least twelve (12) months following the effective date of such termination or expiration. 

3.4 Biocept Responsibilities. Biocept shall use commercially reasonable efforts to promote the sale of the Tests
in the Territory, using at least the same sales channels and methods and adhering to at least the same standards that it generally employs with respect to its other clinical tests. Without limiting the foregoing, Biocept’s responsibilities
during the Term shall include the following: 
 (a) Biocept Customers. Biocept shall use commercially
reasonable efforts to promote the Tests to appropriate healthcare professionals. 
 (b) Assay
Performance. Biocept shall be responsible for performing all Technical Components of all Assays sold by either party unless and until the parties agree to enable Life Technologies to independently develop, validate and perform the Test at Life
Technologies’ CLIA laboratory, in accordance with all applicable FDA regulatory requirements and Section 7.1. Until such point of transfer, Biocept shall comply with all CLIA requirements, including validation of the Assay. 

(c) Sales, Marketing and Customer Service. 

(i) Biocept shall cause its sales force to promote the Assay. 

(ii) Biocept shall keep Life Technologies reasonably informed of its planned marketing activities with respect to the
Assay to allow Life Technologies to forecast its needs for equipment, space, personnel, computing, and test reporting capabilities, including at each Joint Steering Committee meeting as indicated in Section 4, and will discuss and consider in
good faith Life Technologies’ suggestions for marketing the Assay. 
 (iii) Biocept will provide customer
service and support for the Assay using substantially similar methods and adhering to substantially similar standards that it generally employs with respect to its other tests. 

(d) Samples and Logistics. Biocept will be responsible for the logistics associated with its own marketing
efforts and performance of the Technical Component of the Assay, including distribution of shipping materials and sample collection systems by its sales representatives, patient referral and customer service. 

  
 8 

 (e) Training and Education. 

(i) Biocept shall provide sales and technical training and technical support, including assistance with customer
education and customer consultations, to Life Technologies’ personnel, with the frequency and content of the training to be determined by agreement between Biocept and Life Technologies. 

(ii) Biocept will share its service educational materials and scientific publications to utilize in patient education
with Life Technologies, and hereby grants Life Technologies rights to use such materials as are reasonably necessary for Life Technologies to carry out its obligations under this Agreement. Life Technologies may not alter or revise these materials
without the prior written consent of Biocept. 
 (f) Regulatory Approval. Biocept has licenses enabling
it to perform and obtain reimbursement for the Assay in all states in the Territory except New York, where it is currently seeking such license. Biocept will maintain all such licenses which are reasonably required to perform the Assay during the
Term. For any Collaboration Assay, Biocept will use commercially reasonable efforts to obtain or maintain licenses enabling it to perform such Collaboration Assay and obtain reimbursement therefore, in accordance with each amendment to this
Agreement entered in accordance with Section 3.5(f). Life Technologies will cooperate with Biocept so that Life Technologies’ marketing and sales efforts are conducted only in those states or regions of the Territory in which Biocept has
obtained any necessary regulatory licenses to provide Tests. 
 (g) Technical Developments. Biocept
shall keep Life Technologies fully informed as to all discoveries and technical developments (including, without limitations, any inventions) made by Biocept during the Term related to the Tests. 

3.5 Joint Responsibilities. The parties shall use commercially reasonable efforts to cooperate and collaborate to
develop the market for the Tests in the Territory. Without limiting the generality of the foregoing, the parties shall collaborate to provide the following: 
 (a) Test Development. The parties shall mutually agree on the content and composition of Phase II of the Assay, and any Collaboration Assays as defined in Section 3.5(f), including specific
analytes to be included in the Assay. Consideration for selection of analytes shall include medical need, clinical utility, technical feasibility, costs, reimbursement, and intellectual property status, e.g., the need for Third Party licenses to
specific analytes. The parties shall agree on the Phase II Assay content at least six (6) months before anticipated Launch. 
 (b) Test Materials and Shipping. Subject to Section 3.3(c)(i), Life Technologies shall design and order all test materials, including test requisition forms, test reports and collateral sales
and marketing (advertising and promotional) materials to be used by Life Technologies, which shall be approved by Biocept prior to use. Biocept shall design, order and provide to Life Technologies the collection systems to be used by Life
Technologies, and Life Technologies shall pay for such collection systems used by 

  
 9 

 
its sales representatives under this Agreement at cost (direct materials and direct labor) plus ten percent (10%), as well as shipping costs of collection systems from ordering physicians to
Biocept. 
 (c) Performance of Tests. 

(i) The parties will work together to develop a plan to implement detailed operation protocols for the Test within [**]
of the Effective Date for each aspect of sample logistics, including ordering, shipping, accessioning, sample handling, testing, data generation, data evaluation and reporting. These sample logistics shall be agreed upon by the parties through the
Joint Steering Committee and, once agreed upon by the parties in writing, deemed to be attached hereto as Exhibit C without any additional action required on the part of either party. Information, data and images shall be transferred between the
parties as indicated for this purpose, and the parties will seek to make their respective laboratory information management systems and data transfer capabilities compatible. Life Technologies’ lab director at the CLIA lab will sign off on the
reports for Tests. 
 (ii) If Life Technologies desires to utilize the Tests in support of any clinical trial
or research program for a pharmaceutical or biotechnology company(ies) in the Territory, Life Technologies shall notify Biocept in writing of such desired use. The terms and conditions (including pricing and revenue sharing) of each such use shall
be covered by a separate written agreement which the parties agree to negotiate in good faith. 
 (iii) Each
party will use commercially reasonable efforts to support the other in the account to best meet the needs and expectations of each customer. 
 (d) Communication Plan. Life Technologies and Biocept shall develop a communications plan through the Joint Steering Committee for the announcement and ongoing promotion of the Tests to customers,
with all communication plan materials, including test requisition forms, being co-branded with Biocept and Life Technologies corporate names and logos in accordance with Sections 2.2 and 3.3(c)(i). 

(e) Data Sharing. Life Technologies and Biocept have entered into this Agreement to, among other things,
establish individual databases of results from the Tests performed, which databases will include patient information such as demographic, disease characterization, treatment and outcome information. To that end, to the extent permitted by applicable
law and as mutually agreed by the parties, where available each party will share all patient data, Test data and results, and corresponding tissue data with the other party, as well as any follow up or outcome data that may become available or
provided by the physician or patient for Tests performed and will cooperate in good faith with the other party to agree upon procedures for sharing such information. Such information may be used only for longitudinal reporting, outcomes correlation
and related research, shall be handled in accordance with all applicable Laws, including, without limitation, HIPAA, and applicable institutional review board guidelines, and shall not be used for the purpose of obtaining information about the other
party’s clients or customers. To the extent feasible, all such information will be properly de-identified. 
 [**]
Confidential portions omitted and filed separately with the Commission. 

  
 10 

 (f) Collaboration Assays. During the Term, Biocept shall keep Life
Technologies reasonably apprised of its plans to add analytes to the Assay. In addition, Life Technologies may desire for Biocept to develop a specific new analytes for the Assay (for example, the inclusion of additional mutations to the mutation
analysis component of the Assay), to be offered by the parties as an additional Test under this Agreement. In either case, the parties shall negotiate in good faith an amendment to this Agreement that will govern the development (as needed) and
commercialization of such Tests with new analytes (each a “Collaboration Assay”), which amendment may include financial support, contributions of and access to each party’s technology and/or clinical samples, milestones,
timing of the development effort, exclusivity and ownership rights. Any such agreed upon Collaboration Assay development shall be performed by Biocept or jointly as the parties may agree. Once the parties have agreed upon a plan relating to the
development of a particular Collaboration Assay, if development is needed (each, a “Project”), the parties shall reduce such agreement to writing, which shall include a project plan which will set forth each party’s
obligations with respect to the Project (each, a “Project Plan”) and thereafter, such Collaboration Assay shall be deemed a Test for all purposes under this Agreement and shall be subject to the terms of this Agreement as
amended. Each such Project Plan shall be attached as a part of Exhibit D to this Agreement following written acceptance thereof by both parties without any additional action required on the part of either party. Any amendments or revisions to a
Project Plan shall be mutually agreed upon by the parties in writing. 
 (g) Costs and Expenses. Unless
otherwise specified herein or in a Project Plan attached hereto, each party shall perform its activities under this Agreement at its sole cost and expense. 
 (h) Training and Education. 
 (i) The parties shall work
together to develop and implement a training program for client services and the sales and marketing representatives of each party to ensure that a clear and consistent message is delivered to all prospective customers. Following such
implementation, each party agrees to train its client services and sales and marketing representatives in accordance with such training program. 
 (ii) Representatives of each party, where deployed, shall each educate physicians, clinical and support personnel on the Tests, their applications and benefits, and the procedures for providing samples
for the Tests. The Joint Steering Committee will approve all presentation and meeting materials. In addition, the parties will each be responsible for providing customer support related to test logistics, billing and reimbursement, and for
establishing a call center to handle inquiries related to the Tests. For purposes of clarity, the parties acknowledge and agree that Life Technologies will not be required to establish a dedicated web portal, but all results of Tests will be made
available through an existing Life Technologies portal solution, once commercially available for use, as determined by Life Technologies at its sole discretion. Technical or 

  
 11 

 
process questions regarding the Tests received by Life Technologies can be referred to Biocept. Each party will cover its own costs related to physician education, customer support, and any
travel related thereto and comply with all federal and state regulations regarding the same. 
 (i)
Performance Standards. Each party shall conduct its activities under this Agreement and any Project Plan in a professional and workmanlike manner, and in compliance in all material respects with the requirements of applicable Laws and
regulations, to attempt to achieve the objectives of this Agreement efficiently and expeditiously. Each party shall contribute such personnel and resources, and shall maintain such laboratories and other facilities, as are reasonably necessary to
carry out the activities to be performed under this Agreement, including any Project Plans. In conformity with standard industry practices and the terms and conditions of this Agreement, each party shall prepare and maintain, or shall cause to be
prepared and maintained, complete and accurate written records, accounts, notes, reports and data with respect to activities conducted by such party under this Agreement, including any Project Plans. In addition, the parties shall work together to
establish minimum agreed upon performance standards with respect to the promotion, sales and performance of the Tests, including the Demand Forecast, and the timely supply, accuracy, reliability and reporting of the Tests, as well as responsiveness
to customer inquiries related to the Tests throughout the Territory (collectively, “Performance Standards”). In the event that one or more Performance Standards are not met by a party, the parties will work quickly and efficiently
to (i) identify the cause of the failure, (ii) develop a plan to remediate the issue, and (iii) implement the remediation plan. If the parties are unable to successfully resolve a Performance Standards issue by this procedure, such
failure to maintain Performance Standards shall constitute a material breach by the party failing to maintain such Performance Standards, and the other party may terminate this Agreement in accordance with Section 11.2. 

(j) Bundling. Neither party shall bundle its assays (including the Tests) with any assays of the other party,
without the prior written approval of that party. 
  

	4.	 JOINT STEERING COMMITTEE 

4.1 Purpose and Membership. Promptly following the Effective Date, Biocept and Life Technologies will create a
Joint Steering Committee for the purpose of facilitating communications between the parties regarding, and providing direction and leadership to, the Collaboration. The Joint Steering Committee shall be composed of six (6) representatives,
three (3) each from Biocept and Life Technologies, each of whom shall have appropriate experience, knowledge and authority within such party’s organization to carry out the duties and obligations of the Joint Steering Committee. Each party
will designate one of its representatives as the primary contact for that party with respect to Joint Steering Committee-related matters, and such representatives shall serve as co-chairpersons of the Joint Steering Committee. Each party may change
its representatives to the Joint Steering Committee or its primary contact from time to time in its sole discretion, effective upon notice to the other party of such change. These representatives shall have appropriate technical credentials,
experience and knowledge. A reasonable number of additional representatives of a party may attend meetings of the Joint Steering Committee in a non-voting capacity. 

  
 12 

 4.2 Duties. The Joint Steering Committee shall meet in person or by
teleconference or videoconference no less than monthly during the Term or as otherwise mutually agreed by the parties from time to time, with attendees other than Joint Steering Committee members permitted to participate in or observe the meetings.
The Joint Steering Committee shall be responsible for (a) monitoring the progress of the Collaboration, including discussions relating to Collaboration Assays, (b) physician education with respect to the Tests, (c) marketing, sales
and account coordination, (d) any regulatory inquiries or requirements and other issues that affect the availability of the Tests, and (e) reimbursement issues (including annual review of relevant CPT Codes and changes thereto), logistical
considerations, and other topics as necessary. The Joint Steering Committee shall serve as the principal forum for each party to (i) keep the other party informed of the results of its Collaboration activities; (ii) to discuss Test
commercialization strategies, and (iii) generally to encourage and facilitate ongoing cooperation between the parties with respect to the Collaboration, including the business relationship and/or any other matter relating to the Collaboration
and resolving disputes between the parties with respect to Intellectual Property Rights; provided, however, that (A) nothing in this Agreement shall limit either party’s right to seek immediate equitable or injunctive relief where
appropriate without any obligation to first submit the dispute to the Joint Steering Committee; and (B) any decision concerning medical necessity and patient care with respect to Test sold by or performed on behalf of the parties shall be the
responsibility of each party’s Medical Director, with the two Medical Directors working together to coordinate efforts and address concerns. 
 4.3 Decisions; Disputes. Decisions of the Joint Steering Committee shall be made by unanimous vote, with each party’s representatives on the Joint Steering Committee collectively having one
vote. In the event that the Joint Steering Committee cannot or does not, after good faith efforts, reach agreement on an issue, such issue shall first be referred to the Designated Executive Officers, who shall meet promptly thereafter and shall
attempt in good faith to resolve such issue. In the event that the Designated Executive Officers cannot or do not, after good faith efforts, reach agreement on an issue, the issue shall be submitted to voluntary mediation. The Designated Executive
Officers of each party shall select a mediator who is an expert with no less than seven years of experience in the subject matter to which the dispute relates. In the event that the Designated Executive Officers of the parties are unable to agree
upon a mediator within twenty (20) days, then the Designated Executive Officers shall contact the San Diego County office of JAMS to select a mediator from the JAMS panel. If they are unable to agree, JAMS shall provide a list of three
available mediators and each party may strike one. The remaining one will serve as the mediator. The mediation shall be conducted under JAMS rules. The parties agree that they shall share equally the cost of the mediation filing and hearing fees,
and the cost of the mediators that constitute the panel. Each party shall bear its own attorneys’ and expert fees and all associated costs and expenses.  

  
 13 

	5.	 REGULATORY COMPLIANCE 

5.1 Compliance with Laws. Biocept and Life Technologies and their respective Affiliates each agree to perform
their respective obligations under this Agreement in compliance with all applicable Laws, in the Territory, including but not limited to applicable regulations, rules, and policies of third party payers that pay for the Assay. 

5.2 Privacy. Biocept and Life Technologies and their respective Affiliates agree to protect the privacy and
provide for the security of any information that relates to a patient’s past, present, or future physical or mental health or condition in accordance with HIPAA, and any other applicable federal and state privacy laws and regulations in the
Territory. Each party agrees to execute one or more Business Associate Agreements (as defined under HIPAA) as the other party, or its providers or payers, may from time to time request. 

5.3 Licenses and Certifications. Biocept and, to the extent applicable, Life Technologies shall have at all times
during the Term, all necessary federal, state and local licenses, qualifications and certifications to operate a laboratory and perform their respective components of the Test(s), including, but not limited to, state laboratory licenses, CLIA
certification, CAP (College of American Pathologists) certification, FDA registration, and any other licenses or certification required by state and/or federal law. All Assays performed by Biocept, and, to the extent applicable, Life Technologies,
shall be in accordance with applicable state and federal testing requirements for clinical reference laboratories. 
  

	6.	 MATERIALS TRANSFER 

In order to facilitate the Collaboration, either party may provide to the other party certain biological materials or
chemical compounds including, but not limited to, samples (collectively, “Materials”) for use by the other party in furtherance of the Collaboration. Except as expressly provided under this Agreement, all such Materials
delivered to the other party will remain the sole property of the supplying party, will be used only in furtherance of the Collaboration and solely under the control of the other party, will not be used or delivered to or for the benefit of any
Third Party without the prior written consent of the supplying party, and will not be used in research or testing involving human subjects except as permitted by applicable law. The Materials supplied hereunder must be used with prudence and
appropriate caution in any experimental work and in accordance with all applicable laws. 
  

	7.	 OPTIONS AND FUTURE DISCUSSIONS 

7.1 Option to License Assay. If Biocept does not obtain at least ten million dollars ($10,000,000) in equity
financing by December 31, 2012, then Life Technologies shall have the non-exclusive option, exercisable by written notice to Biocept given no later than January 15, 2013, to negotiate with Biocept for a license (unless the parties mutually
agree to a different transaction structure) to all necessary Intellectual Property 

  
 14 

 
Rights and know-how to independently commercialize the Assay in accordance with applicable Laws. Biocept will provide notice to Life Technologies on December 31, 2012 if the conditions for
the option apply, and if Life Technologies delivers written notice of exercise of such right of negotiation to Biocept on or before January 15, 2013, the parties will negotiate in good faith to conclude a license agreement no later than
February 28, 2013. If such license has not been entered into by the parties by February 28, 2013, there are no further obligations for either party under this Section 7.1. 

7.2 Option for System Development. The parties have discussed potential adaptation of the Assay to an in vitro
diagnostic format, based on a “system” concept that could include specially manufactured equipment, consumables and reagents that would be sold to physicians and laboratories, and linked to the “informatics engine” that Life
Technologies is developing. Such systems may be used to commercialize the Assay outside the USA. Biocept grants to Life Technologies a non-exclusive option, exercisable during the two (2) year period beginning on the Effective Date, to develop
plans, and negotiate with Biocept, for the co-development with Biocept of such systems for the Assay, employing or based on Biocept technologies. Such agreement is expected to include some or all of the following components: an upfront license fee,
R&D funding, development and commercial milestone payments, royalties and/or revenue sharing, and supply/sale to Life Technologies by Biocept of proprietary components and consumables. 

 

	8.	 INTELLECTUAL PROPERTY 

8.1 Existing Technology. Each party acknowledges that the other party owns certain technology and
Intellectual Property Rights which have been independently developed by, or at the request of, such other party, whether prior to, during or subsequent to the Term. Except as expressly provided in this Agreement, neither this Agreement nor the
activities performed hereunder, shall give either party any rights or interest in or to the technology or Intellectual Property Rights of the other party (or of any Materials provided by such party). Each party owns, and shall continue to own, all
right, title and interest in and to its respective technology, including, without limitation, all Intellectual Property Rights relating thereto. Without limiting the generality of the foregoing, at all times during and after the Term, Biocept shall
own all rights to its CEETM technology, Selector technology (if utilized) and any improvements related thereto, generated during the performance of this Agreement. Biocept and Life Technologies shall promptly notify the other in writing upon
becoming aware of any alleged or threatened third party infringement of any Intellectual Property Rights related to the Tests. Biocept shall have the right to bring and control any action or proceeding with respect to any such infringement at its
own expense and by counsel of its own choice. If Biocept elects not to bring any such action or proceeding with respect to such infringement, it shall promptly notify Life Technologies of the same and agrees to consider, in good faith a request by
Life Technologies to bring any such action or proceeding. Any agreement allowing Life Technologies to bring such action or proceeding on behalf of Biocept shall be set forth in a separate written agreement between the parties. Except as expressly
provided above, the parties shall be under no obligation to enforce any of their Intellectual Property Rights against any actual or threatened Third Party infringements. 

  
 15 

 8.2 Biocept Technology. Without limiting the generality of the
foregoing, Biocept owns, and Life Technologies acknowledges Biocept’s ownership of, (i) the Assay and the Selector technology, and (ii) all Intellectual Property Rights in the Assay and the Selector technology, and Life Technologies
agrees that it shall not do or suffer to be done any act or thing or undertake any action anywhere that in any manner might infringe, or impair the validity, scope, or title of Biocept in the Assay, the Selector technology or Intellectual Property
Rights owned by Biocept. Nothing herein shall limit Life Technologies’ ability to prosecute fully any and all Intellectual Property Rights owned by Life Technologies with any patent office or related government agency or to respond fully to any
government agency inquiry with respect to its Intellectual Property Rights, products, and services. 
 8.3
New Technology. In the course of the activities conducted by the parties, Biocept and/or Life Technologies may conceive of inventions or discoveries or create works that constitute intellectual property and may be patentable or registerable as a
copyright or other intellectual property right (all of the foregoing, including such intellectual property rights therein, collectively, “Developments”). Inventorship of all inventions and discoveries, whether or not
patentable, will be determined in accordance with United States patent laws. Authorship of all copyrightable works will be determined in accordance with United States copyright laws. Subject to Section 8.2, as between the parties, Developments
will be owned consistent with such determination of inventorship or authorship. To the extent any Development owned by Life Technologies relates directly to the practice of, or constitutes an improvement to, the Assay, Life Technologies hereby
grants to Biocept, during the Term of this Agreement, and, except in the case of termination of this Agreement by Life Technologies for Biocept’s uncured material breach, after expiration or termination of this Agreement, a non-exclusive,
worldwide, royalty-free, fully-paid license, including the right to sublicense, under Life Technologies’ Intellectual Property Rights in such Developments, solely to develop, make, have made, use, sell, have sold, offer for sale, import,
perform and provide the Assay. To the extent any Development owned by Biocept relates directly to the practice of, or constitutes an improvement to, the Assay, Biocept hereby grants to Life Technologies, during the Term of this Agreement, a
non-exclusive license under Biocept’s Intellectual Property Rights in such Development, solely to promote the Assay in the Territory and to perform the Professional Component of the Assay sold by the parties in the Territory, in accordance with
the terms of this Agreement. 
 8.4 Technology Licenses. To the extent that any Third Party Intellectual
Property Rights related to the capture and detection of CTCs must be licensed to perform the Assay, such royalty shall be paid by Biocept. To the extent that either party owns Intellectual Property Rights to specific biomarkers, targets, kits, dyes
or technology utilized in the Assay other than for the capture and detection of CTCs, it will, to the extent it is able, grant during the Term of the Agreement, a non-exclusive license to the other party to practice these Intellectual Property
Rights for the Assay. To the extent that either party has licensed or will license Intellectual Property Rights from Third Parties related to specific biomarkers, targets, kits, dyes or technology utilized in the Assay other than for the capture and
detection of CTCs, it will, to the extent it is able, grant, during the Term of the Agreement, a non-exclusive license to the other party, or ensure that the 

  
 16 

 
other party is covered under its license, to practice these Intellectual Property Rights for the Assay. In the event of the foregoing, then, subject to Section 8.5, the parties agree to
negotiate in good faith an allocation of expenses for such Third Party licenses directly associated with the Assay. 
 8.5 Infringement. If any Third Party claims or brings an action alleging that performance of the Assay or Test by Biocept or Life Technologies or their Affiliates under this Agreement
infringe (directly or indirectly) any of such Third Party’s patent rights, Biocept shall use commercially reasonable efforts to address such claims. If Biocept determines to seek a license or otherwise obtain the right to use such Third Party
intellectual property rights on behalf of Biocept and Life Technologies, then (i) if the Third Party intellectual property rights relate to the capture and detection of CTCs or the Phase I Assay analytes, then Biocept shall bear the costs of
such licenses, including the payment of licensing fees, royalties or other payments, or (ii) if the Third Party intellectual property rights relate to specific biomarkers, targets, kits, dyes or technologies for the Phase II Assay, then the
parties agree to negotiate in good faith an allocation of costs for such licenses, including payment of licensing fees, royalties or other payments that may be due to such Third Party, unless the parties agree otherwise in writing. If Biocept and
Life Technologies determine to seek a license or otherwise obtain rights to use Third Party intellectual property rights for any Collaboration Assay(s), the parties similarly agree to negotiate in good faith an allocation of costs for such licenses,
including payment of licensing fees, royalties or other payments that may be due to such Third Party, unless the parties agree otherwise in writing. 
 8.6 Data and Results. All data and results from performance of a Test on samples provided by Life Technologies shall be used by the parties solely to the extent necessary to perform its obligations
under this Agreement and in accordance with Section 3.5(d). 
 8.7 Trademarks. 

(a) Biocept shall be responsible for and bear the expense of any filing, prosecution, maintenance and enforcement of the
Biocept Trademarks as it may determine in its sole discretion, without obligation. Life Technologies shall not, during the Term or thereafter, use or seek to register the trademarks or any trademark or trade name similar to or confusing with the
Biocept Trademarks, or any translation thereof, in any jurisdiction. Life Technologies agrees that, if Life Technologies at any time obtains, in any jurisdiction, any right, title or interest in any mark, symbol or phrase which shall be identical
to, similar to or likely to be confused with any Biocept Trademark or any translation thereof, then Life Technologies shall have acted or shall act as an agent and for the benefit of Biocept for the limited purpose of obtaining such registrations
and assigning such registration (and all right, title and interest in such mark, symbol or phrase) to Biocept. 

(b) Life Technologies shall be responsible for and bear the expense of any filing, prosecution, maintenance and
enforcement of the Life Technologies Trademarks as it may determine in its sole discretion, without obligation. Biocept shall 

  
 17 

 
not, during the Term or thereafter, use or seek to register the trademarks or any trademark or trade name similar to or confusing with the Life Technologies Trademarks, or any translation
thereof, in any jurisdiction. Biocept agrees that, if Biocept at any time obtains, in any jurisdiction, any right, title or interest in any mark, symbol or phrase which shall be identical to, similar to or likely to be confused with any Life
Technologies Trademark or any translation thereof, then Biocept shall have acted or shall act as an agent and for the benefit of Life Technologies for the limited purpose of obtaining such registrations and assigning such registration (and all
right, title and interest in such mark, symbol or phrase) to Life Technologies. 
  

	9.	 REPRESENTATIONS AND WARRANTIES 

9.1 Mutual Representations and Warranties. Each party represents and warrants to the other that: (a) it is
duly organized and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate power and authority to enter into this Agreement and to carry out the provisions hereof; (b) it is duly authorized to
execute and deliver this Agreement and to perform its obligations hereunder, and the person or persons executing this Agreement on its behalf has been duly authorized to do so by all requisite corporate action; (c) this Agreement is legally
binding upon it, enforceable in accordance with its terms; and (d) the execution, delivery and performance of this Agreement by it does not conflict with any agreement, instrument or understanding, oral or written, to which it is a party or by
which it may be bound, nor violate any material law or regulation of any court, governmental body or administrative or other agency having jurisdiction over it. 

9.2 Biocept Warranties on Assay. 

(a) As of the Effective Date, the Assay employs Biocept’s most current CTC-based technology, and will be validated
for performing CTC enumeration and the detection of the indicated analytes in the Assay on a timeline as agreed by the parties within sixty (60) days of the Effective Date. 

(b) Biocept represents and warrants to Life Technologies that: (1) the Assay constitutes an original work of
Biocept; and (2) except as previously disclosed to Life Technologies, Biocept is the lawful owner or licensee of all materials used in connection with the development of the Assay, and Biocept has the rights to make, use and sell the Assay, and
to allow Life Technologies to use the results of the Technical Component of the Assay to perform the Professional Component of the Assay, and to sell the Assay. 

(c) Biocept has full power and authority and has obtained all Third Party consents, approvals, assignments and/or other
authorizations required to enter into this Agreement and to carry out its obligations hereunder. 
 (d) There
are no existing contracts, agreements, commitments, proposals, offers, or rights with, to, or in any person to acquire any of the rights under the Assay which would prevent or materially and adversely alter the performance of the obligations
hereunder. 

  
 18 

 9.3 Third Party Infringement. In the event that the Tests, or any
part thereof becomes the subject of any claim, suit or proceeding for infringement of the Intellectual Property Rights of any Third Party, or if the Test, or any part thereof, is held or otherwise determined to infringe any Intellectual Property
Rights of any Third Party such that Biocept can no longer perform its obligations under this Agreement, Biocept shall in its sole discretion either: (1) secure for itself and Life Technologies the right to continue using the Test in accordance
with Section 8.4; (2) replace or modify the Test to make it non-infringing without degrading its performance or utility; or (3) notify Life Technologies that it will perform neither (1) nor (2), in which case either party shall
thereafter have the right to terminate this Agreement immediately upon written notice to the other party. Notwithstanding the foregoing, and subject to Section 8.5, the indemnification rights of Life Technologies with respect to the Tests as
set forth in Section 12.2 shall survive such termination. 
 9.4 Disclaimer. Except as expressly set
forth herein, THE TECHNOLOGY, MATERIALS AND INTELLECTUAL PROPERTY RIGHTS PROVIDED BY EACH PARTY HEREUNDER ARE PROVIDED “AS IS,” AND EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING THE
WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, OR ARISING FROM A COURSE OF DEALING, USAGE OR TRADE PRACTICES. 

9.5 Limitation of Liability. NEITHER PARTY SHALL BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL,
INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES IN CONNECTION WITH THIS AGREEMENT OR ANY LICENSE GRANTED HEREUNDER; provided, however, that this Section shall neither (a) apply to any liability for damages arising from breach of any obligations
of confidentiality under Article 10, nor (b) limit the indemnification obligations of the parties arising under Article 12 of this Agreement. 
  

	10.	 CONFIDENTIALITY 

 10.1 Confidential Information. Except to the extent expressly authorized by this Agreement or otherwise agreed in writing by the parties, each party agrees that, during the Term and for five
(5) years thereafter, such party (the “Receiving Party”) shall keep confidential and shall not publish or otherwise disclose and shall not use for any purpose, other than as expressly provided for in this Agreement, any
information furnished to it by or on behalf of the other party (the “Disclosing Party”) pursuant to this Agreement (collectively, “Confidential Information”). The Receiving Party may use such
Confidential Information only to the extent required to accomplish the purposes of this Agreement. The Receiving Party will use at least the same standard of care as it uses to protect proprietary or confidential information of its own to ensure
that its, and its Affiliates’, employees, agents, consultants and other representatives do not disclose or make any unauthorized use of the Confidential Information. The Receiving Party will promptly notify the Disclosing Party upon discovery
of any unauthorized use or disclosure of the Disclosing Party’s Confidential Information. 

  
 19 

 10.2 Exceptions. Confidential Information shall not include any
information which the Receiving Party can prove by competent evidence: (a) is now, or hereafter becomes, through no act or failure to act on the part of the Receiving Party, generally known or available; (b) is known by the Receiving Party
at the time of receiving such information, as evidenced by its written records; (c) is hereafter furnished to the Receiving Party by a Third Party, as a matter of right and without restriction on disclosure; or (d) is independently
discovered or developed by the Receiving Party, without the use of Confidential Information of the Disclosing Party, as evidenced by the Receiving Party’s written records maintained in the ordinary course of business. 

10.3 Authorized Disclosure. Each party may disclose Confidential Information of the other party as expressly
permitted by this Agreement, or if and to the extent such disclosure is reasonably necessary in the following instances: 
 (a) enforcing such party’s rights under this Agreement; 

(b) prosecuting or defending litigation as permitted by this Agreement; 

(c) complying with applicable court orders or governmental regulations; 

(d) disclosure to Affiliates, contractors, employees and consultants who need to know such information for the
development and commercialization of the Test in accordance with this Agreement, on the condition that any such Third Parties agree to be bound by confidentiality and non-use obligations that are no less stringent than the terms of this Agreement;
and 
 (e) disclosure to Third Parties in connection with due diligence or similar investigations by such Third
Parties, and disclosure to potential Third Party investors in confidential financing documents, provided, in each case, that any such Third Party agrees to be bound by reasonable obligations of confidentiality and non-use. 

Notwithstanding the foregoing, in the event a party is required to make a disclosure of the other party’s
Confidential Information pursuant to Section 10.3(b) or Section 10.3(c), it will, except where impracticable, give reasonable advance notice to the other party of such disclosure and use efforts to secure confidential treatment of such
information at least as diligent as such party would use to protect its own confidential information, but in no event less than reasonable efforts. In any event, the parties agree to take all reasonable action to avoid disclosure of Confidential
Information hereunder. 
 10.4 Confidentiality of this Agreement. Except as otherwise provided in this
Section 10, each party agrees not to disclose to any Third Party the terms of this Agreement without the prior written consent of the other party hereto, except that each party may disclose the terms of this Agreement that are otherwise made
public prior to the date of such disclosure or to the extent such disclosure is permitted under Section 10.3. 

  
 20 

 10.5 Press Releases; Public Announcements. Neither party shall make a
press release or public announcement that includes information relating to the Collaboration without the approval of the other party. At least five (5) days prior to any such press release or public announcement the party proposing to make such
press release or public announcement (the “Releasing Party”) shall provide to the other party a draft copy thereof for its review and approval. The Releasing Party may not distribute such press release or public announcement
without obtaining the other party’s prior written approval. In addition, the Releasing Party shall, at the other party’s request, remove therefrom any Confidential Information of such other party. The contribution of each party shall be
noted in all scientific publications or presentations by acknowledgment or co-authorship, whichever is appropriate. 
  

	11.	 TERM AND TERMINATION 

11.1 Term. The term of this Agreement will commence on the Effective Date and continue for a period of
three (3) years after the Effective Date (the “Initial Term”). Thereafter, this Agreement can be renewed by mutual written agreement of the parties for successive one (1) year periods (each, a “Renewal
Term” and together with the Initial Term, the “Term”). 
 11.2
Termination.  
 (a) Material Breach. Either party shall have the right to terminate this
Agreement before the end of the Term upon written notice to the other party if such other party is in material breach of this Agreement and has not cured such breach within sixty (60) days (the “Cure Period”) after notice from
the terminating party requesting cure of the breach. Any such termination shall become effective at the end of such Cure Period unless the breaching party has cured such breach prior to the end of such Cure Period. Any right to terminate under this
Section 11.2(a) shall be stayed and the Cure Period tolled in the event that, during any Cure Period, the party alleged to have been in material breach shall have initiated dispute resolution in accordance with Article 13 with respect to the
alleged breach, which stay and tolling shall continue until such dispute resolution procedures have been completed in accordance with Article 13. Nothing herein is intended to prevent either party from seeking immediate equitable or injunctive
relief. 
 (b) Termination for Convenience. Both parties shall have the right to terminate this
Agreement at any time, for any or for no reason, upon one hundred twenty (120) days written notice to the other party. In the event a party undergoes a Change of Control Event as defined in Section 14.5, the other party may terminate the
Agreement upon thirty (30) days written notice to the party undergoing the Change of Control. 

  
 21 

 11.3 Effect of Termination; Surviving Obligations. 

(a) Upon any termination or expiration of this Agreement, all licenses granted hereunder shall automatically terminate
and revert to the granting party and all other rights and obligations of the parties under this Agreement shall terminate, except as provided in Sections 11.3(b) and 11.4. 

(b) Upon termination or expiration of this Agreement, each party will use their best efforts to return to the other
party or destroy all tangible copies of the other party’s Confidential Information in such party’s possession or control and will erase from its computer systems all electronic copies thereof; provided, however, that each party may retain
one archival copy of the other party’s Confidential Information solely for purposes of monitoring compliance with its obligations under Article 10 hereof. 
 11.4 Survival. Expiration or early termination of this Agreement shall not relieve either party of any obligation accruing prior to such expiration or termination. In addition, Sections 3.3(g),
4.3, 5.1, 5.2 (to the extent required by law) 9.1, 9.2, 9.3, 9.5, 11.3 and 11.4, and Articles 1, 8, 10, 12, 13 and 14 will survive any expiration or termination of this Agreement. 

 

	12.	 INDEMNIFICATION 

 12.1 Indemnification by Life Technologies. Life Technologies hereby agrees to defend, indemnify and hold harmless Biocept, its Affiliates and their respective officers, directors, employees,
consultants and agents (the “Biocept Indemnitees”), from and against any and all losses, damages, liabilities, expenses and costs, including reasonable legal expense and attorneys’ fees resulting from any threat, claim,
demand, action or other proceeding by any Third Party (“Losses”) to the extent such Losses arise directly or indirectly out of: (a) the gross negligence or willful misconduct of any Life Technologies Indemnitee (defined below);
(b) the material breach by Life Technologies of any warranty, representation, covenant or agreement made by it in this Agreement; or (c) the performance by Life Technologies of the Professional Component; except, in each case, to the
extent such Losses result from the gross negligence or willful misconduct of any Biocept Indemnitee or the material breach by Biocept of any warranty, representation, covenant or agreement made by it in this Agreement. 

12.2 Indemnification by Biocept. Biocept hereby agrees to defend, indemnify and hold harmless Life Technologies,
its Affiliates and their respective officers, directors, employees, consultants and agents (the “Life Technologies Indemnitees”), from and against any and all Losses to the extent such Losses arise directly or indirectly out
of: (a) the gross negligence or willful misconduct of any Biocept Indemnitee; (b) the material breach by Biocept of any warranty, representation, covenant or agreement made by it in this Agreement; or (c) the performance by Biocept of
the Technical Component of the Assay or Test; except, in each case, to the extent such Losses result from the gross negligence or willful misconduct of any Life Technologies Indemnitee or the material breach by Life Technologies of any warranty,
representation, covenant or agreement made by it in this Agreement. 

  
 22 

 12.3 Procedure. In the event a party seeks indemnification under
Section 12.1 or 12.2, it shall inform the other party (the “Indemnifying Party”) of a claim as soon as reasonably practicable after such party (the “Indemnified Party”) receives notice of the
claim (it being understood and agreed, however, that the failure by an Indemnified Party to give notice of a claim as provided in this Section 12.3 shall not relieve the Indemnifying Party of its indemnification obligation under this Agreement
except and only to the extent that such Indemnifying Party is actually damaged as a result of such failure to give notice), shall permit the Indemnifying Party to assume direction and control of the defense of the claim (including the right to
settle the claim solely for monetary consideration), and shall cooperate as requested (at the expense of the Indemnifying Party) in the defense of the claim. The Indemnified Party shall not agree to any settlement of such action, suit, proceeding or
claim without the prior written consent of the Indemnifying Party. The Indemnifying Party shall not agree to any settlement of such action, suit, proceeding or claim or consent to any judgment in respect thereof that does not include a complete and
unconditional release of the Indemnified Party from all liability with respect thereto, that imposes any liability or obligation on the Indemnified Party or that acknowledges fault by the Indemnified Party; in each case, without the prior written
consent of the Indemnified Party. 
 12.4 Insurance. Each party, at its own expense, shall maintain
product liability and other appropriate insurance (or self-insure) in an amount consistent with industry standards during the Term and shall name the other party as an additional insured with respect to such insurance. Each party shall provide a
certificate of insurance (or evidence of self-insurance) evidencing such coverage to the other party upon request. 
  

	13.	 DISPUTE RESOLUTION 

13.1 Dispute Resolution. The parties recognize that disputes as to certain matters may arise from time to time
during the Term. The parties shall first submit the dispute to the Joint Steering Committee for resolution in accordance with Section 4.3 hereof. In the event that the Joint Steering Committee is unable to resolve the dispute, the parties shall
be entitled to seek relief in a court of competent jurisdiction. Notwithstanding the foregoing, to the full extent allowed by law, either party may bring an action in any court of competent jurisdiction for injunctive relief (or any other
provisional remedy) to protect the parties’ rights or enforce the parties’ obligations under this Agreement pending resolution of any claims related thereto by the Joint Steering Committee. 

 

	14.	 GENERAL PROVISIONS 

14.1 Governing Law. This Agreement and any disputes, claims, or actions related thereto shall be governed by and
construed in accordance with the laws of the State of California, USA, without regard to the conflicts of law provisions thereof. 
 14.2 Entire Agreement; Modification. This Agreement, including the Exhibits hereto, is both a final expression of the parties’ agreement and a complete and exclusive statement with respect to
all of its terms. This Agreement supersedes all prior 

  
 23 

 
and contemporaneous agreements and communications, whether oral, written or otherwise, concerning any and all matters contained herein. This Agreement may only be amended, modified or
supplemented in a writing expressly stated for such purpose and signed by the parties to this Agreement. 

14.3 Relationship Between the Parties. The parties’ relationship, as established by this Agreement, is solely
that of independent contractors. This Agreement does not create any partnership, joint venture or similar business relationship between the parties. Neither party is a legal representative of the other party, and neither party can assume or create
any obligation, representation, warranty or guarantee, express or implied, on behalf of the other party for any purpose whatsoever. 
 14.4 Non-Waiver. The failure of a party to insist upon strict performance of any provision of this Agreement or to exercise any right arising out of this Agreement shall neither impair that
provision or right nor constitute a waiver of that provision or right, in whole or in part, in that instance or in any other instance. Any waiver by a party of a particular provision or right shall be in writing, shall be as to a particular matter
and, if applicable, for a particular period of time and shall be signed by such party. 
 14.5
Assignment. Except as expressly provided hereunder, neither this Agreement nor any rights or obligations hereunder may be assigned or otherwise transferred by either party without the prior written consent of the other party (which consent shall
not be unreasonably withheld); provided, however, that either party may assign this Agreement and its rights and obligations hereunder without the other party’s consent in connection with the transfer or sale of all or substantially all of the
business of such party to which this Agreement relates to a Third Party, whether by merger, sale of stock, sale of assets or otherwise (a “Change of Control Event”). The rights and obligations of the parties under this Agreement
shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties. Any assignment not in accordance with this Agreement shall be void. 

14.6 No Third Party Beneficiaries. This Agreement is neither expressly nor impliedly made for the benefit of any
party other than those executing it. 
 14.7 Severability. If, for any reason, any part of this Agreement
is adjudicated invalid, unenforceable or illegal by a court of competent jurisdiction, such adjudication shall not affect or impair, in whole or in part, the validity, enforceability or legality of any remaining portions of this Agreement. All
remaining portions shall remain in full force and effect as if the original Agreement had been executed without the invalidated, unenforceable or illegal part. 
 14.8 Notices. Any notice to be given under this Agreement must be in writing and delivered either in person, by any method of mail (postage prepaid) requiring return receipt, or by overnight
courier or facsimile confirmed thereafter by any of the foregoing, to the party to be notified at its address(es) given below, or at any address such party has previously designated by prior written notice to the other. Notice shall be deemed
sufficiently given for all purposes upon the earlier of: (a) the date of actual receipt; or (b) if mailed, five calendar days after the date of postmark. 

  
 24 

 If to Biocept, notices must be addressed to: 

Biocept, Inc. 
 5810 Nancy Ridge Drive, Suite 150 
 San Diego, CA 92121

 Attention: David Hale 

Executive Chairman 
 Telephone: (858) 320-8200 
 Facsimile: (858) 320-8225

 If to Life Technologies, notices must be addressed to: 

Life Technologies Corp. 
 5791 Van Allen Way 
 Carlsbad, CA 92008 

Attention: David Daly 
 Head of Oncology 
 Telephone: (760) 268-5556 

14.9 Force Majeure. Each party shall be excused from liability for the failure or delay in performance of any
obligation under this Agreement by reason of any event beyond such party’s reasonable control, including but not limited to, Acts of God, fire, flood, explosion, earthquake, or other natural forces, war, civil unrest, any strike or labor
disturbance. Such excuse from liability shall be effective only to the extent and duration of the event(s) causing the failure or delay in performance and provided that the party has not caused such event(s) to occur. Notice of a party’s
failure or delay in performance due to force majeure must be given to the other party within five (5) calendar days after its occurrence. All delivery dates under this Agreement that have been affected by force majeure shall be tolled for the
duration of such force majeure. In no event shall any party be required to prevent or settle any labor disturbance or dispute. In the event of a force majeure that persists for thirty (30) days or more, then either party may terminate this
Agreement upon written notice to the other party. 
 14.10 Counterparts. This Agreement may be executed
in counterparts, each of which shall be deemed an original document, and all of which, together with this writing, shall be deemed one and the same instrument. 

  
 25 

 IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
  

			
	 BIOCEPT, INC.
	  	 LIFE TECHNOLOGIES CORPORATION

		
	 By: /s/ Michael J. Dunn
	  	 By: /s/ David J. Daly

		
	 Name: Michael Dunn
	  	 Name: David J. Daly

		
	 Title: Senior Vice President, Corp. Dev.
	  	 Title: Head of Oncology

  
 26 

 EXHIBIT A - CTC Volume Projections 

 

																																																					
	 *Estimates speculative given no market data
	   
	  				  				  				  				  				  				  				  				  				  			
	 Stretch Goal = [**]
	  				  				  				  				  				  				  				  				  				  				  				  				  			
	 Goal = [**]
	  				  				  				  				  				  				  				  				  				  				  				  				  			
		  	 	Jan	  	  	 	Feb	  	  	 	Mar	  	  	 	Apr	  	  	 	May	  	  	 	Jun	  	  	 	Jul	  	  	 	Aug	  	  	 	Sept	  	  	 	Oct	  	  	 	Nov	  	  	 	Dec	  	  	 	Total	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
		  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
		  				  				  				  				  				  				  				  				  				  				  				  				  			
	 With HC+4 (April/July) => Modified Territories
	   
	  				  				  				  				  				  				  			
	 Recalculated Stretch Goal = [**]
	   
	  				  				  				  				  				  				  			
	 Goal = [**]
	  				  				  				  				  				  				  				  				  				  				  				  				  			
		  	 	Jan	  	  	 	Feb	  	  	 	Mar	  	  	 	Apr	  	  	 	May	  	  	 	Jun	  	  	 	Jul	  	  	 	Aug	  	  	 	Sept	  	  	 	Oct	  	  	 	Nov	  	  	 	Dec	  	  	 	Total	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
	 [**]
	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  
		  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  	  	 	 [**]
	  

	*	 [**] 

	*	 [**] 

	*	 [**] 

[**] Confidential portions omitted and filed separately with the Commission. 

  
 27 

 Exhibit B 

 

											
	Test ID	 	CPT	  	 Description
	  	2012 Medicare
Allowable (Per
Unit)*	 	  	Unit
	Enumeration	 		  		  				  	
	Capture/Stain	 	88346	  	Immunofluorescent study, each Ab, direct	  	$	120.57	  	  	3
		 	88346-TC	  	Immunofluorescent study, each Ab, direct	  	$	72.36	  	  	3
		 	88346-26	  	Immunofluorescent study, each Ab, direct	  	$	48.21	  	  	3
		 		  		  				  	
	DAPI	 	88313	  	Special stains, Group II	  	$	78.22	  	  	1
		 	88313-TC	  	Special stains, Group II	  	$	61.20	  	  	1
		 	88313-26	  	Special stains, Group II	  	$	17.02	  	  	1
		 		  		  				  	
	FISH 	 		  		  				  	
	ALK1, EGFR	 	88368	  	Morphometric analysis, in situ hybridization (quantitative or semi-quantitative) each probe; manual	  	$	314.28	  	  	4
		 	88368-TC	  	Morphometric analysis, in situ hybridization (quantitative or semi-quantitative) each probe; manual	  	$	221.90	  	  	4
		 	88368-26	  	Morphometric analysis, in situ hybridization (quantitative or semi-quantitative) each probe; manual	  	$	92.38	  	  	4
		 		  		  				  	
	Mutations**	 		  		  				  	
	EGFR	 		  	Detection of EGFR mutation	  	$	538.23	  	  	1
	K-ras	 		  	Detection of K-ras mutation	  	$	294.63	  	  	1
	B-raf	 		  	Detection of B-raf mutation	  	$	232.40	  	  	1

  

	 	•	 	 2012 rates for southern California region (region 26); may differ for Sacramento 

 

	 	•	 	 No PC (26) code; on MolDx Laboratory Fee Schedule, with rates calculated as average reimbursement for 5 clinical testing labs performing these tests

  
 28 

 Exhibit C 
 [The parties will work together to develop a plan to implement detailed operation protocols for the Test within [**] of the Effective Date for each aspect of sample logistics, including ordering,
shipping, accessioning, sample handling, testing, data generation, data evaluation and reporting. These sample logistics shall be agreed upon by the parties through the Joint Steering Committee and, once agreed upon by the parties in writing, deemed
to be attached hereto as Exhibit C without any additional action required on the part of either party.] 

[**] Confidential portions omitted and filed separately with the Commission. 

  
 29 

 Exhibit D 
 [Once the parties have agreed upon a plan relating to the development of a particular Collaboration Assay, if development is needed (each, a “Project”), the parties shall reduce such agreement
to writing, which shall include a project plan which will set forth each party’s obligations with respect to the Project (each, a “Project Plan”) and thereafter, such Collaboration Assay shall be deemed a Test for all purposes under
this Agreement and shall be subject to the terms of this Agreement as amended. Each such Project Plan shall be attached as a part of Exhibit D to this Agreement following written acceptance thereof by both parties without any additional
action required on the part of either party.] 

  
 30

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}]]